UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09729

Name of Fund:  iShares Trust

Fund Address:   c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service:  The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: 03/31/2026

Date of reporting period: 09/30/2025

Item 1 – Reports to Stockholders

(a)    The Reports to Shareholders are attached herewith.

iShares U.S. Aerospace & Defense ETF

ITA |Cboe BZX Exchange 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Aerospace & Defense ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Aerospace & Defense ETF	$23	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$11,836,085,813
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Aerospace & Defense........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	99.9%
Leisure Products........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Security	Percent of Total InvestmentsFootnote Reference(a)
General Electric Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.5%
RTX Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.1
Boeing Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.0
L3Harris Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Lockheed Martin Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
General Dynamics Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Northrop Grumman Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
TransDigm Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Axon Enterprise, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Aerospace & Defense ETF

Semi-Annual Shareholder Report — September 30, 2025

ITA-09/25-SAR

iShares U.S. Broker-Dealers & Securities Exchanges ETF

IAI |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Broker-Dealers & Securities Exchanges ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Broker-Dealers & Securities Exchanges ETF	$22	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,573,111,342
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Investment Banking & Brokerage........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	57.0%
Financial Exchanges & Data........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43.0

Security	Percent of Total InvestmentsFootnote Reference(a)
Goldman Sachs Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.0%
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.8
S&P Global, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Charles Schwab Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.8
Robinhood Markets, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Coinbase Global, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
CME Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
MSCI, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Intercontinental Exchange, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Moody's Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Broker-Dealers & Securities Exchanges ETF

Semi-Annual Shareholder Report — September 30, 2025

IAI-09/25-SAR

iShares U.S. Healthcare Providers ETF

IHF |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Healthcare Providers ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Healthcare Providers ETF	$18	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$799,672,114
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	65
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Health Care Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.2%
Managed Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.2
Health Care Facilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.3
Health Care Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3

Security	Percent of Total InvestmentsFootnote Reference(a)
UnitedHealth Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.8%
CVS Health Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.9
Cigna Group (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
Veeva Systems, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
HCA Healthcare, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Elevance Health, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Humana, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Labcorp Holdings, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Quest Diagnostics, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Tenet Healthcare Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Healthcare Providers ETF

Semi-Annual Shareholder Report — September 30, 2025

IHF-09/25-SAR

iShares U.S. Home Construction ETF

ITB |Cboe BZX Exchange 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Home Construction ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Home Construction ETF	$20	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,275,965,385
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Homebuilding........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	65.3%
Building Products........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.4
Home Improvement Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
Specialty Chemicals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Home Furnishings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Construction Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Homefurnishing Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Security	Percent of Total InvestmentsFootnote Reference(a)
DR Horton, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.8%
Lennar Corp., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
PulteGroup, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
NVR, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Sherwin-Williams Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Toll Brothers, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Lowe's Companies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
TopBuild Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Lennox International, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Home Construction ETF

Semi-Annual Shareholder Report — September 30, 2025

ITB-09/25-SAR

iShares U.S. Infrastructure ETF

IFRA |Cboe BZX Exchange 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Infrastructure ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Infrastructure ETF	$16	0.30%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,092,568,870
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	158
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Electric Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.4%
Construction & Engineering........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.1
Multi-Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
Water Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Oil & Gas Storage & Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Gas Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Steel........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Building Products........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Construction Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Construction Machinery & Heavy Transportation Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Eversource Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8%
Sempra........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Xcel Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Williams Companies, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
MDU Resources Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
NRG Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
CSX Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Constellation Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Norfolk Southern Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Spire, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest industries are presented. Additional industries are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Infrastructure ETF

Semi-Annual Shareholder Report — September 30, 2025

IFRA-09/25-SAR

iShares U.S. Insurance ETF

IAK |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Insurance ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Insurance ETF	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$710,459,523
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	60
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Property & Casualty Insurance........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	78.1%
Life & Health Insurance........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.7
Multi-line Insurance........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Security	Percent of Total InvestmentsFootnote Reference(a)
Progressive Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9%
Chubb Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5
Travelers Companies, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Allstate Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Aflac, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
MetLife, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
American International Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Hartford Insurance Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Prudential Financial, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Arch Capital Group Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Insurance ETF

Semi-Annual Shareholder Report — September 30, 2025

IAK-09/25-SAR

iShares U.S. Manufacturing ETF

MADE |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Manufacturing ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Manufacturing ETF	$23	0.40%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$24,582,875
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	111
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Electrical Components & Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.6%
Aerospace & Defense........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.7
Industrial Machinery & Supplies & Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6
Construction Machinery & Heavy Transportation Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Automobile Manufacturers........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3
Building Products........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Electronic Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Electronic Manufacturing Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Agricultural & Farm Machinery........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Industrial Conglomerates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2

Security	Percent of Total InvestmentsFootnote Reference(a)
TE Connectivity PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1%
Amphenol Corp., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Eaton Corp. PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Honeywell International, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Cummins, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
General Motors Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Deere & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
PACCAR, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
RTX Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Ford Motor Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest industries are presented. Additional industries are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Manufacturing ETF

Semi-Annual Shareholder Report — September 30, 2025

MADE-09/25-SAR

iShares U.S. Medical Devices ETF

IHI |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Medical Devices ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Medical Devices ETF	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,173,998,509
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	53
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry

Percent of Total InvestmentsFootnote Reference(a)

Health Care Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Security	Percent of Total InvestmentsFootnote Reference(a)
Abbott Laboratories........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.3%
Intuitive Surgical, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.3
Boston Scientific Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Medtronic PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
ResMed, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
IDEXX Laboratories, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Edwards Lifesciences Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Becton Dickinson & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Stryker Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
GE HealthCare Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Medical Devices ETF

Semi-Annual Shareholder Report — September 30, 2025

IHI-09/25-SAR

iShares U.S. Oil & Gas Exploration & Production ETF

IEO |Cboe BZX Exchange 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Oil & Gas Exploration & Production ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Oil & Gas Exploration & Production ETF	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$467,763,424
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Oil & Gas Exploration & Production........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	75.8%
Oil & Gas Refining & Marketing........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.2

Security	Percent of Total InvestmentsFootnote Reference(a)
ConocoPhillips........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.2%
EOG Resources, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Marathon Petroleum Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Phillips 66........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Expand Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Valero Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
EQT Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Diamondback Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Devon Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Coterra Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Oil & Gas Exploration & Production ETF

Semi-Annual Shareholder Report — September 30, 2025

IEO-09/25-SAR

iShares U.S. Oil Equipment & Services ETF

IEZ |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Oil Equipment & Services ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Oil Equipment & Services ETF	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$113,759,821
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Oil & Gas Equipment & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	85.1%
Oil & Gas Drilling........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9

Security	Percent of Total InvestmentsFootnote Reference(a)
Baker Hughes Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.2%
Schlumberger N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.2
Halliburton Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
NOV, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Weatherford International PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
TechnipFMC PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Archrock, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Noble Corp. PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Valaris Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Transocean Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Oil Equipment & Services ETF

Semi-Annual Shareholder Report — September 30, 2025

IEZ-09/25-SAR

iShares U.S. Pharmaceuticals ETF

IHE |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Pharmaceuticals ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Pharmaceuticals ETF	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$580,759,373
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry

Percent of Total InvestmentsFootnote Reference(a)

Pharmaceuticals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Security	Percent of Total InvestmentsFootnote Reference(a)
Johnson & Johnson........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.2%
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
Pfizer, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Zoetis, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Royalty Pharma PLC, Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Viatris, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Bristol-Myers Squibb Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Elanco Animal Health, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Jazz Pharmaceuticals PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Pharmaceuticals ETF

Semi-Annual Shareholder Report — September 30, 2025

IHE-09/25-SAR

iShares U.S. Real Estate ETF

IYR |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Real Estate ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Real Estate ETF	$19	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,703,155,187
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	64
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Health Care REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8%
Retail REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.1
Telecom Tower REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.3
Industrial REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Data Center REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
Real Estate Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Multi-Family Residential REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Other Specialized REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Self-Storage REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Single-Family Residential REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9

Security	Percent of Total InvestmentsFootnote Reference(a)
Welltower, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7%
Prologis, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
American Tower Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
Simon Property Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Equinix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Realty Income Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Digital Realty Trust, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
CBRE Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Public Storage........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Crown Castle, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest industries are presented. Additional industries are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Real Estate ETF

Semi-Annual Shareholder Report — September 30, 2025

IYR-09/25-SAR

iShares U.S. Regional Banks ETF

IAT |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Regional Banks ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Regional Banks ETF	$20	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$669,565,384
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Regional Banks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.4%
Diversified Banks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.6

Security	Percent of Total InvestmentsFootnote Reference(a)
PNC Financial Services Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3%
U.S. Bancorp........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6
Truist Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
M&T Bank Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Fifth Third Bancorp........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Huntington Bancshares, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Regions Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Citizens Financial Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
First Citizens BancShares, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
KeyCorp........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Regional Banks ETF

Semi-Annual Shareholder Report — September 30, 2025

IAT-09/25-SAR

iShares U.S. Telecommunications ETF

IYZ |Cboe BZX Exchange 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares U.S. Telecommunications ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Telecommunications ETF	$21	0.38%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$685,799,896
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28%

What did the Fund invest in?

(as of September 30, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Communications Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36.2%
Integrated Telecommunication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.4
Cable & Satellite........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Alternative Carriers........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
Wireless Telecommunication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
Movies & Entertainment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4

Security	Percent of Total InvestmentsFootnote Reference(a)
Cisco Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.1%
AT&T, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.4
Verizon Communications, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.7
Arista Networks, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
AST SpaceMobile, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
T-Mobile U.S., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Comcast Corp., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Ciena Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Motorola Solutions, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Charter Communications, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares U.S. Telecommunications ETF

Semi-Annual Shareholder Report — September 30, 2025

IYZ-09/25-SAR

iShares Russell 1000 ETF

IWB |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell 1000 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell 1000 ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$43,561,998,435
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,015
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.9%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.7
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest sectors are presented. Additional sectors are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold or promoted by FTSE Russell and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Russell 1000 ETF

Semi-Annual Shareholder Report — September 30, 2025

IWB-09/25-SAR

iShares Russell 1000 Growth ETF

IWF |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell 1000 Growth ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell 1000 Growth ETF	$10	0.18%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$122,146,473,833
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	394
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	52.7%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.1%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest sectors are presented. Additional sectors are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold or promoted by FTSE Russell and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Russell 1000 Growth ETF

Semi-Annual Shareholder Report — September 30, 2025

IWF-09/25-SAR

iShares Russell 1000 Value ETF

IWD |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell 1000 Value ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell 1000 Value ETF	$9	0.18%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$64,313,700,353
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	873
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.6%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.1
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2%
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Exxon Mobil Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Johnson & Johnson........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Procter & Gamble Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Bank of America Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest sectors are presented. Additional sectors are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold or promoted by FTSE Russell and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Russell 1000 Value ETF

Semi-Annual Shareholder Report — September 30, 2025

IWD-09/25-SAR

iShares Texas Equity ETF

TEXN |NASDAQ 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Texas Equity ETF (the “Fund”) for the period of June 23, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Texas Equity ETF	$6Footnote Reference(a)	0.20%Footnote Reference(b)

Footnote	Description
Footnote(a)	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$13,318,333
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	199
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.2%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.5
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Security	Percent of Total InvestmentsFootnote Reference(a)
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5%
Exxon Mobil Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Oracle Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
Chevron Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Caterpillar, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
AT&T, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Texas Instruments, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Charles Schwab Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Crowdstrike Holdings, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
ConocoPhillips........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest sectors are presented. Additional sectors are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Texas Equity ETF

Semi-Annual Shareholder Report — September 30, 2025

TEXN-09/25-SAR

iShares US Small Cap Value Factor ETF

SVAL |Cboe BZX Exchange 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares US Small Cap Value Factor ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares US Small Cap Value Factor ETF	$11	0.20%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$142,484,226
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	256
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	112%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.5%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.7
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9

Security	Percent of Total InvestmentsFootnote Reference(a)
Peabody Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6%
ODP Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
United Natural Foods, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
American Eagle Outfitters, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Resideo Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
SSR Mining, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
TETRA Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Axcelis Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Upwork, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
NETGEAR, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest sectors are presented. Additional sectors are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares US Small Cap Value Factor ETF

Semi-Annual Shareholder Report — September 30, 2025

SVAL-09/25-SAR

iShares Europe ETF

IEV |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Europe ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Europe ETF	$32	0.59%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,197,205,764
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	367
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Geographic allocation 

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.5%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7

Country/Geographic Region	Percent of Total InvestmentsFootnote Reference(a)
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3%
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.2
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Finland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
OtherFootnote Reference(c)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Ten largest sectors are presented. Additional sectors are found in Other.
Footnote(c)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Europe ETF

Semi-Annual Shareholder Report — September 30, 2025

IEV-09/25-SAR

iShares Future AI & Tech ETF

ARTY |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Future AI & Tech ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Future AI & Tech ETF	$29	0.47%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,671,071,601
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Geographic allocation 

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	83.6%
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6

Country/Geographic Region	Percent of Total InvestmentsFootnote Reference(a)
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	80.0%
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Israel........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Future AI & Tech ETF

Semi-Annual Shareholder Report — September 30, 2025

ARTY-09/25-SAR

iShares India 50 ETF

INDY |NASDAQ 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares India 50 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares India 50 ETF	$41	0.81%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$657,974,584
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	52
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36.5%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5

Security	Percent of Total InvestmentsFootnote Reference(a)
HDFC Bank Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9%
ICICI Bank Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Reliance Industries Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Infosys Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Bharti Airtel Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Larsen & Toubro Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
ITC Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
State Bank of India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Axis Bank Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Mahindra & Mahindra Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares India 50 ETF

Semi-Annual Shareholder Report — September 30, 2025

INDY-09/25-SAR

iShares Latin America 40 ETF

ILF |NYSE Arca 

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Latin America 40 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Latin America 40 ETF	$27	0.47%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,956,012,885
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	45
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7%

What did the Fund invest in?

(as of September 30, 2025) 

Sector allocation 

Geographic allocation 

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41.5%
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Country/Geographic Region	Percent of Total InvestmentsFootnote Reference(a)
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.3%
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.9
Chile........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Peru........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Colombia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Latin America 40 ETF

Semi-Annual Shareholder Report — September 30, 2025

ILF-09/25-SAR

(b)     Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

              (a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

September

30,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

U.S.

Aerospace

&

Defense

ETF

|

ITA

|

Cboe

BZX

Exchange

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

|

IAI

|

NYSE

Arca

iShares

U.S.

Healthcare

Providers

ETF

|

IHF

|

NYSE

Arca

iShares

U.S.

Home

Construction

ETF

|

ITB

|

Cboe

BZX

Exchange

iShares

U.S.

Infrastructure

ETF

|

IFRA

|

Cboe

BZX

Exchange

iShares

U.S.

Insurance

ETF

|

IAK

|

NYSE

Arca

iShares

U.S.

Manufacturing

ETF

|

MADE

|

NYSE

Arca

iShares

U.S.

Medical

Devices

ETF

|

IHI

|

NYSE

Arca

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

|

IEO

|

Cboe

BZX

Exchange

iShares

U.S.

Oil

Equipment

&

Services

ETF

|

IEZ

|

NYSE

Arca

iShares

U.S.

Pharmaceuticals

ETF

|

IHE

|

NYSE

Arca

iShares

U.S.

Real

Estate

ETF

|

IYR

|

NYSE

Arca

iShares

U.S.

Regional

Banks

ETF

|

IAT

|

NYSE

Arca

iShares

U.S.

Telecommunications

ETF

|

IYZ

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

47

Statements

of

Operations

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

51

Statements

of

Changes

in

Net

Assets

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

55

Financial

Highlights

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

62

Notes

to

Financial

Statements

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

76

Additional

Information

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

89

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

90

Glossary

of

Terms

Used

in

these

Financial

Statements

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

99

iShares

®

U.S.

Aerospace

&

Defense

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

99

.8

%

AAR

Corp.

(a)

(b)

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

432,302

$

38,764,520

AeroVironment,

Inc.

(a)

(b)

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

388,703

122,398,688

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

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

6,465,710

61,941,502

ATI,

Inc.

(a)

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

1,683,961

136,973,388

Axon

Enterprise,

Inc.

(a)

(b)

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

675,246

484,583,539

Boeing

Co.

(The)

(a)

(b)

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

4,392,769

948,091,333

BWX

Technologies,

Inc.

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

1,116,657

205,878,051

Cadre

Holdings,

Inc.

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

352,287

12,861,998

Carpenter

Technology

Corp.

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

609,054

149,547,119

Curtiss-Wright

Corp.

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

460,336

249,934,828

Ducommun,

Inc.

(a)

(b)

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

167,537

16,105,332

General

Dynamics

Corp.

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

1,562,565

532,834,665

General

Electric

Co.

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

8,450,712

2,542,143,184

HEICO

Corp.

(b)

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

490,972

158,495,581

HEICO

Corp.

,

Class

A

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

944,774

240,057,626

Hexcel

Corp.

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

972,701

60,988,353

Howmet

Aerospace,

Inc.

(b)

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

2,746,363

538,918,811

Huntington

Ingalls

Industries,

Inc.

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

479,424

138,030,964

Karman

Holdings,

Inc.

(a)

(b)

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

938,232

67,740,350

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

(b)

.......

2,062,240

188,426,869

L3Harris

Technologies,

Inc.

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

1,831,307

559,299,471

Leonardo

DRS,

Inc.

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

941,752

42,755,541

Loar

Holdings,

Inc.

(a)

(b)

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

434,126

34,730,080

Lockheed

Martin

Corp.

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

1,088,197

543,238,824

Mercury

Systems,

Inc.

(a)

(b)

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

644,890

49,914,486

Moog,

Inc.

,

Class

A

(b)

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

347,424

72,149,542

National

Presto

Industries,

Inc.

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

64,561

7,240,516

Northrop

Grumman

Corp.

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

870,521

530,425,856

Rocket

Lab

Corp.

(a)

(b)

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

5,186,607

248,490,341

RTX

Corp.

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

10,666,921

1,784,895,891

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

1,435,751

55,419,989

Security

Shares

Value

a

Aerospace

&

Defense

(continued)

StandardAero,

Inc.

(a)

(b)

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

1,714,188

$

46,780,191

Textron,

Inc.

(b)

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

2,177,219

183,953,233

TransDigm

Group,

Inc.

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

392,122

516,824,638

V2X,

Inc.

(a)

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

251,499

14,609,577

VSE

Corp.

(b)

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

252,296

41,941,687

Woodward,

Inc.

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

732,638

185,144,949

11,812,531,513

a

Leisure

Products

 — 

0

.1

%

Smith

&

Wesson

Brands,

Inc.

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

540,691

5,314,993

Sturm

Ruger

&

Co.,

Inc.

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

197,204

8,572,458

13,887,451

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

8,320,217,564

)

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

11,826,418,964

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

393,152,325

393,348,902

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

8,846,047

8,846,047

a

Total

Short-Term

Securities — 3.4%

(Cost:

$

402,124,794

)

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

402,194,949

Total

Investments

—

103.3%

(Cost:

$

8,722,342,358

)

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

12,228,613,913

Liabilities

in

Excess

of

Other

Assets

—

(

3

.3

)

%

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

(

392,528,100

)

Net

Assets

—

100.0%

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

$

11,836,085,813

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

368,673,886

$

24,647,569

(a)

$

—

$

5,685

$

21,762

$

393,348,902

393,152,325

$

307,559

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

8,308,939

537,108

(a)

—

—

—

8,846,047

8,846,047

148,258

—

$

5,685

$

21,762

$

402,194,949

$

455,817

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Aerospace

&

Defense

ETF

4

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Select

Sector

Index

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

56

12/19/25

$

8,777

$

104,591

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

104,591

$

—

$

—

$

—

$

104,591

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

1,331,047

$

—

$

—

$

—

$

1,331,047

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

169,232

$

—

$

—

$

—

$

169,232

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

6,639,920

a

iShares

®

U.S.

Aerospace

&

Defense

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

5

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

11,826,418,964

‌

$

—

‌

$

—

‌

$

11,826,418,964

‌

Short-Term

Securities

Money

Market

Funds

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

402,194,949

‌

—

‌

—

‌

402,194,949

‌

$

12,228,613,913

‌

$

—

‌

$

—

‌

$

12,228,613,913

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

104,591

‌

$

—

‌

$

—

‌

$

104,591

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Financial

Exchanges

&

Data

 — 

43

.0

%

Cboe

Global

Markets,

Inc.

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

166,539

$

40,843,690

CME

Group,

Inc.

,

Class

A

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

269,881

72,919,147

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

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

222,442

75,071,951

Donnelley

Financial

Solutions,

Inc.

(a)

(b)

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

45,145

2,321,807

FactSet

Research

Systems,

Inc.

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

60,672

17,381,921

Intercontinental

Exchange,

Inc.

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

407,274

68,617,523

MarketAxess

Holdings,

Inc.

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

56,170

9,787,622

Moody's

Corp.

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

138,718

66,096,353

Morningstar,

Inc.

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

39,521

9,169,267

MSCI,

Inc.

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

123,257

69,937,254

Nasdaq,

Inc.

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

721,789

63,842,237

S&P

Global,

Inc.

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

325,445

158,397,336

Tradeweb

Markets,

Inc.

,

Class

A

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

185,600

20,597,888

674,983,996

a

Investment

Banking

&

Brokerage

 — 

56

.9

%

BGC

Group,

Inc.

,

Class

A

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

587,619

5,558,876

Charles

Schwab

Corp.

(The)

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

958,351

91,493,770

Evercore,

Inc.

,

Class

A

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

61,809

20,849,412

Goldman

Sachs

Group,

Inc.

(The)

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

315,261

251,058,097

Houlihan

Lokey,

Inc.

,

Class

A

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

87,222

17,908,421

Interactive

Brokers

Group,

Inc.

,

Class

A

...........

708,969

48,784,157

Jefferies

Financial

Group,

Inc.

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

264,157

17,281,151

Lazard,

Inc.

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

181,738

9,592,132

LPL

Financial

Holdings,

Inc.

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

127,398

42,384,041

Moelis

&

Co.

,

Class

A

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

98,399

7,017,817

Morgan

Stanley

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

1,263,472

200,841,509

Perella

Weinberg

Partners

,

Class

A

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

104,337

2,224,465

Security

Shares

Value

a

Investment

Banking

&

Brokerage

(continued)

Piper

Sandler

Companies

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

26,744

$

9,279,901

PJT

Partners,

Inc.

,

Class

A

(b)

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

39,024

6,935,736

Raymond

James

Financial,

Inc.

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

282,590

48,775,034

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

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

597,180

85,504,232

Stifel

Financial

Corp.

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

163,865

18,593,762

StoneX

Group,

Inc.

(a)

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

74,569

7,525,503

Virtu

Financial,

Inc.

,

Class

A

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

128,512

4,562,176

896,170,192

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

1,328,088,333

)

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

1,571,154,188

a

Short-Term

Securities

Money

Market

Funds

 — 

5

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

79,605,002

79,644,805

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

2,310,081

2,310,081

a

Total

Short-Term

Securities — 5.2%

(Cost:

$

81,954,886

)

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

81,954,886

Total

Investments

—

105.1%

(Cost:

$

1,410,043,219

)

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

1,653,109,074

Liabilities

in

Excess

of

Other

Assets

—

(

5

.1

)

%

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

(

79,997,732

)

Net

Assets

—

100.0%

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

$

1,573,111,342

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

345,956

$

79,300,301

(a)

$

—

$

(

1,383

)

$

(

69

)

$

79,644,805

79,605,002

$

8,249

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

1,172,453

1,137,628

(a)

—

—

—

2,310,081

2,310,081

42,537

—

$

(

1,383

)

$

(

69

)

$

81,954,886

$

50,786

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

7

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

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

8

12/19/25

$

1,339

$

2,467

E-Mini

Russell

2000

Index

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

4

12/19/25

491

833

$

3,300

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

3,300

$

—

$

—

$

—

$

3,300

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

304,114

$

—

$

—

$

—

$

304,114

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

9,488

)

$

—

$

—

$

—

$

(

9,488

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

10,796,093

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

8

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

1,571,154,188

‌

$

—

‌

$

—

‌

$

1,571,154,188

‌

Short-Term

Securities

Money

Market

Funds

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

81,954,886

‌

—

‌

—

‌

81,954,886

‌

$

1,653,109,074

‌

$

—

‌

$

—

‌

$

1,653,109,074

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

3,300

‌

$

—

‌

$

—

‌

$

3,300

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Healthcare

Providers

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Health

Care

Facilities

 — 

15

.3

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

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

118,935

$

2,944,831

Brookdale

Senior

Living,

Inc.

(a)

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

305,944

2,591,346

Community

Health

Systems,

Inc.

(a)

(b)

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

147,745

474,261

Concentra

Group

Holdings

Parent,

Inc.

...........

153,515

3,213,069

Encompass

Health

Corp.

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

129,657

16,469,032

Ensign

Group,

Inc.

(The)

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

73,744

12,740,751

HCA

Healthcare,

Inc.

(b)

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

88,909

37,893,016

National

HealthCare

Corp.

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

15,993

1,943,309

PACS

Group,

Inc.

(a)

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

55,795

766,065

Select

Medical

Holdings

Corp.

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

142,331

1,827,530

Surgery

Partners,

Inc.

(a)

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

96,821

2,095,206

Tenet

Healthcare

Corp.

(a)

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

113,729

23,091,536

U.S.

Physical

Therapy,

Inc.

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

19,528

1,658,904

Universal

Health

Services,

Inc.

,

Class

B

..........

72,585

14,839,277

122,548,133

a

Health

Care

Services

 — 

39

.1

%

Addus

HomeCare

Corp.

(a)

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

23,394

2,760,258

agilon

health,

Inc.

(a)

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

399,120

411,094

AMN

Healthcare

Services,

Inc.

(a)

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

49,211

952,725

Astrana

Health,

Inc.

(a)

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

55,136

1,563,106

Aveanna

Healthcare

Holdings,

Inc.

(a)

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

91,205

808,988

BrightSpring

Health

Services,

Inc.

(a)

(b)

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

125,483

3,709,278

Castle

Biosciences,

Inc.

(a)

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

37,249

848,160

Chemed

Corp.

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

18,757

8,398,259

Cigna

Group

(The)

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

265,172

76,435,829

CorVel

Corp.

(a)

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

40,314

3,121,110

Cross

Country

Healthcare,

Inc.

(a)

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

39,572

561,922

CVS

Health

Corp.

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

1,259,977

94,989,666

DaVita,

Inc.

(a)

(b)

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

46,019

6,114,545

Fulgent

Genetics,

Inc.

(a)

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

25,942

586,289

GeneDx

Holdings

Corp.

,

Class

A

(a)

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

27,377

2,949,598

Guardant

Health,

Inc.

(a)

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

160,528

10,029,789

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

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

266,151

15,096,085

Labcorp

Holdings,

Inc.

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

106,970

30,706,808

LifeStance

Health

Group,

Inc.

(a)

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

224,728

1,236,004

NeoGenomics,

Inc.

(a)

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

165,790

1,279,899

OPKO

Health,

Inc.

(a)

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

572,493

887,364

Option

Care

Health,

Inc.

(a)

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

209,019

5,802,367

Pediatrix

Medical

Group,

Inc.

(a)

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

110,125

1,844,594

Pennant

Group,

Inc.

(The)

(a)

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

44,383

1,119,339

Premier,

Inc.

,

Class

A

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

106,049

2,948,162

Privia

Health

Group,

Inc.

(a)

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

148,578

3,699,592

Quest

Diagnostics,

Inc.

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

143,944

27,432,848

RadNet,

Inc.

(a)

(b)

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

89,154

6,794,426

313,088,104

a

Security

Shares

Value

a

Health

Care

Technology

 — 

8

.3

%

Certara,

Inc.

(a)

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

155,368

$

1,898,597

Claritev

Corp.

(a)

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

9,732

516,574

Doximity,

Inc.

,

Class

A

(a)

(b)

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

175,580

12,843,677

Evolent

Health,

Inc.

,

Class

A

(a)

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

150,954

1,277,071

GoodRx

Holdings,

Inc.

,

Class

A

(a)

(b)

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

112,760

476,975

HealthStream,

Inc.

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

30,450

859,908

Phreesia,

Inc.

(a)

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

72,915

1,714,961

Schrodinger,

Inc.

(a)

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

71,996

1,444,240

Teladoc

Health,

Inc.

(a)

(b)

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

227,867

1,761,412

Veeva

Systems,

Inc.

,

Class

A

(a)

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

127,683

38,038,042

Waystar

Holding

Corp.

(a)

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

148,030

5,613,298

66,444,755

a

Managed

Health

Care

 — 

37

.2

%

Alignment

Healthcare,

Inc.

(a)

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

186,180

3,248,841

Centene

Corp.

(a)

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

600,596

21,429,265

Clover

Health

Investments

Corp.

,

Class

A

(a)

(b)

.......

507,209

1,552,060

Elevance

Health,

Inc.

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

114,301

36,932,939

HealthEquity,

Inc.

(a)

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

111,313

10,549,133

Humana,

Inc.

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

128,158

33,342,867

Molina

Healthcare,

Inc.

(a)

(b)

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

69,769

13,350,996

Progyny,

Inc.

(a)

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

103,040

2,217,421

UnitedHealth

Group,

Inc.

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

505,533

174,560,545

297,184,067

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

854,431,084

)

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

799,265,059

a

Short-Term

Securities

Money

Market

Funds

 — 

6

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

50,637,734

50,663,053

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

478,421

478,421

a

Total

Short-Term

Securities — 6.4%

(Cost:

$

51,135,834

)

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

51,141,474

Total

Investments

—

106.3%

(Cost:

$

905,566,918

)

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

850,406,533

Liabilities

in

Excess

of

Other

Assets

—

(

6

.3

)

%

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

(

50,734,419

)

Net

Assets

—

100.0%

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

$

799,672,114

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

11,910,381

$

38,753,539

(a)

$

—

$

(

947

)

$

80

$

50,663,053

50,637,734

$

24,538

(b)

$

—

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Healthcare

Providers

ETF

10

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

$

640,202

$

—

$

(

161,781

)

(a)

$

—

$

—

$

478,421

478,421

$

13,883

$

—

$

(

947

)

$

80

$

51,141,474

$

38,421

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

2

12/19/25

$

283

$

6,455

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

6,455

$

—

$

—

$

—

$

6,455

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(

65,046

)

$

—

$

—

$

—

$

(

65,046

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

299

)

$

—

$

—

$

—

$

(

299

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

278,870

a

iShares

®

U.S.

Healthcare

Providers

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

11

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

799,265,059

‌

$

—

‌

$

—

‌

$

799,265,059

‌

Short-Term

Securities

Money

Market

Funds

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

51,141,474

‌

—

‌

—

‌

51,141,474

‌

$

850,406,533

‌

$

—

‌

$

—

‌

$

850,406,533

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

6,455

‌

$

—

‌

$

—

‌

$

6,455

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Home

Construction

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Building

Products

 — 

16

.4

%

American

Woodmark

Corp.

(a)

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

83,913

$

5,602,032

Builders

FirstSource,

Inc.

(a)

(b)

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

637,265

77,268,381

Fortune

Brands

Innovations,

Inc.

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

691,974

36,944,492

Gibraltar

Industries,

Inc.

(a)

(b)

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

170,126

10,683,913

Griffon

Corp.

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

225,456

17,168,474

Hayward

Holdings,

Inc.

(a)

(b)

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

1,151,159

17,405,524

JELD-WEN

Holding,

Inc.

(a)

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

492,308

2,417,232

Lennox

International,

Inc.

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

184,257

97,538,286

Masco

Corp.

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

1,206,853

84,950,383

Masterbrand,

Inc.

(a)

(b)

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

730,558

9,621,449

Owens

Corning

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

482,037

68,188,954

Quanex

Building

Products

Corp.

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

263,495

3,746,899

Simpson

Manufacturing

Co.,

Inc.

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

239,902

40,173,989

Trex

Co.,

Inc.

(a)

(b)

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

618,167

31,940,689

UFP

Industries,

Inc.

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

337,550

31,557,549

535,208,246

a

Construction

Materials

 — 

1

.3

%

Eagle

Materials,

Inc.

(b)

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

187,030

43,585,471

a

Home

Furnishings

 — 

1

.7

%

Ethan

Allen

Interiors,

Inc.

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

133,417

3,930,465

La-Z-Boy,

Inc.

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

237,307

8,144,376

Leggett

&

Platt,

Inc.

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

780,254

6,928,655

Mohawk

Industries,

Inc.

(a)

(b)

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

300,868

38,787,903

57,791,399

a

Home

Improvement

Retail

 — 

10

.5

%

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

620,803

45,753,181

Home

Depot,

Inc.

(The)

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

374,529

151,755,406

Lowe's

Companies,

Inc.

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

580,452

145,873,392

343,381,979

a

Homebuilding

 — 

65

.3

%

Beazer

Homes

USA,

Inc.

(a)

(b)

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

299,829

7,360,802

Cavco

Industries,

Inc.

(a)

(b)

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

86,946

50,492,151

Century

Communities,

Inc.

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

283,486

17,964,508

Champion

Homes,

Inc.

(a)

(b)

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

620,960

47,422,715

DR

Horton,

Inc.

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

3,044,828

516,007,001

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

(b)

...........

316,596

8,206,168

Green

Brick

Partners,

Inc.

(a)

(b)

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

334,911

24,736,526

Security

Shares

Value

a

Homebuilding

(continued)

Hovnanian

Enterprises,

Inc.

,

Class

A

(a)

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

50,096

$

6,436,835

Installed

Building

Products,

Inc.

(b)

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

250,575

61,806,829

KB

Home

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

747,034

47,541,244

Lennar

Corp.

,

Class

A

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

2,499,139

314,991,480

Lennar

Corp.

,

Class

B

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

99,889

11,985,681

LGI

Homes,

Inc.

(a)

(b)

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

222,801

11,521,040

M/I

Homes,

Inc.

(a)

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

289,790

41,857,268

Meritage

Homes

Corp.

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

781,371

56,594,701

NVR,

Inc.

(a)

(b)

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

31,515

253,212,310

PulteGroup,

Inc.

(b)

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

2,166,456

286,253,831

Taylor

Morrison

Home

Corp.

(a)

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

1,085,361

71,644,680

Toll

Brothers,

Inc.

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

1,078,115

148,930,806

TopBuild

Corp.

(a)

(b)

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

307,215

120,078,055

Tri

Pointe

Homes,

Inc.

(a)

(b)

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

960,744

32,636,474

2,137,681,105

a

Homefurnishing

Retail

 — 

0

.1

%

Arhaus,

Inc.

,

Class

A

(a)

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

310,479

3,300,392

a

Specialty

Chemicals

 — 

4

.6

%

Sherwin-Williams

Co.

(The)

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

433,317

150,040,344

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

3,634,940,733

)

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

3,270,988,936

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

94,365,730

94,412,913

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

4,842,443

4,842,443

a

Total

Short-Term

Securities — 3.0%

(Cost:

$

99,242,819

)

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

99,255,356

Total

Investments

—

102.9%

(Cost:

$

3,734,183,552

)

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

3,370,244,292

Liabilities

in

Excess

of

Other

Assets

—

(

2

.9

)

%

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

(

94,278,907

)

Net

Assets

—

100.0%

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

$

3,275,965,385

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

53,138,348

$

41,272,789

(a)

$

—

$

(

3,474

)

$

5,250

$

94,412,913

94,365,730

$

71,553

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

4,921,347

—

(

78,904

)

(a)

—

—

4,842,443

4,842,443

80,765

—

$

(

3,474

)

$

5,250

$

99,255,356

$

152,318

$

—

iShares

®

U.S.

Home

Construction

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

13

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

MidCap

400

Index

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

13

12/19/25

$

4,272

$

(

70,967

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

70,967

$

—

$

—

$

—

$

70,967

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

701,347

$

—

$

—

$

—

$

701,347

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

70,557

)

$

—

$

—

$

—

$

(

70,557

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

3,073,680

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Home

Construction

ETF

14

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

3,270,988,936

‌

$

—

‌

$

—

‌

$

3,270,988,936

‌

Short-Term

Securities

Money

Market

Funds

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

99,255,356

‌

—

‌

—

‌

99,255,356

‌

$

3,370,244,292

‌

$

—

‌

$

—

‌

$

3,370,244,292

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

70,967

)

$

—

‌

$

—

‌

$

(

70,967

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.2

%

ATI,

Inc.

(a)

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

227,806

$

18,529,740

Carpenter

Technology

Corp.

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

71,486

17,552,672

36,082,412

a

Aluminum

 — 

1

.3

%

Century

Aluminum

Co.

(a)

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

800,381

23,499,186

Kaiser

Aluminum

Corp.

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

207,827

16,035,931

39,535,117

a

Automotive

Parts

&

Equipment

 — 

0

.5

%

XPEL,

Inc.

(a)

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

495,750

16,394,453

a

Building

Products

 — 

4

.6

%

Advanced

Drainage

Systems,

Inc.

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

118,997

16,504,884

Apogee

Enterprises,

Inc.

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

405,482

17,666,851

Armstrong

World

Industries,

Inc.

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

88,996

17,444,106

Builders

FirstSource,

Inc.

(a)

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

118,358

14,350,907

Carlisle

Companies,

Inc.

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

44,656

14,690,038

Insteel

Industries,

Inc.

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

454,919

17,441,594

Owens

Corning

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

113,708

16,085,134

Simpson

Manufacturing

Co.,

Inc.

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

90,144

15,095,514

Trex

Co.,

Inc.

(a)

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

273,333

14,123,116

143,402,144

a

Commodity

Chemicals

 — 

3

.3

%

AdvanSix,

Inc.

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

834,706

16,176,602

Hawkins,

Inc.

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

105,825

19,336,344

Koppers

Holdings,

Inc.

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

612,578

17,152,184

LyondellBasell

Industries

N.V.

,

Class

A

...........

320,531

15,718,840

Olin

Corp.

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

697,715

17,435,898

Westlake

Corp.

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

197,473

15,217,269

101,037,137

a

Construction

&

Engineering

 — 

14

.1

%

AECOM

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

139,689

18,225,224

API

Group

Corp.

(a)

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

505,947

17,389,398

Argan,

Inc.

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

83,579

22,570,509

Bowman

Consulting

Group

Ltd.

(a)

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

433,009

18,342,261

Comfort

Systems

USA,

Inc.

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

25,040

20,662,507

Construction

Partners,

Inc.

,

Class

A

(a)

(b)

...........

144,428

18,342,356

EMCOR

Group,

Inc.

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

28,284

18,371,589

Everus

Construction

Group,

Inc.

(a)

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

238,451

20,447,173

Fluor

Corp.

(a)

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

425,408

17,896,915

Granite

Construction,

Inc.

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

163,626

17,941,591

Great

Lakes

Dredge

&

Dock

Corp.

(a)

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

1,507,721

18,077,575

IES

Holdings,

Inc.

(a)

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

50,584

20,114,728

Limbach

Holdings,

Inc.

(a)

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

164,003

15,927,971

MasTec,

Inc.

(a)

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

99,250

21,121,393

Matrix

Service

Co.

(a)

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

1,211,099

15,841,175

MYR

Group,

Inc.

(a)

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

98,213

20,431,250

NWPX

Infrastructure,

Inc.

(a)

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

338,574

17,920,722

Primoris

Services

Corp.

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

150,994

20,736,006

Quanta

Services,

Inc.

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

47,477

19,675,418

Stantec,

Inc.

(b)

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

163,687

17,645,459

Sterling

Infrastructure,

Inc.

(a)

(b)

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

61,759

20,978,297

Tutor

Perini

Corp.

(a)

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

282,027

18,498,151

Valmont

Industries,

Inc.

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

46,726

18,117,072

435,274,740

a

Construction

Machinery

&

Heavy

Transportation

Equipment

 — 

3

.4

%

Astec

Industries,

Inc.

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

373,481

17,975,641

Caterpillar,

Inc.

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

41,808

19,948,687

Greenbrier

Companies,

Inc.

(The)

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

375,048

17,315,966

Oshkosh

Corp.

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

126,527

16,410,552

Security

Shares

Value

a

Construction

Machinery

&

Heavy

Transportation

Equipment

(continued)

Terex

Corp.

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

333,944

$

17,131,327

Trinity

Industries,

Inc.

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

619,977

17,384,155

106,166,328

a

Construction

Materials

 — 

3

.5

%

CRH

PLC

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

157,428

18,875,617

Eagle

Materials,

Inc.

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

72,888

16,985,820

Knife

River

Corp.

(a)

(b)

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

220,076

16,917,242

Martin

Marietta

Materials,

Inc.

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

28,357

17,872,850

United

States

Lime

&

Minerals,

Inc.

(b)

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

143,721

18,906,498

Vulcan

Materials

Co.

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

59,994

18,455,354

108,013,381

a

Copper

 — 

1

.3

%

MAC

Copper

Ltd.

(a)

(b)

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

1,454,428

17,758,566

Taseko

Mines

Ltd.

(a)

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

5,305,141

22,440,747

40,199,313

a

Distributors

 — 

0

.5

%

Pool

Corp.

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

53,008

16,436,191

a

Diversified

Chemicals

 — 

0

.5

%

LSB

Industries,

Inc.

(a)

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

2,113,179

16,651,851

a

Diversified

Metals

&

Mining

 — 

0

.6

%

Compass

Minerals

International,

Inc.

(a)

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

940,181

18,051,475

a

Electric

Utilities

 — 

19

.4

%

ALLETE,

Inc.

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

361,905

24,030,492

Alliant

Energy

Corp.

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

356,506

24,032,070

American

Electric

Power

Co.,

Inc.

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

213,100

23,973,750

Constellation

Energy

Corp.

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

76,377

25,133,379

Duke

Energy

Corp.

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

191,011

23,637,611

Edison

International

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

423,087

23,388,249

Entergy

Corp.

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

262,527

24,464,891

Evergy,

Inc.

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

321,751

24,459,511

Eversource

Energy

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

362,563

25,792,732

Exelon

Corp.

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

530,435

23,874,879

FirstEnergy

Corp.

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

529,826

24,276,627

Fortis,

Inc.

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

467,339

23,712,781

Hawaiian

Electric

Industries,

Inc.

(a)

(b)

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

1,869,183

20,635,780

IDACORP,

Inc.

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

183,776

24,285,998

MGE

Energy,

Inc.

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

271,817

22,881,555

NextEra

Energy,

Inc.

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

324,888

24,525,795

NRG

Energy,

Inc.

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

155,984

25,261,609

OGE

Energy

Corp.

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

521,767

24,142,159

PG&E

Corp.

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

1,526,656

23,021,973

Pinnacle

West

Capital

Corp.

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

258,853

23,208,760

Portland

General

Electric

Co.

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

537,429

23,646,876

PPL

Corp.

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

640,635

23,805,997

Southern

Co.

(The)

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

251,005

23,787,744

TXNM

Energy,

Inc.

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

405,078

22,907,161

Xcel

Energy,

Inc.

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

316,941

25,561,292

598,449,671

a

Environmental

&

Facilities

Services

 — 

0

.5

%

Tetra

Tech,

Inc.

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

490,122

16,360,272

a

Forest

Products

 — 

1

.0

%

Louisiana-Pacific

Corp.

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

178,312

15,841,238

West

Fraser

Timber

Co.

Ltd.

(b)

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

235,703

16,023,090

31,864,328

a

Gas

Utilities

 — 

6

.1

%

Atmos

Energy

Corp.

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

138,386

23,629,409

Chesapeake

Utilities

Corp.

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

183,433

24,706,591

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Infrastructure

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Gas

Utilities

(continued)

MDU

Resources

Group,

Inc.

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

1,423,626

$

25,354,779

New

Jersey

Resources

Corp.

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

489,252

23,557,484

Northwest

Natural

Holding

Co.

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

550,271

24,723,676

ONE

Gas,

Inc.

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

303,140

24,536,152

Southwest

Gas

Holdings,

Inc.

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

224,647

17,598,846

Spire,

Inc.

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

304,947

24,859,279

188,966,216

a

Industrial

Machinery

&

Supplies

&

Components

 — 

1

.7

%

Kornit

Digital

Ltd.

(a)

(b)

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

1,153,555

15,572,993

Luxfer

Holdings

PLC

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

1,288,887

17,915,529

Mueller

Industries,

Inc.

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

181,040

18,304,954

51,793,476

a

Multi-Utilities

 — 

11

.6

%

Algonquin

Power

&

Utilities

Corp.

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

4,063,215

21,819,464

Ameren

Corp.

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

228,928

23,895,505

Avista

Corp.

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

624,791

23,623,348

Black

Hills

Corp.

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

385,445

23,739,557

CenterPoint

Energy,

Inc.

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

609,757

23,658,572

CMS

Energy

Corp.

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

321,966

23,587,229

Consolidated

Edison,

Inc.

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

234,934

23,615,566

Dominion

Energy,

Inc.

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

395,880

24,215,980

DTE

Energy

Co.

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

168,645

23,851,462

NiSource,

Inc.

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

571,178

24,732,007

Northwestern

Energy

Group,

Inc.

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

397,569

23,301,519

Public

Service

Enterprise

Group,

Inc.

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

283,981

23,701,054

Sempra

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

284,269

25,578,525

Unitil

Corp.

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

498,143

23,841,124

WEC

Energy

Group,

Inc.

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

213,708

24,488,800

357,649,712

a

Oil

&

Gas

Equipment

&

Services

 — 

0

.6

%

Atlas

Energy

Solutions,

Inc.

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

1,638,656

18,631,519

a

Oil

&

Gas

Storage

&

Transportation

 — 

6

.2

%

Antero

Midstream

Corp.

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

1,262,174

24,536,663

DT

Midstream,

Inc.

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

218,807

24,738,319

Kinder

Morgan,

Inc.

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

866,264

24,523,934

Kinetik

Holdings,

Inc.

,

Class

A

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

549,091

23,468,149

New

Fortress

Energy,

Inc.

,

Class

A

(a)

(b)

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

9,402,399

20,779,302

ONEOK,

Inc.

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

317,146

23,142,144

TC

Energy

Corp.

(b)

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

444,211

24,169,520

Williams

Companies,

Inc.

(The)

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

402,671

25,509,208

190,867,239

a

Rail

Transportation

 — 

2

.4

%

CSX

Corp.

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

708,129

25,145,661

Norfolk

Southern

Corp.

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

82,841

24,886,265

Union

Pacific

Corp.

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

104,555

24,713,665

74,745,591

a

Research

&

Consulting

Services

 — 

0

.6

%

Jacobs

Solutions,

Inc.

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

121,428

18,197,200

a

Specialty

Chemicals

 — 

1

.6

%

Eastman

Chemical

Co.

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

256,126

16,148,744

Ecovyst,

Inc.

(a)

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

1,965,430

17,217,167

Ingevity

Corp.

(a)

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

295,488

16,307,983

49,673,894

a

Steel

 — 

5

.3

%

Algoma

Steel

Group,

Inc.

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

3,448,780

12,260,413

Cleveland-Cliffs,

Inc.

(a)

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

1,550,699

18,918,528

Commercial

Metals

Co.

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

298,760

17,112,973

Metallus,

Inc.

(a)

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

1,036,293

17,129,923

Security

Shares

Value

a

Steel

(continued)

Nucor

Corp.

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

119,910

$

16,239,411

Olympic

Steel,

Inc.

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

522,817

15,919,778

Reliance,

Inc.

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

59,152

16,611,656

Ryerson

Holding

Corp.

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

752,702

17,206,768

Steel

Dynamics,

Inc.

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

131,363

18,315,943

Worthington

Steel,

Inc.

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

534,642

16,247,770

165,963,163

a

Trading

Companies

&

Distributors

 — 

1

.5

%

BlueLinx

Holdings,

Inc.

(a)

(b)

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

204,962

14,978,623

Boise

Cascade

Co.

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

196,531

15,195,777

United

Rentals,

Inc.

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

18,138

17,315,623

47,490,023

a

Water

Utilities

 — 

6

.5

%

American

States

Water

Co.

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

308,561

22,623,693

American

Water

Works

Co.,

Inc.

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

160,443

22,332,061

Artesian

Resources

Corp.

,

Class

A

,

NVS

(c)

.........

693,191

22,594,561

California

Water

Service

Group

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

488,575

22,420,707

Consolidated

Water

Co.

Ltd.

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

522,608

18,437,610

Essential

Utilities,

Inc.

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

585,467

23,360,133

H2O

America

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

456,475

22,230,332

Middlesex

Water

Co.

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

425,264

23,015,288

York

Water

Co.

(The)

(c)

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

742,874

22,598,227

199,612,612

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

2,750,065,840

)

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

3,087,509,458

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

46,436,924

46,460,143

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

4,510,060

4,510,060

a

Total

Short-Term

Securities — 1.7%

(Cost:

$

50,965,024

)

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

50,970,203

Total

Investments

—

101.5%

(Cost:

$

2,801,030,864

)

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

3,138,479,661

Liabilities

in

Excess

of

Other

Assets

—

(

1

.5

)

%

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

(

45,910,791

)

Net

Assets

—

100.0%

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

$

3,092,568,870

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

17

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Derivatives

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

Artesian

Resources

Corp.

.........

$

16,970,491

$

6,320,557

$

(

556,099

)

$

(

35,009

)

$

(

105,379

)

$

22,594,561

693,191

$

357,570

$

—

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

25,497,070

20,960,417

(a)

—

409

2,247

46,460,143

46,436,924

265,215

(b)

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

4,467,101

42,959

(a)

—

—

—

4,510,060

4,510,060

68,888

—

York

Water

Co.

(The)

(c)

N/A

3,709,783

(

109,165

)

(

17,164

)

(

2,334,540

)

22,598,227

742,874

162,838

—

$

(

51,764

)

$

(

2,437,672

)

$

96,162,991

$

854,511

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

the

beginning

of

the

period,

the

entity

was

not

considered

an

affiliate.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

1

12/19/25

$

94

$

(

172

)

E-Mini

S&P

MidCap

400

Index

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

6

12/19/25

1,972

(

18,324

)

E-Mini

Utilities

Select

Sector

Index

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

12

12/19/25

1,064

22,090

$

3,594

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depr

e

ciation)

Long

Contracts

(a)

Kaiser

Aluminum

Corp.

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

Goldman

Sachs

Bank

USA

USD

1,582,034

08/18/26

0.40%

1D

FEDL01

Monthly

$

(

871

)

Total

long

positions

of

equity

swaps

(

871

)

Net

dividends

and

financing

fees

(

1,578

)

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

(

2,449

)

(a)

The

Fund

receives

the

total

return

on

a

reference

entity

and

pays

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

position.

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

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

$

—

$

—

$

—

$

(

2,449

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Infrastructure

ETF

18

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

22,090

$

—

$

—

$

—

$

22,090

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

18,496

$

—

$

—

$

—

$

18,496

Swaps

-

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

—

—

2,449

—

—

—

2,449

$

—

$

—

$

20,945

$

—

$

—

$

—

$

20,945

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

297,370

$

—

$

—

$

—

$

297,370

Swaps

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

—

—

(

6,919

)

—

—

—

(

6,919

)

$

—

$

—

$

290,451

$

—

$

—

$

—

$

290,451

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

9,032

$

—

$

—

$

—

$

9,032

Swaps

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

—

—

(

751

)

—

—

—

(

751

)

$

—

$

—

$

8,281

$

—

$

—

$

—

$

8,281

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

3,814,990

Equity

Swaps

Average

notional

value

-

long

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

$

791,017

a

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

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

$

3,216

$

—

Swaps

—

OTC

(a)

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

—

871

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

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

$

3,216

$

871

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

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

(

3,216

)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

—

$

871

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

19

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)

Goldman

Sachs

Bank

USA

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

$

871

$

–

$

–

$

–

$

871

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivatives

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

3,087,509,458

$

—

$

—

$

3,087,509,458

Short-Term

Securities

Money

Market

Funds

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

50,970,203

—

—

50,970,203

$

3,138,479,661

$

—

$

—

$

3,138,479,661

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

22,090

$

—

$

—

$

22,090

Liabilities

Equity

Contracts

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

(

18,496

)

(

2,449

)

—

(

20,945

)

$

3,594

$

(

2,449

)

$

—

$

1,145

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Insurance

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Life

&

Health

Insurance

 — 

21

.6

%

Aflac,

Inc.

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

298,722

$

33,367,247

Brighthouse

Financial,

Inc.

(a)

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

46,923

2,490,673

CNO

Financial

Group,

Inc.

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

79,898

3,159,966

F&G

Annuities

&

Life,

Inc.

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

17,571

549,445

Genworth

Financial,

Inc.

(a)

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

334,556

2,977,548

Globe

Life,

Inc.

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

65,885

9,419,579

Lincoln

National

Corp.

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

131,476

5,302,427

MetLife,

Inc.

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

394,543

32,498,507

Oscar

Health,

Inc.

,

Class

A

(a)

(b)

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

169,521

3,209,033

Primerica,

Inc.

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

26,472

7,348,363

Principal

Financial

Group,

Inc.

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

164,882

13,670,367

Prudential

Financial,

Inc.

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

285,791

29,647,958

Unum

Group

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

127,432

9,911,661

153,552,774

a

Multi-line

Insurance

 — 

0

.2

%

Horace

Mann

Educators

Corp.

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

32,837

1,483,247

a

Property

&

Casualty

Insurance

 — 

77

.8

%

Allstate

Corp.

(The)

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

204,447

43,884,549

Ambac

Financial

Group,

Inc.

(a)

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

37,948

316,486

American

Financial

Group,

Inc.

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

56,242

8,195,584

American

International

Group,

Inc.

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

400,393

31,446,866

AMERISAFE,

Inc.

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

15,560

682,150

Arch

Capital

Group

Ltd.

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

301,162

27,324,428

Assurant,

Inc.

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

41,023

8,885,582

Assured

Guaranty

Ltd.

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

36,218

3,065,854

Axis

Capital

Holdings

Ltd.

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

57,776

5,534,941

Bowhead

Specialty

Holdings,

Inc.

(a)

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

13,591

367,501

Chubb

Ltd.

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

287,702

81,203,890

Cincinnati

Financial

Corp.

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

126,753

20,039,649

CNA

Financial

Corp.

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

17,409

808,822

Employers

Holdings,

Inc.

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

18,903

802,999

Erie

Indemnity

Co.

,

Class

A

,

NVS

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

20,563

6,542,324

Fidelity

National

Financial,

Inc.

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

207,341

12,542,057

First

American

Financial

Corp.

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

82,433

5,295,496

Hanover

Insurance

Group,

Inc.

(The)

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

28,964

5,260,731

Hartford

Insurance

Group,

Inc.

(The)

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

228,284

30,450,803

HCI

Group,

Inc.

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

8,668

1,663,649

Kemper

Corp.

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

50,717

2,614,461

Kinsale

Capital

Group,

Inc.

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

17,953

7,634,693

Security

Shares

Value

a

Property

&

Casualty

Insurance

(continued)

Lemonade,

Inc.

(a)

(b)

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

50,773

$

2,717,879

Loews

Corp.

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

137,905

13,844,283

Markel

Group,

Inc.

(a)

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

10,276

19,641,135

Mercury

General

Corp.

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

21,731

1,842,354

Old

Republic

International

Corp.

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

185,052

7,859,158

Palomar

Holdings,

Inc.

(a)

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

22,102

2,580,409

ProAssurance

Corp.

(a)

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

41,948

1,006,333

Progressive

Corp.

(The)

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

454,868

112,329,653

RLI

Corp.

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

74,306

4,846,237

Safety

Insurance

Group,

Inc.

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

12,283

868,285

Selective

Insurance

Group,

Inc.

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

49,221

3,990,347

Skyward

Specialty

Insurance

Group,

Inc.

(a)

(b)

........

30,374

1,444,587

Stewart

Information

Services

Corp.

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

22,602

1,657,179

Tiptree,

Inc.

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

18,566

355,910

Travelers

Companies,

Inc.

(The)

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

174,680

48,774,150

Trupanion,

Inc.

(a)

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

28,307

1,225,127

United

Fire

Group,

Inc.

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

17,639

536,578

Universal

Insurance

Holdings,

Inc.

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

22,004

578,705

W

R

Berkley

Corp.

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

242,688

18,594,755

White

Mountains

Insurance

Group

Ltd.

(b)

..........

2,071

3,461,718

552,718,297

a

Total

Long-Term Investments

— 99.6%

(Cost:

$

647,980,923

)

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

707,754,318

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

5,188,736

5,191,330

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

1,892,381

1,892,381

a

Total

Short-Term

Securities — 1.0%

(Cost:

$

7,083,085

)

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

7,083,711

Total

Investments

—

100.6%

(Cost:

$

655,064,008

)

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

714,838,029

Liabilities

in

Excess

of

Other

Assets

—

(

0

.6

)

%

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

(

4,378,506

)

Net

Assets

—

100.0%

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

$

710,459,523

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

6,880,552

$

—

$

(

1,689,278

)

(a)

$

(

457

)

$

513

$

5,191,330

5,188,736

$

10,284

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

1,344,410

547,971

(a)

—

—

—

1,892,381

1,892,381

26,979

—

$

(

457

)

$

513

$

7,083,711

$

37,263

$

—

iShares

®

U.S.

Insurance

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

21

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

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

12

12/19/25

$

2,009

$

2,192

E-Mini

S&P

MidCap

400

Index

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

1

12/19/25

329

(

6,083

)

$

(

3,891

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

2,192

$

—

$

—

$

—

$

2,192

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

6,083

$

—

$

—

$

—

$

6,083

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

158,771

$

—

$

—

$

—

$

158,771

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

33,665

)

$

—

$

—

$

—

$

(

33,665

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,389,875

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Insurance

ETF

22

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

707,754,318

‌

$

—

‌

$

—

‌

$

707,754,318

‌

Short-Term

Securities

Money

Market

Funds

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

7,083,711

‌

—

‌

—

‌

7,083,711

‌

$

714,838,029

‌

$

—

‌

$

—

‌

$

714,838,029

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

2,192

‌

$

—

‌

$

—

‌

$

2,192

‌

Liabilities

Equity

Contracts

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

(

6,083

)

—

‌

—

‌

(

6,083

)

$

(

3,891

)

$

—

‌

$

—

‌

$

(

3,891

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Manufacturing

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

14

.7

%

Axon

Enterprise,

Inc.

(a)

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

287

$

205,963

Boeing

Co.

(The)

(a)

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

2,761

595,907

BWX

Technologies,

Inc.

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

334

61,580

Curtiss-Wright

Corp.

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

138

74,926

General

Dynamics

Corp.

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

922

314,402

HEICO

Corp.

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

145

46,809

Huntington

Ingalls

Industries,

Inc.

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

143

41,171

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.......

616

56,284

L3Harris

Technologies,

Inc.

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

688

210,122

Leonardo

DRS,

Inc.

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

242

10,987

Lockheed

Martin

Corp.

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

750

374,407

Moog,

Inc.

,

Class

A

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

109

22,636

Northrop

Grumman

Corp.

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

491

299,176

Rocket

Lab

Corp.

(a)

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

1,550

74,260

RTX

Corp.

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

4,887

817,742

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

439

16,945

Textron,

Inc.

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

651

55,003

TransDigm

Group,

Inc.

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

206

271,512

Woodward,

Inc.

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

219

55,343

3,605,175

a

Automobile

Components

 — 

0

.9

%

LCI

Industries

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

393

36,608

Modine

Manufacturing

Co.

(a)

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

852

121,121

Patrick

Industries,

Inc.

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

540

55,852

213,581

a

Automobiles

 — 

8

.5

%

Ford

Motor

Co.

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

63,424

758,551

General

Motors

Co.

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

15,448

941,865

Harley-Davidson,

Inc.

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

1,973

55,047

Lucid

Group,

Inc.

(a)

(b)

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

2,167

51,553

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

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

12,952

190,135

Thor

Industries,

Inc.

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

867

89,899

2,087,050

a

Building

Products

 — 

7

.9

%

A

O

Smith

Corp.

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

866

63,573

AAON,

Inc.

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

513

47,935

Carrier

Global

Corp.

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

6,032

360,110

CSW

Industrials,

Inc.

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

134

32,529

Johnson

Controls

International

PLC

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

4,958

545,132

Lennox

International,

Inc.

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

242

128,105

Trane

Technologies

PLC

(b)

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

1,686

711,425

Zurn

Elkay

Water

Solutions

Corp.

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

1,078

50,698

1,939,507

a

Commercial

Services

&

Supplies

 — 

0

.4

%

MSA

Safety,

Inc.

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

597

102,726

a

Communications

Equipment

 — 

0

.7

%

Lumentum

Holdings,

Inc.

(a)

(b)

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

1,133

184,350

a

Electrical

Equipment

 — 

17

.0

%

Acuity,

Inc.

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

492

169,440

AMETEK,

Inc.

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

3,747

704,436

Atkore,

Inc.

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

602

37,769

Bloom

Energy

Corp.

,

Class

A

(a)

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

3,493

295,403

Eaton

Corp.

PLC

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

2,649

991,388

EnerSys

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

635

71,730

Generac

Holdings,

Inc.

(a)

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

952

159,365

Hubbell,

Inc.

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

859

369,636

NEXTracker,

Inc.

,

Class

A

(a)

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

2,401

177,650

NuScale

Power

Corp.

,

Class

A

(a)

(b)

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

2,126

76,536

Security

Shares

Value

a

Electrical

Equipment

(continued)

nVent

Electric

PLC

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

2,611

$

257,549

Plug

Power,

Inc.

(a)

(b)

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

19,427

45,265

Powell

Industries,

Inc.

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

153

46,636

Regal

Rexnord

Corp.

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

1,077

154,485

Rockwell

Automation,

Inc.

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

1,824

637,543

4,194,831

a

Electronic

Equipment,

Instruments

&

Components

 — 

14

.7

%

Advanced

Energy

Industries,

Inc.

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

611

103,955

Amphenol

Corp.

,

Class

A

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

8,057

997,054

Badger

Meter,

Inc.

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

196

35,002

Belden,

Inc.

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

658

79,138

Coherent

Corp.

(a)

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

2,522

271,670

Fabrinet

(a)

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

581

211,844

Itron,

Inc.

(a)

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

704

87,690

Littelfuse,

Inc.

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

402

104,122

Ralliant

Corp.

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

1,829

79,982

TE

Connectivity

PLC

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

4,561

1,001,276

Teledyne

Technologies,

Inc.

(a)

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

761

445,976

TTM

Technologies,

Inc.

(a)

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

1,676

96,538

Vontier

Corp.

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

2,468

103,582

3,617,829

a

Industrial

Conglomerates

 — 

3

.9

%

Honeywell

International,

Inc.

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

4,532

953,986

a

Leisure

Products

 — 

0

.3

%

Brunswick

Corp.

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

1,060

67,034

a

Machinery

 — 

27

.2

%

Alamo

Group,

Inc.

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

166

31,689

Albany

International

Corp.

,

Class

A

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

479

25,531

Allison

Transmission

Holdings,

Inc.

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

1,357

115,182

Crane

Co.

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

371

68,316

Cummins,

Inc.

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

2,236

944,419

Deere

&

Co.

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

2,036

930,981

Dover

Corp.

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

2,225

371,197

Enpro,

Inc.

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

157

35,482

ESCO

Technologies,

Inc.

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

404

85,289

Federal

Signal

Corp.

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

986

117,324

Fortive

Corp.

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

5,490

268,955

Franklin

Electric

Co.,

Inc.

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

334

31,797

Graco,

Inc.

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

1,255

106,625

Greenbrier

Companies,

Inc.

(The)

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

501

23,131

IDEX

Corp.

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

570

92,773

JBT

Marel

Corp.

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

843

118,399

Lincoln

Electric

Holdings,

Inc.

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

895

211,068

Middleby

Corp.

(The)

(a)

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

757

100,628

Mueller

Water

Products,

Inc.

,

Series

A

...........

1,234

31,492

Oshkosh

Corp.

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

1,043

135,277

PACCAR,

Inc.

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

8,520

837,687

Parker-Hannifin

Corp.

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

968

733,889

Pentair

PLC

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

1,242

137,564

Snap-on,

Inc.

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

846

293,164

SPX

Technologies,

Inc.

(a)

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

374

69,856

Standex

International

Corp.

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

205

43,440

Stanley

Black

&

Decker,

Inc.

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

2,512

186,717

Terex

Corp.

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

1,011

51,864

Toro

Co.

(The)

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

1,601

121,996

Trinity

Industries,

Inc.

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

1,312

36,789

Watts

Water

Technologies,

Inc.

,

Class

A

..........

194

54,180

Xylem,

Inc.

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

1,844

271,990

6,684,691

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Manufacturing

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Security

Shares

Value

a

Professional

Services

 — 

0

.6

%

Amentum

Holdings,

Inc.

(a)

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

440

$

10,538

KBR,

Inc.

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

538

25,442

Leidos

Holdings,

Inc.

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

473

89,378

Science

Applications

International

Corp.

.........

171

16,992

142,350

a

Semiconductors

&

Semiconductor

Equipment

 — 

3

.1

%

Enphase

Energy,

Inc.

(a)

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

2,121

75,062

First

Solar,

Inc.

(a)

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

1,740

383,722

FormFactor,

Inc.

(a)

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

1,258

45,816

MKS,

Inc.

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

1,081

133,796

Qorvo,

Inc.

(a)

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

1,368

124,598

762,994

Total

Long-Term

Investments — 99.9%

(Cost:

$

20,965,925

)

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

24,556,104

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

967,966

$

968,450

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

23,891

23,891

a

Total

Short-Term

Securities — 4.0%

(Cost:

$

992,390

)

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

992,341

Total

Investments

—

103.9%

(Cost:

$

21,958,315

)

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

25,548,445

Liabilities

in

Excess

of

Other

Assets

—

(

3

.9

)

%

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

(

965,570

)

Net

Assets

—

100.0%

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

$

24,582,875

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

276,266

$

692,234

(a)

$

—

$

(

1

)

$

(

49

)

$

968,450

967,966

$

2,165

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

21,649

2,242

(a)

—

—

—

23,891

23,891

639

—

$

(

1

)

$

(

49

)

$

992,341

$

2,804

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

5,093

$

—

$

—

$

—

$

5,093

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

339

$

—

$

—

$

—

$

339

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

21,917

a

iShares

®

U.S.

Manufacturing

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

25

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

24,556,104

‌

$

—

‌

$

—

‌

$

24,556,104

‌

Short-Term

Securities

Money

Market

Funds

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

992,341

‌

—

‌

—

‌

992,341

‌

$

25,548,445

‌

$

—

‌

$

—

‌

$

25,548,445

‌

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Medical

Devices

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Health

Care

Equipment

 — 

99

.8

%

Abbott

Laboratories

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

6,014,994

$

805,648,296

Alphatec

Holdings,

Inc.

(a)

(b)

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

574,189

8,348,708

Artivion,

Inc.

(a)

(b)

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

209,223

8,858,502

AtriCure,

Inc.

(a)

(b)

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

250,449

8,828,327

Axogen,

Inc.

(a)

(b)

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

231,859

4,136,364

Baxter

International,

Inc.

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

2,590,365

58,982,611

Becton

Dickinson

&

Co.

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

1,009,668

188,979,559

Beta

Bionics,

Inc.

(a)

(b)

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

199,324

3,960,568

Boston

Scientific

Corp.

(a)

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

5,120,902

499,953,662

Butterfly

Network,

Inc.

,

Class

A

(a)

(b)

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

1,033,173

1,994,024

CONMED

Corp.

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

155,987

7,336,069

Dexcom,

Inc.

(a)

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

1,977,765

133,083,807

Edwards

Lifesciences

Corp.

(a)

(b)

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

2,430,396

189,011,897

Enovis

Corp.

(a)

(b)

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

288,035

8,738,982

Envista

Holdings

Corp.

(a)

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

839,275

17,096,032

GE

HealthCare

Technologies,

Inc.

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

2,302,597

172,925,035

Glaukos

Corp.

(a)

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

289,495

23,608,317

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

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

568,279

32,545,338

Hologic,

Inc.

(a)

(b)

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

1,121,730

75,705,558

IDEXX

Laboratories,

Inc.

(a)

(b)

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

298,217

190,527,859

Inspire

Medical

Systems,

Inc.

(a)

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

135,606

10,061,965

Insulet

Corp.

(a)

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

355,017

109,604,398

Integer

Holdings

Corp.

(a)

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

176,543

18,242,188

Integra

LifeSciences

Holdings

Corp.

(a)

(b)

...........

337,632

4,838,266

Intuitive

Surgical,

Inc.

(a)

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

1,238,891

554,069,222

iRadimed

Corp.

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

40,382

2,873,583

iRhythm

Technologies,

Inc.

(a)

(b)

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

162,128

27,884,395

LeMaitre

Vascular,

Inc.

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

104,940

9,183,299

LivaNova

PLC

(a)

(b)

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

275,136

14,411,624

Masimo

Corp.

(a)

(b)

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

232,674

34,331,049

Medtronic

PLC

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

2,060,783

196,268,973

Novocure

Ltd.

(a)

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

512,655

6,623,503

Omnicell,

Inc.

(a)

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

231,271

7,042,202

Orthofix

Medical,

Inc.

(a)

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

199,015

2,913,580

Security

Shares

Value

a

Health

Care

Equipment

(continued)

Penumbra,

Inc.

(a)

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

196,688

$

49,825,004

PROCEPT

BioRobotics

Corp.

(a)

(b)

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

280,348

10,005,620

QuidelOrtho

Corp.

(a)

(b)

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

342,154

10,076,435

ResMed,

Inc.

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

703,412

192,544,967

Senseonics

Holdings,

Inc.

(a)

(b)

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

3,824,964

1,666,919

SI-BONE,

Inc.

(a)

(b)

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

193,480

2,848,026

STERIS

PLC

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

496,724

122,909,387

Stryker

Corp.

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

496,780

183,644,663

Surmodics,

Inc.

(a)

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

72,046

2,153,455

Tandem

Diabetes

Care,

Inc.

(a)

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

340,483

4,133,464

Teleflex,

Inc.

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

223,035

27,290,563

TransMedics

Group,

Inc.

(a)

(b)

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

172,120

19,311,864

Treace

Medical

Concepts,

Inc.

(a)

(b)

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

241,933

1,623,370

Varex

Imaging

Corp.

(a)

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

209,405

2,596,622

Zimmer

Biomet

Holdings,

Inc.

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

999,062

98,407,607

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

4,438,487,306

)

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

4,167,655,728

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

91,462,666

91,508,397

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

4,546,710

4,546,710

a

Total

Short-Term

Securities — 2.3%

(Cost:

$

96,034,049

)

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

96,055,107

Total

Investments

—

102.1%

(Cost:

$

4,534,521,355

)

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

4,263,710,835

Liabilities

in

Excess

of

Other

Assets

—

(

2

.1

)

%

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

(

89,712,326

)

Net

Assets

—

100.0%

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

$

4,173,998,509

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..

$

135,097,086

‌

$

—

‌

$

(

43,582,873

)

(a)

$

(

11,359

)

$

5,543

‌

$

91,508,397

‌

91,462,666

‌

$

115,123

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

5,513,710

‌

—

‌

(

967,000

)

(a)

—

‌

—

‌

4,546,710

‌

4,546,710

‌

108,421

‌

—

‌

$

(

11,359

)

$

5,543

‌

$

96,055,107

‌

$

223,544

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Medical

Devices

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

27

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

31

12/19/25

$

4,391

$

90,278

E-Mini

Technology

Select

Sector

Index

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

3

12/19/25

860

9,333

$

99,611

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

99,611

$

—

$

—

$

—

$

99,611

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

92,719

$

—

$

—

$

—

$

92,719

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

78,944

$

—

$

—

$

—

$

78,944

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

5,739,975

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Medical

Devices

ETF

28

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

4,167,655,728

‌

$

—

‌

$

—

‌

$

4,167,655,728

‌

Short-Term

Securities

Money

Market

Funds

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

96,055,107

‌

—

‌

—

‌

96,055,107

‌

$

4,263,710,835

‌

$

—

‌

$

—

‌

$

4,263,710,835

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

99,611

‌

$

—

‌

$

—

‌

$

99,611

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Exploration

&

Production

 — 

75

.7

%

Antero

Resources

Corp.

(a)

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

270,268

$

9,070,194

APA

Corp.

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

329,483

7,999,847

California

Resources

Corp.

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

67,043

3,565,347

Chord

Energy

Corp.

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

52,729

5,239,681

Civitas

Resources,

Inc.

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

76,830

2,496,975

CNX

Resources

Corp.

(a)

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

130,232

4,183,052

Comstock

Resources,

Inc.

(a)

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

72,760

1,442,831

ConocoPhillips

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

949,951

89,855,866

Coterra

Energy,

Inc.

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

702,771

16,620,534

Crescent

Energy

Co.

,

Class

A

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

171,450

1,529,334

Devon

Energy

Corp.

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

584,583

20,495,480

Diamondback

Energy,

Inc.

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

149,039

21,327,481

EOG

Resources,

Inc.

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

415,285

46,561,754

EQT

Corp.

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

406,718

22,137,661

Expand

Energy

Corp.

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

215,733

22,919,474

Gulfport

Energy

Corp.

(a)

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

14,400

2,606,112

Kosmos

Energy

Ltd.

(a)

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

439,764

730,008

Magnolia

Oil

&

Gas

Corp.

,

Class

A

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

170,633

4,073,010

Matador

Resources

Co.

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

107,767

4,841,971

Murphy

Oil

Corp.

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

123,555

3,510,198

Northern

Oil

&

Gas,

Inc.

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

89,489

2,219,327

Ovintiv,

Inc.

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

236,704

9,558,107

Permian

Resources

Corp.

,

Class

A

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

643,162

8,232,474

Range

Resources

Corp.

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

219,349

8,256,296

Sable

Offshore

Corp.

,

Class

A

(a)

(b)

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

71,562

1,249,473

SM

Energy

Co.

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

105,880

2,643,824

Talos

Energy,

Inc.

(a)

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

118,845

1,139,724

Texas

Pacific

Land

Corp.

(b)

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

17,782

16,601,986

VAALCO

Energy,

Inc.

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

95,867

385,385

Venture

Global,

Inc.

,

Class

A

(b)

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

423,005

6,002,441

Viper

Energy,

Inc.

,

Class

A

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

155,372

5,938,318

Vital

Energy,

Inc.

(a)

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

26,763

452,027

Vitesse

Energy,

Inc.

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

25,920

602,122

354,488,314

a

Security

Shares

Value

a

Oil

&

Gas

Refining

&

Marketing

 — 

24

.2

%

Calumet,

Inc.

(a)

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

59,030

$

1,077,297

Clean

Energy

Fuels

Corp.

(a)

(b)

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

159,296

410,984

CVR

Energy,

Inc.

(a)

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

27,732

1,011,663

Delek

U.S.

Holdings,

Inc.

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

55,457

1,789,597

Green

Plains,

Inc.

(a)

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

60,288

529,932

HF

Sinclair

Corp.

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

146,439

7,664,617

Marathon

Petroleum

Corp.

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

231,239

44,569,005

Par

Pacific

Holdings,

Inc.

(a)

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

46,855

1,659,604

PBF

Energy,

Inc.

,

Class

A

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

75,686

2,283,447

Phillips

66

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

202,119

27,492,226

REX

American

Resources

Corp

(a)

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

26,047

797,559

Valero

Energy

Corp.

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

131,305

22,355,989

World

Kinect

Corp.

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

51,075

1,325,396

112,967,316

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

534,518,423

)

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

467,455,630

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

7,155,022

7,158,599

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

384,137

384,137

a

Total

Short-Term

Securities — 1.6%

(Cost:

$

7,542,343

)

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

7,542,736

Total

Investments

—

101.5%

(Cost:

$

542,060,766

)

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

474,998,366

Liabilities

in

Excess

of

Other

Assets

—

(

1

.5

)

%

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

(

7,234,942

)

Net

Assets

—

100.0%

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

$

467,763,424

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..

$

25,490,257

‌

$

—

‌

$

(

18,331,768

)

(a)

$

(

622

)

$

732

‌

$

7,158,599

‌

7,155,022

‌

$

13,779

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,009,834

‌

—

‌

(

625,697

)

(a)

—

‌

—

‌

384,137

‌

384,137

‌

16,517

‌

—

‌

$

(

622

)

$

732

‌

$

7,542,736

‌

$

30,296

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

30

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

3

12/19/25

$

283

$

4,116

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

4,116

$

—

$

—

$

—

$

4,116

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

67,020

$

—

$

—

$

—

$

67,020

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

46,639

)

$

—

$

—

$

—

$

(

46,639

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

544,575

a

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

31

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

467,455,630

‌

$

—

‌

$

—

‌

$

467,455,630

‌

Short-Term

Securities

Money

Market

Funds

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

7,542,736

‌

—

‌

—

‌

7,542,736

‌

$

474,998,366

‌

$

—

‌

$

—

‌

$

474,998,366

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

4,116

‌

$

—

‌

$

—

‌

$

4,116

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Drilling

 — 

14

.8

%

Helmerich

&

Payne,

Inc.

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

103,246

$

2,280,704

Nabors

Industries

Ltd.

(a)

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

16,339

667,775

Noble

Corp.

PLC

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

130,274

3,684,149

Patterson-UTI

Energy,

Inc.

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

363,917

1,885,090

Seadrill

Ltd.

(a)

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

64,606

1,951,747

Transocean

Ltd.

(a)

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

998,102

3,114,078

Valaris

Ltd.

(a)

(b)

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

68,763

3,353,571

16,937,114

a

Oil

&

Gas

Equipment

&

Services

 — 

84

.9

%

Archrock,

Inc.

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

182,550

4,802,890

Atlas

Energy

Solutions,

Inc.

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

79,654

905,666

Baker

Hughes

Co.

,

Class

A

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

540,004

26,308,995

Bristow

Group,

Inc.

(a)

(b)

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

26,028

939,090

Cactus,

Inc.

,

Class

A

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

71,199

2,810,225

Core

Laboratories,

Inc.

(b)

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

48,689

601,796

Expro

Group

Holdings

N.V.

(a)

(b)

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

106,815

1,268,962

Halliburton

Co.

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

224,221

5,515,837

Helix

Energy

Solutions

Group,

Inc.

(a)

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

141,928

931,048

Innovex

International,

Inc.

(a)

(b)

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

39,990

741,415

Kodiak

Gas

Services,

Inc.

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

68,333

2,526,271

Liberty

Energy,

Inc.

,

Class

A

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

168,154

2,075,020

NOV,

Inc.

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

385,577

5,108,895

Oceaneering

International,

Inc.

(a)

(b)

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

104,043

2,578,186

ProPetro

Holding

Corp.

(a)

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

83,301

436,497

RPC,

Inc.

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

92,304

439,367

Schlumberger

N.V.

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

700,691

24,082,750

Security

Shares

Value

a

Oil

&

Gas

Equipment

&

Services

(continued)

Select

Water

Solutions,

Inc.

,

Class

A

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

102,521

$

1,095,949

TechnipFMC

PLC

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

123,928

4,888,960

TETRA

Technologies,

Inc.

(a)

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

138,381

795,691

Tidewater,

Inc.

(a)

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

47,789

2,548,587

Weatherford

International

PLC

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

74,584

5,103,783

96,505,880

a

Total

Long-Term Investments

— 99.7%

(Cost:

$

146,005,186

)

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

113,442,994

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

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

3,565,729

3,567,512

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

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

100,070

100,070

a

Total

Short-Term

Securities — 3.2%

(Cost:

$

3,666,378

)

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

3,667,582

Total

Investments

—

102.9%

(Cost:

$

149,671,564

)

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

117,110,576

Liabilities

in

Excess

of

Other

Assets

—

(

2

.9

)

%

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

(

3,350,755

)

Net

Assets

—

100.0%

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

$

113,759,821

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..

$

6,487,873

$

—

$

(

2,921,063

)

(a)

$

1,198

$

(

496

)

$

3,567,512

3,565,729

$

3,814

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

202,659

—

(

102,589

)

(a)

—

—

100,070

100,070

3,129

—

$

1,198

$

(

496

)

$

3,667,582

$

6,943

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

33

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

3

12/19/25

$

283

$

6,192

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

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

$

—

$

—

$

6,192

$

—

$

—

$

—

$

6,192

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

76,661

$

—

$

—

$

—

$

76,661

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

22,039

)

$

—

$

—

$

—

$

(

22,039

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

275,835

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

34

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

113,442,994

‌

$

—

‌

$

—

‌

$

113,442,994

‌

Short-Term

Securities

Money

Market

Funds

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

3,667,582

‌

—

‌

—

‌

3,667,582

‌

$

117,110,576

‌

$

—

‌

$

—

‌

$

117,110,576

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

6,192

‌

$

—

‌

$

—

‌

$

6,192

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Pharmaceuticals

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Pharmaceuticals

 — 

99

.8

%

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

.........

361,458

$

3,618,194

Amphastar

Pharmaceuticals,

Inc.

(a)

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

76,299

2,033,368

Amylyx

Pharmaceuticals,

Inc.

(a)

(b)

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

172,830

2,348,760

ANI

Pharmaceuticals,

Inc.

(a)

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

36,888

3,378,941

Arvinas,

Inc.

(a)

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

156,469

1,333,116

Avadel

Pharmaceuticals

PLC

(a)

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

207,284

3,165,227

Axsome

Therapeutics,

Inc.

(a)

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

89,364

10,853,258

Bristol-Myers

Squibb

Co.

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

540,131

24,359,908

Collegium

Pharmaceutical,

Inc.

(a)

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

67,135

2,349,054

Corcept

Therapeutics,

Inc.

(a)

(b)

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

199,936

16,616,681

Crinetics

Pharmaceuticals,

Inc.

(a)

(b)

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

200,969

8,370,359

Edgewise

Therapeutics,

Inc.

(a)

(b)

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

157,183

2,549,508

Elanco

Animal

Health,

Inc.

(a)

(b)

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

1,059,178

21,331,845

Eli

Lilly

&

Co.

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

168,742

128,750,146

Enliven

Therapeutics,

Inc.

(a)

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

94,683

1,938,161

Evolus,

Inc.

(a)

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

137,856

846,436

Harmony

Biosciences

Holdings,

Inc.

(a)

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

84,778

2,336,482

Harrow,

Inc.

(a)

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

70,193

3,381,899

Innoviva,

Inc.

(a)

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

127,592

2,328,554

Jazz

Pharmaceuticals

PLC

(a)

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

129,321

17,044,508

Johnson

&

Johnson

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

724,364

134,311,573

LENZ

Therapeutics,

Inc.

(a)

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

42,550

1,981,979

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

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

41,780

7,400,909

Liquidia

Corp.

(a)

(b)

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

145,185

3,301,507

Merck

&

Co.,

Inc.

..........................

303,073

25,436,917

Mind

Medicine

MindMed,

Inc.

(a)

(b)

...............

162,160

1,911,866

Nektar

Therapeutics

(a)

(b)

......................

40,536

2,306,498

Nuvation

Bio,

Inc.

,

Class

A

(a)

(b)

.................

510,619

1,889,290

Ocular

Therapeutix,

Inc.

(a)

....................

281,839

3,294,698

Organon

&

Co.

(b)

..........................

554,215

5,919,016

Pacira

BioSciences,

Inc.

(a)

(b)

...................

95,757

2,467,658

Security

Shares

Value

a

Pharmaceuticals

(continued)

Perrigo

Co.

PLC

..........................

293,319

$

6,532,214

Pfizer,

Inc.

..............................

1,036,516

26,410,428

Phathom

Pharmaceuticals,

Inc.

(a)

...............

96,765

1,138,924

Phibro

Animal

Health

Corp.

,

Class

A

.............

43,409

1,756,328

Prestige

Consumer

Healthcare,

Inc.

(a)

............

104,921

6,547,070

Royalty

Pharma

PLC

,

Class

A

.................

703,903

24,833,698

Supernus

Pharmaceuticals,

Inc.

(a)

...............

119,541

5,712,864

Tarsus

Pharmaceuticals,

Inc.

(a)

.................

82,777

4,919,437

Theravance

Biopharma,

Inc.

(a)

.................

78,350

1,143,910

Viatris,

Inc.

..............................

2,485,570

24,607,143

WaVe

Life

Sciences

Ltd.

(a)

(b)

...................

261,297

1,912,694

Zoetis,

Inc.

,

Class

A

........................

170,440

24,938,781

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

538,585,469

)

................................

579,609,807

a

Short-Term

Securities

Money

Market

Funds

 — 

6

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

............................

35,988,806

36,006,800

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

.............................

251,552

251,552

a

Total

Short-Term

Securities — 6.2%

(Cost:

$

36,251,048

)

.................................

36,258,352

Total

Investments

—

106.0%

(Cost:

$

574,836,517

)

................................

615,868,159

Liabilities

in

Excess

of

Other

Assets

—

(

6

.0

)

%

...............

(

35,108,786

)

Net

Assets

—

100.0%

.................................

$

580,759,373

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

31,199,933

$

4,806,566

(a)

$

—

$

(

1,122

)

$

1,423

$

36,006,800

35,988,806

$

24,542

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

710,096

—

(

458,544

)

(a)

—

—

251,552

251,552

21,050

—

$

(

1,122

)

$

1,423

$

36,258,352

$

45,592

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Pharmaceuticals

ETF

36

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

.......................................................

2

12/19/25

$

283

$

5,447

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

5,447

$

—

$

—

$

—

$

5,447

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

1,808,011

)

$

—

$

—

$

—

$

(

1,808,011

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

9,729

$

—

$

—

$

—

$

9,729

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

416,080

a

iShares

®

U.S.

Pharmaceuticals

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

37

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

579,609,807

‌

$

—

‌

$

—

‌

$

579,609,807

‌

Short-Term

Securities

Money

Market

Funds

......................................

36,258,352

‌

—

‌

—

‌

36,258,352

‌

$

615,868,159

‌

$

—

‌

$

—

‌

$

615,868,159

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

5,447

‌

$

—

‌

$

—

‌

$

5,447

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Real

Estate

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Data

Center

REITs

 — 

8

.6

%

Digital

Realty

Trust,

Inc.

.....................

880,259

$

152,179,176

Equinix,

Inc.

.............................

211,760

165,858,902

318,038,078

a

Diversified

REITs

 — 

1

.1

%

WP

Carey,

Inc.

...........................

601,296

40,629,571

a

Health

Care

REITs

 — 

14

.7

%

Alexandria

Real

Estate

Equities,

Inc.

.............

427,420

35,621,183

Healthcare

Realty

Trust,

Inc.

,

Class

A

............

965,428

17,406,667

Healthpeak

Properties,

Inc.

...................

1,908,082

36,539,770

Omega

Healthcare

Investors,

Inc.

...............

809,999

34,198,158

Sabra

Health

Care

REIT,

Inc.

..................

658,556

12,275,484

Ventas,

Inc.

.............................

1,247,864

87,338,001

Welltower,

Inc.

............................

1,807,613

322,008,180

545,387,443

a

Hotel

&

Resort

REITs

 — 

0

.8

%

Host

Hotels

&

Resorts,

Inc.

...................

1,755,677

29,881,623

a

Industrial

REITs

 — 

10

.6

%

Americold

Realty

Trust,

Inc.

...................

779,909

9,546,086

EastGroup

Properties,

Inc.

...................

146,231

24,751,059

First

Industrial

Realty

Trust,

Inc.

................

363,549

18,711,867

Lineage,

Inc.

.............................

156,621

6,051,835

Prologis,

Inc.

.............................

2,508,247

287,244,447

Rexford

Industrial

Realty,

Inc.

.................

648,361

26,654,121

STAG

Industrial,

Inc.

.......................

512,621

18,090,395

391,049,810

a

Mortgage

REITs

 — 

2

.7

%

AGNC

Investment

Corp.

.....................

2,860,342

28,002,748

Annaly

Capital

Management,

Inc.

...............

1,762,970

35,629,624

Rithm

Capital

Corp.

........................

1,456,046

16,584,364

Starwood

Property

Trust,

Inc.

..................

947,596

18,354,934

98,571,670

a

Multi-Family

Residential

REITs

 — 

7

.9

%

AvalonBay

Communities,

Inc.

.................

390,461

75,425,351

Camden

Property

Trust

......................

293,379

31,327,010

Equity

Residential

.........................

954,215

61,766,337

Essex

Property

Trust,

Inc.

....................

176,833

47,331,121

Mid-America

Apartment

Communities,

Inc.

.........

321,446

44,915,649

UDR,

Inc.

...............................

827,911

30,847,964

291,613,432

a

Office

REITs

 — 

2

.0

%

BXP,

Inc.

...............................

404,429

30,065,252

Cousins

Properties,

Inc.

.....................

461,235

13,348,141

Kilroy

Realty

Corp.

.........................

298,862

12,626,919

Vornado

Realty

Trust

.......................

442,928

17,951,872

73,992,184

a

Other

Specialized

REITs

 — 

6

.9

%

Gaming

and

Leisure

Properties,

Inc.

.............

777,077

36,219,559

Iron

Mountain,

Inc.

.........................

810,951

82,668,345

Lamar

Advertising

Co.

,

Class

A

................

238,340

29,177,583

Millrose

Properties,

Inc.

,

Class

A

................

330,384

11,104,206

VICI

Properties,

Inc.

........................

2,927,984

95,481,558

254,651,251

a

Security

Shares

Value

a

Real

Estate

Services

 — 

8

.4

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

.................

804,771

$

126,799,719

CoStar

Group,

Inc.

(a)

........................

1,163,225

98,141,293

Jones

Lang

LaSalle,

Inc.

(a)

....................

130,093

38,804,140

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

.................

137,634

10,245,475

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

.............

479,969

36,981,611

310,972,238

a

Retail

REITs

 — 

13

.0

%

Agree

Realty

Corp.

........................

303,332

21,548,705

Brixmor

Property

Group,

Inc.

..................

840,480

23,264,486

Federal

Realty

Investment

Trust

................

215,550

21,837,371

Kimco

Realty

Corp.

........................

1,859,433

40,628,611

NNN

REIT,

Inc.

...........................

518,360

22,066,585

Realty

Income

Corp.

........................

2,510,469

152,611,411

Regency

Centers

Corp.

.....................

448,640

32,705,856

Simon

Property

Group,

Inc.

...................

896,451

168,236,959

482,899,984

a

Self-Storage

REITs

 — 

6

.3

%

CubeSmart

..............................

626,116

25,457,877

Extra

Space

Storage,

Inc.

....................

582,800

82,139,832

Public

Storage

............................

433,582

125,240,161

232,837,870

a

Single-Family

Residential

REITs

 — 

4

.0

%

American

Homes

4

Rent

,

Class

A

...............

894,669

29,747,744

Equity

LifeStyle

Properties,

Inc.

................

532,111

32,299,138

Invitation

Homes,

Inc.

.......................

1,548,509

45,417,769

Sun

Communities,

Inc.

......................

323,023

41,669,967

149,134,618

a

Telecom

Tower

REITs

 — 

11

.2

%

American

Tower

Corp.

......................

1,260,772

242,471,671

Crown

Castle,

Inc.

.........................

1,195,694

115,372,514

SBA

Communications

Corp.

,

Class

A

.............

294,830

57,005,380

414,849,565

a

Timber

REITs

 — 

1

.3

%

Weyerhaeuser

Co.

.........................

1,981,102

49,111,519

a

Total

Long-Term Investments

— 99.5%

(Cost:

$

4,531,405,817

)

...............................

3,683,620,856

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

............................

5,667,944

5,670,779

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

.............................

6,727,647

6,727,647

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

12,397,620

)

.................................

12,398,426

Total

Investments

—

99.8%

(Cost:

$

4,543,803,437

)

...............................

3,696,019,282

Other

Assets

Less

Liabilities

—

0

.2

%

.....................

7,135,905

Net

Assets

—

100.0%

.................................

$

3,703,155,187

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

39

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

34,928,697

$

—

$

(

29,258,375

)

(a)

$

635

$

(

178

)

$

5,670,779

5,667,944

$

10,515

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

5,236,708

1,490,939

(a)

—

—

—

6,727,647

6,727,647

127,528

—

$

635

$

(

178

)

$

12,398,426

$

138,043

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

..........................................................

523

12/19/25

$

19,377

$

58,743

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

58,743

$

—

$

—

$

—

$

58,743

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

414,075

)

$

—

$

—

$

—

$

(

414,075

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

111,524

)

$

—

$

—

$

—

$

(

111,524

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Real

Estate

ETF

40

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

20,049,370

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,683,620,856

‌

$

—

‌

$

—

‌

$

3,683,620,856

‌

Short-Term

Securities

Money

Market

Funds

......................................

12,398,426

‌

—

‌

—

‌

12,398,426

‌

$

3,696,019,282

‌

$

—

‌

$

—

‌

$

3,696,019,282

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

58,743

‌

$

—

‌

$

—

‌

$

58,743

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Regional

Banks

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

41

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Diversified

Banks

 — 

40

.4

%

Comerica,

Inc.

............................

157,808

$

10,813,004

Fifth

Third

Bancorp

........................

669,477

29,825,200

First

Citizens

BancShares,

Inc.

,

Class

A

...........

12,875

23,035,435

KeyCorp

................................

1,144,392

21,388,686

PNC

Financial

Services

Group,

Inc.

(The)

.........

473,813

95,203,246

U.S.

Bancorp

............................

1,872,346

90,490,482

270,756,053

a

Regional

Banks

 — 

59

.4

%

Bank

OZK

..............................

129,981

6,626,431

BOK

Financial

Corp.

........................

27,281

3,040,195

Citizens

Financial

Group,

Inc.

.................

529,627

28,154,971

Commerce

Bancshares,

Inc.

..................

152,373

9,105,810

Cullen/Frost

Bankers,

Inc.

....................

78,981

10,012,421

East

West

Bancorp,

Inc.

.....................

169,223

18,013,788

First

Financial

Bankshares,

Inc.

................

159,895

5,380,467

First

Horizon

Corp.

.........................

623,432

14,095,798

FNB

Corp.

..............................

440,971

7,104,043

Glacier

Bancorp,

Inc.

.......................

145,561

7,084,454

Home

BancShares,

Inc.

.....................

225,042

6,368,689

Huntington

Bancshares,

Inc.

..................

1,725,250

29,795,067

M&T

Bank

Corp.

..........................

188,017

37,155,920

Pinnacle

Financial

Partners,

Inc.

................

94,421

8,855,746

Popular,

Inc.

.............................

82,981

10,539,417

Prosperity

Bancshares,

Inc.

...................

116,645

7,739,396

Regions

Financial

Corp.

.....................

1,095,610

28,891,236

SOUTHSTATE

BANK

CORP.

(a)

.................

124,268

12,286,377

Synovus

Financial

Corp.

.....................

170,429

8,364,655

Security

Shares

Value

a

Regional

Banks

(continued)

Truist

Financial

Corp.

.......................

1,551,398

$

70,929,917

UMB

Financial

Corp.

.......................

87,634

10,371,484

United

Bankshares,

Inc.

.....................

173,508

6,456,233

Valley

National

Bancorp

.....................

591,032

6,264,939

Webster

Financial

Corp.

.....................

204,053

12,128,910

Western

Alliance

Bancorp

....................

127,106

11,022,632

Wintrust

Financial

Corp.

.....................

82,206

10,887,363

Zions

Bancorp

NA

.........................

181,258

10,255,578

396,931,937

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

705,611,329

)

................................

667,687,990

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(b)

(c)

(d)

............................

10,137

10,142

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(b)

(c)

.............................

943,474

943,474

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

953,616

)

...................................

953,616

Total

Investments

—

99.9%

(Cost:

$

706,564,945

)

................................

668,641,606

Other

Assets

Less

Liabilities

—

0

.1

%

.....................

923,778

Net

Assets

—

100.0%

.................................

$

669,565,384

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..

$

5,246,795

$

—

$

(

5,236,496

)

(a)

$

(

157

)

$

—

$

10,142

10,137

$

2,194

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,058,655

—

(

115,181

)

(a)

—

—

943,474

943,474

16,319

—

$

(

157

)

$

—

$

953,616

$

18,513

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Regional

Banks

ETF

42

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

.........................................................

11

12/19/25

$

1,841

$

1,523

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,523

$

—

$

—

$

—

$

1,523

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

196,369

$

—

$

—

$

—

$

196,369

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

93,699

)

$

—

$

—

$

—

$

(

93,699

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,816,196

a

iShares

®

U.S.

Regional

Banks

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

43

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

667,687,990

‌

$

—

‌

$

—

‌

$

667,687,990

‌

Short-Term

Securities

Money

Market

Funds

......................................

953,616

‌

—

‌

—

‌

953,616

‌

$

668,641,606

‌

$

—

‌

$

—

‌

$

668,641,606

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

1,523

‌

$

—

‌

$

—

‌

$

1,523

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

U.S.

Telecommunications

ETF

(Percentages

shown

are

based

on

Net

Assets)

44

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Alternative

Carriers

 — 

10

.2

%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

..............

572,881

$

28,117,000

Iridium

Communications,

Inc.

..................

1,180,178

20,605,908

Liberty

Global

Ltd.

,

Class

A

(a)

..................

1,002,977

11,494,116

Liberty

Global

Ltd.

,

Class

C

,

NVS

(a)

..............

831,293

9,767,693

69,984,717

a

Cable

&

Satellite

 — 

10

.6

%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

.........

85,480

23,515,975

Comcast

Corp.

,

Class

A

.....................

849,566

26,693,364

Liberty

Broadband

Corp.

,

Series

A

(a)

.............

45,983

2,912,103

Liberty

Broadband

Corp.

,

Series

C

,

NVS

(a)

.........

311,244

19,776,444

72,897,886

a

Communications

Equipment

 — 

36

.1

%

Arista

Networks,

Inc.

(a)

(b)

.....................

201,798

29,403,986

Ciena

Corp.

(a)

(b)

...........................

170,892

24,893,838

Cisco

Systems,

Inc.

........................

1,812,565

124,015,697

Lumentum

Holdings,

Inc.

(a)

(b)

..................

132,073

21,489,598

Motorola

Solutions,

Inc.

.....................

53,807

24,605,403

Ubiquiti,

Inc.

.............................

35,114

23,195,606

247,604,128

a

Integrated

Telecommunication

Services

 — 

32

.4

%

AT&T,

Inc.

...............................

3,249,258

91,759,046

Frontier

Communications

Parent,

Inc.

(a)

...........

579,409

21,640,926

GCI

Liberty,

Inc.

,

Series

A

(a)

(b)

..................

75,629

2,840,247

GCI

Liberty,

Inc.

,

Series

C

,

NVS

(a)

...............

511,698

19,070,985

Verizon

Communications,

Inc.

.................

1,971,891

86,664,609

221,975,813

a

Security

Shares

Value

a

Movies

&

Entertainment

 — 

3

.3

%

Roku,

Inc.

,

Class

A

(a)

.......................

229,928

$

23,022,691

a

Wireless

Telecommunication

Services

 — 

7

.2

%

Millicom

International

Cellular

SA

...............

445,909

21,644,423

T-Mobile

U.S.,

Inc.

.........................

114,992

27,526,785

49,171,208

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

674,992,854

)

................................

684,656,443

a

Short-Term

Securities

Money

Market

Funds

 — 

8

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

............................

53,966,146

53,993,129

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

.............................

1,125,052

1,125,052

a

Total

Short-Term

Securities — 8.1%

(Cost:

$

55,113,122

)

.................................

55,118,181

Total

Investments

—

107.9%

(Cost:

$

730,105,976

)

................................

739,774,624

Liabilities

in

Excess

of

Other

Assets

—

(

7

.9

)

%

...............

(

53,974,728

)

Net

Assets

—

100.0%

.................................

$

685,799,896

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

2,512,950

$

51,480,096

(a)

$

—

$

(

2,715

)

$

2,798

$

53,993,129

53,966,146

$

39,409

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

635,018

490,034

(a)

—

—

—

1,125,052

1,125,052

19,628

—

$

(

2,715

)

$

2,798

$

55,118,181

$

59,037

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Telecommunications

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

45

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

1000

Value

Index

...........................................................

3

12/19/25

$

303

$

1,761

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,761

$

—

$

—

$

—

$

1,761

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

31,098

$

—

$

—

$

—

$

31,098

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

7,330

)

$

—

$

—

$

—

$

(

7,330

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

295,658

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

U.S.

Telecommunications

ETF

46

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

684,656,443

‌

$

—

‌

$

—

‌

$

684,656,443

‌

Short-Term

Securities

Money

Market

Funds

......................................

55,118,181

‌

—

‌

—

‌

55,118,181

‌

$

739,774,624

‌

$

—

‌

$

—

‌

$

739,774,624

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

1,761

‌

$

—

‌

$

—

‌

$

1,761

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

47

Statements

of

Assets

and

Liabilities

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2025

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

11,826,418,964

‌

$

1,571,154,188

‌

$

799,265,059

‌

$

3,270,988,936

‌

Investments,

at

value

—

affiliated

(c)

........................................

402,194,949

‌

81,954,886

‌

51,141,474

‌

99,255,356

‌

Cash

............................................................

—

‌

—

‌

3,890

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................

428,000

‌

107,000

‌

18,000

‌

312,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

67,959

‌

2,002

‌

6,683

‌

13,629

‌

Capital

shares

sold

.................................................

16,159

‌

—

‌

—

‌

9,845

‌

Dividends

—

unaffiliated

.............................................

3,248,313

‌

—

‌

129,177

‌

820,637

‌

Dividends

—

affiliated

...............................................

38,754

‌

10,300

‌

2,219

‌

15,627

‌

Variation

margin

on

futures

contracts

.....................................

68,320

‌

—

‌

6,820

‌

4,810

‌

Total

assets

.......................................................

12,232,481,418

‌

1,653,228,376

‌

850,573,322

‌

3,371,420,840

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

393,322,143

‌

79,645,370

‌

50,655,078

‌

94,448,443

‌

Payables:

Capital

shares

redeemed

.............................................

—

‌

—

‌

3,286

‌

—

‌

Investment

advisory

fees

.............................................

3,073,462

‌

466,324

‌

242,844

‌

1,007,012

‌

Variation

margin

on

futures

contracts

.....................................

—

‌

5,340

‌

—

‌

—

‌

Total

liabilities

......................................................

396,395,605

‌

80,117,034

‌

50,901,208

‌

95,455,455

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

11,836,085,813

‌

$

1,573,111,342

‌

$

799,672,114

‌

$

3,275,965,385

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

8,964,099,987

‌

$

1,370,241,139

‌

$

1,138,826,862

‌

$

3,934,260,336

‌

Accumulated

earnings

(loss)

............................................

2,871,985,826

‌

202,870,203

‌

(

339,154,748

)

(

658,294,951

)

NET

ASSETS

......................................................

$

11,836,085,813

‌

$

1,573,111,342

‌

$

799,672,114

‌

$

3,275,965,385

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

56,550,000

‌

8,900,000

‌

16,200,000

‌

30,550,000

‌

Net

asset

value

.....................................................

$

209.30

‌

$

176.75

‌

$

49.36

‌

$

107.23

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

392,839,589

‌

$

78,823,039

‌

$

48,868,275

‌

$

92,554,586

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

8,320,217,564

‌

$

1,328,088,333

‌

$

854,431,084

‌

$

3,634,940,733

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

402,124,794

‌

$

81,954,886

‌

$

51,135,834

‌

$

99,242,819

‌

48

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2025

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Manufacturing

ETF

iShares

U.S.

Medical

Devices

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

......................................

$

3,042,316,670

‌

$

707,754,318

‌

$

24,556,104

‌

$

4,167,655,728

‌

Investments,

at

value

—

affiliated

(c)

.........................................

96,162,991

‌

7,083,711

‌

992,341

‌

96,055,107

‌

Cash

.............................................................

200

‌

3,795

‌

1,355

‌

—

‌

Cash

pledged:

Futures

contracts

...................................................

289,000

‌

130,000

‌

—

‌

288,000

‌

Receivables:

Securities

lending

income

—

affiliated

.....................................

96,177

‌

1,398

‌

953

‌

14,205

‌

Capital

shares

sold

..................................................

—

‌

154,867

‌

—

‌

—

‌

Dividends

—

unaffiliated

..............................................

2,700,033

‌

742,210

‌

8,524

‌

2,587,062

‌

Dividends

—

affiliated

................................................

176,767

‌

4,616

‌

92

‌

12,931

‌

Variation

margin

on

futures

contracts

......................................

3,216

‌

—

‌

—

‌

111,170

‌

Total

assets

........................................................

3,141,745,054

‌

715,874,915

‌

25,559,369

‌

4,266,724,203

‌

LIABILITIES

Collateral

on

securities

loaned

............................................

46,448,016

‌

5,192,873

‌

968,510

‌

91,425,932

‌

Payables:

Investments

purchased

...............................................

1,984,992

‌

—

‌

—

‌

—

‌

Capital

shares

redeemed

..............................................

—

‌

—

‌

—

‌

7,530

‌

Investment

advisory

fees

..............................................

740,727

‌

213,469

‌

7,984

‌

1,292,232

‌

Variation

margin

on

futures

contracts

......................................

—

‌

9,050

‌

—

‌

—

‌

Unrealized

depreciation

on:

OTC

swaps

.......................................................

2,449

‌

—

‌

—

‌

—

‌

Total

liabilities

.......................................................

49,176,184

‌

5,415,392

‌

976,494

‌

92,725,694

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

$

3,092,568,870

‌

$

710,459,523

‌

$

24,582,875

‌

$

4,173,998,509

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

$

2,785,042,238

‌

$

608,560,693

‌

$

20,799,640

‌

$

4,772,880,172

‌

Accumulated

earnings

(loss)

.............................................

307,526,632

‌

101,898,830

‌

3,783,235

‌

(

598,881,663

)

NET

ASSETS

.......................................................

$

3,092,568,870

‌

$

710,459,523

‌

$

24,582,875

‌

$

4,173,998,509

‌

NET

ASSET

VALUE

Shares

outstanding

...................................................

58,600,000

‌

5,300,000

‌

840,000

‌

69,450,000

‌

Net

asset

value

......................................................

$

52.77

‌

$

134.05

‌

$

29.27

‌

$

60.10

‌

Shares

authorized

....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

..........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

............................................

$

45,627,957

‌

$

5,044,367

‌

$

948,460

‌

$

89,523,312

‌

(b)

Investments,

at

cost

—

unaffiliated

.......................................

$

2,694,886,656

‌

$

647,980,923

‌

$

20,965,925

‌

$

4,438,487,306

‌

(c)

Investments,

at

cost

—

affiliated

.........................................

$

106,144,208

‌

$

7,083,085

‌

$

992,390

‌

$

96,034,049

‌

49

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2025

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

467,455,630

‌

$

113,442,994

‌

$

579,609,807

‌

$

3,683,620,856

‌

Investments,

at

value

—

affiliated

(c)

.......................................

7,542,736

‌

3,667,582

‌

36,258,352

‌

12,398,426

‌

Cash

...........................................................

—

‌

—

‌

687

‌

5,856

‌

Cash

pledged:

Futures

contracts

.................................................

18,000

‌

26,000

‌

18,000

‌

643,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

2,309

‌

615

‌

5,563

‌

1,329

‌

Capital

shares

sold

................................................

—

‌

—

‌

—

‌

150,319

‌

Dividends

—

unaffiliated

............................................

50,486

‌

219,667

‌

248,886

‌

13,281,471

‌

Dividends

—

affiliated

..............................................

2,993

‌

592

‌

2,207

‌

26,211

‌

Variation

margin

on

futures

contracts

....................................

—

‌

—

‌

6,820

‌

85,644

‌

Other

assets

......................................................

—

‌

—

‌

787,867

‌

—

‌

Total

assets

......................................................

475,072,154

‌

117,357,450

‌

616,938,189

‌

3,710,213,112

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................

7,163,977

‌

3,560,178

‌

36,004,190

‌

5,659,275

‌

Payables:

Capital

shares

redeemed

............................................

—

‌

—

‌

—

‌

275,584

‌

Investment

advisory

fees

............................................

142,740

‌

34,451

‌

174,626

‌

1,123,066

‌

Variation

margin

on

futures

contracts

....................................

2,013

‌

3,000

‌

—

‌

—

‌

Total

liabilities

.....................................................

7,308,730

‌

3,597,629

‌

36,178,816

‌

7,057,925

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................

$

467,763,424

‌

$

113,759,821

‌

$

580,759,373

‌

$

3,703,155,187

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

787,995,442

‌

$

476,369,830

‌

$

739,839,770

‌

$

5,156,532,091

‌

Accumulated

loss

..................................................

(

320,232,018

)

(

362,610,009

)

(

159,080,397

)

(

1,453,376,904

)

NET

ASSETS

.....................................................

$

467,763,424

‌

$

113,759,821

‌

$

580,759,373

‌

$

3,703,155,187

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

5,050,000

‌

5,900,000

‌

8,000,000

‌

38,150,000

‌

Net

asset

value

....................................................

$

92.63

‌

$

19.28

‌

$

72.59

‌

$

97.07

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

7,002,367

‌

$

3,436,129

‌

$

35,095,532

‌

$

5,397,385

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

534,518,423

‌

$

146,005,186

‌

$

538,585,469

‌

$

4,531,405,817

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

7,542,343

‌

$

3,666,378

‌

$

36,251,048

‌

$

12,397,620

‌

50

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2025

See

notes

to

financial

statements.

iShares

U.S.

Regional

Banks

ETF

iShares

U.S.

Telecommunications

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

667,687,990

‌

$

684,656,443

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

953,616

‌

55,118,181

‌

Cash

...........................................................................................

9,000

‌

—

‌

Cash

pledged:

Futures

contracts

.................................................................................

103,000

‌

22,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

84

‌

10,457

‌

Capital

shares

sold

................................................................................

—

‌

113,117

‌

Dividends

—

unaffiliated

............................................................................

2,371,314

‌

59,504

‌

Dividends

—

affiliated

..............................................................................

3,508

‌

5,329

‌

Variation

margin

on

futures

contracts

....................................................................

—

‌

660

‌

Total

assets

......................................................................................

671,128,512

‌

739,985,691

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

19,878

‌

53,999,628

‌

Payables:

Investments

purchased

.............................................................................

1,328,569

‌

—

‌

Investment

advisory

fees

............................................................................

206,046

‌

186,167

‌

Variation

margin

on

futures

contracts

....................................................................

8,635

‌

—

‌

Total

liabilities

.....................................................................................

1,563,128

‌

54,185,795

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

669,565,384

‌

$

685,799,896

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

913,119,404

‌

$

1,023,737,069

‌

Accumulated

loss

..................................................................................

(

243,554,020

)

(

337,937,173

)

NET

ASSETS

.....................................................................................

$

669,565,384

‌

$

685,799,896

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

12,750,000

‌

21,250,000

‌

Net

asset

value

....................................................................................

$

52.51

‌

$

32.27

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

9,887

‌

$

53,020,012

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

705,611,329

‌

$

674,992,854

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

953,616

‌

$

55,113,122

‌

51

Statements

of

Operations

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2025

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

59,500,970

(a)

$

9,167,966

‌

$

5,103,063

‌

$

12,688,299

‌

Dividends

—

affiliated

..............................................

148,258

‌

42,537

‌

13,883

‌

80,765

‌

Interest

—

unaffiliated

..............................................

12,542

‌

2,970

‌

1,418

‌

22,523

‌

Securities

lending

income

—

affiliated

—

net

...............................

307,559

‌

8,249

‌

24,538

‌

71,553

‌

Total

investment

income

..............................................

59,969,329

‌

9,221,722

‌

5,142,902

‌

12,863,140

‌

EXPENSES

Investment

advisory

...............................................

15,312,264

‌

2,560,494

‌

1,275,350

‌

4,942,816

‌

Interest

expense

.................................................

19

‌

1

‌

2

‌

6,856

‌

Total

expenses

....................................................

15,312,283

‌

2,560,495

‌

1,275,352

‌

4,949,672

‌

Net

investment

income

...............................................

44,657,046

‌

6,661,227

‌

3,867,550

‌

7,913,468

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

13,414,291

‌

17,697,088

‌

(

52,536,270

)

(

27,786,655

)

Investments

—

affiliated

...........................................

5,685

‌

(

1,383

)

(

947

)

(

3,474

)

Futures

contracts

...............................................

1,331,047

‌

304,114

‌

(

65,046

)

701,347

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................

254,060,669

‌

95,514,107

‌

26,205,127

‌

14,518,125

‌

268,811,692

‌

113,513,926

‌

(

26,397,136

)

(

12,570,657

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

2,234,403,145

‌

175,248,291

‌

4,241,455

‌

283,805,318

‌

Investments

—

affiliated

...........................................

21,762

‌

(

69

)

80

‌

5,250

‌

Futures

contracts

...............................................

169,232

‌

(

9,488

)

(

299

)

(

70,557

)

2,234,594,139

‌

175,238,734

‌

4,241,236

‌

283,740,011

‌

Net

realized

and

unrealized

gain

(loss)

....................................

2,503,405,831

‌

288,752,660

‌

(

22,155,900

)

271,169,354

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

2,548,062,877

‌

$

295,413,887

‌

$

(

18,288,350

)

$

279,082,822

‌

(a)

Includes

$23,722,920

related

to

a

special

distribution

from

TransDigm

Group,

Inc.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

52

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2025

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Manufacturing

ETF

iShares

U.S.

Medical

Devices

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

27,859,629

‌

$

6,247,191

‌

$

153,670

‌

$

16,867,790

‌

Dividends

—

affiliated

..............................................

589,296

‌

26,979

‌

639

‌

108,421

‌

Interest

—

unaffiliated

..............................................

18,431

‌

2,216

‌

11

‌

9,125

‌

Securities

lending

income

—

affiliated

—

net

...............................

265,215

‌

10,284

‌

2,165

‌

115,123

‌

Foreign

taxes

withheld

.............................................

(

248,142

)

—

‌

—

‌

—

‌

Total

investment

income

..............................................

28,484,429

‌

6,286,670

‌

156,485

‌

17,100,459

‌

EXPENSES

Investment

advisory

...............................................

3,944,145

‌

1,434,115

‌

40,516

‌

8,348,593

‌

Interest

expense

.................................................

9,436

‌

—

‌

—

‌

23

‌

Total

expenses

....................................................

3,953,581

‌

1,434,115

‌

40,516

‌

8,348,616

‌

Net

investment

income

...............................................

24,530,848

‌

4,852,555

‌

115,969

‌

8,751,843

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

3,534,034

‌

(

528,421

)

(

226,446

)

(

22,937,067

)

Investments

—

affiliated

...........................................

(

57,571

)

(

457

)

(

1

)

(

11,359

)

Futures

contracts

...............................................

297,370

‌

158,771

‌

5,093

‌

92,719

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

98,926,347

‌

53,075,839

‌

549,912

‌

190,265,823

‌

In-kind

redemptions

—

affiliated

(a)

....................................

5,807

‌

—

‌

—

‌

—

‌

Swaps  

......................................................

(

6,919

)

—

‌

—

‌

—

‌

102,699,068

‌

52,705,732

‌

328,558

‌

167,410,116

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

301,671,397

‌

(

80,164,735

)

4,510,750

‌

(

171,933,501

)

Investments

—

affiliated

...........................................

(

2,437,672

)

513

‌

(

49

)

5,543

‌

Futures

contracts

...............................................

9,032

‌

(

33,665

)

339

‌

78,944

‌

Swaps  

......................................................

(

751

)

—

‌

—

‌

—

‌

299,242,006

‌

(

80,197,887

)

4,511,040

‌

(

171,849,014

)

Net

realized

and

unrealized

gain

(loss)

....................................

401,941,074

‌

(

27,492,155

)

4,839,598

‌

(

4,438,898

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

426,471,922

‌

$

(

22,639,600

)

$

4,955,567

‌

$

4,312,945

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

53

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2025

Statements

of

Operations

See

notes

to

financial

statements.

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

7,086,003

‌

$

1,538,268

‌

$

6,070,937

‌

$

64,638,939

‌

Dividends

—

affiliated

..............................................

16,517

‌

3,129

‌

21,050

‌

127,528

‌

Interest

—

unaffiliated

..............................................

2,713

‌

615

‌

4,483

‌

15,818

‌

Securities

lending

income

—

affiliated

—

net

...............................

13,779

‌

3,814

‌

24,542

‌

10,515

‌

Total

investment

income

..............................................

7,119,012

‌

1,545,826

‌

6,121,012

‌

64,792,800

‌

EXPENSES

Investment

advisory

...............................................

905,065

‌

218,127

‌

1,062,791

‌

6,738,893

‌

Interest

expense

.................................................

—

‌

—

‌

—

‌

17

‌

Total

expenses

....................................................

905,065

‌

218,127

‌

1,062,791

‌

6,738,910

‌

Net

investment

income

...............................................

6,213,947

‌

1,327,699

‌

5,058,221

‌

58,053,890

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

3,539,097

)

(

4,348,545

)

3,885,585

‌

(

35,122,462

)

Investments

—

affiliated

...........................................

(

622

)

1,198

‌

(

1,122

)

635

‌

Futures

contracts

...............................................

67,020

‌

76,661

‌

(

1,808,011

)

(

414,075

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

(

1,301,053

)

(

1,100,308

)

21,772,906

‌

10,934,284

‌

(

4,773,752

)

(

5,370,994

)

23,849,358

‌

(

24,601,618

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

13,256,935

)

(

720,900

)

(

13,682,447

)

34,800,743

‌

Investments

—

affiliated

...........................................

732

‌

(

496

)

1,423

‌

(

178

)

Futures

contracts

...............................................

(

46,639

)

(

22,039

)

9,729

‌

(

111,524

)

(

13,302,842

)

(

743,435

)

(

13,671,295

)

34,689,041

‌

Net

realized

and

unrealized

gain

(loss)

....................................

(

18,076,594

)

(

6,114,429

)

10,178,063

‌

10,087,423

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

(

11,862,647

)

$

(

4,786,730

)

$

15,236,284

‌

$

68,141,313

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

54

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2025

See

notes

to

financial

statements.

iShares

U.S.

Regional

Banks

ETF

iShares

U.S.

Telecommunications

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

11,066,309

‌

$

5,393,190

‌

Dividends

—

affiliated

..............................................................................

16,319

‌

19,628

‌

Interest

—

unaffiliated

..............................................................................

1,983

‌

9,434

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

2,194

‌

39,409

‌

Foreign

taxes

withheld

.............................................................................

(

18,517

)

(

50,259

)

Total

investment

income

..............................................................................

11,068,288

‌

5,411,402

‌

EXPENSES

Investment

advisory

...............................................................................

1,188,267

‌

901,799

‌

Total

expenses

....................................................................................

1,188,267

‌

901,799

‌

Net

investment

income

...............................................................................

9,880,021

‌

4,509,603

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

1,910,688

)

9,651,692

‌

Investments

—

affiliated

...........................................................................

(

157

)

(

2,715

)

Futures

contracts

...............................................................................

196,369

‌

31,098

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

(

1,011,030

)

23,111,171

‌

(

2,725,506

)

32,791,246

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

70,388,631

‌

49,950,322

‌

Investments

—

affiliated

...........................................................................

—

‌

2,798

‌

Futures

contracts

...............................................................................

(

93,699

)

(

7,330

)

70,294,932

‌

49,945,790

‌

Net

realized

and

unrealized

gain

........................................................................

67,569,426

‌

82,737,036

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

77,449,447

‌

$

87,246,639

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

55

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

44,657,046

‌

$

51,922,986

‌

$

6,661,227

‌

$

17,749,959

‌

Net

realized

gain

...........................................

268,811,692

‌

492,217,793

‌

113,513,926

‌

274,540,029

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

2,234,594,139

‌

441,449,034

‌

175,238,734

‌

10,995,295

‌

Net

increase

in

net

assets

resulting

from

operations

......................

2,548,062,877

‌

985,589,813

‌

295,413,887

‌

303,285,283

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

42,010,817

)

(b)

(

52,542,752

)

(

6,759,216

)

(b)

(

17,521,317

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

3,028,912,437

‌

(

719,913,404

)

(

33,623,552

)

551,151,040

‌

NET

ASSETS

Total

increase

in

net

assets

......................................

5,534,964,497

‌

213,133,657

‌

255,031,119

‌

836,915,006

‌

Beginning

of

period

...........................................

6,301,121,316

‌

6,087,987,659

‌

1,318,080,223

‌

481,165,217

‌

End

of

period

...............................................

$

11,836,085,813

‌

$

6,301,121,316

‌

$

1,573,111,342

‌

$

1,318,080,223

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

56

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

3,867,550

‌

$

5,721,738

‌

$

7,913,468

‌

$

13,825,013

‌

Net

realized

gain

(loss)

.......................................

(

26,397,136

)

(

4,530,506

)

(

12,570,657

)

434,216,312

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

4,241,236

‌

(

21,552,669

)

283,740,011

‌

(

1,054,238,830

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

(

18,288,350

)

(

20,361,437

)

279,082,822

‌

(

606,197,505

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

2,617,520

)

(b)

(

5,672,511

)

(

19,350,233

)

(b)

(

25,754,654

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

146,920,246

‌

(

157,601,371

)

594,032,149

‌

(

282,628,987

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

126,014,376

‌

(

183,635,319

)

853,764,738

‌

(

914,581,146

)

Beginning

of

period

...........................................

673,657,738

‌

857,293,057

‌

2,422,200,647

‌

3,336,781,793

‌

End

of

period

...............................................

$

799,672,114

‌

$

673,657,738

‌

$

3,275,965,385

‌

$

2,422,200,647

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

57

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

24,530,848

‌

$

49,869,295

‌

$

4,852,555

‌

$

13,418,898

‌

Net

realized

gain

...........................................

102,699,068

‌

338,428,007

‌

52,705,732

‌

73,813,134

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

299,242,006

‌

(

240,357,799

)

(

80,197,887

)

30,451,905

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

426,471,922

‌

147,939,503

‌

(

22,639,600

)

117,683,937

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

21,964,743

)

(b)

(

52,406,072

)

(

4,863,142

)

(b)

(

13,003,873

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

419,202,944

‌

(

184,630,112

)

(

54,812,782

)

37,051,143

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

823,710,123

‌

(

89,096,681

)

(

82,315,524

)

141,731,207

‌

Beginning

of

period

...........................................

2,268,858,747

‌

2,357,955,428

‌

792,775,047

‌

651,043,840

‌

End

of

period

...............................................

$

3,092,568,870

‌

$

2,268,858,747

‌

$

710,459,523

‌

$

792,775,047

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

58

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Manufacturing

ETF

iShares

U.S.

Medical

Devices

ETF

Six

Months

Ended

09/30/25

(unaudited)

Period

From

07/17/24

(a)

to

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

115,969

‌

$

85,429

‌

$

8,751,843

‌

$

19,554,297

‌

Net

realized

gain

(loss)

.......................................

328,558

‌

(

144,078

)

167,410,116

‌

401,930,559

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

4,511,040

‌

(

920,910

)

(

171,849,014

)

(

288,429,446

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

4,955,567

‌

(

979,559

)

4,312,945

‌

133,055,410

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

111,337

)

(c)

(

81,436

)

(

8,407,650

)

(c)

(

22,387,105

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

7,212,955

‌

13,586,685

‌

(

459,413,102

)

(

1,233,401,149

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

12,057,185

‌

12,525,690

‌

(

463,507,807

)

(

1,122,732,844

)

Beginning

of

period

...........................................

12,525,690

‌

—

‌

4,637,506,316

‌

5,760,239,160

‌

End

of

period

...............................................

$

24,582,875

‌

$

12,525,690

‌

$

4,173,998,509

‌

$

4,637,506,316

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

59

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

iShares

U.S.

Oil

Equipment

&

Services

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

6,213,947

‌

$

15,470,533

‌

$

1,327,699

‌

$

2,688,848

‌

Net

realized

gain

(loss)

.......................................

(

4,773,752

)

20,438,546

‌

(

5,370,994

)

(

6,269,777

)

Net

change

in

unrealized

appreciation

(depreciation)

...................

(

13,302,842

)

(

121,921,950

)

(

743,435

)

(

36,756,441

)

Net

decrease

in

net

assets

resulting

from

operations

.....................

(

11,862,647

)

(

86,012,871

)

(

4,786,730

)

(

40,337,370

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

6,090,064

)

(b)

(

15,314,113

)

(

1,337,374

)

(b)

(

2,710,527

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

............

(

76,609,897

)

(

117,091,225

)

(

32,204,371

)

(

94,591,320

)

NET

ASSETS

Total

decrease

in

net

assets

.....................................

(

94,562,608

)

(

218,418,209

)

(

38,328,475

)

(

137,639,217

)

Beginning

of

period

...........................................

562,326,032

‌

780,744,241

‌

152,088,296

‌

289,727,513

‌

End

of

period

...............................................

$

467,763,424

‌

$

562,326,032

‌

$

113,759,821

‌

$

152,088,296

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

60

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

5,058,221

‌

$

11,186,679

‌

$

58,053,890

‌

$

103,308,407

‌

Net

realized

gain

(loss)

.......................................

23,849,358

‌

34,654,932

‌

(

24,601,618

)

(

3,842,311

)

Net

change

in

unrealized

appreciation

(depreciation)

...................

(

13,671,295

)

(

9,845,643

)

34,689,041

‌

80,269,127

‌

Net

increase

in

net

assets

resulting

from

operations

......................

15,236,284

‌

35,995,968

‌

68,141,313

‌

179,735,223

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

5,151,592

)

(b)

(

10,873,203

)

(

43,305,910

)

(b)

(

103,765,002

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

(

43,146,090

)

(

70,032,786

)

121,778,086

‌

(

749,367,666

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

(

33,061,398

)

(

44,910,021

)

146,613,489

‌

(

673,397,445

)

Beginning

of

period

...........................................

613,820,771

‌

658,730,792

‌

3,556,541,698

‌

4,229,939,143

‌

End

of

period

...............................................

$

580,759,373

‌

$

613,820,771

‌

$

3,703,155,187

‌

$

3,556,541,698

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

61

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Regional

Banks

ETF

iShares

U.S.

Telecommunications

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

9,880,021

‌

$

21,478,780

‌

$

4,509,603

‌

$

7,420,779

‌

Net

realized

gain

(loss)

.......................................

(

2,725,506

)

10,013,978

‌

32,791,246

‌

63,771,635

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

70,294,932

‌

2,463,218

‌

49,945,790

‌

4,820,195

‌

Net

increase

in

net

assets

resulting

from

operations

......................

77,449,447

‌

33,955,976

‌

87,246,639

‌

76,012,609

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

10,157,849

)

(b)

(

20,846,820

)

(

5,722,076

)

(b)

(

7,393,564

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

(

113,380,279

)

51,973,693

‌

231,699,031

‌

73,156,780

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

(

46,088,681

)

65,082,849

‌

313,223,594

‌

141,775,825

‌

Beginning

of

period

...........................................

715,654,065

‌

650,571,216

‌

372,576,302

‌

230,800,477

‌

End

of

period

...............................................

$

669,565,384

‌

$

715,654,065

‌

$

685,799,896

‌

$

372,576,302

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

62

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Net

asset

value,

beginning

of

period

.......

$

153.13

‌

$

131.92

‌

$

115.09

‌

$

110.71

‌

$

104.13

‌

$

71.94

‌

Net

investment

income

(b)

...............

1

.00

(c)

1

.18

‌

1

.14

‌

1

.20

‌

0

.72

‌

0

.89

‌

Net

realized

and

unrealized

gain

(d)

.........

56.09

‌

21.25

‌

16.85

‌

4

.36

‌

6

.55

‌

32.23

‌

Net

increase

from

investment

operations

......

57.09

‌

22.43

‌

17.99

‌

5

.56

‌

7

.27

‌

33.12

‌

Distributions

from

net

investment

income

(e)

.....

(

0

.92

)

(f)

(

1

.22

)

(

1

.16

)

(

1

.18

)

(

0

.69

)

(

0

.93

)

Net

asset

value,

end

of

period

............

$

209.30

‌

$

153.13

‌

$

131.92

‌

$

115.09

‌

$

110.71

‌

$

104.13

‌

Total

Return

(g)

–

–

–

–

–

–

Based

on

net

asset

value

................

37.33

%

(h)

17.05

%

15.74

%

5

.16

%

7

.00

%

46.23

%

Ratios

to

Average

Net

Assets

(i)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(j)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.42

%

Net

investment

income

..................

1

.10

%

(c)

(j)

0

.82

%

0

.97

%

1

.13

%

0

.68

%

1

.04

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

11,836,086

‌

$

6,301,121

‌

$

6,087,988

‌

$

5,829,505

‌

$

3,670,015

‌

$

2,962,613

‌

Portfolio

turnover

rate

(k)

..................

11

%

42

%

17

%

20

%

27

%

49

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

Includes

a

one-time

special

distribution

from

TransDigm

Group,

Inc.

Excluding

such

special

distribution,

the

net

investment

income

would

have

been

$0.47

per

share

and

0.51%

of

average

net

assets.

(d)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(g)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(h)

Not

annualized.

(i)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(j)

Annualized.

(k)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

63

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

140.22

‌

$

115.94

‌

$

91.60

‌

$

99.82

‌

$

92.12

‌

$

51.30

‌

Net

investment

income

(a)

...............

0

.79

‌

1

.65

‌

1

.75

‌

1

.89

‌

1

.80

‌

1

.07

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

36.53

‌

24.25

‌

24.47

‌

(

8

.35

)

7

.84

‌

40.82

‌

Net

increase

(decrease)

from

investment

operations

.........................

37.32

‌

25.90

‌

26.22

‌

(

6

.46

)

9

.64

‌

41.89

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.79

)

(d)

(

1

.62

)

(

1

.88

)

(

1

.76

)

(

1

.94

)

(

1

.07

)

Net

asset

value,

end

of

period

............

$

176.75

‌

$

140.22

‌

$

115.94

‌

$

91.60

‌

$

99.82

‌

$

92.12

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

26.65

%

(f)

22.43

%

29.02

%

(

6

.43

)

%

10.38

%

82.40

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(h)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.41

%

Net

investment

income

..................

0

.98

%

(h)

1

.23

%

1

.82

%

1

.99

%

1

.70

%

1

.48

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,573,111

‌

$

1,318,080

‌

$

481,165

‌

$

760,307

‌

$

573,974

‌

$

409,948

‌

Portfolio

turnover

rate

(i)

..................

8

%

16

%

38

%

56

%

24

%

37

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

64

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

(a)

Year

Ended

03/31/23

(a)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Net

asset

value,

beginning

of

period

......

$

52.84

‌

$

54.60

‌

$

49.47

‌

$

56.54

‌

$

50.27

‌

$

33.37

‌

Net

investment

income

(b)

..............

0

.27

‌

0

.41

‌

0

.39

‌

0

.41

‌

0

.33

‌

0

.26

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

3

.58

)

(

1

.76

)

5

.16

‌

(

7

.07

)

6

.27

‌

16.91

‌

Net

increase

(decrease)

from

investment

operations

........................

(

3

.31

)

(

1

.35

)

5

.55

‌

(

6

.66

)

6

.60

‌

17.17

‌

Distributions

from

net

investment

income

(d)

....

(

0

.17

)

(e)

(

0

.41

)

(

0

.42

)

(

0

.41

)

(

0

.33

)

(

0

.27

)

Net

asset

value,

end

of

period

...........

$

49.36

‌

$

52.84

‌

$

54.60

‌

$

49.47

‌

$

56.54

‌

$

50.27

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

6

.24

)

%

(g)

(

2

.48

)

%

11.30

%

(

11.81

)

%

13.15

%

51.63

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

......................

0

.38

%

(i)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.42

%

Net

investment

income

.................

1

.14

%

(i)

0

.77

%

0

.76

%

0

.77

%

0

.61

%

0

.61

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

799,672

‌

$

673,658

‌

$

857,293

‌

$

1,162,539

‌

$

1,328,742

‌

$

1,143,723

‌

Portfolio

turnover

rate

(j)

.................

23

%

15

%

24

%

20

%

24

%

27

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

65

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Home

Construction

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

......

$

95.17

‌

$

115.86

‌

$

70.28

‌

$

59.23

‌

$

67.84

‌

$

28.94

‌

Net

investment

income

(a)

..............

0

.30

‌

0

.51

‌

0

.52

‌

0

.50

‌

0

.36

‌

0

.27

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

12.55

‌

(

20.21

)

45.55

‌

11.06

‌

(

8

.59

)

38.89

‌

Net

increase

(decrease)

from

investment

operations

........................

12.85

‌

(

19.70

)

46.07

‌

11.56

‌

(

8

.23

)

39.16

‌

Distributions

from

net

investment

income

(c)

....

(

0

.79

)

(d)

(

0

.99

)

(

0

.49

)

(

0

.51

)

(

0

.38

)

(

0

.26

)

Net

asset

value,

end

of

period

...........

$

107.23

‌

$

95.17

‌

$

115.86

‌

$

70.28

‌

$

59.23

‌

$

67.84

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

13.62

%

(f)

(

17.04

)

%

65.77

%

19.69

%

(

12.21

)

%

135.53

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.38

%

(h)

0

.38

%

0

.39

%

0

.40

%

0

.39

%

0

.41

%

Net

investment

income

.................

0

.60

%

(h)

0

.46

%

0

.59

%

0

.84

%

0

.50

%

0

.50

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

3,275,965

‌

$

2,422,201

‌

$

3,336,782

‌

$

1,637,471

‌

$

1,764,976

‌

$

2,645,573

‌

Portfolio

turnover

rate

(i)

.................

9

%

13

%

8

%

9

%

5

%

14

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

66

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

45.11

‌

$

43.34

‌

$

37.34

‌

$

38.92

‌

$

34.56

‌

$

20.27

‌

Net

investment

income

(a)

...............

0

.46

‌

0

.83

‌

0

.79

‌

0

.72

‌

0

.67

‌

0

.77

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

7

.60

‌

1

.86

‌

5

.99

‌

(

1

.57

)

4

.38

‌

14.10

‌

Net

increase

(decrease)

from

investment

operations

.........................

8

.06

‌

2

.69

‌

6

.78

‌

(

0

.85

)

5

.05

‌

14.87

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.40

)

(d)

(

0

.92

)

(

0

.78

)

(

0

.73

)

(

0

.69

)

(

0

.58

)

Net

asset

value,

end

of

period

............

$

52.77

‌

$

45.11

‌

$

43.34

‌

$

37.34

‌

$

38.92

‌

$

34.56

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

17.94

%

(f)

6

.16

%

18.41

%

(

2

.08

)

%

14.78

%

74.11

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.30

%

(h)

0

.30

%

0

.30

%

0

.30

%

0

.35

%

0

.40

%

Net

investment

income

..................

1

.87

%

(h)

1

.82

%

2

.06

%

1

.96

%

1

.85

%

2

.54

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,092,569

‌

$

2,268,859

‌

$

2,357,955

‌

$

1,794,292

‌

$

899,114

‌

$

369,805

‌

Portfolio

turnover

rate

(i)

..................

11

%

29

%

32

%

26

%

33

%

65

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

67

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Insurance

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

137.87

‌

$

117.31

‌

$

85.65

‌

$

91.15

‌

$

74.17

‌

$

49.76

‌

Net

investment

income

(a)

...............

0

.84

‌

2

.41

‌

1

.54

‌

1

.57

‌

1

.67

‌

1

.51

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

3

.80

)

20.40

‌

31.69

‌

(

5

.57

)

16.94

‌

24.37

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

2

.96

)

22.81

‌

33.23

‌

(

4

.00

)

18.61

‌

25.88

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.86

)

(d)

(

2

.25

)

(

1

.57

)

(

1

.50

)

(

1

.63

)

(

1

.47

)

Net

asset

value,

end

of

period

............

$

134.05

‌

$

137.87

‌

$

117.31

‌

$

85.65

‌

$

91.15

‌

$

74.17

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

2

.13

)

%

(f)

19.60

%

39.17

%

(

4

.35

)

%

25.36

%

52.54

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(h)

0

.38

%

0

.39

%

0

.40

%

0

.39

%

0

.42

%

Net

investment

income

..................

1

.28

%

(h)

1

.94

%

1

.60

%

1

.78

%

2

.04

%

2

.50

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

710,460

‌

$

792,775

‌

$

651,044

‌

$

449,660

‌

$

186,860

‌

$

85,301

‌

Portfolio

turnover

rate

(i)

..................

2

%

12

%

19

%

12

%

11

%

10

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

68

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Manufacturing

ETF

Six

Months

Ended

09/30/25

(unaudited)

Period

From

07/17/24

(a)

to

03/31/25

Net

asset

value,

beginning

of

period

.....................................................................

$

23.20

‌

$

24.52

‌

Net

investment

income

(b)

.............................................................................

0

.15

‌

0

.23

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................................................................

6

.06

‌

(

1

.35

)

Net

increase

(decrease)

from

investment

operations

............................................................

6

.21

‌

(

1

.12

)

Distributions

from

net

investment

income

(d)

...................................................................

(

0

.14

)

(e)

(

0

.20

)

Net

asset

value,

end

of

period

..........................................................................

$

29.27

‌

$

23.20

‌

Total

Return

(f)

–

–

Based

on

net

asset

value

..............................................................................

26.80

%

(g)

(

4

.64

)

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

Total

expenses

.....................................................................................

0

.40

%

(i)

0

.40

%

(i)

Net

investment

income

................................................................................

1

.14

%

(i)

1

.34

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................

$

24,583

‌

$

12,526

‌

Portfolio

turnover

rate

(j)

................................................................................

8

%

18

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

69

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Medical

Devices

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Net

asset

value,

beginning

of

period

.......

$

60.19

‌

$

58.60

‌

$

54.03

‌

$

60.93

‌

$

55.04

‌

$

37.54

‌

Net

investment

income

(b)

...............

0

.12

‌

0

.23

‌

0

.28

‌

0

.24

‌

0

.16

‌

0

.15

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

0

.09

)

1

.63

‌

4

.59

‌

(

6

.89

)

5

.89

‌

17.49

‌

Net

increase

(decrease)

from

investment

operations

.........................

0

.03

‌

1

.86

‌

4

.87

‌

(

6

.65

)

6

.05

‌

17.64

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.12

)

(e)

(

0

.27

)

(

0

.30

)

(

0

.25

)

(

0

.16

)

(

0

.14

)

Net

asset

value,

end

of

period

............

$

60.10

‌

$

60.19

‌

$

58.60

‌

$

54.03

‌

$

60.93

‌

$

55.04

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

0

.05

%

(g)

3

.19

%

9

.10

%

(

10.89

)

%

10.99

%

47.02

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(i)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.41

%

Net

investment

income

..................

0

.40

%

(i)

0

.39

%

0

.52

%

0

.45

%

0

.26

%

0

.30

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

4,173,999

‌

$

4,637,506

‌

$

5,760,239

‌

$

6,002,335

‌

$

8,076,257

‌

$

8,206,921

‌

Portfolio

turnover

rate

(j)

..................

4

%

16

%

31

%

10

%

11

%

9

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

July

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

70

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

94.51

‌

$

106.95

‌

$

85.82

‌

$

84.23

‌

$

48.63

‌

$

22.83

‌

Net

investment

income

(a)

...............

1

.14

‌

2

.25

‌

2

.50

‌

3

.81

‌

2

.00

‌

0

.98

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

1

.86

)

(

12.40

)

21.24

‌

1

.50

‌

35.51

‌

25.92

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

0

.72

)

(

10.15

)

23.74

‌

5

.31

‌

37.51

‌

26.90

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.16

)

(d)

(

2

.29

)

(

2

.61

)

(

3

.72

)

(

1

.91

)

(

1

.10

)

Net

asset

value,

end

of

period

............

$

92.63

‌

$

94.51

‌

$

106.95

‌

$

85.82

‌

$

84.23

‌

$

48.63

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

0

.75

)

%

(f)

(

9

.43

)

%

28.10

%

6

.40

%

78.44

%

120.05

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(h)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.42

%

Net

investment

income

..................

2

.59

%

(h)

2

.31

%

2

.71

%

4

.22

%

3

.27

%

2

.81

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

467,763

‌

$

562,326

‌

$

780,744

‌

$

729,496

‌

$

800,140

‌

$

243,173

‌

Portfolio

turnover

rate

(i)

..................

12

%

19

%

22

%

15

%

17

%

21

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

71

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

19.50

‌

$

23.65

‌

$

19.33

‌

$

19.30

‌

$

13.41

‌

$

5

.97

‌

Net

investment

income

(a)

...............

0

.20

‌

0

.32

‌

0

.26

‌

0

.16

‌

0

.07

‌

0

.14

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

0

.20

)

(

4

.12

)

4

.29

‌

0

.05

‌

5

.92

‌

7

.50

‌

Net

increase

(decrease)

from

investment

operations

.........................

0

.00

(c)

(

3

.80

)

4

.55

‌

0

.21

‌

5

.99

‌

7

.64

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.22

)

(e)

(

0

.35

)

(

0

.23

)

(

0

.18

)

(

0

.10

)

(

0

.20

)

Net

asset

value,

end

of

period

............

$

19.28

‌

$

19.50

‌

$

23.65

‌

$

19.33

‌

$

19.30

‌

$

13.41

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

0

.04

%

(g)

(

16.11

)

%

23.62

%

1

.16

%

44.88

%

129.06

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(i)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.41

%

Net

investment

income

..................

2

.29

%

(i)

1

.51

%

1

.19

%

0

.84

%

0

.49

%

1

.37

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

113,760

‌

$

152,088

‌

$

289,728

‌

$

223,246

‌

$

283,677

‌

$

371,516

‌

Portfolio

turnover

rate

(j)

..................

12

%

25

%

37

%

16

%

55

%

71

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

Amount

is

less

than

$0.005

per

share.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

72

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Pharmaceuticals

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

(a)

Year

Ended

03/31/23

(a)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Net

asset

value,

beginning

of

period

.......

$

70.55

‌

$

67.91

‌

$

58.47

‌

$

64.73

‌

$

59.13

‌

$

44.94

‌

Net

investment

income

(b)

...............

0

.60

‌

1

.18

‌

1

.06

‌

1

.02

‌

1

.02

‌

0

.74

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

2

.06

‌

2

.62

‌

9

.29

‌

(

6

.08

)

5

.63

‌

14.18

‌

Net

increase

(decrease)

from

investment

operations

.........................

2

.66

‌

3

.80

‌

10.35

‌

(

5

.06

)

6

.65

‌

14.92

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.62

)

(e)

(

1

.16

)

(

0

.91

)

(

1

.20

)

(

1

.05

)

(

0

.73

)

Net

asset

value,

end

of

period

............

$

72.59

‌

$

70.55

‌

$

67.91

‌

$

58.47

‌

$

64.73

‌

$

59.13

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

3

.82

%

(g)

5

.65

%

17.86

%

(

7

.83

)

%

11.29

%

33.30

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(i)

0

.38

%

0

.39

%

0

.40

%

0

.39

%

0

.42

%

Net

investment

income

..................

1

.79

%

(i)

1

.73

%

1

.71

%

1

.66

%

1

.63

%

1

.33

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

580,759

‌

$

613,821

‌

$

658,731

‌

$

377,159

‌

$

407,773

‌

$

354,762

‌

Portfolio

turnover

rate

(j)

..................

17

%

24

%

42

%

46

%

20

%

52

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

73

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

95.73

‌

$

89.90

‌

$

84.95

‌

$

108.01

‌

$

91.81

‌

$

69.71

‌

Net

investment

income

(a)

...............

1

.54

‌

2

.45

‌

2

.69

‌

2

.35

‌

1

.64

‌

1

.67

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

0

.91

‌

5

.80

‌

4

.66

‌

(

22.94

)

16.94

‌

22.49

‌

Net

increase

(decrease)

from

investment

operations

.........................

2

.45

‌

8

.25

‌

7

.35

‌

(

20.59

)

18.58

‌

24.16

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.11

)

(d)

(

2

.42

)

(

2

.40

)

(

2

.47

)

(

2

.38

)

(

2

.06

)

Net

asset

value,

end

of

period

............

$

97.07

‌

$

95.73

‌

$

89.90

‌

$

84.95

‌

$

108.01

‌

$

91.81

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

2

.57

%

(f)

9

.22

%

8

.89

%

(

19.04

)

%

20.27

%

35.02

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(h)

0

.38

%

0

.39

%

0

.40

%

0

.39

%

0

.41

%

Net

investment

income

..................

3

.24

%

(h)

2

.59

%

3

.15

%

2

.56

%

1

.56

%

2

.03

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,703,155

‌

$

3,556,542

‌

$

4,229,939

‌

$

3,232,382

‌

$

5,378,867

‌

$

4,687,047

‌

Portfolio

turnover

rate

(i)

..................

3

%

11

%

7

%

8

%

9

%

14

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

74

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Regional

Banks

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

46.62

‌

$

43.37

‌

$

35.79

‌

$

58.87

‌

$

56.62

‌

$

29.00

‌

Net

investment

income

(a)

...............

0

.76

‌

1

.50

‌

1

.53

‌

1

.46

‌

1

.34

‌

1

.32

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

5

.91

‌

3

.19

‌

7

.64

‌

(

23.11

)

2

.14

‌

27.52

‌

Net

increase

(decrease)

from

investment

operations

.........................

6

.67

‌

4

.69

‌

9

.17

‌

(

21.65

)

3

.48

‌

28.84

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.78

)

(d)

(

1

.44

)

(

1

.59

)

(

1

.43

)

(

1

.23

)

(

1

.22

)

Net

asset

value,

end

of

period

............

$

52.51

‌

$

46.62

‌

$

43.37

‌

$

35.79

‌

$

58.87

‌

$

56.62

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

14.44

%

(f)

10.92

%

26.46

%

(

37.30

)

%

6

.11

%

101.55

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.38

%

(h)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.41

%

Net

investment

income

..................

3

.13

%

(h)

3

.17

%

4

.20

%

2

.90

%

2

.19

%

3

.26

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

669,565

‌

$

715,654

‌

$

650,571

‌

$

799,865

‌

$

1,386,344

‌

$

673,808

‌

Portfolio

turnover

rate

(i)

..................

3

%

8

%

9

%

7

%

14

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

75

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

......

$

27.40

‌

$

21.98

‌

$

23.15

‌

$

29.88

‌

$

32.39

‌

$

24.88

‌

Net

investment

income

(a)

..............

0

.28

‌

0

.52

‌

0

.48

‌

0

.58

‌

0

.77

‌

0

.82

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

4

.92

‌

5

.45

‌

(

1

.15

)

(

6

.73

)

(

2

.54

)

7

.50

‌

Net

increase

(decrease)

from

investment

operations

........................

5

.20

‌

5

.97

‌

(

0

.67

)

(

6

.15

)

(

1

.77

)

8

.32

‌

Distributions

from

net

investment

income

(c)

....

(

0

.33

)

(d)

(

0

.55

)

(

0

.50

)

(

0

.58

)

(

0

.74

)

(

0

.81

)

Net

asset

value,

end

of

period

...........

$

32.27

‌

$

27.40

‌

$

21.98

‌

$

23.15

‌

$

29.88

‌

$

32.39

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

19.09

%

(f)

27.38

%

(

2

.84

)

%

(

20.56

)

%

(

5

.63

)

%

33.82

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.38

%

(h)

0

.38

%

0

.40

%

0

.40

%

0

.39

%

0

.42

%

Net

investment

income

.................

1

.88

%

(h)

2

.06

%

2

.19

%

2

.40

%

2

.37

%

2

.82

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

685,800

‌

$

372,576

‌

$

230,800

‌

$

302,131

‌

$

503,440

‌

$

425,882

‌

Portfolio

turnover

rate

(i)

.................

28

%

30

%

30

%

24

%

75

%

40

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

76

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

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

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

 Certain

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

foreign

tax

regulations

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

Statements

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,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

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

September

30,

2025,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

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. 

iShares

ETF

Diversification

Classification

U.S.

Aerospace

&

Defense

..............................................................................................

Non-diversified

U.S.

Broker-Dealers

&

Securities

Exchanges

..................................................................................

Non-diversified

U.S.

Healthcare

Providers

...............................................................................................

Non-diversified

U.S.

Home

Construction

................................................................................................

Non-diversified

U.S.

Infrastructure

....................................................................................................

Diversified

U.S.

Insurance

......................................................................................................

Non-diversified

U.S.

Manufacturing

...................................................................................................

Non-diversified

U.S.

Medical

Devices

..................................................................................................

Non-diversified

U.S.

Oil

&

Gas

Exploration

&

Production

.....................................................................................

Non-diversified

U.S.

Oil

Equipment

&

Services

............................................................................................

Non-diversified

U.S.

Pharmaceuticals

..................................................................................................

Non-diversified

U.S.

Real

Estate

.....................................................................................................

Diversified

U.S.

Regional

Banks

..................................................................................................

Non-diversified

U.S.

Telecommunications

...............................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

77

Notes

to

Financial

Statements

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.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in

their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds’

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

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.

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.

The

Board

of

Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

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

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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

exchange

where

the

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.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

If

events

(e.g.,

market

volatility,

company

announcement

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

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

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

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

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

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Notes

to

Financial

Statements

(unaudited)

(continued)

78

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

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,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

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

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

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

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Aerospace

&

Defense

Barclays

Bank

PLC

...............................................

$

6,316,691‌

$

(6,316,691‌)

$

—‌

$

—‌

BNP

Paribas

SA

.................................................

97,114,372‌

(97,114,372‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

14,009,730‌

(13,910,621‌)

—‌

99,109‌

Citigroup

Global

Markets,

Inc.

........................................

20,066,420‌

(20,066,420‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

16,988,910‌

(16,808,053‌)

—‌

180,857‌

HSBC

Bank

PLC

................................................

14,261,849‌

(14,261,849‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

101,063,164‌

(101,063,164‌)

—‌

—‌

Morgan

Stanley

.................................................

19,088,054‌

(19,011,747‌)

—‌

76,307‌

National

Financial

Services

LLC

......................................

4,420,900‌

(4,420,900‌)

—‌

—‌

Natixis

SA

.....................................................

14,152,477‌

(14,147,762‌)

—‌

4,715‌

State

Street

Bank

&

Trust

Co.

........................................

21,085,239‌

(21,085,239‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

125,956‌

(125,956‌)

—‌

—‌

UBS

AG

......................................................

5,464,276‌

(5,418,669‌)

—‌

45,607‌

Virtu

Americas

LLC

...............................................

667,441‌

(667,441‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

31,053,729‌

(30,915,128‌)

—‌

138,601‌

Wells

Fargo

Securities

LLC

.........................................

26,960,381‌

(26,960,381‌)

—‌

—‌

$

392,839,589‌

$

(392,294,393‌)

$

—‌

$

545,196‌

a

U.S.

Broker-Dealers

&

Securities

Exchanges

Barclays

Bank

PLC

...............................................

154,290‌

(154,290‌)

—‌

—‌

BNP

Paribas

SA

.................................................

337,490‌

(337,490‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

73,977,808‌

(73,977,808‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

887,716‌

(864,894‌)

—‌

22,822‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,399,355‌

(2,399,355‌)

—‌

—‌

Morgan

Stanley

.................................................

462,098‌

(462,098‌)

—‌

—‌

UBS

AG

......................................................

604,282‌

(604,282‌)

—‌

—‌

$

78,823,039‌

$

(78,800,217‌)

$

—‌

$

22,822‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

79

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Healthcare

Providers

Barclays

Bank

PLC

...............................................

$

225,316‌

$

(225,316‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

23,025,657‌

(23,025,657‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,720,359‌

(2,641,647‌)

—‌

78,712‌

Goldman

Sachs

&

Co.

LLC

.........................................

3,517,753‌

(3,517,753‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,302,936‌

(1,302,936‌)

—‌

—‌

Morgan

Stanley

.................................................

7,854,141‌

(7,854,141‌)

—‌

—‌

National

Financial

Services

LLC

......................................

141,888‌

(138,022‌)

—‌

3,866‌

State

Street

Bank

&

Trust

Co.

........................................

2,331,192‌

(2,331,192‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

607,145‌

(607,145‌)

—‌

—‌

UBS

AG

......................................................

19,001‌

(19,001‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

96,300‌

(96,300‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

7,026,587‌

(7,026,587‌)

—‌

—‌

$

48,868,275‌

$

(48,785,697‌)

$

—‌

$

82,578‌

a

U.S.

Home

Construction

Barclays

Bank

PLC

...............................................

290,092‌

(290,092‌)

—‌

—‌

BNP

Paribas

SA

.................................................

4,702‌

(4,702‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

7,919,579‌

(7,919,579‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

32,005,027‌

(32,005,027‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

17,769,778‌

(17,769,778‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

221,994‌

(221,994‌)

—‌

—‌

Jefferies

LLC

...................................................

103,722‌

(103,722‌)

—‌

—‌

Morgan

Stanley

.................................................

21,470,780‌

(21,470,780‌)

—‌

—‌

National

Financial

Services

LLC

......................................

5,343,453‌

(5,343,453‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

3,121,429‌

(3,121,429‌)

—‌

—‌

UBS

AG

......................................................

1,719,784‌

(1,719,784‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

369,958‌

(369,958‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

422,816‌

(422,816‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

1,791,472‌

(1,791,472‌)

—‌

—‌

$

92,554,586‌

$

(92,554,586‌)

$

—‌

$

—‌

a

U.S.

Infrastructure

Barclays

Capital,

Inc.

.............................................

4,554,328‌

(4,554,328‌)

—‌

—‌

BNP

Paribas

SA

.................................................

3,406,433‌

(3,406,433‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

10,931,811‌

(10,931,811‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

226,380‌

(226,380‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

12,096,513‌

(12,096,513‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

5,463,823‌

(5,463,823‌)

—‌

—‌

Morgan

Stanley

.................................................

8,379,074‌

(7,964,094‌)

—‌

414,980‌

Pershing

LLC

...................................................

197,142‌

(197,142‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

109,350‌

(109,350‌)

—‌

—‌

UBS

Securities

LLC

..............................................

41,954‌

(41,954‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

144,705‌

(144,705‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

76,444‌

(76,444‌)

—‌

—‌

$

45,627,957‌

$

(45,212,977‌)

$

—‌

$

414,980‌

a

U.S.

Insurance

BNP

Paribas

SA

.................................................

2,507,280‌

(2,507,280‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,846,472‌

(1,846,472‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

61,846‌

(61,846‌)

—‌

—‌

Morgan

Stanley

.................................................

155,451‌

(155,451‌)

—‌

—‌

National

Financial

Services

LLC

......................................

382,954‌

(382,954‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

90,364‌

(90,364‌)

—‌

—‌

$

5,044,367‌

$

(5,044,367‌)

$

—‌

$

—‌

a

U.S.

Manufacturing

BofA

Securities,

Inc.

..............................................

190,255‌

(190,255‌)

—‌

—‌

HSBC

Bank

PLC

................................................

12,666‌

(12,666‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

70,403‌

(70,403‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

675,136‌

(675,136‌)

—‌

—‌

$

948,460‌

$

(948,460‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

80

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Medical

Devices

Barclays

Bank

PLC

...............................................

$

3,500,215‌

$

(3,500,215‌)

$

—‌

$

—‌

BNP

Paribas

SA

.................................................

4,134,196‌

(4,134,196‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

632,662‌

(632,662‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

10,143,878‌

(10,098,280‌)

—‌

45,598‌

Goldman

Sachs

&

Co.

LLC

.........................................

32,143,976‌

(32,047,280‌)

—‌

96,696‌

HSBC

Bank

PLC

................................................

1,615,872‌

(1,615,872‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

10,037,041‌

(10,037,041‌)

—‌

—‌

Jefferies

LLC

...................................................

33‌

(33‌)

—‌

—‌

Morgan

Stanley

.................................................

4,268,096‌

(4,268,096‌)

—‌

—‌

National

Financial

Services

LLC

......................................

3,580,521‌

(3,580,521‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

59,630‌

(59,630‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

1,204,552‌

(1,204,552‌)

—‌

—‌

UBS

AG

......................................................

15,292,638‌

(15,292,638‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

206,388‌

(206,388‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,703,614‌

(2,703,614‌)

—‌

—‌

$

89,523,312‌

$

(89,381,018‌)

$

—‌

$

142,294‌

a

U.S.

Oil

&

Gas

Exploration

&

Production

Citigroup

Global

Markets,

Inc.

........................................

1,078,609‌

(1,078,609‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

31,099‌

(31,099‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

218,129‌

(218,129‌)

—‌

—‌

Morgan

Stanley

.................................................

5,041,656‌

(5,041,656‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

632,874‌

(632,874‌)

—‌

—‌

$

7,002,367‌

$

(7,002,367‌)

$

—‌

$

—‌

a

U.S.

Oil

Equipment

&

Services

BNP

Paribas

SA

.................................................

590,436‌

(590,436‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

364,408‌

(364,408‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,481,285‌

(2,481,285‌)

—‌

—‌

$

3,436,129‌

$

(3,436,129‌)

$

—‌

$

—‌

a

U.S.

Pharmaceuticals

Barclays

Bank

PLC

...............................................

1,857,373‌

(1,857,373‌)

—‌

—‌

BNP

Paribas

SA

.................................................

11,931,876‌

(11,931,876‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,086,972‌

(1,086,972‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,948,260‌

(1,935,910‌)

—‌

12,350‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,254,961‌

(1,254,961‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,890,259‌

(2,890,259‌)

—‌

—‌

Jefferies

LLC

...................................................

1,468,944‌

(1,389,641‌)

—‌

79,303‌

Morgan

Stanley

.................................................

3,497,769‌

(3,497,769‌)

—‌

—‌

National

Financial

Services

LLC

......................................

937,626‌

(937,626‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

35,370‌

(35,370‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

27,084‌

(27,084‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

2,230,731‌

(2,230,731‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

5,928,307‌

(5,928,307‌)

—‌

—‌

$

35,095,532‌

$

(35,003,879‌)

$

—‌

$

91,653‌

a

U.S.

Real

Estate

Barclays

Bank

PLC

...............................................

431,752‌

(431,752‌)

—‌

—‌

National

Financial

Services

LLC

......................................

2,804,568‌

(2,804,568‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

2,161,065‌

(2,161,065‌)

—‌

—‌

$

5,397,385‌

$

(5,397,385‌)

$

—‌

$

—‌

a

U.S.

Regional

Banks

Wells

Fargo

Securities

LLC

.........................................

9,887‌

(9,887‌)

—‌

—‌

$

9,887‌

$

(9,887‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

81

Notes

to

Financial

Statements

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

Finance,

Inc.

BlackRock

Finance,

Inc.’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:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

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,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

("OTC")

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”). 

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds'

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Equity

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Equity

swaps

are

designed

to

function

as

direct

economic investments

in

long

or

short

equity

positions.

This

means

that

the

Fund

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid.

Equity

swaps

incur

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

value

of

the

position.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

spread.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Telecommunications

Barclays

Bank

PLC

...............................................

$

1,074,852‌

$

(1,074,852‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

3,150,691‌

(3,150,691‌)

—‌

—‌

BNP

Paribas

SA

.................................................

18,419,098‌

(18,419,098‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,414,123‌

(1,414,123‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

3,874,822‌

(3,874,822‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,997,905‌

(2,997,905‌)

—‌

—‌

Morgan

Stanley

.................................................

12,270,049‌

(12,270,049‌)

—‌

—‌

Pershing

LLC

...................................................

1,089‌

(1,080‌)

—‌

9‌

State

Street

Bank

&

Trust

Co.

........................................

876,471‌

(876,471‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

27,510‌

(27,510‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

8,913,402‌

(8,913,402‌)

—‌

—‌

$

53,020,012‌

$

(53,020,003‌)

$

—‌

$

9‌

a

(a)

Collateral

received,

if

any,

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2025.

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

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

82

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes, each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“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

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

For

its

investment

advisory

services

to

each

Fund,

except

for

iShares

U.S.

Infrastructure

ETF

and

iShares

U.S.

Manufacturing

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

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.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“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,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

iShares

ETF

Investment

Advisory

Fees

U.S.

Infrastructure

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

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.

.

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.

.

.

.

.

.

.

0.30%

U.S.

Manufacturing

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

0.40

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

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.

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.

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.

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.

.

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.

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.

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.

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.

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.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

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.

.

.

.

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.

.

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.

0.2945

Notes

to

Financial

Statements

(unaudited)

(

continued)

83

Notes

to

Financial

Statements

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.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

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

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

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

84%

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 Statements

of

Operations.

For

the six

months

ended September

30,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

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

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

September

30,

2025,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

iShares

ETF

Amounts

U.S.

Aerospace

&

Defense

.............................................................................................

$

129,908

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

.................................................................................

3,514

‌

U.S.

Healthcare

Providers

..............................................................................................

10,299

‌

U.S.

Home

Construction

...............................................................................................

30,325

‌

U.S.

Infrastructure

...................................................................................................

71,000

‌

U.S.

Insurance

.....................................................................................................

3,974

‌

U.S.

Manufacturing

..................................................................................................

573

‌

U.S.

Medical

Devices

.................................................................................................

48,924

‌

U.S.

Oil

&

Gas

Exploration

&

Production

....................................................................................

4,277

‌

U.S.

Oil

Equipment

&

Services

...........................................................................................

1,597

‌

U.S.

Pharmaceuticals

.................................................................................................

10,382

‌

U.S.

Real

Estate

....................................................................................................

4,461

‌

U.S.

Regional

Banks

.................................................................................................

939

‌

U.S.

Telecommunications

..............................................................................................

15,164

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

U.S.

Aerospace

&

Defense

............................................................

$

130,049,743‌

$

194,402,048‌

$

(220,332‌)

U.S.

Broker-Dealers

&

Securities

Exchanges

................................................

43,369,712‌

51,689,047‌

13,093,535‌

U.S.

Healthcare

Providers

.............................................................

52,370,365‌

33,410,259‌

(13,703,973‌)

U.S.

Home

Construction

..............................................................

83,057,578‌

8,067,052‌

(1,510,269‌)

U.S.

Infrastructure

..................................................................

32,353,260‌

28,048,395‌

(1,606,537‌)

U.S.

Insurance

....................................................................

6,222,091‌

1,361,829‌

(41,291‌)

U.S.

Medical

Devices

................................................................

31,759,386‌

52,540,986‌

(1,354,477‌)

U.S.

Oil

&

Gas

Exploration

&

Production

...................................................

14,599,770‌

23,514,641‌

32,530‌

U.S.

Oil

Equipment

&

Services

..........................................................

5,735,608‌

6,418,934‌

(942,716‌)

U.S.

Pharmaceuticals

................................................................

17,952,456‌

24,273,849‌

(2,964,641‌)

U.S.

Real

Estate

...................................................................

17,880,240‌

21,553,535‌

(5,801,018‌)

U.S.

Regional

Banks

................................................................

3,792,628‌

2,459,696‌

(109,313‌)

U.S.

Telecommunications

.............................................................

36,082,872‌

31,300,054‌

154,049‌

Notes

to

Financial

Statements

(unaudited)

(continued)

84

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

Statements

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

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2025,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2025,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2025,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

iShares

ETF

Purchases

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

926,372,971

‌

$

918,966,689

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

108,446,180

‌

109,596,576

‌

U.S.

Healthcare

Providers

............................................................................

164,479,355

‌

158,685,714

‌

U.S.

Home

Construction

.............................................................................

229,366,136

‌

233,062,029

‌

U.S.

Infrastructure

.................................................................................

316,994,533

‌

296,771,898

‌

U.S.

Insurance

...................................................................................

13,567,482

‌

15,722,458

‌

U.S.

Manufacturing

................................................................................

1,658,144

‌

1,620,322

‌

U.S.

Medical

Devices

...............................................................................

193,018,034

‌

192,268,676

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

61,770,539

‌

58,525,427

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

13,595,904

‌

13,535,430

‌

U.S.

Pharmaceuticals

...............................................................................

95,246,444

‌

95,242,516

‌

U.S.

Real

Estate

..................................................................................

132,423,569

‌

115,655,336

‌

U.S.

Regional

Banks

...............................................................................

18,531,513

‌

19,213,959

‌

U.S.

Telecommunications

............................................................................

137,241,403

‌

137,970,147

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

3,698,415,737

‌

$

673,123,971

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

423,552,321

‌

456,890,121

‌

U.S.

Healthcare

Providers

............................................................................

267,548,781

‌

125,108,810

‌

U.S.

Home

Construction

.............................................................................

3,227,157,488

‌

2,640,047,366

‌

U.S.

Infrastructure

.................................................................................

620,505,829

‌

200,351,083

‌

U.S.

Insurance

...................................................................................

151,408,787

‌

204,780,375

‌

U.S.

Manufacturing

................................................................................

8,842,939

‌

1,658,288

‌

U.S.

Medical

Devices

...............................................................................

452,140,848

‌

910,783,516

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

17,520,420

‌

93,684,302

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

11,862,507

‌

43,946,611

‌

U.S.

Pharmaceuticals

...............................................................................

85,498,856

‌

129,833,194

‌

U.S.

Real

Estate

..................................................................................

5,341,862,576

‌

5,218,952,152

‌

U.S.

Regional

Banks

...............................................................................

181,421,936

‌

293,890,187

‌

U.S.

Telecommunications

............................................................................

674,991,768

‌

444,302,391

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

85

Notes

to

Financial

Statements

As

of March

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

As

of

September

30,

2025,

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:

9.

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 each

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

also

be

affected

by

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

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 each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

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

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

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

may

fluctuate

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 each

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. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

U.S.

Aerospace

&

Defense

............................................................................................

$

(898,805,668

)

U.S.

Broker-Dealers

&

Securities

Exchanges

................................................................................

(152,533,090

)

U.S.

Healthcare

Providers

.............................................................................................

(256,899,925

)

U.S.

Home

Construction

..............................................................................................

(251,151,168

)

U.S.

Infrastructure

..................................................................................................

(129,548,231

)

U.S.

Insurance

....................................................................................................

(9,284,312

)

U.S.

Manufacturing

.................................................................................................

(131,669

)

U.S.

Medical

Devices

................................................................................................

(484,043,899

)

U.S.

Oil

&

Gas

Exploration

&

Production

...................................................................................

(244,788,386

)

U.S.

Oil

Equipment

&

Services

..........................................................................................

(324,186,394

)

U.S.

Pharmaceuticals

................................................................................................

(219,398,946

)

U.S.

Real

Estate

...................................................................................................

(587,722,037

)

U.S.

Regional

Banks

................................................................................................

(201,184,404

)

U.S.

Telecommunications

.............................................................................................

(378,457,494

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Aerospace

&

Defense

.......................................

$

8,729,449,572

‌

$

3,508,833,296

‌

$

(9,564,364

)

$

3,499,268,932

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...........................

1,411,340,873

‌

274,404,107

‌

(32,632,606

)

241,771,501

‌

U.S.

Healthcare

Providers

........................................

907,606,367

‌

84,511,959

‌

(141,705,338

)

(57,193,379

)

U.S.

Home

Construction

.........................................

3,765,422,017

‌

10,106,497

‌

(405,355,189

)

(395,248,692

)

U.S.

Infrastructure

.............................................

2,806,678,252

‌

479,409,294

‌

(147,606,740

)

331,802,554

‌

U.S.

Insurance

...............................................

656,731,392

‌

70,012,186

‌

(11,909,440

)

58,102,746

‌

U.S.

Manufacturing

............................................

21,971,063

‌

3,873,436

‌

(296,054

)

3,577,382

‌

U.S.

Medical

Devices

...........................................

4,546,405,549

‌

353,545,687

‌

(636,140,790

)

(282,595,103

)

U.S.

Oil

&

Gas

Exploration

&

Production

..............................

545,901,910

‌

28,292,001

‌

(99,191,429

)

(70,899,428

)

U.S.

Oil

Equipment

&

Services

.....................................

150,145,158

‌

11,147,340

‌

(44,175,730

)

(33,028,390

)

U.S.

Pharmaceuticals

...........................................

581,894,067

‌

76,812,209

‌

(42,832,670

)

33,979,539

‌

U.S.

Real

Estate

..............................................

4,555,918,840

‌

38,666,658

‌

(898,507,473

)

(859,840,815

)

U.S.

Regional

Banks

...........................................

709,969,149

‌

16,334,835

‌

(57,660,855

)

(41,326,020

)

U.S.

Telecommunications

........................................

730,852,961

‌

38,596,062

‌

(29,672,638

)

8,923,424

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

86

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

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

of

financial

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

Statements

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

insolvent

or

goes

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.

Geographic/Asset

Class

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.

The Funds

invest

a

significant

portion

of

their

assets

in securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest.

Certain Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Certain Funds

invest

a

significant

portion

of their

assets

within

the

financials

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

changes

in

government

regulations,

economic

conditions,

and

interest

rates,

credit

rating downgrades,

adverse

public

perception,

exposure

concentration

and

decreased

liquidity

in

credit

markets.

The

impact

of

changes

in

a

capital

requirements

and

recent

or

future

regulation

on

any

individual

financial

company,

or

on

the

financials

sector

as

a

whole,

cannot

be

predicted,

but

may

negatively

impact

the

Funds.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

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:

Six

Months

Ended

09/30/25

Year

Ended

03/31/25

iShares

ETF

Shares

Amount

Shares

Amount

U.S.

Aerospace

&

Defense

Shares

sold

..............................................................

19,100,000‌

$

3,703,139,196‌

8,850,000‌

$

1,251,926,582‌

Shares

redeemed

..........................................................

(3,700,000‌)

(674,226,759‌)

(13,850,000‌)

(1,971,839,986‌)

15,400,000‌

$

3,028,912,437‌

(5,000,000‌)

$

(719,913,404‌)

U.S.

Broker-Dealers

&

Securities

Exchanges

Shares

sold

..............................................................

2,600,000‌

$

427,422,579‌

12,700,000‌

$

1,624,189,170‌

Shares

redeemed

..........................................................

(3,100,000‌)

(461,046,131‌)

(7,450,000‌)

(1,073,038,130‌)

(500,000‌)

$

(33,623,552‌)

5,250,000‌

$

551,151,040‌

U.S.

Healthcare

Providers

Shares

sold

..............................................................

6,100,000‌

$

274,357,567‌

1,250,000‌

$

64,125,604‌

Shares

redeemed

..........................................................

(2,650,000‌)

(127,437,321‌)

(4,200,000‌)

(221,726,975‌)

3,450,000‌

$

146,920,246‌

(2,950,000‌)

$

(157,601,371‌)

Notes

to

Financial

Statements

(unaudited)

(

continued)

87

Notes

to

Financial

Statements

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

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

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

Six

Months

Ended

09/30/25

Year

Ended

03/31/25

iShares

ETF

Shares

Amount

Shares

Amount

U.S.

Home

Construction

Shares

sold

..............................................................

32,350,000‌

$

3,241,081,207‌

64,550,000‌

$

7,040,655,299‌

Shares

redeemed

..........................................................

(27,250,000‌)

(2,647,049,058‌)

(67,900,000‌)

(7,323,284,286‌)

5,100,000‌

$

594,032,149‌

(3,350,000‌)

$

(282,628,987‌)

U.S.

Infrastructure

Shares

sold

..............................................................

12,650,000‌

$

622,707,247‌

26,750,000‌

$

1,228,913,242‌

Shares

redeemed

..........................................................

(4,350,000‌)

(203,504,303‌)

(30,850,000‌)

(1,413,543,354‌)

8,300,000‌

$

419,202,944‌

(4,100,000‌)

$

(184,630,112‌)

U.S.

Insurance

Shares

sold

..............................................................

1,150,000‌

$

154,010,125‌

2,800,000‌

$

348,536,414‌

Shares

redeemed

..........................................................

(1,600,000‌)

(208,822,907‌)

(2,600,000‌)

(311,485,271‌)

(450,000‌)

$

(54,812,782‌)

200,000‌

$

37,051,143‌

U.S.

Manufacturing

(a)

Shares

sold

..............................................................

360,000‌

$

8,854,821‌

540,000‌

$

13,586,685‌

Shares

redeemed

..........................................................

(60,000‌)

(1,641,866‌)

—‌

—‌

300,000‌

$

7,212,955‌

540,000‌

$

13,586,685‌

U.S.

Medical

Devices

Shares

sold

..............................................................

7,500,000‌

$

452,839,837‌

16,600,000‌

$

978,659,099‌

Shares

redeemed

..........................................................

(15,100,000‌)

(912,252,939‌)

(37,850,000‌)

(2,212,060,248‌)

(7,600,000‌)

$

(459,413,102‌)

(21,250,000‌)

$

(1,233,401,149‌)

U.S.

Oil

&

Gas

Exploration

&

Production

Shares

sold

..............................................................

200,000‌

$

17,557,863‌

1,800,000‌

$

187,400,316‌

Shares

redeemed

..........................................................

(1,100,000‌)

(94,167,760‌)

(3,150,000‌)

(304,491,541‌)

(900,000‌)

$

(76,609,897‌)

(1,350,000‌)

$

(117,091,225‌)

U.S.

Oil

Equipment

&

Services

Shares

sold

..............................................................

700,000‌

$

11,883,234‌

2,200,000‌

$

46,019,123‌

Shares

redeemed

..........................................................

(2,600,000‌)

(44,087,605‌)

(6,650,000‌)

(140,610,443‌)

(1,900,000‌)

$

(32,204,371‌)

(4,450,000‌)

$

(94,591,320‌)

U.S.

Pharmaceuticals

Shares

sold

..............................................................

1,300,000‌

$

87,053,720‌

2,500,000‌

$

166,976,024‌

Shares

redeemed

..........................................................

(2,000,000‌)

(130,199,810‌)

(3,500,000‌)

(237,008,810‌)

(700,000‌)

$

(43,146,090‌)

(1,000,000‌)

$

(70,032,786‌)

U.S.

Real

Estate

Shares

sold

..............................................................

56,500,000‌

$

5,358,593,381‌

131,200,000‌

$

12,330,745,870‌

Shares

redeemed

..........................................................

(55,500,000‌)

(5,236,815,295‌)

(141,100,000‌)

(13,080,113,536‌)

1,000,000‌

$

121,778,086‌

(9,900,000‌)

$

(749,367,666‌)

U.S.

Regional

Banks

Shares

sold

..............................................................

3,650,000‌

$

181,993,664‌

9,150,000‌

$

464,951,723‌

Shares

redeemed

..........................................................

(6,250,000‌)

(295,373,943‌)

(8,800,000‌)

(412,978,030‌)

(2,600,000‌)

$

(113,380,279‌)

350,000‌

$

51,973,693‌

U.S.

Telecommunications

Shares

sold

..............................................................

22,850,000‌

$

677,463,562‌

73,850,000‌

$

1,963,510,598‌

Shares

redeemed

..........................................................

(15,200,000‌)

(445,764,531‌)

(70,750,000‌)

(1,890,353,818‌)

7,650,000‌

$

231,699,031‌

3,100,000‌

$

73,156,780‌

(a)

The

Fund

commenced

operations

on

July

17,

2024.

Notes

to

Financial

Statements

(unaudited)

(continued)

88

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

Statements

of

Assets

and

Liabilities.

11.

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.

Additional

Information

89

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

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

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

90

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

iShares

U.S.

Infrastructure

ETF,

iShares

U.S.

Manufacturing

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

91

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

92

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

Agreement

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

Agreement

for

the

coming

year.

iShares

U.S.

Aerospace

&

Defense

ETF,

iShares

U.S.

Healthcare

Providers

ETF,

iShares

U.S.

Medical

Devices

ETF,

iShares

U.S.

Pharmaceuticals

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

93

Board

Review

and

Approval

of

Investment

Advisory

Contract

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

94

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF,

iShares

U.S.

Insurance

ETF,

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF,

iShares

U.S.

Oil

Equipment

&

Services

ETF,

iShares

U.S.

Regional

Banks

ETF,

iShares

U.S.

Telecommunications

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

95

Board

Review

and

Approval

of

Investment

Advisory

Contract

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

96

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

iShares

U.S.

Home

Construction

ETF,

iShares

U.S.

Real

Estate

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

The

Board

also

considered

the

tradability,

liquidity

and

developed

capital

markets

ecosystem

associated

with

the

Fund

in

relation

to

comparison

funds

in

the

Fund’s

Peer

Group

that

do

not

have

similar

attributes.

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

97

Board

Review

and

Approval

of

Investment

Advisory

Contract

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

98

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

these

Financial

Statements

99

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

FEDL01

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

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

FTSE

Russell,

ICE

Data

Indices,

LLC

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2025

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.

September

30,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Russell

1000

ETF

|

IWB

|

NYSE

Arca

iShares

Russell

1000

Growth

ETF

|

IWF

|

NYSE

Arca

iShares

Russell

1000

Value

ETF

|

IWD

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

32

Statements

of

Operations

.................................................................................................

33

Statements

of

Changes

in

Net

Assets

..........................................................................................

34

Financial

Highlights

.....................................................................................................

36

Notes

to

Financial

Statements

...............................................................................................

39

Additional

Information

....................................................................................................

47

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

48

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

53

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.3

%

ATI,

Inc.

(a)

..............................

98,680

$

8,026,631

Axon

Enterprise,

Inc.

(a)

.....................

52,624

37,765,087

Boeing

Co.

(The)

(a)

........................

512,269

110,563,018

BWX

Technologies,

Inc.

....................

63,884

11,778,293

Carpenter

Technology

Corp.

.................

33,957

8,337,802

Curtiss-Wright

Corp.

.......................

26,845

14,575,224

General

Dynamics

Corp.

....................

178,272

60,790,752

General

Electric

Co.

.......................

743,072

223,530,920

HEICO

Corp.

...........................

29,911

9,655,869

HEICO

Corp.

,

Class

A

......................

52,908

13,443,394

Hexcel

Corp.

............................

59,224

3,713,345

Howmet

Aerospace,

Inc.

....................

282,834

55,500,516

Huntington

Ingalls

Industries,

Inc.

..............

27,537

7,928,178

Karman

Holdings,

Inc.

(a)

(b)

...................

18,671

1,348,046

L3Harris

Technologies,

Inc.

..................

131,753

40,238,684

Leonardo

DRS,

Inc.

.......................

53,364

2,422,725

Loar

Holdings,

Inc.

(a)

(b)

......................

30,059

2,404,720

Lockheed

Martin

Corp.

.....................

147,331

73,549,108

Northrop

Grumman

Corp.

...................

96,090

58,549,559

Rocket

Lab

Corp.

(a)

(b)

......................

292,347

14,006,345

RTX

Corp.

.............................

945,448

158,201,814

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

82,922

3,200,789

StandardAero,

Inc.

(a)

.......................

95,985

2,619,431

Textron,

Inc.

............................

126,949

10,725,921

TransDigm

Group,

Inc.

.....................

39,015

51,422,550

Woodward,

Inc.

..........................

41,410

10,464,721

994,763,442

a

Air

Freight

&

Logistics

 — 

0

.2

%

CH

Robinson

Worldwide,

Inc.

................

81,808

10,831,379

Expeditors

International

of

Washington,

Inc.

.......

96,667

11,850,408

FedEx

Corp.

............................

151,414

35,704,935

GXO

Logistics,

Inc.

(a)

(b)

.....................

82,281

4,351,842

United

Parcel

Service,

Inc.

,

Class

B

............

518,974

43,349,898

106,088,462

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

.............................

153,499

13,234,684

BorgWarner,

Inc.

.........................

154,422

6,788,391

Gentex

Corp.

...........................

164,687

4,660,642

Lear

Corp.

.............................

37,042

3,726,795

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

290,915

3,584,073

31,994,585

a

Automobiles

 — 

2

.2

%

Ford

Motor

Co.

..........................

2,754,242

32,940,734

General

Motors

Co.

.......................

672,790

41,020,006

Harley-Davidson,

Inc.

......................

79,462

2,216,990

Lucid

Group,

Inc.

(a)

(b)

.......................

87,662

2,085,479

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

546,659

8,024,954

Tesla,

Inc.

(a)

.............................

1,987,672

883,957,492

Thor

Industries,

Inc.

.......................

36,742

3,809,778

974,055,433

a

Banks

 — 

3

.7

%

Bank

of

America

Corp.

.....................

4,765,890

245,872,265

Bank

OZK

.............................

74,672

3,806,779

BOK

Financial

Corp.

.......................

15,998

1,782,817

Citigroup,

Inc.

...........................

1,290,169

130,952,154

Citizens

Financial

Group,

Inc.

................

306,224

16,278,868

Columbia

Banking

System,

Inc.

...............

209,188

5,384,499

Comerica,

Inc.

...........................

92,605

6,345,295

Commerce

Bancshares,

Inc.

.................

88,758

5,304,178

Security

Shares

Value

a

Banks

(continued)

Cullen/Frost

Bankers,

Inc.

...................

41,461

$

5,256,011

East

West

Bancorp,

Inc.

....................

96,439

10,265,932

Fifth

Third

Bancorp

.......................

469,713

20,925,714

First

Citizens

BancShares,

Inc.

,

Class

A

..........

6,699

11,985,583

First

Hawaiian,

Inc.

.......................

89,869

2,231,447

First

Horizon

Corp.

........................

354,602

8,017,551

FNB

Corp.

.............................

257,110

4,142,042

Huntington

Bancshares,

Inc.

.................

1,027,708

17,748,517

JPMorgan

Chase

&

Co.

....................

1,962,492

619,028,852

KeyCorp

...............................

668,297

12,490,471

M&T

Bank

Corp.

.........................

110,650

21,866,653

NU

Holdings

Ltd.

,

Class

A

(a)

(b)

.................

2,363,847

37,845,190

Pinnacle

Financial

Partners,

Inc.

...............

52,683

4,941,139

PNC

Financial

Services

Group,

Inc.

(The)

........

278,694

55,997,985

Popular,

Inc.

............................

49,319

6,264,006

Prosperity

Bancshares,

Inc.

..................

64,515

4,280,570

Regions

Financial

Corp.

....................

633,689

16,710,379

SOUTHSTATE

BANK

CORP.

.................

70,721

6,992,185

Synovus

Financial

Corp.

....................

96,432

4,732,883

TFS

Financial

Corp.

.......................

41,938

552,533

Truist

Financial

Corp.

......................

911,508

41,674,146

U.S.

Bancorp

...........................

1,102,837

53,300,112

Webster

Financial

Corp.

....................

117,093

6,960,008

Wells

Fargo

&

Co.

........................

2,278,790

191,008,178

Western

Alliance

Bancorp

...................

75,570

6,553,430

Wintrust

Financial

Corp.

....................

46,748

6,191,305

Zions

Bancorp

NA

........................

104,168

5,893,825

1,599,583,502

a

Beverages

 — 

0

.9

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

...........

5,496

1,161,964

Brown-Forman

Corp.

,

Class

A

................

34,841

937,571

Brown-Forman

Corp.

,

Class

B

,

NVS

............

104,157

2,820,572

Celsius

Holdings,

Inc.

(a)

.....................

115,939

6,665,333

Coca-Cola

Co.

(The)

......................

2,747,980

182,246,033

Coca-Cola

Consolidated,

Inc.

.................

36,537

4,280,675

Constellation

Brands,

Inc.

,

Class

A

.............

102,112

13,751,423

Keurig

Dr

Pepper,

Inc.

.....................

913,486

23,303,028

Molson

Coors

Beverage

Co.

,

Class

B

...........

120,553

5,455,023

Monster

Beverage

Corp.

(a)

...................

492,035

33,118,876

PepsiCo,

Inc.

...........................

968,397

136,001,675

Primo

Brands

Corp.

,

Class

A

.................

181,098

4,002,266

413,744,439

a

Biotechnology

 — 

1

.8

%

AbbVie,

Inc.

............................

1,251,817

289,845,708

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

88,039

40,145,784

Amgen,

Inc.

............................

380,343

107,332,795

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

...............

73,239

1,657,399

Biogen,

Inc.

(a)

...........................

103,774

14,536,662

BioMarin

Pharmaceutical,

Inc.

(a)

...............

132,699

7,186,978

Caris

Life

Sciences,

Inc.

(a)

...................

15,827

478,767

Exact

Sciences

Corp.

(a)

.....................

129,574

7,088,994

Exelixis,

Inc.

(a)

...........................

190,270

7,858,151

Gilead

Sciences,

Inc.

......................

880,706

97,758,366

Halozyme

Therapeutics,

Inc.

(a)

................

86,450

6,340,243

Incyte

Corp.

(a)

...........................

112,924

9,577,084

Insmed,

Inc.

(a)

...........................

131,644

18,958,052

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

109,306

7,150,798

Moderna,

Inc.

(a)

..........................

250,197

6,462,588

Natera,

Inc.

(a)

...........................

91,613

14,746,945

Neurocrine

Biosciences,

Inc.

(a)

(b)

...............

68,286

9,585,989

Regeneron

Pharmaceuticals,

Inc.

..............

73,896

41,549,504

Revolution

Medicines,

Inc.

(a)

(b)

................

122,267

5,709,869

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Biotechnology

(continued)

Roivant

Sciences

Ltd.

(a)

.....................

267,239

$

4,043,326

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

64,465

1,242,241

Summit

Therapeutics,

Inc.

(a)

(b)

.................

82,365

1,701,661

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

61,423

1,847,604

United

Therapeutics

Corp.

(a)

..................

30,868

12,940,174

Vertex

Pharmaceuticals,

Inc.

(a)

................

181,449

71,062,686

Viking

Therapeutics,

Inc.

(a)

(b)

..................

74,376

1,954,601

788,762,969

a

Broadline

Retail

 — 

3

.6

%

Amazon.com,

Inc.

(a)

.......................

6,778,465

1,488,347,560

Coupang,

Inc.

(a)

..........................

875,762

28,199,536

Dillard's,

Inc.

,

Class

A

(b)

.....................

2,160

1,327,277

eBay,

Inc.

..............................

324,912

29,550,746

Etsy,

Inc.

(a)

.............................

72,779

4,831,798

Macy's,

Inc.

............................

190,994

3,424,523

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

...........

42,375

5,440,950

1,561,122,390

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

.........................

81,546

5,986,292

AAON,

Inc.

.............................

48,314

4,514,460

Advanced

Drainage

Systems,

Inc.

.............

49,777

6,904,070

Allegion

PLC

............................

60,134

10,664,765

Armstrong

World

Industries,

Inc.

...............

30,325

5,944,003

Builders

FirstSource,

Inc.

(a)

..................

78,743

9,547,589

Carlisle

Companies,

Inc.

....................

30,224

9,942,487

Carrier

Global

Corp.

.......................

560,599

33,467,760

Fortune

Brands

Innovations,

Inc.

..............

87,128

4,651,764

Hayward

Holdings,

Inc.

(a)

(b)

...................

139,955

2,116,120

Johnson

Controls

International

PLC

............

466,909

51,336,645

Lennox

International,

Inc.

...................

22,894

12,119,168

Masco

Corp.

............................

148,260

10,436,021

Owens

Corning

..........................

59,368

8,398,197

Simpson

Manufacturing

Co.,

Inc.

..............

29,899

5,006,886

Trane

Technologies

PLC

....................

157,218

66,339,707

Trex

Co.,

Inc.

(a)

..........................

77,395

3,999,000

251,374,934

a

Capital

Markets

 — 

3

.6

%

Affiliated

Managers

Group,

Inc.

...............

19,734

4,705,178

Ameriprise

Financial,

Inc.

...................

68,253

33,529,286

Ares

Management

Corp.

,

Class

A

..............

132,822

21,236,910

Bank

of

New

York

Mellon

Corp.

(The)

...........

498,624

54,330,071

BlackRock,

Inc.

(c)

.........................

107,650

125,505,906

Blackstone,

Inc.

..........................

517,737

88,455,365

Blue

Owl

Capital,

Inc.

,

Class

A

................

430,270

7,284,471

Brookfield

Asset

Management

Ltd.

,

Class

A

.......

269,732

15,358,540

Carlyle

Group,

Inc.

(The)

....................

184,499

11,568,087

Cboe

Global

Markets,

Inc.

...................

73,833

18,107,543

Charles

Schwab

Corp.

(The)

.................

1,206,573

115,191,524

CME

Group,

Inc.

,

Class

A

...................

254,369

68,727,960

Coinbase

Global,

Inc.

,

Class

A

(a)

...............

148,519

50,123,677

Evercore,

Inc.

,

Class

A

.....................

25,553

8,619,538

FactSet

Research

Systems,

Inc.

...............

26,924

7,713,457

Franklin

Resources,

Inc.

....................

219,289

5,072,154

Freedom

Holding

Corp.

(a)

(b)

..................

12,459

2,144,568

Goldman

Sachs

Group,

Inc.

(The)

.............

212,431

169,169,427

Hamilton

Lane,

Inc.

,

Class

A

.................

28,496

3,840,976

Houlihan

Lokey,

Inc.

,

Class

A

.................

38,347

7,873,406

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

303,039

20,852,114

Intercontinental

Exchange,

Inc.

...............

402,948

67,888,679

Invesco

Ltd.

............................

260,635

5,978,967

Janus

Henderson

Group

PLC

................

90,839

4,043,244

Jefferies

Financial

Group,

Inc.

................

108,020

7,066,668

Security

Shares

Value

a

Capital

Markets

(continued)

KKR

&

Co.,

Inc.

..........................

478,741

$

62,212,393

Lazard,

Inc.

............................

65,003

3,430,858

LPL

Financial

Holdings,

Inc.

..................

56,656

18,848,885

MarketAxess

Holdings,

Inc.

..................

27,151

4,731,062

Moody's

Corp.

...........................

109,657

52,249,367

Morgan

Stanley

..........................

813,874

129,373,411

Morningstar,

Inc.

.........................

16,580

3,846,726

MSCI,

Inc.

.............................

53,064

30,109,044

Nasdaq,

Inc.

............................

291,437

25,777,603

Northern

Trust

Corp.

.......................

137,100

18,453,660

Raymond

James

Financial,

Inc.

...............

128,971

22,260,395

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

............

522,157

74,762,439

S&P

Global,

Inc.

.........................

217,064

105,647,219

SEI

Investments

Co.

.......................

72,089

6,116,752

State

Street

Corp.

........................

203,178

23,570,680

Stifel

Financial

Corp.

......................

70,241

7,970,246

T

Rowe

Price

Group,

Inc.

...................

155,686

15,979,611

TPG,

Inc.

,

Class

A

........................

91,348

5,247,943

Tradeweb

Markets,

Inc.

,

Class

A

...............

82,760

9,184,705

Virtu

Financial,

Inc.

,

Class

A

..................

59,662

2,118,001

XP,

Inc.

,

Class

A

.........................

288,439

5,419,769

1,551,698,485

a

Chemicals

 — 

1

.1

%

Air

Products

and

Chemicals,

Inc.

..............

157,009

42,819,494

Albemarle

Corp.

.........................

82,850

6,717,478

Ashland,

Inc.

............................

35,549

1,703,153

Axalta

Coating

Systems

Ltd.

(a)

................

153,764

4,400,726

Celanese

Corp.

..........................

76,820

3,232,586

CF

Industries

Holdings,

Inc.

..................

116,840

10,480,548

Corteva,

Inc.

............................

482,534

32,633,774

Dow,

Inc.

..............................

497,641

11,410,908

DuPont

de

Nemours,

Inc.

...................

295,721

23,036,666

Eastman

Chemical

Co.

.....................

81,004

5,107,302

Ecolab,

Inc.

............................

176,765

48,408,863

Element

Solutions,

Inc.

.....................

160,153

4,031,051

FMC

Corp.

.............................

87,649

2,947,636

Huntsman

Corp.

.........................

119,118

1,069,680

International

Flavors

&

Fragrances,

Inc.

..........

180,991

11,138,186

Linde

PLC

.............................

331,319

157,376,525

LyondellBasell

Industries

N.V.

,

Class

A

..........

179,843

8,819,501

Mosaic

Co.

(The)

.........................

226,159

7,843,194

NewMarket

Corp.

.........................

4,158

3,443,697

Olin

Corp.

..............................

81,224

2,029,788

PPG

Industries,

Inc.

.......................

160,329

16,852,181

RPM

International,

Inc.

.....................

89,370

10,534,936

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

31,120

1,772,284

Sherwin-Williams

Co.

(The)

..................

164,556

56,979,160

Westlake

Corp.

..........................

23,039

1,775,385

476,564,702

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Cintas

Corp.

............................

242,505

49,776,576

Clean

Harbors,

Inc.

(a)

......................

36,527

8,482,300

Copart,

Inc.

(a)

...........................

624,250

28,072,523

MSA

Safety,

Inc.

.........................

26,836

4,617,671

RB

Global,

Inc.

..........................

130,365

14,126,352

Republic

Services,

Inc.

.....................

142,890

32,790,397

Rollins,

Inc.

.............................

197,545

11,603,793

Tetra

Tech,

Inc.

..........................

186,407

6,222,266

Veralto

Corp.

............................

168,148

17,926,258

Waste

Management,

Inc.

....................

262,033

57,864,747

231,482,883

a

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

Communications

Equipment

 — 

0

.9

%

Arista

Networks,

Inc.

(a)

.....................

729,144

$

106,243,572

Ciena

Corp.

(a)

...........................

99,501

14,494,311

Cisco

Systems,

Inc.

.......................

2,812,526

192,433,029

F5,

Inc.

(a)

..............................

40,731

13,163,852

Lumentum

Holdings,

Inc.

(a)

(b)

.................

48,135

7,832,046

Motorola

Solutions,

Inc.

....................

117,679

53,813,430

Ubiquiti,

Inc.

............................

2,976

1,965,886

389,946,126

a

Construction

&

Engineering

 — 

0

.3

%

AECOM

...............................

93,664

12,220,342

API

Group

Corp.

(a)

........................

260,077

8,938,846

Comfort

Systems

USA,

Inc.

..................

24,564

20,269,722

EMCOR

Group,

Inc.

.......................

31,205

20,268,896

Everus

Construction

Group,

Inc.

(a)

..............

36,614

3,139,651

MasTec,

Inc.

(a)

...........................

43,750

9,310,438

Quanta

Services,

Inc.

......................

103,984

43,093,049

Valmont

Industries,

Inc.

.....................

13,850

5,370,060

WillScot

Holdings

Corp.

,

Class

A

..............

123,711

2,611,539

125,222,543

a

Construction

Materials

 — 

0

.3

%

CRH

PLC

..............................

478,389

57,358,841

Eagle

Materials,

Inc.

.......................

23,284

5,426,103

James

Hardie

Industries

PLC

(a)

(b)

..............

106,818

2,051,974

Martin

Marietta

Materials,

Inc.

................

42,284

26,650,760

Vulcan

Materials

Co.

......................

93,587

28,789,233

120,276,911

a

Consumer

Finance

 — 

0

.6

%

Ally

Financial,

Inc.

........................

197,428

7,739,178

American

Express

Co.

.....................

388,175

128,936,208

Capital

One

Financial

Corp.

..................

443,481

94,275,191

Credit

Acceptance

Corp.

(a)

(b)

..................

3,176

1,482,970

OneMain

Holdings,

Inc.

.....................

82,151

4,638,245

SLM

Corp.

.............................

149,264

4,131,627

SoFi

Technologies,

Inc.

(a)

(b)

..................

799,376

21,119,514

Synchrony

Financial

.......................

268,319

19,064,065

281,386,998

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Albertsons

Companies,

Inc.

,

Class

A

............

293,173

5,133,459

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

93,864

8,752,818

Casey's

General

Stores,

Inc.

.................

26,163

14,790,467

Costco

Wholesale

Corp.

....................

313,624

290,299,783

Dollar

General

Corp.

......................

155,827

16,104,721

Dollar

Tree,

Inc.

(a)

(b)

.......................

142,661

13,462,919

Kroger

Co.

(The)

.........................

427,727

28,833,077

Maplebear,

Inc.

(a)

.........................

121,765

4,476,082

Performance

Food

Group

Co.

(a)

...............

109,206

11,361,792

Sprouts

Farmers

Market,

Inc.

(a)

................

69,045

7,512,096

Sysco

Corp.

............................

342,223

28,178,642

Target

Corp.

............................

320,589

28,756,833

U.S.

Foods

Holding

Corp.

(a)

..................

161,968

12,409,988

Walmart,

Inc.

............................

3,074,321

316,839,522

786,912,199

a

Containers

&

Packaging

 — 

0

.2

%

Amcor

PLC

.............................

1,619,035

13,243,706

AptarGroup,

Inc.

.........................

46,969

6,277,877

Avery

Dennison

Corp.

......................

54,870

8,898,268

Ball

Corp.

..............................

199,181

10,042,706

Crown

Holdings,

Inc.

......................

82,612

7,979,493

Graphic

Packaging

Holding

Co.

...............

210,171

4,113,047

International

Paper

Co.

.....................

371,562

17,240,477

Packaging

Corp.

of

America

.................

62,294

13,575,731

Security

Shares

Value

a

Containers

&

Packaging

(continued)

Sealed

Air

Corp.

.........................

104,029

$

3,677,425

Silgan

Holdings,

Inc.

.......................

60,788

2,614,492

Smurfit

WestRock

PLC

.....................

367,092

15,627,106

Sonoco

Products

Co.

......................

71,036

3,060,941

106,351,269

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

97,600

13,527,360

LKQ

Corp.

.............................

185,098

5,652,893

Pool

Corp.

.............................

25,317

7,850,042

27,030,295

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

360,837

3,142,890

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

40,261

4,371,137

Duolingo,

Inc.

,

Class

A

(a)

....................

26,680

8,586,691

Grand

Canyon

Education,

Inc.

(a)

...............

19,608

4,304,348

H&R

Block,

Inc.

..........................

93,547

4,730,672

Service

Corp.

International

..................

98,906

8,230,958

33,366,696

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

..........................

154,419

10,434,092

a

Diversified

Telecommunication

Services

 — 

0

.7

%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

.............

136,015

6,675,616

AT&T,

Inc.

..............................

4,957,096

139,988,391

Frontier

Communications

Parent,

Inc.

(a)

..........

164,770

6,154,160

GCI

Liberty,

Inc.

,

Series

A

(a)

(b)

.................

2,358

88,555

GCI

Liberty,

Inc.

,

Series

C

,

NVS

(a)

..............

15,624

582,306

Iridium

Communications,

Inc.

.................

66,923

1,168,476

Liberty

Global

Ltd.

,

Class

A

(a)

(b)

................

116,795

1,338,470

Liberty

Global

Ltd.

,

Class

C

,

NVS

(a)

(b)

............

98,837

1,161,335

Verizon

Communications,

Inc.

................

2,984,969

131,189,388

288,346,697

a

Electric

Utilities

 — 

1

.4

%

Alliant

Energy

Corp.

.......................

181,771

12,253,183

American

Electric

Power

Co.,

Inc.

..............

377,123

42,426,338

Constellation

Energy

Corp.

..................

220,932

72,702,093

Duke

Energy

Corp.

.......................

549,185

67,961,644

Edison

International

.......................

269,408

14,892,874

Entergy

Corp.

...........................

315,566

29,407,596

Evergy,

Inc.

.............................

162,652

12,364,805

Eversource

Energy

.......................

259,967

18,494,052

Exelon

Corp.

............................

713,541

32,116,480

FirstEnergy

Corp.

........................

387,084

17,736,189

IDACORP,

Inc.

..........................

37,700

4,982,055

NextEra

Energy,

Inc.

......................

1,458,395

110,094,239

NRG

Energy,

Inc.

.........................

134,449

21,774,016

OGE

Energy

Corp.

........................

144,420

6,682,313

PG&E

Corp.

............................

1,545,465

23,305,612

Pinnacle

West

Capital

Corp.

.................

84,101

7,540,496

PPL

Corp.

.............................

522,440

19,413,870

Southern

Co.

(The)

.......................

778,294

73,758,922

Xcel

Energy,

Inc.

.........................

418,187

33,726,782

621,633,559

a

Electrical

Equipment

 — 

1

.0

%

Acuity,

Inc.

.............................

21,828

7,517,345

AMETEK,

Inc.

...........................

162,513

30,552,444

Eaton

Corp.

PLC

.........................

277,149

103,723,013

Emerson

Electric

Co.

......................

397,562

52,152,183

GE

Vernova,

Inc.

.........................

193,245

118,826,350

Generac

Holdings,

Inc.

(a)

....................

41,908

7,015,399

Hubbell,

Inc.

............................

37,638

16,196,008

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Electrical

Equipment

(continued)

nVent

Electric

PLC

........................

116,184

$

11,460,390

Regal

Rexnord

Corp.

......................

46,863

6,722,029

Rockwell

Automation,

Inc.

...................

80,007

27,964,847

Sensata

Technologies

Holding

PLC

............

99,955

3,053,625

Vertiv

Holdings

Co.

,

Class

A

.................

268,335

40,481,018

425,664,651

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.7

%

Amphenol

Corp.

,

Class

A

...................

850,669

105,270,289

Arrow

Electronics,

Inc.

(a)

....................

37,786

4,572,106

Avnet,

Inc.

.............................

61,492

3,214,802

CDW

Corp.

.............................

92,794

14,780,228

Cognex

Corp.

...........................

121,806

5,517,812

Coherent

Corp.

(a)

(b)

........................

108,234

11,658,967

Corning,

Inc.

............................

550,740

45,177,202

Crane

NXT

Co.

..........................

34,239

2,296,410

Flex

Ltd.

(a)

..............................

268,858

15,585,698

Ingram

Micro

Holding

Corp.

(b)

.................

12,592

270,602

IPG

Photonics

Corp.

(a)

.....................

17,522

1,387,567

Jabil,

Inc.

..............................

74,399

16,157,231

Keysight

Technologies,

Inc.

(a)

.................

121,365

21,229,166

Littelfuse,

Inc.

...........................

16,988

4,400,062

Ralliant

Corp.

...........................

80,583

3,523,895

TD

SYNNEX

Corp.

........................

55,547

9,095,821

Teledyne

Technologies,

Inc.

(a)

.................

32,758

19,197,498

Trimble,

Inc.

(a)

(b)

..........................

168,016

13,718,506

Vontier

Corp.

............................

104,039

4,366,517

Zebra

Technologies

Corp.

,

Class

A

(a)

............

36,058

10,714,995

312,135,374

a

Energy

Equipment

&

Services

 — 

0

.2

%

Baker

Hughes

Co.

,

Class

A

..................

699,527

34,080,955

Halliburton

Co.

..........................

604,703

14,875,694

NOV,

Inc.

..............................

263,509

3,491,494

Schlumberger

N.V.

........................

1,058,862

36,393,087

TechnipFMC

PLC

........................

292,984

11,558,219

Weatherford

International

PLC

................

51,069

3,494,652

103,894,101

a

Entertainment

 — 

1

.8

%

Electronic

Arts,

Inc.

.......................

177,651

35,832,207

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

14,966

1,425,063

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

148,720

15,533,804

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

13,651

1,287,289

Liberty

Media

Corp.-Liberty

Live

,

Series

C

,

NVS

(a)

...

32,618

3,162,968

Live

Nation

Entertainment,

Inc.

(a)

..............

112,427

18,370,572

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

....

11,343

2,574,861

Netflix,

Inc.

(a)

............................

299,455

359,022,589

ROBLOX

Corp.

,

Class

A

(a)

...................

431,768

59,808,503

Roku,

Inc.

,

Class

A

(a)

......................

90,172

9,028,922

Spotify

Technology

SA

(a)

(b)

...................

108,475

75,715,550

Take-Two

Interactive

Software,

Inc.

(a)

............

128,731

33,258,941

TKO

Group

Holdings,

Inc.

,

Class

A

.............

48,509

9,796,878

Walt

Disney

Co.

(The)

.....................

1,279,783

146,535,153

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

1,645,880

32,144,036

803,497,336

a

Financial

Services

 — 

3

.9

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

................

189,391

13,840,694

Apollo

Global

Management,

Inc.

...............

292,498

38,981,208

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

1,303,330

655,236,124

Block,

Inc.

,

Class

A

(a)

......................

387,282

27,988,870

Corpay,

Inc.

(a)

...........................

48,319

13,918,771

Equitable

Holdings,

Inc.

....................

222,802

11,313,886

Security

Shares

Value

a

Financial

Services

(continued)

Euronet

Worldwide,

Inc.

(a)

...................

28,986

$

2,545,261

Fidelity

National

Information

Services,

Inc.

........

374,856

24,718,005

Fiserv,

Inc.

(a)

............................

382,263

49,285,169

Global

Payments,

Inc.

.....................

174,988

14,538,003

Jack

Henry

&

Associates,

Inc.

................

52,102

7,759,551

Mastercard,

Inc.

,

Class

A

....................

574,916

327,017,970

MGIC

Investment

Corp.

....................

164,556

4,668,454

Mr

Cooper

Group,

Inc.

.....................

44,237

9,324,717

PayPal

Holdings,

Inc.

(a)

.....................

675,925

45,327,530

Rocket

Companies,

Inc.

,

Class

A

(b)

.............

177,489

3,439,737

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

46,838

3,625,261

Toast,

Inc.

,

Class

A

(a)

......................

324,016

11,829,824

UWM

Holdings

Corp.

,

Class

A

................

123,929

754,728

Visa,

Inc.

,

Class

A

........................

1,203,583

410,879,164

Voya

Financial,

Inc.

.......................

68,074

5,091,935

Western

Union

Co.

(The)

...................

198,433

1,585,480

WEX,

Inc.

(a)

(b)

............................

23,942

3,771,583

1,687,441,925

a

Food

Products

 — 

0

.5

%

Archer-Daniels-Midland

Co.

..................

338,647

20,230,772

Bunge

Global

SA

.........................

93,968

7,634,900

Conagra

Brands,

Inc.

......................

338,254

6,193,431

Darling

Ingredients,

Inc.

(a)

...................

111,731

3,449,136

Flowers

Foods,

Inc.

.......................

130,595

1,704,265

Freshpet,

Inc.

(a)

..........................

32,934

1,814,993

General

Mills,

Inc.

........................

385,520

19,437,918

Hershey

Co.

(The)

........................

103,032

19,272,136

Hormel

Foods

Corp.

.......................

206,456

5,107,721

Ingredion,

Inc.

...........................

45,039

5,499,712

J

M

Smucker

Co.

(The)

.....................

72,557

7,879,690

Kellanova

..............................

195,989

16,075,018

Kraft

Heinz

Co.

(The)

......................

602,238

15,682,277

Lamb

Weston

Holdings,

Inc.

.................

96,117

5,582,475

McCormick

&

Co.,

Inc.

,

NVS

.................

179,489

12,009,609

Mondelez

International,

Inc.

,

Class

A

............

917,825

57,336,528

Pilgrim's

Pride

Corp.

.......................

27,841

1,133,686

Post

Holdings,

Inc.

(a)

.......................

36,930

3,969,236

Seaboard

Corp.

..........................

145

528,815

Smithfield

Foods,

Inc.

......................

18,104

425,082

The

Campbell's

Company

...................

137,854

4,353,429

Tyson

Foods,

Inc.

,

Class

A

..................

196,686

10,680,050

226,000,879

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

111,708

19,074,141

MDU

Resources

Group,

Inc.

.................

146,444

2,608,168

National

Fuel

Gas

Co.

.....................

63,101

5,828,639

UGI

Corp.

..............................

155,406

5,168,804

32,679,752

a

Ground

Transportation

 — 

0

.9

%

Avis

Budget

Group,

Inc.

(a)

...................

12,603

2,023,727

CSX

Corp.

.............................

1,324,111

47,019,182

JB

Hunt

Transport

Services,

Inc.

..............

56,269

7,549,612

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

109,460

4,324,765

Landstar

System,

Inc.

......................

25,209

3,089,615

Lyft,

Inc.

,

Class

A

(a)

........................

270,049

5,943,778

Norfolk

Southern

Corp.

.....................

159,807

48,007,621

Old

Dominion

Freight

Line,

Inc.

...............

131,461

18,507,079

Ryder

System,

Inc.

........................

28,363

5,350,396

Saia,

Inc.

(a)

.............................

18,550

5,553,128

Schneider

National,

Inc.

,

Class

B

..............

33,173

701,941

Uber

Technologies,

Inc.

(a)

...................

1,423,036

139,414,837

U-Haul

Holding

Co.

(a)

(b)

.....................

6,272

357,943

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Ground

Transportation

(continued)

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

70,901

$

3,608,861

Union

Pacific

Corp.

.......................

422,950

99,972,691

XPO,

Inc.

(a)

(b)

............................

80,209

10,368,617

401,793,793

a

Health

Care

Equipment

&

Supplies

 — 

1

.9

%

Abbott

Laboratories

.......................

1,223,560

163,883,626

Align

Technology,

Inc.

(a)

.....................

48,367

6,056,516

Baxter

International,

Inc.

....................

360,740

8,214,050

Becton

Dickinson

&

Co.

....................

201,750

37,761,548

Boston

Scientific

Corp.

(a)

....................

1,043,891

101,915,078

Cooper

Companies,

Inc.

(The)

(a)

...............

140,127

9,607,107

DENTSPLY

SIRONA,

Inc.

...................

140,654

1,784,899

Dexcom,

Inc.

(a)

..........................

276,674

18,617,393

Edwards

Lifesciences

Corp.

(a)

................

406,009

31,575,320

Envista

Holdings

Corp.

(a)

(b)

...................

117,189

2,387,140

GE

HealthCare

Technologies,

Inc.

(b)

............

322,504

24,220,050

Globus

Medical,

Inc.

,

Class

A

(a)

...............

79,178

4,534,524

Hologic,

Inc.

(a)

...........................

157,273

10,614,355

IDEXX

Laboratories,

Inc.

(a)

...................

56,916

36,363,063

Inspire

Medical

Systems,

Inc.

(a)

...............

21,082

1,564,284

Insulet

Corp.

(a)

...........................

49,608

15,315,478

Intuitive

Surgical,

Inc.

(a)

.....................

252,270

112,822,712

Masimo

Corp.

(a)

..........................

30,495

4,499,537

Medtronic

PLC

..........................

907,208

86,402,490

Penumbra,

Inc.

(a)

.........................

26,568

6,730,206

ResMed,

Inc.

...........................

103,490

28,328,318

Solventum

Corp.

(a)

........................

104,247

7,610,031

STERIS

PLC

............................

69,143

17,108,744

Stryker

Corp.

...........................

243,459

89,999,489

Teleflex,

Inc.

............................

31,508

3,855,319

Zimmer

Biomet

Holdings,

Inc.

................

140,463

13,835,606

845,606,883

a

Health

Care

Providers

&

Services

 — 

1

.6

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

64,130

1,587,859

Cardinal

Health,

Inc.

.......................

170,330

26,734,997

Cencora,

Inc.

...........................

129,171

40,369,813

Centene

Corp.

(a)

.........................

350,238

12,496,492

Chemed

Corp.

...........................

10,052

4,500,682

Cigna

Group

(The)

........................

186,169

53,663,214

CVS

Health

Corp.

........................

883,635

66,617,243

DaVita,

Inc.

(a)

............................

26,995

3,586,826

Elevance

Health,

Inc.

......................

159,514

51,542,164

Encompass

Health

Corp.

...................

69,352

8,809,091

HCA

Healthcare,

Inc.

......................

120,712

51,447,454

Henry

Schein,

Inc.

(a)

(b)

......................

77,298

5,130,268

Humana,

Inc.

...........................

85,190

22,163,882

Labcorp

Holdings,

Inc.

.....................

59,203

16,994,813

McKesson

Corp.

.........................

88,540

68,400,692

Molina

Healthcare,

Inc.

(a)

....................

37,817

7,236,661

Quest

Diagnostics,

Inc.

.....................

78,143

14,892,493

Tenet

Healthcare

Corp.

(a)

....................

61,532

12,493,457

UnitedHealth

Group,

Inc.

....................

643,015

222,033,079

Universal

Health

Services,

Inc.

,

Class

B

.........

38,856

7,943,721

698,644,901

a

Health

Care

REITs

 — 

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.

............

121,065

10,089,557

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

231,462

4,173,260

Healthpeak

Properties,

Inc.

..................

489,485

9,373,638

Medical

Properties

Trust,

Inc.

.................

351,852

1,783,890

Omega

Healthcare

Investors,

Inc.

..............

202,555

8,551,872

Ventas,

Inc.

............................

320,151

22,407,368

Security

Shares

Value

a

Health

Care

REITs

(continued)

Welltower,

Inc.

...........................

472,857

$

84,234,746

140,614,331

a

Health

Care

Technology

 — 

0

.1

%

Certara,

Inc.

(a)

(b)

..........................

81,437

995,160

Doximity,

Inc.

,

Class

A

(a)

....................

92,162

6,741,651

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

104,399

31,101,506

38,838,317

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

..................

483,204

8,224,132

Park

Hotels

&

Resorts,

Inc.

..................

146,439

1,622,544

9,846,676

a

Hotels,

Restaurants

&

Leisure

 — 

2

.1

%

Airbnb,

Inc.

,

Class

A

(a)

......................

299,970

36,422,357

Aramark

...............................

185,311

7,115,942

Booking

Holdings,

Inc.

.....................

22,922

123,762,067

Boyd

Gaming

Corp.

.......................

40,990

3,543,586

Caesars

Entertainment,

Inc.

(a)

(b)

...............

157,160

4,247,249

Carnival

Corp.

(a)

..........................

762,409

22,041,244

Cava

Group,

Inc.

(a)

(b)

.......................

70,354

4,250,085

Chipotle

Mexican

Grill,

Inc.

(a)

.................

946,202

37,081,656

Choice

Hotels

International,

Inc.

(b)

..............

18,384

1,965,433

Churchill

Downs,

Inc.

......................

45,880

4,450,819

Darden

Restaurants,

Inc.

...................

82,000

15,609,520

Domino's

Pizza,

Inc.

.......................

22,449

9,691,458

DoorDash,

Inc.

,

Class

A

(a)

...................

253,156

68,855,900

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

339,014

12,679,124

Dutch

Bros,

Inc.

,

Class

A

(a)

(b)

.................

81,735

4,278,010

Expedia

Group,

Inc.

.......................

85,208

18,213,210

Flutter

Entertainment

PLC

,

Class

DI

(a)

...........

123,577

31,388,558

Hilton

Worldwide

Holdings,

Inc.

...............

164,530

42,685,663

Hyatt

Hotels

Corp.

,

Class

A

..................

29,076

4,126,757

Las

Vegas

Sands

Corp.

....................

225,916

12,152,022

Light

&

Wonder,

Inc.

(a)

(b)

.....................

58,368

4,899,410

Marriott

International,

Inc.

,

Class

A

.............

161,253

41,996,731

McDonald's

Corp.

........................

505,140

153,506,995

MGM

Resorts

International

(a)

(b)

................

144,492

5,008,093

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

314,163

7,737,835

Penn

Entertainment,

Inc.

(a)

...................

110,789

2,133,796

Planet

Fitness,

Inc.

,

Class

A

(a)

................

59,025

6,126,795

Restaurant

Brands

International,

Inc.

............

228,207

14,637,197

Royal

Caribbean

Cruises

Ltd.

................

178,659

57,810,479

Starbucks

Corp.

..........................

804,039

68,021,699

Texas

Roadhouse,

Inc.

.....................

47,006

7,810,047

Travel

+

Leisure

Co.

.......................

44,073

2,621,903

Vail

Resorts,

Inc.

.........................

25,267

3,779,185

Viking

Holdings

Ltd.

(a)

......................

123,099

7,651,834

Wendy's

Co.

(The)

........................

124,353

1,139,073

Wingstop,

Inc.

...........................

19,606

4,934,438

Wyndham

Hotels

&

Resorts,

Inc.

..............

53,614

4,283,759

Wynn

Resorts

Ltd.

........................

58,892

7,554,077

Yum!

Brands,

Inc.

........................

196,587

29,881,224

896,095,230

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

188,147

31,885,272

Garmin

Ltd.

.............................

114,978

28,309,883

Lennar

Corp.

,

Class

A

......................

160,960

20,287,399

Lennar

Corp.

,

Class

B

.....................

6,198

743,698

Mohawk

Industries,

Inc.

(a)

...................

36,966

4,765,657

Newell

Brands,

Inc.

.......................

295,705

1,549,494

NVR,

Inc.

(a)

.............................

1,979

15,900,592

PulteGroup,

Inc.

.........................

140,887

18,615,399

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Household

Durables

(continued)

SharkNinja,

Inc.

(a)

.........................

58,493

$

6,033,553

Somnigroup

International,

Inc.

................

142,588

12,024,446

Toll

Brothers,

Inc.

.........................

69,892

9,654,881

TopBuild

Corp.

(a)

.........................

20,541

8,028,655

Whirlpool

Corp.

(b)

.........................

37,719

2,964,714

160,763,643

a

Household

Products

 — 

0

.8

%

Church

&

Dwight

Co.,

Inc.

...................

173,131

15,171,469

Clorox

Co.

(The)

.........................

87,572

10,797,628

Colgate-Palmolive

Co.

.....................

567,087

45,332,935

Kimberly-Clark

Corp.

......................

234,594

29,169,418

Procter

&

Gamble

Co.

(The)

.................

1,659,765

255,022,892

Reynolds

Consumer

Products,

Inc.

.............

38,005

929,982

356,424,324

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.2

%

AES

Corp.

(The)

.........................

501,428

6,598,793

Brookfield

Renewable

Corp.

,

Class

A

(b)

..........

94,100

3,238,922

Clearway

Energy,

Inc.

,

Class

A

................

24,426

657,792

Clearway

Energy,

Inc.

,

Class

C

...............

58,600

1,655,450

Talen

Energy

Corp.

(a)

......................

32,024

13,622,369

Vistra

Corp.

............................

238,650

46,756,308

72,529,634

a

Industrial

Conglomerates

 — 

0

.3

%

3M

Co.

................................

376,830

58,476,479

Honeywell

International,

Inc.

.................

449,337

94,585,439

153,061,918

a

Industrial

REITs

 — 

0

.2

%

Americold

Realty

Trust,

Inc.

..................

201,921

2,471,513

EastGroup

Properties,

Inc.

..................

36,849

6,237,062

First

Industrial

Realty

Trust,

Inc.

...............

93,442

4,809,460

Lineage,

Inc.

............................

49,944

1,929,836

Prologis,

Inc.

............................

654,376

74,939,140

Rexford

Industrial

Realty,

Inc.

................

167,173

6,872,482

STAG

Industrial,

Inc.

......................

131,370

4,636,047

101,895,540

a

Insurance

 — 

2

.0

%

Aflac,

Inc.

..............................

343,621

38,382,466

Allstate

Corp.

(The)

.......................

185,889

39,901,074

American

Financial

Group,

Inc.

...............

46,610

6,792,009

American

International

Group,

Inc.

.............

411,657

32,331,541

Aon

PLC

,

Class

A

........................

148,121

52,816,986

Arch

Capital

Group

Ltd.

....................

257,567

23,369,054

Arthur

J

Gallagher

&

Co.

....................

178,886

55,408,150

Assurant,

Inc.

...........................

35,300

7,645,980

Assured

Guaranty

Ltd.

.....................

32,831

2,779,144

Axis

Capital

Holdings

Ltd.

...................

55,669

5,333,090

Brighthouse

Financial,

Inc.

(a)

.................

41,499

2,202,767

Brown

&

Brown,

Inc.

.......................

197,465

18,520,242

Chubb

Ltd.

.............................

262,532

74,099,657

Cincinnati

Financial

Corp.

...................

107,843

17,049,978

CNA

Financial

Corp.

.......................

17,487

812,446

Everest

Group

Ltd.

........................

29,811

10,440,706

Fidelity

National

Financial,

Inc.

................

183,656

11,109,351

First

American

Financial

Corp.

................

68,495

4,400,119

Globe

Life,

Inc.

..........................

58,575

8,374,468

Hanover

Insurance

Group,

Inc.

(The)

...........

25,402

4,613,765

Hartford

Insurance

Group,

Inc.

(The)

............

200,213

26,706,412

Kemper

Corp.

...........................

44,281

2,282,686

Kinsale

Capital

Group,

Inc.

..................

15,439

6,565,589

Lincoln

National

Corp.

.....................

124,762

5,031,651

Loews

Corp.

............................

120,493

12,096,292

Security

Shares

Value

a

Insurance

(continued)

Markel

Group,

Inc.

(a)

.......................

8,767

$

16,756,893

Marsh

&

McLennan

Companies,

Inc.

............

348,122

70,157,027

MetLife,

Inc.

............................

396,820

32,686,063

Old

Republic

International

Corp.

...............

161,203

6,846,291

Primerica,

Inc.

...........................

23,351

6,482,004

Principal

Financial

Group,

Inc.

................

156,631

12,986,276

Progressive

Corp.

(The)

....................

413,906

102,214,087

Prudential

Financial,

Inc.

....................

250,152

25,950,768

Reinsurance

Group

of

America,

Inc.

............

46,428

8,920,212

RenaissanceRe

Holdings

Ltd.

................

33,706

8,558,965

RLI

Corp.

..............................

59,676

3,892,069

Ryan

Specialty

Holdings,

Inc.

,

Class

A

...........

72,738

4,099,514

Travelers

Companies,

Inc.

(The)

...............

160,062

44,692,512

Unum

Group

............................

122,083

9,495,616

W

R

Berkley

Corp.

........................

205,027

15,709,169

White

Mountains

Insurance

Group

Ltd.

(b)

.........

1,805

3,017,094

Willis

Towers

Watson

PLC

...................

69,932

24,158,009

865,688,192

a

Interactive

Media

&

Services

 — 

6

.9

%

Alphabet,

Inc.

,

Class

A

.....................

4,107,555

998,546,621

Alphabet,

Inc.

,

Class

C

,

NVS

.................

3,344,530

814,560,281

IAC,

Inc.

(a)

(b)

............................

51,554

1,756,445

Match

Group,

Inc.

........................

174,640

6,168,285

Meta

Platforms,

Inc.

,

Class

A

.................

1,542,830

1,133,023,495

Pinterest,

Inc.

,

Class

A

(a)

....................

418,309

13,457,001

Reddit,

Inc.

,

Class

A

(a)

......................

82,202

18,905,638

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

.......

113,366

1,861,470

ZoomInfo

Technologies,

Inc.

(a)

................

196,639

2,145,331

2,990,424,567

a

IT

Services

 — 

1

.2

%

Accenture

PLC

,

Class

A

....................

442,568

109,137,269

Akamai

Technologies,

Inc.

(a)

..................

101,246

7,670,397

Amdocs

Ltd.

............................

79,040

6,485,232

Cloudflare,

Inc.

,

Class

A

(a)

...................

217,698

46,715,814

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

348,268

23,358,335

DXC

Technology

Co.

(a)

.....................

125,580

1,711,655

EPAM

Systems,

Inc.

(a)

......................

39,275

5,922,277

Gartner,

Inc.

(a)

...........................

53,344

14,022,537

Globant

SA

(a)

(b)

..........................

29,523

1,694,030

GoDaddy,

Inc.

,

Class

A

(a)

....................

96,936

13,263,753

International

Business

Machines

Corp.

..........

657,457

185,508,067

Kyndryl

Holdings,

Inc.

(a)

(b)

...................

161,710

4,856,151

MongoDB,

Inc.

,

Class

A

(a)

...................

55,651

17,272,957

Okta,

Inc.

,

Class

A

(a)

.......................

115,546

10,595,568

Snowflake,

Inc.

(a)

.........................

221,036

49,854,670

Twilio,

Inc.

,

Class

A

(a)

......................

99,727

9,981,676

VeriSign,

Inc.

...........................

59,514

16,638,329

524,688,717

a

Leisure

Products

 — 

0

.0

%

Brunswick

Corp.

.........................

45,226

2,860,092

Hasbro,

Inc.

............................

93,242

7,072,406

Mattel,

Inc.

(a)

............................

226,487

3,811,776

YETI

Holdings,

Inc.

(a)

......................

60,599

2,010,675

15,754,949

a

Life

Sciences

Tools

&

Services

 — 

0

.9

%

Agilent

Technologies,

Inc.

...................

201,018

25,800,660

Avantor,

Inc.

(a)

...........................

465,608

5,810,788

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

13,609

3,815,828

Bio-Techne

Corp.

.........................

112,192

6,241,241

Bruker

Corp.

............................

77,517

2,518,527

Charles

River

Laboratories

International,

Inc.

(a)

.....

34,437

5,388,013

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Danaher

Corp.

..........................

451,224

$

89,459,670

Illumina,

Inc.

(a)

...........................

113,117

10,742,721

IQVIA

Holdings,

Inc.

(a)

......................

119,362

22,671,618

Medpace

Holdings,

Inc.

(a)

...................

16,093

8,274,377

Mettler-Toledo

International,

Inc.

(a)

.............

14,739

18,093,744

QIAGEN

N.V.

(b)

..........................

152,017

6,792,120

Repligen

Corp.

(a)

.........................

37,130

4,963,167

Revvity,

Inc.

............................

85,280

7,474,792

Sotera

Health

Co.

(a)

.......................

106,373

1,673,247

Tempus

AI,

Inc.

,

Class

A

(a)

(b)

..................

58,080

4,687,637

Thermo

Fisher

Scientific,

Inc.

.................

266,387

129,203,023

Waters

Corp.

(a)

..........................

41,798

12,531,458

West

Pharmaceutical

Services,

Inc.

(b)

...........

50,350

13,208,316

379,350,947

a

Machinery

 — 

1

.6

%

AGCO

Corp.

............................

45,109

4,829,821

Allison

Transmission

Holdings,

Inc.

.............

59,024

5,009,957

Caterpillar,

Inc.

..........................

327,219

156,132,546

CNH

Industrial

N.V.

.......................

617,159

6,696,175

Crane

Co.

..............................

34,239

6,304,769

Cummins,

Inc.

...........................

97,235

41,069,147

Deere

&

Co.

............................

172,341

78,804,646

Donaldson

Co.,

Inc.

.......................

85,528

7,000,467

Dover

Corp.

............................

95,587

15,946,779

Esab

Corp.

.............................

40,125

4,483,568

Flowserve

Corp.

.........................

94,007

4,995,532

Fortive

Corp.

............................

241,478

11,830,007

Gates

Industrial

Corp.

PLC

(a)

(b)

................

179,223

4,448,315

Graco,

Inc.

.............................

116,976

9,938,281

IDEX

Corp.

.............................

54,075

8,801,247

Illinois

Tool

Works,

Inc.

.....................

206,680

53,893,877

Ingersoll

Rand,

Inc.

(b)

......................

285,449

23,583,796

ITT,

Inc.

...............................

56,823

10,157,680

Lincoln

Electric

Holdings,

Inc.

................

38,250

9,020,498

Middleby

Corp.

(The)

(a)

.....................

35,556

4,726,459

Mueller

Industries,

Inc.

.....................

76,493

7,734,207

Nordson

Corp.

...........................

38,013

8,627,050

Oshkosh

Corp.

..........................

45,818

5,942,595

Otis

Worldwide

Corp.

......................

278,750

25,486,113

PACCAR,

Inc.

...........................

364,313

35,819,254

Parker-Hannifin

Corp.

......................

90,876

68,897,639

Pentair

PLC

............................

115,300

12,770,628

RBC

Bearings,

Inc.

(a)

......................

21,872

8,536,423

Snap-on,

Inc.

...........................

36,627

12,692,354

Stanley

Black

&

Decker,

Inc.

.................

109,786

8,160,393

Timken

Co.

(The)

.........................

43,766

3,290,328

Toro

Co.

(The)

...........................

69,817

5,320,055

Westinghouse

Air

Brake

Technologies

Corp.

.......

119,617

23,979,620

Xylem,

Inc.

.............................

171,006

25,223,385

720,153,611

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

41,434

3,457,667

a

Media

 — 

0

.4

%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

62,364

17,156,648

Comcast

Corp.

,

Class

A

....................

2,587,963

81,313,798

DoubleVerify

Holdings,

Inc.

(a)

.................

97,274

1,165,343

Fox

Corp.

,

Class

A

,

NVS

....................

152,198

9,597,606

Fox

Corp.

,

Class

B

........................

105,429

6,040,027

Interpublic

Group

of

Companies,

Inc.

(The)

.......

266,309

7,432,684

Liberty

Broadband

Corp.

,

Series

A

(a)

............

11,791

746,724

Liberty

Broadband

Corp.

,

Series

C

,

NVS

(a)

........

78,172

4,967,049

New

York

Times

Co.

(The)

,

Class

A

.............

113,876

6,536,482

Security

Shares

Value

a

Media

(continued)

News

Corp.

,

Class

A

,

NVS

..................

270,465

$

8,305,980

News

Corp.

,

Class

B

(b)

.....................

81,941

2,831,062

Nexstar

Media

Group,

Inc.

...................

19,906

3,936,212

NIQ

Global

Intelligence

PLC

(a)

................

33,697

529,043

Omnicom

Group,

Inc.

......................

136,928

11,163,740

Sirius

XM

Holdings,

Inc.

....................

133,898

3,116,476

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

316,629

15,517,987

180,356,861

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

.............................

183,766

6,044,064

Anglogold

Ashanti

PLC

.....................

355,297

24,988,038

Cleveland-Cliffs,

Inc.

(a)

.....................

351,959

4,293,900

Freeport-McMoRan,

Inc.

....................

1,009,069

39,575,686

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

91,393

6,129,729

Newmont

Corp.

..........................

776,307

65,450,443

Nucor

Corp.

............................

162,015

21,941,691

Reliance,

Inc.

...........................

37,208

10,449,123

Royal

Gold,

Inc.

..........................

46,211

9,269,002

Southern

Copper

Corp.

.....................

58,243

7,068,370

Steel

Dynamics,

Inc.

.......................

99,056

13,811,378

209,021,424

a

Mortgage

REITs

 — 

0

.1

%

AGNC

Investment

Corp.

....................

734,959

7,195,249

Annaly

Capital

Management,

Inc.

..............

453,998

9,175,300

Rithm

Capital

Corp.

.......................

363,156

4,136,347

Starwood

Property

Trust,

Inc.

.................

241,777

4,683,220

25,190,116

a

Multi-Utilities

 — 

0

.6

%

Ameren

Corp.

...........................

190,496

19,883,972

CenterPoint

Energy,

Inc.

....................

457,776

17,761,709

CMS

Energy

Corp.

........................

211,833

15,518,886

Consolidated

Edison,

Inc.

...................

254,238

25,556,004

Dominion

Energy,

Inc.

......................

601,990

36,823,728

DTE

Energy

Co.

.........................

146,753

20,755,277

NiSource,

Inc.

...........................

331,233

14,342,389

Public

Service

Enterprise

Group,

Inc.

...........

353,712

29,520,803

Sempra

...............................

460,474

41,433,451

WEC

Energy

Group,

Inc.

....................

226,224

25,923,008

247,519,227

a

Office

REITs

 — 

0

.0

%

BXP,

Inc.

..............................

110,519

8,215,982

Cousins

Properties,

Inc.

....................

117,221

3,392,376

Highwoods

Properties,

Inc.

..................

76,710

2,440,912

Kilroy

Realty

Corp.

........................

81,246

3,432,644

Vornado

Realty

Trust

......................

125,861

5,101,146

22,583,060

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.7

%

Antero

Midstream

Corp.

....................

239,262

4,651,253

Antero

Resources

Corp.

(a)

...................

203,879

6,842,179

APA

Corp.

.............................

248,223

6,026,854

Cheniere

Energy,

Inc.

......................

155,612

36,565,708

Chevron

Corp.

...........................

1,357,232

210,764,557

Chord

Energy

Corp.

.......................

41,404

4,114,315

Civitas

Resources,

Inc.

.....................

63,159

2,052,668

ConocoPhillips

..........................

895,549

84,709,980

Coterra

Energy,

Inc.

.......................

532,136

12,585,016

Devon

Energy

Corp.

.......................

438,638

15,378,648

Diamondback

Energy,

Inc.

...................

135,497

19,389,621

DT

Midstream,

Inc.

........................

71,386

8,070,901

EOG

Resources,

Inc.

......................

389,528

43,673,879

EQT

Corp.

.............................

439,208

23,906,091

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Expand

Energy

Corp.

......................

155,002

$

16,467,412

Exxon

Mobil

Corp.

........................

3,062,077

345,249,182

HF

Sinclair

Corp.

.........................

112,864

5,907,302

Kinder

Morgan,

Inc.

.......................

1,371,318

38,822,013

Marathon

Petroleum

Corp.

..................

217,157

41,854,840

Matador

Resources

Co.

....................

83,075

3,732,560

Occidental

Petroleum

Corp.

..................

498,399

23,549,353

ONEOK,

Inc.

............................

441,945

32,248,727

Ovintiv,

Inc.

.............................

183,470

7,408,519

Permian

Resources

Corp.

,

Class

A

.............

446,942

5,720,858

Phillips

66

..............................

287,532

39,110,103

Range

Resources

Corp.

....................

165,750

6,238,830

Targa

Resources

Corp.

.....................

151,460

25,375,608

Texas

Pacific

Land

Corp.

(b)

..................

13,583

12,681,632

Valero

Energy

Corp.

.......................

220,207

37,492,444

Viper

Energy,

Inc.

,

Class

A

..................

119,133

4,553,263

Williams

Companies,

Inc.

(The)

...............

860,736

54,527,626

1,179,671,942

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

45,214

4,016,812

a

Passenger

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

.....................

85,410

4,251,710

American

Airlines

Group,

Inc.

(a)

(b)

..............

467,394

5,253,509

Delta

Air

Lines,

Inc.

.......................

458,550

26,022,712

Southwest

Airlines

Co.

.....................

332,835

10,620,765

United

Airlines

Holdings,

Inc.

(a)

................

229,658

22,161,997

68,310,693

a

Personal

Care

Products

 — 

0

.1

%

BellRing

Brands,

Inc.

(a)

.....................

92,073

3,346,854

Coty,

Inc.

,

Class

A

(a)

.......................

274,425

1,108,677

elf

Beauty,

Inc.

(a)

(b)

........................

37,361

4,949,585

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

163,729

14,427,800

Kenvue,

Inc.

............................

1,340,384

21,754,432

45,587,348

a

Pharmaceuticals

 — 

2

.6

%

Bristol-Myers

Squibb

Co.

....................

1,439,643

64,927,899

Corcept

Therapeutics,

Inc.

(a)

.................

66,280

5,508,531

Elanco

Animal

Health,

Inc.

(a)

(b)

................

345,149

6,951,301

Eli

Lilly

&

Co.

...........................

566,083

431,921,329

Jazz

Pharmaceuticals

PLC

(a)

.................

41,750

5,502,650

Johnson

&

Johnson

.......................

1,700,472

315,301,518

Merck

&

Co.,

Inc.

.........................

1,780,484

149,436,022

Organon

&

Co.

(b)

.........................

186,846

1,995,515

Perrigo

Co.

PLC

.........................

96,638

2,152,128

Pfizer,

Inc.

.............................

4,013,875

102,273,535

Royalty

Pharma

PLC

,

Class

A

................

276,692

9,761,694

Viatris,

Inc.

.............................

849,068

8,405,773

Zoetis,

Inc.

,

Class

A

.......................

314,789

46,059,927

1,150,197,822

a

Professional

Services

 — 

0

.7

%

Amentum

Holdings,

Inc.

(a)

...................

109,270

2,617,017

Automatic

Data

Processing,

Inc.

...............

287,387

84,348,085

Booz

Allen

Hamilton

Holding

Corp.

,

Class

C

.......

88,100

8,805,595

Broadridge

Financial

Solutions,

Inc.

............

82,519

19,653,550

CACI

International,

Inc.

,

Class

A

(a)

(b)

............

15,513

7,737,574

Clarivate

PLC

(a)

(b)

.........................

288,572

1,105,231

Concentrix

Corp.

.........................

32,129

1,482,753

Dayforce,

Inc.

(a)

..........................

106,633

7,345,947

Equifax,

Inc.

............................

86,964

22,308,875

ExlService

Holdings,

Inc.

(a)

..................

111,602

4,913,836

FTI

Consulting,

Inc.

(a)

......................

23,396

3,781,963

Security

Shares

Value

a

Professional

Services

(continued)

Genpact

Ltd.

............................

113,501

$

4,754,557

Jacobs

Solutions,

Inc.

......................

85,623

12,831,463

KBR,

Inc.

..............................

92,325

4,366,049

Leidos

Holdings,

Inc.

......................

89,930

16,993,173

ManpowerGroup,

Inc.

......................

33,387

1,265,367

Parsons

Corp.

(a)

(b)

.........................

37,230

3,087,112

Paychex,

Inc.

...........................

227,418

28,827,506

Paycom

Software,

Inc.

.....................

36,546

7,606,684

Paylocity

Holding

Corp.

(a)

...................

31,053

4,945,811

Robert

Half,

Inc.

.........................

72,976

2,479,724

Science

Applications

International

Corp.

.........

34,369

3,415,248

SS&C

Technologies

Holdings,

Inc.

.............

148,884

13,214,944

TransUnion

.............................

136,937

11,472,582

Verisk

Analytics,

Inc.

.......................

98,584

24,794,862

304,155,508

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

209,739

33,046,477

CoStar

Group,

Inc.

(a)

.......................

295,076

24,895,562

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..............

23,276

1,912,589

Jones

Lang

LaSalle,

Inc.

(a)

...................

33,137

9,884,104

Zillow

Group,

Inc.

,

Class

A

(a)

.................

33,238

2,474,237

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

114,786

8,844,261

81,057,230

a

Residential

REITs

 — 

0

.3

%

American

Homes

4

Rent

,

Class

A

..............

239,646

7,968,229

AvalonBay

Communities,

Inc.

................

100,311

19,377,076

Camden

Property

Trust

.....................

76,142

8,130,443

Equity

LifeStyle

Properties,

Inc.

...............

134,181

8,144,787

Equity

Residential

........................

267,870

17,339,225

Essex

Property

Trust,

Inc.

...................

45,153

12,085,652

Invitation

Homes,

Inc.

......................

429,443

12,595,563

Mid-America

Apartment

Communities,

Inc.

........

82,897

11,583,198

Sun

Communities,

Inc.

.....................

89,334

11,524,086

UDR,

Inc.

..............................

233,279

8,691,975

117,440,234

a

Retail

REITs

 — 

0

.3

%

Agree

Realty

Corp.

.......................

76,413

5,428,380

Brixmor

Property

Group,

Inc.

.................

208,880

5,781,799

Federal

Realty

Investment

Trust

...............

60,317

6,110,715

Kimco

Realty

Corp.

.......................

467,145

10,207,118

NNN

REIT,

Inc.

..........................

131,202

5,585,269

Realty

Income

Corp.

.......................

639,122

38,852,226

Regency

Centers

Corp.

....................

127,421

9,288,991

Simon

Property

Group,

Inc.

..................

228,696

42,919,378

124,173,876

a

Semiconductors

&

Semiconductor

Equipment

 — 

12

.6

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,137,964

184,111,196

Allegro

MicroSystems,

Inc.

(a)

(b)

................

87,208

2,546,474

Amkor

Technology,

Inc.

.....................

79,760

2,265,184

Analog

Devices,

Inc.

.......................

350,633

86,150,528

Applied

Materials,

Inc.

.....................

566,755

116,037,419

Astera

Labs,

Inc.

(a)

........................

89,023

17,430,703

Broadcom,

Inc.

..........................

3,263,458

1,076,647,429

Cirrus

Logic,

Inc.

(a)

........................

38,294

4,797,855

Enphase

Energy,

Inc.

(a)

.....................

93,170

3,297,286

Entegris,

Inc.

(b)

..........................

106,109

9,810,838

First

Solar,

Inc.

(a)

.........................

71,602

15,790,389

GLOBALFOUNDRIES,

Inc.

(a)

(b)

................

71,472

2,561,556

Intel

Corp.

(a)

............................

3,085,026

103,502,622

KLA

Corp.

..............................

93,922

101,304,269

Lam

Research

Corp.

......................

904,080

121,056,312

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Lattice

Semiconductor

Corp.

(a)

(b)

...............

96,702

$

7,090,191

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

.....

44,105

5,490,631

Marvell

Technology,

Inc.

....................

611,734

51,428,477

Microchip

Technology,

Inc.

...................

371,272

23,843,088

Micron

Technology,

Inc.

.....................

789,789

132,147,495

MKS,

Inc.

(b)

.............................

46,646

5,773,375

Monolithic

Power

Systems,

Inc.

...............

32,629

30,039,563

NVIDIA

Corp.

...........................

16,538,220

3,085,701,088

ON

Semiconductor

Corp.

(a)

..................

297,357

14,662,674

Onto

Innovation,

Inc.

(a)

.....................

34,554

4,465,068

Qorvo,

Inc.

(a)

............................

59,938

5,459,153

QUALCOMM,

Inc.

........................

763,394

126,998,226

Skyworks

Solutions,

Inc.

....................

108,134

8,324,155

Teradyne,

Inc.

...........................

113,612

15,637,556

Texas

Instruments,

Inc.

.....................

642,442

118,035,869

Universal

Display

Corp.

....................

30,984

4,450,232

5,486,856,901

a

Software

 — 

11

.1

%

Adobe,

Inc.

(a)

............................

300,928

106,152,352

Appfolio,

Inc.

,

Class

A

(a)

....................

15,469

4,264,184

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

168,592

121,140,096

Atlassian

Corp.

,

Class

A

(a)

...................

114,496

18,285,011

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.............

694,782

3,744,875

Autodesk,

Inc.

(a)

..........................

150,287

47,741,671

Bentley

Systems,

Inc.

,

Class

B

................

111,003

5,714,434

BILL

Holdings,

Inc.

(a)

.......................

65,031

3,444,692

Cadence

Design

Systems,

Inc.

(a)

..............

192,810

67,726,441

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

391,136

3,563,249

Circle

Internet

Group,

Inc.

(a)

(b)

.................

33,405

4,428,835

Confluent,

Inc.

,

Class

A

(a)

...................

195,248

3,865,910

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

172,287

84,486,099

Datadog,

Inc.

,

Class

A

(a)

....................

217,785

31,012,584

Docusign,

Inc.

(a)

..........................

141,856

10,226,399

Dolby

Laboratories,

Inc.

,

Class

A

..............

43,826

3,171,688

Dropbox,

Inc.

,

Class

A

(a)

....................

142,753

4,312,568

Dynatrace,

Inc.

(a)

.........................

209,382

10,144,558

Elastic

N.V.

(a)

............................

61,736

5,216,075

Fair

Isaac

Corp.

(a)

.........................

16,792

25,129,732

Fortinet,

Inc.

(a)

...........................

449,164

37,765,709

Gen

Digital,

Inc.

..........................

384,719

10,922,172

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

93,337

4,207,632

Guidewire

Software,

Inc.

(a)

...................

58,436

13,432,099

HubSpot,

Inc.

(a)

..........................

35,870

16,779,986

Informatica,

Inc.

,

Class

A

(a)

..................

73,935

1,836,545

Intuit,

Inc.

..............................

192,917

131,744,948

Manhattan

Associates,

Inc.

(a)

.................

42,168

8,643,597

Microsoft

Corp.

..........................

5,240,727

2,714,434,550

nCino,

Inc.

(a)

(b)

...........................

75,170

2,037,859

Nutanix,

Inc.

,

Class

A

(a)

.....................

181,064

13,469,351

Oracle

Corp.

............................

1,170,089

329,075,830

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

1,543,519

281,568,736

Palo

Alto

Networks,

Inc.

(a)

...................

464,639

94,609,793

Pegasystems,

Inc.

........................

60,532

3,480,590

Procore

Technologies,

Inc.

(a)

(b)

................

80,818

5,893,249

PTC,

Inc.

(a)

(b)

............................

83,745

17,001,910

RingCentral,

Inc.

,

Class

A

(a)

(b)

.................

60,677

1,719,586

Roper

Technologies,

Inc.

....................

75,641

37,721,410

Rubrik,

Inc.

,

Class

A

(a)

......................

82,139

6,755,933

SailPoint,

Inc.

(a)

(b)

.........................

42,395

936,082

Salesforce,

Inc.

..........................

659,743

156,359,091

Samsara,

Inc.

,

Class

A

(a)

....................

189,260

7,049,935

SentinelOne,

Inc.

,

Class

A

(a)

..................

195,136

3,436,345

ServiceNow,

Inc.

(a)

........................

146,096

134,449,227

Strategy,

Inc.

,

Class

A

(a)

(b)

...................

186,596

60,123,097

Security

Shares

Value

a

Software

(continued)

Synopsys,

Inc.

(a)

.........................

130,218

$

64,248,259

Teradata

Corp.

(a)

.........................

71,565

1,539,363

Tyler

Technologies,

Inc.

(a)

...................

30,417

15,912,958

UiPath,

Inc.

,

Class

A

(a)

.....................

296,076

3,961,497

Unity

Software,

Inc.

(a)

(b)

.....................

224,517

8,989,661

Workday,

Inc.

,

Class

A

(a)

(b)

...................

151,756

36,532,222

Zoom

Communications,

Inc.

,

Class

A

(a)

..........

187,247

15,447,877

Zscaler,

Inc.

(a)

...........................

68,865

20,636,086

4,826,494,638

a

Specialized

REITs

 — 

0

.8

%

American

Tower

Corp.

.....................

330,408

63,544,067

Crown

Castle,

Inc.

........................

306,071

29,532,791

CubeSmart

.............................

157,619

6,408,789

Digital

Realty

Trust,

Inc.

....................

237,918

41,131,264

EPR

Properties

..........................

51,805

3,005,208

Equinix,

Inc.

............................

68,932

53,990,300

Extra

Space

Storage,

Inc.

...................

148,360

20,909,858

Gaming

and

Leisure

Properties,

Inc.

............

191,828

8,941,103

Iron

Mountain,

Inc.

........................

206,548

21,055,503

Lamar

Advertising

Co.

,

Class

A

...............

62,475

7,648,189

Millrose

Properties,

Inc.

,

Class

A

...............

83,954

2,821,694

National

Storage

Affiliates

Trust

...............

48,418

1,463,192

Public

Storage

...........................

111,923

32,328,959

Rayonier,

Inc.

...........................

107,707

2,858,544

SBA

Communications

Corp.

,

Class

A

............

76,447

14,781,027

VICI

Properties,

Inc.

.......................

743,943

24,259,981

Weyerhaeuser

Co.

........................

513,599

12,732,119

347,412,588

a

Specialty

Retail

 — 

1

.9

%

AutoNation,

Inc.

(a)

.........................

19,429

4,250,482

AutoZone,

Inc.

(a)

.........................

11,779

50,534,737

Bath

&

Body

Works,

Inc.

....................

152,543

3,929,508

Best

Buy

Co.,

Inc.

........................

136,347

10,310,560

Burlington

Stores,

Inc.

(a)

....................

44,803

11,402,364

CarMax,

Inc.

(a)

...........................

108,378

4,862,921

Carvana

Co.

,

Class

A

(a)

.....................

93,281

35,189,324

Chewy,

Inc.

,

Class

A

(a)

.....................

147,517

5,967,063

Dick's

Sporting

Goods,

Inc.

..................

44,735

9,941,012

Five

Below,

Inc.

(a)

.........................

38,546

5,963,066

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

74,603

5,498,241

GameStop

Corp.

,

Class

A

(a)

(b)

.................

289,537

7,898,569

Gap,

Inc.

(The)

..........................

162,629

3,478,634

Home

Depot,

Inc.

(The)

....................

703,592

285,088,443

Lithia

Motors,

Inc.

,

Class

A

..................

18,018

5,693,688

Lowe's

Companies,

Inc.

....................

396,357

99,608,478

Murphy

USA,

Inc.

........................

12,721

4,939,055

O'Reilly

Automotive,

Inc.

(a)

...................

601,254

64,821,194

Penske

Automotive

Group,

Inc.

...............

12,577

2,187,266

RH

(a)

.................................

10,315

2,095,595

Ross

Stores,

Inc.

.........................

227,274

34,634,285

TJX

Companies,

Inc.

(The)

..................

790,885

114,314,518

Tractor

Supply

Co.

........................

376,228

21,396,086

Ulta

Beauty,

Inc.

(a)

........................

31,873

17,426,563

Valvoline,

Inc.

(a)

..........................

92,247

3,312,590

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

67,816

6,058,003

Williams-Sonoma,

Inc.

.....................

83,540

16,327,893

837,130,138

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.4

%

Apple,

Inc.

.............................

10,301,678

2,623,116,269

Dell

Technologies,

Inc.

,

Class

C

...............

213,332

30,244,078

Hewlett

Packard

Enterprise

Co.

...............

925,140

22,721,438

HP,

Inc.

...............................

663,454

18,065,853

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

NetApp,

Inc.

............................

143,658

$

17,017,727

Pure

Storage,

Inc.

,

Class

A

(a)

.................

217,916

18,263,540

Sandisk

Corp.

(a)

..........................

95,122

10,672,688

Super

Micro

Computer,

Inc.

(a)

(b)

................

362,177

17,362,765

Western

Digital

Corp.

(b)

.....................

245,027

29,417,942

2,786,882,300

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Amer

Sports,

Inc.

(a)

........................

105,236

3,656,951

Birkenstock

Holding

PLC

(a)

(b)

.................

37,541

1,698,730

Columbia

Sportswear

Co.

...................

18,328

958,554

Crocs,

Inc.

(a)

(b)

...........................

40,290

3,366,230

Deckers

Outdoor

Corp.

(a)

....................

107,844

10,932,146

Lululemon

Athletica,

Inc.

(a)

...................

74,253

13,211,836

NIKE,

Inc.

,

Class

B

.......................

815,908

56,893,265

On

Holding

AG

,

Class

A

(a)

...................

155,391

6,580,809

PVH

Corp.

.............................

38,219

3,201,606

Ralph

Lauren

Corp.

,

Class

A

.................

27,875

8,740,485

Tapestry,

Inc.

............................

145,889

16,517,553

Under

Armour,

Inc.

,

Class

A

(a)

.................

138,624

691,734

Under

Armour,

Inc.

,

Class

C

,

NVS

(a)

............

138,690

669,872

VF

Corp.

..............................

250,265

3,611,324

130,731,095

a

Tobacco

 — 

0

.6

%

Altria

Group,

Inc.

.........................

1,189,831

78,600,236

Philip

Morris

International,

Inc.

................

1,100,948

178,573,765

257,174,001

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Air

Lease

Corp.

,

Class

A

....................

72,880

4,638,812

Applied

Industrial

Technologies,

Inc.

............

26,892

7,020,157

Core

&

Main,

Inc.

,

Class

A

(a)

..................

136,229

7,333,207

Fastenal

Co.

............................

810,010

39,722,890

Ferguson

Enterprises,

Inc.

...................

136,637

30,685,937

FTAI

Aviation

Ltd.

.........................

71,859

11,990,393

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

30,726

2,831,094

QXO,

Inc.

(a)

(b)

............................

419,813

8,001,636

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

32,231

4,151,353

United

Rentals,

Inc.

.......................

45,748

43,673,786

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

Watsco,

Inc.

............................

24,532

$

9,918,287

WESCO

International,

Inc.

...................

33,809

7,150,603

WW

Grainger,

Inc.

........................

31,250

29,780,000

206,898,155

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

137,542

19,144,471

Essential

Utilities,

Inc.

......................

194,390

7,756,161

26,900,632

a

Wireless

Telecommunication

Services

 — 

0

.2

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(d)

.................

70,458

—

Millicom

International

Cellular

SA

..............

72,489

3,518,616

T-Mobile

U.S.,

Inc.

........................

320,332

76,681,074

80,199,690

Total

Long-Term

Investments — 99.8%

(Cost:

$

35,829,537,719

)

..............................

43,485,053,760

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(e)

(f)

......................

490,115,681

490,360,738

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(e)

............................

59,285,139

59,285,139

a

Total

Short-Term

Securities — 1.3%

(Cost:

$

549,441,834

)

................................

549,645,877

Total

Investments

—

101.1%

(Cost:

$

36,378,979,553

)

..............................

44,034,699,637

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

...............

(

472,701,202

)

Net

Assets

—

100.0%

.................................

$

43,561,998,435

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

337,521,570

$

152,792,826

(a)

$

—

$

23,800

$

22,542

$

490,360,738

490,115,681

$

1,254,370

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

55,868,399

3,416,740

(a)

—

—

—

59,285,139

59,285,139

1,149,223

—

BlackRock,

Inc.

.....

100,685,596

24,485,371

(

23,789,068

)

8,708,165

15,415,842

125,505,906

107,650

1,141,000

—

$

8,731,965

$

15,438,384

$

675,151,783

$

3,544,593

$

—

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

13

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

194

12/19/25

$

65,366

$

760,809

E-Mini

S&P

MidCap

400

Index

............................................................

14

12/19/25

4,601

(

59,291

)

$

701,518

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

760,809

$

—

$

—

$

—

$

760,809

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

59,291

$

—

$

—

$

—

$

59,291

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

11,470,697

$

—

$

—

$

—

$

11,470,697

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

192,880

)

$

—

$

—

$

—

$

(

192,880

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

67,970,846

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

ETF

14

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

43,485,053,760

‌

$

—

‌

$

—

‌

$

43,485,053,760

‌

Short-Term

Securities

Money

Market

Funds

......................................

549,645,877

‌

—

‌

—

‌

549,645,877

‌

$

44,034,699,637

‌

$

—

‌

$

—

‌

$

44,034,699,637

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

760,809

‌

$

—

‌

$

—

‌

$

760,809

‌

Liabilities

Equity

Contracts

...........................................

(

59,291

)

—

‌

—

‌

(

59,291

)

$

701,518

‌

$

—

‌

$

—

‌

$

701,518

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.9

%

Axon

Enterprise,

Inc.

(a)

(b)

....................

291,743

$

209,366,446

Boeing

Co.

(The)

(a)

........................

401,040

86,556,463

BWX

Technologies,

Inc.

....................

62,770

11,572,905

Carpenter

Technology

Corp.

.................

33,275

8,170,343

General

Electric

Co.

.......................

4,112,822

1,237,219,114

HEICO

Corp.

(b)

..........................

165,994

53,586,183

HEICO

Corp.

,

Class

A

......................

293,282

74,520,023

Howmet

Aerospace,

Inc.

(b)

...................

1,568,286

307,744,762

Karman

Holdings,

Inc.

(a)

(b)

...................

103,520

7,474,144

Leonardo

DRS,

Inc.

.......................

111,354

5,055,472

Loar

Holdings,

Inc.

(a)

(b)

......................

150,786

12,062,880

Lockheed

Martin

Corp.

.....................

227,341

113,490,901

Rocket

Lab

Corp.

(a)

(b)

......................

1,618,093

77,522,836

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

51,108

1,972,769

StandardAero,

Inc.

(a)

(b)

......................

46,893

1,279,710

TransDigm

Group,

Inc.

.....................

37,791

49,809,294

2,257,404,245

a

Automobiles

 — 

3

.9

%

Tesla,

Inc.

(a)

.............................

10,794,942

4,800,726,606

a

Banks

 — 

0

.4

%

Bank

of

America

Corp.

.....................

2,096,264

108,146,260

Citigroup,

Inc.

...........................

1,274,828

129,395,042

NU

Holdings

Ltd.

,

Class

A

(a)

..................

13,082,591

209,452,282

Pinnacle

Financial

Partners,

Inc.

...............

19,752

1,852,540

Popular,

Inc.

............................

25,909

3,290,702

Western

Alliance

Bancorp

...................

88,298

7,657,202

459,794,028

a

Beverages

 — 

0

.7

%

Celsius

Holdings,

Inc.

(a)

.....................

642,958

36,963,655

Coca-Cola

Co.

(The)

......................

7,432,001

492,890,306

Coca-Cola

Consolidated,

Inc.

.................

26,541

3,109,544

Monster

Beverage

Corp.

(a)

...................

2,728,295

183,641,537

PepsiCo,

Inc.

...........................

733,955

103,076,640

819,681,682

a

Biotechnology

 — 

2

.6

%

AbbVie,

Inc.

............................

6,928,849

1,604,305,697

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

488,145

222,594,120

Amgen,

Inc.

............................

1,551,743

437,901,875

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

...............

421,618

9,541,215

Caris

Life

Sciences,

Inc.

(a)

...................

43,545

1,317,236

Exact

Sciences

Corp.

(a)

.....................

38,491

2,105,843

Exelixis,

Inc.

(a)

...........................

833,638

34,429,249

Gilead

Sciences,

Inc.

......................

1,311,301

145,554,411

Halozyme

Therapeutics,

Inc.

(a)

................

479,224

35,146,288

Incyte

Corp.

(a)

...........................

160,011

13,570,533

Insmed,

Inc.

(a)

...........................

682,793

98,329,020

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

564,755

36,946,272

Natera,

Inc.

(a)

...........................

507,802

81,740,888

Neurocrine

Biosciences,

Inc.

(a)

(b)

...............

324,042

45,489,016

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

333,097

6,418,779

Summit

Therapeutics,

Inc.

(a)

(b)

.................

456,821

9,437,922

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

351,269

10,566,172

Vertex

Pharmaceuticals,

Inc.

(a)

................

1,005,822

393,920,128

Viking

Therapeutics,

Inc.

(a)

(b)

..................

32,213

846,558

3,190,161,222

a

Broadline

Retail

 — 

4

.3

%

Amazon.com,

Inc.

(a)

.......................

23,191,135

5,092,077,512

Coupang,

Inc.

(a)

..........................

4,855,868

156,358,950

Security

Shares

Value

a

Broadline

Retail

(continued)

Etsy,

Inc.

(a)

.............................

221,765

$

14,722,978

5,263,159,440

a

Building

Products

 — 

0

.4

%

AAON,

Inc.

(b)

............................

262,804

24,556,406

Armstrong

World

Industries,

Inc.

...............

49,379

9,678,778

Carlisle

Companies,

Inc.

....................

19,687

6,476,235

Lennox

International,

Inc.

...................

124,195

65,743,865

Simpson

Manufacturing

Co.,

Inc.

..............

14,020

2,347,789

Trane

Technologies

PLC

....................

871,902

367,907,768

476,710,841

a

Capital

Markets

 — 

1

.4

%

Ameriprise

Financial,

Inc.

...................

327,068

160,672,155

Ares

Management

Corp.

,

Class

A

..............

735,907

117,664,170

Bank

of

New

York

Mellon

Corp.

(The)

...........

200,436

21,839,507

Blackstone,

Inc.

..........................

2,862,646

489,083,069

Blue

Owl

Capital,

Inc.

,

Class

A

................

2,385,795

40,391,509

Brookfield

Asset

Management

Ltd.

,

Class

A

(b)

......

515,996

29,380,812

Charles

Schwab

Corp.

(The)

.................

583,240

55,681,923

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

80,243

27,081,210

FactSet

Research

Systems,

Inc.

...............

9,997

2,864,041

Freedom

Holding

Corp.

(a)

(b)

..................

58,711

10,105,924

Goldman

Sachs

Group,

Inc.

(The)

.............

63,251

50,369,934

Hamilton

Lane,

Inc.

,

Class

A

.................

101,920

13,737,797

Houlihan

Lokey,

Inc.

,

Class

A

.................

80,645

16,558,031

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

89,586

6,164,413

Jefferies

Financial

Group,

Inc.

................

146,268

9,568,853

KKR

&

Co.,

Inc.

..........................

661,179

85,920,211

Lazard,

Inc.

............................

79,803

4,212,002

LPL

Financial

Holdings,

Inc.

(b)

................

311,636

103,678,181

Moody's

Corp.

...........................

607,966

289,683,640

Morningstar,

Inc.

.........................

61,546

14,279,288

MSCI,

Inc.

.............................

144,705

82,107,064

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

............

387,473

55,478,384

TPG,

Inc.

,

Class

A

........................

485,465

27,889,964

Tradeweb

Markets,

Inc.

,

Class

A

...............

38,777

4,303,471

XP,

Inc.

,

Class

A

.........................

145,358

2,731,277

1,721,446,830

a

Chemicals

 — 

0

.3

%

Ecolab,

Inc.

............................

239,152

65,494,167

Sherwin-Williams

Co.

(The)

..................

826,909

286,325,510

351,819,677

a

Commercial

Services

&

Supplies

 — 

0

.7

%

Cintas

Corp.

............................

1,344,659

276,004,706

Copart,

Inc.

(a)

...........................

3,221,381

144,865,504

RB

Global,

Inc.

..........................

44,334

4,804,032

Rollins,

Inc.

.............................

1,097,661

64,476,607

Tetra

Tech,

Inc.

(b)

.........................

192,641

6,430,357

Veralto

Corp.

............................

370,030

39,448,898

Waste

Management,

Inc.

....................

1,446,904

319,519,810

855,549,914

a

Communications

Equipment

 — 

0

.6

%

Arista

Networks,

Inc.

(a)

.....................

4,034,729

587,900,363

Lumentum

Holdings,

Inc.

(a)

(b)

.................

20,901

3,400,802

Motorola

Solutions,

Inc.

....................

274,473

125,513,758

Ubiquiti,

Inc.

(b)

...........................

16,471

10,880,413

727,695,336

a

Construction

&

Engineering

 — 

0

.3

%

Comfort

Systems

USA,

Inc.

..................

136,051

112,266,564

EMCOR

Group,

Inc.

.......................

59,772

38,824,305

MasTec,

Inc.

(a)

...........................

51,187

10,893,105

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Construction

&

Engineering

(continued)

Quanta

Services,

Inc.

(b)

.....................

446,200

$

184,914,204

WillScot

Holdings

Corp.

,

Class

A

..............

191,514

4,042,861

350,941,039

a

Construction

Materials

 — 

0

.0

%

Eagle

Materials,

Inc.

.......................

7,548

1,758,986

James

Hardie

Industries

PLC

(a)

(b)

..............

349,869

6,720,983

8,479,969

a

Consumer

Finance

 — 

0

.2

%

Ally

Financial,

Inc.

........................

131,959

5,172,793

American

Express

Co.

.....................

704,373

233,964,535

Credit

Acceptance

Corp.

(a)

(b)

..................

2,668

1,245,769

SLM

Corp.

.............................

107,938

2,987,724

SoFi

Technologies,

Inc.

(a)

....................

607,207

16,042,409

259,413,230

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.6

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

75,613

7,050,912

Casey's

General

Stores,

Inc.

.................

21,667

12,248,789

Costco

Wholesale

Corp.

....................

1,735,992

1,606,886,275

Performance

Food

Group

Co.

(a)

...............

73,797

7,677,840

Sprouts

Farmers

Market,

Inc.

(a)

................

382,841

41,653,101

Sysco

Corp.

............................

1,016,198

83,673,743

Walmart,

Inc.

............................

1,700,206

175,223,230

1,934,413,890

a

Distributors

 — 

0

.0

%

Pool

Corp.

.............................

26,217

8,129,105

a

Diversified

Consumer

Services

 — 

0

.1

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

32,567

3,535,799

Duolingo,

Inc.

,

Class

A

(a)

(b)

...................

146,979

47,303,721

Grand

Canyon

Education,

Inc.

(a)

...............

30,585

6,714,019

H&R

Block,

Inc.

..........................

83,796

4,237,564

61,791,103

a

Diversified

Telecommunication

Services

 — 

0

.0

%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

.............

695,460

34,133,177

GCI

Liberty,

Inc.

,

Series

A

(a)

(b)

.................

2,977

111,801

GCI

Liberty,

Inc.

,

Series

C

,

NVS

(a)

(b)

.............

17,744

661,319

Iridium

Communications,

Inc.

.................

38,505

672,297

35,578,594

a

Electric

Utilities

 — 

0

.1

%

NRG

Energy,

Inc.

.........................

743,790

120,456,791

a

Electrical

Equipment

 — 

0

.7

%

GE

Vernova,

Inc.

.........................

1,069,276

657,497,812

Rockwell

Automation,

Inc.

...................

35,568

12,432,083

Vertiv

Holdings

Co.

,

Class

A

(b)

................

1,487,937

224,470,176

894,400,071

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.5

%

Amphenol

Corp.

,

Class

A

...................

4,715,902

583,592,873

CDW

Corp.

.............................

37,162

5,919,163

Jabil,

Inc.

..............................

269,191

58,460,209

647,972,245

a

Energy

Equipment

&

Services

 — 

0

.0

%

Schlumberger

N.V.

........................

463,407

15,927,299

a

Entertainment

 — 

2

.4

%

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

(b)

29,085

2,769,474

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

254,519

26,584,509

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

618,937

101,134,306

Security

Shares

Value

a

Entertainment

(continued)

Netflix,

Inc.

(a)

............................

1,657,566

$

1,987,289,029

ROBLOX

Corp.

,

Class

A

(a)

...................

2,389,428

330,983,567

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

65,426

6,551,105

Spotify

Technology

SA

(a)

(b)

...................

601,622

419,932,156

Take-Two

Interactive

Software,

Inc.

(a)

............

241,588

62,416,676

TKO

Group

Holdings,

Inc.

,

Class

A

(b)

............

114,542

23,132,902

2,960,793,724

a

Financial

Services

 — 

3

.8

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

................

624,057

45,606,086

Apollo

Global

Management,

Inc.

...............

1,122,920

149,651,548

Block,

Inc.

,

Class

A

(a)

......................

788,225

56,965,021

Corpay,

Inc.

(a)

(b)

..........................

265,785

76,562,027

Equitable

Holdings,

Inc.

....................

1,144,487

58,117,050

Fiserv,

Inc.

(a)

(b)

...........................

584,436

75,351,333

Mastercard,

Inc.

,

Class

A

....................

3,181,965

1,809,933,512

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

255,352

19,764,245

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

1,766,675

64,501,304

UWM

Holdings

Corp.

,

Class

A

................

126,522

770,519

Visa,

Inc.

,

Class

A

........................

6,661,570

2,274,126,767

WEX,

Inc.

(a)

(b)

............................

13,901

2,189,824

4,633,539,236

a

Food

Products

 — 

0

.0

%

Darling

Ingredients,

Inc.

(a)

...................

65,581

2,024,485

Freshpet,

Inc.

(a)

..........................

55,208

3,042,513

Hershey

Co.

(The)

........................

68,832

12,875,026

17,942,024

a

Ground

Transportation

 — 

0

.7

%

Avis

Budget

Group,

Inc.

(a)

...................

24,919

4,001,368

Lyft,

Inc.

,

Class

A

(a)

........................

249,753

5,497,064

Old

Dominion

Freight

Line,

Inc.

...............

41,012

5,773,669

Uber

Technologies,

Inc.

(a)

...................

7,874,252

771,440,469

U-Haul

Holding

Co.

(a)

(b)

.....................

11,173

637,643

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

150,654

7,668,289

Union

Pacific

Corp.

.......................

184,643

43,644,066

XPO,

Inc.

(a)

(b)

............................

92,301

11,931,750

850,594,318

a

Health

Care

Equipment

&

Supplies

 — 

1

.1

%

Boston

Scientific

Corp.

(a)

....................

995,172

97,158,642

Dexcom,

Inc.

(a)

..........................

1,529,202

102,900,003

IDEXX

Laboratories,

Inc.

(a)

(b)

.................

315,605

201,636,878

Inspire

Medical

Systems,

Inc.

(a)

...............

111,880

8,301,496

Insulet

Corp.

(a)

...........................

274,222

84,660,558

Intuitive

Surgical,

Inc.

(a)

.....................

1,395,813

624,249,448

Masimo

Corp.

(a)

(b)

.........................

176,257

26,006,720

Penumbra,

Inc.

(a)

(b)

........................

146,267

37,052,356

ResMed,

Inc.

...........................

134,998

36,953,003

Stryker

Corp.

...........................

346,204

127,981,233

1,346,900,337

a

Health

Care

Providers

&

Services

 — 

0

.6

%

Cardinal

Health,

Inc.

.......................

469,048

73,621,774

Cencora,

Inc.

...........................

716,128

223,811,484

Chemed

Corp.

...........................

5,341

2,391,379

Cigna

Group

(The)

........................

81,888

23,604,216

DaVita,

Inc.

(a)

............................

146,909

19,519,799

HCA

Healthcare,

Inc.

(b)

.....................

141,375

60,254,025

McKesson

Corp.

.........................

453,063

350,009,290

Molina

Healthcare,

Inc.

(a)

(b)

...................

115,060

22,017,882

775,229,849

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Technology

 — 

0

.2

%

Doximity,

Inc.

,

Class

A

(a)

....................

522,127

$

38,193,590

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

459,597

136,918,542

175,112,132

a

Hotels,

Restaurants

&

Leisure

 — 

2

.6

%

Airbnb,

Inc.

,

Class

A

(a)

......................

1,663,235

201,949,994

Booking

Holdings,

Inc.

.....................

119,498

645,201,966

Carnival

Corp.

(a)

..........................

1,303,936

37,696,790

Cava

Group,

Inc.

(a)

(b)

.......................

390,243

23,574,580

Chipotle

Mexican

Grill,

Inc.

(a)

.................

5,246,225

205,599,558

Choice

Hotels

International,

Inc.

(b)

..............

30,869

3,300,205

Churchill

Downs,

Inc.

......................

208,116

20,189,333

Darden

Restaurants,

Inc.

...................

434,009

82,617,953

Domino's

Pizza,

Inc.

.......................

37,743

16,294,030

DoorDash,

Inc.

,

Class

A

(a)

...................

1,403,268

381,674,863

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

1,879,568

70,295,843

Dutch

Bros,

Inc.

,

Class

A

(a)

..................

458,632

24,004,799

Expedia

Group,

Inc.

.......................

473,241

101,155,264

Flutter

Entertainment

PLC

,

Class

DI

(a)

(b)

..........

566,880

143,987,520

Hilton

Worldwide

Holdings,

Inc.

...............

902,607

234,172,360

Las

Vegas

Sands

Corp.

....................

1,216,907

65,457,428

Light

&

Wonder,

Inc.

(a)

(b)

.....................

323,678

27,169,531

Marriott

International,

Inc.

,

Class

A

.............

683,119

177,911,512

McDonald's

Corp.

........................

158,097

48,044,097

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

1,561,260

38,453,834

Planet

Fitness,

Inc.

,

Class

A

(a)

................

328,166

34,063,631

Restaurant

Brands

International,

Inc.

............

806,611

51,736,030

Royal

Caribbean

Cruises

Ltd.

................

990,913

320,639,629

Starbucks

Corp.

..........................

588,406

49,779,148

Texas

Roadhouse,

Inc.

.....................

258,869

43,011,084

Travel

+

Leisure

Co.

.......................

77,175

4,591,141

Vail

Resorts,

Inc.

.........................

114,614

17,142,816

Viking

Holdings

Ltd.

(a)

(b)

.....................

681,620

42,369,499

Wendy's

Co.

(The)

........................

315,426

2,889,302

Wingstop,

Inc.

(b)

..........................

108,621

27,337,733

Wyndham

Hotels

&

Resorts,

Inc.

..............

262,099

20,941,710

Yum!

Brands,

Inc.

........................

366,331

55,682,312

3,218,935,495

a

Household

Durables

 — 

0

.1

%

SharkNinja,

Inc.

(a)

.........................

55,300

5,704,195

Somnigroup

International,

Inc.

................

790,636

66,674,334

TopBuild

Corp.

(a)

.........................

8,932

3,491,161

75,869,690

a

Household

Products

 — 

0

.2

%

Colgate-Palmolive

Co.

.....................

1,490,175

119,124,590

Kimberly-Clark

Corp.

......................

468,059

58,198,456

177,323,046

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.2

%

Vistra

Corp.

............................

1,323,145

259,230,568

a

Industrial

Conglomerates

 — 

0

.0

%

3M

Co.

................................

335,604

52,079,029

a

Insurance

 — 

0

.4

%

Aon

PLC

,

Class

A

........................

758,563

270,488,395

Arthur

J

Gallagher

&

Co.

(b)

...................

60,364

18,697,145

Brown

&

Brown,

Inc.

.......................

115,488

10,831,619

Everest

Group

Ltd.

........................

23,111

8,094,166

Kinsale

Capital

Group,

Inc.

(b)

.................

86,478

36,775,634

Markel

Group,

Inc.

(a)

(b)

......................

9,938

18,995,096

Marsh

&

McLennan

Companies,

Inc.

............

228,863

46,122,760

Progressive

Corp.

(The)

....................

114,980

28,394,311

RLI

Corp.

..............................

17,780

1,159,612

Security

Shares

Value

a

Insurance

(continued)

Ryan

Specialty

Holdings,

Inc.

,

Class

A

...........

410,573

$

23,139,894

462,698,632

a

Interactive

Media

&

Services

 — 

8

.9

%

Alphabet,

Inc.

,

Class

A

.....................

14,017,771

3,407,720,130

Alphabet,

Inc.

,

Class

C

,

NVS

.................

11,413,853

2,779,843,898

Meta

Platforms,

Inc.

,

Class

A

.................

6,247,289

4,587,884,096

Pinterest,

Inc.

,

Class

A

(a)

....................

1,147,271

36,907,708

Reddit,

Inc.

,

Class

A

(a)

......................

455,957

104,865,550

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

.......

340,235

5,586,659

10,922,808,041

a

IT

Services

 — 

0

.6

%

Cloudflare,

Inc.

,

Class

A

(a)

...................

1,206,897

258,988,027

Gartner,

Inc.

(a)

...........................

293,018

77,025,642

Globant

SA

(a)

(b)

..........................

15,708

901,325

GoDaddy,

Inc.

,

Class

A

(a)

....................

537,581

73,557,208

Kyndryl

Holdings,

Inc.

(a)

(b)

...................

56,151

1,686,215

MongoDB,

Inc.

,

Class

A

(a)

...................

29,396

9,123,930

Okta,

Inc.

,

Class

A

(a)

.......................

253,775

23,271,167

Snowflake,

Inc.

(a)

(b)

........................

1,222,438

275,720,891

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

94,440

9,452,500

729,726,905

a

Life

Sciences

Tools

&

Services

 — 

0

.1

%

Medpace

Holdings,

Inc.

(a)

(b)

..................

87,297

44,884,625

Repligen

Corp.

(a)

.........................

29,780

3,980,693

Sotera

Health

Co.

(a)

.......................

58,178

915,140

Tempus

AI,

Inc.

,

Class

A

(a)

(b)

..................

321,891

25,979,823

Waters

Corp.

(a)

..........................

121,803

36,517,757

112,278,038

a

Machinery

 — 

0

.2

%

Allison

Transmission

Holdings,

Inc.

.............

56,298

4,778,574

Caterpillar,

Inc.

..........................

222,906

106,359,598

Illinois

Tool

Works,

Inc.

.....................

375,186

97,833,501

RBC

Bearings,

Inc.

(a)

......................

24,581

9,593,719

218,565,392

a

Media

 — 

0

.1

%

DoubleVerify

Holdings,

Inc.

(a)

(b)

................

244,787

2,932,548

Liberty

Broadband

Corp.

,

Series

A

(a)

(b)

...........

14,923

945,074

Liberty

Broadband

Corp.

,

Series

C

,

NVS

(a)

(b)

.......

92,704

5,890,412

Nexstar

Media

Group,

Inc.

...................

6,338

1,253,276

NIQ

Global

Intelligence

PLC

(a)

................

92,773

1,456,536

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

1,745,249

85,534,654

98,012,500

a

Metals

&

Mining

 — 

0

.0

%

Anglogold

Ashanti

PLC

.....................

228,714

16,085,455

Steel

Dynamics,

Inc.

.......................

52,709

7,349,216

23,434,671

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.3

%

Cheniere

Energy,

Inc.

......................

388,310

91,245,084

HF

Sinclair

Corp.

.........................

59,457

3,111,979

Phillips

66

..............................

113,987

15,504,512

Targa

Resources

Corp.

.....................

839,933

140,722,375

Texas

Pacific

Land

Corp.

(b)

..................

75,209

70,218,131

Williams

Companies,

Inc.

(The)

...............

252,598

16,002,083

336,804,164

a

Passenger

Airlines

 — 

0

.0

%

Alaska

Air

Group,

Inc.

(a)

.....................

79,273

3,946,210

American

Airlines

Group,

Inc.

(a)

(b)

..............

166,247

1,868,616

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Passenger

Airlines

(continued)

Southwest

Airlines

Co.

.....................

201,388

$

6,426,291

12,241,117

a

Pharmaceuticals

 — 

2

.2

%

Bristol-Myers

Squibb

Co.

....................

1,533,496

69,160,670

Corcept

Therapeutics,

Inc.

(a)

(b)

................

367,545

30,546,665

Eli

Lilly

&

Co.

...........................

3,133,336

2,390,735,368

Zoetis,

Inc.

,

Class

A

.......................

1,392,276

203,717,824

2,694,160,527

a

Professional

Services

 — 

0

.7

%

Automatic

Data

Processing,

Inc.

...............

1,477,593

433,673,545

Booz

Allen

Hamilton

Holding

Corp.

,

Class

C

.......

475,382

47,514,431

Broadridge

Financial

Solutions,

Inc.

............

414,066

98,618,099

Dayforce,

Inc.

(a)

..........................

59,716

4,113,835

Equifax,

Inc.

............................

84,037

21,558,012

ExlService

Holdings,

Inc.

(a)

(b)

.................

618,835

27,247,305

KBR,

Inc.

..............................

40,347

1,908,010

Paychex,

Inc.

...........................

394,955

50,064,496

Paycom

Software,

Inc.

(b)

....................

109,678

22,828,379

Paylocity

Holding

Corp.

(a)

...................

159,750

25,443,382

Verisk

Analytics,

Inc.

.......................

328,517

82,625,311

815,594,805

a

Real

Estate

Management

&

Development

 — 

0

.0

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

127,735

20,125,927

CoStar

Group,

Inc.

(a)

.......................

202,375

17,074,379

Jones

Lang

LaSalle,

Inc.

(a)

...................

49,665

14,814,076

52,014,382

a

Residential

REITs

 — 

0

.0

%

Sun

Communities,

Inc.

.....................

94,615

12,205,335

UDR,

Inc.

..............................

67,641

2,520,304

14,725,639

a

Retail

REITs

 — 

0

.1

%

Simon

Property

Group,

Inc.

..................

281,209

52,774,493

a

Semiconductors

&

Semiconductor

Equipment

 — 

20

.0

%

Advanced

Micro

Devices,

Inc.

(a)

...............

3,684,350

596,090,986

Applied

Materials,

Inc.

.....................

889,764

182,170,281

Astera

Labs,

Inc.

(a)

........................

492,664

96,463,611

Broadcom,

Inc.

..........................

17,238,751

5,687,236,342

Enphase

Energy,

Inc.

(a)

(b)

....................

497,784

17,616,576

Entegris,

Inc.

(b)

..........................

95,510

8,830,855

KLA

Corp.

..............................

520,476

561,385,414

Lam

Research

Corp.

......................

5,000,966

669,629,347

Lattice

Semiconductor

Corp.

(a)

(b)

...............

452,365

33,167,402

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

....

61,396

7,643,188

Marvell

Technology,

Inc.

....................

235,948

19,836,148

Monolithic

Power

Systems,

Inc.

...............

181,017

166,651,491

NVIDIA

Corp.

...........................

85,707,120

15,991,234,450

Onto

Innovation,

Inc.

(a)

.....................

46,166

5,965,571

QUALCOMM,

Inc.

........................

965,914

160,689,453

Texas

Instruments,

Inc.

.....................

1,454,303

267,199,090

24,471,810,205

a

Software

 — 

19

.5

%

Adobe,

Inc.

(a)

(b)

...........................

1,664,557

587,172,482

Appfolio,

Inc.

,

Class

A

(a)

....................

85,987

23,703,176

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

932,465

670,013,401

Atlassian

Corp.

,

Class

A

(a)

...................

632,993

101,088,982

Autodesk,

Inc.

(a)

..........................

833,246

264,697,257

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

615,606

31,691,397

Cadence

Design

Systems,

Inc.

(a)

..............

1,067,152

374,847,811

Circle

Internet

Group,

Inc.

(a)

(b)

.................

28,659

3,799,610

Security

Shares

Value

a

Software

(continued)

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

1,082,576

$

21,435,005

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

955,219

468,420,293

Datadog,

Inc.

,

Class

A

(a)

....................

1,206,532

171,810,157

Docusign,

Inc.

(a)

(b)

.........................

593,522

42,787,001

Dropbox,

Inc.

,

Class

A

(a)

....................

200,706

6,063,328

Dynatrace,

Inc.

(a)

.........................

1,148,360

55,638,042

Elastic

N.V.

(a)

............................

354,577

29,958,211

Fair

Isaac

Corp.

(a)

.........................

75,557

113,073,317

Fortinet,

Inc.

(a)

...........................

2,488,567

209,238,713

Gen

Digital,

Inc.

..........................

233,371

6,625,403

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

519,333

23,411,532

Guidewire

Software,

Inc.

(a)

...................

327,481

75,274,783

HubSpot,

Inc.

(a)

(b)

.........................

198,868

93,030,450

Intuit,

Inc.

..............................

1,067,887

729,270,711

Manhattan

Associates,

Inc.

(a)

.................

234,441

48,055,716

Microsoft

Corp.

..........................

27,202,664

14,089,619,819

nCino,

Inc.

(a)

(b)

...........................

56,046

1,519,407

Nutanix,

Inc.

,

Class

A

(a)

.....................

245,444

18,258,579

Oracle

Corp.

............................

6,476,218

1,821,371,550

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

8,543,199

1,558,450,362

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

2,569,112

523,122,585

Pegasystems,

Inc.

(b)

.......................

112,743

6,482,722

Procore

Technologies,

Inc.

(a)

(b)

................

448,128

32,677,494

PTC,

Inc.

(a)

.............................

53,887

10,940,139

RingCentral,

Inc.

,

Class

A

(a)

(b)

.................

313,115

8,873,679

Rubrik,

Inc.

,

Class

A

(a)

(b)

.....................

271,485

22,329,641

Salesforce,

Inc.

..........................

409,013

96,936,081

Samsara,

Inc.

,

Class

A

(a)

(b)

...................

1,049,215

39,083,259

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

822,455

14,483,432

ServiceNow,

Inc.

(a)

........................

808,342

743,900,976

Strategy,

Inc.

,

Class

A

(a)

(b)

...................

57,189

18,426,868

Synopsys,

Inc.

(a)

(b)

........................

529,858

261,426,639

Teradata

Corp.

(a)

.........................

81,128

1,745,063

Tyler

Technologies,

Inc.

(a)

...................

139,598

73,032,090

Unity

Software,

Inc.

(a)

(b)

.....................

69,139

2,768,326

Workday,

Inc.

,

Class

A

(a)

....................

841,535

202,582,721

Zscaler,

Inc.

(a)

(b)

..........................

381,865

114,429,666

23,813,567,876

a

Specialized

REITs

 — 

0

.3

%

American

Tower

Corp.

.....................

1,829,445

351,838,862

Lamar

Advertising

Co.

,

Class

A

...............

342,657

41,948,070

Public

Storage

...........................

81,290

23,480,617

417,267,549

a

Specialty

Retail

 — 

2

.0

%

AutoZone,

Inc.

(a)

.........................

10,236

43,914,897

Burlington

Stores,

Inc.

(a)

....................

245,794

62,554,573

Carvana

Co.

,

Class

A

(a)

(b)

....................

516,220

194,738,833

Chewy,

Inc.

,

Class

A

(a)

.....................

832,958

33,693,151

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

132,435

9,760,460

Home

Depot,

Inc.

(The)

....................

2,967,726

1,202,492,898

Lithia

Motors,

Inc.

,

Class

A

..................

10,761

3,400,476

Murphy

USA,

Inc.

(b)

.......................

70,339

27,309,820

O'Reilly

Automotive,

Inc.

(a)

...................

3,063,347

330,259,440

RH

(a)

.................................

10,355

2,103,722

Ross

Stores,

Inc.

.........................

251,806

38,372,716

TJX

Companies,

Inc.

(The)

..................

2,187,336

316,157,546

Tractor

Supply

Co.

........................

2,079,114

118,239,213

Ulta

Beauty,

Inc.

(a)

(b)

.......................

44,151

24,139,559

Valvoline,

Inc.

(a)

(b)

.........................

440,296

15,811,029

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

66,634

5,952,415

Williams-Sonoma,

Inc.

.....................

69,191

13,523,381

2,442,424,129

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

 — 

11

.3

%

Apple,

Inc.

.............................

53,571,651

$

13,640,949,494

Dell

Technologies,

Inc.

,

Class

C

...............

163,367

23,160,540

NetApp,

Inc.

............................

308,517

36,546,924

Pure

Storage,

Inc.

,

Class

A

(a)

.................

1,041,281

87,269,761

Super

Micro

Computer,

Inc.

(a)

(b)

................

920,527

44,130,064

13,832,056,783

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.2

%

Birkenstock

Holding

PLC

(a)

(b)

.................

59,675

2,700,294

Deckers

Outdoor

Corp.

(a)

....................

577,611

58,552,427

Lululemon

Athletica,

Inc.

(a)

...................

237,229

42,210,156

On

Holding

AG

,

Class

A

(a)

...................

861,503

36,484,652

Ralph

Lauren

Corp.

,

Class

A

.................

10,775

3,378,609

Tapestry,

Inc.

............................

741,844

83,991,578

227,317,716

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

430,920

23,196,424

Fastenal

Co.

............................

3,687,323

180,826,320

Ferguson

Enterprises,

Inc.

...................

44,557

10,006,611

FTAI

Aviation

Ltd.

.........................

398,379

66,473,520

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

55,588

7,159,734

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

WW

Grainger,

Inc.

........................

147,932

$

140,973,279

428,635,888

Total

Long-Term

Investments — 99.9%

(Cost:

$

72,285,469,278

)

..............................

121,984,122,057

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.8

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

......................

879,316,103

879,755,761

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

............................

148,989,450

148,989,450

a

Total

Short-Term

Securities — 0.8%

(Cost:

$

1,028,167,675

)

...............................

1,028,745,211

Total

Investments

—

100.7%

(Cost:

$

73,313,636,953

)

..............................

123,012,867,268

Liabilities

in

Excess

of

Other

Assets

—

(

0

.7

)

%

...............

(

866,393,435

)

Net

Assets

—

100.0%

.................................

$

122,146,473,833

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

889,102,066

$

—

$

(

9,395,198

)

(a)

$

21,228

$

27,665

$

879,755,761

879,316,103

$

1,131,509

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

135,290,105

13,699,345

(a)

—

—

—

148,989,450

148,989,450

2,897,501

—

$

21,228

$

27,665

$

1,028,745,211

$

4,029,010

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

1000

Growth

Index

..........................................................

550

12/19/25

$

130,908

$

1,525,672

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Growth

ETF

20

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,525,672

$

—

$

—

$

—

$

1,525,672

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

29,473,966

$

—

$

—

$

—

$

29,473,966

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

4,484,449

$

—

$

—

$

—

$

4,484,449

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

132,259,700

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

121,984,122,057

‌

$

—

‌

$

—

‌

$

121,984,122,057

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,028,745,211

‌

—

‌

—

‌

1,028,745,211

‌

$

123,012,867,268

‌

$

—

‌

$

—

‌

$

123,012,867,268

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

1,525,672

‌

$

—

‌

$

—

‌

$

1,525,672

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.9

%

ATI,

Inc.

(a)

..............................

311,565

$

25,342,697

Boeing

Co.

(The)

(a)

........................

1,372,759

296,282,575

BWX

Technologies,

Inc.

....................

165,582

30,528,353

Carpenter

Technology

Corp.

.................

88,165

21,648,034

Curtiss-Wright

Corp.

.......................

82,848

44,981,493

General

Dynamics

Corp.

....................

557,598

190,140,918

Hexcel

Corp.

............................

176,263

11,051,690

Huntington

Ingalls

Industries,

Inc.

..............

85,906

24,733,196

L3Harris

Technologies,

Inc.

..................

412,236

125,900,997

Leonardo

DRS,

Inc.

.......................

101,136

4,591,574

Loar

Holdings,

Inc.

(a)

(b)

......................

9,880

790,400

Lockheed

Martin

Corp.

.....................

332,541

166,007,793

Northrop

Grumman

Corp.

...................

299,228

182,325,605

RTX

Corp.

.............................

2,952,131

493,980,080

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

(b)

......

229,510

8,859,086

StandardAero,

Inc.

(a)

(b)

......................

284,630

7,767,553

Textron,

Inc.

............................

396,601

33,508,819

TransDigm

Group,

Inc.

.....................

100,670

132,685,073

Woodward,

Inc.

..........................

130,636

33,013,024

1,834,138,960

a

Air

Freight

&

Logistics

 — 

0

.5

%

CH

Robinson

Worldwide,

Inc.

................

258,896

34,277,830

Expeditors

International

of

Washington,

Inc.

.......

302,123

37,037,259

FedEx

Corp.

............................

472,912

111,517,379

GXO

Logistics,

Inc.

(a)

(b)

.....................

253,063

13,384,502

United

Parcel

Service,

Inc.

,

Class

B

............

1,619,721

135,295,295

331,512,265

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

(b)

............................

479,287

41,324,125

BorgWarner,

Inc.

.........................

486,128

21,370,187

Gentex

Corp.

...........................

498,531

14,108,427

Lear

Corp.

.............................

117,558

11,827,511

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

908,084

11,187,595

99,817,845

a

Automobiles

 — 

0

.4

%

Ford

Motor

Co.

..........................

8,598,974

102,843,729

General

Motors

Co.

.......................

2,100,831

128,087,666

Harley-Davidson,

Inc.

......................

245,737

6,856,062

Lucid

Group,

Inc.

(a)

(b)

.......................

273,792

6,513,512

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

1,707,298

25,063,135

Thor

Industries,

Inc.

.......................

112,178

11,631,737

280,995,841

a

Banks

 — 

7

.4

%

Bank

of

America

Corp.

.....................

13,700,060

706,786,095

Bank

OZK

.............................

235,236

11,992,331

BOK

Financial

Corp.

.......................

49,196

5,482,402

Citigroup,

Inc.

...........................

3,309,699

335,934,448

Citizens

Financial

Group,

Inc.

................

958,161

50,935,839

Columbia

Banking

System,

Inc.

...............

652,770

16,802,300

Comerica,

Inc.

...........................

287,498

19,699,363

Commerce

Bancshares,

Inc.

.................

271,645

16,233,505

Cullen/Frost

Bankers,

Inc.

...................

131,011

16,608,264

East

West

Bancorp,

Inc.

....................

301,223

32,065,188

Fifth

Third

Bancorp

.......................

1,466,740

65,343,267

First

Citizens

BancShares,

Inc.

,

Class

A

..........

20,970

37,518,685

First

Hawaiian,

Inc.

.......................

275,948

6,851,789

First

Horizon

Corp.

........................

1,107,411

25,038,563

FNB

Corp.

.............................

782,337

12,603,449

Huntington

Bancshares,

Inc.

.................

3,185,613

55,015,536

Security

Shares

Value

a

Banks

(continued)

JPMorgan

Chase

&

Co.

....................

6,128,148

$

1,933,001,724

KeyCorp

...............................

2,082,916

38,929,700

M&T

Bank

Corp.

.........................

345,442

68,266,248

Pinnacle

Financial

Partners,

Inc.

...............

156,616

14,689,015

PNC

Financial

Services

Group,

Inc.

(The)

........

871,864

175,183,634

Popular,

Inc.

............................

135,730

17,239,067

Prosperity

Bancshares,

Inc.

..................

201,539

13,372,113

Regions

Financial

Corp.

....................

1,978,859

52,182,512

SOUTHSTATE

BANK

CORP.

.................

223,501

22,097,544

Synovus

Financial

Corp.

....................

305,645

15,001,057

TFS

Financial

Corp.

.......................

131,956

1,738,520

Truist

Financial

Corp.

......................

2,846,467

130,140,471

U.S.

Bancorp

...........................

3,446,235

166,556,538

Webster

Financial

Corp.

....................

368,561

21,907,266

Wells

Fargo

&

Co.

........................

7,116,039

596,466,389

Western

Alliance

Bancorp

...................

187,994

16,302,840

Wintrust

Financial

Corp.

....................

145,465

19,265,385

Zions

Bancorp

NA

........................

319,590

18,082,402

4,735,333,449

a

Beverages

 — 

1

.3

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

(b)

..........

18,937

4,003,660

Brown-Forman

Corp.

,

Class

A

................

96,037

2,584,356

Brown-Forman

Corp.

,

Class

B

,

NVS

............

325,476

8,813,890

Coca-Cola

Co.

(The)

......................

4,388,042

291,014,945

Coca-Cola

Consolidated,

Inc.

.................

98,450

11,534,402

Constellation

Brands,

Inc.

,

Class

A

.............

318,828

42,936,567

Keurig

Dr

Pepper,

Inc.

.....................

2,861,575

72,998,778

Molson

Coors

Beverage

Co.

,

Class

B

...........

374,628

16,951,917

PepsiCo,

Inc.

...........................

2,609,584

366,489,977

Primo

Brands

Corp.

,

Class

A

.................

565,837

12,504,998

829,833,490

a

Biotechnology

 — 

1

.0

%

Amgen,

Inc.

............................

311,734

87,971,335

Biogen,

Inc.

(a)

...........................

323,486

45,313,919

BioMarin

Pharmaceutical,

Inc.

(a)

...............

423,347

22,928,473

Caris

Life

Sciences,

Inc.

(a)

...................

24,835

751,259

Exact

Sciences

Corp.

(a)

.....................

387,934

21,223,869

Exelixis,

Inc.

(a)

...........................

115,482

4,769,407

Gilead

Sciences,

Inc.

......................

2,008,201

222,910,311

Incyte

Corp.

(a)

...........................

258,346

21,910,324

Insmed,

Inc.

(a)

...........................

24,675

3,553,447

Ionis

Pharmaceuticals,

Inc.

(a)

.................

26,653

1,743,639

Moderna,

Inc.

(a)

..........................

781,323

20,181,573

Neurocrine

Biosciences,

Inc.

(a)

................

30,814

4,325,669

Regeneron

Pharmaceuticals,

Inc.

..............

230,143

129,402,505

Revolution

Medicines,

Inc.

(a)

(b)

................

382,016

17,840,147

Roivant

Sciences

Ltd.

(a)

.....................

835,013

12,633,747

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

34,333

661,597

United

Therapeutics

Corp.

(a)

..................

97,884

41,033,952

Viking

Therapeutics,

Inc.

(a)

(b)

..................

221,191

5,812,899

664,968,072

a

Broadline

Retail

 — 

2

.2

%

Amazon.com,

Inc.

(a)

.......................

5,819,219

1,277,725,916

Dillard's,

Inc.

,

Class

A

(b)

.....................

6,499

3,993,506

eBay,

Inc.

..............................

1,017,282

92,521,798

Etsy,

Inc.

(a)

.............................

98,263

6,523,681

Macy's,

Inc.

............................

610,222

10,941,280

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

...........

134,946

17,327,066

1,409,033,247

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Building

Products

 — 

0

.8

%

A

O

Smith

Corp.

.........................

254,785

$

18,703,767

Advanced

Drainage

Systems,

Inc.

.............

157,436

21,836,373

Allegion

PLC

............................

189,662

33,636,556

Armstrong

World

Industries,

Inc.

...............

66,902

13,113,461

Builders

FirstSource,

Inc.

(a)

(b)

.................

239,387

29,025,674

Carlisle

Companies,

Inc.

....................

83,418

27,441,185

Carrier

Global

Corp.

.......................

1,750,539

104,507,178

Fortune

Brands

Innovations,

Inc.

..............

266,605

14,234,041

Hayward

Holdings,

Inc.

(a)

....................

437,382

6,613,216

Johnson

Controls

International

PLC

............

1,456,688

160,162,845

Masco

Corp.

............................

465,023

32,732,969

Owens

Corning

..........................

186,967

26,448,352

Simpson

Manufacturing

Co.,

Inc.

..............

84,759

14,193,742

Trex

Co.,

Inc.

(a)

(b)

.........................

235,188

12,152,164

514,801,523

a

Capital

Markets

 — 

6

.0

%

Affiliated

Managers

Group,

Inc.

...............

61,564

14,678,704

Ameriprise

Financial,

Inc.

...................

19,635

9,645,694

Bank

of

New

York

Mellon

Corp.

(The)

...........

1,443,909

157,328,325

BlackRock,

Inc.

(c)

.........................

336,641

392,479,643

Brookfield

Asset

Management

Ltd.

,

Class

A

(b)

......

552,016

31,431,791

Carlyle

Group,

Inc.

(The)

....................

576,430

36,142,161

Cboe

Global

Markets,

Inc.

...................

230,874

56,621,848

Charles

Schwab

Corp.

(The)

.................

3,436,705

328,102,226

CME

Group,

Inc.

,

Class

A

...................

793,518

214,400,628

Coinbase

Global,

Inc.

,

Class

A

(a)

...............

418,411

141,209,528

Evercore,

Inc.

,

Class

A

.....................

81,231

27,400,841

FactSet

Research

Systems,

Inc.

...............

78,263

22,421,567

Franklin

Resources,

Inc.

....................

677,443

15,669,257

Freedom

Holding

Corp.

(a)

(b)

..................

5,793

997,152

Goldman

Sachs

Group,

Inc.

(The)

.............

627,646

499,825,892

Hamilton

Lane,

Inc.

,

Class

A

.................

30,596

4,124,035

Houlihan

Lokey,

Inc.

,

Class

A

.................

73,734

15,139,065

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

.........

895,647

61,629,470

Intercontinental

Exchange,

Inc.

...............

1,258,799

212,082,455

Invesco

Ltd.

............................

802,098

18,400,128

Janus

Henderson

Group

PLC

................

276,608

12,311,822

Jefferies

Financial

Group,

Inc.

................

255,057

16,685,829

KKR

&

Co.,

Inc.

..........................

1,123,355

145,979,982

Lazard,

Inc.

............................

163,661

8,638,028

MarketAxess

Holdings,

Inc.

..................

80,035

13,946,099

Morgan

Stanley

..........................

2,541,279

403,961,710

Morningstar,

Inc.

.........................

16,610

3,853,686

MSCI,

Inc.

.............................

84,572

47,986,999

Nasdaq,

Inc.

............................

911,035

80,581,046

Northern

Trust

Corp.

.......................

419,414

56,453,124

Raymond

James

Financial,

Inc.

...............

402,704

69,506,710

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

1,414,403

202,514,222

S&P

Global,

Inc.

.........................

677,539

329,765,007

SEI

Investments

Co.

.......................

232,104

19,694,024

State

Street

Corp.

........................

624,539

72,452,769

Stifel

Financial

Corp.

......................

220,043

24,968,279

T

Rowe

Price

Group,

Inc.

...................

481,858

49,457,905

TPG,

Inc.

,

Class

A

........................

17,508

1,005,835

Tradeweb

Markets,

Inc.

,

Class

A

...............

235,416

26,126,468

Virtu

Financial,

Inc.

,

Class

A

..................

177,806

6,312,113

XP,

Inc.

,

Class

A

.........................

814,330

15,301,261

3,867,233,328

a

Chemicals

 — 

2

.0

%

Air

Products

and

Chemicals,

Inc.

..............

490,188

133,684,071

Albemarle

Corp.

.........................

261,932

21,237,447

Ashland,

Inc.

............................

103,052

4,937,221

Axalta

Coating

Systems

Ltd.

(a)

................

480,926

13,764,102

Security

Shares

Value

a

Chemicals

(continued)

Celanese

Corp.

(b)

.........................

245,917

$

10,348,187

CF

Industries

Holdings,

Inc.

..................

355,712

31,907,366

Corteva,

Inc.

............................

1,510,396

102,148,081

Dow,

Inc.

..............................

1,559,551

35,760,504

DuPont

de

Nemours,

Inc.

...................

922,030

71,826,137

Eastman

Chemical

Co.

.....................

252,944

15,948,119

Ecolab,

Inc.

............................

415,874

113,891,254

Element

Solutions,

Inc.

.....................

496,258

12,490,814

FMC

Corp.

.............................

273,482

9,197,200

Huntsman

Corp.

.........................

362,517

3,255,403

International

Flavors

&

Fragrances,

Inc.

..........

564,675

34,750,100

Linde

PLC

.............................

1,036,188

492,189,300

LyondellBasell

Industries

N.V.

,

Class

A

..........

564,617

27,688,818

Mosaic

Co.

(The)

.........................

695,017

24,103,190

NewMarket

Corp.

.........................

13,046

10,804,828

Olin

Corp.

..............................

253,058

6,323,919

PPG

Industries,

Inc.

.......................

500,634

52,621,640

RPM

International,

Inc.

.....................

280,192

33,029,033

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

96,234

5,480,526

Sherwin-Williams

Co.

(The)

..................

48,813

16,901,989

Westlake

Corp.

..........................

73,566

5,668,996

1,289,958,245

a

Commercial

Services

&

Supplies

 — 

0

.4

%

Clean

Harbors,

Inc.

(a)

......................

112,717

26,175,142

Copart,

Inc.

(a)

...........................

133,544

6,005,474

MSA

Safety,

Inc.

.........................

81,494

14,022,672

RB

Global,

Inc.

(b)

.........................

383,447

41,550,317

Republic

Services,

Inc.

.....................

446,201

102,394,205

Tetra

Tech,

Inc.

..........................

479,247

15,997,265

Veralto

Corp.

............................

316,972

33,792,385

239,937,460

a

Communications

Equipment

 — 

1

.3

%

Ciena

Corp.

(a)

...........................

310,913

45,290,697

Cisco

Systems,

Inc.

.......................

8,782,479

600,897,213

F5,

Inc.

(a)

..............................

126,836

40,992,127

Lumentum

Holdings,

Inc.

(a)

(b)

.................

139,948

22,770,939

Motorola

Solutions,

Inc.

....................

212,954

97,381,734

807,332,710

a

Construction

&

Engineering

 — 

0

.3

%

AECOM

...............................

291,660

38,052,880

API

Group

Corp.

(a)

........................

811,996

27,908,302

EMCOR

Group,

Inc.

.......................

63,761

41,415,320

Everus

Construction

Group,

Inc.

(a)

(b)

............

112,084

9,611,203

MasTec,

Inc.

(a)

...........................

109,615

23,327,168

Quanta

Services,

Inc.

......................

73,098

30,293,273

Valmont

Industries,

Inc.

.....................

43,719

16,951,168

WillScot

Holdings

Corp.

,

Class

A

..............

292,088

6,165,978

193,725,292

a

Construction

Materials

 — 

0

.6

%

CRH

PLC

..............................

1,493,865

179,114,413

Eagle

Materials,

Inc.

.......................

69,299

16,149,439

James

Hardie

Industries

PLC

(a)

(b)

..............

116,552

2,238,964

Martin

Marietta

Materials,

Inc.

................

132,499

83,511,470

Vulcan

Materials

Co.

......................

292,040

89,837,345

370,851,631

a

Consumer

Finance

 — 

1

.1

%

Ally

Financial,

Inc.

........................

536,222

21,019,902

American

Express

Co.

.....................

814,543

270,558,603

Capital

One

Financial

Corp.

..................

1,386,969

294,841,870

Credit

Acceptance

Corp.

(a)

(b)

..................

8,837

4,126,260

OneMain

Holdings,

Inc.

.....................

262,458

14,818,379

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Consumer

Finance

(continued)

SLM

Corp.

.............................

397,475

$

11,002,108

SoFi

Technologies,

Inc.

(a)

....................

2,155,637

56,951,930

Synchrony

Financial

.......................

820,449

58,292,901

731,611,953

a

Consumer

Staples

Distribution

&

Retail

 — 

2

.1

%

Albertsons

Companies,

Inc.

,

Class

A

............

912,756

15,982,358

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

247,825

23,109,681

Casey's

General

Stores,

Inc.

.................

69,335

39,196,462

Dollar

General

Corp.

......................

483,830

50,003,830

Dollar

Tree,

Inc.

(a)

(b)

.......................

434,903

41,041,796

Kroger

Co.

(The)

.........................

1,339,454

90,292,594

Maplebear,

Inc.

(a)

.........................

379,777

13,960,603

Performance

Food

Group

Co.

(a)

...............

294,719

30,662,565

Sysco

Corp.

............................

496,398

40,873,411

Target

Corp.

............................

1,003,977

90,056,737

U.S.

Foods

Holding

Corp.

(a)

..................

506,109

38,778,072

Walmart,

Inc.

............................

8,640,803

890,521,157

1,364,479,266

a

Containers

&

Packaging

 — 

0

.5

%

Amcor

PLC

.............................

5,085,339

41,598,073

AptarGroup,

Inc.

.........................

145,750

19,480,945

Avery

Dennison

Corp.

......................

171,454

27,804,695

Ball

Corp.

..............................

622,421

31,382,467

Crown

Holdings,

Inc.

......................

257,461

24,868,158

Graphic

Packaging

Holding

Co.

...............

656,331

12,844,398

International

Paper

Co.

.....................

1,154,475

53,567,640

Packaging

Corp.

of

America

.................

194,528

42,393,487

Sealed

Air

Corp.

.........................

321,294

11,357,743

Silgan

Holdings,

Inc.

.......................

199,099

8,563,248

Smurfit

WestRock

PLC

.....................

1,147,574

48,852,225

Sonoco

Products

Co.

......................

217,023

9,351,521

332,064,600

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

305,538

42,347,567

LKQ

Corp.

.............................

579,657

17,702,725

Pool

Corp.

.............................

64,420

19,974,709

80,025,001

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

1,126,090

9,808,244

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

109,078

11,842,598

Grand

Canyon

Education,

Inc.

(a)

...............

44,087

9,677,978

H&R

Block,

Inc.

..........................

242,964

12,286,690

Service

Corp.

International

..................

310,140

25,809,851

69,425,361

a

Diversified

REITs

 — 

0

.1

%

WP

Carey,

Inc.

..........................

477,687

32,277,311

a

Diversified

Telecommunication

Services

 — 

1

.4

%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

.............

28,851

1,416,007

AT&T,

Inc.

..............................

15,478,328

437,107,983

Frontier

Communications

Parent,

Inc.

(a)

..........

538,297

20,105,393

GCI

Liberty,

Inc.

,

Series

A

(a)

..................

6,055

227,396

GCI

Liberty,

Inc.

,

Series

C

,

NVS

(a)

..............

38,979

1,452,747

Iridium

Communications,

Inc.

.................

192,593

3,362,674

Liberty

Global

Ltd.

,

Class

A

(a)

.................

368,872

4,227,273

Liberty

Global

Ltd.

,

Class

C

,

NVS

(a)

(b)

............

308,842

3,628,893

Verizon

Communications,

Inc.

................

9,319,284

409,582,532

881,110,898

a

Security

Shares

Value

a

Electric

Utilities

 — 

2

.9

%

Alliant

Energy

Corp.

.......................

566,083

$

38,159,655

American

Electric

Power

Co.,

Inc.

..............

1,180,754

132,834,825

Constellation

Energy

Corp.

..................

691,127

227,429,162

Duke

Energy

Corp.

.......................

1,716,593

212,428,384

Edison

International

.......................

839,549

46,410,269

Entergy

Corp.

...........................

985,199

91,810,695

Evergy,

Inc.

.............................

507,332

38,567,379

Eversource

Energy

.......................

809,283

57,572,392

Exelon

Corp.

............................

2,226,480

100,213,865

FirstEnergy

Corp.

........................

1,214,400

55,643,808

IDACORP,

Inc.

..........................

118,812

15,701,006

NextEra

Energy,

Inc.

......................

4,550,307

343,502,675

OGE

Energy

Corp.

........................

448,364

20,745,802

PG&E

Corp.

............................

4,845,725

73,073,533

Pinnacle

West

Capital

Corp.

.................

265,234

23,780,880

PPL

Corp.

.............................

1,630,237

60,579,607

Southern

Co.

(The)

.......................

2,431,357

230,419,703

Xcel

Energy,

Inc.

.........................

1,305,842

105,316,157

1,874,189,797

a

Electrical

Equipment

 — 

1

.3

%

Acuity,

Inc.

.............................

67,994

23,416,454

AMETEK,

Inc.

...........................

508,793

95,653,084

Eaton

Corp.

PLC

.........................

864,724

323,622,957

Emerson

Electric

Co.

......................

1,243,630

163,139,383

Generac

Holdings,

Inc.

(a)

....................

128,655

21,536,847

Hubbell,

Inc.

............................

117,841

50,708,161

nVent

Electric

PLC

........................

358,762

35,388,284

Regal

Rexnord

Corp.

......................

147,182

21,111,786

Rockwell

Automation,

Inc.

...................

229,927

80,366,384

Sensata

Technologies

Holding

PLC

............

319,656

9,765,491

824,708,831

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.9

%

Arrow

Electronics,

Inc.

(a)

(b)

...................

113,769

13,766,049

Avnet,

Inc.

.............................

189,360

9,899,741

CDW

Corp.

.............................

268,850

42,822,428

Cognex

Corp.

...........................

369,763

16,750,264

Coherent

Corp.

(a)

.........................

338,076

36,417,547

Corning,

Inc.

............................

1,722,972

141,335,393

Crane

NXT

Co.

(b)

.........................

107,922

7,238,329

Flex

Ltd.

(a)

..............................

823,993

47,766,874

Ingram

Micro

Holding

Corp.

(b)

.................

45,225

971,885

IPG

Photonics

Corp.

(a)

(b)

....................

55,058

4,360,043

Jabil,

Inc.

..............................

81,963

17,799,905

Keysight

Technologies,

Inc.

(a)

.................

378,983

66,291,706

Littelfuse,

Inc.

...........................

54,093

14,010,628

Ralliant

Corp.

...........................

253,289

11,076,328

TD

SYNNEX

Corp.

........................

173,340

28,384,425

Teledyne

Technologies,

Inc.

(a)

(b)

...............

102,474

60,053,863

Trimble,

Inc.

(a)

(b)

..........................

524,794

42,849,430

Vontier

Corp.

............................

325,850

13,675,924

Zebra

Technologies

Corp.

,

Class

A

(a)

............

112,010

33,284,892

608,755,654

a

Energy

Equipment

&

Services

 — 

0

.5

%

Baker

Hughes

Co.

,

Class

A

..................

2,189,816

106,687,836

Halliburton

Co.

..........................

1,888,388

46,454,345

NOV,

Inc.

..............................

823,484

10,911,163

Schlumberger

N.V.

........................

3,049,893

104,824,822

TechnipFMC

PLC

........................

898,552

35,447,876

Weatherford

International

PLC

................

156,853

10,733,451

315,059,493

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Entertainment

 — 

1

.3

%

Electronic

Arts,

Inc.

.......................

554,874

$

111,918,086

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

33,689

3,207,867

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

318,901

33,309,209

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

43,365

4,089,319

Liberty

Media

Corp.-Liberty

Live

,

Series

C

,

NVS

(a)

...

100,837

9,778,164

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

(b)

..

35,461

8,049,647

Roku,

Inc.

,

Class

A

(a)

......................

247,074

24,739,520

Take-Two

Interactive

Software,

Inc.

(a)

(b)

..........

265,661

68,636,176

TKO

Group

Holdings,

Inc.

,

Class

A

(b)

............

86,934

17,557,191

Walt

Disney

Co.

(The)

.....................

3,995,918

457,532,611

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

5,138,891

100,362,541

839,180,331

a

Financial

Services

 — 

4

.1

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

................

242,353

17,711,157

Apollo

Global

Management,

Inc.

...............

277,473

36,978,827

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

4,069,770

2,046,036,170

Block,

Inc.

,

Class

A

(a)

......................

759,478

54,887,475

Euronet

Worldwide,

Inc.

(a)

...................

91,906

8,070,266

Fidelity

National

Information

Services,

Inc.

........

1,163,614

76,728,707

Fiserv,

Inc.

(a)

............................

863,877

111,379,662

Global

Payments,

Inc.

.....................

541,186

44,961,733

Jack

Henry

&

Associates,

Inc.

................

161,435

24,042,515

MGIC

Investment

Corp.

....................

524,119

14,869,256

Mr

Cooper

Group,

Inc.

.....................

139,354

29,374,430

PayPal

Holdings,

Inc.

(a)

.....................

2,110,805

141,550,583

Rocket

Companies,

Inc.

,

Class

A

(b)

.............

554,213

10,740,648

UWM

Holdings

Corp.

,

Class

A

................

307,516

1,872,772

Voya

Financial,

Inc.

.......................

215,335

16,107,058

Western

Union

Co.

(The)

...................

491,372

3,926,062

WEX,

Inc.

(a)

(b)

............................

68,704

10,822,941

2,650,060,262

a

Food

Products

 — 

1

.1

%

Archer-Daniels-Midland

Co.

..................

1,052,804

62,894,511

Bunge

Global

SA

.........................

295,704

24,025,950

Conagra

Brands,

Inc.

......................

1,048,953

19,206,329

Darling

Ingredients,

Inc.

(a)

...................

306,096

9,449,184

Flowers

Foods,

Inc.

.......................

411,482

5,369,840

Freshpet,

Inc.

(a)

..........................

77,036

4,245,454

General

Mills,

Inc.

........................

1,206,189

60,816,049

Hershey

Co.

(The)

........................

282,119

52,770,359

Hormel

Foods

Corp.

.......................

637,496

15,771,651

Ingredion,

Inc.

...........................

140,773

17,189,791

J

M

Smucker

Co.

(The)

.....................

230,649

25,048,481

Kellanova

..............................

611,943

50,191,565

Kraft

Heinz

Co.

(The)

......................

1,880,646

48,972,022

Lamb

Weston

Holdings,

Inc.

.................

300,231

17,437,416

McCormick

&

Co.,

Inc.

,

NVS

.................

558,077

37,340,932

Mondelez

International,

Inc.

,

Class

A

............

2,858,748

178,585,988

Pilgrim's

Pride

Corp.

.......................

96,366

3,924,024

Post

Holdings,

Inc.

(a)

(b)

......................

111,119

11,943,070

Seaboard

Corp.

(b)

.........................

563

2,053,261

Smithfield

Foods,

Inc.

......................

99,634

2,339,406

The

Campbell's

Company

...................

427,301

13,494,166

Tyson

Foods,

Inc.

,

Class

A

..................

616,625

33,482,738

696,552,187

a

Gas

Utilities

 — 

0

.2

%

Atmos

Energy

Corp.

.......................

350,087

59,777,355

MDU

Resources

Group,

Inc.

.................

446,896

7,959,218

National

Fuel

Gas

Co.

.....................

197,678

18,259,517

Security

Shares

Value

a

Gas

Utilities

(continued)

UGI

Corp.

..............................

473,917

$

15,762,479

101,758,569

a

Ground

Transportation

 — 

1

.2

%

Avis

Budget

Group,

Inc.

(a)

...................

25,369

4,073,627

CSX

Corp.

.............................

4,142,417

147,097,228

JB

Hunt

Transport

Services,

Inc.

..............

171,850

23,057,114

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

346,953

13,708,113

Landstar

System,

Inc.

......................

76,407

9,364,442

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

736,578

16,212,082

Norfolk

Southern

Corp.

.....................

498,333

149,704,216

Old

Dominion

Freight

Line,

Inc.

...............

387,414

54,540,143

Ryder

System,

Inc.

........................

88,646

16,722,181

Saia,

Inc.

(a)

(b)

............................

58,749

17,587,101

Schneider

National,

Inc.

,

Class

B

..............

114,101

2,414,377

U-Haul

Holding

Co.

(a)

(b)

.....................

10,637

607,054

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

138,070

7,027,763

Union

Pacific

Corp.

.......................

1,215,464

287,299,226

XPO,

Inc.

(a)

(b)

............................

200,503

25,919,023

775,333,690

a

Health

Care

Equipment

&

Supplies

 — 

2

.9

%

Abbott

Laboratories

.......................

3,820,781

511,755,407

Align

Technology,

Inc.

(a)

.....................

152,780

19,131,111

Baxter

International,

Inc.

....................

1,139,394

25,944,001

Becton

Dickinson

&

Co.

....................

631,384

118,176,143

Boston

Scientific

Corp.

(a)

....................

2,695,560

263,167,523

Cooper

Companies,

Inc.

(The)

(a)

(b)

..............

438,988

30,097,017

DENTSPLY

SIRONA,

Inc.

...................

438,904

5,569,692

Edwards

Lifesciences

Corp.

(a)

................

1,271,048

98,849,403

Envista

Holdings

Corp.

(a)

....................

370,006

7,537,022

GE

HealthCare

Technologies,

Inc.

(b)

............

1,011,433

75,958,618

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

..............

247,148

14,154,166

Hologic,

Inc.

(a)

...........................

491,638

33,180,649

Medtronic

PLC

..........................

2,829,657

269,496,533

ResMed,

Inc.

...........................

245,538

67,211,117

Solventum

Corp.

(a)

(b)

.......................

326,021

23,799,533

STERIS

PLC

............................

216,643

53,606,144

Stryker

Corp.

...........................

564,182

208,561,160

Teleflex,

Inc.

............................

98,377

12,037,410

Zimmer

Biomet

Holdings,

Inc.

................

436,180

42,963,730

1,881,196,379

a

Health

Care

Providers

&

Services

 — 

2

.7

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

................

200,380

4,961,409

Cardinal

Health,

Inc.

.......................

264,613

41,533,656

Centene

Corp.

(a)

.........................

1,094,395

39,048,014

Chemed

Corp.

...........................

29,341

13,137,139

Cigna

Group

(The)

........................

535,109

154,245,169

CVS

Health

Corp.

........................

2,763,562

208,344,939

Elevance

Health,

Inc.

......................

498,980

161,230,418

Encompass

Health

Corp.

...................

219,397

27,867,807

HCA

Healthcare,

Inc.

(b)

.....................

297,274

126,698,179

Henry

Schein,

Inc.

(a)

(b)

......................

241,460

16,025,700

Humana,

Inc.

...........................

265,874

69,172,439

Labcorp

Holdings,

Inc.

.....................

184,050

52,833,393

McKesson

Corp.

.........................

21,324

16,473,643

Molina

Healthcare,

Inc.

(a)

(b)

...................

53,383

10,215,371

Quest

Diagnostics,

Inc.

.....................

245,530

46,793,107

Tenet

Healthcare

Corp.

(a)

....................

192,216

39,027,537

UnitedHealth

Group,

Inc.

....................

2,007,901

693,328,215

Universal

Health

Services,

Inc.

,

Class

B

.........

121,267

24,791,825

1,745,727,960

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

REITs

 — 

0

.7

%

Alexandria

Real

Estate

Equities,

Inc.

............

378,021

$

31,504,270

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

723,168

13,038,719

Healthpeak

Properties,

Inc.

..................

1,526,855

29,239,273

Medical

Properties

Trust,

Inc.

.................

1,099,489

5,574,409

Omega

Healthcare

Investors,

Inc.

..............

632,546

26,706,092

Ventas,

Inc.

............................

999,529

69,957,035

Welltower,

Inc.

...........................

1,476,567

263,035,646

439,055,444

a

Health

Care

Technology

 — 

0

.0

%

Certara,

Inc.

(a)

(b)

..........................

267,219

3,265,416

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

67,202

20,020,148

23,285,564

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

1,510,534

25,709,289

Park

Hotels

&

Resorts,

Inc.

..................

432,764

4,795,025

30,504,314

a

Hotels,

Restaurants

&

Leisure

 — 

1

.5

%

Aramark

...............................

581,364

22,324,378

Booking

Holdings,

Inc.

.....................

4,379

23,643,403

Boyd

Gaming

Corp.

.......................

128,060

11,070,787

Caesars

Entertainment,

Inc.

(a)

................

453,339

12,251,487

Carnival

Corp.

(a)

..........................

1,646,403

47,597,511

Choice

Hotels

International,

Inc.

(b)

..............

41,390

4,425,005

Churchill

Downs,

Inc.

......................

22,466

2,179,427

Darden

Restaurants,

Inc.

...................

12,931

2,461,545

Domino's

Pizza,

Inc.

.......................

49,310

21,287,620

Flutter

Entertainment

PLC

,

Class

DI

(a)

(b)

..........

67,475

17,138,650

Hyatt

Hotels

Corp.

,

Class

A

(b)

.................

88,653

12,582,520

Marriott

International,

Inc.

,

Class

A

.............

116,777

30,413,402

McDonald's

Corp.

........................

1,488,144

452,232,080

MGM

Resorts

International

(a)

(b)

................

451,580

15,651,763

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

94,959

2,338,840

Penn

Entertainment,

Inc.

(a)

(b)

.................

328,750

6,331,725

Restaurant

Brands

International,

Inc.

............

258,537

16,582,563

Starbucks

Corp.

..........................

2,177,724

184,235,450

Travel

+

Leisure

Co.

.......................

93,017

5,533,581

Vail

Resorts,

Inc.

.........................

14,739

2,204,512

Wendy's

Co.

(The)

........................

212,873

1,949,917

Wyndham

Hotels

&

Resorts,

Inc.

..............

17,391

1,389,541

Wynn

Resorts

Ltd.

........................

183,949

23,595,138

Yum!

Brands,

Inc.

........................

407,659

61,964,168

981,385,013

a

Household

Durables

 — 

0

.7

%

DR

Horton,

Inc.

..........................

587,559

99,573,624

Garmin

Ltd.

.............................

359,206

88,443,701

Lennar

Corp.

,

Class

A

......................

493,937

62,255,819

Lennar

Corp.

,

Class

B

.....................

21,043

2,524,950

Mohawk

Industries,

Inc.

(a)

...................

113,038

14,572,859

Newell

Brands,

Inc.

.......................

918,117

4,810,933

NVR,

Inc.

(a)

.............................

6,205

49,855,065

PulteGroup,

Inc.

.........................

433,796

57,317,465

SharkNinja,

Inc.

(a)

.........................

151,501

15,627,328

Toll

Brothers,

Inc.

.........................

217,876

30,097,391

TopBuild

Corp.

(a)

.........................

58,478

22,856,711

Whirlpool

Corp.

(b)

.........................

118,211

9,291,385

457,227,231

a

Household

Products

 — 

1

.6

%

Church

&

Dwight

Co.,

Inc.

...................

542,485

47,537,961

Clorox

Co.

(The)

.........................

271,614

33,490,006

Colgate-Palmolive

Co.

.....................

934,619

74,713,443

Kimberly-Clark

Corp.

......................

468,383

58,238,742

Security

Shares

Value

a

Household

Products

(continued)

Procter

&

Gamble

Co.

(The)

.................

5,182,841

$

796,343,520

Reynolds

Consumer

Products,

Inc.

.............

131,830

3,225,880

1,013,549,552

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

1,583,308

20,836,333

Brookfield

Renewable

Corp.

,

Class

A

...........

297,664

10,245,595

Clearway

Energy,

Inc.

,

Class

A

................

76,388

2,057,129

Clearway

Energy,

Inc.

,

Class

C

...............

179,308

5,065,451

Talen

Energy

Corp.

(a)

......................

99,963

42,522,261

80,726,769

a

Industrial

Conglomerates

 — 

0

.7

%

3M

Co.

................................

987,366

153,219,455

Honeywell

International,

Inc.

.................

1,403,241

295,382,231

448,601,686

a

Industrial

REITs

 — 

0

.5

%

Americold

Realty

Trust,

Inc.

..................

628,371

7,691,261

EastGroup

Properties,

Inc.

..................

116,824

19,773,630

First

Industrial

Realty

Trust,

Inc.

...............

282,046

14,516,908

Lineage,

Inc.

(b)

...........................

155,853

6,022,160

Prologis,

Inc.

............................

2,046,759

234,394,841

Rexford

Industrial

Realty,

Inc.

................

522,043

21,461,188

STAG

Industrial,

Inc.

......................

411,419

14,518,976

318,378,964

a

Insurance

 — 

3

.8

%

Aflac,

Inc.

..............................

1,075,235

120,103,749

Allstate

Corp.

(The)

.......................

582,499

125,033,410

American

Financial

Group,

Inc.

...............

145,733

21,236,213

American

International

Group,

Inc.

.............

1,271,346

99,851,515

Aon

PLC

,

Class

A

........................

35,269

12,576,220

Arch

Capital

Group

Ltd.

....................

805,067

73,043,729

Arthur

J

Gallagher

&

Co.

....................

525,499

162,768,060

Assurant,

Inc.

...........................

111,625

24,177,975

Assured

Guaranty

Ltd.

.....................

102,649

8,689,238

Axis

Capital

Holdings

Ltd.

...................

168,663

16,157,915

Brighthouse

Financial,

Inc.

(a)

.................

125,946

6,685,214

Brown

&

Brown,

Inc.

.......................

550,424

51,624,267

Chubb

Ltd.

.............................

821,182

231,778,620

Cincinnati

Financial

Corp.

...................

339,291

53,641,907

CNA

Financial

Corp.

.......................

46,122

2,142,828

Everest

Group

Ltd.

........................

79,495

27,841,534

Fidelity

National

Financial,

Inc.

................

572,942

34,657,262

First

American

Financial

Corp.

................

216,744

13,923,635

Globe

Life,

Inc.

..........................

182,616

26,108,610

Hanover

Insurance

Group,

Inc.

(The)

...........

78,936

14,337,146

Hartford

Insurance

Group,

Inc.

(The)

............

619,823

82,678,190

Kemper

Corp.

...........................

134,754

6,946,569

Lincoln

National

Corp.

.....................

378,370

15,259,662

Loews

Corp.

............................

376,557

37,802,557

Markel

Group,

Inc.

(a)

.......................

21,893

41,845,404

Marsh

&

McLennan

Companies,

Inc.

............

959,886

193,445,826

MetLife,

Inc.

............................

1,239,243

102,076,446

Old

Republic

International

Corp.

...............

503,656

21,390,270

Primerica,

Inc.

...........................

72,609

20,155,532

Principal

Financial

Group,

Inc.

................

489,476

40,582,455

Progressive

Corp.

(The)

....................

1,228,176

303,298,063

Prudential

Financial,

Inc.

....................

781,129

81,034,322

Reinsurance

Group

of

America,

Inc.

............

145,264

27,909,572

RenaissanceRe

Holdings

Ltd.

................

101,983

25,896,543

RLI

Corp.

..............................

170,682

11,131,880

Travelers

Companies,

Inc.

(The)

...............

498,876

139,296,157

Unum

Group

............................

381,449

29,669,103

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Insurance

(continued)

W

R

Berkley

Corp.

(b)

.......................

640,295

$

49,059,403

White

Mountains

Insurance

Group

Ltd.

(b)

.........

5,630

9,410,658

Willis

Towers

Watson

PLC

...................

215,832

74,559,164

2,439,826,823

a

Interactive

Media

&

Services

 — 

4

.2

%

Alphabet,

Inc.

,

Class

A

.....................

4,552,601

1,106,737,303

Alphabet,

Inc.

,

Class

C

,

NVS

.................

3,706,924

902,821,340

IAC,

Inc.

(a)

..............................

148,079

5,045,052

Match

Group,

Inc.

........................

538,759

19,028,968

Meta

Platforms,

Inc.

,

Class

A

.................

859,236

631,005,734

Pinterest,

Inc.

,

Class

A

(a)

....................

662,326

21,307,027

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

.......

161,890

2,658,234

ZoomInfo

Technologies,

Inc.

(a)

(b)

...............

651,296

7,105,639

2,695,709,297

a

IT

Services

 — 

1

.9

%

Accenture

PLC

,

Class

A

....................

1,381,261

340,618,963

Akamai

Technologies,

Inc.

(a)

..................

316,095

23,947,357

Amdocs

Ltd.

............................

243,187

19,953,493

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

1,087,515

72,939,631

DXC

Technology

Co.

(a)

.....................

395,408

5,389,411

EPAM

Systems,

Inc.

(a)

......................

122,136

18,416,887

Globant

SA

(a)

(b)

..........................

85,882

4,927,909

International

Business

Machines

Corp.

..........

2,052,985

579,270,248

Kyndryl

Holdings,

Inc.

(a)

(b)

...................

476,751

14,316,832

MongoDB,

Inc.

,

Class

A

(a)

...................

157,941

49,021,728

Okta,

Inc.

,

Class

A

(a)

.......................

220,614

20,230,304

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

258,251

25,848,343

VeriSign,

Inc.

...........................

186,029

52,008,127

1,226,889,233

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

144,341

9,128,125

Hasbro,

Inc.

............................

294,458

22,334,639

Mattel,

Inc.

(a)

(b)

...........................

707,687

11,910,372

YETI

Holdings,

Inc.

(a)

......................

181,819

6,032,755

49,405,891

a

Life

Sciences

Tools

&

Services

 — 

1

.7

%

Agilent

Technologies,

Inc.

...................

627,669

80,561,316

Avantor,

Inc.

(a)

(b)

..........................

1,475,000

18,408,000

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

42,713

11,976,298

Bio-Techne

Corp.

.........................

345,621

19,226,896

Bruker

Corp.

............................

227,670

7,396,998

Charles

River

Laboratories

International,

Inc.

(a)

.....

107,515

16,821,797

Danaher

Corp.

..........................

1,407,731

279,096,748

Illumina,

Inc.

(a)

...........................

348,675

33,113,665

IQVIA

Holdings,

Inc.

(a)

......................

372,735

70,797,286

Mettler-Toledo

International,

Inc.

(a)

.............

45,868

56,308,015

QIAGEN

N.V.

(b)

..........................

474,845

21,216,075

Repligen

Corp.

(a)

.........................

101,681

13,591,699

Revvity,

Inc.

............................

267,467

23,443,483

Sotera

Health

Co.

(a)

.......................

347,263

5,462,447

Thermo

Fisher

Scientific,

Inc.

.................

833,273

404,154,070

Waters

Corp.

(a)

..........................

63,458

19,025,343

West

Pharmaceutical

Services,

Inc.

............

157,769

41,387,542

1,121,987,678

a

Machinery

 — 

3

.3

%

AGCO

Corp.

............................

136,686

14,634,970

Allison

Transmission

Holdings,

Inc.

.............

155,715

13,217,089

Caterpillar,

Inc.

..........................

895,935

427,495,385

CNH

Industrial

N.V.

.......................

1,931,361

20,955,267

Crane

Co.

..............................

108,356

19,952,674

Cummins,

Inc.

...........................

303,741

128,291,086

Security

Shares

Value

a

Machinery

(continued)

Deere

&

Co.

............................

539,125

$

246,520,298

Donaldson

Co.,

Inc.

.......................

262,322

21,471,056

Dover

Corp.

............................

298,709

49,833,623

Esab

Corp.

.............................

125,441

14,016,777

Flowserve

Corp.

.........................

287,163

15,259,842

Fortive

Corp.

............................

748,185

36,653,583

Gates

Industrial

Corp.

PLC

(a)

.................

558,466

13,861,126

Graco,

Inc.

.............................

365,906

31,087,374

IDEX

Corp.

.............................

166,622

27,119,397

Illinois

Tool

Works,

Inc.

.....................

435,088

113,453,547

Ingersoll

Rand,

Inc.

.......................

888,935

73,443,810

ITT,

Inc.

...............................

171,333

30,627,487

Lincoln

Electric

Holdings,

Inc.

................

119,431

28,165,413

Middleby

Corp.

(The)

(a)

.....................

111,085

14,766,529

Mueller

Industries,

Inc.

.....................

238,839

24,149,011

Nordson

Corp.

...........................

118,712

26,941,688

Oshkosh

Corp.

..........................

140,965

18,283,161

Otis

Worldwide

Corp.

......................

873,214

79,837,956

PACCAR,

Inc.

...........................

1,137,654

111,854,141

Parker-Hannifin

Corp.

......................

283,995

215,310,809

Pentair

PLC

............................

360,528

39,932,081

RBC

Bearings,

Inc.

(a)

......................

55,053

21,486,635

Snap-on,

Inc.

...........................

112,942

39,137,791

Stanley

Black

&

Decker,

Inc.

.................

340,428

25,304,013

Timken

Co.

(The)

.........................

137,830

10,362,059

Toro

Co.

(The)

...........................

219,744

16,744,493

Westinghouse

Air

Brake

Technologies

Corp.

.......

373,471

74,869,731

Xylem,

Inc.

.............................

535,975

79,056,313

2,124,096,215

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

124,755

10,410,805

a

Media

 — 

0

.8

%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

194,710

53,565,695

Comcast

Corp.

,

Class

A

....................

8,081,311

253,914,792

DoubleVerify

Holdings,

Inc.

(a)

.................

153,556

1,839,601

Fox

Corp.

,

Class

A

,

NVS

(b)

...................

475,613

29,992,156

Fox

Corp.

,

Class

B

........................

329,736

18,890,575

Interpublic

Group

of

Companies,

Inc.

(The)

.......

822,435

22,954,161

Liberty

Broadband

Corp.

,

Series

A

(a)

............

30,279

1,917,569

Liberty

Broadband

Corp.

,

Series

C

,

NVS

(a)

........

194,828

12,379,371

New

York

Times

Co.

(The)

,

Class

A

.............

357,825

20,539,155

News

Corp.

,

Class

A

,

NVS

..................

834,428

25,625,284

News

Corp.

,

Class

B

(b)

.....................

277,988

9,604,485

Nexstar

Media

Group,

Inc.

...................

58,422

11,552,366

NIQ

Global

Intelligence

PLC

(a)

................

52,648

826,574

Omnicom

Group,

Inc.

......................

426,061

34,736,753

Sirius

XM

Holdings,

Inc.

....................

418,364

9,737,422

508,075,959

a

Metals

&

Mining

 — 

1

.0

%

Alcoa

Corp.

.............................

569,515

18,731,349

Anglogold

Ashanti

PLC

.....................

975,567

68,611,627

Cleveland-Cliffs,

Inc.

(a)

(b)

....................

1,072,407

13,083,366

Freeport-McMoRan,

Inc.

....................

3,156,039

123,779,850

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

285,204

19,128,632

Newmont

Corp.

..........................

2,424,207

204,384,892

Nucor

Corp.

............................

507,656

68,751,852

Reliance,

Inc.

...........................

116,370

32,680,187

Royal

Gold,

Inc.

..........................

144,690

29,021,920

Southern

Copper

Corp.

.....................

184,473

22,387,643

Steel

Dynamics,

Inc.

.......................

279,921

39,029,385

639,590,703

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Mortgage

REITs

 — 

0

.1

%

AGNC

Investment

Corp.

....................

2,294,596

$

22,464,095

Annaly

Capital

Management,

Inc.

..............

1,417,513

28,647,938

Rithm

Capital

Corp.

.......................

1,166,011

13,280,865

Starwood

Property

Trust,

Inc.

.................

754,522

14,615,091

79,007,989

a

Multi-Utilities

 — 

1

.2

%

Ameren

Corp.

...........................

594,439

62,047,543

CenterPoint

Energy,

Inc.

....................

1,441,780

55,941,064

CMS

Energy

Corp.

........................

655,221

48,001,490

Consolidated

Edison,

Inc.

...................

796,538

80,068,000

Dominion

Energy,

Inc.

......................

1,884,091

115,249,846

DTE

Energy

Co.

.........................

456,433

64,553,319

NiSource,

Inc.

...........................

1,036,443

44,877,982

Public

Service

Enterprise

Group,

Inc.

...........

1,103,032

92,059,051

Sempra

...............................

1,440,850

129,647,683

WEC

Energy

Group,

Inc.

....................

705,798

80,877,393

773,323,371

a

Office

REITs

 — 

0

.1

%

BXP,

Inc.

..............................

348,901

25,937,300

Cousins

Properties,

Inc.

....................

367,779

10,643,524

Highwoods

Properties,

Inc.

..................

233,644

7,434,552

Kilroy

Realty

Corp.

........................

258,492

10,921,287

Vornado

Realty

Trust

......................

388,665

15,752,593

70,689,256

a

Oil,

Gas

&

Consumable

Fuels

 — 

5

.4

%

Antero

Midstream

Corp.

....................

737,079

14,328,816

Antero

Resources

Corp.

(a)

...................

638,176

21,417,187

APA

Corp.

.............................

781,591

18,977,029

Cheniere

Energy,

Inc.

......................

267,708

62,906,026

Chevron

Corp.

...........................

4,238,162

658,144,177

Chord

Energy

Corp.

.......................

130,153

12,933,304

Civitas

Resources,

Inc.

.....................

203,371

6,609,557

ConocoPhillips

..........................

2,793,207

264,209,450

Coterra

Energy,

Inc.

.......................

1,661,683

39,298,803

Devon

Energy

Corp.

.......................

1,369,730

48,022,734

Diamondback

Energy,

Inc.

...................

419,985

60,099,853

DT

Midstream,

Inc.

........................

223,512

25,270,267

EOG

Resources,

Inc.

......................

1,205,864

135,201,472

EQT

Corp.

.............................

1,371,259

74,637,627

Expand

Energy

Corp.

......................

484,004

51,420,585

Exxon

Mobil

Corp.

........................

9,561,555

1,078,065,326

HF

Sinclair

Corp.

.........................

317,085

16,596,229

Kinder

Morgan,

Inc.

.......................

4,292,422

121,518,467

Marathon

Petroleum

Corp.

..................

678,097

130,696,416

Matador

Resources

Co.

....................

257,275

11,559,366

Occidental

Petroleum

Corp.

..................

1,556,084

73,524,969

ONEOK,

Inc.

............................

1,376,478

100,441,600

Ovintiv,

Inc.

.............................

571,883

23,092,635

Permian

Resources

Corp.

,

Class

A

.............

1,489,543

19,066,150

Phillips

66

..............................

835,587

113,656,544

Range

Resources

Corp.

....................

520,347

19,585,861

Valero

Energy

Corp.

.......................

689,064

117,320,037

Viper

Energy,

Inc.

,

Class

A

..................

372,623

14,241,651

Williams

Companies,

Inc.

(The)

...............

2,544,801

161,213,143

3,494,055,281

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

138,856

12,335,967

a

Passenger

Airlines

 — 

0

.3

%

Alaska

Air

Group,

Inc.

(a)

.....................

209,635

10,435,630

American

Airlines

Group,

Inc.

(a)

(b)

..............

1,365,689

15,350,344

Delta

Air

Lines,

Inc.

.......................

1,440,755

81,762,846

Security

Shares

Value

a

Passenger

Airlines

(continued)

Southwest

Airlines

Co.

.....................

930,226

$

29,683,512

United

Airlines

Holdings,

Inc.

(a)

................

719,275

69,410,038

206,642,370

a

Personal

Care

Products

 — 

0

.2

%

BellRing

Brands,

Inc.

(a)

.....................

279,731

10,168,222

Coty,

Inc.

,

Class

A

(a)

.......................

760,948

3,074,230

elf

Beauty,

Inc.

(a)

(b)

........................

120,693

15,989,409

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

514,723

45,357,391

Kenvue,

Inc.

............................

4,199,289

68,154,460

142,743,712

a

Pharmaceuticals

 — 

3

.2

%

Bristol-Myers

Squibb

Co.

....................

3,631,659

163,787,821

Elanco

Animal

Health,

Inc.

(a)

(b)

................

1,084,028

21,832,324

Jazz

Pharmaceuticals

PLC

(a)

.................

132,699

17,489,728

Johnson

&

Johnson

.......................

5,309,938

984,568,704

Merck

&

Co.,

Inc.

.........................

5,559,668

466,622,935

Organon

&

Co.

..........................

571,913

6,108,031

Perrigo

Co.

PLC

.........................

300,184

6,685,098

Pfizer,

Inc.

.............................

12,535,350

319,400,718

Royalty

Pharma

PLC

,

Class

A

................

836,619

29,515,918

Viatris,

Inc.

.............................

2,638,019

26,116,388

Zoetis,

Inc.

,

Class

A

.......................

198,940

29,108,901

2,071,236,566

a

Professional

Services

 — 

0

.8

%

Amentum

Holdings,

Inc.

(a)

...................

350,867

8,403,265

Automatic

Data

Processing,

Inc.

...............

65,476

19,217,206

Broadridge

Financial

Solutions,

Inc.

............

23,488

5,594,137

CACI

International,

Inc.

,

Class

A

(a)

(b)

............

48,341

24,111,524

Clarivate

PLC

(a)

(b)

.........................

780,210

2,988,204

Concentrix

Corp.

.........................

99,909

4,610,800

Dayforce,

Inc.

(a)

..........................

309,144

21,296,930

Equifax,

Inc.

............................

225,370

57,814,166

FTI

Consulting,

Inc.

(a)

......................

69,627

11,255,205

Genpact

Ltd.

............................

354,735

14,859,849

Jacobs

Solutions,

Inc.

......................

262,616

39,355,634

KBR,

Inc.

..............................

261,851

12,382,934

Leidos

Holdings,

Inc.

......................

282,238

53,331,693

ManpowerGroup,

Inc.

......................

101,427

3,844,083

Parsons

Corp.

(a)

(b)

.........................

116,316

9,644,923

Paychex,

Inc.

...........................

488,357

61,904,133

Paycom

Software,

Inc.

.....................

51,301

10,677,790

Paylocity

Holding

Corp.

(a)

...................

8,247

1,313,500

Robert

Half,

Inc.

.........................

217,888

7,403,834

Science

Applications

International

Corp.

.........

103,612

10,295,924

SS&C

Technologies

Holdings,

Inc.

.............

465,810

41,345,296

TransUnion

.............................

429,616

35,993,229

Verisk

Analytics,

Inc.

.......................

123,295

31,009,925

488,654,184

a

Real

Estate

Management

&

Development

 — 

0

.4

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

584,519

92,096,814

CoStar

Group,

Inc.

(a)

.......................

805,809

67,986,105

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..............

68,202

5,604,159

Jones

Lang

LaSalle,

Inc.

(a)

...................

76,793

22,905,816

Zillow

Group,

Inc.

,

Class

A

(a)

.................

109,898

8,180,807

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

358,363

27,611,869

224,385,570

a

Residential

REITs

 — 

0

.6

%

American

Homes

4

Rent

,

Class

A

..............

759,948

25,268,271

AvalonBay

Communities,

Inc.

................

313,240

60,508,571

Camden

Property

Trust

.....................

239,043

25,525,011

Equity

LifeStyle

Properties,

Inc.

...............

423,916

25,731,701

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Residential

REITs

(continued)

Equity

Residential

........................

838,105

$

54,250,537

Essex

Property

Trust,

Inc.

...................

140,482

37,601,412

Invitation

Homes,

Inc.

......................

1,347,750

39,529,507

Mid-America

Apartment

Communities,

Inc.

........

256,416

35,829,008

Sun

Communities,

Inc.

.....................

225,126

29,041,254

UDR,

Inc.

..............................

687,900

25,631,154

358,916,426

a

Retail

REITs

 — 

0

.6

%

Agree

Realty

Corp.

.......................

238,568

16,947,871

Brixmor

Property

Group,

Inc.

.................

679,956

18,821,182

Federal

Realty

Investment

Trust

...............

187,361

18,981,543

Kimco

Realty

Corp.

.......................

1,472,773

32,180,090

NNN

REIT,

Inc.

..........................

412,124

17,544,119

Realty

Income

Corp.

.......................

1,995,601

121,312,585

Regency

Centers

Corp.

....................

398,125

29,023,312

Simon

Property

Group,

Inc.

..................

555,259

104,205,456

359,016,158

a

Semiconductors

&

Semiconductor

Equipment

 — 

4

.0

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,474,864

238,618,247

Allegro

MicroSystems,

Inc.

(a)

(b)

................

271,048

7,914,602

Amkor

Technology,

Inc.

.....................

251,525

7,143,310

Analog

Devices,

Inc.

.......................

1,094,739

268,977,372

Applied

Materials,

Inc.

.....................

1,267,827

259,574,900

Cirrus

Logic,

Inc.

(a)

........................

116,723

14,624,225

Entegris,

Inc.

(b)

..........................

279,278

25,822,044

First

Solar,

Inc.

(a)

.........................

223,620

49,314,919

GLOBALFOUNDRIES,

Inc.

(a)

(b)

................

226,253

8,108,907

Intel

Corp.

(a)

............................

9,642,675

323,511,746

Lattice

Semiconductor

Corp.

(a)

................

44,754

3,281,363

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

.....

104,819

13,048,917

Marvell

Technology,

Inc.

....................

1,774,737

149,202,140

Microchip

Technology,

Inc.

...................

1,162,512

74,656,521

Micron

Technology,

Inc.

.....................

2,465,433

412,516,250

MKS,

Inc.

..............................

148,081

18,327,985

ON

Semiconductor

Corp.

(a)

..................

928,617

45,790,104

Onto

Innovation,

Inc.

(a)

.....................

83,351

10,770,616

Qorvo,

Inc.

(a)

............................

187,154

17,045,986

QUALCOMM,

Inc.

........................

1,838,853

305,911,585

Skyworks

Solutions,

Inc.

....................

337,627

25,990,526

Teradyne,

Inc.

...........................

354,458

48,787,599

Texas

Instruments,

Inc.

.....................

1,184,909

217,703,331

Universal

Display

Corp.

....................

96,837

13,908,698

2,560,551,893

a

Software

 — 

1

.7

%

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.............

2,310,173

12,451,832

BILL

Holdings,

Inc.

(a)

.......................

203,153

10,761,014

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

1,208,227

11,006,948

Circle

Internet

Group,

Inc.

(a)

(b)

.................

87,890

11,652,456

Docusign,

Inc.

(a)

..........................

108,201

7,800,210

Dolby

Laboratories,

Inc.

,

Class

A

..............

133,259

9,643,954

Dropbox,

Inc.

,

Class

A

(a)

....................

301,053

9,094,811

Fair

Isaac

Corp.

(a)

.........................

9,236

13,821,951

Gen

Digital,

Inc.

..........................

1,079,333

30,642,264

Informatica,

Inc.

,

Class

A

(a)

..................

230,985

5,737,667

nCino,

Inc.

(a)

(b)

...........................

201,972

5,475,461

Nutanix,

Inc.

,

Class

A

(a)

.....................

423,929

31,536,078

Pegasystems,

Inc.

(b)

.......................

128,100

7,365,750

PTC,

Inc.

(a)

.............................

232,308

47,163,170

Roper

Technologies,

Inc.

....................

236,985

118,182,050

Rubrik,

Inc.

,

Class

A

(a)

......................

103,386

8,503,498

SailPoint,

Inc.

(a)

(b)

.........................

132,510

2,925,821

Salesforce,

Inc.

..........................

1,829,375

433,561,875

Security

Shares

Value

a

Software

(continued)

SentinelOne,

Inc.

,

Class

A

(a)

..................

178,730

$

3,147,435

Strategy,

Inc.

,

Class

A

(a)

(b)

...................

550,252

177,296,697

Synopsys,

Inc.

(a)

(b)

........................

108,417

53,491,864

Teradata

Corp.

(a)

.........................

162,011

3,484,857

Tyler

Technologies,

Inc.

(a)

(b)

..................

16,599

8,683,933

UiPath,

Inc.

,

Class

A

(a)

.....................

887,610

11,876,222

Unity

Software,

Inc.

(a)

(b)

.....................

656,965

26,304,879

Zoom

Communications,

Inc.

,

Class

A

(a)

..........

578,726

47,744,895

1,109,357,592

a

Specialized

REITs

 — 

1

.3

%

Crown

Castle,

Inc.

........................

958,297

92,466,077

CubeSmart

.............................

505,058

20,535,658

Digital

Realty

Trust,

Inc.

....................

744,417

128,694,811

EPR

Properties

..........................

164,436

9,538,932

Equinix,

Inc.

............................

215,641

168,898,657

Extra

Space

Storage,

Inc.

...................

464,058

65,404,334

Gaming

and

Leisure

Properties,

Inc.

............

599,044

27,921,441

Iron

Mountain,

Inc.

........................

646,252

65,878,929

Millrose

Properties,

Inc.

,

Class

A

...............

264,006

8,873,242

National

Storage

Affiliates

Trust

...............

155,036

4,685,188

Public

Storage

...........................

302,980

87,515,773

Rayonier,

Inc.

...........................

341,222

9,056,032

SBA

Communications

Corp.

,

Class

A

............

236,557

45,738,296

VICI

Properties,

Inc.

.......................

2,334,001

76,111,773

Weyerhaeuser

Co.

........................

1,596,414

39,575,103

850,894,246

a

Specialty

Retail

 — 

1

.9

%

AutoNation,

Inc.

(a)

.........................

60,518

13,239,523

AutoZone,

Inc.

(a)

(b)

........................

31,089

133,379,271

Bath

&

Body

Works,

Inc.

....................

469,250

12,087,880

Best

Buy

Co.,

Inc.

........................

426,027

32,216,162

CarMax,

Inc.

(a)

...........................

340,060

15,258,492

Dick's

Sporting

Goods,

Inc.

..................

139,878

31,083,689

Five

Below,

Inc.

(a)

.........................

118,644

18,354,227

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

161,917

11,933,283

GameStop

Corp.

,

Class

A

(a)

(b)

.................

903,122

24,637,168

Gap,

Inc.

(The)

..........................

508,539

10,877,649

Home

Depot,

Inc.

(The)

....................

522,661

211,777,011

Lithia

Motors,

Inc.

,

Class

A

..................

50,048

15,815,168

Lowe's

Companies,

Inc.

....................

1,236,679

310,789,800

O'Reilly

Automotive,

Inc.

(a)

...................

152,056

16,393,157

Penske

Automotive

Group,

Inc.

...............

40,783

7,092,572

RH

(a)

.................................

27,961

5,680,557

Ross

Stores,

Inc.

.........................

569,505

86,786,867

TJX

Companies,

Inc.

(The)

..................

1,234,046

178,369,009

Ulta

Beauty,

Inc.

(a)

........................

74,595

40,784,816

Valvoline,

Inc.

(a)

..........................

31,940

1,146,965

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

169,488

15,140,363

Williams-Sonoma,

Inc.

.....................

221,881

43,366,641

1,236,210,270

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.6

%

Dell

Technologies,

Inc.

,

Class

C

...............

575,136

81,537,031

Hewlett

Packard

Enterprise

Co.

...............

2,888,301

70,936,672

HP,

Inc.

...............................

2,077,559

56,571,932

NetApp,

Inc.

............................

270,737

32,071,505

Pure

Storage,

Inc.

,

Class

A

(a)

.................

100,369

8,411,926

Sandisk

Corp.

(a)

..........................

297,244

33,350,777

Super

Micro

Computer,

Inc.

(a)

(b)

................

612,908

29,382,809

Western

Digital

Corp.

......................

762,387

91,532,183

403,794,835

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.4

%

Amer

Sports,

Inc.

(a)

........................

328,799

$

11,425,765

Birkenstock

Holding

PLC

(a)

(b)

.................

82,240

3,721,360

Columbia

Sportswear

Co.

...................

57,335

2,998,620

Crocs,

Inc.

(a)

(b)

...........................

119,806

10,009,791

Lululemon

Athletica,

Inc.

(a)

...................

98,252

17,481,978

NIKE,

Inc.

,

Class

B

.......................

2,553,009

178,021,318

PVH

Corp.

.............................

105,231

8,815,201

Ralph

Lauren

Corp.

,

Class

A

.................

77,598

24,331,629

Tapestry,

Inc.

............................

37,739

4,272,810

Under

Armour,

Inc.

,

Class

A

(a)

.................

457,687

2,283,858

Under

Armour,

Inc.

,

Class

C

,

NVS

(a)

(b)

...........

469,727

2,268,782

VF

Corp.

..............................

773,871

11,166,958

276,798,070

a

Tobacco

 — 

1

.3

%

Altria

Group,

Inc.

.........................

3,722,167

245,886,352

Philip

Morris

International,

Inc.

................

3,437,798

557,610,836

803,497,188

a

Trading

Companies

&

Distributors

 — 

0

.6

%

Air

Lease

Corp.

,

Class

A

....................

229,573

14,612,321

Applied

Industrial

Technologies,

Inc.

............

83,995

21,926,895

Core

&

Main,

Inc.

,

Class

A

(a)

..................

175,508

9,447,596

Fastenal

Co.

............................

457,190

22,420,597

Ferguson

Enterprises,

Inc.

...................

402,617

90,419,726

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

96,891

8,927,537

QXO,

Inc.

(a)

(b)

............................

1,347,868

25,690,364

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

66,067

8,509,430

United

Rentals,

Inc.

.......................

141,632

135,210,405

Watsco,

Inc.

............................

76,713

31,015,066

WESCO

International,

Inc.

...................

105,542

22,322,133

WW

Grainger,

Inc.

........................

14,299

13,626,375

404,128,445

a

Security

Shares

Value

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

428,984

$

59,710,283

Essential

Utilities,

Inc.

......................

618,761

24,688,564

84,398,847

a

Wireless

Telecommunication

Services

 — 

0

.4

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(d)

.................

250,091

—

Millicom

International

Cellular

SA

..............

226,407

10,989,796

T-Mobile

U.S.,

Inc.

........................

1,002,035

239,867,139

250,856,935

Total

Long-Term

Investments — 99.7%

(Cost:

$

53,821,520,190

)

..............................

64,143,193,213

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(e)

(f)

......................

550,031,688

550,306,704

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(e)

............................

118,311,442

118,311,442

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

668,240,633

)

................................

668,618,146

Total

Investments

—

100.8%

(Cost:

$

54,489,760,823

)

..............................

64,811,811,359

Liabilities

in

Excess

of

Other

Assets

—

(

0

.8

)

%

...............

(

498,111,006

)

Net

Assets

—

100.0%

.................................

$

64,313,700,353

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

699,490,732

$

—

$

(

149,167,930

)

(a)

$

(

36,445

)

$

20,347

$

550,306,704

550,031,688

$

3,306,089

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

108,886,169

9,425,273

(a)

—

—

—

118,311,442

118,311,442

2,124,739

—

BlackRock,

Inc.

...

346,562,170

36,378,354

(

66,820,600

)

18,129,253

58,230,466

392,479,643

336,641

3,610,191

—

$

18,092,808

$

58,250,813

$

1,061,097,789

$

9,041,019

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Russell

1000

Value

ETF

30

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

1000

Value

Index

...........................................................

1,581

12/19/25

$

159,460

$

427,612

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

427,612

$

—

$

—

$

—

$

427,612

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

10,985,065

$

—

$

—

$

—

$

10,985,065

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

2,159,821

)

$

—

$

—

$

—

$

(

2,159,821

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

129,536,618

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

31

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

64,143,193,213

‌

$

—

‌

$

—

‌

$

64,143,193,213

‌

Short-Term

Securities

Money

Market

Funds

......................................

668,618,146

‌

—

‌

—

‌

668,618,146

‌

$

64,811,811,359

‌

$

—

‌

$

—

‌

$

64,811,811,359

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

427,612

‌

$

—

‌

$

—

‌

$

427,612

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

32

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2025

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................

$

43,359,547,854

‌

$

121,984,122,057

‌

$

63,750,713,570

‌

Investments,

at

value

—

affiliated

(c)

........................................................

675,151,783

‌

1,028,745,211

‌

1,061,097,789

‌

Cash

............................................................................

550,888

‌

1,010,730

‌

1,171,721

‌

Cash

pledged:

Futures

contracts

..................................................................

3,768,000

‌

9,749,000

‌

10,408,740

‌

Receivables:

Securities

lending

income

—

affiliated

....................................................

134,356

‌

205,158

‌

307,625

‌

Capital

shares

sold

.................................................................

—

‌

221,652

‌

599,219

‌

Dividends

—

unaffiliated

.............................................................

19,216,991

‌

18,484,677

‌

48,013,005

‌

Dividends

—

affiliated

...............................................................

199,033

‌

517,159

‌

379,183

‌

Variation

margin

on

futures

contracts

.....................................................

215,103

‌

530,750

‌

312,193

‌

Total

assets

.......................................................................

44,058,784,008

‌

123,043,586,394

‌

64,873,003,045

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................

489,953,787

‌

879,112,901

‌

549,802,813

‌

Payables:

Capital

shares

redeemed

.............................................................

1,407,348

‌

147,768

‌

—

‌

Investment

advisory

fees

.............................................................

5,424,438

‌

17,851,892

‌

9,499,879

‌

Total

liabilities

......................................................................

496,785,573

‌

897,112,561

‌

559,302,692

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................

$

43,561,998,435

‌

$

122,146,473,833

‌

$

64,313,700,353

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................

$

34,270,238,164

‌

$

71,068,333,706

‌

$

55,787,971,266

‌

Accumulated

earnings

................................................................

9,291,760,271

‌

51,078,140,127

‌

8,525,729,087

‌

NET

ASSETS

......................................................................

$

43,561,998,435

‌

$

122,146,473,833

‌

$

64,313,700,353

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................

119,100,000

‌

260,650,000

‌

315,800,000

‌

Net

asset

value

.....................................................................

$

365.76

‌

$

468.62

‌

$

203.65

‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

None

None

None

(a)

Securities

loaned,

at

value

...........................................................

$

478,973,211

‌

$

853,548,211

‌

$

536,202,792

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................

$

35,733,809,416

‌

$

72,285,469,278

‌

$

53,570,845,409

‌

(c)

Investments,

at

cost

—

affiliated

........................................................

$

645,170,137

‌

$

1,028,167,675

‌

$

918,915,414

‌

33

Statements

of

Operations

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2025

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................

$

259,398,279

‌

$

325,044,569

‌

$

625,893,079

‌

Dividends

—

affiliated

..............................................................

2,290,223

‌

2,897,501

‌

5,734,930

‌

Interest

—

unaffiliated

..............................................................

129,923

‌

302,027

‌

291,674

‌

Securities

lending

income

—

affiliated

—

net

...............................................

1,254,370

‌

1,131,509

‌

3,306,089

‌

Foreign

taxes

withheld

.............................................................

(

88,089

)

(

115,602

)

(

208,133

)

Total

investment

income

..............................................................

262,984,706

‌

329,260,004

‌

635,017,639

‌

EXPENSES

Investment

advisory

...............................................................

30,558,018

‌

99,447,032

‌

56,322,507

‌

Interest

expense

.................................................................

—

‌

8

‌

7

‌

Total

expenses

....................................................................

30,558,018

‌

99,447,040

‌

56,322,514

‌

Net

investment

income

...............................................................

232,426,688

‌

229,812,964

‌

578,695,125

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................

(

205,565,195

)

355,201,951

‌

(

676,525,043

)

Investments

—

affiliated

...........................................................

16,283

‌

21,228

‌

(

27,377

)

Futures

contracts

...............................................................

11,470,697

‌

29,473,966

‌

10,985,065

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................

3,347,982,296

‌

5,895,746,514

‌

3,094,911,271

‌

In-kind

redemptions

—

affiliated

(a)

....................................................

8,715,682

‌

—

‌

18,120,185

‌

3,162,619,763

‌

6,280,443,659

‌

2,447,464,101

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................

4,137,774,968

‌

22,135,441,852

‌

2,420,265,164

‌

Investments

—

affiliated

...........................................................

15,438,384

‌

27,665

‌

58,250,813

‌

Futures

contracts

...............................................................

(

192,880

)

4,484,449

‌

(

2,159,821

)

4,153,020,472

‌

22,139,953,966

‌

2,476,356,156

‌

Net

realized

and

unrealized

gain

........................................................

7,315,640,235

‌

28,420,397,625

‌

4,923,820,257

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................

$

7,548,066,923

‌

$

28,650,210,589

‌

$

5,502,515,382

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

34

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

232,426,688

‌

$

439,226,235

‌

$

229,812,964

‌

$

459,725,163

‌

Net

realized

gain

...........................................

3,162,619,763

‌

6,239,532,536

‌

6,280,443,659

‌

10,329,999,586

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

4,153,020,472

‌

(

3,959,110,198

)

22,139,953,966

‌

(

4,076,646,876

)

Net

increase

in

net

assets

resulting

from

operations

......................

7,548,066,923

‌

2,719,648,573

‌

28,650,210,589

‌

6,713,077,873

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

220,970,063

)

(b)

(

440,057,087

)

(

216,444,114

)

(b)

(

471,421,216

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

(

930,737,044

)

(

558,916,093

)

(

2,625,876,772

)

924,103,611

‌

NET

ASSETS

Total

increase

in

net

assets

......................................

6,396,359,816

‌

1,720,675,393

‌

25,807,889,703

‌

7,165,760,268

‌

Beginning

of

period

...........................................

37,165,638,619

‌

35,444,963,226

‌

96,338,584,130

‌

89,172,823,862

‌

End

of

period

...............................................

$

43,561,998,435

‌

$

37,165,638,619

‌

$

122,146,473,833

‌

$

96,338,584,130

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

35

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................................

$

578,695,125

‌

$

1,128,599,360

‌

Net

realized

gain

...............................................................................

2,447,464,101

‌

3,220,039,890

‌

Net

change

in

unrealized

appreciation

(depreciation)

.......................................................

2,476,356,156

‌

(

381,334,247

)

Net

increase

in

net

assets

resulting

from

operations

..........................................................

5,502,515,382

‌

3,967,305,003

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................................

(

552,511,937

)

(b)

(

1,130,617,738

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................................

(

2,587,034,707

)

2,933,153,591

‌

NET

ASSETS

Total

increase

in

net

assets

..........................................................................

2,362,968,738

‌

5,769,840,856

‌

Beginning

of

period

...............................................................................

61,950,731,615

‌

56,180,890,759

‌

End

of

period

...................................................................................

$

64,313,700,353

‌

$

61,950,731,615

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

36

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

306.65

‌

$

288.17

‌

$

225.22

‌

$

250.07

‌

$

223.72

‌

$

141.59

‌

Net

investment

income

(a)

...............

1

.90

‌

3

.62

‌

3

.44

‌

3

.31

‌

2

.88

‌

2

.74

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

59.01

‌

18.51

‌

62.99

‌

(

24.81

)

26.40

‌

82.26

‌

Net

increase

(decrease)

from

investment

operations

.........................

60.91

‌

22.13

‌

66.43

‌

(

21.50

)

29.28

‌

85.00

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.80

)

(d)

(

3

.65

)

(

3

.48

)

(

3

.35

)

(

2

.93

)

(

2

.87

)

Net

asset

value,

end

of

period

............

$

365.76

‌

$

306.65

‌

$

288.17

‌

$

225.22

‌

$

250.07

‌

$

223.72

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

19.90

%

(f)

7

.66

%

29.73

%

(

8

.51

)

%

13.09

%

60.37

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.15

%

(h)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

1

.14

%

(h)

1

.17

%

1

.39

%

1

.51

%

1

.17

%

1

.44

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

43,561,998

‌

$

37,165,639

‌

$

35,444,963

‌

$

28,366,122

‌

$

30,420,468

‌

$

27,147,851

‌

Portfolio

turnover

rate

(i)

..................

2

%

3

%

3

%

5

%

6

%

5

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

37

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Growth

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

360.89

‌

$

337.07

‌

$

244.48

‌

$

277.39

‌

$

243.05

‌

$

150.69

‌

Net

investment

income

(a)

...............

0

.87

‌

1

.75

‌

1

.88

‌

1

.96

‌

1

.53

‌

1

.54

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

107.69

‌

23.86

‌

92.66

‌

(

32.81

)

34.37

‌

92.34

‌

Net

increase

(decrease)

from

investment

operations

.........................

108.56

‌

25.61

‌

94.54

‌

(

30.85

)

35.90

‌

93.88

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.83

)

(d)

(

1

.79

)

(

1

.95

)

(

2

.06

)

(

1

.56

)

(

1

.52

)

Net

asset

value,

end

of

period

............

$

468.62

‌

$

360.89

‌

$

337.07

‌

$

244.48

‌

$

277.39

‌

$

243.05

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

30.10

%

(f)

7

.57

%

38.81

%

(

11.06

)

%

14.77

%

62.44

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.18

%

(h)

0

.18

%

0

.19

%

0

.19

%

0

.18

%

0

.19

%

Net

investment

income

..................

0

.42

%

(h)

0

.47

%

0

.66

%

0

.85

%

0

.55

%

0

.72

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

122,146,474

‌

$

96,338,584

‌

$

89,172,824

‌

$

63,553,260

‌

$

70,734,758

‌

$

63,155,924

‌

Portfolio

turnover

rate

(i)

..................

13

%

13

%

12

%

14

%

13

%

14

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

38

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

.......

$

188.10

‌

$

179.18

‌

$

152.35

‌

$

165.88

‌

$

151.43

‌

$

99.22

‌

Net

investment

income

(a)

...............

1

.80

‌

3

.53

‌

3

.40

‌

3

.24

‌

2

.83

‌

2

.69

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

15.49

‌

8

.89

‌

26.77

‌

(

13.46

)

14.44

‌

52.15

‌

Net

increase

(decrease)

from

investment

operations

.........................

17.29

‌

12.42

‌

30.17

‌

(

10.22

)

17.27

‌

54.84

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.74

)

(d)

(

3

.50

)

(

3

.34

)

(

3

.31

)

(

2

.82

)

(

2

.63

)

Net

asset

value,

end

of

period

............

$

203.65

‌

$

188.10

‌

$

179.18

‌

$

152.35

‌

$

165.88

‌

$

151.43

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

9

.23

%

(f)

6

.98

%

20.08

%

(

6

.07

)

%

11.45

%

55.84

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.18

%

(h)

0

.18

%

0

.19

%

0

.19

%

0

.18

%

0

.19

%

Net

investment

income

..................

1

.87

%

(h)

1

.91

%

2

.14

%

2

.12

%

1

.75

%

2

.15

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

64,313,700

‌

$

61,950,732

‌

$

56,180,891

‌

$

50,595,080

‌

$

57,965,518

‌

$

51,108,565

‌

Portfolio

turnover

rate

(i)

..................

13

%

15

%

14

%

15

%

17

%

18

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

39

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

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

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

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

foreign

tax

regulations

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

Statements

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,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

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

September

30,

2025,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

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.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within the

Funds’

financial

statements.

iShares

ETF

Diversification

Classification

Russell

1000

........................................................................................................

Diversified

Russell

1000

Growth

(a)

.................................................................................................

Diversified

Russell

1000

Value

...................................................................................................

Diversified

(a)

The

Fund

intends

to

be

diversified

in

approximately

the

same

proportion

as

its

underlying

index

is

diversified.

The

Fund

may

become

non-diversified,

as

defined

in

the

1940

Act,

solely

as

a

result

of

a

change

in

relative

market

capitalization

or

index

weighting

of

one

or

more

constituents

of

its

underlying

index.

Shareholder

approval

will

not

be

sought

if

the

Fund

crosses

from

diversified

to

non-diversified

status

due

solely

to

a

change

in

its

relative

market

capitalization

or

index

weighting

of

one

or

more

constituents

of

its

underlying

index.

Notes

to

Financial

Statements

(unaudited)

(continued)

40

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

3.

Investment

Valuation

and

Fair

Value

Measurements

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.

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.

The

Board

of

Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

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

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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

exchange

where

the

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.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

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

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

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

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

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

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

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,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(

continued)

41

Notes

to

Financial

Statements

Securities

lending

transactions

are

entered

into

by

the

Funds

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

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

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

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

1000

Barclays

Bank

PLC

...............................................

$

9,234,157‌

$

(9,234,157‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

445,426‌

(422,954‌)

—‌

22,472‌

BMO

Capital

Markets

Corp.

.........................................

1,517,744‌

(1,517,744‌)

—‌

—‌

BNP

Paribas

SA

.................................................

30,295,520‌

(30,295,520‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

171,363,414‌

(171,363,414‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

49,916,529‌

(49,916,529‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

12,890,028‌

(12,890,028‌)

—‌

—‌

HSBC

Bank

PLC

................................................

1,870,408‌

(1,870,408‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

120,321,859‌

(120,321,859‌)

—‌

—‌

Jefferies

LLC

...................................................

3,684,006‌

(3,684,006‌)

—‌

—‌

Morgan

Stanley

.................................................

25,287,653‌

(25,287,653‌)

—‌

—‌

National

Financial

Services

LLC

......................................

12,770,204‌

(12,770,204‌)

—‌

—‌

Natixis

SA

.....................................................

154,560‌

(154,560‌)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

2,208‌

(2,208‌)

—‌

—‌

Pershing

LLC

...................................................

47,768‌

(47,768‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

6,942,999‌

(6,942,999‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

735,939‌

(735,939‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

697,407‌

(697,407‌)

—‌

—‌

UBS

AG

......................................................

8,511,951‌

(8,511,951‌)

—‌

—‌

UBS

Securities

LLC

..............................................

591,591‌

(591,591‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

983,712‌

(983,712‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

5,460,362‌

(5,460,362‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

15,247,766‌

(15,247,766‌)

—‌

—‌

$

478,973,211‌

$

(478,950,739‌)

$

—‌

$

22,472‌

a

Russell

1000

Growth

Barclays

Bank

PLC

...............................................

8,916,607‌

(8,916,607‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

123,373‌

(123,373‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

112,775‌

(112,775‌)

—‌

—‌

BNP

Paribas

SA

.................................................

57,495,731‌

(57,495,731‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

204,662,771‌

(204,662,771‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

49,850‌

(49,850‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

62,407,276‌

(62,407,276‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

127,939,744‌

(127,939,744‌)

—‌

—‌

HSBC

Bank

PLC

................................................

110,053,453‌

(110,053,453‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

123,612,919‌

(123,612,919‌)

—‌

—‌

Jefferies

LLC

...................................................

640,723‌

(640,723‌)

—‌

—‌

Morgan

Stanley

.................................................

29,810,492‌

(29,810,492‌)

—‌

—‌

National

Financial

Services

LLC

......................................

39,777,226‌

(39,777,226‌)

—‌

—‌

Natixis

SA

.....................................................

9,267,075‌

(9,267,075‌)

—‌

—‌

Pershing

LLC

...................................................

134,524‌

(134,524‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

790,771‌

(790,771‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

50,849‌

(50,849‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

9,004,614‌

(9,004,614‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

1,026,631‌

(1,026,631‌)

—‌

—‌

UBS

AG

......................................................

22,043,608‌

(22,043,608‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,280,558‌

(1,280,558‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

3,698,208‌

(3,698,208‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

26,253,034‌

(26,253,034‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

14,395,399‌

(14,395,399‌)

—‌

—‌

$

853,548,211‌

$

(853,548,211‌)

$

—‌

$

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

42

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

Finance,

Inc.

BlackRock

Finance,

Inc.’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:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

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,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

a

Russell

1000

Value

Barclays

Bank

PLC

...............................................

$

30,117,133‌

$

(30,117,133‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

194,785‌

(194,785‌)

—‌

—‌

BNP

Paribas

SA

.................................................

52,591,108‌

(52,591,108‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

29,039,636‌

(29,039,636‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

134,820,339‌

(134,820,339‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

34,567,924‌

(34,567,924‌)

—‌

—‌

HSBC

Bank

PLC

................................................

1,590,691‌

(1,590,691‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

79,277,233‌

(79,277,233‌)

—‌

—‌

Jefferies

LLC

...................................................

119,455‌

(119,455‌)

—‌

—‌

Morgan

Stanley

.................................................

79,729,017‌

(79,729,017‌)

—‌

—‌

National

Financial

Services

LLC

......................................

21,375,550‌

(21,375,550‌)

—‌

—‌

Natixis

SA

.....................................................

1,809,515‌

(1,809,515‌)

—‌

—‌

Pershing

LLC

...................................................

770,377‌

(770,377‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

10,283,776‌

(10,283,776‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

3,187,547‌

(3,187,547‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

5,843,679‌

(5,843,679‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

7,256,164‌

(7,256,164‌)

—‌

—‌

UBS

AG

......................................................

14,095,443‌

(14,095,443‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,076,922‌

(1,076,922‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

456,060‌

(456,060‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

15,279,651‌

(15,279,651‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

12,720,787‌

(12,720,787‌)

—‌

—‌

$

536,202,792‌

$

(536,202,792‌)

$

—‌

$

—‌

a

(a)

Collateral

received,

if

any,

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2025.

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

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

43

Notes

to

Financial

Statements

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“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

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

the

iShares

Russell

1000

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.15%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund.

For

its

investment

advisory

services

to

each

of

the

iShares

Russell

1000

Growth

and

iShares

Russell

1000

Value

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

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.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“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,

including

any

custodial

costs. 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.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

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

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

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

84%

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 Statements

of

Operations.

For

the six

months

ended September

30,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

of

BlackRock

or

its

affiliates.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2000%

Over

$121

billion,

up

to

and

including

$181

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.190000

Over

$181

billion,

up

to

and

including

$231

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.180500

Over

$231

billion,

up

to

and

including

$281

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.171475

Over

$281

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.162901

iShares

ETF

Amounts

Russell

1000

.......................................................................................................

$

377,925

‌

Russell

1000

Growth

.................................................................................................

445,210

‌

Russell

1000

Value

..................................................................................................

917,404

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

44

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

September

30,

2025,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

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

Statements

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

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2025,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2025,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2025,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of March

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

1000

......................................................................

$

251,276,544‌

$

174,519,646‌

$

(74,507,513‌)

Russell

1000

Growth

................................................................

5,340,940,754‌

7,118,571,221‌

486,179,621‌

Russell

1000

Value

.................................................................

7,085,994,900‌

3,019,957,573‌

(73,671‌)

iShares

ETF

Purchases

Sales

Russell

1000

.....................................................................................

$

744,526,673

‌

$

704,681,399

‌

Russell

1000

Growth

...............................................................................

13,844,714,734

‌

13,794,703,376

‌

Russell

1000

Value

................................................................................

8,326,338,815

‌

8,176,823,074

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

1000

.....................................................................................

$

7,562,763,209

‌

$

8,491,819,661

‌

Russell

1000

Growth

...............................................................................

6,921,503,276

‌

9,541,033,940

‌

Russell

1000

Value

................................................................................

5,715,838,838

‌

8,370,401,354

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Russell

1000

......................................................................................................

$

(1,426,572,884

)

Russell

1000

Growth

................................................................................................

(4,801,497,172

)

Russell

1000

Value

.................................................................................................

(4,080,162,482

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

Notes

to

Financial

Statements

(unaudited)

(

continued)

45

Notes

to

Financial

Statements

As

of

September

30,

2025,

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:

9.

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 each

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

also

be

affected

by

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

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 each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

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

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

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

may

fluctuate

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 each

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. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund's

valuation

of

the

investment,

particularly

for

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

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund's

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

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

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

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

of

financial

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

Statements

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

insolvent

or

goes

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.

Geographic/Asset

Class

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.

The Funds

invest

a

significant

portion

of

their

assets

in securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

1000

.................................................

$

36,498,521,879

‌

$

9,942,049,349

‌

$

(2,405,170,073

)

$

7,536,879,276

‌

Russell

1000

Growth

...........................................

73,439,075,106

‌

50,585,499,004

‌

(1,010,181,170

)

49,575,317,834

‌

Russell

1000

Value

............................................

54,698,891,673

‌

14,023,244,809

‌

(3,909,897,511

)

10,113,347,298

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

46

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest.

Certain Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

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

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

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

Statements

of

Assets

and

Liabilities.

11.

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.

Six

Months

Ended

09/30/25

Year

Ended

03/31/25

iShares

ETF

Shares

Amount

Shares

Amount

Russell

1000

Shares

sold

.........................................................

23,000,000

‌

$

7,591,891,458

‌

45,300,000

‌

$

14,185,179,022

‌

Shares

redeemed

.....................................................

(25,100,000

)

(8,522,628,502

)

(47,100,000

)

(14,744,095,115

)

(2,100,000

)

$

(930,737,044

)

(1,800,000

)

$

(558,916,093

)

Russell

1000

Growth

Shares

sold

.........................................................

17,800,000

‌

$

6,940,645,254

‌

44,900,000

‌

$

16,855,017,592

‌

Shares

redeemed

.....................................................

(24,100,000

)

(9,566,522,026

)

(42,500,000

)

(15,930,913,981

)

(6,300,000

)

$

(2,625,876,772

)

2,400,000

‌

$

924,103,611

‌

Russell

1000

Value

Shares

sold

.........................................................

30,200,000

‌

$

5,748,657,777

‌

69,550,000

‌

$

12,939,314,693

‌

Shares

redeemed

.....................................................

(43,750,000

)

(8,335,692,484

)

(53,750,000

)

(10,006,161,102

)

(13,550,000

)

$

(2,587,034,707

)

15,800,000

‌

$

2,933,153,591

‌

Additional

Information

47

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

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

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

48

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

iShares

Russell

1000

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

49

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

or

have

a

similar

investment

strategy

or

mandate,

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

Fund,

the

Board

considered

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

50

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

iShares

Russell

1000

Growth

ETF,

iShares

Russell

1000

Value

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

The

Board

also

considered

the

tradability,

liquidity

and

developed

capital

markets

ecosystem

associated

with

the

Fund

in

relation

to

comparison

funds

in

the

Fund’s

Peer

Group

that

do

not

have

similar

attributes.

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,

2024,

to

that

of

such

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.

The

Board

also

noted

the

revised

investment

advisory

fee

rate

for

the

Fund

adopted

by

the

Board

at

a

meeting

held

on

December

9-11,

2024

to

reflect

calculation

of

the

rate

to

the

sixth

decimal

place

on

the

same

or

lower

basis

than

the

prior

fee

rate.

Based

on

this

review,

the

other

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

51

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

52

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

these

Financial

Statements

53

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

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

FTSE

Russell,

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.

©2025

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.

September

30,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Texas

Equity

ETF

|

TEXN

|

Nasdaq

iShares

US

Small

Cap

Value

Factor

ETF

|

SVAL

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

14

Statements

of

Operations

.................................................................................................

15

Statements

of

Changes

in

Net

Assets

..........................................................................................

16

Financial

Highlights

.....................................................................................................

17

Notes

to

Financial

Statements

...............................................................................................

19

Additional

Information

....................................................................................................

26

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

27

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

31

iShares

®

Texas

Equity

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.6

%

ATI,

Inc.

(a)

..............................

383

$

31,153

Intuitive

Machines,

Inc.

,

Class

A

(a)

..............

281

2,956

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.......

456

41,665

75,774

a

Automobile

Components

 — 

0

.0

%

XPEL,

Inc.

(a)

............................

66

2,183

a

Automobiles

 — 

12

.4

%

Tesla,

Inc.

(a)

.............................

3,723

1,655,693

a

Banks

 — 

0

.8

%

Comerica,

Inc.

...........................

351

24,051

Cullen/Frost

Bankers,

Inc.

...................

164

20,790

First

Financial

Bankshares,

Inc.

...............

368

12,383

Hilltop

Holdings,

Inc.

.......................

125

4,177

International

Bancshares

Corp.

...............

150

10,312

Prosperity

Bancshares,

Inc.

..................

259

17,185

Southside

Bancshares,

Inc.

..................

81

2,288

Stellar

Bancorp,

Inc.

.......................

125

3,793

Texas

Capital

Bancshares,

Inc.

(a)

..............

123

10,397

Triumph

Financial,

Inc.

(a)

....................

68

3,403

Veritex

Holdings,

Inc.

......................

132

4,426

113,205

a

Biotechnology

 — 

0

.5

%

Caris

Life

Sciences,

Inc.

(a)

...................

61

1,845

Natera,

Inc.

(a)

...........................

355

57,145

Taysha

Gene

Therapies,

Inc.

(a)

................

575

1,880

60,870

a

Building

Products

 — 

0

.8

%

AZZ,

Inc.

..............................

81

8,840

Builders

FirstSource,

Inc.

(a)

..................

297

36,011

CSW

Industrials,

Inc.

......................

44

10,681

Lennox

International,

Inc.

...................

87

46,054

Quanex

Building

Products

Corp.

...............

115

1,635

103,221

a

Capital

Markets

 — 

3

.6

%

Charles

Schwab

Corp.

(The)

.................

4,668

445,654

P10,

Inc.

,

Class

A

........................

192

2,089

TPG,

Inc.

,

Class

A

........................

364

20,912

Victory

Capital

Holdings,

Inc.

,

Class

A

...........

121

7,836

476,491

a

Chemicals

 — 

0

.4

%

Celanese

Corp.

..........................

305

12,834

Huntsman

Corp.

.........................

450

4,041

LyondellBasell

Industries

N.V.

,

Class

A

..........

701

34,377

Orion

SA

..............................

123

932

Westlake

Corp.

..........................

92

7,090

59,274

a

Commercial

Services

&

Supplies

 — 

2

.5

%

CECO

Environmental

Corp.

(a)

.................

84

4,301

Copart,

Inc.

(a)

...........................

2,424

109,007

Waste

Management,

Inc.

....................

1,012

223,480

336,788

a

Communications

Equipment

 — 

0

.0

%

Applied

Optoelectronics,

Inc.

(a)

................

143

3,708

a

Security

Shares

Value

a

Construction

&

Engineering

 — 

2

.9

%

AECOM

...............................

362

$

47,230

Arcosa,

Inc.

............................

136

12,745

Comfort

Systems

USA,

Inc.

..................

95

78,392

Fluor

Corp.

(a)

............................

444

18,679

Great

Lakes

Dredge

&

Dock

Corp.

(a)

............

202

2,422

IES

Holdings,

Inc.

(a)

.......................

26

10,339

Primoris

Services

Corp.

....................

150

20,599

Quanta

Services,

Inc.

......................

404

167,426

Sterling

Infrastructure,

Inc.

(a)

.................

81

27,514

385,346

a

Construction

Materials

 — 

0

.2

%

Eagle

Materials,

Inc.

.......................

88

20,508

United

States

Lime

&

Minerals,

Inc.

.............

33

4,341

24,849

a

Consumer

Finance

 — 

0

.1

%

FirstCash

Holdings,

Inc.

....................

109

17,268

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.8

%

Sysco

Corp.

............................

1,330

109,512

a

Diversified

Consumer

Services

 — 

0

.3

%

Carriage

Services,

Inc.

.....................

40

1,782

Service

Corp.

International

..................

386

32,123

33,905

a

Diversified

Telecommunication

Services

 — 

4

.4

%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

..............

526

25,816

AT&T,

Inc.

..............................

19,189

541,897

Frontier

Communications

Parent,

Inc.

(a)

..........

676

25,249

592,962

a

Electric

Utilities

 — 

0

.6

%

NRG

Energy,

Inc.

.........................

520

84,214

a

Electrical

Equipment

 — 

0

.1

%

Powell

Industries,

Inc.

......................

26

7,925

Thermon

Group

Holdings,

Inc.

(a)

...............

104

2,779

10,704

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.4

%

Flex

Ltd.

(a)

..............................

1,021

59,187

a

Energy

Equipment

&

Services

 — 

3

.7

%

Archrock,

Inc.

...........................

448

11,787

Aris

Water

Solutions,

Inc.

,

Class

A

.............

95

2,343

Atlas

Energy

Solutions,

Inc.

..................

210

2,388

Baker

Hughes

Co.

,

Class

A

..................

2,717

132,372

Bristow

Group,

Inc.

(a)

......................

80

2,886

Cactus,

Inc.

,

Class

A

......................

186

7,342

Core

Laboratories,

Inc.

.....................

146

1,805

Expro

Group

Holdings

N.V.

(a)

.................

298

3,540

Halliburton

Co.

..........................

2,345

57,687

Helix

Energy

Solutions

Group,

Inc.

(a)

............

434

2,847

Innovex

International,

Inc.

(a)

..................

106

1,965

Kodiak

Gas

Services,

Inc.

...................

182

6,729

National

Energy

Services

Reunited

Corp.

(a)

.......

165

1,693

Noble

Corp.

PLC

.........................

313

8,852

NOV,

Inc.

..............................

1,052

13,939

Oceaneering

International,

Inc.

(a)

..............

271

6,715

Patterson-UTI

Energy,

Inc.

..................

1,028

5,325

Schlumberger

N.V.

........................

4,109

141,226

Seadrill

Ltd.

(a)

...........................

182

5,498

Select

Water

Solutions,

Inc.

,

Class

A

............

280

2,993

Solaris

Energy

Infrastructure,

Inc.

..............

94

3,757

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Texas

Equity

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Energy

Equipment

&

Services

(continued)

TechnipFMC

PLC

........................

1,114

$

43,947

TETRA

Technologies,

Inc.

(a)

..................

344

1,978

Tidewater,

Inc.

(a)

.........................

134

7,146

Weatherford

International

PLC

................

201

13,755

490,515

a

Entertainment

 — 

0

.1

%

Cinemark

Holdings,

Inc.

....................

282

7,902

a

Financial

Services

 — 

0

.3

%

Mr

Cooper

Group,

Inc.

.....................

172

36,256

a

Food

Products

 — 

0

.1

%

Darling

Ingredients,

Inc.

(a)

...................

428

13,212

Vital

Farms,

Inc.

(a)

........................

94

3,868

17,080

a

Gas

Utilities

 — 

0

.6

%

Atmos

Energy

Corp.

.......................

433

73,935

a

Health

Care

Equipment

&

Supplies

 — 

0

.1

%

Integer

Holdings

Corp.

(a)

....................

93

9,610

Omnicell,

Inc.

(a)

..........................

132

4,019

Orthofix

Medical,

Inc.

(a)

.....................

105

1,537

15,166

a

Health

Care

Providers

&

Services

 — 

2

.6

%

Addus

HomeCare

Corp.

(a)

...................

53

6,253

AMN

Healthcare

Services,

Inc.

(a)

...............

96

1,859

Castle

Biosciences,

Inc.

(a)

...................

82

1,867

Concentra

Group

Holdings

Parent,

Inc.

..........

336

7,033

CorVel

Corp.

(a)

...........................

79

6,116

McKesson

Corp.

.........................

343

264,981

Tenet

Healthcare

Corp.

(a)

....................

239

48,527

U.S.

Physical

Therapy,

Inc.

..................

42

3,568

340,204

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Summit

Hotel

Properties,

Inc.

.................

312

1,713

a

Hotels,

Restaurants

&

Leisure

 — 

0

.3

%

Brinker

International,

Inc.

(a)

..................

120

15,202

Dave

&

Buster's

Entertainment,

Inc.

(a)

...........

78

1,416

Sabre

Corp.

(a)

...........................

915

1,674

Wingstop,

Inc.

...........................

76

19,128

37,420

a

Household

Durables

 — 

1

.0

%

DR

Horton,

Inc.

..........................

729

123,544

Green

Brick

Partners,

Inc.

(a)

..................

85

6,278

LGI

Homes,

Inc.

(a)

........................

58

2,999

132,821

a

Household

Products

 — 

0

.8

%

Kimberly-Clark

Corp.

......................

912

113,398

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

1

.8

%

Talen

Energy

Corp.

(a)

......................

125

53,173

Vistra

Corp.

............................

925

181,226

234,399

a

Insurance

 — 

0

.4

%

Globe

Life,

Inc.

..........................

228

32,597

Goosehead

Insurance,

Inc.

,

Class

A

............

67

4,986

Skyward

Specialty

Insurance

Group,

Inc.

(a)

........

96

4,566

Security

Shares

Value

a

Insurance

(continued)

Stewart

Information

Services

Corp.

.............

82

$

6,012

48,161

a

Interactive

Media

&

Services

 — 

0

.2

%

Match

Group,

Inc.

........................

679

23,982

a

IT

Services

 — 

0

.1

%

Applied

Digital

Corp.

(a)

.....................

580

13,305

a

Leisure

Products

 — 

0

.1

%

YETI

Holdings,

Inc.

(a)

......................

226

7,499

a

Machinery

 — 

4

.8

%

Alamo

Group,

Inc.

........................

28

5,345

Caterpillar,

Inc.

..........................

1,267

604,549

Flowserve

Corp.

.........................

364

19,343

Microvast

Holdings,

Inc.

(a)

...................

468

1,802

Trinity

Industries,

Inc.

......................

235

6,589

637,628

a

Marine

Transportation

 — 

0

.1

%

Kirby

Corp.

(a)

............................

153

12,768

a

Media

 — 

0

.1

%

Nexstar

Media

Group,

Inc.

...................

76

15,028

a

Metals

&

Mining

 — 

0

.1

%

Commercial

Metals

Co.

.....................

314

17,986

a

Multi-Utilities

 — 

0

.5

%

CenterPoint

Energy,

Inc.

....................

1,782

69,142

a

Oil,

Gas

&

Consumable

Fuels

 — 

28

.4

%

APA

Corp.

.............................

986

23,940

Cheniere

Energy,

Inc.

......................

604

141,928

Chevron

Corp.

...........................

5,254

815,894

Chord

Energy

Corp.

.......................

158

15,700

Comstock

Resources,

Inc.

(a)

..................

196

3,887

ConocoPhillips

..........................

3,463

327,565

Coterra

Energy,

Inc.

.......................

2,063

48,790

Crescent

Energy

Co.

,

Class

A

................

530

4,728

CVR

Energy,

Inc.

(a)

........................

78

2,845

Diamondback

Energy,

Inc.

...................

523

74,841

EOG

Resources,

Inc.

......................

1,495

167,619

Excelerate

Energy,

Inc.

,

Class

A

...............

67

1,688

Exxon

Mobil

Corp.

........................

11,508

1,297,527

HF

Sinclair

Corp.

.........................

437

22,873

Kinder

Morgan,

Inc.

.......................

5,326

150,779

Kinetik

Holdings,

Inc.

,

Class

A

................

120

5,129

Kosmos

Energy

Ltd.

(a)

......................

1,155

1,917

Magnolia

Oil

&

Gas

Corp.

,

Class

A

.............

521

12,436

Matador

Resources

Co.

....................

328

14,737

Murphy

Oil

Corp.

.........................

366

10,398

NextDecade

Corp.

(a)

.......................

331

2,248

Occidental

Petroleum

Corp.

..................

1,929

91,145

Par

Pacific

Holdings,

Inc.

(a)

..................

139

4,923

Permian

Resources

Corp.

,

Class

A

.............

1,866

23,885

Phillips

66

..............................

1,117

151,934

Range

Resources

Corp.

....................

646

24,315

Sable

Offshore

Corp.

,

Class

A

(a)

...............

222

3,876

Talos

Energy,

Inc.

(a)

.......................

357

3,424

Targa

Resources

Corp.

.....................

590

98,849

Texas

Pacific

Land

Corp.

....................

53

49,483

Uranium

Energy

Corp.

(a)

....................

1,153

15,381

Valero

Energy

Corp.

.......................

856

145,743

iShares

®

Texas

Equity

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Viper

Energy,

Inc.

,

Class

A

..................

472

$

18,040

3,778,467

a

Passenger

Airlines

 — 

0

.5

%

American

Airlines

Group,

Inc.

(a)

................

1,815

20,401

Southwest

Airlines

Co.

.....................

1,289

41,132

61,533

a

Professional

Services

 — 

0

.6

%

Acuren

Corp.

(a)

..........................

497

6,615

Insperity,

Inc.

............................

98

4,822

Jacobs

Solutions,

Inc.

......................

326

48,854

KBR,

Inc.

..............................

360

17,024

77,315

a

Real

Estate

Management

&

Development

 — 

1

.0

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

816

128,569

Forestar

Group,

Inc.

(a)

......................

52

1,383

Howard

Hughes

Holdings,

Inc.

(a)

...............

85

6,984

136,936

a

Residential

REITs

 — 

0

.6

%

Camden

Property

Trust

.....................

294

31,393

Invitation

Homes,

Inc.

......................

1,685

49,421

NexPoint

Residential

Trust,

Inc.

...............

52

1,676

82,490

a

Retail

REITs

 — 

0

.0

%

NETSTREIT

Corp.

........................

269

4,858

a

Semiconductors

&

Semiconductor

Equipment

 — 

3

.7

%

Cirrus

Logic,

Inc.

(a)

........................

140

17,540

Diodes,

Inc.

(a)

...........................

125

6,651

Silicon

Laboratories,

Inc.

(a)

...................

90

11,802

Texas

Instruments,

Inc.

.....................

2,486

456,753

492,746

a

Software

 — 

11

.4

%

Alkami

Technology,

Inc.

(a)

...................

182

4,521

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

668

327,574

Oracle

Corp.

............................

3,943

1,108,929

PROS

Holdings,

Inc.

(a)

.....................

132

3,024

Q2

Holdings,

Inc.

(a)

........................

173

12,523

SailPoint,

Inc.

(a)

..........................

182

4,019

Security

Shares

Value

a

Software

(continued)

Tyler

Technologies,

Inc.

(a)

...................

117

$

61,210

1,521,800

a

Specialized

REITs

 — 

2

.1

%

Crown

Castle,

Inc.

........................

1,190

114,823

Digital

Realty

Trust,

Inc.

....................

923

159,568

274,391

a

Specialty

Retail

 — 

0

.5

%

Academy

Sports

&

Outdoors,

Inc.

..............

180

9,004

GameStop

Corp.

,

Class

A

(a)

..................

1,120

30,553

Group

1

Automotive,

Inc.

....................

35

15,313

Sally

Beauty

Holdings,

Inc.

(a)

.................

274

4,461

Upbound

Group,

Inc.

......................

157

3,710

63,041

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.5

%

Dell

Technologies,

Inc.

,

Class

C

...............

824

116,818

Hewlett

Packard

Enterprise

Co.

...............

3,598

88,367

205,185

a

Trading

Companies

&

Distributors

 — 

0

.2

%

DNOW,

Inc.

(a)

...........................

284

4,331

DXP

Enterprises,

Inc.

(a)

.....................

39

4,644

MRC

Global,

Inc.

(a)

........................

250

3,605

NPK

International,

Inc.

(a)

....................

239

2,703

Rush

Enterprises,

Inc.

,

Class

A

...............

165

8,822

24,105

Total

Long-Term

Investments — 99.7%

(Cost:

$

12,214,762

)

.................................

13,274,329

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(b)

(c)

............................

40,507

40,507

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

40,507

)

....................................

40,507

Total

Investments

—

100.0%

(Cost:

$

12,255,269

)

.................................

13,314,836

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

3,497

Net

Assets

—

100.0%

.................................

$

13,318,333

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

06/23/25

(a)

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..........

$

—

$

40,507

(b)

$

—

$

—

$

—

$

40,507

40,507

$

322

$

—

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Texas

Equity

ETF

6

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

13,274,329

‌

$

—

‌

$

—

‌

$

13,274,329

‌

Short-Term

Securities

Money

Market

Funds

......................................

40,507

‌

—

‌

—

‌

40,507

‌

$

13,314,836

‌

$

—

‌

$

—

‌

$

13,314,836

‌

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.4

%

V2X,

Inc.

(a)

............................

9,974

$

579,390

a

Automobile

Components

 — 

3

.2

%

Adient

PLC

(a)

...........................

23,125

556,850

Dana,

Inc.

.............................

28,862

578,395

Gentherm,

Inc.

(a)

........................

15,712

535,151

Patrick

Industries,

Inc.

....................

5,161

533,802

Phinia,

Inc.

............................

9,807

563,706

Standard

Motor

Products,

Inc.

...............

14,778

603,238

Strattec

Security

Corp.

(a)

(b)

..................

8,707

592,598

Visteon

Corp.

..........................

4,627

554,592

4,518,332

a

Automobiles

 — 

0

.4

%

Winnebago

Industries,

Inc.

.................

16,049

536,679

a

Banks

 — 

16

.6

%

1st

Source

Corp.

........................

8,903

548,069

Associated

Banc-Corp.

....................

21,544

553,896

Atlantic

Union

Bankshares

Corp.

.............

16,051

566,440

BankUnited,

Inc.

........................

14,634

558,433

Banner

Corp.

..........................

8,556

560,418

Beacon

Financial

Corp.

....................

21,948

520,387

Business

First

Bancshares,

Inc.

..............

23,229

548,437

Byline

Bancorp,

Inc.

......................

19,864

550,829

Cadence

Bank

.........................

15,225

571,546

Capitol

Federal

Financial,

Inc.

...............

88,506

562,013

CNB

Financial

Corp.

......................

22,080

534,336

Customers

Bancorp,

Inc.

(a)

..................

8,054

526,490

Enterprise

Financial

Services

Corp.

...........

9,486

549,998

Equity

Bancshares,

Inc.

,

Class

A

.............

14,352

584,126

First

Business

Financial

Services,

Inc.

..........

10,962

561,912

First

Financial

Bancorp

....................

21,658

546,865

First

Financial

Corp.

......................

9,721

548,653

First

Interstate

BancSystem,

Inc.

,

Class

A

.......

17,528

558,617

First

Mid

Bancshares,

Inc.

..................

14,217

538,540

Flushing

Financial

Corp.

...................

41,679

575,587

Great

Southern

Bancorp,

Inc.

................

9,080

556,150

Hancock

Whitney

Corp.

...................

9,115

570,690

Home

Bancorp,

Inc.

......................

10,289

558,950

Live

Oak

Bancshares,

Inc.

..................

14,931

525,870

Metropolitan

Bank

Holding

Corp.

.............

7,317

547,458

Mid

Penn

Bancorp,

Inc.

....................

19,301

552,781

Midland

States

Bancorp,

Inc.

................

31,135

533,654

National

Bank

Holdings

Corp.

,

Class

A

.........

14,623

565,033

OFG

Bancorp

..........................

12,815

557,324

Old

Second

Bancorp,

Inc.

..................

31,471

543,976

Origin

Bancorp,

Inc.

......................

14,848

512,553

Pathward

Financial,

Inc.

...................

7,216

534,056

Provident

Financial

Services,

Inc.

.............

28,827

555,785

QCR

Holdings,

Inc.

......................

7,419

561,173

S&T

Bancorp,

Inc.

.......................

14,515

545,619

Shore

Bancshares,

Inc.

....................

33,832

555,183

Simmons

First

National

Corp.

,

Class

A

.........

27,599

529,073

Third

Coast

Bancshares,

Inc.

(a)

...............

14,399

546,730

United

Bankshares,

Inc.

...................

14,958

556,587

Univest

Financial

Corp.

....................

18,343

550,657

Valley

National

Bancorp

...................

54,829

581,187

Veritex

Holdings,

Inc.

.....................

16,696

559,817

WaFd,

Inc.

............................

18,023

545,917

23,711,815

a

Security

Shares

Value

a

Biotechnology

 — 

0

.9

%

Protagonist

Therapeutics,

Inc.

(a)

..............

9,712

$

645,168

Veracyte,

Inc.

(a)

.........................

18,903

648,940

1,294,108

a

Building

Products

 — 

2

.8

%

Apogee

Enterprises,

Inc.

...................

13,042

568,240

AZZ,

Inc.

.............................

5,151

562,129

Insteel

Industries,

Inc.

.....................

14,943

572,914

Janus

International

Group,

Inc.

(a)

.............

55,412

546,916

Masterbrand,

Inc.

(a)

(b)

.....................

45,123

594,270

Quanex

Building

Products

Corp.

..............

27,303

388,249

Resideo

Technologies,

Inc.

(a)

................

16,843

727,281

3,959,999

a

Chemicals

 — 

1

.9

%

Avient

Corp.

...........................

15,450

509,078

Cabot

Corp.

...........................

7,084

538,738

HB

Fuller

Co.

..........................

9,394

556,876

LSB

Industries,

Inc.

(a)

.....................

69,833

550,284

Perimeter

Solutions,

Inc.

(a)

..................

25,615

573,520

2,728,496

a

Commercial

Services

&

Supplies

 — 

2

.8

%

ACCO

Brands

Corp.

......................

142,666

569,237

CoreCivic,

Inc.

(a)

........................

28,280

575,498

Healthcare

Services

Group,

Inc.

(a)

.............

36,740

618,334

MillerKnoll,

Inc.

.........................

27,444

486,857

OPENLANE,

Inc.

(a)

.......................

20,086

578,075

Steelcase,

Inc.

,

Class

A

...................

34,260

589,272

UniFirst

Corp.

..........................

3,246

542,699

3,959,972

a

Communications

Equipment

 — 

1

.3

%

Digi

International,

Inc.

(a)

....................

16,518

602,246

NETGEAR,

Inc.

(a)

........................

21,108

683,688

NetScout

Systems,

Inc.

(a)

..................

23,042

595,175

1,881,109

a

Construction

&

Engineering

 — 

2

.5

%

Arcosa,

Inc.

(b)

..........................

5,871

550,171

Great

Lakes

Dredge

&

Dock

Corp.

(a)

...........

49,187

589,752

Matrix

Service

Co.

(a)

......................

38,209

499,774

NWPX

Infrastructure,

Inc.

(a)

.................

10,980

581,171

Primoris

Services

Corp.

...................

4,838

664,403

Tutor

Perini

Corp.

(a)

......................

9,731

638,256

3,523,527

a

Consumer

Finance

 — 

1

.2

%

Green

Dot

Corp.

,

Class

A

(a)

.................

41,201

553,330

NerdWallet,

Inc.

,

Class

A

(a)

..................

55,466

596,814

PROG

Holdings,

Inc.

.....................

16,275

526,659

1,676,803

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.3

%

Andersons,

Inc.

(The)

.....................

14,127

562,396

Grocery

Outlet

Holding

Corp.

(a)

...............

31,888

511,802

United

Natural

Foods,

Inc.

(a)

.................

20,280

762,934

1,837,132

a

Containers

&

Packaging

 — 

0

.8

%

Greif,

Inc.

,

Class

A

,

NVS

...................

8,842

528,398

Myers

Industries,

Inc.

.....................

34,260

580,364

1,108,762

a

Distributors

 — 

0

.4

%

A-Mark

Precious

Metals,

Inc.

................

24,499

633,789

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Diversified

Consumer

Services

 — 

0

.4

%

Graham

Holdings

Co.

,

Class

B

...............

529

$

622,797

a

Diversified

REITs

 — 

0

.8

%

Alexander

&

Baldwin,

Inc.

..................

29,697

540,189

Broadstone

Net

Lease,

Inc.

.................

30,851

551,307

1,091,496

a

Diversified

Telecommunication

Services

 — 

0

.5

%

Bandwidth,

Inc.

,

Class

A

(a)

(b)

.................

38,234

637,361

a

Electric

Utilities

 — 

0

.8

%

ALLETE,

Inc.

..........................

9,065

601,916

Otter

Tail

Corp.

.........................

6,915

566,822

1,168,738

a

Electrical

Equipment

 — 

0

.8

%

Allient,

Inc.

............................

12,638

565,550

EnerSys

..............................

5,587

631,108

1,196,658

a

Electronic

Equipment,

Instruments

&

Components

 — 

2

.1

%

Insight

Enterprises,

Inc.

(a)

..................

4,437

503,200

Kimball

Electronics,

Inc.

(a)

..................

19,865

593,169

Plexus

Corp.

(a)

..........................

4,186

605,672

ScanSource,

Inc.

(a)

.......................

13,139

577,985

Vishay

Precision

Group,

Inc.

(a)

...............

20,180

646,769

2,926,795

a

Energy

Equipment

&

Services

 — 

2

.5

%

Expro

Group

Holdings

N.V.

(a)

................

46,324

550,329

Helmerich

&

Payne,

Inc.

...................

27,454

606,459

Innovex

International,

Inc.

(a)

.................

33,228

616,047

Oceaneering

International,

Inc.

(a)

.............

23,505

582,454

TETRA

Technologies,

Inc.

(a)

.................

122,025

701,644

Tidewater,

Inc.

(a)

........................

9,591

511,488

3,568,421

a

Financial

Services

 — 

1

.6

%

Enact

Holdings,

Inc.

......................

15,233

584,033

Essent

Group

Ltd.

.......................

9,141

581,002

NMI

Holdings,

Inc.

(a)

......................

14,575

558,806

Repay

Holdings

Corp.

(a)

...................

97,539

510,129

2,233,970

a

Food

Products

 — 

1

.5

%

Cal-Maine

Foods,

Inc.

.....................

4,998

470,312

Dole

PLC

.............................

39,230

527,251

Fresh

Del

Monte

Produce,

Inc.

...............

16,011

555,902

Mission

Produce,

Inc.

(a)

....................

45,845

551,057

2,104,522

a

Gas

Utilities

 — 

1

.3

%

Northwest

Natural

Holding

Co.

...............

13,810

620,484

ONE

Gas,

Inc.

..........................

7,497

606,807

Spire,

Inc.

.............................

7,487

610,340

1,837,631

a

Ground

Transportation

 — 

0

.7

%

Marten

Transport

Ltd.

.....................

48,807

520,283

Werner

Enterprises,

Inc.

...................

20,010

526,663

1,046,946

a

Health

Care

Equipment

&

Supplies

 — 

2

.7

%

CONMED

Corp.

.........................

10,622

499,553

ICU

Medical,

Inc.

(a)

.......................

4,493

538,980

LivaNova

PLC

(a)

.........................

10,174

532,914

Omnicell,

Inc.

(a)

.........................

17,725

539,726

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

OraSure

Technologies,

Inc.

(a)

................

173,268

$

556,190

Tactile

Systems

Technology,

Inc.

(a)

(b)

...........

43,089

596,352

Varex

Imaging

Corp.

(a)

....................

49,655

615,722

3,879,437

a

Health

Care

Providers

&

Services

 — 

4

.4

%

Addus

HomeCare

Corp.

(a)

..................

4,980

587,590

Astrana

Health,

Inc.

(a)

(b)

....................

18,082

512,625

Castle

Biosciences,

Inc.

(a)

..................

23,887

543,907

Enhabit,

Inc.

(a)

..........................

72,781

582,976

Fulgent

Genetics,

Inc.

(a)

...................

26,246

593,160

LifeStance

Health

Group,

Inc.

(a)

(b)

.............

105,423

579,826

Pediatrix

Medical

Group,

Inc.

(a)

...............

33,573

562,348

Premier,

Inc.

,

Class

A

.....................

22,143

615,575

Progyny,

Inc.

(a)

..........................

24,398

525,045

Select

Medical

Holdings

Corp.

...............

44,409

570,212

U.S.

Physical

Therapy,

Inc.

.................

6,970

592,101

6,265,365

a

Health

Care

Technology

 — 

0

.8

%

HealthStream,

Inc.

.......................

20,424

576,774

TruBridge,

Inc.

(a)

........................

28,733

579,544

1,156,318

a

Hotel

&

Resort

REITs

 — 

0

.8

%

Apple

Hospitality

REIT,

Inc.

.................

44,234

531,250

Sunstone

Hotel

Investors,

Inc.

...............

60,497

566,857

1,098,107

a

Hotels,

Restaurants

&

Leisure

 — 

1

.7

%

Cracker

Barrel

Old

Country

Store,

Inc.

..........

9,687

426,809

Dave

&

Buster's

Entertainment,

Inc.

(a)

..........

22,557

409,635

El

Pollo

Loco

Holdings,

Inc.

(a)

................

54,312

526,826

Pursuit

Attractions

and

Hospitality,

Inc.

(a)

........

15,376

556,304

Target

Hospitality

Corp.

(a)

(b)

.................

63,695

540,134

2,459,708

a

Household

Durables

 — 

0

.8

%

Cricut,

Inc.

,

Class

A

......................

100,617

632,881

Hovnanian

Enterprises,

Inc.

,

Class

A

(a)

(b)

........

4,139

531,820

1,164,701

a

Household

Products

 — 

0

.4

%

Central

Garden

&

Pet

Co.

,

Class

A

,

NVS

(a)

.......

17,493

516,568

a

Insurance

 — 

5

.1

%

Bowhead

Specialty

Holdings,

Inc.

(a)

............

18,599

502,917

CNO

Financial

Group,

Inc.

..................

14,732

582,651

Donegal

Group,

Inc.

,

Class

A

................

32,058

621,605

Fidelis

Insurance

Holdings

Ltd.

...............

32,810

595,501

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

.......

24,056

596,589

HCI

Group,

Inc.

.........................

3,440

660,239

Heritage

Insurance

Holdings,

Inc.

(a)

............

25,187

634,209

Horace

Mann

Educators

Corp.

...............

12,473

563,405

Kingstone

Cos.,

Inc.

......................

42,609

626,352

Mercury

General

Corp.

....................

7,518

637,376

United

Fire

Group,

Inc.

....................

18,657

567,546

Universal

Insurance

Holdings,

Inc.

............

23,514

618,418

7,206,808

a

Interactive

Media

&

Services

 — 

1

.2

%

Shutterstock,

Inc.

........................

27,402

571,332

Yelp,

Inc.

(a)

............................

18,138

565,905

Ziff

Davis,

Inc.

(a)

.........................

15,207

579,387

1,716,624

a

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

 — 

0

.4

%

ASGN,

Inc.

(a)

...........................

10,654

$

504,467

a

Leisure

Products

 — 

0

.8

%

Johnson

Outdoors,

Inc.

,

Class

A

..............

14,224

574,507

Polaris,

Inc.

............................

10,136

589,206

1,163,713

a

Life

Sciences

Tools

&

Services

 — 

0

.4

%

Azenta,

Inc.

(a)

..........................

18,900

542,808

a

Machinery

 — 

2

.8

%

Astec

Industries,

Inc.

.....................

12,390

596,331

Douglas

Dynamics,

Inc.

...................

17,157

536,328

Greenbrier

Companies,

Inc.

(The)

.............

12,456

575,094

Helios

Technologies,

Inc.

...................

10,574

551,223

Hillman

Solutions

Corp.

(a)

..................

58,469

536,745

Proto

Labs,

Inc.

(a)

........................

11,514

576,045

Terex

Corp.

............................

11,484

589,129

3,960,895

a

Marine

Transportation

 — 

0

.8

%

Genco

Shipping

&

Trading

Ltd.

...............

34,057

606,215

Matson,

Inc.

...........................

5,512

543,428

1,149,643

a

Media

 — 

1

.2

%

Boston

Omaha

Corp.

,

Class

A

(a)

(b)

.............

43,600

570,288

Integral

Ad

Science

Holding

Corp.

(a)

...........

64,267

653,595

TEGNA,

Inc.

...........................

27,053

549,988

1,773,871

a

Metals

&

Mining

 — 

2

.5

%

Alpha

Metallurgical

Resources,

Inc.

(a)

..........

3,844

630,762

Commercial

Metals

Co.

....................

9,945

569,650

Constellium

SE

,

Class

A

(a)

..................

39,580

588,950

Kaiser

Aluminum

Corp.

....................

7,365

568,283

SSR

Mining,

Inc.

(a)

.......................

29,700

725,274

Worthington

Steel,

Inc.

....................

17,223

523,407

3,606,326

a

Multi-Utilities

 — 

1

.2

%

Black

Hills

Corp.

........................

9,589

590,587

Northwestern

Energy

Group,

Inc.

.............

10,099

591,902

Unitil

Corp.

............................

12,213

584,514

1,767,003

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.6

%

Ardmore

Shipping

Corp.

...................

49,356

585,856

California

Resources

Corp.

.................

11,544

613,910

Clean

Energy

Fuels

Corp.

(a)

(b)

................

218,067

562,613

Magnolia

Oil

&

Gas

Corp.

,

Class

A

............

23,217

554,190

Nordic

American

Tankers

Ltd.

...............

184,410

579,047

Par

Pacific

Holdings,

Inc.

(a)

.................

16,556

586,413

Peabody

Energy

Corp.

....................

32,961

874,126

SandRidge

Energy,

Inc.

...................

48,803

550,498

Scorpio

Tankers,

Inc.

.....................

11,379

637,793

Vitesse

Energy,

Inc.

......................

21,716

504,463

World

Kinect

Corp.

.......................

21,392

555,122

6,604,031

a

Passenger

Airlines

 — 

0

.3

%

SkyWest,

Inc.

(a)

.........................

4,761

479,052

a

Personal

Care

Products

 — 

1

.1

%

Medifast,

Inc.

(a)

.........................

40,878

558,802

Nu

Skin

Enterprises,

Inc.

,

Class

A

.............

47,125

574,454

Security

Shares

Value

a

Personal

Care

Products

(continued)

USANA

Health

Sciences,

Inc.

(a)

..............

18,093

$

498,462

1,631,718

a

Pharmaceuticals

 — 

1

.1

%

Amphastar

Pharmaceuticals,

Inc.

(a)

............

18,863

502,699

Innoviva,

Inc.

(a)

.........................

28,284

516,183

Supernus

Pharmaceuticals,

Inc.

(a)

.............

12,711

607,459

1,626,341

a

Professional

Services

 — 

1

.3

%

Heidrick

&

Struggles

International,

Inc.

.........

11,432

568,971

ICF

International,

Inc.

.....................

5,915

548,912

Upwork,

Inc.

(a)

(b)

.........................

37,265

692,011

1,809,894

a

Retail

REITs

 — 

1

.2

%

Acadia

Realty

Trust

......................

28,661

577,519

InvenTrust

Properties

Corp.

.................

19,265

551,365

Kite

Realty

Group

Trust

....................

25,457

567,691

1,696,575

a

Semiconductors

&

Semiconductor

Equipment

 — 

1

.8

%

Axcelis

Technologies,

Inc.

(a)

.................

7,165

699,591

Diodes,

Inc.

(a)

..........................

10,536

560,620

Photronics,

Inc.

(a)

........................

25,298

580,589

Ultra

Clean

Holdings,

Inc.

(a)

.................

23,877

650,648

2,491,448

a

Software

 — 

2

.1

%

Adeia,

Inc.

............................

38,133

640,634

I3

Verticals,

Inc.

,

Class

A

(a)

..................

18,236

591,941

Mitek

Systems,

Inc.

(a)

.....................

56,393

550,960

OneSpan,

Inc.

..........................

37,918

602,517

Verint

Systems,

Inc.

(a)

.....................

28,536

577,854

2,963,906

a

Specialized

REITs

 — 

0

.4

%

Farmland

Partners,

Inc.

...................

52,802

574,486

a

Specialty

Retail

 — 

5

.1

%

Academy

Sports

&

Outdoors,

Inc.

.............

10,788

539,616

American

Eagle

Outfitters,

Inc.

...............

44,321

758,332

Arko

Corp.

............................

116,189

530,984

Asbury

Automotive

Group,

Inc.

(a)

..............

2,309

564,435

Caleres,

Inc.

...........................

38,514

502,222

Genesco,

Inc.

(a)

.........................

17,934

519,907

Lands'

End,

Inc.

(a)

(b)

......................

39,938

563,126

ODP

Corp.

(The)

(a)

.......................

28,308

788,378

Sally

Beauty

Holdings,

Inc.

(a)

................

41,379

673,650

Shoe

Carnival,

Inc.

.......................

27,441

570,498

Signet

Jewelers

Ltd.

......................

6,514

624,823

Zumiez,

Inc.

(a)

..........................

33,363

654,248

7,290,219

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.8

%

G-III

Apparel

Group

Ltd.

(a)

..................

21,541

573,206

Oxford

Industries,

Inc.

....................

13,020

527,831

1,101,037

a

Trading

Companies

&

Distributors

 — 

1

.6

%

DNOW,

Inc.

(a)

..........................

36,113

550,723

Hudson

Technologies,

Inc.

(a)

................

57,179

567,788

McGrath

RentCorp

.......................

4,721

553,773

Rush

Enterprises,

Inc.

,

Class

A

..............

9,992

534,272

2,206,556

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Water

Utilities

 — 

0

.8

%

California

Water

Service

Group

..............

12,221

$

560,822

Consolidated

Water

Co.

Ltd.

................

17,238

608,156

1,168,978

Total

Long-Term

Investments — 99.7%

(Cost:

$

137,884,079

)

..............................

141,961,851

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

.....................

5,172,904

$

5,175,490

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

...........................

407,624

407,624

a

Total

Short-Term

Securities — 3.9%

(Cost:

$

5,582,740

)

................................

5,583,114

Total

Investments

—

103.6%

(Cost:

$

143,466,819

)

..............................

147,544,965

Liabilities

in

Excess

of

Other

Assets

—

(

3

.6

)

%

.............

(

5,060,739

)

Net

Assets

—

100.0%

...............................

$

142,484,226

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,845,632

$

3,329,803

(a)

$

—

$

58

$

(

3

)

$

5,175,490

5,172,904

$

11,174

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

3,416,923

—

(

3,009,299

)

(a)

—

—

407,624

407,624

29,152

—

$

58

$

(

3

)

$

5,583,114

$

40,326

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

...........................................................

39

12/19/25

$

479

$

(

3,925

)

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

11

Schedule

of

Investments

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Derivatives

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depr

e

ciation)

Long

Contracts

(a)

Cadence

Bank

.....................

BNP

Paribas

USD

1,104

‌

08/19/27

0.20%

1D

OBFR01

Monthly

$

22

‌

Provident

Financial

Services,

Inc.

.........

JPMorgan

Chase

Bank

NA

1,565

‌

02/09/26

0.40%

1D

OBFR01

Monthly

(

23

)

WaFd,

Inc.

........................

BNP

Paribas

990

‌

08/19/27

0.20%

1D

OBFR01

Monthly

(

20

)

WaFd,

Inc.

........................

Goldman

Sachs

Bank

USA

3,285

‌

08/18/26

0.40%

1D

FEDL01

Monthly

(

104

)

WaFd,

Inc.

........................

JPMorgan

Chase

Bank

NA

2,359

‌

02/09/26

0.40%

1D

OBFR01

Monthly

(

57

)

Total

long

positions

of

equity

swaps

(

182

)

Net

dividends

and

financing

fees

153

‌

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

(

29

)

(a)

The

Fund

receives

the

total

return

on

a

reference

entity

and

pays

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

position.

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

................................................................

$

—

$

—

$

175

$

(

204

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

..

$

—

$

—

$

175

$

—

$

—

$

—

$

175

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

3,925

$

—

$

—

$

—

$

3,925

Swaps

-

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

—

—

204

—

—

—

204

$

—

$

—

$

4,129

$

—

$

—

$

—

$

4,129

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

89,444

$

—

$

—

$

—

$

89,444

Swaps

........................................

—

—

(

88,222

)

—

—

—

(

88,222

)

$

—

$

—

$

1,222

$

—

$

—

$

—

$

1,222

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

163

)

$

—

$

—

$

—

$

(

163

)

Swaps

........................................

—

—

39,214

—

—

—

39,214

$

—

$

—

$

39,051

$

—

$

—

$

—

$

39,051

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

US

Small

Cap

Value

Factor

ETF

12

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

447,623

Equity

Swaps

Average

notional

value

-

long

............................................................................................

$

360,795

a

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

...............................................................................

$

870

‌

$

—

‌

Swaps

—

OTC

(a)

...............................................................................

22

‌

204

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

.......................................

$

892

‌

$

204

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

....................................

(

870

)

—

‌

Total

derivative

assets

and

liabilities

subject

to

an

MNA

.......................................................

$

22

‌

$

204

‌

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

a

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)

BNP

Paribas

........................................

$

22

$

(

20

)

$

–

$

–

$

2

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(d)

BNP

Paribas

........................................

$

20

$

(

20

)

$

–

$

–

$

–

Goldman

Sachs

Bank

USA

..............................

104

–

–

–

104

JPMorgan

Chase

Bank

NA

..............................

80

–

–

–

80

$

204

$

(

20

)

$

–

$

–

$

184

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivatives

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

13

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

........................................

$

141,961,851

‌

$

—

‌

$

—

‌

$

141,961,851

‌

Short-Term

Securities

Money

Market

Funds

.....................................

5,583,114

‌

—

‌

—

‌

5,583,114

‌

$

147,544,965

‌

$

—

‌

$

—

‌

$

147,544,965

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

..........................................

$

—

‌

$

175

‌

$

—

‌

$

175

‌

Liabilities

Equity

Contracts

..........................................

(

3,925

)

(

204

)

—

‌

(

4,129

)

$

(

3,925

)

$

(

29

)

$

—

‌

$

(

3,954

)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

14

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2025

See

notes

to

financial

statements.

iShares

Texas

Equity

ETF

iShares

US

Small

Cap

Value

Factor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

13,274,329

‌

$

141,961,851

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

40,507

‌

5,583,114

‌

Cash

pledged:

Futures

contracts

.................................................................................

—

‌

38,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

—

‌

2,222

‌

Dividends

—

unaffiliated

............................................................................

5,528

‌

106,621

‌

Dividends

—

affiliated

..............................................................................

134

‌

3,930

‌

Variation

margin

on

futures

contracts

....................................................................

—

‌

870

‌

Unrealized

appreciation

on:

OTC

swaps

.....................................................................................

—

‌

175

‌

Total

assets

......................................................................................

13,320,498

‌

147,696,783

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

—

‌

5,188,555

‌

Payables:

Investment

advisory

fees

............................................................................

2,165

‌

23,798

‌

Unrealized

depreciation

on:

OTC

swaps

.....................................................................................

—

‌

204

‌

Total

liabilities

.....................................................................................

2,165

‌

5,212,557

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

13,318,333

‌

$

142,484,226

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

12,082,179

‌

$

151,064,026

‌

Accumulated

earnings

(loss)

...........................................................................

1,236,154

‌

(

8,579,800

)

NET

ASSETS

.....................................................................................

$

13,318,333

‌

$

142,484,226

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

480,000

‌

4,250,000

‌

Net

asset

value

....................................................................................

$

27.75

‌

$

33.53

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

—

‌

$

4,996,587

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

12,214,762

‌

$

137,884,079

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

40,507

‌

$

5,582,740

‌

15

Statements

of

Operations

Statements

of

Operations

Period

Ended

September

30,

2025

See

notes

to

financial

statements.

iShares

Texas

Equity

ETF

(a)

iShares

US

Small

Cap

Value

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

61,567

‌

$

1,662,989

‌

Dividends

—

affiliated

..............................................................................

322

‌

29,152

‌

Interest

—

unaffiliated

..............................................................................

2

‌

1,308

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

—

‌

11,174

‌

Foreign

taxes

withheld

.............................................................................

—

‌

(

3,027

)

Total

investment

income

..............................................................................

61,891

‌

1,701,596

‌

EXPENSES

Investment

advisory

...............................................................................

6,500

‌

134,356

‌

Interest

expense

.................................................................................

—

‌

105

‌

Total

expenses

....................................................................................

6,500

‌

134,461

‌

Net

investment

income

...............................................................................

55,391

‌

1,567,135

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

24,594

)

(

124,501

)

Investments

—

affiliated

...........................................................................

—

‌

58

‌

Futures

contracts

...............................................................................

—

‌

89,444

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................................................

196,717

‌

919,118

‌

Swaps  

......................................................................................

—

‌

(

88,222

)

172,123

‌

795,897

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

1,059,567

‌

13,804,940

‌

Investments

—

affiliated

...........................................................................

—

‌

(

3

)

Futures

contracts

...............................................................................

—

‌

(

163

)

Swaps  

......................................................................................

—

‌

39,214

‌

1,059,567

‌

13,843,988

‌

Net

realized

and

unrealized

gain

........................................................................

1,231,690

‌

14,639,885

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

1,287,081

‌

$

16,207,020

‌

(a)

For

the

period

from

June

23,

2025

(commencement

of

operations)

to

September

30,

2025.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

16

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Texas

Equity

ETF

iShares

US

Small

Cap

Value

Factor

ETF

Period

From

06/23/25

(a)

to

09/30/25

(unaudited)

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................................

$

55,391

‌

$

1,567,135

‌

$

3,016,800

‌

Net

realized

gain

.............................................................

172,123

‌

795,897

‌

1,742,077

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................................

1,059,567

‌

13,843,988

‌

(

13,686,312

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................................

1,287,081

‌

16,207,020

‌

(

8,927,435

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............................

(

50,927

)

(c)

(

1,549,738

)

(c)

(

1,552,574

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......................

12,082,179

‌

(

7,137,812

)

68,839,241

‌

NET

ASSETS

Total

increase

in

net

assets

........................................................

13,318,333

‌

7,519,470

‌

58,359,232

‌

Beginning

of

period

.............................................................

—

‌

134,964,756

‌

76,605,524

‌

End

of

period

.................................................................

$

13,318,333

‌

$

142,484,226

‌

$

134,964,756

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

17

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Texas

Equity

ETF

Period

From

06/23/25

(a)

to

09/30/25

(unaudited)

Net

asset

value,

beginning

of

period

......................................................................................

$

25.18

‌

Net

investment

income

(b)

..............................................................................................

0

.12

‌

Net

realized

and

unrealized

gain

(c)

........................................................................................

2

.56

‌

Net

increase

from

investment

operations

.....................................................................................

2

.68

‌

Distributions

from

net

investment

income

.....................................................................................

(

0

.11

)

(d)

Net

asset

value,

end

of

period

...........................................................................................

$

27.75

‌

Total

Return

(e)

–

Based

on

net

asset

value

...............................................................................................

10.60

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................................

0

.20

%

(h)

Net

investment

income

.................................................................................................

1

.70

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................................

$

13,318

‌

Portfolio

turnover

rate

(i)

.................................................................................................

4

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

18

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

US

Small

Cap

Value

Factor

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Period

From

10/27/20

(a)

to

03/31/21

Net

asset

value,

beginning

of

period

.....

$

29.99

‌

$

30.64

‌

$

26.61

‌

$

30.68

‌

$

30.56

‌

$

19.56

‌

Net

investment

income

(b)

.............

0

.36

‌

0

.79

‌

0

.70

‌

0

.68

‌

0

.57

‌

0

.20

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...

3

.54

‌

(

1

.00

)

4

.01

‌

(

4

.03

)

0

.28

‌

10.94

‌

Net

increase

(decrease)

from

investment

operations

.......................

3

.90

‌

(

0

.21

)

4

.71

‌

(

3

.35

)

0

.85

‌

11.14

‌

Distributions

from

net

investment

income

(d)

...

(

0

.36

)

(e)

(

0

.44

)

(

0

.68

)

(

0

.72

)

(

0

.73

)

(

0

.14

)

Net

asset

value,

end

of

period

..........

$

33.53

‌

$

29.99

‌

$

30.64

‌

$

26.61

‌

$

30.68

‌

$

30.56

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

..............

13.06

%

(g)

(

0

.67

)

%

17.93

%

(

10.95

)

%

2

.79

%

57.05

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.....................

0

.20

%

(i)

0

.20

%

0

.22

%

0

.30

%

0

.30

%

0

.30

%

(i)

Total

expenses

after

fees

waived

.........

0

.20

%

(i)

0

.20

%

0

.20

%

0

.20

%

0

.20

%

0

.20

%

(i)

Net

investment

income

................

2

.33

%

(i)

2

.50

%

2

.54

%

2

.39

%

1

.84

%

1

.74

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

142,484

‌

$

134,965

‌

$

76,606

‌

$

97,130

‌

$

179,498

‌

$

113,060

‌

Portfolio

turnover

rate

(j)

................

112

%

8

%

55

%

71

%

13

%

14

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

19

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

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

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

 Certain

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

foreign

tax

regulations

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

Statements

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,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

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

September

30,

2025,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

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.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in

their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds’

financial

statements.

iShares

ETF

Diversification

Classification

Texas

Equity

(a)

.......................................................................................................

Non

Diversified

US

Small

Cap

Value

Factor

..............................................................................................

Diversified

(a)

The

Fund

commenced

operations

on

June

23,

2025.

Notes

to

Financial

Statements

(unaudited)

(continued)

20

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

3.

Investment

Valuation

and

Fair

Value

Measurements

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.

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.

The

Board

of

Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

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

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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

exchange

where

the

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.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

If

events

(e.g.,

market

volatility,

company

announcement

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

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

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

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

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

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

Notes

to

Financial

Statements

(unaudited)

(

continued)

21

Notes

to

Financial

Statements

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

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

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

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

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

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

Finance,

Inc.

BlackRock

Finance,

Inc.’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:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

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,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

("OTC")

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”). 

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds'

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

US

Small

Cap

Value

Factor

Barclays

Bank

PLC

...........................................

$

324,946

‌

$

(324,946

)

$

—

‌

$

—

‌

BNP

Paribas

SA

.............................................

542,408

‌

(542,408

)

—

‌

—

‌

Citigroup

Global

Markets,

Inc.

....................................

940,603

‌

(940,603

)

—

‌

—

‌

Goldman

Sachs

&

Co.

LLC

.....................................

3,731

‌

(3,731

)

—

‌

—

‌

Morgan

Stanley

.............................................

1,611,592

‌

(1,611,592

)

—

‌

—

‌

National

Financial

Services

LLC

..................................

1,199,044

‌

(1,199,044

)

—

‌

—

‌

Pershing

LLC

...............................................

90,873

‌

(90,873

)

—

‌

—

‌

Wells

Fargo

Securities

LLC

.....................................

283,390

‌

(283,390

)

—

‌

—

‌

$

4,996,587

‌

$

(4,996,587

)

$

—

‌

$

—

‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

22

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Equity

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Equity

swaps

are

designed

to

function

as

direct

economic investments

in

long

or

short

equity

positions.

This

means

that

the

Fund

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid.

Equity

swaps

incur

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

value

of

the

position.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

spread.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes, each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“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

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to each

Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.20%,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund.

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

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.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“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,

including

any

custodial

costs. 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.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Notes

to

Financial

Statements

(unaudited)

(

continued)

23

Notes

to

Financial

Statements

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

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

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

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

84%

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 Statements

of

Operations.

For

the period

ended September

30,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

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

restrictions

set

forth

by

Rule

17a-7.

For

the period

ended

September

30,

2025,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

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

Statements

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

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the period

ended

September

30,

2025,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the

period

ended

September

30,

2025,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2025,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

iShares

ETF

Amounts

US

Small

Cap

Value

Factor

..............................................................................................

$

3,190‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

US

Small

Cap

Value

Factor

............................................................

$

307,038‌

$

3,526,724‌

$

1,327,694‌

iShares

ETF

Purchases

Sales

Texas

Equity

.....................................................................................

$

453,085

‌

$

445,346

‌

US

Small

Cap

Value

Factor

...........................................................................

150,731,570

‌

149,092,981

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Texas

Equity

.....................................................................................

$

13,148,346

‌

$

1,113,440

‌

US

Small

Cap

Value

Factor

...........................................................................

2,947,068

‌

8,628,162

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

24

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of March

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

As

of

September

30,

2025,

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:

9.

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 each

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

also

be

affected

by

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

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 each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

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

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

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

may

fluctuate

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 each

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. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

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

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

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

of

financial

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

Statements

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

insolvent

or

goes

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.

Geographic/Asset

Class

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.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

US

Small

Cap

Value

Factor

............................................................................................

$

(13,567,020

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Texas

Equity

.................................................

$

12,255,269

‌

$

1,257,966

‌

$

(198,399

)

$

1,059,567

‌

US

Small

Cap

Value

Factor

.......................................

143,975,941

‌

9,018,706

‌

(5,453,636

)

3,565,070

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

25

Notes

to

Financial

Statements

The Funds

invest

a

significant

portion

of

their

assets

in securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest.

Certain Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

issuers

located

in

a

single

state

or

limited

number

of

states,

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

or

social

conditions

affecting

that

state

or

group

of

states

could

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

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

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

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

Statements

of

Assets

and

Liabilities.

11.

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.

Six

Months

Ended

09/30/25

Year

Ended

03/31/25

iShares

ETF

Shares

Amount

Shares

Amount

Texas

Equity

(a)

Shares

sold

.........................................................

520,000

‌

$

13,189,743

‌

—

‌

$

—

‌

Shares

redeemed

.....................................................

(40,000

)

(1,107,564

)

—

‌

—

‌

480,000

‌

$

12,082,179

‌

—

‌

$

—

‌

US

Small

Cap

Value

Factor

Shares

sold

.........................................................

100,000

‌

$

3,217,014

‌

2,750,000

‌

$

91,804,488

‌

Shares

redeemed

.....................................................

(350,000

)

(10,354,826

)

(750,000

)

(22,965,247

)

(250,000

)

$

(7,137,812

)

2,000,000

‌

$

68,839,241

‌

(a)

The

Fund

commenced

operations

on

June

23,

2025.

Additional

Information

26

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

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

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

27

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Texas

Equity

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

to

consider

the

approval

of

the

proposed

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

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

terms

of

the

proposed

Advisory

Agreement.

At

a

meeting

held

on

June

9-11,

2025

the

Board,

including

the

Independent

Board

Members,

approved

the

selection

of

BFA

as

investment

adviser

and

approved

the

proposed

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA.

The

Board

also

considered

information

previously

provided

by

BFA,

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

and

BlackRock,

Inc.

(“BlackRock”),

as

applicable,

at

prior

Board

meetings.

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

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

BFA;

(iii)

the

costs

of

services

to

be

provided

to

the

Fund

and

the

availability

of

information

related

to

profits

to

be

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale;

(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

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

Advisory

Agreement

are

discussed

below.

Expenses

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

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

of

the

Fund

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Nature,

Extent

and

Quality

of

Services

to

be

Provided

by

BFA:

The

Board

reviewed

the

scope

of

services

to

be

provided

by

BFA

under

the

Advisory

Agreement.

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

and

have

made

significant

investments

into

the

iShares

business

to

support

the

iShares

funds

and

their

shareholders.

The

Board

considered

representations

by

BFA,

BTC,

and

BlackRock

that

the

scope

and

quality

of

services

to

be

provided

to

the

Fund

would

be

similar

to

the

scope

and

quality

of

services

provided

to

other

iShares

funds.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

other

iShares

funds,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

who

will

be

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

that

will

be

available

to

them

in

managing

the

Fund.

The

Board

also

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

which

were

provided

throughout

the

year

with

respect

to

other

iShares

funds,

and

other

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Costs

of

Services

to

be

Provided

to

the

Fund

and

Profits

to

be

Realized

by

BFA

and

Affiliates:

The

Board

did

not

consider

the

profitability

of

the

Fund

to

BFA

based

on

the

fees

payable

under

the

Advisory

Agreement

or

revenue

to

be

received

by

BFA

or

its

affiliates

in

connection

with

services

to

be

provided

to

the

Fund

since

the

proposed

relationship

had

not

yet

commenced.

The

Board

noted

that

it

expects

to

receive

profitability

information

from

BFA

periodically

following

the

Fund’s

launch

and

will

thus

be

in

a

position

to

evaluate

whether

any

new

or

additional

breakpoints

or

other

adjustments

in

Fund

fees

would

be

appropriate.

Economies

of

Scale:

The

Board

considered

information

that

it

had

previously

received

regarding

potential

economies

of

scale,

efficiencies

and

scale

benefits

shared

with

the

iShares

funds

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

Agreement

for

the

Fund

did

not

provide

for

any

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

This

consideration

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

Advisory

Agreement.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

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

previously

provided

the

Board

with

detailed

information

regarding

how

the

Other

Accounts

(particularly

institutional

clients)

generally

differ

from

the

iShares

funds,

including

in

terms

of

the

different

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

iShares

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

28

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

funds,

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement.

Other

Benefits

to

BFA

and/or

its

Affiliates:

Except

as

noted

below,

the

Board

did

not

consider

the

other

benefits

or

ancillary

revenue

to

be

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

to

be

provided

to

the

Fund

by

BFA

since

the

proposed

relationship

had

not

yet

commenced.

However,

the

Board

considered

the

potential

payment

of

advisory

fees

and/or

administration

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

and/or

administration

services.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

noted

the

potential

revenue

to

be

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

would

permit

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

also

considered

the

potential

for

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

and

its

affiliates

in

the

event

of

any

loaning

of

portfolio

securities

of

the

Fund.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

will

be

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

noted

that

BFA

generally

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

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

Advisory

Agreement.

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

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

to

be

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

Advisory

Agreement.

iShares

US

Small

Cap

Value

Factor

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

29

Board

Review

and

Approval

of

Investment

Advisory

Contract

31,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

30

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

these

Financial

Statements

31

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

FEDL01

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

NVS

Non-Voting

Shares

OBFR01

USD

-

1D

Overnight

Bank

Funding

Rate

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

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

FTSE

Russell,

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.

©2025

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.

September

30,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Europe

ETF

|

IEV

|

NYSE

Arca

iShares

Future

AI

&

Tech

ETF

|

ARTY

|

NYSE

Arca

iShares

India

50

ETF

|

INDY

|

NASDAQ

iShares

Latin

America

40

ETF

|

ILF

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

18

Statements

of

Operations

.................................................................................................

19

Statements

of

Changes

in

Net

Assets

..........................................................................................

20

Financial

Highlights

.....................................................................................................

22

Notes

to

Financial

Statements

...............................................................................................

26

Additional

Information

...................................................................................................

35

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

36

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

45

iShares

®

Europe

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Austria

 — 

0

.4

%

Erste

Group

Bank

AG

......................

55,386

$

5,444,585

OMV

AG

..............................

25,539

1,364,493

Verbund

AG

............................

14,825

1,079,750

7,888,828

a

Belgium

 — 

1

.2

%

Ageas

SA

..............................

31,104

2,157,260

Anheuser-Busch

InBev

SA/N.V.

...............

172,328

10,301,196

Groupe

Bruxelles

Lambert

N.V.

...............

13,916

1,247,557

KBC

Group

N.V.

.........................

43,724

5,239,840

Syensqo

SA

............................

11,801

958,102

UCB

SA

...............................

20,891

5,831,408

25,735,363

a

Chile

 — 

0

.1

%

Antofagasta

PLC

.........................

58,367

2,170,663

a

Denmark

 — 

2

.9

%

AP

Moller

-

Maersk

A.S.

,

Class

A

..............

459

900,367

AP

Moller

-

Maersk

A.S.

,

Class

B

,

NVS

..........

779

1,531,339

Carlsberg

A.S.

,

Class

B

....................

16,029

1,865,741

Coloplast

A.S.

,

Class

B

.....................

21,263

1,832,660

Danske

Bank

A.S.

........................

114,801

4,903,674

DSV

A.S.

..............................

34,515

6,895,080

Genmab

A.S.

(a)

..........................

11,165

3,444,941

Novo

Nordisk

A.S.

,

Class

B

..................

555,522

30,932,367

Novonesis

Novozymes

B

...................

59,534

3,663,962

Orsted

A.S.

(a)

(b)

(c)

.........................

8,489

147,663

Pandora

A.S.

...........................

13,755

1,798,431

Tryg

A.S.

..............................

55,617

1,412,071

Vestas

Wind

Systems

A.S.

..................

176,525

3,358,073

Zealand

Pharma

A.S.

(a)

.....................

10,883

802,567

63,488,936

a

Finland

 — 

1

.7

%

Elisa

OYJ

..............................

25,101

1,317,508

Fortum

OYJ

............................

78,957

1,498,657

Kesko

OYJ

,

Class

B

.......................

48,972

1,042,217

Kone

OYJ

,

Class

B

.......................

67,460

4,601,388

Metso

OYJ

.............................

124,139

1,711,168

Neste

OYJ

.............................

72,886

1,339,189

Nokia

OYJ

.............................

902,901

4,341,868

Nordea

Bank

Abp

........................

605,699

9,957,893

Sampo

OYJ

,

Class

A

......................

440,962

5,069,718

Stora

Enso

OYJ

,

Class

R

...................

104,188

1,146,580

UPM-Kymmene

OYJ

......................

93,344

2,556,377

Wartsila

OYJ

Abp

.........................

83,200

2,495,558

37,078,121

a

France

 — 

16

.1

%

Accor

SA

..............................

36,831

1,749,856

Air

Liquide

SA

...........................

100,929

21,029,232

Airbus

SE

..............................

107,754

25,163,351

Alstom

SA

(a)

............................

57,945

1,516,214

Arkema

SA

.............................

10,584

671,111

AXA

SA

...............................

299,033

14,340,139

BNP

Paribas

SA

.........................

177,443

16,229,436

Bouygues

SA

...........................

32,798

1,479,310

Bureau

Veritas

SA

........................

56,973

1,786,978

Capgemini

SE

...........................

26,608

3,881,507

Carrefour

SA

............................

97,342

1,475,195

Cie

de

Saint-Gobain

SA

....................

80,159

8,685,356

Cie

Generale

des

Etablissements

Michelin

SCA

....

122,398

4,408,009

Security

Shares

Value

a

France

(continued)

Credit

Agricole

SA

........................

195,211

$

3,846,843

Danone

SA

.............................

112,383

9,792,296

Dassault

Systemes

SE

.....................

114,169

3,840,761

Edenred

SE

............................

42,486

1,011,792

Eiffage

SA

.............................

12,789

1,638,500

Engie

SA

..............................

306,332

6,585,074

EssilorLuxottica

SA

.......................

50,843

16,562,299

Gecina

SA

.............................

8,924

896,502

Getlink

SE

.............................

54,911

1,012,529

Hermes

International

SCA

...................

6,073

14,933,748

Kering

SA

..............................

12,323

4,129,405

Legrand

SA

............................

45,576

7,572,961

L'Oreal

SA

.............................

40,026

17,390,785

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..........

44,479

27,371,550

Orange

SA

.............................

319,590

5,184,064

Pernod

Ricard

SA

........................

34,753

3,421,455

Publicis

Groupe

SA

.......................

39,478

3,799,100

Renault

SA

.............................

32,668

1,343,256

Safran

SA

..............................

59,829

21,231,460

Sanofi

SA

..............................

188,203

17,821,687

Sartorius

Stedim

Biotech

....................

4,711

960,070

Schneider

Electric

SE

......................

94,210

26,517,504

Societe

Generale

SA

......................

121,869

8,113,588

Sodexo

SA

.............................

15,039

948,874

Teleperformance

SE

.......................

9,672

722,435

Thales

SA

..............................

15,805

4,996,188

TotalEnergies

SE

.........................

366,679

22,333,910

Unibail-Rodamco-Westfield

..................

21,186

2,231,196

Veolia

Environnement

SA

...................

116,929

3,987,513

Vinci

SA

...............................

87,474

12,156,435

354,769,474

a

Germany

 — 

14

.3

%

adidas

AG

.............................

31,410

6,655,197

Allianz

SE

,

Registered

.....................

67,231

28,285,890

BASF

SE

..............................

155,996

7,794,222

Bayer

AG

,

Registered

......................

170,481

5,675,512

Bayerische

Motoren

Werke

AG

...............

45,553

4,591,167

Beiersdorf

AG

...........................

15,887

1,662,353

Brenntag

SE

............................

20,998

1,258,255

Commerzbank

AG

........................

181,733

6,880,776

Continental

AG

..........................

18,813

1,244,593

Covestro

AG

(a)

(b)

..........................

29,817

2,041,464

Daimler

Truck

Holding

AG

...................

86,881

3,592,663

Delivery

Hero

SE

(a)

(b)

.......................

38,648

1,109,752

Deutsche

Bank

AG

,

Registered

...............

339,397

12,020,009

Deutsche

Boerse

AG

......................

32,725

8,763,462

Deutsche

Post

AG

........................

167,248

7,473,871

Deutsche

Telekom

AG

,

Registered

.............

608,133

20,718,764

E.ON

SE

..............................

385,369

7,258,609

Fresenius

Medical

Care

AG

..................

36,515

1,929,364

Fresenius

SE

&

Co

KGaA

...................

71,898

4,018,057

GEA

Group

AG

..........................

25,482

1,883,937

Hannover

Rueck

SE

.......................

10,592

3,196,229

Heidelberg

Materials

AG

....................

22,392

5,061,617

Henkel

AG

&

Co.

KGaA

....................

16,784

1,245,820

Infineon

Technologies

AG

...................

228,488

8,963,622

LEG

Immobilien

SE

.......................

12,709

1,012,879

Mercedes-Benz

Group

AG

...................

125,915

7,936,420

Merck

KGaA

............................

22,500

2,919,257

MTU

Aero

Engines

AG

.....................

9,445

4,357,333

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

...................

22,798

14,555,935

Rheinmetall

AG

..........................

8,013

18,743,784

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Europe

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Germany

(continued)

RWE

AG

..............................

116,763

$

5,193,467

SAP

SE

...............................

177,817

47,613,588

Siemens

AG

,

Registered

....................

128,341

34,649,246

Siemens

Energy

AG

(a)

......................

117,017

13,758,756

Siemens

Healthineers

AG

(b)

..................

51,152

2,770,709

Symrise

AG

............................

22,827

1,985,270

Volkswagen

AG

..........................

4,956

548,796

Vonovia

SE

.............................

145,686

4,552,951

Zalando

SE

(a)

(b)

..........................

38,457

1,180,177

315,103,773

a

Hong

Kong

 — 

0

.3

%

Prudential

PLC

..........................

449,817

6,297,305

a

Ireland

 — 

1

.0

%

AIB

Group

PLC

..........................

372,240

3,393,615

Bank

of

Ireland

Group

PLC

..................

169,892

2,812,957

DCC

PLC

..............................

16,868

1,085,825

Experian

PLC

...........................

159,105

7,991,391

Kerry

Group

PLC

,

Class

A

...................

28,321

2,556,755

Kingspan

Group

PLC

......................

26,412

2,208,333

Ryanair

Holdings

PLC

.....................

92,228

2,695,127

22,744,003

a

Italy

 — 

4

.9

%

Banca

Monte

dei

Paschi

di

Siena

SpA

...........

410,265

3,650,619

Banco

BPM

SpA

.........................

261,385

3,922,997

BPER

Banca

SpA

........................

241,166

2,682,286

Enel

SpA

..............................

1,346,636

12,761,451

Eni

SpA

...............................

360,467

6,306,764

Ferrari

N.V.

.............................

21,346

10,346,852

FinecoBank

Banca

Fineco

SpA

...............

107,051

2,323,398

Generali

...............................

184,082

7,234,428

Intesa

Sanpaolo

SpA

......................

2,726,682

18,048,396

Leonardo

SpA

...........................

69,216

4,428,902

Moncler

SpA

............................

39,482

2,323,649

Nexi

SpA

(b)

.............................

107,084

606,662

Prysmian

SpA

...........................

52,169

5,191,939

Snam

SpA

.............................

360,502

2,164,537

Telecom

Italia

SpA

(a)

.......................

2,077,943

1,088,721

Telecom

Italia

SpA

,

NVS

(a)

...................

976,124

565,762

Terna

-

Rete

Elettrica

Nazionale

...............

247,546

2,512,217

UniCredit

SpA

...........................

271,529

20,662,022

106,821,602

a

Luxembourg

 — 

0

.2

%

ArcelorMittal

SA

..........................

74,346

2,682,100

Eurofins

Scientific

SE

......................

20,083

1,464,581

Tenaris

SA

.............................

58,539

1,048,908

5,195,589

a

Netherlands

 — 

8

.1

%

ABN

AMRO

Bank

N.V.,

CVA

(b)

................

100,257

3,216,199

Adyen

N.V.

(a)

(b)

...........................

5,490

8,833,845

Aegon

Ltd.

.............................

195,224

1,573,897

Akzo

Nobel

N.V.

.........................

29,949

2,137,392

Argenx

SE

(a)

............................

10,675

7,887,222

ASM

International

N.V.

.....................

8,102

4,886,719

ASML

Holding

N.V.

.......................

68,664

66,960,236

ASR

Nederland

N.V.

.......................

27,452

1,868,090

BE

Semiconductor

Industries

N.V.

.............

12,853

1,924,487

Euronext

N.V.

(b)

..........................

15,964

2,389,995

EXOR

N.V.

.............................

16,201

1,585,684

Ferrovial

SE

............................

85,821

4,929,583

Heineken

Holding

N.V.

.....................

19,695

1,352,321

Heineken

N.V.

...........................

47,803

3,743,408

Security

Shares

Value

a

Netherlands

(continued)

IMCD

N.V.

.............................

10,185

$

1,055,650

ING

Groep

N.V.

..........................

516,093

13,529,770

Koninklijke

Ahold

Delhaize

N.V.

...............

158,389

6,409,130

Koninklijke

KPN

N.V.

......................

679,583

3,261,686

Koninklijke

Philips

N.V.

.....................

136,449

3,737,893

NN

Group

N.V.

..........................

46,164

3,255,372

Prosus

N.V.

,

Class

N

(a)

.....................

232,564

16,445,770

QIAGEN

N.V.

...........................

38,542

1,719,109

Randstad

N.V.

...........................

20,816

887,579

Stellantis

N.V.

...........................

353,347

3,279,614

Universal

Music

Group

N.V.

..................

181,919

5,256,997

Wolters

Kluwer

N.V.

.......................

41,504

5,665,292

177,792,940

a

Norway

 — 

0

.9

%

Aker

BP

ASA

............................

51,130

1,297,646

DNB

Bank

ASA

..........................

147,038

4,007,667

Equinor

ASA

............................

146,993

3,584,585

Kongsberg

Gruppen

ASA

...................

76,196

2,435,020

Mowi

ASA

..............................

76,631

1,621,175

Norsk

Hydro

ASA

.........................

232,196

1,578,728

Orkla

ASA

..............................

131,335

1,373,084

Telenor

ASA

............................

111,749

1,854,305

Yara

International

ASA

.....................

28,845

1,057,284

18,809,494

a

Portugal

 — 

0

.2

%

EDP

SA

...............................

522,860

2,481,475

Galp

Energia

SGPS

SA

,

Class

B

..............

73,417

1,391,234

Jeronimo

Martins

SGPS

SA

..................

47,849

1,164,894

5,037,603

a

Spain

 — 

5

.3

%

ACS

Actividades

de

Construccion

y

Servicios

SA

...

34,429

2,759,765

Aena

SME

SA

(b)

..........................

127,130

3,475,646

Amadeus

IT

Group

SA

.....................

79,169

6,293,122

Banco

Bilbao

Vizcaya

Argentaria

SA

............

1,002,653

19,320,767

Banco

de

Sabadell

SA

.....................

924,759

3,609,527

Banco

Santander

SA

......................

2,598,810

27,272,745

CaixaBank

SA

...........................

668,739

7,063,165

Cellnex

Telecom

SA

(b)

......................

102,370

3,545,834

Enagas

SA

.............................

37,976

593,436

Endesa

SA

.............................

57,217

1,827,850

Grifols

SA

,

Class

A

........................

50,948

741,758

Iberdrola

SA

............................

1,074,066

20,331,359

Industria

de

Diseno

Textil

SA

.................

196,371

10,867,927

Naturgy

Energy

Group

SA

...................

29,144

905,780

Redeia

Corp.

SA

.........................

58,427

1,128,090

Repsol

SA

.............................

201,152

3,576,931

Telefonica

SA

...........................

700,791

3,606,413

116,920,115

a

Sweden

 — 

4

.5

%

AddTech

AB

,

Class

B

......................

44,420

1,444,993

Alfa

Laval

AB

...........................

51,543

2,353,724

Assa

Abloy

AB

,

Class

B

....................

173,322

6,032,967

Atlas

Copco

AB

,

Class

A

....................

439,111

7,446,436

Atlas

Copco

AB

,

Class

B

....................

272,425

4,099,304

Boliden

AB

(a)

............................

49,560

2,022,957

Epiroc

AB

,

Class

A

........................

107,424

2,274,174

Epiroc

AB

,

Class

B

........................

66,268

1,253,688

EQT

AB

...............................

64,591

2,240,108

Essity

AB

,

Class

B

........................

102,688

2,684,174

Evolution

AB

(b)

...........................

25,261

2,079,585

Getinge

AB

,

Class

B

.......................

38,741

834,985

iShares

®

Europe

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

Sweden

(continued)

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

...........

83,552

$

1,561,895

Hexagon

AB

,

Class

B

......................

365,994

4,367,462

Industrivarden

AB

,

Class

A

..................

24,794

985,004

Industrivarden

AB

,

Class

C

..................

27,434

1,088,953

Investor

AB

,

Class

B

.......................

317,568

9,941,248

Lifco

AB

,

Class

B

.........................

39,912

1,351,408

Nibe

Industrier

AB

,

Class

B

..................

273,127

1,079,525

Saab

AB

,

Class

B

........................

54,793

3,366,604

Sandvik

AB

.............................

186,879

5,220,536

Skandinaviska

Enskilda

Banken

AB

,

Class

A

......

264,434

5,184,902

Skanska

AB

,

Class

B

......................

61,140

1,586,942

SKF

AB

,

Class

B

.........................

58,872

1,464,216

SSAB

AB

,

Class

B

........................

104,555

609,735

Svenska

Cellulosa

AB

SCA

,

Class

B

............

101,028

1,337,258

Svenska

Handelsbanken

AB

,

Class

A

...........

268,272

3,500,314

Swedbank

AB

,

Class

A

.....................

158,087

4,771,965

Tele2

AB

,

Class

B

........................

95,776

1,633,804

Telefonaktiebolaget

LM

Ericsson

,

Class

B

........

508,865

4,216,457

Telia

Co.

AB

............................

409,001

1,560,325

Trelleborg

AB

,

Class

B

.....................

30,953

1,157,277

Volvo

AB

,

Class

B

........................

276,389

7,948,280

98,701,205

a

Switzerland

 — 

14

.8

%

ABB

Ltd.

,

Registered

......................

270,238

19,555,320

Adecco

Group

AG

........................

28,199

794,440

Alcon

AG

..............................

87,240

6,561,742

Baloise

Holding

AG

,

Registered

...............

7,262

1,797,315

Barry

Callebaut

AG

,

Registered

...............

614

845,608

Chocoladefabriken

Lindt

&

Spruengli

AG

,

Participation

Certificates

,

NVS

.......................

175

2,675,519

Chocoladefabriken

Lindt

&

Spruengli

AG

,

Registered

.

19

2,858,942

Cie

Financiere

Richemont

SA

,

Class

A,

Registered

..

93,623

17,972,461

Coca-Cola

HBC

AG

,

Class

DI

(a)

...............

34,813

1,642,428

DSM-Firmenich

AG

.......................

43,588

3,718,855

Galderma

Group

AG

.......................

22,769

4,025,564

Geberit

AG

,

Registered

.....................

5,495

4,149,831

Givaudan

SA

,

Registered

...................

1,419

5,788,157

Glencore

PLC

(a)

..........................

1,682,858

7,750,613

Holcim

AG

(a)

............................

87,991

7,507,787

Julius

Baer

Group

Ltd.

.....................

35,482

2,470,698

Kuehne

+

Nagel

International

AG

,

Registered

......

9,210

1,723,536

Logitech

International

SA

,

Registered

...........

25,907

2,849,729

Lonza

Group

AG

,

Registered

.................

12,255

8,194,163

Nestle

SA

,

Registered

.....................

449,367

41,267,724

Novartis

AG

,

Registered

....................

331,605

42,637,217

Partners

Group

Holding

AG

..................

3,802

4,974,577

Roche

Holding

AG

,

NVS

....................

122,625

40,832,098

Roche

Holding

AG

,

Bearer

..................

4,937

1,708,152

Sandoz

Group

AG

........................

76,904

4,586,759

Schindler

Holding

AG

,

Participation

Certificates

,

NVS

7,146

2,717,454

Schindler

Holding

AG

,

Registered

..............

3,428

1,240,419

SGS

SA

,

Registered

.......................

28,912

3,004,530

SIG

Group

AG

(a)

..........................

58,877

610,600

Sika

AG

,

Registered

.......................

28,042

6,297,075

Sonova

Holding

AG

.......................

8,702

2,387,012

STMicroelectronics

N.V.

....................

111,719

3,151,742

Straumann

Holding

AG

,

Registered

.............

19,721

2,114,200

Swatch

Group

AG

(The)

,

Bearer

...............

4,827

912,293

Swatch

Group

AG

(The)

,

Registered

............

9,340

358,724

Swiss

Life

Holding

AG

.....................

5,023

5,422,887

Swiss

Prime

Site

AG

,

Registered

..............

14,136

1,980,295

Swiss

Re

AG

............................

52,092

9,674,885

Swisscom

AG

,

Registered

...................

4,374

3,179,241

Temenos

AG

,

Registered

...................

9,635

782,547

Security

Shares

Value

a

Switzerland

(continued)

UBS

Group

AG

..........................

530,073

$

21,793,178

VAT

Group

AG

(b)

.........................

4,711

1,880,477

Zurich

Insurance

Group

AG

..................

25,448

18,189,796

324,586,590

a

United

Kingdom

 — 

22

.2

%

3i

Group

PLC

...........................

169,809

9,360,372

Aberdeen

Group

PLC

......................

322,338

858,035

Admiral

Group

PLC

.......................

47,092

2,125,412

Anglo

American

PLC

......................

206,404

7,782,938

Ashtead

Group

PLC

.......................

74,206

4,976,352

Associated

British

Foods

PLC

................

50,072

1,383,555

AstraZeneca

PLC

........................

270,444

41,432,290

Auto

Trader

Group

PLC

(b)

...................

151,569

1,610,160

Aviva

PLC

.............................

531,332

4,915,240

BAE

Systems

PLC

........................

525,244

14,620,911

Barclays

PLC

...........................

2,458,391

12,649,207

Barratt

Redrow

PLC

.......................

246,239

1,295,503

Berkeley

Group

Holdings

PLC

................

17,307

894,512

BP

PLC

...............................

2,767,877

15,892,181

British

American

Tobacco

PLC

................

347,522

18,483,749

British

Land

Co.

PLC

(The)

..................

179,278

842,954

BT

Group

PLC

..........................

981,103

2,524,080

Bunzl

PLC

.............................

56,840

1,796,553

Burberry

Group

PLC

(a)

.....................

60,174

950,590

Centrica

PLC

...........................

863,133

1,938,241

Compass

Group

PLC

......................

296,061

10,091,457

Croda

International

PLC

....................

23,782

866,872

Diageo

PLC

............................

386,665

9,251,991

Diploma

PLC

...........................

22,760

1,629,073

Entain

PLC

.............................

114,126

1,348,793

GSK

PLC

..............................

711,129

15,269,335

Haleon

PLC

............................

1,554,743

6,996,621

Halma

PLC

.............................

65,963

3,070,624

HSBC

Holdings

PLC

......................

3,029,747

42,759,167

ICG

PLC

..............................

52,187

1,566,833

IMI

PLC

...............................

44,477

1,373,751

Imperial

Brands

PLC

......................

132,881

5,644,970

Informa

PLC

............................

228,025

2,824,383

InterContinental

Hotels

Group

PLC

.............

26,803

3,240,760

Intertek

Group

PLC

.......................

26,859

1,709,679

J

Sainsbury

PLC

.........................

283,486

1,274,616

Johnson

Matthey

PLC

.....................

30,367

822,724

Kingfisher

PLC

..........................

303,100

1,262,644

Land

Securities

Group

PLC

..................

129,665

1,017,003

Legal

&

General

Group

PLC

.................

994,273

3,193,519

Lloyds

Banking

Group

PLC

..................

10,425,555

11,797,392

London

Stock

Exchange

Group

PLC

............

82,529

9,464,677

M&G

PLC

..............................

378,543

1,290,947

Marks

&

Spencer

Group

PLC

.................

353,486

1,734,246

Melrose

Industries

PLC

.....................

211,676

1,742,701

Mondi

PLC

.............................

78,551

1,086,524

National

Grid

PLC

........................

865,316

12,433,432

NatWest

Group

PLC

.......................

1,407,401

9,940,966

Next

PLC

..............................

19,920

3,320,739

Pearson

PLC

...........................

115,323

1,640,016

Persimmon

PLC

.........................

53,830

840,962

Phoenix

Group

Holdings

PLC

................

141,727

1,229,771

Reckitt

Benckiser

Group

PLC

.................

118,713

9,141,131

RELX

PLC

.............................

319,925

15,285,634

Rentokil

Initial

PLC

........................

412,588

2,090,064

Rightmove

PLC

..........................

136,490

1,303,457

Rio

Tinto

PLC

...........................

186,164

12,268,655

Rolls-Royce

Holdings

PLC

..................

1,469,803

23,625,970

Sage

Group

PLC

(The)

.....................

167,809

2,489,361

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Europe

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

United

Kingdom

(continued)

Schroders

PLC

..........................

155,566

$

789,425

Segro

PLC

.............................

236,840

2,092,728

Severn

Trent

PLC

........................

45,683

1,592,808

Shell

PLC

..............................

1,022,561

36,445,089

Smith

&

Nephew

PLC

......................

153,281

2,780,108

Smiths

Group

PLC

........................

58,213

1,845,651

Spirax

Group

PLC

........................

12,701

1,169,557

SSE

PLC

..............................

191,192

4,484,540

St.

James's

Place

PLC

.....................

93,709

1,603,876

Standard

Chartered

PLC

....................

330,681

6,417,706

Taylor

Wimpey

PLC

.......................

619,983

861,298

Tesco

PLC

.............................

1,141,881

6,844,074

Unilever

PLC

...........................

427,926

25,294,102

United

Utilities

Group

PLC

...................

119,270

1,842,567

Vodafone

Group

PLC

......................

3,550,845

4,129,285

Weir

Group

PLC

(The)

.....................

44,537

1,642,850

Whitbread

PLC

..........................

30,677

1,330,957

Wise

PLC

,

Class

A

(a)

.......................

120,845

1,684,615

WPP

PLC

..............................

184,354

918,951

488,044,482

a

Total

Common

Stocks — 99.1%

(Cost:

$

1,832,627,266

)

...............................

2,177,186,086

a

Preferred

Stocks

Germany

 — 

0

.5

%

Bayerische

Motoren

Werke

AG

,

Preference

Shares

,

NVS

................................

10,063

937,340

Dr

Ing

hc

F

Porsche

AG

,

Preference

Shares

,

NVS

(b)

(c)

19,051

923,652

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

,

NVS

...

28,529

2,301,900

Porsche

Automobil

Holding

SE

,

Preference

Shares

,

NVS

................................

27,342

1,077,485

Sartorius

AG

,

Preference

Shares

,

NVS

..........

4,192

979,991

Volkswagen

AG

,

Preference

Shares

,

NVS

........

36,138

3,916,986

a

Total

Preferred

Stocks — 0.5%

(Cost:

$

17,189,794

)

.................................

10,137,354

Security

Shares

Value

a

Rights

Denmark

 — 

0

.0

%

Orsted

A.S.

(Expires

10/06/25,

Strike

Price

DKK

66.60

)

(a)

.............................

507,165

$

504,928

a

Total

Rights — 0.0%

(Cost:

$

1,203,914

)

..................................

504,928

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

1,851,020,974

)

...............................

2,187,828,368

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(d)

(e)

(f)

......................

268,023

268,158

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(d)

(e)

............................

929,267

929,267

a

Total

Short-Term

Securities — 0.0%

(Cost:

$

1,197,431

)

..................................

1,197,425

Total

Investments

—  99.6%

(Cost:

$

1,852,218,405

)

...............................

2,189,025,793

Other

Assets

Less

Liabilities

—

0

.4

%

......................

8,179,971

Net

Assets

—

100.0%

.................................

$

2,197,205,764

(a)

Non-income

producing

security.

(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

registration

to

qualified

institutional

investors.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

192,009

$

76,260

(a)

$

—

$

(

108

)

$

(

3

)

$

268,158

268,023

$

21,789

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,970,000

—

(

1,040,733

)

(a)

—

—

929,267

929,267

43,294

—

$

(

108

)

$

(

3

)

$

1,197,425

$

65,083

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

Europe

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

7

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro

STOXX

50

Index

..................................................................

83

12/19/25

$

5,399

$

113,262

FTSE

100

Index

......................................................................

24

12/19/25

3,050

42,833

$

156,095

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

156,095

$

—

$

—

$

—

$

156,095

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

557,023

$

—

$

—

$

—

$

557,023

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

317,302

$

—

$

—

$

—

$

317,302

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

9,394,541

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Europe

ETF

8

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,421,286

‌

$

2,174,764,800

‌

$

—

‌

$

2,177,186,086

‌

Preferred

Stocks

.........................................

—

‌

10,137,354

‌

—

‌

10,137,354

‌

Rights

................................................

504,928

‌

—

‌

—

‌

504,928

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,197,425

‌

—

‌

—

‌

1,197,425

‌

$

4,123,639

‌

$

2,184,902,154

‌

$

—

‌

$

2,189,025,793

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

156,095

‌

$

—

‌

$

—

‌

$

156,095

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Future

AI

&

Tech

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Canada

 — 

2

.5

%

CGI,

Inc.

..............................

463,717

$

41,303,700

a

France

 — 

2

.9

%

Capgemini

SE

...........................

4,422

645,070

Dassault

Systemes

SE

.....................

1,414,984

47,601,502

48,246,572

a

Ireland

 — 

2

.7

%

Accenture

PLC

,

Class

A

....................

182,853

45,091,550

a

Israel

 — 

2

.7

%

Camtek

Ltd.

(a)

(b)

..........................

428,088

45,011,382

a

Japan

 — 

5

.3

%

Advantest

Corp.

..........................

575,900

56,981,103

Appier

Group,

Inc.

........................

3,063,600

32,167,106

89,148,209

a

South

Korea

 — 

0

.2

%

NAVER

Corp.

...........................

3,465

664,887

SK

Hynix,

Inc.

...........................

13,899

3,445,532

4,110,419

a

Taiwan

 — 

3

.7

%

Alchip

Technologies

Ltd.

....................

300,000

34,462,505

Taiwan

Semiconductor

Manufacturing

Co

Ltd.

......

623,000

27,061,758

61,524,263

a

United

States

 — 

79

.8

%

Adobe,

Inc.

(a)

............................

11,065

3,903,179

Advanced

Micro

Devices,

Inc.

(a)

...............

466,882

75,536,839

Alphabet,

Inc.

,

Class

A

.....................

200,240

48,678,344

Amazon.com,

Inc.

(a)

.......................

199,909

43,894,019

Amkor

Technology,

Inc.

.....................

1,403,618

39,862,751

Arista

Networks,

Inc.

(a)

.....................

505,496

73,655,822

Autodesk,

Inc.

(a)

..........................

143,027

45,435,387

Bentley

Systems,

Inc.

,

Class

B

................

693,661

35,709,668

Broadcom,

Inc.

..........................

204,750

67,549,073

Cloudflare,

Inc.

,

Class

A

(a)

...................

7,830

1,680,240

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

656,244

44,014,285

Constellation

Energy

Corp.

..................

156,346

51,448,778

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

6,237

3,058,500

EPAM

Systems,

Inc.

(a)

......................

237,173

35,763,317

Fortinet,

Inc.

(a)

...........................

16,998

1,429,192

Intel

Corp.

(a)

............................

114,605

3,844,998

Security

Shares

Value

a

United

States

(continued)

International

Business

Machines

Corp.

..........

182,502

$

51,494,764

Marvell

Technology,

Inc.

....................

707,882

59,511,640

Meta

Platforms,

Inc.

,

Class

A

.................

55,884

41,040,092

Micron

Technology,

Inc.

.....................

26,563

4,444,521

Microsoft

Corp.

..........................

94,602

48,999,106

MongoDB,

Inc.

,

Class

A

(a)

...................

143,968

44,684,788

NVIDIA

Corp.

...........................

420,019

78,367,145

Okta,

Inc.

,

Class

A

(a)

.......................

4,536

415,951

Onto

Innovation,

Inc.

(a)

.....................

350,453

45,285,537

Oracle

Corp.

............................

40,512

11,393,595

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

299,357

54,608,704

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

16,830

3,426,925

PTC,

Inc.

(a)

.............................

219,461

44,554,972

QUALCOMM,

Inc.

........................

28,406

4,725,622

SentinelOne,

Inc.

,

Class

A

(a)

..................

8,510

149,861

ServiceNow,

Inc.

(a)

........................

5,298

4,875,643

Snowflake,

Inc.

(a)

.........................

206,013

46,466,232

Super

Micro

Computer,

Inc.

(a)

(b)

................

1,765,627

84,644,158

UiPath,

Inc.

,

Class

A

(a)

.....................

3,055,299

40,879,901

Vertiv

Holdings

Co.

,

Class

A

.................

580,311

87,545,717

Zscaler,

Inc.

(a)

...........................

2,577

772,224

1,333,751,490

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,368,546,170

)

...............................

1,668,187,585

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(c)

(d)

(e)

......................

64,279,180

64,311,320

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

............................

3,067,447

3,067,447

a

Total

Short-Term

Securities — 4.1%

(Cost:

$

67,380,139

)

.................................

67,378,767

Total

Investments

—  103.9%

(Cost:

$

1,435,926,309

)

...............................

1,735,566,352

Liabilities

in

Excess

of

Other

Assets

—

(

3

.9

)

%

...............

(

64,494,751

)

Net

Assets

—

100.0%

.................................

$

1,671,071,601

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

58,805,361

$

5,507,010

(a)

$

—

$

(

1,677

)

$

626

$

64,311,320

64,279,180

$

63,969

(b)

$

—

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Future

AI

&

Tech

ETF

10

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

$

1,020,000

$

2,047,447

(a)

$

—

$

—

$

—

$

3,067,447

3,067,447

$

66,387

$

—

$

(

1,677

)

$

626

$

67,378,767

$

130,356

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

NASDAQ

100

Index

...............................................................

5

12/19/25

$

2,490

$

5,818

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

5,818

$

—

$

—

$

—

$

5,818

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

409,192

$

—

$

—

$

—

$

409,192

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

33,909

$

—

$

—

$

—

$

33,909

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,702,953

a

iShares

®

Future

AI

&

Tech

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

11

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,420,146,740

‌

$

248,040,845

‌

$

—

‌

$

1,668,187,585

‌

Short-Term

Securities

Money

Market

Funds

......................................

67,378,767

‌

—

‌

—

‌

67,378,767

‌

$

1,487,525,507

‌

$

248,040,845

‌

$

—

‌

$

1,735,566,352

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

5,818

‌

$

—

‌

$

—

‌

$

5,818

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2025

iShares

®

India

50

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.3

%

Bharat

Electronics

Ltd.

.....................

1,844,977

$

8,398,036

a

Automobiles

 — 

7

.5

%

Bajaj

Auto

Ltd.

...........................

57,096

5,581,708

Eicher

Motors

Ltd.

........................

70,880

5,596,630

Mahindra

&

Mahindra

Ltd.

...................

456,506

17,618,670

Maruti

Suzuki

India

Ltd.

....................

67,593

12,208,348

Tata

Motors

Ltd.

..........................

1,075,981

8,244,849

49,250,205

a

Banks

 — 

29

.9

%

Axis

Bank

Ltd.

...........................

1,475,152

18,792,612

HDFC

Bank

Ltd.

.........................

7,867,287

84,311,328

ICICI

Bank

Ltd.

..........................

3,675,816

55,707,898

Kotak

Mahindra

Bank

Ltd.

...................

757,531

16,984,812

State

Bank

of

India

........................

2,137,213

20,980,419

196,777,069

a

Chemicals

 — 

0

.9

%

Asian

Paints

Ltd.

.........................

232,941

6,164,694

a

Construction

&

Engineering

 — 

3

.8

%

Larsen

&

Toubro

Ltd.

......................

604,929

24,937,308

a

Construction

Materials

 — 

2

.2

%

Grasim

Industries

Ltd.

......................

196,815

6,112,819

UltraTech

Cement

Ltd.

.....................

61,147

8,419,550

14,532,369

a

Consumer

Finance

 — 

3

.1

%

Bajaj

Finance

Ltd.

........................

1,370,513

15,420,300

Shriram

Finance

Ltd.

......................

721,237

5,000,949

20,421,249

a

Electric

Utilities

 — 

1

.1

%

Power

Grid

Corp.

of

India

Ltd.

................

2,333,253

7,361,270

a

Financial

Services

 — 

1

.9

%

Bajaj

Finserv

Ltd.

.........................

294,023

6,642,996

Jio

Financial

Services

Ltd.

...................

1,688,122

5,565,843

12,208,839

a

Food

Products

 — 

1

.4

%

Nestle

India

Ltd.

.........................

369,331

4,794,866

Tata

Consumer

Products

Ltd.

.................

335,486

4,268,495

9,063,361

a

Health

Care

Providers

&

Services

 — 

1

.4

%

Apollo

Hospitals

Enterprise

Ltd.

...............

52,043

4,345,886

Max

Healthcare

Institute

Ltd.

.................

382,893

4,807,037

9,152,923

a

Hotels,

Restaurants

&

Leisure

 — 

2

.0

%

Eternal

Ltd.

(a)

............................

3,586,794

13,167,600

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

1

.4

%

NTPC

Ltd.

.............................

2,442,205

9,365,087

a

Insurance

 — 

1

.4

%

HDFC

Life

Insurance

Co.

Ltd.

(b)

...............

552,740

4,707,019

SBI

Life

Insurance

Co.

Ltd.

(b)

.................

231,093

4,662,999

9,370,018

a

Security

Shares

Value

a

IT

Services

 — 

9

.9

%

HCL

Technologies

Ltd.

.....................

545,742

$

8,519,814

Infosys

Ltd.

.............................

1,855,763

30,183,014

Tata

Consultancy

Services

Ltd.

...............

526,080

17,123,536

Tech

Mahindra

Ltd.

.......................

327,015

5,164,945

Wipro

Ltd.

..............................

1,469,719

3,965,252

64,956,561

a

Metals

&

Mining

 — 

3

.1

%

Hindalco

Industries

Ltd.

....................

746,055

6,402,689

JSW

Steel

Ltd.

..........................

482,536

6,213,487

Tata

Steel

Ltd.

...........................

4,259,752

8,101,212

20,717,388

a

Oil,

Gas

&

Consumable

Fuels

 — 

9

.7

%

Coal

India

Ltd.

...........................

1,169,790

5,140,091

Oil

&

Natural

Gas

Corp.

Ltd.

.................

2,000,926

5,393,202

Reliance

Industries

Ltd.

....................

3,487,113

53,561,367

64,094,660

a

Passenger

Airlines

 — 

1

.1

%

InterGlobe

Aviation

Ltd.

(b)

...................

112,530

7,074,384

a

Personal

Care

Products

 — 

2

.0

%

Hindustan

Unilever

Ltd.

.....................

457,151

12,948,565

a

Pharmaceuticals

 — 

2

.9

%

Cipla

Ltd.

..............................

289,726

4,915,514

Dr

Reddy's

Laboratories

Ltd.

.................

313,816

4,353,795

Sun

Pharmaceutical

Industries

Ltd.

.............

542,837

9,772,073

19,041,382

a

Specialty

Retail

 — 

0

.9

%

Trent

Ltd.

..............................

114,337

6,019,100

a

Textiles,

Apparel

&

Luxury

Goods

 — 

1

.2

%

Titan

Co.

Ltd.

...........................

212,566

8,059,123

a

Tobacco

 — 

3

.4

%

ITC

Ltd.

...............................

4,962,929

22,434,391

a

Trading

Companies

&

Distributors

 — 

0

.6

%

Adani

Enterprises

Ltd.

.....................

134,175

3,789,230

a

Transportation

Infrastructure

 — 

0

.9

%

Adani

Ports

&

Special

Economic

Zone

Ltd.

........

380,159

6,010,150

a

Wireless

Telecommunication

Services

 — 

4

.5

%

Bharti

Airtel

Ltd.

..........................

1,403,949

29,692,801

a

Total

Long-Term

Investments — 99.5%

(Cost:

$

504,044,089

)

................................

655,007,763

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(c)

(d)

............................

20,208,087

20,208,087

a

Total

Short-Term

Securities — 3.1%

(Cost:

$

20,208,087

)

.................................

20,208,087

Total

Investments

—

102.6%

(Cost:

$

524,252,176

)

................................

675,215,850

Liabilities

in

Excess

of

Other

Assets

—

(

2

.6

)

%

...............

(

17,241,266

)

Net

Assets

—

100.0%

.................................

$

657,974,584

iShares

®

India

50

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

13

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

(a)

Non-income

producing

security.

(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

registration

to

qualified

institutional

investors.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..........

$

10,220,000

$

9,988,087

(a)

$

—

$

—

$

—

$

20,208,087

20,208,087

$

609,536

$

—

(a)

Represents

net

amount

purchased

(sold).

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

IFSC

Nifty

50

Index

...................................................................

26

10/28/25

$

1,288

$

(

4,888

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

4,888

$

—

$

—

$

—

$

4,888

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

19,460

$

—

$

—

$

—

$

19,460

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

40,595

$

—

$

—

$

—

$

40,595

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

India

50

ETF

14

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

874,374

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.............................................

$

4,807,037

$

650,200,726

$

—

$

655,007,763

Short-Term

Securities

Money

Market

Funds

..........................................

20,208,087

—

—

20,208,087

$

25,015,124

$

650,200,726

$

—

$

675,215,850

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...............................................

$

(

4,888

)

$

—

$

—

$

(

4,888

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Latin

America

40

ETF

Schedule

of

Investments

(unaudited)

September

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Brazil

 — 

56

.6

%

Ambev

SA

,

ADR

.........................

16,011,160

$

35,704,887

B3

SA

-

Brasil

Bolsa

Balcao

..................

19,814,348

49,887,221

Banco

Bradesco

SA

,

ADR

...................

19,895,772

67,247,709

Banco

do

Brasil

SA

.......................

10,780,667

44,745,161

Centrais

Eletricas

Brasileiras

SA

...............

3,434,429

33,890,969

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

.............................

1,722,963

42,787,171

Gerdau

SA

,

ADR

.........................

4,928,089

15,277,076

Itau

Unibanco

Holding

SA

,

ADR

...............

20,054,873

147,202,768

Localiza

Rent

a

Car

SA

.....................

3,258,548

24,153,266

NU

Holdings

Ltd.

,

Class

A

(a)

..................

14,176,703

226,969,015

Petroleo

Brasileiro

SA

,

ADR

.................

8,299,084

98,095,173

Petroleo

Brasileiro

SA

,

ADR

.................

7,000,045

88,620,570

Rede

D'Or

Sao

Luiz

SA

(b)

...................

3,789,759

29,963,466

Telefonica

Brasil

SA

,

NVS

,

ADR

...............

1,396,024

17,799,306

Vale

SA

,

ADR

...........................

13,491,049

146,512,792

WEG

SA

..............................

5,527,103

37,998,346

1,106,854,896

a

Chile

 — 

7

.2

%

Banco

de

Chile

..........................

174,827,774

26,547,025

Banco

Santander

Chile

,

ADR

.................

584,920

15,500,380

Cencosud

SA

...........................

4,644,911

13,219,474

Empresas

CMPC

SA

......................

4,138,574

6,100,108

Empresas

Copec

SA

......................

1,369,331

10,029,713

Enel

Americas

SA

........................

72,652,174

7,329,978

Falabella

SA

............................

3,114,910

18,467,270

Latam

Airlines

Group

SA

....................

948,886,055

21,557,221

Sociedad

Quimica

y

Minera

de

Chile

SA

,

ADR

(a)

(c)

...

537,328

23,094,357

141,845,526

a

Colombia

 — 

2

.1

%

Ecopetrol

SA

,

ADR

(c)

.......................

928,163

8,548,381

Grupo

Cibest

SA

,

ADR

(c)

....................

425,259

22,087,953

Interconexion

Electrica

SA

ESP

...............

1,666,982

9,932,686

40,569,020

a

Mexico

 — 

25

.7

%

America

Movil

SAB

de

CV

,

Class

B

.............

68,141,635

71,328,536

Arca

Continental

SAB

de

CV

.................

1,852,600

19,424,810

Cemex

SAB

de

CV

,

NVS

....................

56,951,848

51,001,191

Fibra

Uno

Administracion

SA

de

CV

............

10,307,905

15,191,545

Fomento

Economico

Mexicano

SAB

de

CV

.......

6,391,766

63,029,406

Grupo

Bimbo

SAB

de

CV

,

Class

A

.............

5,182,518

18,405,601

Grupo

Carso

SAB

de

CV

,

Series

A1

............

2,035,731

14,536,410

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

....

9,101,666

91,685,114

Grupo

Mexico

SAB

de

CV

,

Class

B

.............

11,715,695

102,177,673

Security

Shares

Value

a

Mexico

(continued)

Wal-Mart

de

Mexico

SAB

de

CV

...............

18,258,972

$

56,401,564

503,181,850

a

Peru

 — 

3

.5

%

Credicorp

Ltd.

...........................

255,667

68,079,009

a

United

States

 — 

1

.9

%

Southern

Copper

Corp.

.....................

305,555

37,082,155

a

Total

Common

Stocks — 97.0%

(Cost:

$

1,783,386,514

)

...............................

1,897,612,456

a

Preferred

Stocks

Brazil

 — 

2

.4

%

Itausa

SA

,

Preference

Shares

,

NVS

............

21,446,955

46,220,409

a

Total

Preferred

Stocks — 2.4%

(Cost:

$

32,598,938

)

.................................

46,220,409

a

Total

Long-Term

Investments — 99.4%

(Cost:

$

1,815,985,452

)

...............................

1,943,832,865

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.26

%

(d)

(e)

(f)

......................

25,799,021

25,811,920

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.09

%

(d)

(e)

............................

3,895,108

3,895,108

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

29,705,608

)

.................................

29,707,028

Total

Investments

—  100.9%

(Cost:

$

1,845,691,060

)

...............................

1,973,539,893

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

17,527,008

)

Net

Assets

—

100.0%

.................................

$

1,956,012,885

(a)

Non-income

producing

security.

(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

registration

to

qualified

institutional

investors.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

28,297,381

$

—

$

(

2,486,647

)

(a)

$

(

234

)

$

1,420

$

25,811,920

25,799,021

$

540,267

(b)

$

—

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

iShares

®

Latin

America

40

ETF

16

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

03/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/25

  Shares

Held

at

09/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

$

3,220,000

$

675,108

(a)

$

—

$

—

$

—

$

3,895,108

3,895,108

$

71,443

$

—

$

(

234

)

$

1,420

$

29,707,028

$

611,710

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Mexican

BOLSA

Index

..................................................................

107

12/19/25

$

3,706

$

56,475

MSCI

Brazil

Index

.....................................................................

118

12/19/25

7,366

100,045

$

156,520

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

156,520

$

—

$

—

$

—

$

156,520

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

2,258,260

$

—

$

—

$

—

$

2,258,260

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

306,897

$

—

$

—

$

—

$

306,897

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

12,759,296

a

iShares

®

Latin

America

40

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2025

17

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

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

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,846,705,940

‌

$

50,906,516

‌

$

—

‌

$

1,897,612,456

‌

Preferred

Stocks

.........................................

46,220,409

‌

—

‌

—

‌

46,220,409

‌

Short-Term

Securities

Money

Market

Funds

......................................

29,707,028

‌

—

‌

—

‌

29,707,028

‌

$

1,922,633,377

‌

$

50,906,516

‌

$

—

‌

$

1,973,539,893

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

156,520

‌

$

—

‌

$

—

‌

$

156,520

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

18

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2025

See

notes

to

financial

statements.

iShares

Europe

ETF

iShares

Future

AI

&

Tech

ETF

iShares

India

50

ETF

iShares

Latin

America

40

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

2,187,828,368

‌

$

1,668,187,585

‌

$

655,007,763

‌

$

1,943,832,865

‌

Investments,

at

value

—

affiliated

(c)

........................................

1,197,425

‌

67,378,767

‌

20,208,087

‌

29,707,028

‌

Cash

............................................................

221,183

‌

7,082

‌

786,600

‌

1,573,892

‌

Cash

pledged:

Futures

contracts

..................................................

—

‌

153,000

‌

73,000

‌

577,000

‌

Foreign

currency

collateral

pledged:

(d)

Futures

contracts

..................................................

543,979

‌

—

‌

—

‌

315,232

‌

Foreign

currency,

at

value

(e)

.............................................

3,343,028

‌

1,139,218

‌

12,537,667

‌

3,875,975

‌

Receivables:

Investments

sold

..................................................

26,898

‌

1,857,923

‌

—

‌

8,244,713

‌

Securities

lending

income

—

affiliated

....................................

1,663

‌

10,862

‌

—

‌

69,455

‌

Capital

shares

sold

.................................................

—

‌

307,371

‌

—

‌

6,123,711

‌

Dividends

—

unaffiliated

.............................................

693,235

‌

503,450

‌

—

‌

6,606,991

‌

Dividends

—

affiliated

...............................................

2,178

‌

7,501

‌

99,454

‌

11,208

‌

Tax

reclaims

.....................................................

4,694,083

‌

67,594

‌

—

‌

—

‌

Variation

margin

on

futures

contracts

.....................................

15,564

‌

67,400

‌

—

‌

—

‌

Total

assets

.......................................................

2,198,567,604

‌

1,739,687,753

‌

688,712,571

‌

2,000,938,070

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

267,496

‌

64,310,902

‌

—

‌

25,810,649

‌

Payables:

Investments

purchased

..............................................

—

‌

3,728,931

‌

—

‌

18,371,529

‌

Deferred

foreign

capital

gain

tax

........................................

—

‌

—

‌

30,380,956

‌

—

‌

Investment

advisory

fees

.............................................

1,086,812

‌

576,319

‌

352,143

‌

712,928

‌

Professional

fees

..................................................

7,532

‌

—

‌

—

‌

—

‌

Variation

margin

on

futures

contracts

.....................................

—

‌

—

‌

4,888

‌

30,079

‌

Total

liabilities

......................................................

1,361,840

‌

68,616,152

‌

30,737,987

‌

44,925,185

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

2,197,205,764

‌

$

1,671,071,601

‌

$

657,974,584

‌

$

1,956,012,885

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

2,246,321,150

‌

$

1,423,004,351

‌

$

243,448,966

‌

$

3,024,462,923

‌

Accumulated

earnings

(loss)

............................................

(

49,115,386

)

248,067,250

‌

414,525,618

‌

(

1,068,450,038

)

NET

ASSETS

......................................................

$

2,197,205,764

‌

$

1,671,071,601

‌

$

657,974,584

‌

$

1,956,012,885

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

33,450,000

‌

36,550,000

‌

12,950,000

‌

67,750,000

‌

Net

asset

value

.....................................................

$

65.69

‌

$

45.72

‌

$

50.81

‌

$

28.87

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

244,314

‌

$

63,008,291

‌

$

—

‌

$

24,896,241

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

1,851,020,974

‌

$

1,368,546,170

‌

$

504,044,089

‌

$

1,815,985,452

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

1,197,431

‌

$

67,380,139

‌

$

20,208,087

‌

$

29,705,608

‌

(d)

Foreign

currency

collateral

pledged,

at

cost

................................

$

540,869

‌

$

—

‌

$

—

‌

$

308,892

‌

(e)

Foreign

currency,

at

cost

.............................................

$

3,348,656

‌

$

1,140,438

‌

$

12,537,610

‌

$

3,866,977

‌

19

Statements

of

Operations

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2025

See

notes

to

financial

statements.

iShares

Europe

ETF

iShares

Future

AI

&

Tech

ETF

iShares

India

50

ETF

iShares

Latin

America

40

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

45,463,317

‌

$

2,675,208

‌

$

6,342,491

‌

$

45,631,263

‌

Dividends

—

affiliated

..............................................

43,294

‌

66,387

‌

609,536

‌

71,443

‌

Interest

—

unaffiliated

..............................................

13,729

‌

17,289

‌

3,069

‌

16,214

‌

Securities

lending

income

—

affiliated

—

net

...............................

21,789

‌

63,969

‌

—

‌

540,267

‌

Foreign

taxes

withheld

.............................................

(

4,393,121

)

(

49,107

)

(

1,489,214

)

(

4,255,829

)

Foreign

withholding

tax

claims

........................................

75,177

‌

—

‌

—

‌

—

‌

Total

investment

income

..............................................

41,224,185

‌

2,773,746

‌

5,465,882

‌

42,003,358

‌

EXPENSES

Investment

advisory

...............................................

6,487,626

‌

2,589,668

‌

2,774,780

‌

3,922,669

‌

Professional

....................................................

8,417

‌

—

‌

—

‌

—

‌

Commitment

costs

................................................

—

‌

338

‌

3,354

‌

7,332

‌

Interest

expense

.................................................

12

‌

1,488

‌

—

‌

6

‌

Total

expenses

....................................................

6,496,055

‌

2,591,494

‌

2,778,134

‌

3,930,007

‌

Net

investment

income

...............................................

34,728,130

‌

182,252

‌

2,687,748

‌

38,073,351

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(a)

........................................

(

8,264,446

)

12,600,285

‌

796,491

‌

(

19,251,327

)

Investments

—

affiliated

...........................................

(

108

)

(

1,677

)

—

‌

(

234

)

Foreign

currency

transactions

.......................................

468,700

‌

25,967

‌

(

249,849

)

171,438

‌

Futures

contracts

...............................................

557,023

‌

409,192

‌

19,460

‌

2,258,260

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................

68,741,987

‌

6,871,262

‌

—

‌

28,175,366

‌

61,503,156

‌

19,905,029

‌

566,102

‌

11,353,503

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

........................................

207,688,703

‌

368,893,290

‌

(

4,620,902

)

320,260,707

‌

Investments

—

affiliated

...........................................

(

3

)

626

‌

—

‌

1,420

‌

Foreign

currency

translations

.......................................

378,768

‌

7,062

‌

(

22,761

)

3,868

‌

Futures

contracts

...............................................

317,302

‌

33,909

‌

40,595

‌

306,897

‌

208,384,770

‌

368,934,887

‌

(

4,603,068

)

320,572,892

‌

Net

realized

and

unrealized

gain

(loss)

....................................

269,887,926

‌

388,839,916

‌

(

4,036,966

)

331,926,395

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

304,616,056

‌

$

389,022,168

‌

$

(

1,349,218

)

$

369,999,746

‌

(a)

Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

...........

$

—

‌

$

—

‌

$

(

1,203,711

)

$

—

‌

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

(c)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

.........................

$

—

‌

$

—

‌

$

(

9,152,787

)

$

—

‌

20

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Europe

ETF

iShares

Future

AI

&

Tech

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Period

From

08/01/24

to

03/31/25

(a)

Year

Ended

07/31/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

......................

$

34,728,130

‌

$

41,889,501

‌

$

182,252

‌

$

464,576

‌

$

4,445,917

‌

Net

realized

gain

(loss)

......................

61,503,156

‌

27,545,721

‌

19,905,029

‌

22,898,849

‌

(

7,625,937

)

Net

change

in

unrealized

appreciation

(depreciation)

..

208,384,770

‌

40,009,513

‌

368,934,887

‌

(

103,196,637

)

(

3,661,637

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................................

304,616,056

‌

109,444,735

‌

389,022,168

‌

(

79,833,212

)

(

6,841,657

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...............................

(

39,884,469

)

(c)

(

48,450,589

)

(

492

)

(c)

(

1,280,254

)

(

4,879,653

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................

(

17,514,827

)

193,010,909

‌

513,458,460

‌

211,504,213

‌

138,902,356

‌

NET

ASSETS

Total

increase

in

net

assets

.....................

247,216,760

‌

254,005,055

‌

902,480,136

‌

130,390,747

‌

127,181,046

‌

Beginning

of

period

..........................

1,949,989,004

‌

1,695,983,949

‌

768,591,465

‌

638,200,718

‌

511,019,672

‌

End

of

period

..............................

$

2,197,205,764

‌

$

1,949,989,004

‌

$

1,671,071,601

‌

$

768,591,465

‌

$

638,200,718

‌

(a)

The

Fund’s

fiscal

year-end

changed

from

July

31

to

March

31.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

21

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

India

50

ETF

iShares

Latin

America

40

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

........................................

$

2,687,748

‌

$

3,021,479

‌

$

38,073,351

‌

$

81,925,035

‌

Net

realized

gain

(loss)

........................................

566,102

‌

4,558,420

‌

11,353,503

‌

(

51,127,317

)

Net

change

in

unrealized

appreciation

(depreciation)

....................

(

4,603,068

)

(

12,820,727

)

320,572,892

‌

(

239,073,891

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............

(

1,349,218

)

(

5,240,828

)

369,999,746

‌

(

208,276,173

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.............

—

‌

(

2,149,665

)

(

38,407,622

)

(b)

(

86,187,509

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.....

13,572,656

‌

(

214,151,738

)

282,010,648

‌

(

90,257,347

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...............................

12,223,438

‌

(

221,542,231

)

613,602,772

‌

(

384,721,029

)

Beginning

of

period

............................................

645,751,146

‌

867,293,377

‌

1,342,410,113

‌

1,727,131,142

‌

End

of

period

................................................

$

657,974,584

‌

$

645,751,146

‌

$

1,956,012,885

‌

$

1,342,410,113

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

22

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Europe

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

..

$

58.04

‌

$

55.61

‌

$

50.08

‌

$

50.17

‌

$

50.25

‌

$

35.42

‌

Net

investment

income

(a)

..........

0

.99

(b)

1

.39

(b)

1

.40

(b)

1

.45

(b)

1

.24

(b)

0

.85

‌

Net

realized

and

unrealized

gain

(loss)

(c)

7

.78

‌

2

.66

‌

5

.59

‌

(

0

.15

)

0

.21

‌

14.82

‌

Net

increase

from

investment

operations

.

8

.77

‌

4

.05

‌

6

.99

‌

1

.30

‌

1

.45

‌

15.67

‌

Distributions

from

net

investment

income

(d)

(

1

.12

)

(e)

(

1

.62

)

(

1

.46

)

(

1

.39

)

(

1

.53

)

(

0

.84

)

Net

asset

value,

end

of

period

.......

$

65.69

‌

$

58.04

‌

$

55.61

‌

$

50.08

‌

$

50.17

‌

$

50.25

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...........

15.21

%

(b)

(g)

7

.44

%

(b)

14.32

%

(b)

2

.87

%

(b)

2

.69

%

(b)

44.70

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

..................

0

.59

%

(i)

0

.60

%

0

.61

%

0

.67

%

0

.63

%

0

.60

%

Total

expenses

excluding

professional

fees

for

foreign

withholding

tax

claims

.....

0

.59

%

(i)

0

.60

%

0

.59

%

0

.59

%

0

.58

%

0

.59

%

Net

investment

income

.............

3

.16

%

(b)

(i)

2

.48

%

(b)

2

.75

%

(b)

3

.21

%

(b)

2

.34

%

(b)

1

.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.......

$

2,197,206

‌

$

1,949,989

‌

$

1,695,984

‌

$

1,832,933

‌

$

1,943,979

‌

$

1,665,944

‌

Portfolio

turnover

rate

(j)

.............

2

%

4

%

5

%

5

%

5

%

5

%

(a)

Based

on

average

shares

outstanding.

(b)

Reflects

the

positive

effect

of

foreign

withholding

tax

claims,

net

of

the

associated

professional

fees,

which

resulted

in

the

following

increases

for

the

six

months

ended

September

30,

2025

and

the

years

ended

March

31,

2025,

March

31,

2024,

March

31,

2023

and

March

31,

2022,

respectively:

•

Net

investment

income

per

share

by

$0.00,

$0.01,

$0.04,

$0.27

and

$0.18.

•

Total

return

by

0.00%,

0.01%,

0.10%,

0.56%

and

0.36%.

•

Ratio

of

net

investment

income

to

average

net

assets

by

0.01%,

0.01%,

0.08%,

0.60%

and

0.34%.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

23

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Future

AI

&

Tech

ETF

Six

Months

Ended

09/30/25

(unaudited)

Period

From

08/01/24

to

03/31/25

(a)

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

period

$

31.50

‌

$

33.59

‌

$

34.53

‌

$

28.37

‌

$

43.34

‌

$

31.43

‌

$

24.99

‌

Net

investment

income

(b)

........

0

.01

‌

0

.02

‌

0

.25

‌

0

.30

‌

0

.11

‌

0

.17

‌

0

.11

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..................

14.21

‌

(

2

.04

)

(

0

.92

)

6

.07

‌

(

14.03

)

12.00

‌

6

.44

‌

Net

increase

(decrease)

from

investment

operations

..................

14.22

‌

(

2

.02

)

(

0

.67

)

6

.37

‌

(

13.92

)

12.17

‌

6

.55

‌

Distributions

from

net

investment

income

(d)

....................

(

0

.00

)

(e)

(f)

(

0

.07

)

(

0

.27

)

(

0

.21

)

(

1

.05

)

(

0

.26

)

(

0

.11

)

Net

asset

value,

end

of

period

.....

$

45.72

‌

$

31.50

‌

$

33.59

‌

$

34.53

‌

$

28.37

‌

$

43.34

‌

$

31.43

‌

Total

Return

(g)

–

–

–

–

–

–

–

Based

on

net

asset

value

.........

45.14

%

(h)

(

6

.04

)

%

(h)

(

1

.95

)

%

(i)

22.55

%

(i)

(

32.79

)

%

38.79

%

26.27

%

Ratios

to

Average

Net

Assets

(j)

–

–

–

–

–

–

–

Total

expenses

................

0

.47

%

(k)

0

.47

%

(k)

0

.47

%

0

.47

%

0

.47

%

0

.47

%

0

.47

%

Net

investment

income

...........

0

.03

%

(k)

0

.10

%

(k)

0

.76

%

(i)

1

.02

%

(i)

0

.29

%

0

.42

%

0

.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

1,671,072

‌

$

768,591

‌

$

638,201

‌

$

511,020

‌

$

261,007

‌

$

433,445

‌

$

157,172

‌

Portfolio

turnover

rate

(l)

...........

20

%

119

%

40

%

35

%

58

%

42

%

34

%

(a)

The

Fund’s

fiscal

year-end

changed

from

July

31

to

March

31.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

Rounds

to

less

than

$0.01.

(f)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(g)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(h)

Not

annualized.

(i)

Reflects

the

positive

effect

of

foreign

withholding

tax

claims,

net

of

the

associated

professional

fees,

which

resulted

in

the

following

increases

for

the

years

ended

July

31,

2024

and

July

31,

2023,

respectively:

•

Total

return

by

0.00%

and

0.01%.

•

Ratio

of

net

investment

income

to

average

net

assets

by

0.01%

and

0.01%.

(j)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(k)

Annualized.

(l)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

24

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

India

50

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

(a)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Net

asset

value,

beginning

of

period

.......

$

50.85

‌

$

50.42

‌

$

41.20

‌

$

46.38

‌

$

44.60

‌

$

25.87

‌

Net

investment

income

(b)

...............

0

.21

‌

0

.17

‌

0

.11

‌

0

.11

‌

0

.05

‌

0

.02

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

0

.25

)

0

.38

‌

9

.30

‌

(

3

.70

)

5

.10

‌

18.74

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

0

.04

)

0

.55

‌

9

.41

‌

(

3

.59

)

5

.15

‌

18.76

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

............

—

‌

(

0

.04

)

(

0

.07

)

—

‌

(

3

.37

)

(

0

.03

)

From

net

realized

gains

................

—

‌

(

0

.08

)

(

0

.12

)

(

1

.59

)

—

‌

—

‌

Total

distributions

.....................

—

‌

(

0

.12

)

(

0

.19

)

(

1

.59

)

(

3

.37

)

(

0

.03

)

Net

asset

value,

end

of

period

............

$

50.81

‌

$

50.85

‌

$

50.42

‌

$

41.20

‌

$

46.38

‌

$

44.60

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

0

.09

)

%

(f)

1

.07

%

22.90

%

(

7

.92

)

%

11.57

%

72.59

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.81

%

(h)

0

.89

%

0

.89

%

0

.93

%

(i)

0

.89

%

0

.90

%

Net

investment

income

..................

0

.79

%

(h)

0

.33

%

0

.25

%

0

.25

%

0

.10

%

0

.06

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

657,975

‌

$

645,751

‌

$

867,293

‌

$

576,772

‌

$

663,228

‌

$

691,284

‌

Portfolio

turnover

rate

(j)

..................

11

%

17

%

10

%

108

%

12

%

8

%

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

non-recurring

expense

of

Interest

expense.

Without

this

cost,

total

expenses

would

have

been

0.89%.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

25

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Latin

America

40

ETF

Six

Months

Ended

09/30/25

(unaudited)

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

......

$

23.55

‌

$

28.43

‌

$

23.88

‌

$

30.36

‌

$

27.56

‌

$

18.34

‌

Net

investment

income

(a)

..............

0

.59

‌

1

.50

‌

1

.63

‌

2

.69

‌

1

.70

‌

0

.68

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

5

.33

‌

(

4

.82

)

4

.26

‌

(

6

.26

)

3

.09

‌

9

.09

‌

Net

increase

(decrease)

from

investment

operations

........................

5

.92

‌

(

3

.32

)

5

.89

‌

(

3

.57

)

4

.79

‌

9

.77

‌

Distributions

from

net

investment

income

(c)

....

(

0

.60

)

(d)

(

1

.56

)

(

1

.34

)

(

2

.91

)

(

1

.99

)

(

0

.55

)

Net

asset

value,

end

of

period

...........

$

28.87

‌

$

23.55

‌

$

28.43

‌

$

23.88

‌

$

30.36

‌

$

27.56

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

25.44

%

(f)

(

11.48

)

%

24.91

%

(

11.29

)

%

19.25

%

53.62

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.47

%

(h)

0

.47

%

0

.48

%

0

.48

%

0

.47

%

0

.48

%

Net

investment

income

.................

4

.60

%

(h)

6

.04

%

6

.07

%

10.76

%

6

.07

%

2

.78

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,956,013

‌

$

1,342,410

‌

$

1,727,131

‌

$

1,003,133

‌

$

1,738,190

‌

$

1,770,590

‌

Portfolio

turnover

rate

(i)

.................

7

%

18

%

7

%

24

%

27

%

20

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

26

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

for

India

50 included

the

accounts

of

its

subsidiary

in

the

Republic

of

Mauritius,

which was

a

wholly-owned

subsidiary

(the

“Subsidiary”)

of

the

Fund

that

invested

in

Indian

securities.

On

March

29,

2023,

India

50

filed

to

liquidate

its

Subsidiary

with

the

Mauritius

Financial

Services

Commission.

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

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

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

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

foreign

tax

regulations

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

Statements

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,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

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

September

30,

2025,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Consistent

with

U.S.

GAAP

accrual

requirements,

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

it

is

more

likely

than

not

that

the

Fund

will

sustain

its

position

that

it

is

due

the

reclaim. 

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

iShares

ETF

Diversification

Classification

Europe

............................................................................................................

Diversified

Future

AI

&

Tech

.....................................................................................................

Diversified

India

50

...........................................................................................................

Non-diversified

Latin

America

40

.....................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

27

Notes

to

Financial

Statements

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

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.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in

their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds’

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

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.

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.

The

Board

of

Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

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

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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

exchange

where

the

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.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

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

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

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

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

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

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

Notes

to

Financial

Statements

(unaudited)

(continued)

28

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

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,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

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

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

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

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Europe

Goldman

Sachs

&

Co.

LLC

.........................................

$

19,005‌

$

(19,005‌)

$

—‌

$

—‌

Morgan

Stanley

.................................................

79,124‌

(79,124‌)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

146,185‌

(146,185‌)

—‌

—‌

$

244,314‌

$

(244,314‌)

$

—‌

$

—‌

a

Future

AI

&

Tech

Barclays

Bank

PLC

...............................................

1,119,910‌

(1,119,910‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,039,051‌

(2,039,051‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

31,440,086‌

(31,440,086‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

28,409,244‌

(28,148,679‌)

—‌

260,565‌

$

63,008,291‌

$

(62,747,726‌)

$

—‌

$

260,565‌

a

Latin

America

40

BNP

Paribas

SA

.................................................

1,672,643‌

(1,672,643‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,512,896‌

(1,512,896‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

5,114,620‌

(5,114,620‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

562,731‌

(562,731‌)

—‌

—‌

Jefferies

LLC

...................................................

184,814‌

(184,814‌)

—‌

—‌

Morgan

Stanley

.................................................

8,958,115‌

(8,958,115‌)

—‌

—‌

UBS

Securities

LLC

..............................................

6,786,542‌

(6,786,542‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

103,880‌

(103,880‌)

—‌

—‌

$

24,896,241‌

$

(24,896,241‌)

$

—‌

$

—‌

a

(a)

Collateral

received,

if

any,

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2025.

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

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

29

Notes

to

Financial

Statements

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

Finance,

Inc.

BlackRock

Finance,

Inc.’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:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

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,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“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

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Prior

to

August

1,

2025,

for

its

investment

advisory

services

to

the

iShares

India

50

ETF,

BFA

was

entitled

to

an

annual

investment

advisory

fee

of

0.89%,

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

Europe

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: 

For

its

investment

advisory

services

to

the

iShares

Latin

America

40

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: 

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

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.

iShares

ETF

Investment

Advisory

Fees

Future

AI

&

Tech

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

0.47%

India

50

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

0.65

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$12

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.6000%

Over

$12

billion,

up

to

and

including

$18

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.570000

Over

$18

billion,

up

to

and

including

$24

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.541500

Over

$24

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.514425

Over

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.488703

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.5000%

Over

$46

billion,

up

to

and

including

$81

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.475000

Over

$81

billion,

up

to

and

including

$111

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

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.

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.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.451250

Over

$111

billion,

up

to

and

including

$141

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.428687

Over

$141

billion,

up

to

and

including

$171

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.407253

Over

$171

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

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.

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.

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.

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.

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.

.

.

.

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.

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.

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.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.386890

Notes

to

Financial

Statements

(unaudited)

(continued)

30

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to

August

11,

2025,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company

for

the

iShares

Europe

ETF.

Prior

to

September

8,

2025,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company

for

the

iShares

Future

AI

&

Tech

ETF,

iShares

India

50

ETF,

and

iShares

Latin

America

40

ETF.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“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,

including

any

custodial

costs. 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.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

the

iShares

Future

AI

&

Tech

ETF

(the

“Group

1 Fund”),

retains

81%

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.

Pursuant

to

the

current

securities

lending

agreement, each

of iShares

Europe

ETF,

iShares

India

50

ETF

and

iShares

Latin

America

40

ETF (the

“Group

2 Funds”),

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

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

in

a

given

calendar

year

exceeds

a

specified

threshold:

(1) the

Group

1

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

84%

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,

and

(2) each

Group

2

Fund

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 Statements

of

Operations.

For

the six

months

ended September

30,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

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

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

September

30,

2025,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

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

Statements

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

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Amounts

Europe

...........................................................................................................

$

5,291

‌

Future

AI

&

Tech

....................................................................................................

24,848

‌

Latin

America

40

....................................................................................................

122,205

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Europe

.......................................................................

$

6,789,065

‌

$

3,745,615

‌

$

(531,607

)

Future

AI

&

Tech

................................................................

62,379,671

‌

76,880,725

‌

8,707,468

‌

Latin

America

40

................................................................

599,274

‌

553,027

‌

4,943

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

31

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2025,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2025,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2025,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

March

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses

as

follows:

As

of

September

30,

2025,

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:

9.

Line

of

Credit

The

iShares

Future

AI

&

Tech

ETF,

iShares

India

50

ETF

and

iShares

Latin

America

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$800

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October

15,

2025.

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

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

Syndicated

Credit

Agreement.

The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or

(b)

the

U.S.

Federal

Funds

rate

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

Syndicated

Credit

Agreement.

During

the

six

months ended

September

30,

2025,

the Funds did

not

borrow

under

the

Syndicated

Credit

Agreement.

iShares

ETF

Purchases

Sales

Europe

.........................................................................................

$

75,342,586

‌

$

44,288,784

‌

Future

AI

&

Tech

..................................................................................

246,339,562

‌

223,109,677

‌

India

50

........................................................................................

76,529,015

‌

70,773,906

‌

Latin

America

40

..................................................................................

189,356,919

‌

121,368,228

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Europe

.........................................................................................

$

115,952,257

‌

$

166,222,688

‌

Future

AI

&

Tech

..................................................................................

507,314,755

‌

18,209,732

‌

Latin

America

40

..................................................................................

384,417,974

‌

171,431,870

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Qualified

Late-Year

Ordinary

Losses

(b)

Europe

........................................................................................

$

(430,463,010

)

$

—

‌

Future

AI

&

Tech

.................................................................................

(70,716,455

)

—

‌

India

50

.......................................................................................

—

‌

(1,099,962

)

Latin

America

40

.................................................................................

(1,138,514,823

)

—

‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Europe

.....................................................

$

1,875,614,311

‌

$

497,849,505

‌

$

(184,281,928

)

$

313,567,577

‌

Future

AI

&

Tech

..............................................

1,436,913,093

‌

329,043,436

‌

(30,384,359

)

298,659,077

‌

India

50

....................................................

271,009,026

‌

427,461,795

‌

(23,259,859

)

404,201,936

‌

Latin

America

40

..............................................

1,925,652,553

‌

275,179,157

‌

(227,135,297

)

48,043,860

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

32

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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 each

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

also

be

affected

by

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

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 each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

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

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

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

may

fluctuate

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 each

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. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

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

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

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

of

financial

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

Statements

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

insolvent

or

goes

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.

Geographic/Asset

Class

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.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

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.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

certain

Funds

invest.

Certain

Funds invest

a

significant

portion

of

their assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments.

Notes

to

Financial

Statements

(unaudited)

(

continued)

33

Notes

to

Financial

Statements

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but have

been,

and

may

continue

to

be, significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors.

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.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

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.

Certain Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

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:

Six

Months

Ended

09/30/25

Year

Ended

03/31/25

iShares

ETF

Shares

Amount

Shares

Amount

Europe

Shares

sold

.........................................................

2,500,000

‌

$

153,916,268

‌

5,850,000

‌

$

343,299,228

‌

Shares

redeemed

.....................................................

(2,650,000

)

(171,431,095

)

(2,750,000

)

(150,288,319

)

(150,000

)

$

(17,514,827

)

3,100,000

‌

$

193,010,909

‌

Six

Months

Ended

09/30/25

Period

From

08/01/24

to

03/31/25

(a)

Year

Ended

07/31/24

iShares

ETF

Shares

Amount

Shares

Amount

Shares

Amount

Future

AI

&

Tech

Shares

sold

.........................

12,600,000

‌

$

532,512,277

‌

6,800,000

‌

$

256,563,491

‌

5,000,000

‌

$

165,766,335

‌

Shares

redeemed

.....................

(450,000

)

(19,053,817

)

(1,400,000

)

(45,059,278

)

(800,000

)

(26,863,979

)

12,150,000

‌

$

513,458,460

‌

5,400,000

‌

$

211,504,213

‌

4,200,000

‌

$

138,902,356

‌

Six

Months

Ended

09/30/25

Year

Ended

03/31/25

iShares

ETF

Shares

Amount

Shares

Amount

India

50

Shares

sold

.........................................................

950,000

‌

$

49,913,969

‌

950,000

‌

$

50,951,567

‌

Shares

redeemed

.....................................................

(700,000

)

(36,341,313

)

(5,450,000

)

(265,103,305

)

250,000

‌

$

13,572,656

‌

(4,500,000

)

$

(214,151,738

)

Latin

America

40

Shares

sold

.........................................................

19,750,000

‌

$

506,279,837

‌

18,250,000

‌

$

449,963,074

‌

Shares

redeemed

.....................................................

(9,000,000

)

(224,269,189

)

(22,000,000

)

(540,220,421

)

10,750,000

‌

$

282,010,648

‌

(3,750,000

)

$

(90,257,347

)

Notes

to

Financial

Statements

(unaudited)

(continued)

34

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

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

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

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

Statements

of

Assets

and

Liabilities.

12.

Foreign

Withholding

Tax

Claims

Certain

of

the

outstanding

foreign tax

reclaims

are

not

deemed

by

the

Funds

to

meet

the

recognition

criteria

under

U.S.

GAAP

as

of

September

30,

2025 and

have

not

been

recorded

in

the

applicable

Fund’s

net

asset

value.

The

recognition

by

the

Funds

of

these

amounts

would

have

a

positive

impact

on

the

applicable

Fund's

performance.

If

a

Fund

receives

a

tax

refund

that

has

not

been

previously

recorded,

investors

in

the

Fund

at

the

time

the

claim

is

successful

will

benefit

from

any

resulting

increase

in

the

Fund’s

NAV.

Investors

who

sold

their

shares

prior

to

such

time

will

not

benefit

from

such

NAV

increase. 

The

Internal

Revenue

Service

(“IRS”)

has

issued

guidance

to

address

U.S.

income

tax

liabilities

attributable

to

fund

shareholders

resulting

from

the

recovery

of

foreign

taxes

withheld

in

prior

calendar

years.

These

withheld

foreign

taxes

were

passed

through

to

shareholders

in

the

form

of

foreign

tax

credits

in

the

year

the

taxes

were

withheld.

Assuming

there

are

sufficient

foreign

taxes

paid

which

the iShares

Europe

ETF is

able

to

pass

through

to

shareholders

as

a

foreign

tax

credit

in

the

current

year,

the Fund

will

be

able

to

offset

the

prior

years’

withholding

taxes

recovered

against

the

foreign

taxes

paid

in

the

current

year.

Accordingly,

no

federal

income

tax

liability

is

recorded

by

the

Fund.

During

the

period,

the

iShares

Europe

ETF

filed

a

closing

agreement

with

the

IRS

related

to

the

recovery

of

foreign

taxes

received

in

fiscal

year

2023,

and

the

related

tax

compliance

fee,

including

interest,

was

paid

to

the

IRS. 

13.

Subsequent

Events

Management’s

evaluation

of

the

impact

of

all

subsequent

events

on

the

Funds’

financial

statements

was

completed

through

the

date

the financial

statements

were

available

to

be

issued

and

the

following

item

was noted: 

Effective

October

15,

2025,

the

Syndicated

Credit

Agreement

to

which

the

Participating

Funds

are

party

was

amended

to

extend

the

maturity

date

to

October

14,

2026

and

increased

from

$800

million

to

$900

million. 

(a)

The

Fund’s

fiscal

year-end

changed

from

July

31

to

March

31.

Additional

Information

35

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

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

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

36

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

iShares

Europe

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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.

The

Board

also

noted

the

revised

investment

advisory

fee

rate

for

the

Fund

adopted

by

the

Board

at

a

meeting

held

on

December

9-11,

2024

to

reflect

calculation

of

the

rate

to

the

sixth

decimal

place

on

the

same

or

lower

basis

than

the

prior

fee

rate.

Based

on

this

review,

the

other

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

37

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

38

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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

Agreement

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

Agreement

for

the

coming

year.

iShares

Future

AI

&

Tech

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

39

Board

Review

and

Approval

of

Investment

Advisory

Contract

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

40

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

iShares

India

50

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

41

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

any

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

during

the

June

10-11,

2025

meeting,

BFA

and

the

Board

agreed

to

a

permanent

reduction

to

the

advisory

fee

rate

charged

to

the

Fund.

In

addition,

the

Board

noted

that

it

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

42

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

iShares

Latin

America

40

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

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;

and

legal

and

compliance

services;

including

the

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

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

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.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

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

Agreement

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

Agreement

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

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

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,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

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

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

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,

2024,

to

that

of

such

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.

The

Board

also

noted

the

revised

investment

advisory

fee

rate

for

the

Fund

adopted

by

the

Board

at

a

meeting

held

on

December

9-11,

2024

to

reflect

calculation

of

the

rate

to

the

sixth

decimal

place

on

the

same

or

lower

basis

than

the

prior

fee

rate.

Based

on

this

review,

the

other

relevant

factors

and

information

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

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

43

Board

Review

and

Approval

of

Investment

Advisory

Contract

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

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

Agreement

for

the

coming

year

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,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

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

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

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

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(including

fees

under

the

Advisory

Agreement),

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).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

(as

discussed

above),

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,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

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

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

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

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

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

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

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

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

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

44

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(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

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

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

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

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

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

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

Advisory

Agreement

for

the

coming

year.

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

Agreement

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

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

these

Financial

Statements

45

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

ADR

American

Depositary

Receipt

NVS

Non-Voting

Shares

Want

to

know

more?

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

Morningstar,

Inc.,

NSE

Indices

Ltd.,

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2025

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.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:     /s/ Jessica Tan____________________

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: November 20, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ Jessica Tan____________________

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: November 20, 2025

By:     /s/ Trent Walker___________________

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: November 20, 2025