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: 04/30/2026

Date of reporting period: 10/31/2025

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares Select U.S. REIT ETF

ICF | Cboe BZX Exchange

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Select U.S. REIT ETF (the “Fund”) for the period of May 1, 2025 to October 31, 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 Select U.S. REIT ETF	$16	0.32%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,891,595,082
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation

Ten largest holdings

Industry	Percent of TotaI InvestmentsFootnote Reference(a)
Specialized REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.6%
Residential REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.9
Retail REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.1
Health Care REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Industrial REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Office REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Hotel & Resort REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4

Security	Percent of Total InvestmentsFootnote Reference(a)
Prologis, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3%
Welltower, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3
Equinix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3
American Tower Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.7
Digital Realty Trust, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Simon Property Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Public Storage........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Realty Income Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Crown Castle, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Ventas, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7

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 Select U.S. REIT ETF

Semi-Annual Shareholder Report — October 31, 2025

ICF-10/25-SAR

iShares Morningstar Growth ETF

ILCG | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Morningstar Growth ETF (the “Fund”) for the period of May 1, 2025 to October 31, 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 Morningstar Growth ETF	$2	0.04%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,128,808,555
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	357
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8%

What did the Fund invest in?

(as of October 31, 2025) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.8%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.0
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5

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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc. 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 Morningstar Growth ETF

Semi-Annual Shareholder Report — October 31, 2025

ILCG-10/25-SAR

iShares Morningstar Mid-Cap ETF

IMCB | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Morningstar Mid-Cap ETF (the “Fund”) for the period of May 1, 2025 to October 31, 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 Morningstar Mid-Cap ETF	$2	0.04%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,341,263,680
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	412
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10%

What did the Fund invest in?

(as of October 31, 2025) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.8%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.8
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6

Security	Percent of Total InvestmentsFootnote Reference(a)
Capital One Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2%
Robinhood Markets, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Snowflake, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Newmont Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Marvell Technology, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Emerson Electric Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Cloudflare, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Johnson Controls International plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Bank of New York Mellon Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc. 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 Morningstar Mid-Cap ETF

Semi-Annual Shareholder Report — October 31, 2025

IMCB-10/25-SAR

iShares Morningstar Mid-Cap Growth ETF

IMCG | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Morningstar Mid-Cap Growth ETF (the “Fund”) for the period of May 1, 2025 to October 31, 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 Morningstar Mid-Cap Growth ETF	$3	0.06%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,148,108,086
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	276
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19%

What did the Fund invest in?

(as of October 31, 2025) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.7%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.6
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7

Security	Percent of Total InvestmentsFootnote Reference(a)
Robinhood Markets, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8%
Snowflake, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Marvell Technology, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Howmet Aerospace, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Cloudflare, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Royal Caribbean Cruises Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Vertiv Holdings Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Coinbase Global, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
ROBLOX Corp., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Quanta Services, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1

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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc. 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 Morningstar Mid-Cap Growth ETF

Semi-Annual Shareholder Report — October 31, 2025

IMCG-10/25-SAR

iShares Morningstar Small-Cap Growth ETF

ISCG | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Morningstar Small-Cap Growth ETF (the “Fund”) for the period of May 1, 2025 to October 31, 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 Morningstar Small-Cap Growth ETF	$3	0.06%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$775,982,225
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	940
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20%

What did the Fund invest in?

(as of October 31, 2025) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.2%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4

Security	Percent of Total InvestmentsFootnote Reference(a)
Credo Technology Group Holding Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0%
Ciena Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Bloom Energy Corp., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Rocket Lab Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Astera Labs, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Coherent Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
BWX Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
IonQ, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
FTAI Aviation Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Fabrinet........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc. 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 Morningstar Small-Cap Growth ETF

Semi-Annual Shareholder Report — October 31, 2025

ISCG-10/25-SAR

iShares Morningstar Small-Cap Value ETF

ISCV | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Morningstar Small-Cap Value ETF (the “Fund”) for the period of May 1, 2025 to October 31, 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 Morningstar Small-Cap Value ETF	$3	0.06%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$546,772,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,119
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21%

What did the Fund invest in?

(as of October 31, 2025) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.2%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Sandisk Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9%
Rocket Cos., Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
NEXTracker, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Annaly Capital Management, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Toll Brothers, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Bunge Global SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Viatris, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Skyworks Solutions, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
TD SYNNEX Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Host Hotels & Resorts, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Morningstar, Inc. 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 Morningstar Small-Cap Value ETF

Semi-Annual Shareholder Report — October 31, 2025

ISCV-10/25-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.

OCTOBER

31,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Select

U.S.

REIT

ETF

|

ICF

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statements

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Additional

Information

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

15

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

16

Glossary

of

Terms

Used

in

these

Financial

Statements

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

19

Schedule

of

Investments

(unaudited)

October

31,

2025

iShares

®

Select

U.S.

REIT

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Health

Care

REITs

—

13.0%

Ventas,

Inc.

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

950,185

$

70,114,151‌

Welltower,

Inc.

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

966,467

174,969,186‌

245,083,337‌

Hotel

&

Resort

REITs

—

1.4%

Host

Hotels

&

Resorts,

Inc.

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

1,598,658

25,610,501‌

Industrial

REITs

—

10.6%

EastGroup

Properties,

Inc.

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

139,708

24,383,237‌

Prologis,

Inc.

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

1,422,532

176,521,996‌

200,905,233‌

Office

REITs

—

1.4%

BXP,

Inc.

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

377,037

26,841,264‌

Residential

REITs

—

16.9%

American

Homes

4

Rent

,

Class

A

..........

787,430

24,882,788‌

AvalonBay

Communities,

Inc.

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

304,338

52,930,465‌

Equity

LifeStyle

Properties,

Inc.

...........

470,433

28,719,935‌

Equity

Residential

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

750,954

44,636,706‌

Essex

Property

Trust,

Inc.

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

147,282

37,081,189‌

Invitation

Homes,

Inc.

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

1,293,935

36,424,270‌

Mid-America

Apartment

Communities,

Inc.

....

268,174

34,387,952‌

Sun

Communities,

Inc.

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

279,637

35,402,044‌

UDR,

Inc.

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

739,781

24,923,222‌

319,388,571‌

Retail

REITs

—

14.0%

Federal

Realty

Investment

Trust

...........

219,303

21,094,755‌

Kimco

Realty

Corp.

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

1,595,454

32,962,080‌

Realty

Income

Corp.

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

1,483,936

86,038,609‌

Regency

Centers

Corp.

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

402,047

27,721,141‌

Simon

Property

Group,

Inc.

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

555,907

97,706,214‌

265,522,799‌

Specialized

REITs

—

42.6%

American

Tower

Corp.

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

703,620

125,933,908‌

Crown

Castle,

Inc.

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

785,425

70,861,044‌

Digital

Realty

Trust,

Inc.

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

598,172

101,934,491‌

Equinix,

Inc.

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

184,825

156,363,798‌

Extra

Space

Storage,

Inc.

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

448,198

59,852,361‌

Iron

Mountain,

Inc.

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

627,373

64,588,050‌

Lamar

Advertising

Co.

,

Class

A

...........

220,633

26,164,867‌

Public

Storage

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

321,915

89,672,642‌

SBA

Communications

Corp.

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

231,812

44,387,362‌

VICI

Properties,

Inc.

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

2,195,325

65,837,797‌

805,596,320‌

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

1,748,727,067

)

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

1,888,948,025‌

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.1%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(a)

(b)

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

2,592,498

$

2,592,498‌

Total

Short-Term

Securities

—

0

.1

%

(Cost:

$

2,592,498

)

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

2,592,498‌

Total

Investments

—

100

.0

%

(Cost:

$

1,751,319,565

)

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

1,891,540,523‌

Other

Assets

Less

Liabilities

—

0.0

%

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

54,559‌

Net

Assets

—

100.0%

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

$

1,891,595,082‌

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Select

U.S.

REIT

ETF

4

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

3,329,894

$

—

$

(

737,396

)

(a)

$

—

$

—

$

2,592,498

2,592,498

$

76,773

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

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

68

12/19/25

$

2,449

$

(

39,400

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

39,400

$

—

$

—

$

—

$

39,400

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

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

$

—

$

—

$

(

60,001

)

$

—

$

—

$

—

$

(

60,001

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

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

$

—

$

—

$

(

136,859

)

$

—

$

—

$

—

$

(

136,859

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,997,990

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Select

U.S.

REIT

ETF

Schedule

of

Investments

5

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

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

$

1,888,948,025

$

—

$

—

$

1,888,948,025

Short-Term

Securities

Money

Market

Funds

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

2,592,498

—

—

2,592,498

$

1,891,540,523

$

—

$

—

$

1,891,540,523

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

39,400

)

$

—

$

—

$

(

39,400

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

October

31,

2025

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

6

iShares

Select

U.S.

REIT

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

1,888,948,025‌

Investments,

at

value

—

affiliated

(b)

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

2,592,498‌

Cash

pledged:

Futures

contracts

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

148,000‌

Receivables:

–‌

Dividends

—

unaffiliated

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

399,921‌

Dividends

—

affiliated

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

13,596‌

Variation

margin

on

futures

contracts

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

4,953‌

Other

assets

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

10,353‌

Total

a

ssets

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

1,892,117,346‌

LIABILITIES

Bank

overdraft

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

4,951‌

Payables:

–‌

Investment

advisory

fees

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

517,313‌

Total

li

abilities

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

522,264‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

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

$

1,891,595,082‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

2,000,968,199‌

Accumulated

loss

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

(

109,373,117‌

)

NET

ASSETS

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

$

1,891,595,082‌

NET

ASSET

VALUE

Shares

outstanding

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

31,250,000‌

Net

asset

value

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

$

60.53‌

Shares

authorized

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

Unlimited

Par

value

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

None

(a)

  Investments,

at

cost

—

unaffiliated

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

$

1,748,727,067

(b)

  Investments,

at

cost

—

affiliated

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

$

2,592,498

See

notes

to

financial

statements.

Statement

of

Operations

Six

Months

Ended

October

31,

2025

7

Statement

of

Operations

See

notes

to

financial

statements.

iShares

Select

U.S.

REIT

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

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

$

30,830,209‌

Dividends

—

affiliated

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

76,773‌

Interest

—

unaffiliated

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

140,923‌

Total

investment

income

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

31,047,905‌

EXPENSES

Investment

advisory

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

3,092,402‌

Total

expenses

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

3,092,402‌

Net

investment

income

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

27,955,503‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

21,562,961‌

)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

$

(

36,706,581‌

)

Futures

contracts

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

(

60,001‌

)

In-kind

redemptions

—

unaffiliated

(a)

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

11,123,343‌

(25,643,239‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

4,217,137‌

Futures

contracts

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

(

136,859‌

)

4,080,278‌

Net

realized

and

unrealized

loss

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

(21,562,961‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

6,392,542‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

8

See

notes

to

financial

statements.

iShares

Select

U.S.

REIT

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

27,955,503‌

$

56,635,800‌

Net

realized

gain

(loss)

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

(

25,643,239‌

)

71,217,925‌

Net

change

in

unrealized

appreciation

(depreciation)

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

4,080,278‌

213,522,804‌

Net

increase

in

net

assets

resulting

from

operations

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

6,392,542‌

341,376,529‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(24,253,493‌)

(b)

(54,203,831‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(36,639,934‌)

(269,448,941‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

(

54,500,885‌

)

17,723,757‌

Beginning

of

period

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

1,946,095,967‌

1,928,372,210‌

End

of

period

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

$

1,891,595,082‌

$

1,946,095,967‌

(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.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

9

Financial

Highlights

iShares

Select

U.S.

REIT

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

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

$

61.10

‌

$

53.20

‌

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

Net

investment

income

(b)

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

0

.89

‌

1

.67

‌

1

.70

‌

1

.62

‌

1

.01

‌

1

.15

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

(0.69

)

7.83

‌

(2.63

)

(12.80

)

6.10

‌

13.04

‌

Net

increase

(decrease)

from

investment

operations

.......

0.20

‌

9.50

‌

(0.93

)

(11.18

)

7.11

‌

14.19

‌

Distributions

from

net

investment

income

(d)

...........

(0.77

)

(e)

(1.60

)

(1.61

)

(1.49

)

(1.32

)

(1.25

)

Net

asset

value,

end

of

period

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

$

60.53

‌

$

61.10

‌

$

53.20

‌

$

55.74

‌

$

68.41

‌

$

62.62

‌

Total

Return

(f)

Based

on

net

asset

value

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

0.32

%

(g)

17.84

%

(1.70

)%

(16.31

)%

11.33

%

29.11

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

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

0.32

%

(i)

0.32

%

0.33

%

0.33

%

0.32

%

0.33

%

Net

investment

income

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

2.88

%

(i)

2.74

%

3.10

%

2.77

%

1.46

%

2.15

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

1,891,595

‌

$

1,946,096

‌

$

1,928,372

‌

$

2,277,133

‌

$

2,753,437

‌

$

2,257,332

‌

Portfolio

turnover

rate

(j)

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

10

%

17

%

16

%

12

%

11

%

27

%

(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)

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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

10

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

fund

(the

“Fund”):

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.

The

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.

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. 

Cash:

The

Fund

may

maintain

cash

at

its

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Fund

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund

is

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

Statement

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Fund

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

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

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

Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

the

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

Fund.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Fund.

The

CODM

has

concluded

that the

Fund

operates

as

a

single

operating

segment

since the

Fund

has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Fund’s

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

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

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser,

as

the

valuation

designee

for

the

Fund.

The

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

the

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.

iShares

ETF

Diversification

Classification

Select

U.S.

REIT

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

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

11

Notes

to

Financial

Statements

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

the

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

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

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

Fund

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

Fund

is

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

Statement

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

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

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

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

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.

5.

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

the

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

Fund,

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

Fund, 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

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

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

0.350000%

Over

$121

billion,

up

to

and

including

$181

billion

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

0.332500

Over

$181

billion,

up

to

and

including

$231

billion

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

0.315875

Over

$231

billion,

up

to

and

including

$281

billion

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

0.300081

Over

$281

billion

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

0.285077

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

12

ETF

Servicing

Fees:

The

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

Fund

does

not

pay

BRIL

for

ETF

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 October

31,

2025,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statement

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

6.

Purchases

and

Sales

For

the six

months ended

October

31,

2025,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2025,

in-kind

transactions

were

as

follows:

7.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

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

Fund

as

of

October

31,

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

Fund’s

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

Fund’s

NAV.

As

of

April

30,

2025,

the

Fund

had

non-expiring

capital

loss

carryforwards

of

$226,614,810

available

to

offset

future

realized

capital

gains.

As

of

October

31,

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:

8.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

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

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

the

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Select

U.S.

REIT

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

$

8,591,305‌

$

8,476,820‌

$

(911,200‌)

iShares

ETF

Purchases

Sales

Select

U.S.

REIT

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

$

211,398,970‌

$

201,548,868‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Select

U.S.

REIT

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

$

9,210,265‌

$

45,742,880‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Select

U.S.

REIT

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

$

1,763,203,410‌

$

264,218,003‌

$

(135,920,290‌)

$

128,297,713‌

Notes

to

Financial

Statements

(unaudited)

(continued)

13

Notes

to

Financial

Statements

The

Fund

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. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

the

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. The

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 the

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 the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

the

Fund

invests. The

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

Fund

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

Fund

manages

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

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

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

Fund

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 Fund.

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

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments

.

The

Fund

invests

a

significant

portion

of

its

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

Fund

invests. 

The

Fund

invests

a

significant

portion

of

its

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.

9.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

the

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

the

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

10/31/25

Year

Ended

04/30/25

iShares

ETF

Shares

Amount

Shares

Amount

Select

U.S.

REIT

Shares

sold

150,000‌

$

9,243,268‌

1,050,000‌

$

65,379,455‌

Shares

redeemed

(750,000‌)

(45,883,202‌)

(5,450,000‌)

(334,828,396‌)

(600,000‌)

$

(36,639,934‌)

(4,400,000‌)

$

(

269,448,941‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

14

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

Fund

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Fund,

at

its

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,

the

Fund’s

custodian,

and

the

Fund.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Fund

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

Statement

of

Assets

and

Liabilities.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

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

15

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

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

16

iShares

Select

U.S.

REIT

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.

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)

17

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)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

18

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

19

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

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 S&P

Dow

Jones

Indices

LLC

or

Cohen

&

Steers

Capital

Management,

Inc.,

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.

October

31,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Morningstar

Growth

ETF

|

ILCG

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

ETF

|

IMCB

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

Growth

ETF

|

IMCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Growth

ETF

|

ISCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Value

ETF

|

ISCV

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

45

Statements

of

Operations

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

47

Statements

of

Changes

in

Net

Assets

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

49

Financial

Highlights

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

52

Notes

to

Financial

Statements

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

57

Additional

Information

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

66

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

67

Glossary

of

Terms

Used

in

these

Financial

Statements

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

70

Schedule

of

Investments

(unaudited)

October

31,

2025

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.7%

Axon

Enterprise,

Inc.

(a)

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

7,213

$

5,281,575‌

Curtiss-Wright

Corp.

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

3,702

2,205,392‌

GE

Aerospace

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

78,350

24,206,233‌

HEICO

Corp.

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

4,103

1,303,810‌

HEICO

Corp.

,

Class

A

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

7,464

1,849,057‌

Howmet

Aerospace,

Inc.

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

37,752

7,775,024‌

L3Harris

Technologies,

Inc.

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

8,518

2,462,554‌

Textron,

Inc.

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

6,260

505,871‌

TransDigm

Group,

Inc.

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

5,183

6,782,007‌

52,371,523‌

Automobiles

—

4.0%

Tesla,

Inc.

(a)

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

272,624

124,469,213‌

Banks

—

0.0%

First

Citizens

BancShares,

Inc.

,

Class

A

......

619

1,129,564‌

Beverages

—

0.2%

Brown-Forman

Corp.

,

Class

A

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

2,319

62,892‌

Brown-Forman

Corp.

,

Class

B,

NVS

........

12,288

334,602‌

Monster

Beverage

Corp.

(a)

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

66,356

4,434,571‌

4,832,065‌

Biotechnology

—

0.7%

(a)

Alnylam

Pharmaceuticals,

Inc.

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

12,186

5,557,304‌

BioMarin

Pharmaceutical,

Inc.

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

13,218

708,088‌

Insmed,

Inc.

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

20,284

3,845,846‌

Natera,

Inc.

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

12,847

2,555,654‌

Summit

Therapeutics,

Inc.

(b)

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

10,940

206,875‌

Vertex

Pharmaceuticals,

Inc.

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

18,265

7,773,036‌

20,646,803‌

Broadline

Retail

—

4.2%

Amazon.com,

Inc.

(a)

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

473,293

115,587,617‌

Coupang,

Inc.

,

Class

A

(a)

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

79,374

2,537,587‌

eBay,

Inc.

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

15,411

1,253,068‌

MercadoLibre,

Inc.

(a)

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

4,562

10,616,960‌

129,995,232‌

Building

Products

—

0.6%

Allegion

plc

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

4,764

789,728‌

Carlisle

Cos.,

Inc.

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

4,188

1,361,309‌

Carrier

Global

Corp.

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

38,612

2,297,028‌

Johnson

Controls

International

plc

.........

45,517

5,206,690‌

Lennox

International,

Inc.

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

3,182

1,606,910‌

Masco

Corp.

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

8,651

560,239‌

Trane

Technologies

plc

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

15,517

6,961,702‌

18,783,606‌

Capital

Markets

—

2.7%

Ameriprise

Financial,

Inc.

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

4,796

2,171,485‌

Ares

Management

Corp.

,

Class

A

..........

19,674

2,925,720‌

Bank

of

New

York

Mellon

Corp.

(The)

.......

32,414

3,498,443‌

Blackstone,

Inc.

,

Class

A

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

48,201

7,068,195‌

Blue

Owl

Capital,

Inc.

,

Class

A

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

55,858

880,881‌

Charles

Schwab

Corp.

(The)

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

90,848

8,586,953‌

Coinbase

Global,

Inc.

,

Class

A

(a)

...........

20,312

6,982,859‌

FactSet

Research

Systems,

Inc.

...........

3,674

980,223‌

Interactive

Brokers

Group,

Inc.

,

Class

A

......

41,994

2,954,698‌

Intercontinental

Exchange,

Inc.

...........

31,238

4,569,807‌

KKR

&

Co.,

Inc.

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

31,472

3,724,082‌

LPL

Financial

Holdings,

Inc.

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

7,832

2,955,092‌

Moody's

Corp.

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

15,072

7,239,082‌

Morningstar,

Inc.

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

2,449

519,923‌

MSCI,

Inc.

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

7,294

4,292,884‌

Nasdaq,

Inc.

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

37,511

3,206,815‌

Security

Shares

Shares

Value

Capital

Markets

(continued)

Raymond

James

Financial,

Inc.

...........

8,061

$

1,279,039‌

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........

71,182

10,448,094‌

S&P

Global,

Inc.

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

21,020

10,241,154‌

Tradeweb

Markets,

Inc.

,

Class

A

...........

11,229

1,183,424‌

85,708,853‌

Chemicals

—

0.7%

Corteva,

Inc.

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

41,696

2,561,802‌

Dow,

Inc.

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

23,181

552,867‌

DuPont

de

Nemours,

Inc.

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

16,871

1,377,517‌

Ecolab,

Inc.

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

18,414

4,721,350‌

International

Flavors

&

Fragrances,

Inc.

......

12,897

812,124‌

Linde

plc

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

15,990

6,688,617‌

RPM

International,

Inc.

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

6,519

712,396‌

Sherwin-Williams

Co.

(The)

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

13,153

4,536,996‌

Westlake

Corp.

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

1,322

90,967‌

22,054,636‌

Commercial

Services

&

Supplies

—

0.7%

Cintas

Corp.

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

33,711

6,178,215‌

Clean

Harbors,

Inc.

(a)

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

4,927

1,037,183‌

Copart,

Inc.

(a)

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

81,411

3,501,487‌

Republic

Services,

Inc.

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

13,488

2,808,741‌

Rollins,

Inc.

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

28,523

1,643,210‌

Veralto

Corp.

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

15,358

1,515,528‌

Waste

Management,

Inc.

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

21,242

4,243,514‌

20,927,878‌

Communications

Equipment

—

0.7%

Arista

Networks,

Inc.

(a)

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

99,809

15,738,881‌

F5,

Inc.

(a)

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

3,684

932,236‌

Motorola

Solutions,

Inc.

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

11,218

4,562,473‌

21,233,590‌

Construction

&

Engineering

—

0.4%

AECOM

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

8,415

1,130,555‌

Comfort

Systems

USA,

Inc.

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

3,415

3,297,456‌

EMCOR

Group,

Inc.

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

4,350

2,939,643‌

Quanta

Services,

Inc.

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

14,105

6,334,979‌

13,702,633‌

Construction

Materials

—

0.2%

Martin

Marietta

Materials,

Inc.

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

2,875

1,762,663‌

Vulcan

Materials

Co.

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

12,863

3,723,838‌

5,486,501‌

Consumer

Finance

—

0.5%

American

Express

Co.

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

30,518

11,008,758‌

SoFi

Technologies,

Inc.

(a)

(b)

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

112,417

3,336,537‌

Synchrony

Financial

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

16,530

1,229,501‌

15,574,796‌

Consumer

Staples

Distribution

&

Retail

—

1.7%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........

7,731

682,338‌

Casey's

General

Stores,

Inc.

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

3,523

1,807,968‌

Costco

Wholesale

Corp.

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

29,319

26,722,803‌

Performance

Food

Group

Co.

(a)

...........

10,540

1,019,640‌

Sprouts

Farmers

Market,

Inc.

(a)

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

9,489

749,251‌

Sysco

Corp.

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

16,868

1,252,955‌

US

Foods

Holding

Corp.

(a)

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

14,398

1,045,583‌

Walmart,

Inc.

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

199,277

20,162,847‌

53,443,385‌

Containers

&

Packaging

—

0.0%

Avery

Dennison

Corp.

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

2,815

492,315‌

Ball

Corp.

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

13,409

630,223‌

1,122,538‌

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Growth

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Consumer

Services

—

0.1%

Duolingo,

Inc.

,

Class

A

(a)

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

3,758

$

1,017,065‌

Service

Corp.

International

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

9,651

805,955‌

1,823,020‌

Electric

Utilities

—

0.3%

Constellation

Energy

Corp.

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

15,651

5,900,427‌

NRG

Energy,

Inc.

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

7,854

1,349,788‌

PPL

Corp.

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

30,326

1,107,506‌

8,357,721‌

Electrical

Equipment

—

1.4%

AMETEK,

Inc.

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

22,478

4,543,029‌

Eaton

Corp.

plc

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

18,758

7,157,302‌

Emerson

Electric

Co.

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

28,809

4,020,872‌

GE

Vernova,

Inc.

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

26,518

15,516,743‌

Hubbell,

Inc.

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

5,184

2,436,480‌

Rockwell

Automation,

Inc.

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

6,446

2,374,449‌

Vertiv

Holdings

Co.

,

Class

A

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

36,518

7,042,861‌

43,091,736‌

Electronic

Equipment,

Instruments

&

Components

—

1.0%

Amphenol

Corp.

,

Class

A

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

118,497

16,511,372‌

CDW

Corp.

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

4,468

712,065‌

Corning,

Inc.

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

40,318

3,591,528‌

Flex

Ltd.

(a)

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

15,027

939,488‌

Jabil,

Inc.

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

5,682

1,255,097‌

Keysight

Technologies,

Inc.

(a)

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

11,560

2,115,018‌

TE

Connectivity

plc

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

14,438

3,566,330‌

Teledyne

Technologies,

Inc.

(a)

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

3,228

1,700,575‌

Trimble,

Inc.

(a)

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

16,467

1,313,243‌

Zebra

Technologies

Corp.

,

Class

A

(a)

........

3,291

886,102‌

32,590,818‌

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

,

Class

A

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

48,219

2,334,282‌

Entertainment

—

2.1%

Electronic

Arts,

Inc.

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

10,341

2,068,820‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

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

2,266

206,161‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

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

20,554

2,052,317‌

Live

Nation

Entertainment,

Inc.

(a)

..........

13,910

2,079,962‌

Netflix,

Inc.

(a)

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

41,282

46,188,779‌

ROBLOX

Corp.

,

Class

A

(a)

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

60,026

6,826,157‌

Take-Two

Interactive

Software,

Inc.

(a)

........

16,506

4,231,643‌

TKO

Group

Holdings,

Inc.

,

Class

A

.........

6,615

1,246,266‌

64,900,105‌

Financial

Services

—

3.7%

Affirm

Holdings,

Inc.

,

Class

A

(a)

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

25,764

1,851,916‌

Apollo

Global

Management,

Inc.

...........

18,303

2,275,246‌

Block,

Inc.

,

Class

A

(a)

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

32,536

2,470,784‌

Corpay,

Inc.

(a)

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

4,444

1,156,995‌

Fidelity

National

Information

Services,

Inc.

....

34,698

2,169,319‌

Fiserv,

Inc.

(a)

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

25,707

1,714,400‌

Jack

Henry

&

Associates,

Inc.

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

7,056

1,050,921‌

Mastercard,

Inc.

,

Class

A

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

80,004

44,161,408‌

Toast,

Inc.

,

Class

A

(a)

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

47,989

1,734,322‌

Visa,

Inc.

,

Class

A

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

165,031

56,232,663‌

114,817,974‌

Food

Products

—

0.1%

Hershey

Co.

(The)

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

5,083

862,229‌

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

....

12,284

788,142‌

1,650,371‌

Security

Shares

Shares

Value

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

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

7,324

$

1,257,677‌

Ground

Transportation

—

0.9%

JB

Hunt

Transport

Services,

Inc.

..........

4,234

714,953‌

Norfolk

Southern

Corp.

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

13,263

3,758,469‌

Old

Dominion

Freight

Line,

Inc.

...........

17,269

2,424,913‌

Uber

Technologies,

Inc.

(a)

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

195,646

18,879,839‌

XPO,

Inc.

(a)

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

11,414

1,642,132‌

27,420,306‌

Health

Care

Equipment

&

Supplies

—

2.4%

Abbott

Laboratories

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

90,620

11,202,444‌

Align

Technology,

Inc.

(a)

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

3,414

470,722‌

Boston

Scientific

Corp.

(a)

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

143,588

14,462,183‌

Cooper

Cos.,

Inc.

(The)

(a)

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

13,642

953,712‌

Dexcom,

Inc.

(a)

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

37,793

2,200,309‌

Edwards

Lifesciences

Corp.

(a)

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

56,696

4,674,585‌

GE

HealthCare

Technologies,

Inc.

.........

17,952

1,345,503‌

IDEXX

Laboratories,

Inc.

(a)

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

7,831

4,929,693‌

Insulet

Corp.

(a)

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

6,770

2,119,078‌

Intuitive

Surgical,

Inc.

(a)

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

34,654

18,514,939‌

ResMed,

Inc.

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

14,339

3,540,012‌

STERIS

plc

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

9,225

2,174,333‌

Stryker

Corp.

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

21,012

7,485,315‌

74,072,828‌

Health

Care

Providers

&

Services

—

0.5%

Cardinal

Health,

Inc.

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

13,461

2,567,955‌

Cencora,

Inc.

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

17,743

5,993,762‌

McKesson

Corp.

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

7,682

6,232,714‌

Molina

Healthcare,

Inc.

(a)

(b)

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

2,832

433,466‌

Tenet

Healthcare

Corp.

(a)

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

2,865

591,594‌

15,819,491‌

Health

Care

REITs

—

0.5%

Alexandria

Real

Estate

Equities,

Inc.

........

5,421

315,610‌

Healthpeak

Properties,

Inc.

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

28,921

519,132‌

Ventas,

Inc.

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

41,987

3,098,221‌

Welltower,

Inc.

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

64,979

11,763,798‌

15,696,761‌

Health

Care

Technology

—

0.1%

Veeva

Systems,

Inc.

,

Class

A

(a)

...........

14,509

4,225,021‌

Hotels,

Restaurants

&

Leisure

—

2.2%

Airbnb,

Inc.

,

Class

A

(a)

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

26,419

3,343,060‌

Booking

Holdings,

Inc.

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

3,144

15,964,415‌

Chipotle

Mexican

Grill,

Inc.

(a)

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

130,410

4,132,693‌

Darden

Restaurants,

Inc.

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

6,802

1,225,380‌

Domino's

Pizza,

Inc.

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

3,067

1,222,077‌

DoorDash,

Inc.

,

Class

A

(a)

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

35,479

9,024,793‌

DraftKings,

Inc.

,

Class

A

(a)

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

47,194

1,443,664‌

Expedia

Group,

Inc.

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

5,460

1,201,200‌

Flutter

Entertainment

plc

(a)

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

16,122

3,749,816‌

Hilton

Worldwide

Holdings,

Inc.

...........

21,432

5,507,167‌

Las

Vegas

Sands

Corp.

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

17,646

1,047,290‌

Marriott

International,

Inc.

,

Class

A

.........

7,660

1,996,043‌

McDonald's

Corp.

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

22,576

6,737,356‌

Royal

Caribbean

Cruises

Ltd.

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

24,542

7,039,382‌

Starbucks

Corp.

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

35,189

2,845,734‌

Yum!

Brands,

Inc.

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

27,175

3,755,857‌

70,235,927‌

Household

Durables

—

0.2%

Garmin

Ltd.

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

11,576

2,476,569‌

NVR,

Inc.

(a)

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

113

814,823‌

PulteGroup,

Inc.

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

8,397

1,006,548‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

Somnigroup

International,

Inc.

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

18,072

$

1,433,833‌

5,731,773‌

Household

Products

—

0.2%

Church

&

Dwight

Co.,

Inc.

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

23,879

2,093,949‌

Clorox

Co.

(The)

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

8,965

1,008,204‌

Colgate-Palmolive

Co.

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

40,171

3,095,176‌

Kimberly-Clark

Corp.

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

11,254

1,347,216‌

7,544,545‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Vistra

Corp.

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

32,865

6,188,479‌

Insurance

—

1.0%

Allstate

Corp.

(The)

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

13,783

2,639,720‌

American

International

Group,

Inc.

.........

22,030

1,739,489‌

Aon

plc

,

Class

A

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

11,604

3,953,251‌

Arthur

J

Gallagher

&

Co.

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

18,169

4,532,984‌

Brown

&

Brown,

Inc.

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

27,508

2,193,488‌

Erie

Indemnity

Co.

,

Class

A,

NVS

..........

2,435

712,578‌

Loews

Corp.

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

7,357

732,463‌

Markel

Group,

Inc.

(a)

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

707

1,395,993‌

Marsh

&

McLennan

Cos.,

Inc.

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

20,218

3,601,837‌

Progressive

Corp.

(The)

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

39,324

8,100,744‌

Willis

Towers

Watson

plc

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

4,316

1,351,339‌

WR

Berkley

Corp.

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

16,403

1,170,190‌

32,124,076‌

Interactive

Media

&

Services

—

5.7%

Alphabet,

Inc.

,

Class

C,

NVS

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

133,912

37,739,080‌

Meta

Platforms,

Inc.

,

Class

A

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

210,934

136,759,059‌

Pinterest,

Inc.

,

Class

A

(a)

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

26,172

866,293‌

Reddit,

Inc.

,

Class

A

(a)

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

7,366

1,539,126‌

Snap,

Inc.

,

Class

A,

NVS

(a)

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

55,490

432,822‌

177,336,380‌

IT

Services

—

1.0%

Accenture

plc

,

Class

A

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

18,776

4,695,878‌

Cloudflare,

Inc.

,

Class

A

(a)

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

29,627

7,504,519‌

CoreWeave,

Inc.

,

Class

A

(a)

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

2,933

392,172‌

Gartner,

Inc.

(a)

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

7,350

1,825,299‌

GoDaddy,

Inc.

,

Class

A

(a)

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

13,772

1,833,466‌

MongoDB,

Inc.

,

Class

A

(a)

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

7,607

2,737,151‌

Okta,

Inc.

,

Class

A

(a)

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

16,207

1,483,427‌

Snowflake,

Inc.

,

Class

A

(a)

(b)

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

31,705

8,715,070‌

Twilio,

Inc.

,

Class

A

(a)

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

9,690

1,306,987‌

VeriSign,

Inc.

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

7,720

1,851,256‌

32,345,225‌

Life

Sciences

Tools

&

Services

—

0.3%

Agilent

Technologies,

Inc.

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

10,582

1,548,782‌

IQVIA

Holdings,

Inc.

(a)

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

5,367

1,161,741‌

Mettler-Toledo

International,

Inc.

(a)

.........

1,180

1,671,222‌

Revvity,

Inc.

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

4,474

418,722‌

Waters

Corp.

(a)

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

5,734

2,004,606‌

West

Pharmaceutical

Services,

Inc.

........

4,131

1,165,231‌

7,970,304‌

Machinery

—

1.0%

Caterpillar,

Inc.

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

12,665

7,310,998‌

Cummins,

Inc.

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

6,223

2,723,683‌

Dover

Corp.

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

8,390

1,522,449‌

Fortive

Corp.

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

16,711

841,232‌

Graco,

Inc.

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

16,325

1,334,895‌

IDEX

Corp.

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

3,727

639,031‌

Ingersoll

Rand,

Inc.

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

25,828

1,971,451‌

Otis

Worldwide

Corp.

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

25,605

2,375,120‌

Security

Shares

Shares

Value

Machinery

(continued)

Parker-Hannifin

Corp.

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

4,347

$

3,359,492‌

Pentair

plc

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

11,504

1,223,450‌

Snap-on,

Inc.

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

1,643

551,309‌

Westinghouse

Air

Brake

Technologies

Corp.

...

16,549

3,383,278‌

Xylem,

Inc.

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

23,340

3,520,839‌

30,757,227‌

Media

—

0.2%

Fox

Corp.

,

Class

A,

NVS

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

8,960

579,264‌

Fox

Corp.

,

Class

B

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

5,700

332,937‌

Liberty

Broadband

Corp.

,

Class

A

(a)

.........

1,649

88,205‌

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

....

10,148

546,165‌

News

Corp.

,

Class

A,

NVS

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

36,677

971,941‌

News

Corp.

,

Class

B

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

9,994

304,517‌

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..........

43,822

2,203,370‌

5,026,399‌

Metals

&

Mining

—

0.2%

Freeport-McMoRan,

Inc.

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

94,246

3,930,058‌

Reliance,

Inc.

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

2,142

604,965‌

Steel

Dynamics,

Inc.

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

6,861

1,075,805‌

5,610,828‌

Multi-Utilities

—

0.3%

Ameren

Corp.

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

10,628

1,084,269‌

CenterPoint

Energy,

Inc.

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

28,586

1,093,129‌

CMS

Energy

Corp.

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

11,559

850,164‌

Dominion

Energy,

Inc.

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

43,875

2,575,024‌

Public

Service

Enterprise

Group,

Inc.

.......

18,749

1,510,419‌

WEC

Energy

Group,

Inc.

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

12,496

1,396,178‌

8,509,183‌

Oil,

Gas

&

Consumable

Fuels

—

0.2%

EQT

Corp.

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

29,228

1,566,036‌

Expand

Energy

Corp.

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

10,997

1,136,100‌

Targa

Resources

Corp.

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

20,965

3,229,449‌

Texas

Pacific

Land

Corp.

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

1,870

1,764,121‌

7,695,706‌

Passenger

Airlines

—

0.0%

Southwest

Airlines

Co.

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

32,390

981,417‌

Personal

Care

Products

—

0.0%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

......

7,438

719,180‌

Pharmaceuticals

—

2.2%

Eli

Lilly

&

Co.

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

77,647

66,998,491‌

Zoetis,

Inc.

,

Class

A

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

22,237

3,204,129‌

70,202,620‌

Professional

Services

—

0.7%

Automatic

Data

Processing,

Inc.

...........

23,657

6,157,917‌

Booz

Allen

Hamilton

Holding

Corp.

.........

11,811

1,029,447‌

Broadridge

Financial

Solutions,

Inc.

........

11,465

2,526,886‌

Equifax,

Inc.

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

11,919

2,516,101‌

Jacobs

Solutions,

Inc.

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

5,134

799,929‌

Leidos

Holdings,

Inc.

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

5,026

957,302‌

Paychex,

Inc.

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

21,741

2,544,349‌

Paycom

Software,

Inc.

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

4,871

911,315‌

TransUnion

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

18,750

1,522,125‌

Verisk

Analytics,

Inc.

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

13,587

2,972,292‌

21,937,663‌

Real

Estate

Management

&

Development

—

0.2%

(a)

CBRE

Group,

Inc.

,

Class

A

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

19,156

2,919,949‌

CoStar

Group,

Inc.

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

38,581

2,654,759‌

Zillow

Group,

Inc.

,

Class

A

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

4,883

349,281‌

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Growth

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Zillow

Group,

Inc.

,

Class

C,

NVS

..........

16,299

$

1,222,099‌

7,146,088‌

Residential

REITs

—

0.2%

American

Homes

4

Rent

,

Class

A

..........

17,606

556,350‌

AvalonBay

Communities,

Inc.

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

6,750

1,173,960‌

Camden

Property

Trust

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

4,232

420,999‌

Equity

LifeStyle

Properties,

Inc.

...........

11,634

710,256‌

Equity

Residential

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

16,273

967,267‌

Essex

Property

Trust,

Inc.

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

3,233

813,972‌

Invitation

Homes,

Inc.

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

31,093

875,268‌

Mid-America

Apartment

Communities,

Inc.

....

5,094

653,204‌

Sun

Communities,

Inc.

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

4,767

603,502‌

UDR,

Inc.

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

12,673

426,953‌

7,201,731‌

Retail

REITs

—

0.1%

Realty

Income

Corp.

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

63,361

3,673,671‌

Regency

Centers

Corp.

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

6,319

435,695‌

4,109,366‌

Semiconductors

&

Semiconductor

Equipment

—

23.0%

Advanced

Micro

Devices,

Inc.

(a)

...........

157,346

40,299,458‌

Applied

Materials,

Inc.

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

24,951

5,816,078‌

Broadcom,

Inc.

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

448,272

165,694,779‌

Entegris,

Inc.

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

14,525

1,330,054‌

KLA

Corp.

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

12,848

15,529,891‌

Lam

Research

Corp.

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

69,312

10,913,867‌

Marvell

Technology,

Inc.

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

83,366

7,814,729‌

Monolithic

Power

Systems,

Inc.

...........

4,439

4,461,195‌

NVIDIA

Corp.

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

2,284,024

462,492,020‌

NXP

Semiconductors

NV

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

11,780

2,463,434‌

ON

Semiconductor

Corp.

(a)

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

19,069

954,976‌

Teradyne,

Inc.

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

10,078

1,831,777‌

719,602,258‌

Software

—

19.5%

Adobe,

Inc.

(a)

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

25,746

8,761,621‌

AppLovin

Corp.

,

Class

A

(a)

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

20,688

13,185,083‌

Atlassian

Corp.

,

Class

A

(a)

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

15,750

2,668,365‌

Autodesk,

Inc.

(a)

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

20,708

6,240,149‌

Bentley

Systems,

Inc.

,

Class

B

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

12,947

658,096‌

Cadence

Design

Systems,

Inc.

(a)

..........

26,421

8,948,529‌

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

........

23,392

12,702,090‌

Datadog,

Inc.

,

Class

A

(a)

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

28,959

4,714,815‌

DocuSign,

Inc.

(a)

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

19,679

1,439,322‌

Dynatrace,

Inc.

(a)

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

28,798

1,456,315‌

Fair

Isaac

Corp.

(a)

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

2,266

3,760,495‌

Fortinet,

Inc.

(a)

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

63,404

5,480,008‌

Gen

Digital,

Inc.

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

19,931

525,381‌

Guidewire

Software,

Inc.

(a)

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

8,071

1,885,708‌

HubSpot,

Inc.

(a)

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

4,880

2,400,570‌

Intuit,

Inc.

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

26,478

17,675,389‌

Microsoft

Corp.

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

722,319

374,024,001‌

Nutanix,

Inc.

,

Class

A

(a)

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

25,080

1,786,699‌

Oracle

Corp.

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

111,697

29,332,749‌

Palantir

Technologies,

Inc.

,

Class

A

(a)

.......

211,933

42,486,209‌

Palo

Alto

Networks,

Inc.

(a)

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

64,651

14,238,736‌

PTC,

Inc.

(a)

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

11,549

2,292,938‌

Roper

Technologies,

Inc.

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

10,318

4,603,376‌

Salesforce,

Inc.

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

50,366

13,115,810‌

ServiceNow,

Inc.

(a)

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

20,160

18,532,685‌

Synopsys,

Inc.

(a)

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

17,901

8,123,832‌

Tyler

Technologies,

Inc.

(a)

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

4,159

1,980,765‌

Workday,

Inc.

,

Class

A

(a)

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

20,946

5,025,364‌

Security

Shares

Shares

Value

Software

(continued)

Zscaler,

Inc.

(a)

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

9,439

$

3,125,630‌

611,170,730‌

Specialized

REITs

—

0.6%

Crown

Castle,

Inc.

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

29,049

2,620,801‌

Digital

Realty

Trust,

Inc.

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

15,392

2,622,951‌

Equinix,

Inc.

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

7,138

6,038,819‌

Extra

Space

Storage,

Inc.

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

9,671

1,291,465‌

Iron

Mountain,

Inc.

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

18,229

1,876,675‌

Public

Storage

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

6,214

1,730,972‌

SBA

Communications

Corp.

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

10,447

2,000,392‌

18,182,075‌

Specialty

Retail

—

1.1%

AutoZone,

Inc.

(a)

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

1,625

5,970,949‌

Burlington

Stores,

Inc.

(a)

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

6,064

1,659,050‌

Carvana

Co.

,

Class

A

(a)

(b)

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

13,361

4,095,681‌

O'Reilly

Automotive,

Inc.

(a)

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

51,090

4,824,939‌

Ross

Stores,

Inc.

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

31,341

4,980,712‌

TJX

Cos.,

Inc.

(The)

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

51,821

7,262,195‌

Tractor

Supply

Co.

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

49,799

2,694,624‌

Ulta

Beauty,

Inc.

(a)

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

1,880

977,374‌

Williams-Sonoma,

Inc.

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

5,809

1,128,921‌

33,594,445‌

Technology

Hardware,

Storage

&

Peripherals

—

6.4%

Apple,

Inc.

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

718,364

194,224,075‌

NetApp,

Inc.

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

8,789

1,035,168‌

Pure

Storage,

Inc.

,

Class

A

(a)

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

29,741

2,935,437‌

Super

Micro

Computer,

Inc.

(a)

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

51,132

2,656,819‌

200,851,499‌

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Deckers

Outdoor

Corp.

(a)

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

14,661

1,194,871‌

Lululemon

Athletica,

Inc.

(a)

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

6,753

1,151,657‌

Tapestry,

Inc.

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

11,911

1,308,066‌

3,654,594‌

Tobacco

—

0.3%

Philip

Morris

International,

Inc.

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

67,451

9,735,203‌

Trading

Companies

&

Distributors

—

0.5%

Fastenal

Co.

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

111,320

4,580,818‌

Ferguson

Enterprises,

Inc.

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

6,483

1,611,025‌

United

Rentals,

Inc.

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

4,318

3,761,755‌

Watsco,

Inc.

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

3,373

1,241,298‌

WW

Grainger,

Inc.

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

4,392

4,299,768‌

15,494,664‌

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

...........

11,543

1,482,467‌

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

1,793,650,442

)

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

3,122,682,979‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.7%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(e)

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

15,243,377

$

15,250,998‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

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

5,372,022

5,372,022‌

Total

Short-Term

Securities

—

0

.7

%

(Cost:

$

20,622,750

)

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

20,623,020‌

Total

Investments

—

100

.5

%

(Cost:

$

1,814,273,192

)

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

3,143,305,999‌

Liabilities

in

Excess

of

Other

Assets

—

(

0.5

)

%

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

(

14,497,444‌

)

Net

Assets

—

100.0%

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

$

3,128,808,555‌

(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.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

33,391,014

$

—

$

(

18,129,909

)

(a)

$

(

7,665

)

$

(

2,442

)

$

15,250,998

15,243,377

$

66,978

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

3,089,324

2,282,698

(a)

—

—

—

5,372,022

5,372,022

86,848

—

$

(

7,665

)

$

(

2,442

)

$

20,623,020

$

153,826

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

1000

Growth

E-Mini

Index

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

22

12/19/25

$

5,408

$

240,550

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Growth

ETF

8

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

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)

......

$

—

$

—

$

240,550

$

—

$

—

$

—

$

240,550

(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).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

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

$

—

$

—

$

808,619

$

—

$

—

$

—

$

808,619

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

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

$

—

$

—

$

232,384

$

—

$

—

$

—

$

232,384

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

4,712,075

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

3,122,682,979

$

—

$

—

$

3,122,682,979

Short-Term

Securities

Money

Market

Funds

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

20,623,020

—

—

20,623,020

$

3,143,305,999

$

—

$

—

$

3,143,305,999

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

240,550

$

—

$

—

$

240,550

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.2%

Axon

Enterprise,

Inc.

(a)

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

8,405

$

6,154,393‌

Curtiss-Wright

Corp.

(b)

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

4,273

2,545,554‌

HEICO

Corp.

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

4,807

1,527,520‌

HEICO

Corp.

,

Class

A

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

8,745

2,166,399‌

Howmet

Aerospace,

Inc.

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

43,961

9,053,768‌

L3Harris

Technologies,

Inc.

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

21,133

6,109,551‌

Textron,

Inc.

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

20,559

1,661,373‌

29,218,558‌

Air

Freight

&

Logistics

—

0.6%

Expeditors

International

of

Washington,

Inc.

...

15,205

1,853,489‌

FedEx

Corp.

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

25,018

6,350,069‌

8,203,558‌

Automobile

Components

—

0.1%

Aptiv

plc

(a)

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

23,542

1,909,256‌

Automobiles

—

1.1%

Ford

Motor

Co.

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

445,562

5,850,229‌

General

Motors

Co.

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

107,860

7,452,048‌

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.........

86,104

1,168,431‌

14,470,708‌

Banks

—

2.6%

Citizens

Financial

Group,

Inc.

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

49,800

2,533,326‌

East

West

Bancorp,

Inc.

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

15,835

1,608,836‌

Fifth

Third

Bancorp

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

75,285

3,133,362‌

First

Citizens

BancShares,

Inc.

,

Class

A

(b)

....

1,183

2,158,762‌

Huntington

Bancshares,

Inc.

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

173,846

2,684,182‌

KeyCorp

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

106,664

1,876,220‌

M&T

Bank

Corp.

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

17,681

3,251,005‌

Regions

Financial

Corp.

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

97,390

2,356,838‌

Truist

Financial

Corp.

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

146,052

6,518,301‌

US

Bancorp

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

176,090

8,219,881‌

34,340,713‌

Beverages

—

1.0%

Brown-Forman

Corp.

,

Class

A

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

5,421

147,017‌

Brown-Forman

Corp.

,

Class

B,

NVS

........

33,269

905,915‌

Constellation

Brands,

Inc.

,

Class

A

.........

17,241

2,265,123‌

Keurig

Dr

Pepper,

Inc.

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

137,442

3,732,925‌

Monster

Beverage

Corp.

(a)

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

77,669

5,190,619‌

Primo

Brands

Corp.

,

Class

A

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

23,502

516,339‌

12,757,938‌

Biotechnology

—

1.6%

(a)

Alnylam

Pharmaceuticals,

Inc.

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

14,231

6,489,905‌

Biogen,

Inc.

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

15,991

2,466,932‌

BioMarin

Pharmaceutical,

Inc.

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

21,648

1,159,683‌

Incyte

Corp.

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

18,322

1,712,741‌

Insmed,

Inc.

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

23,699

4,493,330‌

Natera,

Inc.

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

14,864

2,956,896‌

Summit

Therapeutics,

Inc.

(b)

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

13,250

250,558‌

United

Therapeutics

Corp.

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

4,666

2,078,376‌

21,608,421‌

Broadline

Retail

—

0.7%

Coupang,

Inc.

,

Class

A

(a)

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

138,843

4,438,811‌

eBay,

Inc.

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

52,866

4,298,534‌

8,737,345‌

Building

Products

—

1.7%

Allegion

plc

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

9,798

1,624,215‌

Builders

FirstSource,

Inc.

(a)

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

12,938

1,503,007‌

Carlisle

Cos.,

Inc.

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

4,917

1,598,271‌

Carrier

Global

Corp.

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

90,164

5,363,856‌

Security

Shares

Shares

Value

Building

Products

(continued)

Johnson

Controls

International

plc

.........

74,810

$

8,557,516‌

Lennox

International,

Inc.

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

3,692

1,864,460‌

Masco

Corp.

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

24,035

1,556,507‌

Owens

Corning

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

9,765

1,243,182‌

23,311,014‌

Capital

Markets

—

5.2%

Ameriprise

Financial,

Inc.

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

10,620

4,808,417‌

Ares

Management

Corp.

,

Class

A

..........

23,048

3,427,468‌

Bank

of

New

York

Mellon

Corp.

(The)

.......

76,911

8,301,004‌

Blue

Owl

Capital,

Inc.

,

Class

A

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

65,405

1,031,437‌

Carlyle

Group,

Inc.

(The)

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

24,594

1,311,352‌

Coinbase

Global,

Inc.

,

Class

A

(a)

...........

23,701

8,147,930‌

FactSet

Research

Systems,

Inc.

...........

4,309

1,149,641‌

Interactive

Brokers

Group,

Inc.

,

Class

A

......

49,206

3,462,134‌

LPL

Financial

Holdings,

Inc.

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

9,052

3,415,410‌

Morningstar,

Inc.

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

2,896

614,821‌

MSCI,

Inc.

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

8,484

4,993,258‌

Nasdaq,

Inc.

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

43,948

3,757,115‌

Northern

Trust

Corp.

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

21,504

2,766,920‌

Raymond

James

Financial,

Inc.

...........

19,365

3,072,645‌

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........

83,057

12,191,106‌

State

Street

Corp.

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

32,724

3,784,858‌

T.

Rowe

Price

Group,

Inc.

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

25,145

2,578,117‌

Tradeweb

Markets,

Inc.

,

Class

A

...........

13,189

1,389,989‌

70,203,622‌

Chemicals

—

1.9%

Air

Products

&

Chemicals,

Inc.

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

25,208

6,115,209‌

CF

Industries

Holdings,

Inc.

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

18,852

1,570,183‌

Corteva,

Inc.

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

77,687

4,773,089‌

Dow,

Inc.

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

79,561

1,897,530‌

DuPont

de

Nemours,

Inc.

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

47,243

3,857,391‌

International

Flavors

&

Fragrances,

Inc.

......

29,064

1,830,160‌

LyondellBasell

Industries

NV

,

Class

A

.......

29,445

1,366,837‌

PPG

Industries,

Inc.

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

25,734

2,515,498‌

RPM

International,

Inc.

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

14,654

1,601,389‌

Westlake

Corp.

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

3,965

272,832‌

25,800,118‌

Commercial

Services

&

Supplies

—

0.7%

Clean

Harbors,

Inc.

(a)

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

5,826

1,226,431‌

Copart,

Inc.

(a)

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

95,353

4,101,132‌

Rollins,

Inc.

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

33,446

1,926,824‌

Veralto

Corp.

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

26,770

2,641,664‌

9,896,051‌

Communications

Equipment

—

0.1%

F5,

Inc.

(a)

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

6,564

1,661,020‌

Construction

&

Engineering

—

1.2%

AECOM

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

14,490

1,946,732‌

Comfort

Systems

USA,

Inc.

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

3,987

3,849,767‌

EMCOR

Group,

Inc.

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

5,066

3,423,501‌

Quanta

Services,

Inc.

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

16,505

7,412,891‌

16,632,891‌

Construction

Materials

—

0.9%

Amrize

Ltd.

(a)

(b)

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

55,918

2,898,789‌

Martin

Marietta

Materials,

Inc.

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

6,866

4,209,545‌

Vulcan

Materials

Co.

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

15,051

4,357,264‌

11,465,598‌

Consumer

Finance

—

1.7%

Capital

One

Financial

Corp.

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

72,381

15,923,096‌

SoFi

Technologies,

Inc.

(a)

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

131,669

3,907,936‌

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Synchrony

Financial

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

42,045

$

3,127,307‌

22,958,339‌

Consumer

Staples

Distribution

&

Retail

—

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........

13,273

1,171,475‌

Casey's

General

Stores,

Inc.

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

4,127

2,117,935‌

Dollar

General

Corp.

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

24,927

2,459,298‌

Dollar

Tree,

Inc.

(a)

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

22,350

2,215,332‌

Kroger

Co.

(The)

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

69,652

4,431,957‌

Performance

Food

Group

Co.

(a)

...........

17,616

1,704,172‌

Sprouts

Farmers

Market,

Inc.

(a)

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

11,160

881,193‌

Sysco

Corp.

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

54,024

4,012,903‌

Target

Corp.

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

51,490

4,774,153‌

US

Foods

Holding

Corp.

(a)

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

26,024

1,889,863‌

25,658,281‌

Containers

&

Packaging

—

0.9%

Amcor

plc

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

258,672

2,043,509‌

Avery

Dennison

Corp.

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

8,987

1,571,736‌

Ball

Corp.

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

30,495

1,433,265‌

International

Paper

Co.

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

59,074

2,282,619‌

Packaging

Corp.

of

America

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

10,126

1,982,266‌

Smurfit

WestRock

plc

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

58,269

2,151,292‌

11,464,687‌

Distributors

—

0.1%

Genuine

Parts

Co.

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

15,678

1,995,966‌

Diversified

Consumer

Services

—

0.2%

Duolingo,

Inc.

,

Class

A

(a)

(b)

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

4,455

1,205,701‌

Service

Corp.

International

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

16,125

1,346,599‌

2,552,300‌

Diversified

REITs

—

0.1%

WP

Carey,

Inc.

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

24,704

1,630,464‌

Electric

Utilities

—

3.4%

Alliant

Energy

Corp.

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

28,911

1,931,833‌

American

Electric

Power

Co.,

Inc.

..........

58,411

7,024,507‌

Edison

International

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

43,564

2,412,574‌

Entergy

Corp.

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

50,445

4,847,260‌

Evergy,

Inc.

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

26,083

2,003,435‌

Eversource

Energy

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

39,853

2,941,550‌

Exelon

Corp.

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

114,512

5,281,293‌

FirstEnergy

Corp.

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

58,561

2,683,851‌

NRG

Energy,

Inc.

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

21,811

3,748,438‌

PG&E

Corp.

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

248,186

3,961,049‌

PPL

Corp.

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

80,005

2,921,783‌

Xcel

Energy,

Inc.

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

65,123

5,286,034‌

45,043,607‌

Electrical

Equipment

—

2.2%

AMETEK,

Inc.

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

26,121

5,279,315‌

Emerson

Electric

Co.

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

63,827

8,908,335‌

Hubbell,

Inc.

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

6,073

2,854,310‌

Rockwell

Automation,

Inc.

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

12,816

4,720,902‌

Vertiv

Holdings

Co.

,

Class

A

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

42,492

8,195,007‌

29,957,869‌

Electronic

Equipment,

Instruments

&

Components

—

2.5%

CDW

Corp.

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

14,939

2,380,828‌

Corning,

Inc.

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

85,412

7,608,501‌

Flex

Ltd.

(a)

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

41,591

2,600,269‌

Jabil,

Inc.

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

11,317

2,499,812‌

Keysight

Technologies,

Inc.

(a)

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

19,477

3,563,512‌

TE

Connectivity

plc

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

33,555

8,288,421‌

Teledyne

Technologies,

Inc.

(a)

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

5,309

2,796,887‌

Trimble,

Inc.

(a)

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

27,078

2,159,471‌

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.

,

Class

A

(a)

........

5,812

$

1,564,881‌

33,462,582‌

Energy

Equipment

&

Services

—

1.1%

Baker

Hughes

Co.

,

Class

A

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

112,212

5,432,183‌

Halliburton

Co.

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

97,709

2,622,509‌

SLB

Ltd.

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

168,213

6,065,761‌

14,120,453‌

Entertainment

—

2.3%

Electronic

Arts,

Inc.

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

25,871

5,175,752‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

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

2,621

238,459‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

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

24,080

2,404,388‌

Live

Nation

Entertainment,

Inc.

(a)

..........

16,299

2,437,189‌

ROBLOX

Corp.

,

Class

A

(a)

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

69,989

7,959,149‌

Take-Two

Interactive

Software,

Inc.

(a)

........

19,265

4,938,968‌

TKO

Group

Holdings,

Inc.

,

Class

A

.........

7,801

1,469,708‌

Warner

Bros

Discovery,

Inc.

(a)

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

256,868

5,766,687‌

30,390,300‌

Financial

Services

—

1.4%

Affirm

Holdings,

Inc.

,

Class

A

(a)

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

30,258

2,174,945‌

Block,

Inc.

,

Class

A

(a)

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

63,423

4,816,343‌

Corpay,

Inc.

(a)

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

7,690

2,002,091‌

Equitable

Holdings,

Inc.

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

26,305

1,299,467‌

Fidelity

National

Information

Services,

Inc.

....

59,615

3,727,130‌

Global

Payments,

Inc.

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

27,706

2,154,418‌

Jack

Henry

&

Associates,

Inc.

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

8,322

1,239,479‌

Toast,

Inc.

,

Class

A

(a)

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

56,209

2,031,393‌

19,445,266‌

Food

Products

—

1.5%

Archer-Daniels-Midland

Co.

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

51,419

3,112,392‌

Conagra

Brands,

Inc.

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

54,696

940,224‌

General

Mills,

Inc.

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

61,998

2,889,727‌

Hershey

Co.

(The)

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

16,673

2,828,241‌

Hormel

Foods

Corp.

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

33,188

716,529‌

J

M

Smucker

Co.

(The)

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

11,918

1,234,109‌

Kellanova

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

30,942

2,570,043‌

Kraft

Heinz

Co.

(The)

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

98,725

2,441,469‌

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

....

28,572

1,833,180‌

Pilgrim's

Pride

Corp.

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

4,935

188,023‌

Tyson

Foods,

Inc.

,

Class

A

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

30,991

1,593,247‌

20,347,184‌

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

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

17,957

3,083,576‌

Ground

Transportation

—

1.6%

CSX

Corp.

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

211,329

7,612,071‌

JB

Hunt

Transport

Services,

Inc.

..........

9,140

1,543,380‌

Norfolk

Southern

Corp.

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

25,636

7,264,730‌

Old

Dominion

Freight

Line,

Inc.

...........

20,149

2,829,323‌

XPO,

Inc.

(a)

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

13,411

1,929,440‌

21,178,944‌

Health

Care

Equipment

&

Supplies

—

3.1%

Align

Technology,

Inc.

(a)

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

8,109

1,118,069‌

Baxter

International,

Inc.

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

58,463

1,079,811‌

Becton

Dickinson

&

Co.

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

32,553

5,817,546‌

Cooper

Cos.,

Inc.

(The)

(a)

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

22,525

1,574,723‌

Dexcom,

Inc.

(a)

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

44,185

2,572,451‌

Edwards

Lifesciences

Corp.

(a)

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

66,366

5,471,877‌

GE

HealthCare

Technologies,

Inc.

.........

51,578

3,865,771‌

Hologic,

Inc.

(a)

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

25,480

1,883,227‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

IDEXX

Laboratories,

Inc.

(a)

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

9,117

$

5,739,243‌

Insulet

Corp.

(a)

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

7,879

2,466,206‌

ResMed,

Inc.

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

16,620

4,103,145‌

Solventum

Corp.

(a)

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

15,834

1,093,179‌

STERIS

plc

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

10,761

2,536,368‌

Zimmer

Biomet

Holdings,

Inc.

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

22,643

2,276,980‌

41,598,596‌

Health

Care

Providers

&

Services

—

1.9%

Cardinal

Health,

Inc.

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

26,980

5,146,974‌

Cencora,

Inc.

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

20,761

7,013,273‌

Centene

Corp.

(a)

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

53,029

1,875,636‌

Humana,

Inc.

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

13,641

3,794,790‌

Labcorp

Holdings,

Inc.

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

9,499

2,412,366‌

Molina

Healthcare,

Inc.

(a)

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

6,097

933,207‌

Quest

Diagnostics,

Inc.

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

12,620

2,220,489‌

Tenet

Healthcare

Corp.

(a)

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

9,883

2,040,741‌

25,437,476‌

Health

Care

REITs

—

0.4%

Alexandria

Real

Estate

Equities,

Inc.

........

16,865

981,880‌

Healthpeak

Properties,

Inc.

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

79,605

1,428,910‌

Ventas,

Inc.

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

49,086

3,622,056‌

6,032,846‌

Health

Care

Technology

—

0.4%

Veeva

Systems,

Inc.

,

Class

A

(a)

...........

16,974

4,942,829‌

Hotels,

Restaurants

&

Leisure

—

3.2%

Airbnb,

Inc.

,

Class

A

(a)

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

47,336

5,989,898‌

Carnival

Corp.

(a)

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

122,222

3,523,660‌

Darden

Restaurants,

Inc.

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

13,260

2,388,789‌

Domino's

Pizza,

Inc.

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

3,614

1,440,035‌

DraftKings,

Inc.

,

Class

A

(a)

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

55,280

1,691,015‌

Expedia

Group,

Inc.

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

13,787

3,033,140‌

Flutter

Entertainment

plc

(a)

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

18,797

4,371,994‌

Hilton

Worldwide

Holdings,

Inc.

...........

25,019

6,428,882‌

Las

Vegas

Sands

Corp.

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

35,960

2,134,226‌

Royal

Caribbean

Cruises

Ltd.

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

28,621

8,209,361‌

Yum!

Brands,

Inc.

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

31,774

4,391,485‌

43,602,485‌

Household

Durables

—

1.4%

DR

Horton,

Inc.

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

30,257

4,510,714‌

Garmin

Ltd.

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

18,303

3,915,744‌

Lennar

Corp.

,

Class

A

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

24,126

2,986,075‌

Lennar

Corp.

,

Class

B

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

1,049

123,834‌

NVR,

Inc.

(a)

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

302

2,177,668‌

PulteGroup,

Inc.

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

22,717

2,723,087‌

Somnigroup

International,

Inc.

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

21,248

1,685,816‌

18,122,938‌

Household

Products

—

0.6%

Church

&

Dwight

Co.,

Inc.

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

27,884

2,445,148‌

Clorox

Co.

(The)

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

14,054

1,580,513‌

Kimberly-Clark

Corp.

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

37,761

4,520,369‌

8,546,030‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Vistra

Corp.

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

38,335

7,218,481‌

Insurance

—

4.9%

Aflac,

Inc.

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

55,132

5,909,599‌

Allstate

Corp.

(The)

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

29,984

5,742,536‌

American

International

Group,

Inc.

.........

60,705

4,793,267‌

Arch

Capital

Group

Ltd.

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

42,033

3,627,868‌

Brown

&

Brown,

Inc.

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

31,885

2,542,510‌

Cincinnati

Financial

Corp.

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

17,525

2,709,190‌

Security

Shares

Shares

Value

Insurance

(continued)

Erie

Indemnity

Co.

,

Class

A,

NVS

..........

2,895

$

847,193‌

Everest

Group

Ltd.

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

4,859

1,528,253‌

Fidelity

National

Financial,

Inc.

,

Class

A

......

29,184

1,612,124‌

Hartford

Insurance

Group,

Inc.

(The)

........

32,050

3,979,969‌

Loews

Corp.

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

19,782

1,969,496‌

Markel

Group,

Inc.

(a)

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

1,343

2,651,794‌

MetLife,

Inc.

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

63,909

5,101,216‌

Principal

Financial

Group,

Inc.

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

25,361

2,131,338‌

Prudential

Financial,

Inc.

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

40,291

4,190,264‌

Reinsurance

Group

of

America,

Inc.

........

7,502

1,368,815‌

RenaissanceRe

Holdings

Ltd.

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

5,207

1,323,047‌

Travelers

Cos.,

Inc.

(The)

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

25,459

6,838,796‌

Unum

Group

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

17,810

1,307,610‌

Willis

Towers

Watson

plc

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

10,774

3,373,339‌

WR

Berkley

Corp.

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

32,609

2,326,326‌

65,874,550‌

Interactive

Media

&

Services

—

0.4%

(a)

Pinterest,

Inc.

,

Class

A

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

67,580

2,236,898‌

Reddit,

Inc.

,

Class

A

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

13,377

2,795,124‌

Snap,

Inc.

,

Class

A,

NVS

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

120,120

936,936‌

5,968,958‌

IT

Services

—

2.9%

Akamai

Technologies,

Inc.

(a)

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

15,967

1,199,122‌

Cloudflare,

Inc.

,

Class

A

(a)

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

34,557

8,753,288‌

Cognizant

Technology

Solutions

Corp.

,

Class

A

.

55,881

4,072,607‌

CoreWeave,

Inc.

,

Class

A

(a)

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

6,298

842,106‌

Gartner,

Inc.

(a)

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

8,558

2,125,294‌

GoDaddy,

Inc.

,

Class

A

(a)

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

16,131

2,147,520‌

MongoDB,

Inc.

,

Class

A

(a)

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

8,871

3,191,963‌

Okta,

Inc.

,

Class

A

(a)

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

18,880

1,728,086‌

Snowflake,

Inc.

,

Class

A

(a)

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

36,930

10,151,318‌

Twilio,

Inc.

,

Class

A

(a)

(b)

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

16,630

2,243,054‌

VeriSign,

Inc.

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

9,057

2,171,869‌

38,626,227‌

Life

Sciences

Tools

&

Services

—

1.5%

Agilent

Technologies,

Inc.

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

32,316

4,729,770‌

Illumina,

Inc.

(a)

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

17,637

2,178,875‌

IQVIA

Holdings,

Inc.

(a)

(b)

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

19,076

4,129,191‌

Mettler-Toledo

International,

Inc.

(a)

.........

2,352

3,331,114‌

Revvity,

Inc.

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

13,732

1,285,178‌

Waters

Corp.

(a)

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

6,730

2,352,808‌

West

Pharmaceutical

Services,

Inc.

........

8,128

2,292,665‌

20,299,601‌

Machinery

—

3.1%

CNH

Industrial

NV

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

100,895

1,058,388‌

Cummins,

Inc.

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

15,588

6,822,556‌

Dover

Corp.

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

15,577

2,826,602‌

Fortive

Corp.

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

38,374

1,931,747‌

Graco,

Inc.

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

19,182

1,568,512‌

IDEX

Corp.

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

8,196

1,405,286‌

Ingersoll

Rand,

Inc.

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

45,835

3,498,586‌

Otis

Worldwide

Corp.

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

44,743

4,150,361‌

PACCAR,

Inc.

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

58,303

5,737,015‌

Pentair

plc

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

18,635

1,981,832‌

Snap-on,

Inc.

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

5,767

1,935,117‌

Westinghouse

Air

Brake

Technologies

Corp.

...

19,379

3,961,843‌

Xylem,

Inc.

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

27,295

4,117,451‌

40,995,296‌

Media

—

0.8%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

....

10,588

2,475,898‌

Fox

Corp.

,

Class

A,

NVS

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

23,807

1,539,123‌

Fox

Corp.

,

Class

B

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

15,164

885,729‌

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Liberty

Broadband

Corp.

,

Class

A

(a)

.........

2,040

$

109,119‌

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

....

11,935

642,342‌

News

Corp.

,

Class

A,

NVS

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

43,317

1,147,901‌

News

Corp.

,

Class

B

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

11,805

359,698‌

Omnicom

Group,

Inc.

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

22,175

1,663,569‌

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..........

50,430

2,535,620‌

11,358,999‌

Metals

&

Mining

—

1.9%

Freeport-McMoRan,

Inc.

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

158,789

6,621,501‌

Newmont

Corp.

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

124,471

10,078,417‌

Nucor

Corp.

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

26,306

3,947,215‌

Reliance,

Inc.

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

5,962

1,683,848‌

Steel

Dynamics,

Inc.

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

15,923

2,496,727‌

24,827,708‌

Multi-Utilities

—

2.9%

Ameren

Corp.

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

30,573

3,119,058‌

CenterPoint

Energy,

Inc.

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

73,996

2,829,607‌

CMS

Energy

Corp.

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

33,820

2,487,461‌

Consolidated

Edison,

Inc.

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

40,900

3,984,069‌

Dominion

Energy,

Inc.

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

96,632

5,671,332‌

DTE

Energy

Co.

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

23,367

3,167,163‌

NiSource,

Inc.

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

52,988

2,231,325‌

Public

Service

Enterprise

Group,

Inc.

.......

56,488

4,550,673‌

Sempra

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

73,897

6,794,090‌

WEC

Energy

Group,

Inc.

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

34,832

3,891,779‌

38,726,557‌

Oil,

Gas

&

Consumable

Fuels

—

4.8%

Cheniere

Energy,

Inc.

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

25,097

5,320,564‌

Coterra

Energy,

Inc.

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

86,140

2,038,072‌

Devon

Energy

Corp.

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

69,149

2,246,651‌

Diamondback

Energy,

Inc.

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

21,520

3,081,449‌

EOG

Resources,

Inc.

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

61,749

6,535,514‌

EQT

Corp.

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

70,268

3,764,960‌

Expand

Energy

Corp.

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

25,801

2,665,501‌

Kinder

Morgan,

Inc.

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

222,810

5,835,394‌

Marathon

Petroleum

Corp.

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

33,485

6,526,561‌

Occidental

Petroleum

Corp.

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

74,087

3,052,384‌

ONEOK,

Inc.

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

70,428

4,718,676‌

Phillips

66

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

46,109

6,277,279‌

Targa

Resources

Corp.

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

24,492

3,772,748‌

Texas

Pacific

Land

Corp.

(b)

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

2,167

2,044,305‌

Valero

Energy

Corp.

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

35,127

5,956,134‌

63,836,192‌

Passenger

Airlines

—

0.7%

Delta

Air

Lines,

Inc.

(b)

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

73,841

4,236,996‌

Southwest

Airlines

Co.

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

52,302

1,584,751‌

United

Airlines

Holdings,

Inc.

(a)

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

37,090

3,487,944‌

9,309,691‌

Personal

Care

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

......

26,241

2,537,242‌

Kenvue,

Inc.

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

196,903

2,829,496‌

5,366,738‌

Pharmaceuticals

—

0.1%

Royalty

Pharma

plc

,

Class

A

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

40,093

1,505,091‌

Professional

Services

—

1.8%

Booz

Allen

Hamilton

Holding

Corp.

.........

13,936

1,214,662‌

Broadridge

Financial

Solutions,

Inc.

........

13,292

2,929,557‌

Equifax,

Inc.

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

13,972

2,949,489‌

Jacobs

Solutions,

Inc.

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

13,863

2,159,994‌

Leidos

Holdings,

Inc.

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

13,731

2,615,343‌

Security

Shares

Shares

Value

Professional

Services

(continued)

Paychex,

Inc.

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

36,632

$

4,287,043‌

Paycom

Software,

Inc.

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

5,732

1,072,400‌

SS&C

Technologies

Holdings,

Inc.

.........

24,487

2,079,436‌

TransUnion

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

22,098

1,793,916‌

Verisk

Analytics,

Inc.

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

15,899

3,478,065‌

24,579,905‌

Real

Estate

Management

&

Development

—

0.8%

(a)

CBRE

Group,

Inc.

,

Class

A

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

33,718

5,139,635‌

CoStar

Group,

Inc.

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

45,212

3,111,038‌

Zillow

Group,

Inc.

,

Class

A

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

5,843

417,950‌

Zillow

Group,

Inc.

,

Class

C,

NVS

..........

19,087

1,431,143‌

10,099,766‌

Residential

REITs

—

1.3%

American

Homes

4

Rent

,

Class

A

..........

34,843

1,101,039‌

AvalonBay

Communities,

Inc.

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

15,522

2,699,586‌

Camden

Property

Trust

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

12,393

1,232,856‌

Equity

LifeStyle

Properties,

Inc.

...........

21,838

1,333,210‌

Equity

Residential

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

38,927

2,313,821‌

Essex

Property

Trust,

Inc.

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

6,961

1,752,571‌

Invitation

Homes,

Inc.

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

63,433

1,785,639‌

Mid-America

Apartment

Communities,

Inc.

....

13,279

1,702,766‌

Sun

Communities,

Inc.

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

13,557

1,716,316‌

UDR,

Inc.

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

34,142

1,150,244‌

16,788,048‌

Retail

REITs

—

1.1%

Kimco

Realty

Corp.

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

77,465

1,600,427‌

Realty

Income

Corp.

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

99,141

5,748,195‌

Regency

Centers

Corp.

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

18,765

1,293,847‌

Simon

Property

Group,

Inc.

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

36,791

6,466,386‌

15,108,855‌

Semiconductors

&

Semiconductor

Equipment

—

2.6%

Entegris,

Inc.

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

17,114

1,567,129‌

First

Solar,

Inc.

(a)

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

11,580

3,091,165‌

Marvell

Technology,

Inc.

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

97,489

9,138,619‌

Microchip

Technology,

Inc.

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

61,420

3,833,837‌

Monolithic

Power

Systems,

Inc.

...........

5,187

5,212,935‌

NXP

Semiconductors

NV

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

27,378

5,725,287‌

ON

Semiconductor

Corp.

(a)

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

47,817

2,394,675‌

Teradyne,

Inc.

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

18,181

3,304,579‌

34,268,226‌

Software

—

4.2%

Atlassian

Corp.

,

Class

A

(a)

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

18,382

3,114,279‌

Autodesk,

Inc.

(a)

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

24,110

7,265,307‌

Bentley

Systems,

Inc.

,

Class

B

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

15,367

781,105‌

Circle

Internet

Group,

Inc.

(a)

(b)

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

4,735

601,250‌

Datadog,

Inc.

,

Class

A

(a)

(b)

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

33,875

5,515,189‌

DocuSign,

Inc.

(a)

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

23,119

1,690,924‌

Dynatrace,

Inc.

(a)

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

33,873

1,712,958‌

Fair

Isaac

Corp.

(a)

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

2,636

4,374,521‌

Gen

Digital,

Inc.

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

64,615

1,703,251‌

Guidewire

Software,

Inc.

(a)

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

9,440

2,205,562‌

HubSpot,

Inc.

(a)

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

5,633

2,770,985‌

Nutanix,

Inc.

,

Class

A

(a)

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

28,881

2,057,482‌

PTC,

Inc.

(a)

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

13,517

2,683,665‌

Roper

Technologies,

Inc.

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

12,061

5,381,015‌

Tyler

Technologies,

Inc.

(a)

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

4,876

2,322,244‌

Workday,

Inc.

,

Class

A

(a)

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

24,482

5,873,721‌

Zoom

Communications,

Inc.

,

Class

A

(a)

......

27,228

2,375,098‌

Zscaler,

Inc.

(a)

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

10,998

3,641,878‌

56,070,434‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialized

REITs

—

2.3%

Crown

Castle,

Inc.

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

46,847

$

4,226,536‌

Digital

Realty

Trust,

Inc.

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

36,085

6,149,245‌

Extra

Space

Storage,

Inc.

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

23,132

3,089,047‌

Gaming

&

Leisure

Properties,

Inc.

.........

29,988

1,339,264‌

Iron

Mountain,

Inc.

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

33,430

3,441,619‌

Public

Storage

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

17,943

4,998,202‌

SBA

Communications

Corp.

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

12,227

2,341,226‌

VICI

Properties,

Inc.

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

119,522

3,584,465‌

Weyerhaeuser

Co.

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

78,748

1,811,204‌

30,980,808‌

Specialty

Retail

—

2.2%

AutoZone,

Inc.

(a)

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

1,902

6,988,766‌

Best

Buy

Co.,

Inc.

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

22,231

1,826,054‌

Burlington

Stores,

Inc.

(a)

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

7,098

1,941,942‌

Carvana

Co.

,

Class

A

(a)

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

15,597

4,781,104‌

Ross

Stores,

Inc.

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

36,679

5,829,027‌

Tractor

Supply

Co.

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

57,654

3,119,658‌

Ulta

Beauty,

Inc.

(a)

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

5,105

2,653,988‌

Williams-Sonoma,

Inc.

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

13,936

2,708,322‌

29,848,861‌

Technology

Hardware,

Storage

&

Peripherals

—

2.5%

Dell

Technologies,

Inc.

,

Class

C

...........

34,879

5,650,747‌

Hewlett

Packard

Enterprise

Co.

...........

148,939

3,637,090‌

HP,

Inc.

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

106,947

2,959,224‌

NetApp,

Inc.

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

21,785

2,565,837‌

Pure

Storage,

Inc.

,

Class

A

(a)

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

34,793

3,434,069‌

Seagate

Technology

Holdings

plc

..........

23,123

5,916,713‌

Super

Micro

Computer,

Inc.

(a)

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

59,552

3,094,322‌

Western

Digital

Corp.

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

39,062

5,867,503‌

33,125,505‌

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Deckers

Outdoor

Corp.

(a)

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

17,246

1,405,549‌

Lululemon

Athletica,

Inc.

(a)

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

11,962

2,040,000‌

Tapestry,

Inc.

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

23,477

2,578,244‌

6,023,793‌

Trading

Companies

&

Distributors

—

1.8%

Fastenal

Co.

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

129,477

5,327,979‌

Ferguson

Enterprises,

Inc.

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

22,745

5,652,132‌

United

Rentals,

Inc.

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

7,266

6,329,994‌

Watsco,

Inc.

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

3,948

1,452,903‌

WW

Grainger,

Inc.

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

5,127

5,019,333‌

23,782,341‌

Water

Utilities

—

0.2%

American

Water

Works

Co.,

Inc.

...........

22,093

2,837,404‌

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

1,069,519,359

)

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

1,339,217,864‌

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(e)

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

22,222,222

$

22,233,333‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

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

1,408,787

1,408,787‌

Total

Short-Term

Securities

—

1

.8

%

(Cost:

$

23,634,126

)

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

23,642,120‌

Total

Investments

—

101

.6

%

(Cost:

$

1,093,153,485

)

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

1,362,859,984‌

Liabilities

in

Excess

of

Other

Assets

—

(

1.6

)

%

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

(

21,596,304‌

)

Net

Assets

—

100.0%

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

$

1,341,263,680‌

(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.

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

14

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

23,133,198

$

—

$

(

901,829

)

(a)

$

656

$

1,308

$

22,233,333

22,222,222

$

108,362

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,037,118

—

(

628,331

)

(a)

—

—

1,408,787

1,408,787

31,427

—

$

656

$

1,308

$

23,642,120

$

139,789

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

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

4

12/19/25

$

1,303

$

(

22,874

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

......

$

—

$

—

$

22,874

$

—

$

—

$

—

$

22,874

(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).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

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

$

—

$

—

$

268,081

$

—

$

—

$

—

$

268,081

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

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

$

—

$

—

$

(

25,620

)

$

—

$

—

$

—

$

(

25,620

)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

15

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.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,284,560

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

1,339,217,864

$

—

$

—

$

1,339,217,864

Short-Term

Securities

Money

Market

Funds

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

23,642,120

—

—

23,642,120

$

1,362,859,984

$

—

$

—

$

1,362,859,984

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

22,874

)

$

—

$

—

$

(

22,874

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

Growth

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

3.7%

Axon

Enterprise,

Inc.

(a)

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

39,387

$

28,840,343

Curtiss-Wright

Corp.

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

20,003

11,916,387

HEICO

Corp.

.......................

22,496

7,148,554

HEICO

Corp.

,

Class

A

..................

40,968

10,149,003

Howmet

Aerospace,

Inc.

................

206,394

42,506,844

L3Harris

Technologies,

Inc.

..............

46,697

13,500,103

Textron,

Inc.

........................

34,332

2,774,369

116,835,603

Banks

—

0.2%

First

Citizens

BancShares,

Inc.

,

Class

A

......

3,373

6,155,118

Beverages

—

0.8%

Brown-Forman

Corp.

,

Class

A

............

10,029

271,987

Brown-Forman

Corp.

,

Class

B,

NVS

........

67,767

1,845,295

Monster

Beverage

Corp.

(a)

...............

364,159

24,336,746

26,454,028

Biotechnology

—

2.2%

(a)

Alnylam

Pharmaceuticals,

Inc.

............

66,684

30,410,571

BioMarin

Pharmaceutical,

Inc.

............

72,514

3,884,575

Insmed,

Inc.

........................

110,971

21,040,102

Natera,

Inc.

.........................

69,837

13,892,674

Summit

Therapeutics,

Inc.

(b)

..............

60,470

1,143,488

70,371,410

Broadline

Retail

—

0.7%

Coupang,

Inc.

,

Class

A

(a)

................

435,620

13,926,771

eBay,

Inc.

..........................

84,661

6,883,786

20,810,557

Building

Products

—

2.1%

Allegion

plc

.........................

26,156

4,335,880

Carlisle

Cos.,

Inc.

....................

23,002

7,476,800

Carrier

Global

Corp.

...................

211,277

12,568,869

Johnson

Controls

International

plc

.........

248,386

28,412,875

Lennox

International,

Inc.

...............

17,391

8,782,455

Masco

Corp.

........................

46,707

3,024,745

64,601,624

Capital

Markets

—

7.7%

Ameriprise

Financial,

Inc.

...............

26,849

12,156,422

Ares

Management

Corp.

,

Class

A

..........

107,936

16,051,163

Bank

of

New

York

Mellon

Corp.

(The)

.......

177,347

19,141,062

Blue

Owl

Capital,

Inc.

,

Class

A

............

306,559

4,834,435

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..........

111,143

38,208,741

FactSet

Research

Systems,

Inc.

...........

20,179

5,383,757

Interactive

Brokers

Group,

Inc.

,

Class

A

......

230,457

16,214,954

LPL

Financial

Holdings,

Inc.

..............

42,552

16,055,295

Morningstar,

Inc.

.....................

13,537

2,873,905

MSCI,

Inc.

.........................

39,794

23,420,759

Nasdaq,

Inc.

........................

205,907

17,602,989

Raymond

James

Financial,

Inc.

...........

43,472

6,897,702

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........

389,381

57,153,343

Tradeweb

Markets,

Inc.

,

Class

A

...........

61,689

6,501,404

242,495,931

Chemicals

—

1.1%

Corteva,

Inc.

........................

228,894

14,063,247

Dow,

Inc.

..........................

127,175

3,033,124

DuPont

de

Nemours,

Inc.

...............

92,582

7,559,320

International

Flavors

&

Fragrances,

Inc.

......

70,828

4,460,039

RPM

International,

Inc.

.................

35,816

3,913,973

Westlake

Corp.

......................

7,177

493,849

33,523,552

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

1.3%

Clean

Harbors,

Inc.

(a)

..................

27,072

$

5,698,927

Copart,

Inc.

(a)

.......................

446,884

19,220,481

Rollins,

Inc.

.........................

156,558

9,019,306

Veralto

Corp.

........................

84,317

8,320,401

42,259,115

Communications

Equipment

—

0.2%

F5,

Inc.

(a)

..........................

20,230

5,119,202

Construction

&

Engineering

—

2.4%

AECOM

...........................

46,213

6,208,717

Comfort

Systems

USA,

Inc.

..............

18,694

18,050,552

EMCOR

Group,

Inc.

...................

23,660

15,988,955

Quanta

Services,

Inc.

..................

77,381

34,754,128

75,002,352

Construction

Materials

—

1.0%

Martin

Marietta

Materials,

Inc.

............

15,745

9,653,260

Vulcan

Materials

Co.

..................

70,584

20,434,068

30,087,328

Consumer

Finance

—

0.8%

SoFi

Technologies,

Inc.

(a)

................

616,497

18,297,631

Synchrony

Financial

...................

90,446

6,727,373

25,025,004

Consumer

Staples

Distribution

&

Retail

—

1.1%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

.......

42,567

3,756,963

Casey's

General

Stores,

Inc.

.............

19,325

9,917,397

Performance

Food

Group

Co.

(a)

...........

57,884

5,599,698

Sprouts

Farmers

Market,

Inc.

(a)

............

52,107

4,114,369

Sysco

Corp.

........................

92,302

6,856,193

US

Foods

Holding

Corp.

(a)

...............

78,965

5,734,438

35,979,058

Containers

&

Packaging

—

0.2%

Avery

Dennison

Corp.

..................

15,419

2,696,629

Ball

Corp.

..........................

73,744

3,465,968

6,162,597

Diversified

Consumer

Services

—

0.3%

Duolingo,

Inc.

,

Class

A

(a)

................

20,681

5,597,106

Service

Corp.

International

..............

53,040

4,429,370

10,026,476

Electric

Utilities

—

0.4%

NRG

Energy,

Inc.

.....................

42,971

7,384,996

PPL

Corp.

.........................

166,470

6,079,484

13,464,480

Electrical

Equipment

—

3.5%

AMETEK,

Inc.

.......................

122,505

24,759,485

Emerson

Electric

Co.

..................

158,181

22,077,322

Hubbell,

Inc.

........................

28,424

13,359,280

Rockwell

Automation,

Inc.

...............

35,369

13,028,525

Vertiv

Holdings

Co.

,

Class

A

.............

199,230

38,423,498

111,648,110

Electronic

Equipment,

Instruments

&

Components

—

2.8%

CDW

Corp.

.........................

24,533

3,909,824

Corning,

Inc.

........................

221,282

19,711,800

Flex

Ltd.

(a)

..........................

82,625

5,165,715

Jabil,

Inc.

..........................

31,167

6,884,479

Keysight

Technologies,

Inc.

(a)

.............

63,428

11,604,787

TE

Connectivity

plc

...................

79,098

19,537,997

Teledyne

Technologies,

Inc.

(a)

.............

17,650

9,298,373

Trimble,

Inc.

(a)

(b)

......................

90,397

7,209,161

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.

,

Class

A

(a)

........

18,047

$

4,859,155

88,181,291

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.

,

Class

A

..............

264,609

12,809,722

Entertainment

—

3.3%

Electronic

Arts,

Inc.

...................

56,592

11,321,796

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

............................

12,577

1,144,256

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

........................

112,871

11,270,169

Live

Nation

Entertainment,

Inc.

(a)

(b)

.........

76,340

11,415,120

ROBLOX

Corp.

,

Class

A

(a)

...............

328,442

37,350,424

Take-Two

Interactive

Software,

Inc.

(a)

........

90,314

23,153,800

TKO

Group

Holdings,

Inc.

,

Class

A

.........

36,382

6,854,369

102,509,934

Financial

Services

—

1.8%

Affirm

Holdings,

Inc.

,

Class

A

(a)

............

141,432

10,166,132

Block,

Inc.

,

Class

A

(a)

..................

178,515

13,556,429

Corpay,

Inc.

(a)

.......................

24,354

6,340,564

Fidelity

National

Information

Services,

Inc.

....

189,635

11,855,980

Jack

Henry

&

Associates,

Inc.

............

38,760

5,772,914

Toast,

Inc.

,

Class

A

(a)

..................

263,396

9,519,132

57,211,151

Food

Products

—

0.3%

Hershey

Co.

(The)

....................

27,619

4,685,011

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

....

67,472

4,329,003

9,014,014

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

...................

40,110

6,887,689

Ground

Transportation

—

1.5%

JB

Hunt

Transport

Services,

Inc.

..........

23,244

3,924,982

Norfolk

Southern

Corp.

.................

72,750

20,615,895

Old

Dominion

Freight

Line,

Inc.

...........

94,736

13,302,829

XPO,

Inc.

(a)

(b)

........................

62,599

9,006,118

46,849,824

Health

Care

Equipment

&

Supplies

—

3.9%

Align

Technology,

Inc.

(a)

.................

18,622

2,567,602

Cooper

Cos.,

Inc.

(The)

(a)

...............

74,926

5,238,077

Dexcom,

Inc.

(a)

......................

207,387

12,074,071

Edwards

Lifesciences

Corp.

(a)

............

311,213

25,659,512

GE

HealthCare

Technologies,

Inc.

.........

98,514

7,383,624

IDEXX

Laboratories,

Inc.

(a)

...............

42,725

26,895,815

Insulet

Corp.

(a)

.......................

37,136

11,623,939

ResMed,

Inc.

.......................

78,148

19,293,178

STERIS

plc

.........................

50,597

11,925,713

122,661,531

Health

Care

Providers

&

Services

—

1.7%

Cardinal

Health,

Inc.

...................

73,657

14,051,546

Cencora,

Inc.

.......................

97,349

32,885,466

Molina

Healthcare,

Inc.

(a)

................

15,556

2,381,001

Tenet

Healthcare

Corp.

(a)

................

15,691

3,240,035

52,558,048

Health

Care

REITs

—

0.7%

Alexandria

Real

Estate

Equities,

Inc.

........

29,830

1,736,703

Healthpeak

Properties,

Inc.

..............

158,649

2,847,749

Ventas,

Inc.

........................

229,734

16,952,072

21,536,524

Security

Shares

Shares

Value

Health

Care

Technology

—

0.7%

Veeva

Systems,

Inc.

,

Class

A

(a)

...........

79,609

$

23,182,141

Hotels,

Restaurants

&

Leisure

—

5.1%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.................

145,063

18,356,272

Darden

Restaurants,

Inc.

...............

37,303

6,720,135

Domino's

Pizza,

Inc.

...................

16,862

6,718,832

DraftKings,

Inc.

,

Class

A

(a)

...............

259,036

7,923,911

Expedia

Group,

Inc.

...................

29,997

6,599,340

Flutter

Entertainment

plc

(a)

(b)

..............

88,179

20,509,554

Hilton

Worldwide

Holdings,

Inc.

...........

117,287

30,138,068

Las

Vegas

Sands

Corp.

................

96,575

5,731,726

Royal

Caribbean

Cruises

Ltd.

............

134,283

38,516,393

Yum!

Brands,

Inc.

....................

149,100

20,607,111

161,821,342

Household

Durables

—

1.0%

Garmin

Ltd.

.........................

63,433

13,570,856

NVR,

Inc.

(a)

.........................

613

4,420,233

PulteGroup,

Inc.

.....................

46,120

5,528,404

Somnigroup

International,

Inc.

............

99,206

7,871,004

31,390,497

Household

Products

—

0.8%

Church

&

Dwight

Co.,

Inc.

...............

131,028

11,489,845

Clorox

Co.

(The)

.....................

49,226

5,535,956

Kimberly-Clark

Corp.

..................

61,821

7,400,592

24,426,393

Independent

Power

and

Renewable

Electricity

Producers

—

1.1%

Vistra

Corp.

........................

179,609

33,820,375

Insurance

—

2.1%

Allstate

Corp.

(The)

...................

75,610

14,480,827

American

International

Group,

Inc.

.........

120,554

9,518,944

Brown

&

Brown,

Inc.

...................

149,420

11,914,751

Erie

Indemnity

Co.

,

Class

A,

NVS

..........

13,345

3,905,281

Loews

Corp.

........................

40,345

4,016,748

Markel

Group,

Inc.

(a)

(b)

..................

3,819

7,540,730

Willis

Towers

Watson

plc

................

23,733

7,430,802

WR

Berkley

Corp.

....................

90,064

6,425,166

65,233,249

Interactive

Media

&

Services

—

0.5%

(a)

Pinterest,

Inc.

,

Class

A

.................

143,642

4,754,550

Reddit,

Inc.

,

Class

A

...................

40,394

8,440,326

Snap,

Inc.

,

Class

A,

NVS

................

304,561

2,375,576

15,570,452

IT

Services

—

4.8%

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..............

162,119

41,064,743

CoreWeave,

Inc.

,

Class

A

(a)

..............

16,043

2,145,110

Gartner,

Inc.

(a)

(b)

......................

40,312

10,011,082

GoDaddy,

Inc.

,

Class

A

(a)

................

75,550

10,057,971

MongoDB,

Inc.

,

Class

A

(a)

...............

41,785

15,035,079

Okta,

Inc.

,

Class

A

(a)

...................

88,098

8,063,610

Snowflake,

Inc.

,

Class

A

(a)

...............

173,230

47,617,462

Twilio,

Inc.

,

Class

A

(a)

..................

53,102

7,162,398

VeriSign,

Inc.

.......................

42,375

10,161,525

151,318,980

Life

Sciences

Tools

&

Services

—

1.4%

Agilent

Technologies,

Inc.

...............

58,103

8,503,955

IQVIA

Holdings,

Inc.

(a)

..................

29,368

6,356,997

Mettler-Toledo

International,

Inc.

(a)

.........

6,479

9,176,143

Revvity,

Inc.

........................

24,553

2,297,915

Waters

Corp.

(a)

(b)

.....................

31,442

10,992,123

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

Growth

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

West

Pharmaceutical

Services,

Inc.

........

22,706

$

6,404,682

43,731,815

Machinery

—

3.5%

Cummins,

Inc.

.......................

34,058

14,906,505

Dover

Corp.

........................

46,084

8,362,403

Fortive

Corp.

........................

89,003

4,480,411

Graco,

Inc.

.........................

89,589

7,325,693

IDEX

Corp.

.........................

20,517

3,517,845

Ingersoll

Rand,

Inc.

...................

141,770

10,821,304

Otis

Worldwide

Corp.

..................

140,537

13,036,212

Pentair

plc

.........................

63,070

6,707,495

Snap-on,

Inc.

.......................

9,009

3,022,970

Westinghouse

Air

Brake

Technologies

Corp.

...

90,891

18,581,756

Xylem,

Inc.

.........................

128,070

19,319,359

110,081,953

Media

—

0.9%

Fox

Corp.

,

Class

A,

NVS

................

49,203

3,180,974

Fox

Corp.

,

Class

B

....................

30,855

1,802,241

Liberty

Broadband

Corp.

,

Class

A

(a)

.........

8,932

477,772

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

....

55,757

3,000,842

News

Corp.

,

Class

A,

NVS

..............

201,278

5,333,867

News

Corp.

,

Class

B

..................

55,132

1,679,872

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

.........

236,949

11,913,796

27,389,364

Metals

&

Mining

—

1.0%

Freeport-McMoRan,

Inc.

................

517,319

21,572,202

Reliance,

Inc.

.......................

11,694

3,302,737

Steel

Dynamics,

Inc.

...................

37,630

5,900,384

30,775,323

Multi-Utilities

—

1.5%

Ameren

Corp.

.......................

58,340

5,951,847

CenterPoint

Energy,

Inc.

................

156,886

5,999,321

CMS

Energy

Corp.

....................

63,195

4,647,992

Dominion

Energy,

Inc.

..................

240,847

14,135,310

Public

Service

Enterprise

Group,

Inc.

.......

102,950

8,293,652

WEC

Energy

Group,

Inc.

................

68,658

7,671,158

46,699,280

Oil,

Gas

&

Consumable

Fuels

—

1.3%

Chevron

Corp.

.......................

6

930

EQT

Corp.

.........................

159,920

8,568,514

Expand

Energy

Corp.

..................

60,344

6,234,139

Targa

Resources

Corp.

.................

115,032

17,719,529

Texas

Pacific

Land

Corp.

................

10,090

9,518,704

42,041,816

Passenger

Airlines

—

0.2%

Southwest

Airlines

Co.

.................

177,245

5,370,524

Personal

Care

Products

—

0.1%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

......

40,771

3,942,148

Professional

Services

—

2.7%

Booz

Allen

Hamilton

Holding

Corp.

.........

64,871

5,654,156

Broadridge

Financial

Solutions,

Inc.

........

62,294

13,729,598

Equifax,

Inc.

........................

65,499

13,826,839

Jacobs

Solutions,

Inc.

..................

28,166

4,388,544

Leidos

Holdings,

Inc.

..................

27,584

5,253,925

Paychex,

Inc.

.......................

118,047

13,815,040

Paycom

Software,

Inc.

.................

26,781

5,010,457

TransUnion

.........................

102,954

8,357,806

Verisk

Analytics,

Inc.

...................

74,522

16,302,433

86,338,798

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

1.2%

(a)

CBRE

Group,

Inc.

,

Class

A

..............

105,088

$

16,018,564

CoStar

Group,

Inc.

....................

211,778

14,572,444

Zillow

Group,

Inc.

,

Class

A

...............

26,927

1,926,088

Zillow

Group,

Inc.

,

Class

C,

NVS

..........

89,455

6,707,336

39,224,432

Residential

REITs

—

1.2%

American

Homes

4

Rent

,

Class

A

..........

96,629

3,053,477

AvalonBay

Communities,

Inc.

............

36,969

6,429,649

Camden

Property

Trust

.................

23,234

2,311,318

Equity

LifeStyle

Properties,

Inc.

...........

62,204

3,797,554

Equity

Residential

....................

89,319

5,309,121

Essex

Property

Trust,

Inc.

...............

17,400

4,380,798

Invitation

Homes,

Inc.

..................

170,681

4,804,670

Mid-America

Apartment

Communities,

Inc.

....

27,773

3,561,332

Sun

Communities,

Inc.

.................

26,172

3,313,375

UDR,

Inc.

..........................

68,148

2,295,906

39,257,200

Retail

REITs

—

0.7%

Realty

Income

Corp.

...................

346,699

20,101,608

Regency

Centers

Corp.

................

34,666

2,390,221

22,491,829

Semiconductors

&

Semiconductor

Equipment

—

3.3%

Entegris,

Inc.

........................

79,696

7,297,763

Marvell

Technology,

Inc.

................

457,533

42,889,143

Monolithic

Power

Systems,

Inc.

...........

24,292

24,413,460

NXP

Semiconductors

NV

...............

63,745

13,330,354

ON

Semiconductor

Corp.

(a)

..............

104,633

5,240,021

Teradyne,

Inc.

.......................

55,324

10,055,690

103,226,431

Software

—

7.8%

Atlassian

Corp.

,

Class

A

(a)

...............

86,441

14,644,834

Autodesk,

Inc.

(a)

......................

113,084

34,076,733

Bentley

Systems,

Inc.

,

Class

B

............

71,383

3,628,398

Datadog,

Inc.

,

Class

A

(a)

................

158,912

25,872,463

DocuSign,

Inc.

(a)

.....................

107,965

7,896,560

Dynatrace,

Inc.

(a)

.....................

158,128

7,996,533

Fair

Isaac

Corp.

(a)

.....................

12,405

20,586,470

Gen

Digital,

Inc.

......................

109,412

2,884,100

Guidewire

Software,

Inc.

(a)

...............

44,282

10,346,047

HubSpot,

Inc.

(a)

......................

26,449

13,010,792

Nutanix,

Inc.

,

Class

A

(a)

.................

135,929

9,683,582

PTC,

Inc.

(a)

.........................

63,373

12,582,075

Roper

Technologies,

Inc.

................

56,592

25,248,521

Tyler

Technologies,

Inc.

(a)

...............

22,854

10,884,446

Workday,

Inc.

,

Class

A

(a)

................

114,869

27,559,370

Zscaler,

Inc.

(a)

.......................

51,643

17,101,063

244,001,987

Specialized

REITs

—

2.1%

Crown

Castle,

Inc.

....................

157,725

14,229,949

Digital

Realty

Trust,

Inc.

................

84,216

14,351,249

Extra

Space

Storage,

Inc.

...............

53,004

7,078,154

Iron

Mountain,

Inc.

....................

100,092

10,304,471

Public

Storage

.......................

34,089

9,495,832

SBA

Communications

Corp.

.............

57,331

10,977,740

66,437,395

Specialty

Retail

—

3.7%

AutoZone,

Inc.

(a)

.....................

8,882

32,636,287

Burlington

Stores,

Inc.

(a)

................

33,364

9,128,057

Carvana

Co.

,

Class

A

(a)

.................

73,103

22,408,994

Ross

Stores,

Inc.

.....................

171,989

27,332,492

Tractor

Supply

Co.

....................

270,620

14,643,248

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Ulta

Beauty,

Inc.

(a)

....................

10,336

$

5,373,480

Williams-Sonoma,

Inc.

.................

31,898

6,199,057

117,721,615

Technology

Hardware,

Storage

&

Peripherals

—

1.2%

NetApp,

Inc.

........................

48,095

5,664,629

Pure

Storage,

Inc.

,

Class

A

(a)

(b)

............

163,207

16,108,531

Super

Micro

Computer,

Inc.

(a)

.............

280,607

14,580,340

36,353,500

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Deckers

Outdoor

Corp.

(a)

................

80,471

6,558,387

Lululemon

Athletica,

Inc.

(a)

...............

36,982

6,306,910

Tapestry,

Inc.

........................

65,457

7,188,488

20,053,785

Trading

Companies

&

Distributors

—

2.7%

Fastenal

Co.

........................

607,446

24,996,403

Ferguson

Enterprises,

Inc.

...............

35,629

8,853,806

United

Rentals,

Inc.

...................

23,620

20,577,272

Watsco,

Inc.

........................

18,472

6,797,881

WW

Grainger,

Inc.

....................

24,030

23,525,370

84,750,732

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

...........

63,338

8,134,499

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

2,578,266,208

)

............................

3,141,029,128

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(e)

...................

72,693,835

$

72,730,181

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

....................

5,918,301

5,918,301

Total

Short-Term

Securities

—

2

.5

%

(Cost:

$

78,615,865

)

...............................

78,648,482

Total

Investments

—

102

.3

%

(Cost:

$

2,656,882,073

)

............................

3,219,677,610

Liabilities

in

Excess

of

Other

Assets

—

(

2.3

)

%

.............

(

71,569,524

)

Net

Assets

—

100.0%

...............................

$

3,148,108,086

(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.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

84,106,705

$

—

$

(

11,378,602

)

(a)

$

1,882

$

196

$

72,730,181

72,693,835

$

307,895

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

3,957,765

1,960,536

(a)

—

—

—

5,918,301

5,918,301

91,152

—

$

1,882

$

196

$

78,648,482

$

399,047

$

—

—

—

(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.

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

Growth

ETF

20

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Nasdaq-100

E-Mini

Index

.....................................................

4

12/19/25

$

2,080

$

109,808

Russell

2000

E-Mini

Index

....................................................

36

12/19/25

4,482

61,464

$

171,272

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

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)

......

$

—

$

—

$

171,272

$

—

$

—

$

—

$

171,272

(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).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

.......................

$

—

$

—

$

946,020

$

—

$

—

$

—

$

946,020

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

222,414

$

—

$

—

$

—

$

222,414

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

5,314,140

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedules

of

Investments

21

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

.........................................

$

3,141,029,128

$

—

$

—

$

3,141,029,128

Short-Term

Securities

Money

Market

Funds

......................................

78,648,482

—

—

78,648,482

$

3,219,677,610

$

—

$

—

$

3,219,677,610

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

171,272

$

—

$

—

$

171,272

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

5.8%

AeroVironment,

Inc.

(a)

(b)

.................

10,402

$

3,847,804

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

139,464

1,564,786

ATI,

Inc.

(b)

..........................

38,854

3,845,380

BWX

Technologies,

Inc.

................

25,487

5,444,278

Cadre

Holdings,

Inc.

...................

6,785

288,091

Carpenter

Technology

Corp.

.............

13,237

4,181,568

Ducommun,

Inc.

(b)

....................

3,597

330,025

Eve

Holding,

Inc.

(a)

(b)

...................

13,989

60,992

Hexcel

Corp.

........................

22,369

1,597,147

Huntington

Ingalls

Industries,

Inc.

..........

4,398

1,416,244

Intuitive

Machines,

Inc.

,

Class

A

(a)

(b)

.........

10,143

121,006

Karman

Holdings,

Inc.

(a)

(b)

...............

9,850

829,764

Kratos

Defense

&

Security

Solutions,

Inc.

(b)

...

45,858

4,154,735

Leonardo

DRS,

Inc.

...................

20,493

749,224

Loar

Holdings,

Inc.

(a)

(b)

..................

6,401

506,511

Mercury

Systems,

Inc.

(b)

................

9,956

770,694

Moog,

Inc.

,

Class

A

...................

5,232

1,071,775

Redwire

Corp.

(a)

(b)

.....................

12,562

98,863

Rocket

Lab

Corp.

(b)

...................

116,518

7,338,304

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(b)

...

10,818

396,912

StandardAero,

Inc.

(b)

...................

31,249

902,784

VSE

Corp.

(a)

........................

5,097

920,926

Woodward,

Inc.

......................

16,440

4,309,088

44,746,901

Air

Freight

&

Logistics

—

0.5%

CH

Robinson

Worldwide,

Inc.

............

20,840

3,209,152

GXO

Logistics,

Inc.

(a)

(b)

.................

9,267

520,898

3,730,050

Automobile

Components

—

0.7%

Dorman

Products,

Inc.

(b)

................

4,320

579,442

Gentex

Corp.

.......................

58,894

1,381,064

Gentherm,

Inc.

(b)

.....................

2,797

102,930

Mobileye

Global,

Inc.

,

Class

A

(b)

...........

43,291

569,277

Modine

Manufacturing

Co.

(a)

(b)

............

13,799

2,114,145

Patrick

Industries,

Inc.

.................

3,830

399,737

XPEL,

Inc.

(b)

(c)

.......................

5,976

203,781

5,350,376

Automobiles

—

0.1%

Lucid

Group,

Inc.

(a)

(b)

...................

15,936

282,864

Thor

Industries,

Inc.

...................

7,327

764,572

1,047,436

Banks

—

2.0%

1st

Source

Corp.

.....................

1,995

118,583

Amalgamated

Financial

Corp.

............

2,437

66,433

Ameris

Bancorp

......................

9,017

645,797

Axos

Financial,

Inc.

(b)

..................

8,098

631,482

BancFirst

Corp.

......................

3,620

394,073

Bancorp,

Inc.

(The)

(b)

..................

12,664

827,846

Bank

First

Corp.

.....................

2,529

308,841

Beacon

Financial

Corp.

.................

11,679

284,267

Burke

&

Herbert

Financial

Services

Corp.

....

1,991

117,190

Cadence

Bank

......................

10,972

414,083

Capital

City

Bank

Group,

Inc.

.............

1,998

77,722

City

Holding

Co.

.....................

1,936

228,216

Coastal

Financial

Corp.

(b)

...............

3,458

368,277

Columbia

Financial,

Inc.

(a)

(b)

..............

2,146

31,653

Commerce

Bancshares,

Inc.

.............

16,723

880,131

Equity

Bancshares,

Inc.

,

Class

A

..........

2,060

83,451

Esquire

Financial

Holdings,

Inc.

...........

2,080

195,104

First

Financial

Bankshares,

Inc.

...........

23,698

732,031

Flagstar

Bank

NA

.....................

42,741

488,102

Security

Shares

Shares

Value

Banks

(continued)

German

American

Bancorp,

Inc.

...........

3,527

$

135,931

Home

BancShares,

Inc.

................

25,987

694,113

HomeTrust

Bancshares,

Inc.

.............

2,445

96,113

International

Bancshares

Corp.

...........

7,737

513,582

Lakeland

Financial

Corp.

................

2,261

128,990

Live

Oak

Bancshares,

Inc.

...............

4,511

140,472

Metrocity

Bankshares,

Inc.

..............

3,114

79,749

NB

Bancorp,

Inc.

(a)

....................

9,738

175,966

Nicolet

Bankshares,

Inc.

................

1,942

229,428

Northeast

Bank

(a)

.....................

2,382

205,519

Pathward

Financial,

Inc.

................

6,436

438,034

QCR

Holdings,

Inc.

...................

1,687

125,496

Renasant

Corp.

......................

10,226

343,900

Republic

Bancorp,

Inc.

,

Class

A

...........

1,322

87,120

Seacoast

Banking

Corp.

of

Florida

.........

13,382

405,475

ServisFirst

Bancshares,

Inc.

.............

15,036

1,056,580

Southern

Missouri

Bancorp,

Inc.

...........

1,520

79,709

Stock

Yards

Bancorp,

Inc.

...............

7,408

481,668

Texas

Capital

Bancshares,

Inc.

(b)

..........

4,814

403,606

TFS

Financial

Corp.

...................

7,336

97,569

Tompkins

Financial

Corp.

...............

1,443

91,573

Triumph

Financial,

Inc.

(b)

................

2,415

131,521

Western

Alliance

Bancorp

...............

12,886

996,732

Wintrust

Financial

Corp.

................

6,846

890,117

WSFS

Financial

Corp.

.................

7,889

410,938

15,333,183

Beverages

—

0.7%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(b)

.......

966

199,952

Celsius

Holdings,

Inc.

(b)

.................

45,586

2,745,645

Coca-Cola

Consolidated,

Inc.

.............

14,584

1,901,462

National

Beverage

Corp.

(b)

...............

4,031

138,142

Vita

Coco

Co.,

Inc.

(The)

(a)

(b)

.............

11,449

471,470

5,456,671

Biotechnology

—

6.8%

(b)

ACADIA

Pharmaceuticals,

Inc.

............

24,119

547,501

ADMA

Biologics,

Inc.

..................

65,197

1,009,250

Agios

Pharmaceuticals,

Inc.

..............

7,623

329,619

Akero

Therapeutics,

Inc.

................

11,600

628,720

Alkermes

plc

........................

15,612

479,288

Amicus

Therapeutics,

Inc.

...............

70,817

639,477

AnaptysBio,

Inc.

(a)

....................

3,378

123,567

Anavex

Life

Sciences

Corp.

(a)

.............

11,811

94,134

Apellis

Pharmaceuticals,

Inc.

.............

22,392

480,756

Arbutus

Biopharma

Corp.

(a)

..............

17,795

84,170

Arcellx,

Inc.

.........................

10,569

953,852

Arcutis

Biotherapeutics,

Inc.

.............

29,929

757,503

Ardelyx,

Inc.

........................

62,326

377,696

ARS

Pharmaceuticals,

Inc.

(a)

.............

2,918

26,145

Aurinia

Pharmaceuticals,

Inc.

.............

33,023

434,913

Avidity

Biosciences,

Inc.

................

12,580

878,713

Beam

Therapeutics,

Inc.

................

9,703

242,672

BioCryst

Pharmaceuticals,

Inc.

............

53,467

391,378

Biohaven

Ltd.

.......................

25,039

430,671

Bridgebio

Pharma,

Inc.

(a)

................

39,075

2,447,658

Capricor

Therapeutics,

Inc.

(a)

.............

6,272

40,831

CareDx,

Inc.

........................

9,037

135,555

Catalyst

Pharmaceuticals,

Inc.

............

20,839

443,246

Celldex

Therapeutics,

Inc.

(a)

..............

8,437

225,521

CG

oncology,

Inc.

(a)

...................

15,155

655,757

Cogent

Biosciences,

Inc.

................

9,972

162,544

CRISPR

Therapeutics

AG

(a)

..............

11,663

746,315

Cytokinetics,

Inc.

.....................

18,720

1,190,405

Day

One

Biopharmaceuticals,

Inc.

.........

19,042

141,672

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Dianthus

Therapeutics,

Inc.

(a)

.............

2,878

$

100,672

Disc

Medicine,

Inc.

....................

4,359

375,833

Dynavax

Technologies

Corp.

.............

15,552

159,564

Exact

Sciences

Corp.

..................

30,365

1,964,312

Exelixis,

Inc.

........................

36,712

1,419,653

Geron

Corp.

........................

51,352

64,704

GRAIL,

Inc.

(a)

.......................

2,816

258,875

Gyre

Therapeutics,

Inc.

(a)

...............

2,193

16,996

Halozyme

Therapeutics,

Inc.

.............

34,380

2,241,232

Ideaya

Biosciences,

Inc.

(a)

...............

7,132

227,225

ImmunityBio,

Inc.

(a)

....................

62,344

149,626

Immunome,

Inc.

(a)

....................

20,237

325,209

Immunovant,

Inc.

.....................

19,562

482,790

Ionis

Pharmaceuticals,

Inc.

..............

41,401

3,076,094

Janux

Therapeutics,

Inc.

................

10,683

306,709

KalVista

Pharmaceuticals,

Inc.

(a)

...........

6,746

73,599

Kiniksa

Pharmaceuticals

International

plc

(a)

...

9,772

361,662

Krystal

Biotech,

Inc.

...................

7,218

1,425,627

Kymera

Therapeutics,

Inc.

(a)

..............

7,497

463,614

Madrigal

Pharmaceuticals,

Inc.

(a)

..........

5,110

2,140,579

MannKind

Corp.

.....................

49,847

278,645

MeiraGTx

Holdings

plc

(a)

................

9,892

89,819

MiMedx

Group,

Inc.

...................

13,544

103,612

Mineralys

Therapeutics,

Inc.

.............

5,364

219,173

Mirum

Pharmaceuticals,

Inc.

.............

10,785

783,530

MoonLake

Immunotherapeutics

...........

7,953

80,325

Neurocrine

Biosciences,

Inc.

.............

27,469

3,933,835

Novavax,

Inc.

(a)

......................

19,148

160,843

Nurix

Therapeutics,

Inc.

(a)

...............

11,191

144,812

Nuvalent,

Inc.

,

Class

A

.................

11,113

1,103,743

Organogenesis

Holdings,

Inc.

,

Class

A

(a)

.....

8,321

35,364

Praxis

Precision

Medicines,

Inc.

(a)

..........

2,733

543,211

Protagonist

Therapeutics,

Inc.

............

8,742

687,296

PTC

Therapeutics,

Inc.

(a)

................

8,763

598,601

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)

...

91,414

504,605

Revolution

Medicines,

Inc.

...............

23,991

1,411,630

Rhythm

Pharmaceuticals,

Inc.

(a)

...........

13,157

1,496,740

Roivant

Sciences

Ltd.

..................

107,242

2,143,768

Sarepta

Therapeutics,

Inc.

(a)

.............

15,481

371,699

Savara,

Inc.

(a)

.......................

22,660

94,039

Scholar

Rock

Holding

Corp.

(a)

............

19,471

576,731

Soleno

Therapeutics,

Inc.

(a)

..............

11,810

793,160

Syndax

Pharmaceuticals,

Inc.

............

22,038

301,921

TG

Therapeutics,

Inc.

(a)

.................

40,369

1,404,034

Travere

Therapeutics,

Inc.

...............

14,648

515,024

Twist

Bioscience

Corp.

(a)

................

16,421

540,087

Ultragenyx

Pharmaceutical,

Inc.

...........

24,584

850,606

uniQure

NV

(a)

.......................

6,277

424,890

Veracyte,

Inc.

.......................

19,940

719,435

Vericel

Corp.

........................

13,930

488,386

Viking

Therapeutics,

Inc.

(a)

...............

11,700

445,536

Viridian

Therapeutics,

Inc.

...............

6,751

159,526

Xencor,

Inc.

........................

8,103

119,195

Zymeworks,

Inc.

.....................

5,483

104,643

52,962,568

Broadline

Retail

—

0.4%

(b)

Etsy,

Inc.

..........................

10,333

640,646

Groupon,

Inc.

(a)

......................

6,875

138,394

Ollie's

Bargain

Outlet

Holdings,

Inc.

........

17,198

2,077,690

Savers

Value

Village,

Inc.

(a)

..............

2,469

22,740

2,879,470

Security

Shares

Shares

Value

Building

Products

—

2.1%

A

O

Smith

Corp.

.....................

19,423

$

1,281,724

AAON,

Inc.

.........................

18,831

1,852,782

Advanced

Drainage

Systems,

Inc.

.........

11,791

1,651,330

American

Woodmark

Corp.

(b)

.............

1,133

72,206

Armstrong

World

Industries,

Inc.

...........

12,060

2,296,586

AZZ,

Inc.

..........................

3,391

338,591

CSW

Industrials,

Inc.

..................

4,577

1,146,172

Gibraltar

Industries,

Inc.

(b)

...............

3,522

219,738

Griffon

Corp.

........................

5,333

394,695

Hayward

Holdings,

Inc.

(b)

................

23,866

405,006

Janus

International

Group,

Inc.

(b)

..........

9,972

95,731

Simpson

Manufacturing

Co.,

Inc.

..........

11,696

2,064,344

Tecnoglass,

Inc.

......................

6,636

395,705

Trex

Co.,

Inc.

(b)

......................

29,853

1,442,497

UFP

Industries,

Inc.

...................

7,823

720,733

Zurn

Elkay

Water

Solutions

Corp.

..........

42,117

1,984,132

16,361,972

Capital

Markets

—

3.1%

Acadian

Asset

Management,

Inc.

..........

5,547

266,811

Affiliated

Managers

Group,

Inc.

...........

3,143

747,908

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

.............................

11,422

498,684

BGC

Group,

Inc.

,

Class

A

...............

54,643

499,437

Cohen

&

Steers,

Inc.

..................

7,849

536,244

DigitalBridge

Group,

Inc.

,

Class

A

..........

42,607

504,041

Evercore,

Inc.

,

Class

A

.................

10,392

3,061,067

Federated

Hermes,

Inc.

,

Class

B,

NVS

......

8,861

429,581

Freedom

Holding

Corp.

(a)

(b)

..............

5,134

788,890

GCM

Grosvenor,

Inc.

,

Class

A

............

5,880

67,679

Hamilton

Lane,

Inc.

,

Class

A

.............

10,731

1,222,905

Houlihan

Lokey,

Inc.

,

Class

A

.............

15,043

2,693,900

Jefferies

Financial

Group,

Inc.

............

25,894

1,367,980

MarketAxess

Holdings,

Inc.

..............

10,246

1,639,975

Moelis

&

Co.

,

Class

A

..................

2,051

129,890

Oppenheimer

Holdings,

Inc.

,

Class

A,

NVS

...

793

55,320

P10,

Inc.

,

Class

A

....................

15,599

158,486

Perella

Weinberg

Partners

,

Class

C

........

16,493

308,089

Piper

Sandler

Cos.

....................

2,977

950,437

PJT

Partners,

Inc.

,

Class

A

..............

6,169

993,888

SEI

Investments

Co.

...................

17,673

1,424,621

StepStone

Group,

Inc.

,

Class

A

...........

12,436

757,104

Stifel

Financial

Corp.

..................

16,143

1,911,815

StoneX

Group,

Inc.

(b)

..................

8,478

779,298

TPG,

Inc.

,

Class

A

....................

33,582

1,848,353

Victory

Capital

Holdings,

Inc.

,

Class

A

.......

7,906

492,307

WisdomTree,

Inc.

.....................

14,562

174,161

24,308,871

Chemicals

—

1.1%

Albemarle

Corp.

.....................

12,261

1,204,398

Ashland,

Inc.

........................

3,936

192,471

Axalta

Coating

Systems

Ltd.

(b)

............

21,895

623,351

Balchem

Corp.

......................

9,060

1,389,713

Cabot

Corp.

........................

4,671

315,199

Element

Solutions,

Inc.

.................

22,018

588,321

Hawkins,

Inc.

.......................

5,305

752,514

HB

Fuller

Co.

.......................

5,246

300,963

NewMarket

Corp.

.....................

937

719,522

Olin

Corp.

..........................

14,447

299,053

Perimeter

Solutions,

Inc.

(b)

...............

36,943

868,530

PureCycle

Technologies,

Inc.

(a)

(b)

...........

15,356

177,823

Quaker

Chemical

Corp.

................

1,255

174,307

Sensient

Technologies

Corp.

.............

11,746

1,107,530

8,713,695

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

1.2%

ABM

Industries,

Inc.

...................

6,107

$

262,601

ACV

Auctions,

Inc.

,

Class

A

(b)

.............

42,910

389,194

Brady

Corp.

,

Class

A,

NVS

..............

7,335

556,800

BrightView

Holdings,

Inc.

(a)

(b)

.............

5,683

70,015

Brink's

Co.

(The)

.....................

6,832

759,445

Casella

Waste

Systems,

Inc.

,

Class

A

(a)

(b)

.....

17,333

1,535,184

CoreCivic,

Inc.

(b)

.....................

11,385

210,964

GEO

Group,

Inc.

(The)

(b)

................

16,055

272,453

HNI

Corp.

..........................

4,284

175,301

Interface,

Inc.

.......................

7,217

179,703

Liquidity

Services,

Inc.

(b)

................

6,473

154,964

MSA

Safety,

Inc.

.....................

10,367

1,627,930

OPENLANE,

Inc.

(b)

....................

9,325

246,366

Tetra

Tech,

Inc.

......................

69,759

2,230,893

UniFirst

Corp.

.......................

2,423

373,990

9,045,803

Communications

Equipment

—

1.9%

(b)

Applied

Optoelectronics,

Inc.

(a)

............

9,531

338,922

Calix,

Inc.

..........................

16,336

1,117,709

Ciena

Corp.

........................

39,388

7,480,569

Digi

International,

Inc.

..................

5,791

212,414

Extreme

Networks,

Inc.

.................

20,253

385,212

Harmonic,

Inc.

.......................

31,858

340,881

Lumentum

Holdings,

Inc.

................

19,221

3,874,185

Ribbon

Communications,

Inc.

............

10,414

34,991

Viavi

Solutions,

Inc.

...................

36,414

644,528

14,429,411

Construction

&

Engineering

—

2.9%

API

Group

Corp.

(b)

....................

86,108

3,170,497

Arcosa,

Inc.

........................

12,840

1,309,680

Argan,

Inc.

.........................

3,603

1,103,275

Centuri

Holdings,

Inc.

(b)

.................

4,655

93,984

Construction

Partners,

Inc.

,

Class

A

(a)

(b)

......

13,058

1,493,182

Dycom

Industries,

Inc.

(b)

................

7,717

2,220,875

Everus

Construction

Group,

Inc.

(b)

..........

4,626

420,457

Fluor

Corp.

(a)

(b)

.......................

16,524

805,875

Granite

Construction,

Inc.

...............

7,904

813,401

Great

Lakes

Dredge

&

Dock

Corp.

(b)

........

7,258

82,378

IES

Holdings,

Inc.

(a)

(b)

..................

2,350

920,918

Limbach

Holdings,

Inc.

(a)

(b)

...............

2,885

272,575

MasTec,

Inc.

(b)

.......................

17,061

3,483,174

MYR

Group,

Inc.

(b)

....................

1,865

406,011

Primoris

Services

Corp.

................

9,603

1,359,017

Sterling

Infrastructure,

Inc.

(a)

(b)

............

8,465

3,198,923

Valmont

Industries,

Inc.

.................

2,832

1,170,834

WillScot

Holdings

Corp.

................

17,814

387,454

22,712,510

Construction

Materials

—

0.4%

Eagle

Materials,

Inc.

...................

9,275

1,969,268

Knife

River

Corp.

(b)

....................

7,368

445,469

United

States

Lime

&

Minerals,

Inc.

.........

2,990

350,488

2,765,225

Consumer

Finance

—

0.6%

Atlanticus

Holdings

Corp.

(a)

(b)

.............

961

52,961

Dave,

Inc.

,

Class

A

(a)

(b)

.................

2,717

650,232

Enova

International,

Inc.

(b)

...............

3,224

385,494

EZCORP,

Inc.

,

Class

A,

NVS

(b)

............

7,121

129,958

FirstCash

Holdings,

Inc.

................

7,202

1,141,517

LendingClub

Corp.

(b)

...................

12,067

209,845

Nelnet,

Inc.

,

Class

A

...................

1,669

215,385

SLM

Corp.

.........................

30,801

827,007

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Upstart

Holdings,

Inc.

(a)

(b)

................

23,270

$

1,105,790

4,718,189

Consumer

Staples

Distribution

&

Retail

—

0.4%

Chefs'

Warehouse,

Inc.

(The)

(b)

...........

5,707

336,713

Maplebear,

Inc.

(b)

.....................

51,247

1,888,964

Natural

Grocers

by

Vitamin

Cottage,

Inc.

.....

1,023

32,828

PriceSmart,

Inc.

......................

6,477

744,466

Weis

Markets,

Inc.

....................

1,196

75,755

3,078,726

Containers

&

Packaging

—

0.4%

AptarGroup,

Inc.

.....................

18,282

2,120,895

Crown

Holdings,

Inc.

..................

13,517

1,313,582

3,434,477

Distributors

—

0.2%

Pool

Corp.

.........................

4,983

1,330,760

Diversified

Consumer

Services

—

1.3%

Adtalem

Global

Education,

Inc.

(b)

..........

10,280

1,007,646

Bright

Horizons

Family

Solutions,

Inc.

(b)

......

15,323

1,673,731

Carriage

Services,

Inc.

.................

1,932

86,360

Coursera,

Inc.

(b)

......................

31,581

265,912

Driven

Brands

Holdings,

Inc.

(b)

............

6,100

87,535

Frontdoor,

Inc.

(b)

......................

10,333

686,421

Graham

Holdings

Co.

,

Class

B

............

429

434,204

Grand

Canyon

Education,

Inc.

(b)

...........

7,758

1,460,831

H&R

Block,

Inc.

......................

24,700

1,228,578

Laureate

Education,

Inc.

(b)

...............

21,073

611,749

Mister

Car

Wash,

Inc.

(b)

.................

19,052

106,501

OneSpaWorld

Holdings

Ltd.

..............

25,844

601,390

Perdoceo

Education

Corp.

...............

10,196

323,825

Strategic

Education,

Inc.

................

3,211

243,972

Stride,

Inc.

(b)

........................

11,221

763,477

Udemy,

Inc.

(b)

.......................

7,051

40,156

Universal

Technical

Institute,

Inc.

(b)

.........

12,978

385,706

10,007,994

Diversified

REITs

—

0.1%

Alexander

&

Baldwin,

Inc.

...............

12,386

197,804

Essential

Properties

Realty

Trust,

Inc.

.......

30,591

914,059

Gladstone

Commercial

Corp.

.............

4,934

56,396

1,168,259

Diversified

Telecommunication

Services

—

0.7%

Anterix,

Inc.

(a)

(b)

......................

3,050

61,671

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

.........

38,460

3,086,415

Cogent

Communications

Holdings,

Inc.

......

7,641

315,191

Globalstar,

Inc.

(a)

(b)

....................

13,694

745,091

IDT

Corp.

,

Class

B

....................

3,282

166,266

Iridium

Communications,

Inc.

.............

27,008

517,203

Liberty

Latin

America

Ltd.

,

Class

A

(b)

........

4,453

34,734

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

(b)

...

15,709

124,258

Shenandoah

Telecommunications

Co.

.......

6,123

75,435

5,126,264

Electric

Utilities

—

0.2%

IDACORP,

Inc.

......................

7,079

913,333

MGE

Energy,

Inc.

.....................

5,651

468,298

1,381,631

Electrical

Equipment

—

2.6%

Acuity,

Inc.

.........................

4,401

1,606,585

American

Superconductor

Corp.

(b)

.........

12,127

718,282

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

..........

55,813

7,376,246

EnerSys

...........................

4,248

535,928

Enovix

Corp.

(a)

(b)

......................

40,888

490,247

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Eos

Energy

Enterprises,

Inc.

,

Class

A

(a)

(b)

.....

70,330

$

1,127,390

Generac

Holdings,

Inc.

(a)

(b)

...............

11,307

1,899,802

NANO

Nuclear

Energy,

Inc.

(a)

(b)

............

8,062

383,268

NuScale

Power

Corp.

,

Class

A

(a)

(b)

..........

36,037

1,616,980

nVent

Electric

plc

.....................

23,792

2,720,615

Powell

Industries,

Inc.

..................

2,569

984,929

Power

Solutions

International,

Inc.

(a)

(b)

.......

818

70,037

Preformed

Line

Products

Co.

.............

201

42,634

Thermon

Group

Holdings,

Inc.

(b)

...........

4,114

118,195

Vicor

Corp.

(b)

........................

6,409

581,489

20,272,627

Electronic

Equipment,

Instruments

&

Components

—

3.6%

Advanced

Energy

Industries,

Inc.

..........

10,524

2,133,531

Arlo

Technologies,

Inc.

(b)

................

27,253

527,073

Badger

Meter,

Inc.

....................

8,133

1,467,600

Bel

Fuse,

Inc.

,

Class

B,

NVS

.............

1,295

199,417

Belden,

Inc.

........................

7,541

918,871

Benchmark

Electronics,

Inc.

.............

2,596

113,757

Cognex

Corp.

.......................

44,802

1,854,355

Coherent

Corp.

(b)

.....................

42,675

5,631,393

CTS

Corp.

.........................

7,960

330,420

Daktronics,

Inc.

(b)

.....................

7,060

132,657

ePlus,

Inc.

.........................

1,973

144,345

Fabrinet

(b)

..........................

10,106

4,452,400

IPG

Photonics

Corp.

(b)

.................

3,407

290,004

Itron,

Inc.

(b)

.........................

12,668

1,270,980

Littelfuse,

Inc.

.......................

3,243

789,054

Mirion

Technologies,

Inc.

,

Class

A

(b)

........

62,912

1,847,725

Napco

Security

Technologies,

Inc.

.........

9,615

424,502

Novanta,

Inc.

(b)

......................

9,925

1,260,574

OSI

Systems,

Inc.

(a)

(b)

..................

4,387

1,221,604

PC

Connection,

Inc.

...................

1,337

81,517

Plexus

Corp.

(b)

.......................

4,121

576,528

Powerfleet,

Inc.

(b)

.....................

32,233

164,388

Rogers

Corp.

(b)

......................

2,257

197,578

Sanmina

Corp.

(b)

.....................

6,801

932,077

Vishay

Intertechnology,

Inc.

..............

15,308

259,930

Vontier

Corp.

........................

14,352

552,552

27,774,832

Energy

Equipment

&

Services

—

0.9%

Archrock,

Inc.

.......................

28,875

729,671

Atlas

Energy

Solutions,

Inc.

..............

8,924

110,479

Bristow

Group,

Inc.

(b)

..................

2,459

100,082

Cactus,

Inc.

,

Class

A

..................

6,195

273,633

Helix

Energy

Solutions

Group,

Inc.

(b)

........

14,415

96,869

Kodiak

Gas

Services,

Inc.

...............

14,526

535,719

Noble

Corp.

plc

......................

21,255

623,834

Oceaneering

International,

Inc.

(b)

..........

16,158

376,320

RPC,

Inc.

..........................

12,590

65,468

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

....

9,636

512,924

TechnipFMC

plc

......................

72,771

3,009,081

Transocean

Ltd.

(a)

(b)

...................

230,680

885,811

7,319,891

Entertainment

—

1.0%

Atlanta

Braves

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

2,764

119,239

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

(b)

.

12,917

525,980

Cinemark

Holdings,

Inc.

................

9,072

245,035

IMAX

Corp.

(b)

.......................

5,571

181,002

Lionsgate

Studios

Corp.

(a)

(b)

..............

31,871

204,930

Madison

Square

Garden

Entertainment

Corp.

(b)

.

4,237

187,106

Madison

Square

Garden

Sports

Corp.

(b)

......

4,694

1,006,346

Roku,

Inc.

,

Class

A

(a)

(b)

.................

35,698

3,788,629

Security

Shares

Shares

Value

Entertainment

(continued)

Warner

Music

Group

Corp.

,

Class

A

........

38,529

$

1,231,387

7,489,654

Financial

Services

—

0.7%

Burford

Capital

Ltd.

...................

55,228

549,519

Cantaloupe,

Inc.

(b)

....................

17,109

180,671

Euronet

Worldwide,

Inc.

(b)

...............

4,609

349,639

EVERTEC,

Inc.

......................

5,451

155,190

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

...........................

811

128,657

Flywire

Corp.

(b)

......................

29,813

397,109

Marqeta,

Inc.

,

Class

A

(b)

................

40,829

184,955

Merchants

Bancorp

...................

2,008

62,630

Paymentus

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

11,054

316,144

Payoneer

Global,

Inc.

(b)

.................

33,118

191,753

Radian

Group,

Inc.

....................

18,004

611,056

Remitly

Global,

Inc.

(b)

..................

43,194

692,832

Sezzle,

Inc.

(a)

(b)

......................

5,279

346,038

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..........

18,420

1,272,822

Velocity

Financial,

Inc.

(b)

................

2,257

42,025

5,481,040

Food

Products

—

0.6%

Freshpet,

Inc.

(b)

......................

12,814

630,577

Ingredion,

Inc.

.......................

5,302

611,904

J

&

J

Snack

Foods

Corp.

................

1,962

166,083

John

B

Sanfilippo

&

Son,

Inc.

.............

836

52,484

Lamb

Weston

Holdings,

Inc.

.............

12,378

764,094

Marzetti

Co.

(The)

....................

5,694

892,762

Mission

Produce,

Inc.

(b)

.................

8,871

102,194

Post

Holdings,

Inc.

(b)

...................

6,009

624,515

Seneca

Foods

Corp.

,

Class

A

(b)

...........

493

53,163

Simply

Good

Foods

Co.

(The)

(b)

...........

12,263

239,987

Tootsie

Roll

Industries,

Inc.

..............

4,862

171,580

Vital

Farms,

Inc.

(a)

(b)

...................

9,456

310,630

4,619,973

Gas

Utilities

—

0.3%

Chesapeake

Utilities

Corp.

..............

3,375

429,570

National

Fuel

Gas

Co.

.................

11,207

884,344

New

Jersey

Resources

Corp.

.............

10,135

448,981

Southwest

Gas

Holdings,

Inc.

............

6,759

537,340

2,300,235

Ground

Transportation

—

0.9%

ArcBest

Corp.

.......................

2,158

160,383

Hertz

Global

Holdings,

Inc.

(a)

(b)

............

17,191

88,190

Knight-Swift

Transportation

Holdings,

Inc.

....

26,626

1,201,365

Landstar

System,

Inc.

..................

3,581

459,908

Lyft,

Inc.

,

Class

A

(b)

....................

54,689

1,118,937

RXO,

Inc.

(a)

(b)

........................

45,399

804,924

Ryder

System,

Inc.

....................

6,215

1,051,764

Saia,

Inc.

(b)

.........................

3,968

1,160,640

Schneider

National,

Inc.

,

Class

B

..........

7,232

154,548

U-Haul

Holding

Co.

(b)

..................

1,170

62,197

U-Haul

Holding

Co.

,

NVS

...............

14,904

722,695

Werner

Enterprises,

Inc.

................

8,948

234,438

7,219,989

Health

Care

Equipment

&

Supplies

—

2.4%

Alphatec

Holdings,

Inc.

(b)

................

12,478

236,957

Artivion,

Inc.

(b)

.......................

6,698

303,888

AtriCure,

Inc.

(b)

......................

13,669

472,264

AxoGen,

Inc.

(b)

.......................

10,690

237,532

Ceribell,

Inc.

(a)

(b)

......................

5,289

60,295

CONMED

Corp.

......................

2,970

130,680

Establishment

Labs

Holdings,

Inc.

(a)

(b)

.......

6,689

320,738

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Glaukos

Corp.

(b)

......................

14,859

$

1,308,632

Globus

Medical,

Inc.

,

Class

A

(b)

...........

32,115

1,939,425

Haemonetics

Corp.

(b)

..................

12,435

621,874

ICU

Medical,

Inc.

(b)

....................

3,085

370,478

Inspire

Medical

Systems,

Inc.

(b)

...........

8,256

595,093

Integer

Holdings

Corp.

(b)

................

9,577

618,387

iRadimed

Corp.

......................

2,153

165,372

iRhythm

Technologies,

Inc.

(a)

(b)

............

8,762

1,641,123

Kestra

Medical

Technologies

Ltd.

(a)

(b)

........

6,496

177,860

Lantheus

Holdings,

Inc.

(b)

...............

18,876

1,088,956

LeMaitre

Vascular,

Inc.

.................

5,735

496,708

Masimo

Corp.

(a)

(b)

.....................

8,729

1,227,734

Merit

Medical

Systems,

Inc.

(b)

.............

16,433

1,438,545

Novocure

Ltd.

(b)

......................

15,614

200,015

Penumbra,

Inc.

(b)

.....................

10,368

2,357,372

PROCEPT

BioRobotics

Corp.

(a)

(b)

..........

14,847

505,243

Pulse

Biosciences,

Inc.

(a)

(b)

...............

4,962

84,007

RxSight,

Inc.

(b)

.......................

3,924

34,492

STAAR

Surgical

Co.

(b)

..................

9,215

238,392

Tandem

Diabetes

Care,

Inc.

(b)

............

8,146

114,044

TransMedics

Group,

Inc.

(a)

(b)

..............

8,654

1,138,347

UFP

Technologies,

Inc.

(b)

................

2,116

407,626

18,532,079

Health

Care

Providers

&

Services

—

3.4%

Addus

HomeCare

Corp.

(b)

...............

5,010

585,619

Alignment

Healthcare,

Inc.

(b)

.............

30,210

509,341

Ardent

Health,

Inc.

(a)

(b)

..................

2,640

38,438

Astrana

Health,

Inc.

(b)

..................

11,030

344,246

Aveanna

Healthcare

Holdings,

Inc.

(b)

........

14,457

130,836

BrightSpring

Health

Services,

Inc.

(b)

........

12,642

417,818

Chemed

Corp.

.......................

4,053

1,748,059

CorVel

Corp.

(b)

.......................

8,192

605,798

DaVita,

Inc.

(a)

(b)

......................

5,300

630,806

Encompass

Health

Corp.

...............

26,774

3,048,220

Ensign

Group,

Inc.

(The)

................

16,015

2,884,301

GeneDx

Holdings

Corp.

,

Class

A

(b)

.........

5,527

756,702

Guardant

Health,

Inc.

(b)

.................

32,321

3,006,499

Guardian

Pharmacy

Services,

Inc.

,

Class

A

(a)

(b)

.

3,368

94,439

HealthEquity,

Inc.

(b)

....................

23,698

2,241,357

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

.......

56,622

2,574,036

LifeStance

Health

Group,

Inc.

(a)

(b)

..........

23,484

115,072

National

HealthCare

Corp.

...............

1,725

206,034

NeoGenomics,

Inc.

(b)

..................

35,340

345,272

Nutex

Health,

Inc.

(a)

(b)

..................

999

122,937

Option

Care

Health,

Inc.

(b)

...............

28,787

749,326

PACS

Group,

Inc.

(b)

...................

5,171

62,466

Pennant

Group,

Inc.

(The)

(b)

..............

9,139

226,007

Privia

Health

Group,

Inc.

(b)

...............

30,564

742,705

Progyny,

Inc.

(b)

.......................

19,868

371,730

RadNet,

Inc.

(b)

.......................

18,135

1,378,079

Select

Medical

Holdings

Corp.

............

15,229

210,617

Surgery

Partners,

Inc.

(b)

................

19,997

438,534

Universal

Health

Services,

Inc.

,

Class

B

.....

6,093

1,322,242

US

Physical

Therapy,

Inc.

...............

2,410

207,911

26,115,447

Health

Care

REITs

—

0.8%

American

Healthcare

REIT,

Inc.

...........

42,067

1,906,476

CareTrust

REIT,

Inc.

...................

55,754

1,931,876

National

Health

Investors,

Inc.

............

5,813

433,127

Omega

Healthcare

Investors,

Inc.

..........

32,256

1,355,720

Sabra

Health

Care

REIT,

Inc.

.............

34,704

618,425

Sila

Realty

Trust,

Inc.

..................

6,030

142,911

6,388,535

Security

Shares

Shares

Value

Health

Care

Technology

—

0.5%

Certara,

Inc.

(b)

.......................

33,276

$

387,000

Doximity,

Inc.

,

Class

A

(b)

................

36,265

2,393,490

Evolent

Health,

Inc.

,

Class

A

(b)

............

9,509

63,425

HealthStream,

Inc.

....................

6,459

158,891

Phreesia,

Inc.

(a)

(b)

.....................

8,870

200,817

Schrodinger,

Inc.

(a)

(b)

...................

9,299

195,651

Waystar

Holding

Corp.

(b)

................

22,110

792,644

4,191,918

Hotel

&

Resort

REITs

—

0.1%

Ryman

Hospitality

Properties,

Inc.

.........

9,718

844,591

Xenia

Hotels

&

Resorts,

Inc.

.............

11,003

135,337

979,928

Hotels,

Restaurants

&

Leisure

—

3.2%

Aramark

...........................

20,711

784,533

BJ's

Restaurants,

Inc.

(b)

.................

1,772

60,177

Brinker

International,

Inc.

(b)

..............

12,292

1,335,649

Cava

Group,

Inc.

(a)

(b)

...................

27,334

1,468,656

Cheesecake

Factory,

Inc.

(The)

...........

7,188

357,962

Choice

Hotels

International,

Inc.

(a)

..........

4,687

435,704

Churchill

Downs,

Inc.

..................

11,076

1,098,739

Dutch

Bros,

Inc.

,

Class

A

(b)

..............

31,933

1,773,559

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

.......

6,225

102,650

Global

Business

Travel

Group

I

(a)

(b)

.........

27,957

219,742

Hyatt

Hotels

Corp.

,

Class

A

..............

11,222

1,542,015

Krispy

Kreme,

Inc.

....................

14,448

51,868

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

..........

923

52,546

Life

Time

Group

Holdings,

Inc.

(b)

...........

33,586

830,582

Light

&

Wonder,

Inc.

,

Class

A

(a)

(b)

..........

10,100

734,270

Lucky

Strike

Entertainment

Corp.

,

Class

A

(a)

...

2,120

17,766

Monarch

Casino

&

Resort,

Inc.

............

3,675

331,007

Norwegian

Cruise

Line

Holdings

Ltd.

(b)

.......

68,759

1,541,577

Planet

Fitness,

Inc.

,

Class

A

(b)

............

22,586

2,048,324

Portillo's,

Inc.

,

Class

A

(a)

(b)

...............

5,055

27,044

Pursuit

Attractions

&

Hospitality,

Inc.

(b)

.......

5,564

197,411

Red

Rock

Resorts,

Inc.

,

Class

A

...........

9,342

498,022

Rush

Street

Interactive,

Inc.

,

Class

A

(b)

......

24,143

409,465

Sabre

Corp.

(b)

.......................

55,057

112,592

Shake

Shack,

Inc.

,

Class

A

(b)

.............

10,603

1,023,296

Six

Flags

Entertainment

Corp.

(b)

...........

12,301

282,677

Sweetgreen,

Inc.

,

Class

A

(a)

(b)

.............

27,263

171,484

Texas

Roadhouse,

Inc.

.................

18,571

3,037,844

Vail

Resorts,

Inc.

.....................

6,381

946,494

Wingstop,

Inc.

.......................

7,782

1,685,815

Wyndham

Hotels

&

Resorts,

Inc.

..........

9,858

723,873

Wynn

Resorts

Ltd.

....................

8,259

982,738

24,886,081

Household

Durables

—

0.6%

Cavco

Industries,

Inc.

(a)

(b)

................

2,029

1,074,964

Century

Communities,

Inc.

..............

2,560

152,064

Champion

Homes,

Inc.

(b)

................

14,834

1,012,124

Installed

Building

Products,

Inc.

(a)

..........

2,776

689,086

Legacy

Housing

Corp.

(b)

................

965

21,669

Sonos,

Inc.

(b)

........................

13,081

224,601

TopBuild

Corp.

(a)

(b)

....................

2,737

1,156,328

4,330,836

Household

Products

—

0.1%

WD-40

Co.

.........................

3,745

727,579

Independent

Power

and

Renewable

Electricity

Producers

—

0.6%

Clearway

Energy,

Inc.

,

Class

A

............

6,369

191,006

Clearway

Energy,

Inc.

,

Class

C

...........

15,876

506,921

Ormat

Technologies,

Inc.

................

16,036

1,705,749

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Talen

Energy

Corp.

(b)

..................

6,369

$

2,546,199

4,949,875

Industrial

REITs

—

1.0%

Americold

Realty

Trust,

Inc.

..............

22,981

296,225

EastGroup

Properties,

Inc.

..............

14,581

2,544,822

First

Industrial

Realty

Trust,

Inc.

...........

18,145

1,003,056

Rexford

Industrial

Realty,

Inc.

............

36,700

1,516,444

STAG

Industrial,

Inc.

..................

27,991

1,071,215

Terreno

Realty

Corp.

..................

28,067

1,603,468

8,035,230

Insurance

—

2.2%

Abacus

Global

Management,

Inc.

(a)

(b)

........

9,377

47,073

American

Financial

Group,

Inc.

...........

6,968

917,546

Assured

Guaranty

Ltd.

.................

7,788

627,557

Baldwin

Insurance

Group,

Inc.

(The)

,

Class

A

(a)

(b)

19,300

426,530

Bowhead

Specialty

Holdings,

Inc.

(b)

.........

4,334

103,843

Employers

Holdings,

Inc.

................

2,240

85,411

Goosehead

Insurance,

Inc.

,

Class

A

........

6,634

455,557

Hanover

Insurance

Group,

Inc.

(The)

.......

5,530

944,966

HCI

Group,

Inc.

......................

2,785

568,168

Kinsale

Capital

Group,

Inc.

..............

6,169

2,464,331

Lemonade,

Inc.

(a)

(b)

....................

10,577

635,466

Mercury

General

Corp.

.................

6,883

532,056

Old

Republic

International

Corp.

...........

19,079

752,857

Oscar

Health,

Inc.

,

Class

A

(a)

(b)

............

53,843

969,174

Palomar

Holdings,

Inc.

(b)

................

7,259

827,599

Primerica,

Inc.

.......................

6,448

1,675,642

RLI

Corp.

..........................

23,368

1,377,777

Root,

Inc.

,

Class

A

(a)

(b)

..................

3,292

265,072

Ryan

Specialty

Holdings,

Inc.

,

Class

A

.......

29,233

1,601,968

Safety

Insurance

Group,

Inc.

.............

1,452

99,796

Skyward

Specialty

Insurance

Group,

Inc.

(b)

....

8,275

377,257

Tiptree,

Inc.

........................

3,716

65,810

Trupanion,

Inc.

(a)

(b)

....................

9,670

386,703

Universal

Insurance

Holdings,

Inc.

.........

2,950

90,919

White

Mountains

Insurance

Group

Ltd.

(a)

.....

342

651,360

16,950,438

Interactive

Media

&

Services

—

0.7%

Angi,

Inc.

(b)

.........................

5,025

66,682

Cargurus,

Inc.

,

Class

A

(b)

................

21,603

758,697

fuboTV,

Inc.

(a)

(b)

......................

92,891

351,128

Grindr,

Inc.

(a)

(b)

.......................

9,092

126,015

Match

Group,

Inc.

....................

68,555

2,217,069

QuinStreet,

Inc.

(b)

.....................

13,978

206,735

Rumble,

Inc.

,

Class

A

(a)

(b)

................

29,450

202,027

Taboola.com

Ltd.

(b)

....................

43,843

156,519

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

...

33,047

506,445

Vimeo,

Inc.

(b)

........................

19,631

153,122

Yelp,

Inc.

(b)

.........................

12,061

397,772

5,142,211

IT

Services

—

0.6%

Applied

Digital

Corp.

(a)

(b)

................

64,444

2,233,629

BigBear.ai

Holdings,

Inc.

(a)

(b)

..............

66,201

458,111

DigitalOcean

Holdings,

Inc.

(b)

.............

8,930

363,094

EPAM

Systems,

Inc.

(b)

..................

6,274

1,026,050

Fastly,

Inc.

,

Class

A

(a)

(b)

.................

17,243

142,944

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(b)

......

17,670

165,038

Hackett

Group,

Inc.

(The)

...............

4,889

88,540

4,477,406

Security

Shares

Shares

Value

Leisure

Products

—

0.2%

Acushnet

Holdings

Corp.

................

3,386

$

261,839

Brunswick

Corp.

.....................

6,114

404,197

Hasbro,

Inc.

........................

11,114

848,109

Latham

Group,

Inc.

(b)

..................

8,515

61,734

1,575,879

Life

Sciences

Tools

&

Services

—

1.7%

Adaptive

Biotechnologies

Corp.

(b)

..........

28,598

496,461

Azenta,

Inc.

(b)

.......................

11,218

338,784

BioLife

Solutions,

Inc.

(b)

.................

6,196

172,683

Bio-Rad

Laboratories,

Inc.

,

Class

A

(b)

........

2,937

938,518

Bio-Techne

Corp.

.....................

44,113

2,760,150

Bruker

Corp.

........................

12,282

478,261

Medpace

Holdings,

Inc.

(b)

...............

6,371

3,726,462

Mesa

Laboratories,

Inc.

................

605

43,494

Niagen

Bioscience,

Inc.

(a)

(b)

..............

14,353

108,222

OmniAb,

Inc.,

12.50

Earnout

Shares

(b)

(d)

......

1,386

—

OmniAb,

Inc.,

15.00

Earnout

Shares

(b)

(d)

......

1,386

—

Repligen

Corp.

(b)

.....................

8,887

1,324,696

Sotera

Health

Co.

(b)

...................

20,474

339,868

Tempus

AI,

Inc.

(a)

(b)

....................

23,531

2,114,260

12,841,859

Machinery

—

6.1%

AGCO

Corp.

........................

6,442

664,557

Alamo

Group,

Inc.

....................

1,908

340,998

Albany

International

Corp.

,

Class

A

.........

4,955

280,354

Allison

Transmission

Holdings,

Inc.

.........

8,919

736,263

Atmus

Filtration

Technologies,

Inc.

.........

2,044

92,961

Blue

Bird

Corp.

(a)

(b)

....................

3,209

160,322

CECO

Environmental

Corp.

(a)

(b)

...........

8,184

400,116

Chart

Industries,

Inc.

(b)

.................

12,531

2,501,438

Crane

Co.

..........................

13,717

2,606,230

Donaldson

Co.,

Inc.

...................

33,544

2,826,082

Energy

Recovery,

Inc.

(b)

................

15,121

258,720

Enerpac

Tool

Group

Corp.

,

Class

A

.........

15,083

619,006

Enpro,

Inc.

(a)

........................

3,720

863,077

Esab

Corp.

.........................

9,106

1,063,763

ESCO

Technologies,

Inc.

...............

6,690

1,468,254

Federal

Signal

Corp.

..................

16,986

2,004,858

Flowserve

Corp.

.....................

20,572

1,404,039

Franklin

Electric

Co.,

Inc.

...............

11,028

1,045,124

Gorman-Rupp

Co.

(The)

................

5,735

257,903

ITT,

Inc.

...........................

21,871

4,047,666

JBT

Marel

Corp.

.....................

7,724

973,996

Kadant,

Inc.

........................

3,129

865,669

Lincoln

Electric

Holdings,

Inc.

............

15,595

3,656,248

Lindsay

Corp.

.......................

1,535

170,753

Microvast

Holdings,

Inc.

(a)

(b)

..............

55,230

301,003

Middleby

Corp.

(The)

(b)

.................

5,624

698,670

Mueller

Industries,

Inc.

.................

16,132

1,707,895

Mueller

Water

Products,

Inc.

,

Class

A

.......

43,512

1,116,518

Nordson

Corp.

.......................

8,657

2,007,991

Proto

Labs,

Inc.

(b)

.....................

4,010

199,538

RBC

Bearings,

Inc.

(b)

..................

8,607

3,688,358

REV

Group,

Inc.

.....................

5,599

287,061

SPX

Technologies,

Inc.

(b)

................

13,710

3,069,532

Standex

International

Corp.

..............

1,389

323,956

Symbotic,

Inc.

,

Class

A

(a)

(b)

...............

11,951

967,433

Toro

Co.

(The)

.......................

14,994

1,120,502

Trinity

Industries,

Inc.

..................

10,673

292,120

Watts

Water

Technologies,

Inc.

,

Class

A

......

7,599

2,071,487

47,160,461

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Marine

Transportation

—

0.2%

Kirby

Corp.

(b)

........................

8,375

$

866,645

Matson,

Inc.

........................

4,301

434,186

1,300,831

Media

—

0.5%

DoubleVerify

Holdings,

Inc.

(b)

.............

37,636

428,298

Ibotta,

Inc.

,

Class

A

(a)

(b)

.................

2,429

78,359

Integral

Ad

Science

Holding

Corp.

(b)

........

19,200

196,032

Magnite,

Inc.

(b)

.......................

26,075

466,221

New

York

Times

Co.

(The)

,

Class

A

.........

43,459

2,476,728

Newsmax,

Inc.

(a)

(b)

....................

11,630

116,300

TechTarget,

Inc.

(a)

(b)

...................

8,289

45,507

TEGNA,

Inc.

........................

18,645

366,747

4,174,192

Metals

&

Mining

—

1.1%

Century

Aluminum

Co.

(b)

................

7,940

235,183

Cleveland-Cliffs,

Inc.

(b)

.................

59,709

742,183

Hecla

Mining

Co.

.....................

81,692

1,051,376

Ivanhoe

Electric,

Inc.

(a)

(b)

................

20,319

300,518

Materion

Corp.

......................

2,794

320,276

MP

Materials

Corp.

,

Class

A

(a)

(b)

...........

34,840

2,198,055

Royal

Gold,

Inc.

......................

22,395

3,914,422

USA

Rare

Earth,

Inc.

(b)

.................

5,091

99,020

8,861,033

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.....

18,572

343,211

Ellington

Financial,

Inc.

.................

9,792

130,429

473,640

Office

REITs

—

0.1%

Empire

State

Realty

Trust,

Inc.

,

Class

A

......

11,332

83,744

Vornado

Realty

Trust

..................

22,730

862,376

946,120

Oil,

Gas

&

Consumable

Fuels

—

1.2%

Antero

Midstream

Corp.

................

31,732

547,377

Antero

Resources

Corp.

(b)

...............

41,116

1,270,896

BKV

Corp.

(a)

(b)

.......................

1,553

36,635

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

.........

4,494

1,651,365

CNX

Resources

Corp.

(a)

(b)

...............

39,300

1,322,838

Comstock

Resources,

Inc.

(b)

..............

13,919

260,981

DT

Midstream,

Inc.

....................

14,224

1,557,386

Excelerate

Energy,

Inc.

,

Class

A

...........

2,546

65,967

Gulfport

Energy

Corp.

(a)

(b)

...............

1,731

321,983

Kinetik

Holdings,

Inc.

,

Class

A

............

3,579

137,827

NextDecade

Corp.

(a)

(b)

..................

23,921

141,852

REX

American

Resources

Corp.

(b)

.........

3,024

96,859

Uranium

Energy

Corp.

(a)

(b)

...............

117,355

1,775,581

9,187,547

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

.................

10,380

904,202

Passenger

Airlines

—

0.3%

(b)

Alaska

Air

Group,

Inc.

..................

16,123

672,813

Frontier

Group

Holdings,

Inc.

(a)

............

12,160

46,938

Joby

Aviation,

Inc.

,

Class

A

(a)

.............

59,162

1,025,869

SkyWest,

Inc.

.......................

4,172

419,202

2,164,822

Personal

Care

Products

—

0.4%

BellRing

Brands,

Inc.

(b)

.................

35,504

1,069,736

elf

Beauty,

Inc.

(a)

(b)

....................

14,032

1,713,868

Interparfums,

Inc.

.....................

5,025

447,979

3,231,583

Security

Shares

Shares

Value

Pharmaceuticals

—

1.1%

(b)

ANI

Pharmaceuticals,

Inc.

...............

1,863

$

168,788

Avadel

Pharmaceuticals

plc

,

ADR

..........

24,377

460,482

Axsome

Therapeutics,

Inc.

..............

10,896

1,470,851

Corcept

Therapeutics,

Inc.

...............

26,929

1,978,474

CorMedix,

Inc.

(a)

......................

7,760

86,369

Crinetics

Pharmaceuticals,

Inc.

(a)

..........

9,575

416,512

Edgewise

Therapeutics,

Inc.

.............

14,212

259,795

Evolus,

Inc.

(a)

.......................

13,052

84,316

Harrow,

Inc.

(a)

.......................

7,440

281,009

Ligand

Pharmaceuticals,

Inc.

.............

1,802

344,741

Liquidia

Corp.

(a)

......................

18,240

444,326

Ocular

Therapeutix,

Inc.

(a)

...............

40,802

475,751

Prestige

Consumer

Healthcare,

Inc.

........

5,873

355,904

Tarsus

Pharmaceuticals,

Inc.

(a)

............

8,025

552,200

Trevi

Therapeutics,

Inc.

.................

27,508

320,743

WaVe

Life

Sciences

Ltd.

................

30,948

279,770

Xeris

Biopharma

Holdings,

Inc.

...........

41,601

403,530

8,383,561

Professional

Services

—

3.1%

Barrett

Business

Services,

Inc.

............

6,909

279,607

CACI

International,

Inc.

,

Class

A

(b)

.........

4,394

2,470,526

CBIZ,

Inc.

(a)

(b)

........................

14,332

788,260

CRA

International,

Inc.

.................

1,665

317,166

Dayforce,

Inc.

(b)

......................

43,439

2,985,997

ExlService

Holdings,

Inc.

(b)

..............

45,064

1,762,002

Exponent,

Inc.

.......................

14,064

995,872

First

Advantage

Corp.

(a)

(b)

...............

8,873

112,066

FTI

Consulting,

Inc.

(b)

..................

8,979

1,481,625

Genpact

Ltd.

........................

25,846

986,025

Heidrick

&

Struggles

International,

Inc.

......

1,696

98,995

Huron

Consulting

Group,

Inc.

(b)

............

4,728

777,472

ICF

International,

Inc.

..................

2,501

200,780

Innodata,

Inc.

(a)

(b)

.....................

8,439

629,634

Insperity,

Inc.

........................

9,590

423,111

KBR,

Inc.

..........................

36,730

1,573,513

Kforce,

Inc.

.........................

1,882

47,615

Korn

Ferry

.........................

6,053

391,629

Legalzoom.com,

Inc.

(b)

.................

31,690

315,949

Maximus,

Inc.

.......................

9,200

764,704

Parsons

Corp.

(b)

......................

8,990

747,429

Paylocity

Holding

Corp.

(b)

...............

12,339

1,743,131

Planet

Labs

PBC

,

Class

A

(a)

(b)

.............

60,579

814,788

Robert

Half,

Inc.

.....................

16,130

422,445

Science

Applications

International

Corp.

.....

4,556

426,943

UL

Solutions,

Inc.

,

Class

A

...............

16,735

1,303,154

Verra

Mobility

Corp.

,

Class

A

(b)

............

44,110

1,023,793

Willdan

Group,

Inc.

(b)

..................

2,064

195,069

24,079,300

Real

Estate

Management

&

Development

—

0.4%

Compass,

Inc.

,

Class

A

(a)

(b)

..............

50,234

387,304

eXp

World

Holdings,

Inc.

(a)

...............

8,577

87,828

Howard

Hughes

Holdings,

Inc.

(b)

...........

4,417

350,180

Jones

Lang

LaSalle,

Inc.

(b)

...............

5,068

1,546,196

St.

Joe

Co.

(The)

.....................

11,296

641,387

3,012,895

Residential

REITs

—

0.1%

Apartment

Investment

&

Management

Co.

,

Class

A

.............................

19,814

105,411

Independence

Realty

Trust,

Inc.

...........

30,194

480,990

UMH

Properties,

Inc.

..................

15,141

220,150

Veris

Residential,

Inc.

..................

10,008

143,715

950,266

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

—

1.1%

Acadia

Realty

Trust

...................

14,595

$

278,327

Agree

Realty

Corp.

...................

17,549

1,281,253

Alexander's,

Inc.

.....................

180

39,767

Brixmor

Property

Group,

Inc.

.............

36,451

953,558

Curbline

Properties

Corp.

...............

28,757

663,136

Federal

Realty

Investment

Trust

...........

12,187

1,172,268

InvenTrust

Properties

Corp.

..............

10,937

299,674

Kite

Realty

Group

Trust

.................

35,870

794,162

NETSTREIT

Corp.

....................

7,055

131,364

NNN

REIT,

Inc.

......................

14,459

585,011

Phillips

Edison

&

Co.,

Inc.

...............

18,023

609,898

SITE

Centers

Corp.

...................

8,007

58,691

Tanger,

Inc.

.........................

31,071

1,011,672

Urban

Edge

Properties

.................

21,806

419,329

Whitestone

REIT

.....................

5,499

68,958

8,367,068

Semiconductors

&

Semiconductor

Equipment

—

5.4%

ACM

Research,

Inc.

,

Class

A

(b)

............

6,129

254,108

Allegro

MicroSystems,

Inc.

(b)

.............

13,506

404,100

Alpha

&

Omega

Semiconductor

Ltd.

(b)

.......

4,146

116,337

Ambarella,

Inc.

(b)

.....................

11,282

961,565

Amkor

Technology,

Inc.

.................

10,823

349,366

Astera

Labs,

Inc.

(b)

....................

36,371

6,789,738

CEVA,

Inc.

(b)

........................

6,449

175,477

Cirrus

Logic,

Inc.

(b)

....................

5,256

697,208

Cohu,

Inc.

(b)

........................

12,012

285,765

Credo

Technology

Group

Holding

Ltd.

(b)

......

40,527

7,603,676

Diodes,

Inc.

(b)

.......................

4,035

215,308

Enphase

Energy,

Inc.

(b)

.................

13,105

399,834

FormFactor,

Inc.

(b)

....................

21,603

1,187,085

Ichor

Holdings

Ltd.

(b)

...................

5,115

116,008

Impinj,

Inc.

(b)

........................

7,396

1,495,175

Kulicke

&

Soffa

Industries,

Inc.

............

13,233

528,394

Lattice

Semiconductor

Corp.

(b)

............

38,342

2,797,432

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

.

17,607

2,608,125

MKS,

Inc.

..........................

4,381

629,594

Onto

Innovation,

Inc.

(b)

.................

13,708

1,850,032

PDF

Solutions,

Inc.

(b)

..................

3,654

106,441

Power

Integrations,

Inc.

................

15,070

631,282

Qorvo,

Inc.

(b)

........................

9,085

862,348

Rambus,

Inc.

(a)

(b)

.....................

29,927

3,077,693

Rigetti

Computing,

Inc.

(b)

................

41,796

1,850,309

Semtech

Corp.

(b)

.....................

7,075

480,110

Silicon

Laboratories,

Inc.

(b)

...............

9,001

1,179,851

SiTime

Corp.

(b)

.......................

5,936

1,719,303

Synaptics,

Inc.

(b)

.....................

5,395

382,721

Ultra

Clean

Holdings,

Inc.

(b)

..............

5,579

152,920

Universal

Display

Corp.

................

13,141

1,935,406

Veeco

Instruments,

Inc.

(b)

...............

5,994

172,328

42,015,039

Software

—

9.7%

A10

Networks,

Inc.

....................

19,904

355,087

ACI

Worldwide,

Inc.

(b)

..................

29,245

1,392,939

Adeia,

Inc.

.........................

11,254

191,768

Agilysys,

Inc.

(a)

(b)

.....................

7,014

879,976

Alarm.com

Holdings,

Inc.

(b)

..............

13,735

676,037

Alkami

Technology,

Inc.

(a)

(b)

..............

17,791

360,979

Amplitude,

Inc.

,

Class

A

(b)

...............

22,635

227,482

Appfolio,

Inc.

,

Class

A

(b)

................

6,378

1,622,754

Appian

Corp.

,

Class

A

(b)

................

8,535

255,452

Asana,

Inc.

,

Class

A

(a)

(b)

.................

25,135

353,147

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.........

134,353

704,010

Security

Shares

Shares

Value

Software

(continued)

AvePoint,

Inc.

,

Class

A

(b)

................

30,068

$

423,057

BILL

Holdings,

Inc.

(a)

(b)

..................

23,367

1,160,405

Blackbaud,

Inc.

(b)

.....................

4,169

266,983

BlackLine,

Inc.

(b)

.....................

8,676

496,701

Blend

Labs,

Inc.

,

Class

A

(a)

(b)

.............

54,406

180,084

Box,

Inc.

,

Class

A

(b)

...................

39,887

1,279,974

Braze,

Inc.

,

Class

A

(b)

..................

19,441

557,179

C3.ai,

Inc.

,

Class

A

(a)

(b)

.................

17,832

313,487

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

....

70,073

611,037

Cipher

Mining,

Inc.

(a)

(b)

..................

73,135

1,363,968

Cleanspark,

Inc.

(a)

(b)

...................

75,641

1,346,410

Clear

Secure,

Inc.

,

Class

A

..............

10,758

327,796

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

(b)

.

74,410

1,369,888

Commvault

Systems,

Inc.

(b)

..............

12,164

1,693,472

Confluent,

Inc.

,

Class

A

(b)

...............

78,547

1,835,643

Core

Scientific,

Inc.

(a)

(b)

.................

28,117

605,640

Dolby

Laboratories,

Inc.

,

Class

A

..........

16,975

1,125,782

Dropbox,

Inc.

,

Class

A

(b)

................

14,612

423,748

D-Wave

Quantum,

Inc.

(a)

(b)

...............

92,197

3,416,821

Elastic

NV

(b)

........................

24,421

2,178,842

Freshworks,

Inc.

,

Class

A

(b)

..............

54,567

605,694

Gitlab,

Inc.

,

Class

A

(a)

(b)

.................

36,518

1,780,252

Hut

8

Corp.

(a)

(b)

......................

25,998

1,317,059

Informatica,

Inc.

,

Class

A

(b)

..............

23,018

572,458

Intapp,

Inc.

(b)

........................

15,211

583,798

InterDigital,

Inc.

......................

6,648

2,406,310

Jamf

Holding

Corp.

(b)

..................

14,644

188,175

JFrog

Ltd.

(b)

.........................

26,874

1,275,977

Klaviyo,

Inc.

,

Class

A

(b)

.................

31,028

806,728

Life360,

Inc.

(a)

(b)

......................

20,445

2,018,126

LiveRamp

Holdings,

Inc.

(b)

...............

7,850

214,619

Manhattan

Associates,

Inc.

(b)

.............

16,865

3,070,610

MARA

Holdings,

Inc.

(a)

(b)

................

101,295

1,850,660

N-able,

Inc.

(b)

........................

21,206

166,043

nCino,

Inc.

(a)

(b)

.......................

28,335

755,978

NextNav,

Inc.

(a)

(b)

.....................

17,559

234,413

OneSpan,

Inc.

.......................

4,948

56,407

Onestream,

Inc.

(b)

.....................

22,385

422,853

Pagaya

Technologies

Ltd.

,

Class

A

(b)

........

11,304

303,965

PagerDuty,

Inc.

(b)

.....................

15,223

244,481

PAR

Technology

Corp.

(a)

(b)

...............

11,096

392,133

Pegasystems,

Inc.

....................

25,485

1,622,120

Porch

Group,

Inc.

(a)

(b)

..................

13,672

205,764

Procore

Technologies,

Inc.

(b)

.............

32,798

2,421,148

Progress

Software

Corp.

(b)

...............

3,397

144,848

PROS

Holdings,

Inc.

(a)

(b)

................

12,361

284,921

Q2

Holdings,

Inc.

(b)

....................

16,765

1,035,406

Qualys,

Inc.

(b)

.......................

9,745

1,201,169

Rapid7,

Inc.

(b)

.......................

16,566

306,637

RingCentral,

Inc.

,

Class

A

(a)

(b)

.............

7,095

213,701

Riot

Platforms,

Inc.

(a)

(b)

.................

37,622

744,163

Rubrik,

Inc.

,

Class

A

(b)

..................

32,793

2,468,329

SailPoint,

Inc.

(a)

(b)

.....................

17,022

369,037

Samsara,

Inc.

,

Class

A

(b)

................

73,945

2,970,371

SEMrush

Holdings,

Inc.

,

Class

A

(b)

.........

12,428

90,227

SentinelOne,

Inc.

,

Class

A

(b)

..............

87,319

1,558,644

ServiceTitan,

Inc.

,

Class

A

(a)

(b)

............

3,160

298,178

SoundHound

AI,

Inc.

,

Class

A

(a)

(b)

..........

100,434

1,769,647

Sprinklr,

Inc.

,

Class

A

(b)

.................

31,333

241,891

Sprout

Social,

Inc.

,

Class

A

(b)

.............

13,065

134,177

SPS

Commerce,

Inc.

(b)

.................

10,552

867,796

Tenable

Holdings,

Inc.

(b)

................

33,470

971,299

Teradata

Corp.

(b)

.....................

9,248

192,821

Terawulf,

Inc.

(a)

(b)

.....................

80,436

1,246,758

UiPath,

Inc.

,

Class

A

(a)

(b)

................

64,379

1,021,051

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Unity

Software,

Inc.

(b)

..................

56,524

$

2,142,260

Varonis

Systems,

Inc.

(b)

.................

30,755

1,083,499

Vertex,

Inc.

,

Class

A

(a)

(b)

.................

18,598

425,894

Weave

Communications,

Inc.

(b)

...........

16,416

121,643

Workiva,

Inc.

,

Class

A

(a)

(b)

...............

14,474

1,230,435

Zeta

Global

Holdings

Corp.

,

Class

A

(b)

.......

52,341

941,615

75,588,736

Specialized

REITs

—

0.5%

CubeSmart

.........................

24,462

921,483

Four

Corners

Property

Trust,

Inc.

..........

11,963

282,805

Lamar

Advertising

Co.

,

Class

A

...........

10,207

1,210,448

National

Storage

Affiliates

Trust

...........

6,743

196,154

PotlatchDeltic

Corp.

...................

9,496

379,840

Rayonier,

Inc.

.......................

20,469

451,751

Smartstop

Self

Storage

REIT,

Inc.

..........

8,636

296,647

3,739,128

Specialty

Retail

—

2.1%

Abercrombie

&

Fitch

Co.

,

Class

A

(b)

.........

7,526

546,011

Boot

Barn

Holdings,

Inc.

(b)

...............

5,236

993,007

Camping

World

Holdings,

Inc.

,

Class

A

......

7,514

98,884

CarMax,

Inc.

(a)

(b)

......................

19,491

816,868

Chewy,

Inc.

,

Class

A

(b)

.................

61,218

2,064,271

Dick's

Sporting

Goods,

Inc.

..............

5,948

1,317,185

Five

Below,

Inc.

(b)

.....................

10,494

1,650,391

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(b)

......

29,275

1,829,102

GameStop

Corp.

,

Class

A

(a)

(b)

.............

57,466

1,280,917

Lithia

Motors,

Inc.

,

Class

A

..............

2,759

866,547

Murphy

USA,

Inc.

....................

2,925

1,047,735

National

Vision

Holdings,

Inc.

(b)

...........

7,079

182,284

Petco

Health

&

Wellness

Co.,

Inc.

(a)

(b)

.......

12,262

38,993

RealReal,

Inc.

(The)

(a)

(b)

.................

10,014

122,271

Revolve

Group,

Inc.

,

Class

A

(b)

............

11,044

244,293

RH

(a)

(b)

............................

2,990

515,745

Torrid

Holdings,

Inc.

(a)

(b)

.................

4,380

5,475

Urban

Outfitters,

Inc.

(b)

.................

7,572

489,227

Valvoline,

Inc.

(b)

......................

35,210

1,162,282

Warby

Parker,

Inc.

,

Class

A

(a)

(b)

............

24,659

483,070

Winmark

Corp.

......................

832

335,438

16,089,996

Technology

Hardware,

Storage

&

Peripherals

—

0.7%

(a)(b)

IonQ,

Inc.

..........................

81,905

5,109,234

Quantum

Computing,

Inc.

...............

36,389

608,060

5,717,294

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Columbia

Sportswear

Co.

...............

2,854

141,644

Figs,

Inc.

,

Class

A

(a)

(b)

..................

8,017

59,807

Kontoor

Brands,

Inc.

...................

4,817

389,791

Levi

Strauss

&

Co.

,

Class

A

..............

9,835

199,454

Ralph

Lauren

Corp.

,

Class

A

.............

6,182

1,976,138

2,766,834

Tobacco

—

0.0%

Turning

Point

Brands,

Inc.

...............

4,266

383,513

Trading

Companies

&

Distributors

—

2.5%

Air

Lease

Corp.

,

Class

A

................

11,885

758,976

Applied

Industrial

Technologies,

Inc.

........

10,755

2,765,003

Core

&

Main,

Inc.

,

Class

A

(b)

..............

29,414

1,534,823

Distribution

Solutions

Group,

Inc.

(a)

(b)

........

2,656

72,615

DNOW,

Inc.

(b)

.......................

12,644

185,867

DXP

Enterprises,

Inc.

(b)

.................

3,525

421,766

FTAI

Aviation

Ltd.

.....................

28,250

4,884,425

GATX

Corp.

........................

5,318

834,128

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Global

Industrial

Co.

...................

1,144

$

32,513

McGrath

RentCorp

....................

6,788

729,303

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......

4,262

361,886

QXO,

Inc.

(a)

(b)

........................

163,815

2,894,611

Rush

Enterprises,

Inc.

,

Class

A

...........

8,731

431,399

Rush

Enterprises,

Inc.

,

Class

B

...........

1,086

56,982

SiteOne

Landscape

Supply,

Inc.

(b)

..........

12,407

1,610,056

Transcat,

Inc.

(b)

......................

2,580

187,437

WESCO

International,

Inc.

...............

4,024

1,044,349

Willis

Lease

Finance

Corp.

(a)

.............

413

53,021

Xometry,

Inc.

,

Class

A

(a)

(b)

...............

11,039

537,489

19,396,649

Water

Utilities

—

0.3%

American

States

Water

Co.

..............

7,251

517,069

California

Water

Service

Group

...........

9,346

414,775

Essential

Utilities,

Inc.

..................

26,926

1,050,922

H2O

America

.......................

2,992

138,380

Middlesex

Water

Co.

..................

3,316

190,571

2,311,717

Wireless

Telecommunication

Services

—

0.0%

Gogo,

Inc.

(b)

........................

10,184

92,674

Total

Common

Stocks

—

99

.8

%

(Cost:

$

602,879,631

)

..............................

773,993,085

Rights

Biotechnology

—

0.0%

Sanofi

Aatd,

Inc.,

CVR

(b)

(d)

...............

4,215

4,932

Total

Rights

—

0.0

%

(Cost:

$

2,729

)

..................................

4,932

Total

Long-Term

Investments

—

99.8%

(Cost:

$

602,882,360

)

..............................

773,998,017

Short-Term

Securities

Money

Market

Funds

—

15.3%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(g)

...................

117,060,990

117,119,521

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

....................

1,692,828

1,692,828

Total

Short-Term

Securities

—

15

.3

%

(Cost:

$

118,767,483

)

..............................

118,812,349

Total

Investments

—

115

.1

%

(Cost:

$

721,649,843

)

..............................

892,810,366

Liabilities

in

Excess

of

Other

Assets

—

(

15.1

)

%

............

(

116,828,141

)

Net

Assets

—

100.0%

...............................

$

775,982,225

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

31

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

83,607,728

$

33,502,820

(a)

$

—

$

(

72

)

$

9,045

$

117,119,521

117,060,990

$

252,911

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

886,434

806,394

(a)

—

—

—

1,692,828

1,692,828

21,129

—

$

(

72

)

$

9,045

$

118,812,349

$

274,040

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

13

12/19/25

$

1,618

$

11,868

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

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)

......

$

—

$

—

$

11,868

$

—

$

—

$

—

$

11,868

(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).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

.......................

$

—

$

—

$

239,622

$

—

$

—

$

—

$

239,622

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

(

5,005

)

$

—

$

—

$

—

$

(

5,005

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,419,773

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Growth

ETF

32

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

.........................................

$

773,993,085

$

—

$

—

$

773,993,085

Rights

................................................

—

—

4,932

4,932

Short-Term

Securities

Money

Market

Funds

......................................

118,812,349

—

—

118,812,349

$

892,805,434

$

—

$

4,932

$

892,810,366

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

11,868

$

—

$

—

$

11,868

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.7%

AAR

Corp.

(a)

........................

7,623

$

641,933

Huntington

Ingalls

Industries,

Inc.

..........

4,854

1,563,085

Intuitive

Machines,

Inc.

,

Class

A

(a)

(b)

.........

15,245

181,873

Mercury

Systems,

Inc.

(a)

................

3,288

254,524

Moog,

Inc.

,

Class

A

...................

1,945

398,433

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

...

15,200

557,688

V2X,

Inc.

(a)

.........................

3,537

201,927

3,799,463

Air

Freight

&

Logistics

—

0.5%

CH

Robinson

Worldwide,

Inc.

............

8,887

1,368,509

GXO

Logistics,

Inc.

(a)

(b)

.................

17,151

964,058

Hub

Group,

Inc.

,

Class

A

................

11,481

422,845

2,755,412

Automobile

Components

—

1.9%

Adient

plc

(a)

.........................

17,173

398,242

Autoliv,

Inc.

.........................

14,048

1,640,806

BorgWarner,

Inc.

.....................

43,215

1,856,516

Dana,

Inc.

..........................

26,851

545,075

Dorman

Products,

Inc.

(a)

................

2,179

292,269

Fox

Factory

Holding

Corp.

(a)

..............

8,285

183,181

Garrett

Motion,

Inc.

...................

24,392

413,201

Gentherm,

Inc.

(a)

.....................

3,941

145,029

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

(b)

.......

52,971

364,970

LCI

Industries

.......................

4,986

516,001

Lear

Corp.

.........................

11,070

1,158,476

Patrick

Industries,

Inc.

.................

3,834

400,155

Phinia,

Inc.

.........................

8,110

420,990

QuantumScape

Corp.

,

Class

A

(a)

(b)

.........

85,472

1,576,104

Standard

Motor

Products,

Inc.

............

4,161

154,498

Visteon

Corp.

.......................

5,098

546,302

10,611,815

Automobiles

—

0.3%

Harley-Davidson,

Inc.

..................

23,252

627,339

Lucid

Group,

Inc.

(a)

(b)

...................

13,510

239,803

Thor

Industries,

Inc.

...................

5,266

549,507

Winnebago

Industries,

Inc.

..............

5,158

194,508

1,611,157

Banks

—

11.1%

1st

Source

Corp.

.....................

2,408

143,132

Amalgamated

Financial

Corp.

............

1,765

48,114

Amerant

Bancorp,

Inc.

,

Class

A

...........

6,820

114,371

Ameris

Bancorp

......................

6,116

438,028

Associated

Banc-Corp.

.................

34,274

848,967

Atlantic

Union

Bankshares

Corp.

..........

26,740

869,585

Axos

Financial,

Inc.

(a)

..................

4,251

331,493

Banc

of

California,

Inc.

.................

25,289

429,154

BancFirst

Corp.

......................

1,615

175,809

Bank

of

Hawaii

Corp.

..................

8,014

520,349

Bank

OZK

.........................

21,115

949,964

BankUnited,

Inc.

.....................

14,285

572,543

Banner

Corp.

.......................

6,426

388,066

Beacon

Financial

Corp.

.................

8,352

203,288

BOK

Financial

Corp.

...................

4,274

446,975

Burke

&

Herbert

Financial

Services

Corp.

....

1,212

71,338

Business

First

Bancshares,

Inc.

...........

5,961

146,164

Byline

Bancorp,

Inc.

...................

6,757

180,682

Cadence

Bank

......................

19,577

738,836

Camden

National

Corp.

................

3,419

130,435

Capital

City

Bank

Group,

Inc.

.............

1,461

56,833

Capitol

Federal

Financial,

Inc.

............

24,638

148,814

Cathay

General

Bancorp

................

13,075

594,259

Security

Shares

Shares

Value

Banks

(continued)

Central

Pacific

Financial

Corp.

............

4,936

$

140,725

City

Holding

Co.

.....................

1,453

171,280

Columbia

Banking

System,

Inc.

...........

58,831

1,576,671

Columbia

Financial,

Inc.

(a)

(b)

..............

3,809

56,183

Comerica,

Inc.

.......................

26,199

2,004,223

Commerce

Bancshares,

Inc.

.............

14,723

774,871

Community

Financial

System,

Inc.

.........

10,498

582,429

Community

Trust

Bancorp,

Inc.

...........

3,456

176,930

ConnectOne

Bancorp,

Inc.

..............

9,710

233,623

Cullen/Frost

Bankers,

Inc.

...............

12,471

1,535,679

Customers

Bancorp,

Inc.

(a)

...............

6,672

447,825

CVB

Financial

Corp.

...................

25,629

470,805

Dime

Community

Bancshares,

Inc.

.........

8,563

224,779

Eastern

Bankshares,

Inc.

...............

43,522

762,941

Enterprise

Financial

Services

Corp.

........

7,540

394,870

Equity

Bancshares,

Inc.

,

Class

A

..........

1,879

76,118

FB

Financial

Corp.

....................

8,170

441,262

First

Bancorp

.......................

37,759

969,688

First

Busey

Corp.

.....................

17,577

393,022

First

Commonwealth

Financial

Corp.

........

19,952

305,066

First

Community

Bankshares,

Inc.

.........

2,979

96,341

First

Financial

Bancorp

.................

17,836

417,541

First

Financial

Bankshares,

Inc.

...........

7,608

235,011

First

Financial

Corp.

...................

2,522

134,473

First

Hawaiian,

Inc.

...................

25,217

618,573

First

Horizon

Corp.

....................

101,804

2,174,533

First

Interstate

BancSystem,

Inc.

,

Class

A

....

18,357

573,656

First

Merchants

Corp.

..................

11,332

402,059

First

Mid

Bancshares,

Inc.

...............

4,283

153,032

Firstsun

Capital

Bancorp

(a)

(b)

..............

2,213

75,331

Five

Star

Bancorp

....................

3,361

119,349

Flagstar

Bank

NA

(b)

...................

30,838

352,170

FNB

Corp.

.........................

67,369

1,059,041

Fulton

Financial

Corp.

..................

36,933

641,526

German

American

Bancorp,

Inc.

...........

4,818

185,686

Glacier

Bancorp,

Inc.

..................

25,225

1,030,441

Great

Southern

Bancorp,

Inc.

.............

1,755

97,753

Hancock

Whitney

Corp.

................

16,990

970,299

Hanmi

Financial

Corp.

.................

6,053

159,799

Heritage

Commerce

Corp.

...............

11,783

122,543

Heritage

Financial

Corp.

................

6,455

143,236

Hilltop

Holdings,

Inc.

...................

8,691

280,719

Home

BancShares,

Inc.

................

19,421

518,735

HomeTrust

Bancshares,

Inc.

.............

1,563

61,442

Hope

Bancorp,

Inc.

...................

25,948

272,194

Horizon

Bancorp,

Inc.

..................

8,528

133,037

Independent

Bank

Corp.

................

13,745

777,400

International

Bancshares

Corp.

...........

5,590

371,064

Lakeland

Financial

Corp.

................

3,425

195,396

Live

Oak

Bancshares,

Inc.

...............

4,325

134,680

Mercantile

Bank

Corp.

.................

3,320

145,582

Metrocity

Bankshares,

Inc.

..............

2,214

56,701

Metropolitan

Bank

Holding

Corp.

..........

2,115

140,161

Mid

Penn

Bancorp,

Inc.

.................

4,060

115,507

MidWestOne

Financial

Group,

Inc.

.........

2,916

107,863

National

Bank

Holdings

Corp.

,

Class

A

......

6,869

244,949

NBT

Bancorp,

Inc.

....................

10,049

406,683

Nicolet

Bankshares,

Inc.

................

1,429

168,822

Northwest

Bancshares,

Inc.

..............

27,678

324,109

OceanFirst

Financial

Corp.

..............

11,790

214,342

OFG

Bancorp

.......................

8,610

332,863

Old

National

Bancorp

..................

71,508

1,460,908

Old

Second

Bancorp,

Inc.

...............

8,854

158,929

Origin

Bancorp,

Inc.

...................

6,285

217,838

Orrstown

Financial

Services,

Inc.

..........

3,584

119,275

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Park

National

Corp.

...................

3,014

$

458,701

Peoples

Bancorp,

Inc.

.................

7,115

203,489

Pinnacle

Financial

Partners,

Inc.

...........

15,388

1,311,211

Popular,

Inc.

........................

13,363

1,489,574

Preferred

Bank

......................

1,097

99,004

Prosperity

Bancshares,

Inc.

..............

18,597

1,224,055

Provident

Financial

Services,

Inc.

..........

21,681

396,545

QCR

Holdings,

Inc.

...................

2,092

155,624

Renasant

Corp.

......................

11,257

378,573

Republic

Bancorp,

Inc.

,

Class

A

...........

822

54,170

S&T

Bancorp,

Inc.

....................

7,129

261,207

Seacoast

Banking

Corp.

of

Florida

.........

6,618

200,525

Simmons

First

National

Corp.

,

Class

A

......

28,146

489,177

Southern

Missouri

Bancorp,

Inc.

...........

917

48,087

Southside

Bancshares,

Inc.

..............

5,641

158,625

Southstate

Bank

Corp.

.................

20,071

1,779,294

Stellar

Bancorp,

Inc.

...................

10,270

302,246

Synovus

Financial

Corp.

................

28,879

1,289,159

Texas

Capital

Bancshares,

Inc.

(a)

..........

5,421

454,497

TFS

Financial

Corp.

...................

5,218

69,399

Tompkins

Financial

Corp.

...............

1,740

110,420

Towne

Bank

........................

14,465

470,257

TriCo

Bancshares

....................

6,445

285,062

Triumph

Financial,

Inc.

(a)

................

2,654

144,537

TrustCo

Bank

Corp.

...................

3,575

134,813

Trustmark

Corp.

.....................

11,617

432,385

UMB

Financial

Corp.

..................

14,836

1,585,672

United

Bankshares,

Inc.

................

28,910

1,034,689

United

Community

Banks,

Inc.

............

22,982

671,074

Univest

Financial

Corp.

.................

5,874

172,461

Valley

National

Bancorp

................

93,229

1,013,399

WaFd,

Inc.

.........................

15,466

448,978

Webster

Financial

Corp.

................

33,558

1,914,148

WesBanco,

Inc.

......................

18,639

561,034

Westamerica

Bancorp

.................

4,921

234,486

Western

Alliance

Bancorp

...............

13,411

1,037,341

Wintrust

Financial

Corp.

................

8,064

1,048,481

WSFS

Financial

Corp.

.................

5,239

272,899

Zions

Bancorp

NA

....................

29,144

1,518,694

60,921,773

Beverages

—

0.3%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

.......

1,009

208,853

MGP

Ingredients,

Inc.

..................

3,157

76,399

Molson

Coors

Beverage

Co.

,

Class

B

.......

35,020

1,531,074

National

Beverage

Corp.

(a)

...............

2,413

82,694

1,899,020

Biotechnology

—

3.6%

(a)

ACADIA

Pharmaceuticals,

Inc.

............

7,550

171,385

Agios

Pharmaceuticals,

Inc.

..............

6,172

266,877

Akebia

Therapeutics,

Inc.

(b)

..............

54,615

120,699

Akero

Therapeutics,

Inc.

................

4,460

241,732

Alkermes

plc

........................

20,811

638,898

AnaptysBio,

Inc.

(b)

....................

1,381

50,517

Anavex

Life

Sciences

Corp.

(b)

.............

8,444

67,299

Arbutus

Biopharma

Corp.

(b)

..............

13,973

66,092

Arcus

Biosciences,

Inc.

.................

14,112

278,289

Arrowhead

Pharmaceuticals,

Inc.

..........

24,738

1,048,644

ARS

Pharmaceuticals,

Inc.

(b)

.............

4,141

37,103

Avidity

Biosciences,

Inc.

(b)

...............

13,487

942,067

Beam

Therapeutics,

Inc.

(b)

...............

11,659

291,592

Capricor

Therapeutics,

Inc.

(b)

.............

3,485

22,687

CareDx,

Inc.

........................

4,362

65,430

Catalyst

Pharmaceuticals,

Inc.

............

7,860

167,182

Security

Shares

Shares

Value

Biotechnology

(continued)

Celldex

Therapeutics,

Inc.

(b)

..............

4,421

$

118,173

Cogent

Biosciences,

Inc.

................

14,731

240,115

CRISPR

Therapeutics

AG

(b)

..............

9,231

590,692

Cytokinetics,

Inc.

(b)

....................

10,447

664,325

Denali

Therapeutics,

Inc.

(b)

..............

27,706

451,054

Dianthus

Therapeutics,

Inc.

(b)

.............

1,866

65,273

Disc

Medicine,

Inc.

(b)

...................

2,162

186,408

Dynavax

Technologies

Corp.

.............

9,873

101,297

Dyne

Therapeutics,

Inc.

................

23,139

522,479

Exact

Sciences

Corp.

(b)

.................

15,505

1,003,018

Exelixis,

Inc.

........................

24,864

961,491

Geron

Corp.

(b)

.......................

71,054

89,528

GRAIL,

Inc.

(b)

.......................

3,124

287,189

Gyre

Therapeutics,

Inc.

(b)

...............

1,480

11,470

Ideaya

Biosciences,

Inc.

................

11,990

382,001

Intellia

Therapeutics,

Inc.

(b)

..............

20,190

254,798

Iovance

Biotherapeutics,

Inc.

(b)

............

52,235

102,903

Keros

Therapeutics,

Inc.

(b)

...............

6,127

93,253

Kura

Oncology,

Inc.

...................

13,753

141,243

Kymera

Therapeutics,

Inc.

(b)

..............

4,314

266,778

MannKind

Corp.

.....................

23,463

131,158

MiMedx

Group,

Inc.

(b)

..................

13,646

104,392

Mineralys

Therapeutics,

Inc.

.............

6,213

253,863

Moderna,

Inc.

.......................

71,171

1,933,004

Myriad

Genetics,

Inc.

..................

17,897

143,892

Novavax,

Inc.

(b)

......................

14,022

117,785

Nurix

Therapeutics,

Inc.

................

8,819

114,118

Organogenesis

Holdings,

Inc.

,

Class

A

(b)

.....

10,126

43,035

Praxis

Precision

Medicines,

Inc.

...........

1,601

318,215

Protagonist

Therapeutics,

Inc.

............

4,317

339,403

PTC

Therapeutics,

Inc.

.................

8,074

551,535

Relay

Therapeutics,

Inc.

(b)

...............

26,539

189,488

Replimune

Group,

Inc.

(b)

................

10,367

100,871

Revolution

Medicines,

Inc.

...............

13,217

777,688

Rocket

Pharmaceuticals,

Inc.

(b)

............

17,356

65,432

Sarepta

Therapeutics,

Inc.

...............

8,192

196,690

Spyre

Therapeutics,

Inc.

(b)

...............

11,326

277,034

Travere

Therapeutics,

Inc.

...............

6,312

221,930

uniQure

NV

(b)

.......................

5,505

372,633

Vaxcyte,

Inc.

(b)

.......................

23,674

1,071,959

Vera

Therapeutics,

Inc.

,

Class

A

...........

9,710

276,347

Viking

Therapeutics,

Inc.

(b)

...............

13,144

500,523

Vir

Biotechnology,

Inc.

.................

18,277

108,931

Viridian

Therapeutics,

Inc.

...............

9,303

219,830

Xencor,

Inc.

........................

6,038

88,819

Zymeworks,

Inc.

(b)

....................

4,285

81,779

19,610,335

Broadline

Retail

—

0.5%

Dillard's,

Inc.

,

Class

A

..................

824

494,466

Etsy,

Inc.

(a)

.........................

13,836

857,832

Kohl's

Corp.

........................

22,301

362,837

Macy's,

Inc.

........................

54,369

1,059,652

Savers

Value

Village,

Inc.

(a)

(b)

.............

3,019

27,805

2,802,592

Building

Products

—

1.2%

A

O

Smith

Corp.

.....................

9,087

599,651

Advanced

Drainage

Systems,

Inc.

.........

5,466

765,513

American

Woodmark

Corp.

(a)

.............

2,187

139,378

Apogee

Enterprises,

Inc.

................

4,077

149,259

AZZ,

Inc.

..........................

3,265

326,010

Fortune

Brands

Innovations,

Inc.

..........

24,073

1,222,908

Gibraltar

Industries,

Inc.

(a)

...............

3,417

213,187

Griffon

Corp.

........................

4,253

314,765

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

Hayward

Holdings,

Inc.

(a)

................

23,680

$

401,850

Janus

International

Group,

Inc.

(a)

..........

14,832

142,387

Masterbrand,

Inc.

(a)

...................

24,936

314,942

Quanex

Building

Products

Corp.

...........

8,819

125,318

Resideo

Technologies,

Inc.

(a)

.............

28,704

1,228,531

UFP

Industries,

Inc.

...................

6,765

623,259

6,566,958

Capital

Markets

—

2.2%

Acadian

Asset

Management,

Inc.

..........

1,789

86,051

Affiliated

Managers

Group,

Inc.

...........

3,639

865,936

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

.............................

6,114

266,937

BGC

Group,

Inc.

,

Class

A

...............

32,926

300,944

Donnelley

Financial

Solutions,

Inc.

(a)

........

5,140

236,183

Federated

Hermes,

Inc.

,

Class

B,

NVS

......

10,416

504,968

Franklin

Resources,

Inc.

................

59,443

1,344,006

GCM

Grosvenor,

Inc.

,

Class

A

............

4,627

53,257

Invesco

Ltd.

........................

70,657

1,674,571

Janus

Henderson

Group

plc

.............

24,735

1,077,457

Jefferies

Financial

Group,

Inc.

............

13,992

739,197

Kayne

Anderson

BDC,

Inc.

(b)

.............

8,204

117,809

Lazard,

Inc.

........................

18,329

894,455

Moelis

&

Co.

,

Class

A

..................

7,169

454,013

Oppenheimer

Holdings,

Inc.

,

Class

A,

NVS

...

785

54,762

Piper

Sandler

Cos.

....................

951

303,616

SEI

Investments

Co.

...................

6,716

541,377

StepStone

Group,

Inc.

,

Class

A

...........

4,021

244,798

Stifel

Financial

Corp.

..................

9,044

1,071,081

StoneX

Group,

Inc.

(a)

..................

2,796

257,008

Victory

Capital

Holdings,

Inc.

,

Class

A

.......

3,832

238,619

Virtu

Financial,

Inc.

,

Class

A

..............

16,771

584,302

Virtus

Investment

Partners,

Inc.

...........

1,294

210,689

WisdomTree,

Inc.

.....................

14,418

172,439

12,294,475

Chemicals

—

2.4%

AdvanSix,

Inc.

.......................

5,287

98,285

Albemarle

Corp.

.....................

15,120

1,485,238

Ashland,

Inc.

........................

6,159

301,175

Avient

Corp.

........................

18,004

577,388

Axalta

Coating

Systems

Ltd.

(a)

............

26,421

752,206

Cabot

Corp.

........................

7,056

476,139

Celanese

Corp.

......................

21,232

816,158

Chemours

Co.

(The)

...................

30,765

411,943

Eastman

Chemical

Co.

.................

23,841

1,419,016

Ecovyst,

Inc.

(a)

.......................

22,283

182,498

Element

Solutions,

Inc.

.................

29,057

776,403

FMC

Corp.

.........................

23,710

359,681

HB

Fuller

Co.

.......................

6,777

388,796

Huntsman

Corp.

.....................

32,026

265,175

Ingevity

Corp.

(a)

......................

6,733

361,697

Innospec,

Inc.

.......................

4,882

359,218

Kronos

Worldwide,

Inc.

.................

4,986

24,531

Minerals

Technologies,

Inc.

..............

5,959

338,173

Mosaic

Co.

(The)

.....................

63,373

1,739,589

NewMarket

Corp.

.....................

797

612,016

Olin

Corp.

..........................

12,344

255,521

Orion

SA

..........................

11,079

58,719

PureCycle

Technologies,

Inc.

(a)

(b)

...........

15,489

179,363

Quaker

Chemical

Corp.

................

1,931

268,197

Scotts

Miracle-Gro

Co.

(The)

.............

8,939

478,415

Stepan

Co.

.........................

4,126

178,862

Tronox

Holdings

plc

...................

23,695

82,932

13,247,334

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

0.8%

ABM

Industries,

Inc.

...................

7,470

$

321,210

Brady

Corp.

,

Class

A,

NVS

..............

3,341

253,615

BrightView

Holdings,

Inc.

(a)

(b)

.............

7,789

95,960

Brink's

Co.

(The)

.....................

3,434

381,723

Cimpress

plc

(a)

(b)

.....................

3,145

217,665

CoreCivic,

Inc.

(a)

.....................

14,128

261,792

Deluxe

Corp.

........................

8,524

154,370

Enviri

Corp.

(a)

.......................

15,175

185,287

GEO

Group,

Inc.

(The)

(a)

................

15,236

258,555

Healthcare

Services

Group,

Inc.

(a)

..........

13,978

249,787

HNI

Corp.

..........................

6,203

253,827

Interface,

Inc.

.......................

5,793

144,246

MillerKnoll,

Inc.

......................

14,076

219,867

OPENLANE,

Inc.

(a)

....................

13,853

365,996

Pitney

Bowes,

Inc.

....................

19,143

189,133

Steelcase,

Inc.

,

Class

A

................

19,277

307,661

UniFirst

Corp.

.......................

1,138

175,650

Vestis

Corp.

........................

27,510

144,428

4,180,772

Communications

Equipment

—

0.6%

(a)

ADTRAN

Holdings,

Inc.

(b)

...............

15,401

160,478

Applied

Optoelectronics,

Inc.

.............

3,752

133,421

CommScope

Holding

Co.,

Inc.

............

42,494

735,146

Digi

International,

Inc.

..................

2,945

108,023

Extreme

Networks,

Inc.

.................

12,375

235,373

NETGEAR,

Inc.

......................

5,650

196,168

NetScout

Systems,

Inc.

.................

13,674

380,137

Ribbon

Communications,

Inc.

(b)

...........

10,904

36,637

Viasat,

Inc.

.........................

21,314

848,724

Viavi

Solutions,

Inc.

...................

15,871

280,917

3,115,024

Construction

&

Engineering

—

0.9%

Everus

Construction

Group,

Inc.

(a)

..........

7,042

640,047

Fluor

Corp.

(a)

........................

20,466

998,127

Granite

Construction,

Inc.

...............

2,647

272,403

Great

Lakes

Dredge

&

Dock

Corp.

(a)

........

7,311

82,980

MYR

Group,

Inc.

(a)

....................

1,712

372,702

Primoris

Services

Corp.

................

3,907

552,918

Tutor

Perini

Corp.

(a)

...................

8,969

604,152

Valmont

Industries,

Inc.

.................

2,042

844,224

WillScot

Holdings

Corp.

................

24,705

537,334

4,904,887

Construction

Materials

—

0.1%

Knife

River

Corp.

(a)

....................

4,981

301,151

Consumer

Finance

—

1.4%

Ally

Financial,

Inc.

....................

57,168

2,227,837

Atlanticus

Holdings

Corp.

(a)

(b)

.............

617

34,003

Bread

Financial

Holdings,

Inc.

............

8,235

515,923

Credit

Acceptance

Corp.

(a)

(b)

..............

1,097

490,732

Encore

Capital

Group,

Inc.

(a)

.............

4,390

182,536

Enova

International,

Inc.

(a)

...............

2,656

317,578

EZCORP,

Inc.

,

Class

A,

NVS

(a)

............

5,054

92,235

FirstCash

Holdings,

Inc.

................

2,872

455,212

LendingClub

Corp.

(a)

...................

14,363

249,773

LendingTree,

Inc.

(a)

(b)

..................

2,249

143,936

Navient

Corp.

.......................

14,814

181,175

Nelnet,

Inc.

,

Class

A

...................

1,179

152,150

OneMain

Holdings,

Inc.

.................

24,882

1,472,766

PRA

Group,

Inc.

(a)

....................

7,322

100,385

PROG

Holdings,

Inc.

..................

8,351

241,594

SLM

Corp.

.........................

17,805

478,064

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

World

Acceptance

Corp.

(a)

...............

720

$

91,778

7,427,677

Consumer

Staples

Distribution

&

Retail

—

0.5%

Albertsons

Cos.,

Inc.

,

Class

A

............

77,732

1,375,079

Andersons,

Inc.

(The)

..................

6,759

313,009

Chefs'

Warehouse,

Inc.

(The)

(a)

...........

3,295

194,405

Grocery

Outlet

Holding

Corp.

(a)

............

18,481

251,526

Ingles

Markets,

Inc.

,

Class

A

.............

2,986

206,333

Natural

Grocers

by

Vitamin

Cottage,

Inc.

.....

595

19,094

United

Natural

Foods,

Inc.

(a)

..............

12,204

459,481

Weis

Markets,

Inc.

....................

2,012

127,440

2,946,367

Containers

&

Packaging

—

1.0%

Crown

Holdings,

Inc.

..................

14,072

1,367,517

Graphic

Packaging

Holding

Co.

...........

56,833

908,760

Greif,

Inc.

,

Class

A,

NVS

................

4,998

284,336

O-I

Glass,

Inc.

(a)

......................

30,360

342,764

Sealed

Air

Corp.

.....................

28,627

959,291

Silgan

Holdings,

Inc.

...................

18,138

700,490

Sonoco

Products

Co.

..................

20,079

814,605

TriMas

Corp.

........................

6,783

241,000

5,618,763

Distributors

—

0.5%

A-Mark

Precious

Metals,

Inc.

.............

3,231

85,880

LKQ

Corp.

.........................

53,082

1,696,501

Pool

Corp.

.........................

3,883

1,036,994

2,819,375

Diversified

Consumer

Services

—

0.6%

ADT,

Inc.

..........................

72,535

641,209

Carriage

Services,

Inc.

.................

1,294

57,842

Driven

Brands

Holdings,

Inc.

(a)

(b)

...........

8,027

115,188

Frontdoor,

Inc.

(a)

......................

7,186

477,366

Graham

Holdings

Co.

,

Class

B

............

377

381,573

H&R

Block,

Inc.

......................

9,272

461,189

KinderCare

Learning

Cos.,

Inc.

(a)

..........

6,248

36,863

Laureate

Education,

Inc.

(a)

...............

10,080

292,622

Matthews

International

Corp.

,

Class

A

.......

5,841

136,796

Mister

Car

Wash,

Inc.

(a)

(b)

................

7,364

41,165

Perdoceo

Education

Corp.

...............

5,601

177,888

Strategic

Education,

Inc.

................

2,137

162,369

Udemy,

Inc.

(a)

.......................

11,457

65,248

3,047,318

Diversified

REITs

—

0.4%

Alexander

&

Baldwin,

Inc.

...............

5,564

88,857

American

Assets

Trust,

Inc.

..............

10,217

195,247

Broadstone

Net

Lease,

Inc.

..............

35,899

643,310

CTO

Realty

Growth,

Inc.

................

6,073

101,298

Essential

Properties

Realty

Trust,

Inc.

.......

18,033

538,826

Gladstone

Commercial

Corp.

.............

5,220

59,665

Global

Net

Lease,

Inc.

.................

40,794

310,850

1,938,053

Diversified

Telecommunication

Services

—

1.2%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

.........

17,731

1,422,913

Cogent

Communications

Holdings,

Inc.

......

3,422

141,158

Frontier

Communications

Parent,

Inc.

(a)

......

45,047

1,700,975

IDT

Corp.

,

Class

B

....................

1,590

80,549

Liberty

Global

Ltd.

,

Class

A

(a)

.............

33,800

371,800

Liberty

Global

Ltd.

,

Class

C,

NVS

(a)

.........

29,568

329,683

Liberty

Latin

America

Ltd.

,

Class

A

(a)

........

2,933

22,877

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

(b)

...

10,339

81,782

Lumen

Technologies,

Inc.

(a)

..............

188,243

1,935,138

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Shenandoah

Telecommunications

Co.

.......

4,798

$

59,111

Uniti

Group,

Inc.

(b)

....................

28,537

164,373

6,310,359

Electric

Utilities

—

1.6%

ALLETE,

Inc.

.......................

11,870

799,207

Hawaiian

Electric

Industries,

Inc.

(a)

.........

35,770

415,647

IDACORP,

Inc.

......................

5,336

688,451

MGE

Energy,

Inc.

.....................

3,323

275,377

OGE

Energy

Corp.

....................

41,482

1,831,016

Otter

Tail

Corp.

......................

8,481

654,903

Pinnacle

West

Capital

Corp.

.............

24,571

2,175,025

Portland

General

Electric

Co.

.............

22,480

1,026,886

TXNM

Energy,

Inc.

....................

19,546

1,110,213

8,976,725

Electrical

Equipment

—

2.3%

Acuity,

Inc.

.........................

2,917

1,064,851

Array

Technologies,

Inc.

(a)

...............

28,143

243,718

Atkore,

Inc.

.........................

6,702

464,114

EnerSys

...........................

4,631

584,247

Generac

Holdings,

Inc.

(a)

................

3,956

664,687

NEXTracker,

Inc.

,

Class

A

(a)

..............

29,571

2,993,177

nVent

Electric

plc

.....................

16,467

1,883,001

Plug

Power,

Inc.

(a)

(b)

...................

212,844

572,550

Power

Solutions

International,

Inc.

(a)

(b)

.......

535

45,807

Preformed

Line

Products

Co.

(b)

............

375

79,541

Regal

Rexnord

Corp.

..................

13,663

1,924,980

Sensata

Technologies

Holding

plc

..........

29,763

947,356

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

(b)

..

33,233

349,279

Sunrun,

Inc.

(a)

.......................

43,493

902,915

Thermon

Group

Holdings,

Inc.

(a)

...........

3,321

95,412

12,815,635

Electronic

Equipment,

Instruments

&

Components

—

2.1%

Arrow

Electronics,

Inc.

(a)

................

9,797

1,092,856

Avnet,

Inc.

.........................

17,910

867,740

Bel

Fuse,

Inc.

,

Class

B,

NVS

(b)

............

1,184

182,324

Belden,

Inc.

........................

2,340

285,129

Benchmark

Electronics,

Inc.

.............

4,604

201,747

Crane

NXT

Co.

......................

11,069

700,114

Daktronics,

Inc.

(a)

.....................

2,833

53,232

ePlus,

Inc.

.........................

3,731

272,960

Insight

Enterprises,

Inc.

(a)

...............

5,740

574,000

IPG

Photonics

Corp.

(a)

.................

2,783

236,889

Knowles

Corp.

(a)

.....................

16,630

392,634

Littelfuse,

Inc.

.......................

2,733

664,966

PC

Connection,

Inc.

...................

1,333

81,273

Plexus

Corp.

(a)

.......................

2,172

303,863

Rogers

Corp.

(a)

......................

1,728

151,269

Sanmina

Corp.

(a)

(b)

....................

5,263

721,294

ScanSource,

Inc.

(a)

....................

5,023

215,512

TD

SYNNEX

Corp.

....................

15,501

2,425,752

TTM

Technologies,

Inc.

(a)

................

19,496

1,310,131

Vishay

Intertechnology,

Inc.

..............

9,753

165,606

Vontier

Corp.

........................

19,926

767,151

11,666,442

Energy

Equipment

&

Services

—

1.6%

Archrock,

Inc.

.......................

13,706

346,351

Atlas

Energy

Solutions,

Inc.

..............

8,841

109,452

Bristow

Group,

Inc.

(a)

..................

2,187

89,011

Cactus,

Inc.

,

Class

A

..................

9,417

415,949

Helix

Energy

Solutions

Group,

Inc.

(a)

........

15,621

104,973

Helmerich

&

Payne,

Inc.

................

19,522

512,648

Innovex

International,

Inc.

(a)

..............

7,646

153,455

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Liberty

Energy,

Inc.

,

Class

A

.............

32,331

$

585,514

Noble

Corp.

plc

......................

10,580

310,523

NOV,

Inc.

..........................

75,435

1,101,351

Oceaneering

International,

Inc.

(a)

..........

8,892

207,095

Patterson-UTI

Energy,

Inc.

..............

69,787

437,564

RPC,

Inc.

..........................

10,514

54,673

Seadrill

Ltd.

(a)

.......................

12,201

385,063

Select

Water

Solutions,

Inc.

,

Class

A

........

16,948

195,919

TechnipFMC

plc

......................

31,619

1,307,446

Tidewater,

Inc.

(a)

(b)

....................

9,578

484,551

Valaris

Ltd.

(a)

........................

12,635

709,076

Weatherford

International

plc

.............

15,090

1,111,982

8,622,596

Entertainment

—

0.3%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.

89,048

230,634

Cinemark

Holdings,

Inc.

................

13,955

376,925

IMAX

Corp.

(a)

.......................

4,963

161,248

Lionsgate

Studios

Corp.

(a)

(b)

..............

22,574

145,151

Madison

Square

Garden

Entertainment

Corp.

(a)

.

4,952

218,680

Playtika

Holding

Corp.

.................

15,470

56,775

Sphere

Entertainment

Co.

,

Class

A

(a)

(b)

.......

5,010

343,085

Starz

Entertainment

Corp.

(b)

..............

2,626

27,599

1,560,097

Financial

Services

—

2.8%

Cannae

Holdings,

Inc.

.................

11,667

208,606

Compass

Diversified

Holdings

............

13,338

85,096

Enact

Holdings,

Inc.

...................

6,729

240,360

Essent

Group

Ltd.

....................

20,317

1,230,601

Euronet

Worldwide,

Inc.

(a)

...............

4,628

351,080

EVERTEC,

Inc.

......................

8,225

234,166

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

...........................

1,229

194,969

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

......................

24,607

681,860

Jackson

Financial,

Inc.

,

Class

A

...........

11,464

1,155,686

Marqeta,

Inc.

,

Class

A

(a)

................

52,199

236,462

Merchants

Bancorp

...................

2,965

92,478

MGIC

Investment

Corp.

................

47,147

1,292,771

NCR

Atleos

Corp.

(a)

...................

15,121

557,965

NMI

Holdings,

Inc.

,

Class

A

(a)

.............

15,379

560,257

Payoneer

Global,

Inc.

(a)

.................

15,452

89,467

PennyMac

Financial

Services,

Inc.

.........

5,811

731,082

Priority

Technology

Holdings,

Inc.

(a)

.........

6,299

43,841

Radian

Group,

Inc.

....................

16,163

548,572

Rocket

Cos.,

Inc.

,

Class

A

...............

182,092

3,033,653

UWM

Holdings

Corp.

,

Class

A

............

33,494

188,571

Velocity

Financial,

Inc.

(a)

(b)

...............

849

15,808

Voya

Financial,

Inc.

...................

19,867

1,479,297

Walker

&

Dunlop,

Inc.

..................

6,759

540,179

Western

Union

Co.

(The)

...............

58,398

544,853

WEX,

Inc.

(a)

.........................

6,474

944,427

15,282,107

Food

Products

—

1.9%

Bunge

Global

SA

.....................

28,838

2,728,075

Cal-Maine

Foods,

Inc.

..................

8,791

771,850

Campbell's

Co.

(The)

..................

40,908

1,232,558

Darling

Ingredients,

Inc.

(a)

...............

30,257

969,737

Flowers

Foods,

Inc.

...................

41,043

489,643

Fresh

Del

Monte

Produce,

Inc.

............

7,571

267,635

Ingredion,

Inc.

.......................

8,806

1,016,300

J

&

J

Snack

Foods

Corp.

................

1,606

135,948

John

B

Sanfilippo

&

Son,

Inc.

.............

1,140

71,569

Lamb

Weston

Holdings,

Inc.

.............

17,636

1,088,670

Security

Shares

Shares

Value

Food

Products

(continued)

Mission

Produce,

Inc.

(a)

(b)

................

3,311

$

38,143

Post

Holdings,

Inc.

(a)

...................

5,836

606,535

Seaboard

Corp.

......................

52

175,239

Seneca

Foods

Corp.

,

Class

A

(a)

...........

594

64,054

Simply

Good

Foods

Co.

(The)

(a)

...........

8,743

171,101

TreeHouse

Foods,

Inc.

(a)

................

9,360

170,352

Utz

Brands,

Inc.

,

Class

A

................

14,590

153,633

10,151,042

Gas

Utilities

—

1.2%

Chesapeake

Utilities

Corp.

..............

2,135

271,743

MDU

Resources

Group,

Inc.

.............

40,527

777,308

National

Fuel

Gas

Co.

.................

10,453

824,846

New

Jersey

Resources

Corp.

.............

12,435

550,871

Northwest

Natural

Holding

Co.

............

8,307

378,218

ONE

Gas,

Inc.

.......................

11,734

940,949

Southwest

Gas

Holdings,

Inc.

............

7,115

565,642

Spire,

Inc.

..........................

11,947

1,032,221

UGI

Corp.

..........................

44,561

1,489,674

6,831,472

Ground

Transportation

—

0.9%

ArcBest

Corp.

.......................

2,827

210,103

Avis

Budget

Group,

Inc.

(a)

...............

3,595

489,172

Heartland

Express,

Inc.

.................

10,929

85,246

Hertz

Global

Holdings,

Inc.

(a)

(b)

............

9,585

49,171

Knight-Swift

Transportation

Holdings,

Inc.

....

12,595

568,286

Landstar

System,

Inc.

..................

4,528

581,531

Lyft,

Inc.

,

Class

A

(a)

....................

40,386

826,298

Marten

Transport

Ltd.

..................

10,593

108,578

Ryder

System,

Inc.

....................

3,835

648,997

Saia,

Inc.

(a)

.........................

2,527

739,147

Schneider

National,

Inc.

,

Class

B

..........

3,890

83,129

U-Haul

Holding

Co.

(a)

(b)

.................

675

35,883

U-Haul

Holding

Co.

,

NVS

...............

8,920

432,531

Universal

Logistics

Holdings,

Inc.

..........

1,210

19,578

Werner

Enterprises,

Inc.

................

4,403

115,359

4,993,009

Health

Care

Equipment

&

Supplies

—

1.1%

Alphatec

Holdings,

Inc.

(a)

................

13,071

248,218

Artivion,

Inc.

(a)

.......................

3,822

173,404

Avanos

Medical,

Inc.

(a)

.................

8,714

96,813

CONMED

Corp.

......................

4,157

182,908

Dentsply

Sirona,

Inc.

..................

39,469

497,704

Embecta

Corp.

......................

11,371

151,689

Enovis

Corp.

(a)

(b)

......................

11,203

349,982

Envista

Holdings

Corp.

(a)

................

34,972

711,680

ICU

Medical,

Inc.

(a)

....................

2,474

297,103

Integra

LifeSciences

Holdings

Corp.

(a)

.......

13,982

167,924

LivaNova

plc

(a)

.......................

11,123

585,403

Masimo

Corp.

(a)

......................

3,272

460,207

Neogen

Corp.

(a)

......................

40,360

249,021

Novocure

Ltd.

(a)

......................

9,438

120,901

Omnicell,

Inc.

(a)

......................

8,980

301,459

QuidelOrtho

Corp.

(a)

...................

13,496

364,257

RxSight,

Inc.

(a)

(b)

......................

3,370

29,622

Tandem

Diabetes

Care,

Inc.

(a)

............

7,464

104,496

Teleflex,

Inc.

........................

9,550

1,188,688

6,281,479

Health

Care

Providers

&

Services

—

1.4%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

............

18,936

407,124

AdaptHealth

Corp.

(a)

...................

18,944

170,307

agilon

health,

Inc.

(a)

(b)

..................

62,210

49,550

AMN

Healthcare

Services,

Inc.

(a)

...........

7,979

157,107

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Ardent

Health,

Inc.

(a)

(b)

..................

2,784

$

40,535

BrightSpring

Health

Services,

Inc.

(a)

........

4,797

158,541

Brookdale

Senior

Living,

Inc.

(a)

............

44,712

414,480

Castle

Biosciences,

Inc.

(a)

...............

5,531

141,041

Clover

Health

Investments

Corp.

,

Class

A

(a)

(b)

..

78,146

275,855

Concentra

Group

Holdings

Parent,

Inc.

......

24,448

487,004

DaVita,

Inc.

(a)

(b)

......................

4,402

523,926

Henry

Schein,

Inc.

(a)

...................

21,716

1,372,451

LifeStance

Health

Group,

Inc.

(a)

(b)

..........

14,613

71,604

National

HealthCare

Corp.

...............

1,264

150,972

OPKO

Health,

Inc.

(a)

(b)

..................

73,884

100,482

Option

Care

Health,

Inc.

(a)

...............

12,302

320,221

PACS

Group,

Inc.

(a)

...................

5,115

61,789

Pediatrix

Medical

Group,

Inc.

(a)

............

17,030

288,999

Premier,

Inc.

,

Class

A

..................

16,647

468,114

Select

Medical

Holdings

Corp.

............

10,955

151,508

Universal

Health

Services,

Inc.

,

Class

B

.....

7,037

1,527,099

US

Physical

Therapy,

Inc.

...............

1,204

103,869

7,442,578

Health

Care

REITs

—

0.8%

Healthcare

Realty

Trust,

Inc.

,

Class

A

.......

70,509

1,249,419

LTC

Properties,

Inc.

...................

9,338

327,577

Medical

Properties

Trust,

Inc.

.............

104,194

538,683

National

Health

Investors,

Inc.

............

4,859

362,044

Omega

Healthcare

Investors,

Inc.

..........

35,440

1,489,543

Sabra

Health

Care

REIT,

Inc.

.............

19,213

342,376

Sila

Realty

Trust,

Inc.

..................

6,711

159,051

4,468,693

Health

Care

Technology

—

0.1%

(a)

Evolent

Health,

Inc.

,

Class

A

.............

15,008

100,104

Phreesia,

Inc.

(b)

......................

4,555

103,125

Schrodinger,

Inc.

(b)

....................

4,433

93,270

Teladoc

Health,

Inc.

...................

35,979

310,499

606,998

Hotel

&

Resort

REITs

—

0.9%

Apple

Hospitality

REIT,

Inc.

..............

46,838

524,117

DiamondRock

Hospitality

Co.

.............

41,529

324,757

Host

Hotels

&

Resorts,

Inc.

..............

144,827

2,320,128

Park

Hotels

&

Resorts,

Inc.

..............

42,682

439,198

Pebblebrook

Hotel

Trust

(b)

...............

24,329

254,481

RLJ

Lodging

Trust

....................

32,312

219,722

Ryman

Hospitality

Properties,

Inc.

.........

5,567

483,828

Sunstone

Hotel

Investors,

Inc.

............

38,831

343,654

Xenia

Hotels

&

Resorts,

Inc.

.............

11,792

145,042

5,054,927

Hotels,

Restaurants

&

Leisure

—

2.5%

Accel

Entertainment,

Inc.

,

Class

A

(a)

........

10,707

109,104

Aramark

...........................

38,629

1,463,267

Biglari

Holdings,

Inc.

,

Class

B,

NVS

(a)

(b)

......

138

49,861

BJ's

Restaurants,

Inc.

(a)

.................

2,052

69,686

Bloomin'

Brands,

Inc.

..................

17,493

119,477

Boyd

Gaming

Corp.

...................

12,089

941,370

Caesars

Entertainment,

Inc.

(a)

(b)

...........

39,839

800,764

Cheesecake

Factory,

Inc.

(The)

...........

4,269

212,596

Choice

Hotels

International,

Inc.

(b)

..........

2,105

195,681

Churchill

Downs,

Inc.

..................

6,049

600,061

Cracker

Barrel

Old

Country

Store,

Inc.

(b)

.....

4,535

152,830

Dave

&

Buster's

Entertainment,

Inc.

(a)

(b)

......

5,555

81,603

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

.......

3,437

56,676

Golden

Entertainment,

Inc.

..............

4,274

86,335

Hilton

Grand

Vacations,

Inc.

(a)

............

12,212

506,187

Krispy

Kreme,

Inc.

....................

7,294

26,185

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

..........

613

$

34,898

Light

&

Wonder,

Inc.

,

Class

A

(a)

(b)

..........

9,978

725,401

Lucky

Strike

Entertainment

Corp.

,

Class

A

(b)

...

2,205

18,478

Marriott

Vacations

Worldwide

Corp.

.........

6,202

409,208

MGM

Resorts

International

(a)

.............

41,409

1,326,330

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

.......

40,569

909,557

Papa

John's

International,

Inc.

............

6,375

323,914

Penn

Entertainment,

Inc.

(a)

...............

29,290

482,113

Portillo's,

Inc.

,

Class

A

(a)

(b)

...............

6,715

35,925

Red

Rock

Resorts,

Inc.

,

Class

A

...........

3,600

191,916

Sabre

Corp.

(a)

.......................

33,671

68,857

Six

Flags

Entertainment

Corp.

(a)

(b)

..........

10,257

235,706

Target

Hospitality

Corp.

(a)

...............

7,601

58,452

Travel

+

Leisure

Co.

...................

13,318

836,104

United

Parks

&

Resorts,

Inc.

(a)

(b)

...........

4,983

241,177

Vail

Resorts,

Inc.

.....................

2,553

378,687

Wendy's

Co.

(The)

....................

31,893

272,366

Wyndham

Hotels

&

Resorts,

Inc.

..........

7,758

569,670

Wynn

Resorts

Ltd.

....................

11,107

1,321,622

13,912,064

Household

Durables

—

2.5%

Beazer

Homes

USA,

Inc.

(a)

..............

5,941

133,078

Century

Communities,

Inc.

..............

3,245

192,753

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

.......

5,189

102,742

Ethan

Allen

Interiors,

Inc.

...............

4,290

103,689

Green

Brick

Partners,

Inc.

(a)

..............

6,325

409,481

Helen

of

Troy

Ltd.

(a)

...................

4,696

87,487

Installed

Building

Products,

Inc.

...........

2,734

678,661

KB

Home

..........................

13,446

839,299

La-Z-Boy,

Inc.

.......................

7,865

249,321

Legacy

Housing

Corp.

(a)

................

1,350

30,314

Leggett

&

Platt,

Inc.

...................

27,535

257,177

LGI

Homes,

Inc.

(a)

(b)

...................

4,051

165,321

M/I

Homes,

Inc.

(a)

.....................

5,117

640,597

Meritage

Homes

Corp.

.................

14,725

994,821

Mohawk

Industries,

Inc.

(a)

...............

10,196

1,158,673

Newell

Brands,

Inc.

...................

78,216

265,934

Sonos,

Inc.

(a)

........................

12,817

220,068

Taylor

Morrison

Home

Corp.

(a)

............

20,759

1,230,386

Toll

Brothers,

Inc.

.....................

20,566

2,775,382

TopBuild

Corp.

(a)

.....................

3,822

1,614,719

TRI

Pointe

Homes,

Inc.

(a)

................

16,774

534,252

Whirlpool

Corp.

......................

11,463

821,095

13,505,250

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)

..............

1,878

57,598

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

....

10,090

280,603

Energizer

Holdings,

Inc.

................

12,934

300,457

Reynolds

Consumer

Products,

Inc.

.........

11,228

274,412

Spectrum

Brands

Holdings,

Inc.

...........

5,194

279,853

1,192,923

Independent

Power

and

Renewable

Electricity

Producers

—

0.7%

AES

Corp.

(The)

.....................

146,832

2,036,560

Clearway

Energy,

Inc.

,

Class

A

............

2,097

62,889

Clearway

Energy,

Inc.

,

Class

C

...........

5,511

175,966

Hallador

Energy

Co.

(a)

(b)

.................

6,906

149,377

Talen

Energy

Corp.

(a)

..................

3,912

1,563,939

3,988,731

Industrial

REITs

—

0.8%

Americold

Realty

Trust,

Inc.

..............

34,621

446,265

First

Industrial

Realty

Trust,

Inc.

...........

11,432

631,961

Innovative

Industrial

Properties,

Inc.

........

5,900

295,885

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

(continued)

Lineage,

Inc.

........................

12,169

$

479,458

LXP

Industrial

Trust

...................

60,910

578,036

Plymouth

Industrial

REIT,

Inc.

............

7,682

169,004

Rexford

Industrial

Realty,

Inc.

............

21,524

889,372

STAG

Industrial,

Inc.

..................

17,814

681,742

4,171,723

Insurance

—

3.5%

American

Financial

Group,

Inc.

...........

9,686

1,275,452

AMERISAFE,

Inc.

....................

4,144

166,091

Assurant,

Inc.

.......................

10,521

2,227,506

Assured

Guaranty

Ltd.

.................

4,243

341,901

Axis

Capital

Holdings

Ltd.

...............

15,388

1,441,240

Brighthouse

Financial,

Inc.

(a)

.............

12,335

703,958

CNO

Financial

Group,

Inc.

...............

20,635

825,813

Donegal

Group,

Inc.

,

Class

A

.............

4,057

76,069

Employers

Holdings,

Inc.

................

2,843

108,404

F&G

Annuities

&

Life,

Inc.

...............

4,627

137,191

First

American

Financial

Corp.

............

20,358

1,272,579

Genworth

Financial,

Inc.

,

Class

A

(a)

.........

83,125

701,575

Globe

Life,

Inc.

......................

16,188

2,128,884

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

....

8,564

202,710

Hanover

Insurance

Group,

Inc.

(The)

.......

3,121

533,316

Heritage

Insurance

Holdings,

Inc.

(a)

.........

5,103

120,584

Hippo

Holdings,

Inc.

(a)

..................

4,099

150,761

Horace

Mann

Educators

Corp.

............

7,886

352,583

Kemper

Corp.

.......................

11,981

539,025

Lemonade,

Inc.

(a)

(b)

....................

3,469

208,417

Lincoln

National

Corp.

.................

30,320

1,273,440

Old

Republic

International

Corp.

...........

33,821

1,334,577

Primerica,

Inc.

.......................

2,093

543,908

ProAssurance

Corp.

(a)

..................

9,808

234,902

Safety

Insurance

Group,

Inc.

.............

1,992

136,910

Selective

Insurance

Group,

Inc.

...........

12,595

948,907

SiriusPoint

Ltd.

(a)

.....................

13,862

252,288

Stewart

Information

Services

Corp.

.........

5,566

379,991

Tiptree,

Inc.

........................

1,494

26,459

Universal

Insurance

Holdings,

Inc.

.........

3,528

108,733

White

Mountains

Insurance

Group

Ltd.

(b)

.....

246

468,522

19,222,696

Interactive

Media

&

Services

—

0.4%

Angi,

Inc.

(a)

.........................

5,491

72,866

Cars.com,

Inc.

(a)

......................

11,842

127,183

Getty

Images

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

9,862

18,541

IAC,

Inc.

(a)

..........................

13,896

447,729

Shutterstock,

Inc.

.....................

4,752

118,942

TripAdvisor,

Inc.

(a)

(b)

...................

22,998

369,348

Vimeo,

Inc.

(a)

(b)

.......................

15,109

117,850

Webtoon

Entertainment,

Inc.

(a)

(b)

...........

3,131

54,886

Yelp,

Inc.

(a)

.........................

3,771

124,368

Ziff

Davis,

Inc.

(a)

(b)

.....................

7,983

270,624

ZoomInfo

Technologies,

Inc.

(a)

............

61,954

695,124

2,417,461

IT

Services

—

0.7%

ASGN,

Inc.

(a)

........................

8,810

394,336

BigBear.ai

Holdings,

Inc.

(a)

(b)

..............

27,345

189,227

DigitalOcean

Holdings,

Inc.

(a)

.............

6,140

249,652

DXC

Technology

Co.

(a)

(b)

................

34,519

490,170

EPAM

Systems,

Inc.

(a)

..................

6,822

1,115,670

Fastly,

Inc.

,

Class

A

(a)

..................

15,020

124,516

Hackett

Group,

Inc.

(The)

...............

1,360

24,630

Kyndryl

Holdings,

Inc.

(a)

(b)

...............

47,943

1,386,511

3,974,712

Security

Shares

Shares

Value

Leisure

Products

—

1.1%

Acushnet

Holdings

Corp.

................

3,253

$

251,554

Brunswick

Corp.

.....................

8,452

558,762

Hasbro,

Inc.

........................

18,902

1,442,412

Latham

Group,

Inc.

(a)

..................

2,818

20,430

Malibu

Boats,

Inc.

,

Class

A

(a)

.............

3,979

110,895

Mattel,

Inc.

(a)

........................

66,658

1,225,174

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

........

75,612

548,943

Polaris,

Inc.

.........................

10,580

699,338

Sturm

Ruger

&

Co.,

Inc.

................

3,319

140,759

Topgolf

Callaway

Brands

Corp.

(a)

..........

25,928

243,982

YETI

Holdings,

Inc.

(a)

(b)

.................

16,330

555,057

5,797,306

Life

Sciences

Tools

&

Services

—

1.1%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

...........

21,244

289,768

Avantor,

Inc.

(a)

.......................

139,532

1,649,268

BioLife

Solutions,

Inc.

(a)

.................

3,136

87,400

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

......

1,861

594,683

Bruker

Corp.

........................

12,172

473,978

Charles

River

Laboratories

International,

Inc.

(a)

.

9,356

1,684,735

Fortrea

Holdings,

Inc.

(a)

.................

17,940

187,652

Mesa

Laboratories,

Inc.

................

674

48,454

Repligen

Corp.

(a)

.....................

4,357

649,454

Sotera

Health

Co.

(a)

...................

16,366

271,676

5,937,068

Machinery

—

3.3%

AGCO

Corp.

........................

7,478

771,430

Alamo

Group,

Inc.

....................

691

123,495

Albany

International

Corp.

,

Class

A

.........

2,462

139,300

Allison

Transmission

Holdings,

Inc.

.........

10,976

906,069

Astec

Industries,

Inc.

..................

4,417

205,523

Atmus

Filtration

Technologies,

Inc.

.........

1,720

78,226

Blue

Bird

Corp.

(a)

(b)

....................

4,196

209,632

Enpro,

Inc.

.........................

1,327

307,877

Esab

Corp.

.........................

4,887

570,899

Flowserve

Corp.

.....................

11,713

799,412

Gates

Industrial

Corp.

plc

(a)

..............

50,582

1,116,851

Greenbrier

Cos.,

Inc.

(The)

..............

5,820

243,101

Helios

Technologies,

Inc.

................

6,546

362,387

Hillenbrand,

Inc.

.....................

13,811

436,428

Hillman

Solutions

Corp.

(a)

...............

38,076

351,061

JBT

Marel

Corp.

(b)

....................

4,879

615,242

Kennametal,

Inc.

.....................

15,670

343,956

Lindsay

Corp.

.......................

1,062

118,137

Middleby

Corp.

(The)

(a)

.................

6,868

853,212

Mueller

Industries,

Inc.

.................

10,842

1,147,842

Nordson

Corp.

.......................

4,281

992,978

Oshkosh

Corp.

......................

12,407

1,529,659

Proto

Labs,

Inc.

(a)

.....................

1,851

92,106

REV

Group,

Inc.

.....................

5,390

276,345

Standex

International

Corp.

..............

1,339

312,295

Stanley

Black

&

Decker,

Inc.

.............

31,636

2,142,390

Tennant

Co.

........................

3,853

308,240

Terex

Corp.

.........................

13,147

605,025

Timken

Co.

(The)

.....................

13,169

1,033,898

Toro

Co.

(The)

.......................

9,442

705,601

Trinity

Industries,

Inc.

..................

7,691

210,503

Worthington

Enterprises,

Inc.

.............

6,233

349,609

18,258,729

Marine

Transportation

—

0.2%

Genco

Shipping

&

Trading

Ltd.

............

8,809

150,105

Kirby

Corp.

(a)

........................

5,017

519,159

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Marine

Transportation

(continued)

Matson,

Inc.

........................

2,949

$

297,702

966,966

Media

—

1.3%

Altice

USA,

Inc.

,

Class

A

(a)

(b)

..............

46,827

104,424

Cable

One,

Inc.

......................

909

135,032

EchoStar

Corp.

,

Class

A

(a)

(b)

..............

27,634

2,068,958

Ibotta,

Inc.

,

Class

A

(a)

(b)

.................

1,291

41,648

Interpublic

Group

of

Cos.,

Inc.

(The)

........

76,481

1,962,502

John

Wiley

&

Sons,

Inc.

,

Class

A

..........

8,895

327,959

Magnite,

Inc.

(a)

(b)

......................

8,107

144,953

Nexstar

Media

Group,

Inc.

...............

5,716

1,118,793

Sinclair,

Inc.

,

Class

A

..................

7,828

106,930

Sirius

XM

Holdings,

Inc.

................

39,213

850,530

Stagwell,

Inc.

,

Class

A

(a)

(b)

...............

21,497

102,111

TEGNA,

Inc.

........................

17,238

339,071

Thryv

Holdings,

Inc.

(a)

..................

7,552

58,226

7,361,137

Metals

&

Mining

—

1.8%

Alcoa

Corp.

.........................

53,933

1,984,195

Alpha

Metallurgical

Resources,

Inc.

(a)

.......

2,263

392,087

Century

Aluminum

Co.

(a)

................

4,427

131,128

Cleveland-Cliffs,

Inc.

(a)

(b)

................

53,262

662,047

Coeur

Mining,

Inc.

(a)

...................

129,785

2,228,408

Commercial

Metals

Co.

.................

21,820

1,295,235

Constellium

SE

,

Class

A

(a)

...............

26,570

417,946

Hecla

Mining

Co.

.....................

56,971

733,217

Ivanhoe

Electric,

Inc.

(a)

(b)

................

6,320

93,473

Kaiser

Aluminum

Corp.

.................

3,102

280,824

Materion

Corp.

......................

1,972

226,050

Ryerson

Holding

Corp.

.................

5,352

118,065

SunCoke

Energy,

Inc.

..................

17,667

141,513

USA

Rare

Earth,

Inc.

(a)

.................

4,699

91,396

Warrior

Met

Coal,

Inc.

..................

10,061

682,538

Worthington

Steel,

Inc.

.................

6,336

202,689

9,680,811

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.1%

AGNC

Investment

Corp.

................

215,287

2,152,870

Annaly

Capital

Management,

Inc.

..........

132,746

2,810,233

Apollo

Commercial

Real

Estate

Finance,

Inc.

..

25,927

253,825

Arbor

Realty

Trust,

Inc.

.................

30,784

310,611

ARMOUR

Residential

REIT,

Inc.

...........

22,925

371,843

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.....

20,172

372,778

BrightSpire

Capital,

Inc.

,

Class

A

..........

27,222

140,465

Chimera

Investment

Corp.

...............

16,784

214,164

Dynex

Capital,

Inc.

....................

25,018

331,238

Ellington

Financial,

Inc.

.................

11,677

155,538

Franklin

BSP

Realty

Trust,

Inc.

............

17,028

172,664

KKR

Real

Estate

Finance

Trust,

Inc.

........

11,599

94,416

Ladder

Capital

Corp.

,

Class

A

............

24,456

258,500

MFA

Financial,

Inc.

....................

20,122

180,897

Orchid

Island

Capital,

Inc.

...............

25,131

181,697

PennyMac

Mortgage

Investment

Trust

.......

17,824

214,601

Ready

Capital

Corp.

...................

35,112

102,878

Redwood

Trust,

Inc.

...................

26,194

139,090

Rithm

Capital

Corp.

...................

110,539

1,212,613

Starwood

Property

Trust,

Inc.

.............

71,720

1,303,870

TPG

RE

Finance

Trust,

Inc.

..............

12,678

109,665

Two

Harbors

Investment

Corp.

............

21,312

207,153

11,291,609

Multi-Utilities

—

0.4%

Avista

Corp.

........................

16,455

626,113

Black

Hills

Corp.

.....................

14,880

943,838

Security

Shares

Shares

Value

Multi-Utilities

(continued)

Northwestern

Energy

Group,

Inc.

..........

11,804

$

704,345

Unitil

Corp.

.........................

3,135

152,831

2,427,127

Office

REITs

—

1.5%

Brandywine

Realty

Trust

................

35,032

120,160

BXP,

Inc.

..........................

29,851

2,125,093

COPT

Defense

Properties

...............

23,305

656,502

Cousins

Properties,

Inc.

................

32,314

837,902

Douglas

Emmett,

Inc.

..................

27,024

349,691

Easterly

Government

Properties,

Inc.

.......

8,560

185,067

Empire

State

Realty

Trust,

Inc.

,

Class

A

(b)

.....

20,498

151,480

Highwoods

Properties,

Inc.

..............

21,345

611,107

JBG

SMITH

Properties

.................

12,722

247,952

Kilroy

Realty

Corp.

....................

22,509

951,005

Paramount

Group,

Inc.

(a)

................

38,760

253,490

Piedmont

Realty

Trust,

Inc.

,

Class

A

........

25,542

205,869

SL

Green

Realty

Corp.

.................

14,754

757,618

Vornado

Realty

Trust

..................

16,811

637,809

8,090,745

Oil,

Gas

&

Consumable

Fuels

—

4.5%

Antero

Midstream

Corp.

................

41,356

713,391

Antero

Resources

Corp.

(a)

...............

24,188

747,651

APA

Corp.

.........................

74,614

1,690,007

BKV

Corp.

(a)

........................

2,293

54,092

California

Resources

Corp.

..............

13,015

613,918

Calumet,

Inc.

(a)

(b)

.....................

13,573

265,488

Chord

Energy

Corp.

...................

12,382

1,123,295

Civitas

Resources,

Inc.

.................

16,163

465,979

Comstock

Resources,

Inc.

(a)

..............

4,283

80,306

Core

Natural

Resources,

Inc.

.............

10,414

822,706

Crescent

Energy,

Inc.

,

Class

A

............

37,960

320,003

CVR

Energy,

Inc.

(a)

....................

6,323

225,036

Delek

US

Holdings,

Inc.

................

12,607

476,040

Dorian

LPG

Ltd.

......................

7,588

218,914

DT

Midstream,

Inc.

....................

9,631

1,054,498

Excelerate

Energy,

Inc.

,

Class

A

...........

2,915

75,528

Granite

Ridge

Resources,

Inc.

............

14,482

76,465

Gulfport

Energy

Corp.

(a)

................

1,808

336,306

HF

Sinclair

Corp.

.....................

31,537

1,627,309

HighPeak

Energy,

Inc.

(b)

................

2,757

18,334

International

Seaways,

Inc.

..............

7,757

397,391

Kinetik

Holdings,

Inc.

,

Class

A

............

2,138

82,334

Kosmos

Energy

Ltd.

(a)

(b)

.................

89,814

141,008

Magnolia

Oil

&

Gas

Corp.

,

Class

A

.........

36,190

812,827

Matador

Resources

Co.

................

23,004

907,738

Murphy

Oil

Corp.

.....................

27,492

778,024

New

Fortress

Energy,

Inc.

,

Class

A

(a)

(b)

.......

28,661

36,973

NextDecade

Corp.

(a)

(b)

..................

15,130

89,721

Northern

Oil

&

Gas,

Inc.

................

16,978

375,723

Ovintiv,

Inc.

.........................

53,673

2,013,274

Par

Pacific

Holdings,

Inc.

(a)

..............

10,929

436,942

PBF

Energy,

Inc.

,

Class

A

...............

17,272

590,184

Peabody

Energy

Corp.

.................

22,793

624,984

Permian

Resources

Corp.

,

Class

A

.........

131,700

1,654,152

Range

Resources

Corp.

................

49,413

1,756,632

REX

American

Resources

Corp.

(a)

.........

3,642

116,653

SM

Energy

Co.

......................

21,730

453,940

Talos

Energy,

Inc.

(a)

...................

22,693

222,618

Venture

Global,

Inc.

,

Class

A

(b)

............

19,837

170,003

Viper

Energy,

Inc.

....................

34,419

1,292,778

Vitesse

Energy,

Inc.

...................

5,687

123,692

World

Kinect

Corp.

....................

11,230

290,296

24,373,153

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

.................

5,508

$

479,802

Sylvamo

Corp.

......................

7,060

286,636

766,438

Passenger

Airlines

—

0.8%

(a)

Alaska

Air

Group,

Inc.

..................

10,759

448,973

Allegiant

Travel

Co.

...................

2,665

165,710

American

Airlines

Group,

Inc.

.............

134,117

1,760,956

Frontier

Group

Holdings,

Inc.

(b)

............

8,132

31,389

JetBlue

Airways

Corp.

..................

58,746

246,733

Joby

Aviation,

Inc.

,

Class

A

(b)

.............

53,901

934,643

SkyWest,

Inc.

.......................

4,966

498,984

Wheels

Up

Experience,

Inc.

,

Class

A

(b)

......

18,510

25,359

4,112,747

Personal

Care

Products

—

0.1%

Coty,

Inc.

,

Class

A

(a)

...................

71,742

284,816

Edgewell

Personal

Care

Co.

.............

8,928

173,114

Herbalife

Ltd.

(a)

......................

20,623

164,984

Olaplex

Holdings,

Inc.

(a)

(b)

...............

26,742

27,811

650,725

Pharmaceuticals

—

2.1%

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

.....

25,524

276,170

Amphastar

Pharmaceuticals,

Inc.

(a)

.........

6,950

177,225

ANI

Pharmaceuticals,

Inc.

(a)

..............

2,343

212,276

Arvinas,

Inc.

(a)

.......................

11,196

113,527

Collegium

Pharmaceutical,

Inc.

(a)

(b)

.........

5,834

210,024

CorMedix,

Inc.

(a)

(b)

....................

7,596

84,543

Crinetics

Pharmaceuticals,

Inc.

(a)

(b)

.........

11,890

517,215

Edgewise

Therapeutics,

Inc.

(a)

(b)

...........

5,477

100,120

Elanco

Animal

Health,

Inc.

(a)

..............

98,029

2,171,342

Enliven

Therapeutics,

Inc.

(a)

(b)

.............

6,873

160,966

Harmony

Biosciences

Holdings,

Inc.

(a)

.......

8,699

248,530

Innoviva,

Inc.

(a)

......................

11,380

207,116

Jazz

Pharmaceuticals

plc

(a)

..............

12,288

1,691,320

Ligand

Pharmaceuticals,

Inc.

(a)

............

2,413

461,631

Nuvation

Bio,

Inc.

,

Class

A

(a)

(b)

............

44,071

230,051

Organon

&

Co.

......................

51,457

347,335

Pacira

BioSciences,

Inc.

(a)

...............

9,081

194,152

Perrigo

Co.

plc

......................

26,394

547,412

Prestige

Consumer

Healthcare,

Inc.

(a)

.......

5,224

316,574

Supernus

Pharmaceuticals,

Inc.

(a)

..........

10,117

557,750

Viatris,

Inc.

.........................

248,109

2,570,409

11,395,688

Professional

Services

—

1.2%

Alight,

Inc.

,

Class

A

...................

85,938

247,501

Amentum

Holdings,

Inc.

(a)

(b)

..............

27,278

611,300

CACI

International,

Inc.

,

Class

A

(a)

.........

1,274

716,307

Clarivate

plc

(a)

(b)

......................

69,228

235,375

Concentrix

Corp.

.....................

8,408

338,926

CSG

Systems

International,

Inc.

...........

5,378

420,936

First

Advantage

Corp.

(a)

(b)

...............

9,397

118,684

Genpact

Ltd.

........................

11,715

446,927

Heidrick

&

Struggles

International,

Inc.

......

2,628

153,396

ICF

International,

Inc.

..................

1,703

136,717

Kforce,

Inc.

.........................

2,269

57,406

Korn

Ferry

.........................

5,598

362,191

ManpowerGroup,

Inc.

..................

9,219

282,655

Maximus,

Inc.

.......................

4,693

390,082

Parsons

Corp.

(a)

......................

4,403

366,065

Robert

Half,

Inc.

.....................

8,947

234,322

Science

Applications

International

Corp.

.....

6,367

596,652

TriNet

Group,

Inc.

....................

5,331

319,860

Upwork,

Inc.

(a)

(b)

......................

24,119

384,457

Security

Shares

Shares

Value

Professional

Services

(continued)

Willdan

Group,

Inc.

(a)

..................

1,286

$

121,540

6,541,299

Real

Estate

Management

&

Development

—

0.9%

Compass,

Inc.

,

Class

A

(a)

................

53,667

413,773

Cushman

&

Wakefield

plc

(a)

..............

30,162

473,544

eXp

World

Holdings,

Inc.

................

10,983

112,466

Forestar

Group,

Inc.

(a)

..................

3,516

91,451

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..........

3,154

250,049

Jones

Lang

LaSalle,

Inc.

(a)

...............

6,045

1,844,269

Kennedy-Wilson

Holdings,

Inc.

............

21,486

162,434

Marcus

&

Millichap,

Inc.

................

4,915

143,567

Newmark

Group,

Inc.

,

Class

A

............

30,004

534,971

Opendoor

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

126,905

986,052

5,012,576

Residential

REITs

—

0.2%

Apartment

Investment

&

Management

Co.

,

Class

A

.............................

12,420

66,074

Centerspace

........................

3,290

194,933

Elme

Communities

....................

18,342

301,726

Independence

Realty

Trust,

Inc.

...........

23,378

372,412

NexPoint

Residential

Trust,

Inc.

...........

4,350

133,414

UMH

Properties,

Inc.

..................

4,613

67,073

Veris

Residential,

Inc.

..................

9,192

131,997

1,267,629

Retail

REITs

—

1.3%

Acadia

Realty

Trust

...................

16,122

307,447

Agree

Realty

Corp.

...................

9,346

682,351

Alexander's,

Inc.

.....................

325

71,802

Brixmor

Property

Group,

Inc.

.............

36,301

949,634

CBL

&

Associates

Properties,

Inc.

..........

3,014

89,124

Federal

Realty

Investment

Trust

...........

8,740

840,701

Getty

Realty

Corp.

....................

10,741

294,626

InvenTrust

Properties

Corp.

..............

7,278

199,417

Kite

Realty

Group

Trust

.................

18,676

413,487

Macerich

Co.

(The)

...................

52,536

900,992

NETSTREIT

Corp.

....................

12,968

241,464

NNN

REIT,

Inc.

......................

28,105

1,137,128

Phillips

Edison

&

Co.,

Inc.

...............

11,244

380,497

Saul

Centers,

Inc.

....................

2,589

76,660

SITE

Centers

Corp.

...................

5,889

43,166

Urban

Edge

Properties

.................

9,894

190,262

Whitestone

REIT

.....................

5,044

63,252

6,882,010

Semiconductors

&

Semiconductor

Equipment

—

2.3%

ACM

Research,

Inc.

,

Class

A

(a)

............

5,667

234,954

Allegro

MicroSystems,

Inc.

(a)

.............

15,499

463,730

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.......

1,740

48,824

Amkor

Technology,

Inc.

.................

15,540

501,631

Axcelis

Technologies,

Inc.

(a)

..............

6,417

510,536

Cirrus

Logic,

Inc.

(a)

....................

7,061

936,642

Diodes,

Inc.

(a)

.......................

6,145

327,897

Enphase

Energy,

Inc.

(a)

(b)

................

17,416

531,362

Ichor

Holdings

Ltd.

(a)

...................

2,665

60,442

MaxLinear,

Inc.

(a)

.....................

16,674

252,611

MKS,

Inc.

..........................

7,639

1,097,801

PDF

Solutions,

Inc.

(a)

..................

3,644

106,150

Penguin

Solutions,

Inc.

(a)

(b)

...............

10,658

237,354

Photronics,

Inc.

(a)

.....................

12,639

302,072

Qorvo,

Inc.

(a)

........................

10,791

1,024,282

Rigetti

Computing,

Inc.

(a)

(b)

...............

29,068

1,286,840

Semtech

Corp.

(a)

.....................

12,616

856,122

Skyworks

Solutions,

Inc.

................

32,366

2,515,486

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

SolarEdge

Technologies,

Inc.

(a)

(b)

..........

11,641

$

408,483

Synaptics,

Inc.

(a)

.....................

4,111

291,634

Ultra

Clean

Holdings,

Inc.

(a)

..............

4,495

123,208

Veeco

Instruments,

Inc.

(a)

...............

6,420

184,575

12,302,636

Software

—

1.7%

Adeia,

Inc.

.........................

13,923

237,248

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.........

125,546

657,861

Blackbaud,

Inc.

(a)

.....................

4,676

299,451

BlackLine,

Inc.

(a)

.....................

3,912

223,962

C3.ai,

Inc.

,

Class

A

(a)

(b)

.................

11,198

196,861

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

....

53,077

462,831

Clear

Secure,

Inc.

,

Class

A

..............

9,140

278,496

Core

Scientific,

Inc.

(a)

(b)

.................

36,299

781,881

Dropbox,

Inc.

,

Class

A

(a)

................

27,739

804,431

Five9,

Inc.

(a)

(b)

.......................

14,228

345,456

Informatica,

Inc.

,

Class

A

(a)

..............

17,847

443,855

LiveRamp

Holdings,

Inc.

(a)

...............

7,086

193,731

NCR

Voyix

Corp.

(a)

....................

29,532

336,960

OneSpan,

Inc.

.......................

3,313

37,768

PagerDuty,

Inc.

(a)

.....................

6,416

103,041

Porch

Group,

Inc.

(a)

...................

6,485

97,599

Progress

Software

Corp.

(a)

...............

5,902

251,661

RingCentral,

Inc.

,

Class

A

(a)

..............

9,738

293,309

Riot

Platforms,

Inc.

(a)

..................

39,296

777,275

Teradata

Corp.

(a)

.....................

10,962

228,558

UiPath,

Inc.

,

Class

A

(a)

(b)

................

40,714

645,724

Unity

Software,

Inc.

(a)

..................

24,458

926,958

Verint

Systems,

Inc.

(a)

..................

12,229

248,004

Yext,

Inc.

(a)

.........................

22,508

190,643

9,063,564

Specialized

REITs

—

0.9%

CubeSmart

.........................

28,879

1,087,872

EPR

Properties

......................

15,640

766,673

Four

Corners

Property

Trust,

Inc.

..........

11,688

276,304

Lamar

Advertising

Co.

,

Class

A

...........

10,400

1,233,336

National

Storage

Affiliates

Trust

...........

9,457

275,104

Outfront

Media,

Inc.

...................

29,754

526,348

PotlatchDeltic

Corp.

...................

8,077

323,080

Rayonier,

Inc.

.......................

14,046

309,995

Safehold,

Inc.

.......................

9,466

136,595

4,935,307

Specialty

Retail

—

3.6%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

.........

4,047

293,610

Academy

Sports

&

Outdoors,

Inc.

..........

13,552

649,005

Advance

Auto

Parts,

Inc.

................

11,743

553,448

American

Eagle

Outfitters,

Inc.

............

32,864

549,157

Asbury

Automotive

Group,

Inc.

(a)

...........

3,732

875,527

AutoNation,

Inc.

(a)

.....................

5,721

1,143,456

Bath

&

Body

Works,

Inc.

................

42,376

1,037,365

Boot

Barn

Holdings,

Inc.

(a)

...............

2,000

379,300

Buckle,

Inc.

(The)

....................

6,551

358,995

Camping

World

Holdings,

Inc.

,

Class

A

......

6,505

85,606

CarMax,

Inc.

(a)

(b)

......................

17,024

713,476

Dick's

Sporting

Goods,

Inc.

..............

9,042

2,002,351

Five

Below,

Inc.

(a)

.....................

3,390

533,145

GameStop

Corp.

,

Class

A

(a)

(b)

.............

41,487

924,745

Gap,

Inc.

(The)

......................

48,824

1,115,628

Group

1

Automotive,

Inc.

................

2,611

1,037,977

Guess?,

Inc.

........................

6,087

103,357

Lithia

Motors,

Inc.

,

Class

A

..............

3,339

1,048,713

Murphy

USA,

Inc.

....................

1,767

632,939

National

Vision

Holdings,

Inc.

(a)

...........

10,069

259,277

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Penske

Automotive

Group,

Inc.

...........

4,141

$

662,850

Petco

Health

&

Wellness

Co.,

Inc.

(a)

........

6,668

21,204

RealReal,

Inc.

(The)

(a)

(b)

.................

10,414

127,155

RH

(a)

.............................

930

160,416

Sally

Beauty

Holdings,

Inc.

(a)

.............

19,369

292,666

Signet

Jewelers

Ltd.

...................

7,683

759,465

Sonic

Automotive,

Inc.

,

Class

A

...........

2,934

186,397

Torrid

Holdings,

Inc.

(a)

(b)

.................

1,813

2,266

Upbound

Group,

Inc.

..................

10,813

209,556

Urban

Outfitters,

Inc.

(a)

.................

6,511

420,676

Victoria's

Secret

&

Co.

(a)

................

14,415

508,129

Wayfair,

Inc.

,

Class

A

(a)

(b)

................

20,446

2,116,365

19,764,222

Technology

Hardware,

Storage

&

Peripherals

—

1.0%

CompoSecure,

Inc.

,

Class

A

(a)

............

9,897

196,554

Corsair

Gaming,

Inc.

(a)

.................

10,868

88,574

Diebold

Nixdorf,

Inc.

(a)

..................

7,084

419,019

Sandisk

Corp.

(a)

......................

24,004

4,784,717

Xerox

Holdings

Corp.

..................

25,640

85,125

5,573,989

Textiles,

Apparel

&

Luxury

Goods

—

1.4%

Capri

Holdings

Ltd.

(a)

..................

24,359

505,449

Carter's,

Inc.

........................

6,873

215,812

Columbia

Sportswear

Co.

...............

3,222

159,908

Crocs,

Inc.

(a)

(b)

.......................

11,170

912,477

Figs,

Inc.

,

Class

A

(a)

(b)

..................

10,329

77,054

G-III

Apparel

Group

Ltd.

(a)

...............

7,233

194,206

Hanesbrands,

Inc.

(a)

...................

67,370

445,316

Kontoor

Brands,

Inc.

...................

7,791

630,448

Levi

Strauss

&

Co.

,

Class

A

..............

10,719

217,381

Oxford

Industries,

Inc.

.................

2,870

105,759

PVH

Corp.

.........................

9,826

769,671

Ralph

Lauren

Corp.

,

Class

A

.............

3,381

1,080,770

Steven

Madden

Ltd.

...................

13,472

456,836

Under

Armour,

Inc.

,

Class

A

(a)

(b)

...........

36,976

170,459

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

........

27,827

123,552

VF

Corp.

..........................

68,221

957,823

Wolverine

World

Wide,

Inc.

..............

16,808

381,542

7,404,463

Tobacco

—

0.0%

Universal

Corp.

......................

4,747

240,578

Trading

Companies

&

Distributors

—

1.2%

Air

Lease

Corp.

,

Class

A

................

10,832

691,731

Boise

Cascade

Co.

...................

7,831

552,007

Core

&

Main,

Inc.

,

Class

A

(a)

..............

13,010

678,862

Custom

Truck

One

Source,

Inc.

(a)

(b)

.........

12,783

75,292

DNOW,

Inc.

(a)

.......................

11,061

162,597

GATX

Corp.

........................

3,296

516,977

Global

Industrial

Co.

...................

795

22,594

Herc

Holdings,

Inc.

....................

6,373

905,285

MRC

Global,

Inc.

(a)

....................

16,542

230,761

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......

5,026

426,758

Rush

Enterprises,

Inc.

,

Class

A

...........

6,413

316,866

Rush

Enterprises,

Inc.

,

Class

B

...........

790

41,451

WESCO

International,

Inc.

...............

6,942

1,801,657

Willis

Lease

Finance

Corp.

(b)

.............

339

43,521

6,466,359

Water

Utilities

—

0.4%

American

States

Water

Co.

..............

2,566

182,981

California

Water

Service

Group

...........

5,328

236,457

Essential

Utilities,

Inc.

..................

31,634

1,234,675

H2O

America

.......................

4,126

190,828

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Water

Utilities

(continued)

Middlesex

Water

Co.

..................

1,179

$

67,757

1,912,698

Wireless

Telecommunication

Services

—

0.2%

Array

Digital

Infrastructure,

Inc.

...........

2,424

119,067

Gogo,

Inc.

(a)

........................

5,536

50,377

Telephone

&

Data

Systems,

Inc.

...........

18,835

731,175

900,619

Total

Common

Stocks

—

99

.7

%

(Cost:

$

489,167,884

)

..............................

545,247,638

Rights

Biotechnology

—

0.0%

Sanofi

Aatd,

Inc.,

CVR

(a)

(c)

...............

2,612

3,056

Total

Rights

—

0.0

%

(Cost:

$

1,691

)

..................................

3,056

Total

Long-Term

Investments

—

99.7%

(Cost:

$

489,169,575

)

..............................

545,250,694

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.3%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(f)

...................

33,134,594

$

33,151,161

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

....................

1,204,343

1,204,343

Total

Short-Term

Securities

—

6

.3

%

(Cost:

$

34,340,733

)

...............................

34,355,504

Total

Investments

—

106

.0

%

(Cost:

$

523,510,308

)

..............................

579,606,198

Liabilities

in

Excess

of

Other

Assets

—

(

6.0

)

%

.............

(

32,833,552

)

Net

Assets

—

100.0%

...............................

$

546,772,646

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(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.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

Shares

Held

at

10/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

26,864,435

$

6,282,940

(a)

$

—

$

733

$

3,053

$

33,151,161

33,134,594

$

305,549

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

409,296

795,047

(a)

—

—

—

1,204,343

1,204,343

21,017

—

$

733

$

3,053

$

34,355,504

$

326,566

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

5

12/19/25

$

622

$

3,927

S&P

Midcap

400

E-Mini

Index

.................................................

3

12/19/25

977

(

2,401

)

$

1,526

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Morningstar

Small-Cap

Value

ETF

44

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

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)

......

$

—

$

—

$

3,927

$

—

$

—

$

—

$

3,927

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

2,401

—

—

—

2,401

(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).

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

.......................

$

—

$

—

$

226,515

$

—

$

—

$

—

$

226,515

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

(

25,292

)

$

—

$

—

$

—

$

(

25,292

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,180,168

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

545,247,638

$

—

$

—

$

545,247,638

Rights

................................................

—

—

3,056

3,056

Short-Term

Securities

Money

Market

Funds

......................................

34,355,504

—

—

34,355,504

$

579,603,142

$

—

$

3,056

$

579,606,198

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

3,927

$

—

$

—

$

3,927

Liabilities

Equity

contracts

...........................................

(

2,401

)

—

—

(

2,401

)

$

1,526

$

—

$

—

$

1,526

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

October

31,

2025

45

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

3,122,682,979‌

$

1,339,217,864‌

$

3,141,029,128‌

$

773,998,017‌

Investments,

at

value

—

affiliated

(c)

............................................

20,623,020‌

23,642,120‌

78,648,482‌

118,812,349‌

Cash

...............................................................

47,366‌

33,584‌

—‌

—‌

Cash

pledged:

Futures

contracts

......................................................

358,000‌

90,000‌

451,000‌

133,000‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

........................................

1,326‌

7,042‌

17,860‌

44,302‌

Capital

shares

sold

.....................................................

—‌

87,186‌

24,675‌

—‌

Dividends

—

unaffiliated

.................................................

428,713‌

437,902‌

790,074‌

122,613‌

Dividends

—

affiliated

...................................................

17,108‌

4,206‌

18,635‌

3,717‌

Variation

margin

on

futures

contracts

.........................................

16,134‌

7,753‌

31,732‌

9,212‌

Total

a

ssets

...........................................................

3,144,174,646‌

1,363,527,657‌

3,221,011,586‌

893,123,210‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

15,261,886‌

22,222,636‌

72,743,038‌

117,101,165‌

Payables:

–‌

–‌

–‌

–‌

Investment

advisory

fees

.................................................

104,205‌

41,341‌

160,462‌

39,161‌

Other

accrued

expenses

.................................................

—‌

—‌

—‌

659‌

Total

li

abilities

..........................................................

15,366,091‌

22,263,977‌

72,903,500‌

117,140,985‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

3,128,808,555‌

$

1,341,263,680‌

$

3,148,108,086‌

$

775,982,225‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,932,150,506‌

$

1,132,787,388‌

$

2,729,837,220‌

$

752,554,600‌

Accumulated

earnings

....................................................

1,196,658,049‌

208,476,292‌

418,270,866‌

23,427,625‌

NET

ASSETS

..........................................................

$

3,128,808,555‌

$

1,341,263,680‌

$

3,148,108,086‌

$

775,982,225‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

29,200,000‌

16,250,000‌

38,250,000‌

14,000,000‌

Net

asset

value

.........................................................

$

107.15‌

$

82.54‌

$

82.30‌

$

55.43‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

1,793,650,442‌

$

1,069,519,359‌

$

2,578,266,208‌

$

602,882,360‌

(b)

  Securities

loaned,

at

value

............................................

$

15,138,455‌

$

22,328,039‌

$

72,768,695‌

$

115,927,079‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

20,622,750‌

$

23,634,126‌

$

78,615,865‌

$

118,767,483‌

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

46

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

545,250,694‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

34,355,504‌

Cash

pledged:

Futures

contracts

....................................................................................................

103,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

......................................................................................

15,819‌

Dividends

—

unaffiliated

...............................................................................................

283,006‌

Dividends

—

affiliated

.................................................................................................

2,947‌

Variation

margin

on

futures

contracts

.......................................................................................

7,890‌

Total

a

ssets

.........................................................................................................

580,018,860‌

LIABILITIES

Collateral

on

securities

loaned

.............................................................................................

33,142,562‌

Payables:

–‌

Investments

purchased

................................................................................................

75,250‌

Investment

advisory

fees

...............................................................................................

27,686‌

Other

accrued

expenses

...............................................................................................

716‌

Total

li

abilities

........................................................................................................

33,246,214‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

546,772,646‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

534,038,367‌

Accumulated

earnings

..................................................................................................

12,734,279‌

NET

ASSETS

........................................................................................................

$

546,772,646‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

8,250,000‌

Net

asset

value

.......................................................................................................

$

66.28‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

489,169,575‌

(b)

  Securities

loaned,

at

value

......................................................................................

$

32,793,786‌

(c)

  Investments,

at

cost

—

affiliated

...................................................................................

$

34,340,733‌

Statements

of

Operations

Six

Months

Ended

October

31,

2025

47

Statement

of

Operations

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-

Cap

ETF

iShares

Morningstar

Mid-

Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

...........................................

$

8,042,104‌

$

9,511,767‌

$

13,273,095‌

$

2,548,190‌

Dividends

—

affiliated

.............................................

86,848‌

31,427‌

91,152‌

21,129‌

Interest

—

unaffiliated

.............................................

7,135‌

3,775‌

7,591‌

2,795‌

Securities

lending

income

—

affiliated

—

net

.............................

66,978‌

108,362‌

307,895‌

252,911‌

Foreign

taxes

withheld

............................................

(

3,523‌

)

(

7,311‌

)

(

18,763‌

)

—‌

Total

investment

income

.............................................

8,199,542‌

9,648,020‌

13,660,970‌

2,825,025‌

EXPENSES

Investment

advisory

..............................................

567,415‌

228,555‌

871,564‌

212,348‌

Interest

expense

................................................

58‌

—‌

—‌

495‌

Total

expenses

...................................................

567,473‌

228,555‌

871,564‌

212,843‌

Net

investment

income

..............................................

7,632,069‌

9,419,465‌

12,789,406‌

2,612,182‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

690,467,757‌

$

130,071,262‌

$

359,976,372‌

$

145,413,522‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.......................................

$

(

30,381,114‌

)

$

2,847,452‌

$

15,272,523‌

$

(

8,659,678‌

)

Investments

—

affiliated

.........................................

(

7,665‌

)

656‌

1,882‌

(

72‌

)

Foreign

currency

transactions

.....................................

(

67‌

)

42‌

—‌

—‌

Futures

contracts

..............................................

808,619‌

268,081‌

946,020‌

239,622‌

In-kind

redemptions

—

unaffiliated

(a)

.................................

99,053,931‌

1,486,795‌

52,630,929‌

4,053,152‌

69,473,704‌

4,603,026‌

68,851,354‌

(4,366,976‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.......................................

620,764,111‌

125,492,550‌

290,902,407‌

149,776,457‌

Investments

—

affiliated

.........................................

(

2,442‌

)

1,308‌

196‌

9,045‌

Futures

contracts

..............................................

232,384‌

(

25,620‌

)

222,414‌

(

5,005‌

)

620,994,053‌

125,468,238‌

291,125,017‌

149,780,497‌

Net

realized

and

unrealized

gain

.......................................

690,467,757‌

130,071,264‌

359,976,371‌

145,413,521‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

698,099,826‌

$

139,490,729‌

$

372,765,777‌

$

148,025,703‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Six

Months

Ended

October

31,

2025

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

48

iShares

Morningstar

Small-Cap

Value

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

..............................................................................................

$

5,829,279‌

Dividends

—

affiliated

................................................................................................

21,017‌

Interest

—

unaffiliated

................................................................................................

4,414‌

Securities

lending

income

—

affiliated

—

net

................................................................................

305,549‌

Foreign

taxes

withheld

...............................................................................................

(

5,240‌

)

Total

investment

income

................................................................................................

6,155,019‌

EXPENSES

Investment

advisory

.................................................................................................

148,908‌

Interest

expense

...................................................................................................

165‌

Total

expenses

......................................................................................................

149,073‌

Net

investment

income

.................................................................................................

6,005,946‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

71,550,132‌

Net

realized

gain

from:

Investments

—

unaffiliated

..........................................................................................

$

653,192‌

Investments

—

affiliated

............................................................................................

733‌

Futures

contracts

.................................................................................................

226,515‌

In-kind

redemptions

—

unaffiliated

(a)

....................................................................................

621,090‌

1,501,530‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

..........................................................................................

70,070,841‌

Investments

—

affiliated

............................................................................................

3,053‌

Futures

contracts

.................................................................................................

(

25,292‌

)

70,048,602‌

Net

realized

and

unrealized

gain

..........................................................................................

71,550,132‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

77,556,078‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

49

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

7,632,069‌

$

12,475,485‌

$

9,419,465‌

$

15,692,236‌

Net

realized

gain

................................................

69,473,704‌

227,303,725‌

4,603,026‌

39,530,224‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

620,994,053‌

66,242,723‌

125,468,238‌

5,210,104‌

Net

increase

in

net

assets

resulting

from

operations

...........................

698,099,826‌

306,021,933‌

139,490,729‌

60,432,564‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(6,726,959‌)

(b)

(12,417,242‌)

(7,907,271‌)

(b)

(14,506,025‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

140,985,760‌

(8,494,549‌)

217,197,336‌

120,868,210‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

832,358,627‌

285,110,142‌

348,780,794‌

166,794,749‌

Beginning

of

period

................................................

2,296,449,928‌

2,011,339,786‌

992,482,886‌

825,688,137‌

End

of

period

....................................................

$

3,128,808,555‌

$

2,296,449,928‌

$

1,341,263,680‌

$

992,482,886‌

(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.

Statements

of

Changes

in

Net

Assets

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

50

See

notes

to

financial

statements.

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

12,789,406‌

$

18,141,032‌

$

2,612,182‌

$

4,341,447‌

Net

realized

gain

(loss)

............................................

68,851,354‌

125,424,379‌

(

4,366,976‌

)

21,607,212‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

291,125,017‌

6,207,402‌

149,780,497‌

(

15,024,423‌

)

Net

increase

in

net

assets

resulting

from

operations

...........................

372,765,777‌

149,772,813‌

148,025,703‌

10,924,236‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(10,883,131‌)

(b)

(18,048,748‌)

(2,288,554‌)

(b)

(5,423,949‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

287,939,414‌

455,630,056‌

26,431,787‌

69,068,719‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

649,822,060‌

587,354,121‌

172,168,936‌

74,569,006‌

Beginning

of

period

................................................

2,498,286,026‌

1,910,931,905‌

603,813,289‌

529,244,283‌

End

of

period

....................................................

$

3,148,108,086‌

$

2,498,286,026‌

$

775,982,225‌

$

603,813,289‌

(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.

Statements

of

Changes

in

Net

Assets

(continued)

51

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

6,005,946‌

$

8,906,855‌

Net

realized

gain

..................................................................................

1,501,530‌

17,502,705‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

70,048,602‌

(

20,663,071‌

)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

77,556,078‌

5,746,489‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(5,009,991‌)

(b)

(8,751,487‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

54,901,973‌

25,378,923‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

127,448,060‌

22,373,925‌

Beginning

of

period

..................................................................................

419,324,586‌

396,950,661‌

End

of

period

......................................................................................

$

546,772,646‌

$

419,324,586‌

(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.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

52

iShares

Morningstar

Growth

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

.................

$

82.75

‌

$

72.35

‌

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

Net

investment

income

(b)

.........................

0

.27

‌

0

.45

‌

0

.46

‌

0

.40

‌

0

.29

‌

0

.14

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

24.36

‌

10.40

‌

16.45

‌

(0.40

)

(5.56

)

19.07

‌

Net

increase

(decrease)

from

investment

operations

........

24.63

‌

10.85

‌

16.91

‌

0.00

‌

(5.27

)

19.21

‌

Distributions

from

net

investment

income

(d)

............

(0.23

)

(e)

(0.45

)

(0.45

)

(0.41

)

(0.30

)

(0.14

)

Net

asset

value,

end

of

period

......................

$

107.15

‌

$

82.75

‌

$

72.35

‌

$

55.89

‌

$

56.30

‌

$

61.87

‌

Total

Return

(f)

Based

on

net

asset

value

..........................

29.79

%

(g)

14.99

%

30.35

%

0.05

%

(8.59

)%

44.94

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

.................................

0.04

%

(i)

0.04

%

0.04

%

0.04

%

0.04

%

0.23

%

Net

investment

income

............................

0.54

%

(i)

0.53

%

0.70

%

0.76

%

0.45

%

0.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

3,128,809

‌

$

2,296,450

‌

$

2,011,340

‌

$

1,609,643

‌

$

1,711,617

‌

$

1,887,051

‌

Portfolio

turnover

rate

(j)

............................

8

%

21

%

19

%

28

%

22

%

97

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

April

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

53

Financial

Highlights

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

................

$

72.98

‌

$

69.10

‌

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

Net

investment

income

(b)

........................

0

.67

‌

1

.21

‌

1

.10

‌

1

.03

‌

0

.82

‌

0

.57

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

9.45

‌

3.78

‌

8.90

‌

(2.26

)

(3.38

)

22.83

‌

Net

increase

(decrease)

from

investment

operations

.......

10.12

‌

4.99

‌

10.00

‌

(1.23

)

(2.56

)

23.40

‌

Distributions

from

net

investment

income

(d)

...........

(0.56

)

(e)

(1.11

)

(1.04

)

(1.02

)

(0.86

)

(0.61

)

Net

asset

value,

end

of

period

.....................

$

82.54

‌

$

72.98

‌

$

69.10

‌

$

60.14

‌

$

62.39

‌

$

65.81

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

13.90

%

(g)

7.20

%

16.78

%

(1.91

)%

(3.99

)%

54.74

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.04

%

(i)

0.04

%

0.04

%

0.04

%

0.04

%

0.22

%

Net

investment

income

...........................

1.65

%

(i)

1.63

%

1.71

%

1.72

%

1.22

%

1.06

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

1,341,264

‌

$

992,483

‌

$

825,688

‌

$

724,627

‌

$

782,996

‌

$

881,917

‌

Portfolio

turnover

rate

(j)

...........................

10

%

18

%

26

%

24

%

27

%

133

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

April

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

54

iShares

Morningstar

Mid-Cap

Growth

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

................

$

71.89

‌

$

66.47

‌

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

Net

investment

income

(b)

........................

0

.36

‌

0

.58

‌

0

.56

‌

0

.52

‌

0

.35

‌

0

.07

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

10.35

‌

5.42

‌

10.03

‌

(1.40

)

(8.65

)

24.23

‌

Net

increase

(decrease)

from

investment

operations

.......

10.71

‌

6.00

‌

10.59

‌

(0.88

)

(8.30

)

24.30

‌

Distributions

from

net

investment

income

(d)

...........

(0.30

)

(e)

(0.58

)

(0.55

)

(0.52

)

(0.39

)

(0.05

)

Net

asset

value,

end

of

period

.....................

$

82.30

‌

$

71.89

‌

$

66.47

‌

$

56.43

‌

$

57.83

‌

$

66.52

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

14.90

%

(g)

9.02

%

18.84

%

(1.49

)%

(12.56

)%

57.51

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.06

%

(i)

0.06

%

0.06

%

0.06

%

0.06

%

0.27

%

Net

investment

income

...........................

0.88

%

(i)

0.80

%

0.91

%

0.93

%

0.51

%

0.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

3,148,108

‌

$

2,498,286

‌

$

1,910,932

‌

$

1,399,472

‌

$

1,087,281

‌

$

1,519,880

‌

Portfolio

turnover

rate

(j)

...........................

19

%

35

%

34

%

43

%

43

%

90

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

55

Financial

Highlights

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

................

$

44.73

‌

$

43.56

‌

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

Net

investment

income

(b)

........................

0

.19

‌

0

.34

‌

0

.32

‌

0

.35

‌

0

.31

‌

0

.05

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

10.68

‌

1.25

‌

5.25

‌

(0.94

)

(12.30

)

19.68

‌

Net

increase

(decrease)

from

investment

operations

.......

10.87

‌

1.59

‌

5.57

‌

(0.59

)

(11.99

)

19.73

‌

Distributions

from

net

investment

income

(d)

...........

(0.17

)

(e)

(0.42

)

(0.32

)

(0.37

)

(0.34

)

(0.05

)

Net

asset

value,

end

of

period

.....................

$

55.43

‌

$

44.73

‌

$

43.56

‌

$

38.31

‌

$

39.27

‌

$

51.60

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

24.33

%

(g)

3.57

%

14.57

%

(1.45

)%

(23.36

)%

61.86

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.06

%

(i)

0.06

%

0.06

%

0.06

%

0.06

%

0.26

%

Net

investment

income

...........................

0.74

%

(i)

0.71

%

0.76

%

0.94

%

0.65

%

0.11

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

775,982

‌

$

603,813

‌

$

529,244

‌

$

402,287

‌

$

318,118

‌

$

766,315

‌

Portfolio

turnover

rate

(j)

...........................

20

%

42

%

44

%

52

%

58

%

156

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

56

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

................

$

56.67

‌

$

57.12

‌

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

Net

investment

income

(b)

........................

0

.78

‌

1

.28

‌

1

.24

‌

1

.24

‌

1

.03

‌

0

.89

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

9.49

‌

(0.46

)

5.82

‌

(3.55

)

(3.43

)

25.39

‌

Net

increase

(decrease)

from

investment

operations

.......

10.27

‌

0.82

‌

7.06

‌

(2.31

)

(2.40

)

26.28

‌

Distributions

from

net

investment

income

(d)

...........

(0.66

)

(e)

(1.27

)

(1.27

)

(1.18

)

(1.09

)

(0.92

)

Net

asset

value,

end

of

period

.....................

$

66.28

‌

$

56.67

‌

$

57.12

‌

$

51.33

‌

$

54.82

‌

$

58.31

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

18.17

%

(g)

1.28

%

13.85

%

(4.20

)%

(4.19

)%

80.90

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.06

%

(i)

0.06

%

0.06

%

0.06

%

0.06

%

0.26

%

Net

investment

income

...........................

2.42

%

(i)

2.08

%

2.26

%

2.33

%

1.76

%

2.07

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

546,773

‌

$

419,325

‌

$

396,951

‌

$

387,526

‌

$

367,323

‌

$

446,078

‌

Portfolio

turnover

rate

(j)

...........................

21

%

38

%

45

%

41

%

47

%

145

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

April

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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

57

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

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

October

31,

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

Morningstar

Growth

...................................................................................................

Non-diversified

Morningstar

Mid-Cap

..................................................................................................

Diversified

Morningstar

Mid-Cap

Growth

.............................................................................................

Diversified

Morningstar

Small-Cap

Growth

...........................................................................................

Diversified

Morningstar

Small-Cap

Value

.............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

58

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 its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Fund’s

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.

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)

59

Notes

to

Financial

Statements

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

market

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

Morningstar

Growth

Barclays

Bank

plc

......................................

$

74,903‌

$

(

74,903‌

)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

7,146,880‌

(

7,146,880‌

)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,483,632‌

(

4,483,632‌

)

–‌

–‌

HSBC

Bank

plc

.......................................

3,303,147‌

(

3,303,147‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

927‌

(

927‌

)

–‌

–‌

Morgan

Stanley

.......................................

128,966‌

(

128,966‌

)

–‌

–‌

$

15,138,455‌

$

(

15,138,455‌

)

$

–‌

$

–‌

Morningstar

Mid-Cap

Barclays

Bank

plc

......................................

$

2,114,966‌

$

(

2,103,748‌

)

$

–‌

$

11,218‌

(b)

Barclays

Capital,

Inc.

...................................

254‌

(

251‌

)

–‌

3‌

(b)

BNP

Paribas

SA

.......................................

7,173,896‌

(

6,940,404‌

)

–‌

233,492‌

(b)

BofA

Securities,

Inc.

....................................

1,778‌

(

1,754‌

)

–‌

24‌

(b)

Goldman

Sachs

&

Co.

LLC

...............................

2,341,155‌

(

2,341,155‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

3,401,001‌

(

3,401,001‌

)

–‌

–‌

Morgan

Stanley

.......................................

3,393,456‌

(

3,384,990‌

)

–‌

8,466‌

(b)

State

Street

Bank

&

Trust

Co.

..............................

1,045‌

(

1,021‌

)

–‌

24‌

(b)

Toronto-Dominion

Bank

..................................

119,146‌

(

119,146‌

)

–‌

–‌

UBS

Securities

LLC

....................................

3,781,342‌

(

3,781,342‌

)

–‌

–‌

$

22,328,039‌

$

(

22,074,812‌

)

$

–‌

$

253,227‌

Morningstar

Mid-Cap

Growth

Barclays

Bank

plc

......................................

$

897,393‌

$

(

897,393‌

)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

135,575‌

(

135,575‌

)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,305,030‌

(

2,065,335‌

)

–‌

239,695‌

(b)

Citigroup

Global

Markets,

Inc.

..............................

3,771,145‌

(

3,771,145‌

)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

158,868‌

(

158,868‌

)

–‌

–‌

HSBC

Bank

plc

.......................................

12,479,795‌

(

12,479,795‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

33,641,952‌

(

33,184,616‌

)

–‌

457,336‌

(b)

Jefferies

LLC

.........................................

153,492‌

(

153,492‌

)

–‌

–‌

Morgan

Stanley

.......................................

1,236,674‌

(

1,236,674‌

)

–‌

–‌

National

Financial

Services

LLC

............................

1,116,086‌

(

1,116,086‌

)

–‌

–‌

Natixis

SA

...........................................

11,197,255‌

(

11,197,255‌

)

–‌

–‌

SG

Americas

Securities

LLC

..............................

33,093‌

(

33,093‌

)

–‌

–‌

UBS

AG

............................................

5,319,495‌

(

5,319,495‌

)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

322,842‌

(

322,842‌

)

–‌

–‌

$

72,768,695‌

$

(

72,071,664‌

)

$

–‌

$

697,031‌

Morningstar

Small-Cap

Growth

Barclays

Bank

plc

......................................

$

9,674,189‌

$

(

9,674,189‌

)

$

–‌

$

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

60

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Small-Cap

Growth

(continued)

Barclays

Capital,

Inc.

...................................

384,706‌

(

384,706‌

)

–‌

–‌

BNP

Paribas

SA

.......................................

11,654,050‌

(

11,654,050‌

)

–‌

–‌

BofA

Securities,

Inc.

....................................

11,420,676‌

(

11,420,676‌

)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

10,064,739‌

(

9,961,427‌

)

–‌

103,312‌

(b)

Goldman

Sachs

&

Co.

LLC

...............................

13,650,858‌

(

13,650,858‌

)

–‌

–‌

HSBC

Bank

plc

.......................................

1,965,675‌

(

1,965,675‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

22,844,760‌

(

22,844,760‌

)

–‌

–‌

Jefferies

LLC

.........................................

401,648‌

(

401,648‌

)

–‌

–‌

Morgan

Stanley

.......................................

8,671,172‌

(

8,671,172‌

)

–‌

–‌

National

Financial

Services

LLC

............................

3,776,636‌

(

3,776,636‌

)

–‌

–‌

Natixis

SA

...........................................

2,128,692‌

(

2,128,692‌

)

–‌

–‌

Pershing

LLC

.........................................

1,139‌

(

1,139‌

)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,605,522‌

(

1,577,732‌

)

–‌

27,790‌

(b)

SG

Americas

Securities

LLC

..............................

744,384‌

(

744,384‌

)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

7,679,609‌

(

7,627,367‌

)

–‌

52,242‌

(b)

Toronto-Dominion

Bank

..................................

1,058,151‌

(

1,034,777‌

)

–‌

23,374‌

(b)

UBS

AG

............................................

1,530,623‌

(

1,530,623‌

)

–‌

–‌

UBS

Securities

LLC

....................................

5,743‌

(

5,518‌

)

–‌

225‌

(b)

Virtu

Americas

LLC

.....................................

767,288‌

(

767,288‌

)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

2,183,344‌

(

2,183,344‌

)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

3,713,475‌

(

3,713,475‌

)

–‌

–‌

$

115,927,079‌

$

(

115,720,136‌

)

$

–‌

$

206,943‌

Morningstar

Small-Cap

Value

Barclays

Bank

plc

......................................

$

1,837,276‌

$

(

1,837,276‌

)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

113,761‌

(

113,761‌

)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

623,965‌

(

623,965‌

)

–‌

–‌

BNP

Paribas

SA

.......................................

1,496,895‌

(

1,496,895‌

)

–‌

–‌

BofA

Securities,

Inc.

....................................

3,588,522‌

(

3,559,660‌

)

–‌

28,862‌

(b)

Citadel

Clearing

LLC

....................................

213,192‌

(

213,192‌

)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

3,434,789‌

(

3,428,601‌

)

–‌

6,188‌

(b)

Deutsche

Bank

Securities,

Inc.

.............................

97,181‌

(

97,051‌

)

–‌

130‌

(b)

Goldman

Sachs

&

Co.

LLC

...............................

8,774,596‌

(

8,774,596‌

)

–‌

–‌

HSBC

Bank

plc

.......................................

1,502,293‌

(

1,475,419‌

)

–‌

26,874‌

(b)

J.P.

Morgan

Securities

LLC

...............................

1,698,371‌

(

1,698,371‌

)

–‌

–‌

Jefferies

LLC

.........................................

271,211‌

(

271,211‌

)

–‌

–‌

Morgan

Stanley

.......................................

4,408,600‌

(

4,408,600‌

)

–‌

–‌

National

Financial

Services

LLC

............................

831,025‌

(

831,025‌

)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

155,347‌

(

155,347‌

)

–‌

–‌

Pershing

LLC

.........................................

74,650‌

(

74,650‌

)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

5,579‌

(

5,489‌

)

–‌

90‌

(b)

Scotia

Capital,

Inc.

.....................................

8,837‌

(

8,822‌

)

–‌

15‌

(b)

SG

Americas

Securities

LLC

..............................

386,468‌

(

340,798‌

)

–‌

45,670‌

(b)

State

Street

Bank

&

Trust

Co.

..............................

480,796‌

(

480,796‌

)

–‌

–‌

Toronto-Dominion

Bank

..................................

214,399‌

(

214,399‌

)

–‌

–‌

UBS

AG

............................................

1,278,063‌

(

1,273,534‌

)

–‌

4,529‌

(b)

Virtu

Americas

LLC

.....................................

166,076‌

(

166,076‌

)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

472,773‌

(

472,773‌

)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

659,121‌

(

659,121‌

)

–‌

–‌

$

32,793,786‌

$

(

32,681,428‌

)

$

–‌

$

112,358‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

October

31,

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)

61

Notes

to

Financial

Statements

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:

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

iShares

ETF

Investment

Advisory

Fees

Morningstar

Growth

................................................................................................

0

.04‌

%

Morningstar

Mid-Cap

...............................................................................................

0

.04‌

Morningstar

Mid-Cap

Growth

..........................................................................................

0

.06‌

Morningstar

Small-Cap

Growth

........................................................................................

0

.06‌

Morningstar

Small-Cap

Value

..........................................................................................

0

.06‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

62

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

October

31,

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 October

31,

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

October

31,

2025,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

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

October

31,

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

Amounts

Morningstar

Growth

.......................................................................................................

$

20,300‌

Morningstar

Mid-Cap

......................................................................................................

30,658‌

Morningstar

Mid-Cap

Growth

.................................................................................................

87,952‌

Morningstar

Small-Cap

Growth

...............................................................................................

79,311‌

Morningstar

Small-Cap

Value

.................................................................................................

77,935‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Morningstar

Growth

....................................................................

$

133,366,545‌

$

142,546,538‌

$

(

15,466,249‌

)

Morningstar

Mid-Cap

...................................................................

34,765,949‌

58,094,856‌

(

2,226,830‌

)

Morningstar

Mid-Cap

Growth

..............................................................

198,749,713‌

237,650,586‌

(

4,892,853‌

)

Morningstar

Small-Cap

Growth

............................................................

76,140,110‌

72,400,622‌

(

1,715,190‌

)

Morningstar

Small-Cap

Value

..............................................................

56,160,938‌

49,065,933‌

1,799,949‌

iShares

ETF

Purchases

Sales

Morningstar

Growth

....................................................................................

$

231,694,130‌

$

233,940,518‌

Morningstar

Mid-Cap

...................................................................................

117,074,728‌

112,985,956‌

Morningstar

Mid-Cap

Growth

..............................................................................

535,390,594‌

532,964,733‌

Morningstar

Small-Cap

Growth

............................................................................

141,723,778‌

141,953,117‌

Morningstar

Small-Cap

Value

..............................................................................

108,268,090‌

104,285,823‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Morningstar

Growth

....................................................................................

$

336,348,907‌

$

193,581,095‌

Morningstar

Mid-Cap

...................................................................................

219,798,016‌

4,075,342‌

Morningstar

Mid-Cap

Growth

..............................................................................

436,638,211‌

150,306,006‌

Morningstar

Small-Cap

Growth

............................................................................

38,529,848‌

12,315,115‌

Morningstar

Small-Cap

Value

..............................................................................

55,539,846‌

2,705,083‌

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

As

of

April

30,

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

October

31,

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.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Qualified

 Late-Year

Capital

Losses

(b)

Morningstar

Growth

.....................................................................................

$

(

202,822,845‌

)

$

—‌

Morningstar

Mid-Cap

....................................................................................

(

67,484,674‌

)

—‌

Morningstar

Mid-Cap

Growth

...............................................................................

(

209,234,315‌

)

—‌

Morningstar

Small-Cap

Growth

.............................................................................

(

140,559,410‌

)

(

273,704‌

)

Morningstar

Small-Cap

Value

...............................................................................

(

44,038,135‌

)

—‌

(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)

Morningstar

Growth

................................................

$

1,815,003,005‌

$

1,365,854,691‌

$

(

37,311,147‌

)

$

1,328,543,544‌

Morningstar

Mid-Cap

...............................................

1,094,876,025‌

327,351,394‌

(

59,390,309‌

)

267,961,085‌

Morningstar

Mid-Cap

Growth

.........................................

2,663,864,658‌

669,874,223‌

(

113,889,999‌

)

555,984,224‌

Morningstar

Small-Cap

Growth

........................................

724,501,274‌

210,216,585‌

(

41,895,625‌

)

168,320,960‌

Morningstar

Small-Cap

Value

.........................................

525,649,622‌

99,251,914‌

(

45,293,812‌

)

53,958,102‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

64

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.

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

Six

Months

Ended

10/31/25

Year

Ended

04/30/25

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Growth

Shares

sold

3,550,000‌

$

337,177,271‌

4,250,000‌

$

348,093,418‌

Shares

redeemed

(

2,100,000‌

)

(

196,191,511‌

)

(

4,300,000‌

)

(

356,587,967‌

)

1,450,000‌

$

140,985,760‌

(

50,000‌

)

$

(

8,494,549‌

)

Morningstar

Mid-Cap

Shares

sold

2,700,000‌

$

221,297,383‌

2,350,000‌

$

174,086,501‌

Shares

redeemed

(

50,000‌

)

(

4,100,047‌

)

(

700,000‌

)

(

53,218,291‌

)

2,650,000‌

$

217,197,336‌

1,650,000‌

$

120,868,210‌

Morningstar

Mid-Cap

Growth

Shares

sold

5,400,000‌

$

438,886,218‌

8,050,000‌

$

597,631,174‌

Shares

redeemed

(

1,900,000‌

)

(

150,946,804‌

)

(

2,050,000‌

)

(

142,001,118‌

)

3,500,000‌

$

287,939,414‌

6,000,000‌

$

455,630,056‌

Morningstar

Small-Cap

Growth

Shares

sold

750,000‌

$

38,844,014‌

2,600,000‌

$

122,830,048‌

Shares

redeemed

(

250,000‌

)

(

12,412,227‌

)

(

1,250,000‌

)

(

53,761,329‌

)

500,000‌

$

26,431,787‌

1,350,000‌

$

69,068,719‌

Morningstar

Small-Cap

Value

Shares

sold

900,000‌

$

57,744,832‌

1,550,000‌

$

89,507,934‌

Shares

redeemed

(

50,000‌

)

(

2,842,859‌

)

(

1,100,000‌

)

(

64,129,011‌

)

850,000‌

$

54,901,973‌

450,000‌

$

25,378,923‌

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

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.

Additional

Information

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

66

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

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

67

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Morningstar

Growth

ETF,

iShares

Morningstar

Mid-Cap

ETF,

iShares

Morningstar

Mid-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

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.

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

68

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

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)

69

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

70

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

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 Morningstar,

Inc.,

nor

does

this

company make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©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 – Not Applicable

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: December 22, 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: December 22, 2025

By:     /s/ Trent Walker                      

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: December 22, 2025