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: 4/30/2026

Date of reporting period: 10/31/2025

Item 1 – Reports to Stockholders

(a)    The Reports to Shareholders are attached herewith.

iShares Dow Jones U.S. ETF

IYY |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Dow Jones U.S. 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 Dow Jones U.S. ETF	$11	0.20%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,724,420,126
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	972
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35.1%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8%
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4

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 S&P Dow Jones Indices LLC 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 Dow Jones U.S. ETF

Semi-Annual Shareholder Report — October 31, 2025

IYY-10/25-SAR

iShares ESG MSCI KLD 400 ETF

DSI |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares ESG MSCI KLD 400 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 ESG MSCI KLD 400 ETF	$14	0.25%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,058,559,911
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	404
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41.7%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Oracle Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Advanced Micro Devices, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
AbbVie, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI 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 ESG MSCI KLD 400 ETF

Semi-Annual Shareholder Report — October 31, 2025

DSI-10/25-SAR

iShares ESG Optimized MSCI USA ETF

SUSA |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares ESG Optimized MSCI USA ETF (the “Fund”) (formerly known as iShares MSCI USA ESG Select ETF) 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 ESG Optimized MSCI USA ETF	$14	0.25%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,688,817,831
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	189
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.1%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.8
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI 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 ESG Optimized MSCI USA ETF

Semi-Annual Shareholder Report — October 31, 2025

SUSA-10/25-SAR

iShares U.S. Basic Materials ETF

IYM |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Basic Materials 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 U.S. Basic Materials ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$498,619,358
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Chemicals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46.5%
Metals & Mining........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.0
Containers & Packaging........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Machinery........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Trading Companies & Distributors........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Aerospace & Defense........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3

Security	Percent of Total InvestmentsFootnote Reference(a)
Linde PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1%
Newmont Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Ecolab, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
Freeport-McMoRan, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
Air Products and Chemicals, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Fastenal Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Nucor Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Anglogold Ashanti PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Steel Dynamics, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
International Paper Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Basic Materials ETF

Semi-Annual Shareholder Report — October 31, 2025

IYM-10/25-SAR

iShares U.S. Consumer Discretionary ETF

IYC |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Consumer Discretionary 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 U.S. Consumer Discretionary ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,779,261,413
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	172
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Consumer Discretionary Distribution & Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.5%
Consumer Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.2
Media & Entertainment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.0
Automobiles & Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Consumer Staples Distribution & Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Consumer Durables & Apparel........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Commercial & Professional Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Household & Personal Products........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Capital Goods........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.7%
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Costco Wholesale Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
McDonald's Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Walt Disney Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Uber Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Booking Holdings, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Consumer Discretionary ETF

Semi-Annual Shareholder Report — October 31, 2025

IYC-10/25-SAR

iShares U.S. Consumer Staples ETF

IYK |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Consumer Staples 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 U.S. Consumer Staples ETF	$18	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,265,502,969
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	58
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Food, Beverage & Tobacco........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55.7%
Household & Personal Products........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.3
Health Care Equipment & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.9
Consumer Staples Distribution & Retail........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Procter & Gamble Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.1%
Coca-Cola Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
Philip Morris International, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7
PepsiCo, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
McKesson Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
CVS Health Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Altria Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Mondelez International, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Cencora, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Colgate-Palmolive Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Consumer Staples ETF

Semi-Annual Shareholder Report — October 31, 2025

IYK-10/25-SAR

iShares U.S. Energy ETF

IYE |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Energy 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 U.S. Energy ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,114,594,474
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Oil, Gas & Consumable Fuels........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	89.0%
Energy Equipment & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Semiconductors & Semiconductor Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8

Security	Percent of Total InvestmentsFootnote Reference(a)
Exxon Mobil Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0%
Chevron Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
ConocoPhillips........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Williams Companies, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Marathon Petroleum Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
EOG Resources, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Phillips 66........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
SLB Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Valero Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Kinder Morgan, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Energy ETF

Semi-Annual Shareholder Report — October 31, 2025

IYE-10/25-SAR

iShares U.S. Financial Services ETF

IYG |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Financial Services 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 U.S. Financial Services ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,902,568,904
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	104
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	67.5%
Banks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.5

Security	Percent of Total InvestmentsFootnote Reference(a)
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9%
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.6
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.7
Bank of America Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Wells Fargo & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Goldman Sachs Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
American Express Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Citigroup, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Financial Services ETF

Semi-Annual Shareholder Report — October 31, 2025

IYG-10/25-SAR

iShares U.S. Financials ETF

IYF |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Financials 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 U.S. Financials ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,056,082,169
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	144
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.1%
Banks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.0
Insurance........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.4
Commercial & Professional Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Software & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5%
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.3
Bank of America Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Wells Fargo & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Goldman Sachs Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Citigroup, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
BlackRock, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Charles Schwab Corp. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
S&P Global, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Financials ETF

Semi-Annual Shareholder Report — October 31, 2025

IYF-10/25-SAR

iShares U.S. Healthcare ETF

IYH |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Healthcare 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 U.S. Healthcare ETF	$19	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,032,771,803
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	106
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Pharmaceuticals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.6%
Health Care Equipment & Supplies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.0
Biotechnology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.3
Health Care Providers & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.4
Life Sciences Tools & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.7
Health Care Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Security	Percent of Total InvestmentsFootnote Reference(a)
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.7%
Johnson & Johnson........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
AbbVie, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
UnitedHealth Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Thermo Fisher Scientific, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Abbott Laboratories........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Intuitive Surgical, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Amgen, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Gilead Sciences, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Healthcare ETF

Semi-Annual Shareholder Report — October 31, 2025

IYH-10/25-SAR

iShares U.S. Industrials ETF

IYJ |Cboe BZX Exchange 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Industrials 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 U.S. Industrials ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,744,552,355
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	202
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Capital Goods........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.1%
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3
Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Commercial & Professional Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Software & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Technology Hardware & Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Consumer Durables & Apparel........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Pharmaceuticals, Biotechnology & Life Sciences........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Semiconductors & Semiconductor Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Security	Percent of Total InvestmentsFootnote Reference(a)
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8%
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
General Electric Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Caterpillar, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
RTX Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
American Express Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
GE Vernova, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Accenture PLC, Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Eaton Corp. PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Boeing Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0

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

Additional information 

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

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

iShares U.S. Industrials ETF

Semi-Annual Shareholder Report — October 31, 2025

IYJ-10/25-SAR

iShares U.S. Technology ETF

IYW |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Technology 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 U.S. Technology ETF	$23	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$22,399,456,138
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	144
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Semiconductors & Semiconductor Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.9%
Software........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.5
Technology Hardware, Storage & Peripherals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
Interactive Media & Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
IT Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Electronic Equipment, Instruments & Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Hotels, Restaurants & Leisure........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Electrical Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Professional Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Financial Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.1%
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.9
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Advanced Micro Devices, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Oracle Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0

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

Additional information 

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

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

iShares U.S. Technology ETF

Semi-Annual Shareholder Report — October 31, 2025

IYW-10/25-SAR

iShares U.S. Transportation ETF

IYT |Cboe BZX Exchange 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Transportation 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 U.S. Transportation ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$701,495,430
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Ground Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	64.0%
Air Freight & Logistics........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.5
Passenger Airlines........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.0
Marine Transportation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5

Security	Percent of Total InvestmentsFootnote Reference(a)
Uber Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3%
Union Pacific Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5
United Parcel Service, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
FedEx Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
CSX Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Norfolk Southern Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Delta Air Lines, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Old Dominion Freight Line, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
United Airlines Holdings, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
CH Robinson Worldwide, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Transportation ETF

Semi-Annual Shareholder Report — October 31, 2025

IYT-10/25-SAR

iShares U.S. Utilities ETF

IDU |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares U.S. Utilities 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 U.S. Utilities ETF	$20	0.37%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,509,266,466
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Ten largest holdings

Industry	Percent of Total InvestmentsFootnote Reference(a)
Electric Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	58.4%
Multi-Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.9
Commercial Services & Supplies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Independent Power and Renewable Electricity Producers........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.4
Gas Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Water Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Security	Percent of Total InvestmentsFootnote Reference(a)
NextEra Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.7%
Constellation Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5
Southern Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
Duke Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Waste Management, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
American Electric Power Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Vistra Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Sempra........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Dominion Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Xcel Energy, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

iShares U.S. Utilities ETF

Semi-Annual Shareholder Report — October 31, 2025

IDU-10/25-SAR

iShares Global Clean Energy ETF

ICLN |NASDAQ 

Semi-Annual Shareholder Report — October 31, 2025

This semi-annual shareholder report contains important information about iShares Global Clean Energy 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 Global Clean Energy ETF	$24	0.39%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,954,060,955
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	107
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25%

What did the Fund invest in?

(as of October 31, 2025) 

Industry allocation 

Geographic allocation 

Industry	Percent of Total InvestmentsFootnote Reference(a)
Renewable Electricity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.1%
Electric Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.8
Heavy Electrical Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.8
Electrical Components & Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.4
Semiconductors........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.4
Semiconductor Materials & Equipment........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Commodity Chemicals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Oil & Gas Refining & Marketing........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Steel........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Independent Power Producers & Energy Traders........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Industrial Machinery & Supplies & Components........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Country/Geographic Region	Percent of Total InvestmentsFootnote Reference(a)
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.9%
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.8
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Portugal........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5

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

Additional information 

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

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

iShares Global Clean Energy ETF

Semi-Annual Shareholder Report — October 31, 2025

ICLN-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

Dow

Jones

U.S.

ETF

|

IYY

|

NYSE

Arca

iShares

ESG

MSCI

KLD

400

ETF

|

DSI

|

NYSE

Arca

iShares

ESG

Optimized

MSCI

USA

ETF

|

SUSA

|

NYSE

Arca

iShares

U.S.

Basic

Materials

ETF

|

IYM

|

NYSE

Arca

iShares

U.S.

Consumer

Discretionary

ETF

|

IYC

|

NYSE

Arca

iShares

U.S.

Consumer

Staples

ETF

|

IYK

|

NYSE

Arca

iShares

U.S.

Energy

ETF

|

IYE

|

NYSE

Arca

iShares

U.S.

Financial

Services

ETF

|

IYG

|

NYSE

Arca

iShares

U.S.

Financials

ETF

|

IYF

|

NYSE

Arca

iShares

U.S.

Healthcare

ETF

|

IYH

|

NYSE

Arca

iShares

U.S.

Industrials

ETF

|

IYJ

|

Cboe

BZX

Exchange

iShares

U.S.

Technology

ETF

|

IYW

|

NYSE

Arca

iShares

U.S.

Transportation

ETF

|

IYT

|

Cboe

BZX

Exchange

iShares

U.S.

Utilities

ETF

|

IDU

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

63

Statements

of

Operations

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

67

Statements

of

Changes

in

Net

Assets

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

71

Financial

Highlights

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

78

Notes

to

Financial

Statements

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

92

Additional

Information

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

103

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

104

Glossary

of

Terms

Used

in

these

Financial

Statements

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

113

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.3

%

AeroVironment,

Inc.

(a)

(b)

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

1,366

$

505,297

ATI,

Inc.

(a)

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

6,117

605,400

Axon

Enterprise,

Inc.

(a)

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

3,371

2,468,347

Boeing

Co.

(The)

(a)

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

32,456

6,524,305

BWX

Technologies,

Inc.

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

4,002

854,867

Carpenter

Technology

Corp.

(b)

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

2,141

676,342

Curtiss-Wright

Corp.

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

1,647

981,167

General

Dynamics

Corp.

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

10,886

3,754,581

General

Electric

Co.

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

45,539

14,069,274

HEICO

Corp.

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

1,689

536,714

HEICO

Corp.

,

Class

A

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

3,256

806,609

Hexcel

Corp.

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

3,656

261,039

Howmet

Aerospace,

Inc.

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

17,359

3,575,086

Huntington

Ingalls

Industries,

Inc.

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

1,721

554,197

L3Harris

Technologies,

Inc.

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

8,060

2,330,146

Leonardo

DRS,

Inc.

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

3,314

121,160

Lockheed

Martin

Corp.

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

8,823

4,339,857

Northrop

Grumman

Corp.

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

5,769

3,365,923

Rocket

Lab

Corp.

(a)

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

18,231

1,148,188

RTX

Corp.

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

57,505

10,264,643

Textron,

Inc.

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

7,746

625,954

TransDigm

Group,

Inc.

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

2,420

3,166,594

Woodward,

Inc.

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

2,508

657,372

62,193,062

a

Air

Freight

&

Logistics

 — 

0

.3

%

CH

Robinson

Worldwide,

Inc.

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

5,006

770,874

Expeditors

International

of

Washington,

Inc.

.......

5,808

707,995

FedEx

Corp.

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

9,320

2,365,602

GXO

Logistics,

Inc.

(a)

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

5,036

283,074

United

Parcel

Service,

Inc.

,

Class

B

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

31,501

3,037,327

7,164,872

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

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

9,372

760,069

Autoliv,

Inc.

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

3,182

371,658

BorgWarner,

Inc.

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

9,207

395,533

Gentex

Corp.

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

9,876

231,592

Lear

Corp.

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

2,282

238,811

Mobileye

Global,

Inc.

,

Class

A

(a)

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

6,478

85,186

2,082,849

a

Automobiles

 — 

2

.2

%

Ford

Motor

Co.

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

168,468

2,211,985

General

Motors

Co.

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

40,886

2,824,814

Lucid

Group,

Inc.

(a)

(b)

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

4,863

86,318

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

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

35,288

478,858

Tesla,

Inc.

(a)

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

120,507

55,018,676

Thor

Industries,

Inc.

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

2,330

243,135

60,863,786

a

Banks

 — 

3

.5

%

Bank

of

America

Corp.

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

292,637

15,641,448

Bank

OZK

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

4,549

204,659

BOK

Financial

Corp.

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

965

100,920

Citigroup,

Inc.

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

79,056

8,002,839

Citizens

Financial

Group,

Inc.

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

18,715

952,032

Comerica,

Inc.

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

5,665

433,372

Commerce

Bancshares,

Inc.

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

5,457

287,202

Cullen/Frost

Bankers,

Inc.

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

2,721

335,064

East

West

Bancorp,

Inc.

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

5,844

593,750

Fifth

Third

Bancorp

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

28,504

1,186,336

First

Citizens

BancShares,

Inc.

,

Class

A

..........

450

821,169

Security

Shares

Value

a

Banks

(continued)

First

Financial

Bankshares,

Inc.

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

5,384

$

166,312

First

Horizon

Corp.

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

21,667

462,807

FNB

Corp.

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

15,196

238,881

Glacier

Bancorp,

Inc.

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

4,828

197,224

Home

BancShares,

Inc.

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

7,992

213,466

Huntington

Bancshares,

Inc.

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

63,229

976,256

JPMorgan

Chase

&

Co.

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

118,085

36,738,605

KeyCorp

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

40,025

704,040

M&T

Bank

Corp.

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

6,711

1,233,952

Pinnacle

Financial

Partners,

Inc.

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

3,304

281,534

PNC

Financial

Services

Group,

Inc.

(The)

........

16,912

3,087,286

Popular,

Inc.

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

3,012

335,748

Prosperity

Bancshares,

Inc.

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

4,021

264,662

Regions

Financial

Corp.

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

38,137

922,915

SOUTHSTATE

BANK

CORP.

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

4,211

373,305

Synovus

Financial

Corp.

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

6,268

279,804

Truist

Financial

Corp.

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

55,373

2,471,297

U.S.

Bancorp

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

66,772

3,116,917

UMB

Financial

Corp.

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

3,135

335,069

United

Bankshares,

Inc.

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

5,867

209,980

Valley

National

Bancorp

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

20,094

218,422

Webster

Financial

Corp.

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

7,113

405,726

Wells

Fargo

&

Co.

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

137,568

11,964,289

Western

Alliance

Bancorp

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

4,635

358,517

Wintrust

Financial

Corp.

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

2,824

367,176

Zions

Bancorp

NA

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

6,303

328,449

94,811,430

a

Beverages

 — 

1

.0

%

Brown-Forman

Corp.

,

Class

A

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

2,325

63,054

Brown-Forman

Corp.

,

Class

B

,

NVS

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

7,816

212,830

Celsius

Holdings,

Inc.

(a)

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

6,899

415,527

Coca-Cola

Co.

(The)

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

166,318

11,459,310

Coca-Cola

Consolidated,

Inc.

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

2,560

333,773

Constellation

Brands,

Inc.

,

Class

A

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

6,131

805,491

Keurig

Dr

Pepper,

Inc.

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

58,327

1,584,161

Molson

Coors

Beverage

Co.

,

Class

B

...........

7,549

330,042

Monster

Beverage

Corp.

(a)

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

30,610

2,045,666

National

Beverage

Corp.

(a)

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

1,029

35,264

PepsiCo,

Inc.

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

58,794

8,589,215

Primo

Brands

Corp.

,

Class

A

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

10,908

239,649

26,113,982

a

Biotechnology

 — 

1

.8

%

AbbVie,

Inc.

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

75,863

16,541,169

Alkermes

PLC

(a)

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

7,103

218,062

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

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

5,614

2,560,209

Amgen,

Inc.

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

23,189

6,920,293

Biogen,

Inc.

(a)

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

6,289

970,204

BioMarin

Pharmaceutical,

Inc.

(a)

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

8,109

434,399

CRISPR

Therapeutics

AG

(a)

(b)

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

3,670

234,843

Exact

Sciences

Corp.

(a)

(b)

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

7,799

504,517

Exelixis,

Inc.

(a)

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

11,583

447,915

Gilead

Sciences,

Inc.

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

53,285

6,383,010

Halozyme

Therapeutics,

Inc.

(a)

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

5,322

346,941

Incyte

Corp.

(a)

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

6,862

641,460

Insmed,

Inc.

(a)

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

9,077

1,720,999

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

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

6,968

517,722

Moderna,

Inc.

(a)

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

14,390

390,832

Natera,

Inc.

(a)

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

5,878

1,169,311

Neurocrine

Biosciences,

Inc.

(a)

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

4,392

628,978

Regeneron

Pharmaceuticals,

Inc.

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

4,375

2,851,625

Roivant

Sciences

Ltd.

(a)

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

18,747

374,753

Summit

Therapeutics,

Inc.

(a)

(b)

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

6,380

120,646

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Biotechnology

(continued)

United

Therapeutics

Corp.

(a)

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

1,919

$

854,780

Vaxcyte,

Inc.

(a)

(b)

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

4,819

218,204

Vertex

Pharmaceuticals,

Inc.

(a)

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

11,036

4,696,591

49,747,463

a

Broadline

Retail

 — 

3

.9

%

Amazon.com,

Inc.

(a)

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

416,774

101,784,547

Coupang,

Inc.

(a)

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

57,926

1,851,894

eBay,

Inc.

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

19,552

1,589,773

Etsy,

Inc.

(a)

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

4,256

263,872

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

...........

2,648

319,905

105,809,991

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

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

5,060

333,909

Advanced

Drainage

Systems,

Inc.

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

2,968

415,668

Allegion

PLC

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

3,788

627,937

Armstrong

World

Industries,

Inc.

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

1,950

371,339

Builders

FirstSource,

Inc.

(a)

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

4,757

552,621

Carlisle

Companies,

Inc.

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

1,843

599,067

Carrier

Global

Corp.

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

34,225

2,036,045

Fortune

Brands

Innovations,

Inc.

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

5,269

267,665

Johnson

Controls

International

PLC

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

28,076

3,211,614

Lennox

International,

Inc.

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

1,358

685,790

Masco

Corp.

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

8,943

579,149

Owens

Corning

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

3,537

450,295

Simpson

Manufacturing

Co.,

Inc.

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

1,840

324,760

Trane

Technologies

PLC

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

9,568

4,292,683

Trex

Co.,

Inc.

(a)

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

4,795

231,694

UFP

Industries,

Inc.

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

2,620

241,381

Zurn

Elkay

Water

Solutions

Corp.

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

6,197

291,941

15,513,558

a

Capital

Markets

 — 

3

.4

%

Affiliated

Managers

Group,

Inc.

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

1,282

305,065

Ameriprise

Financial,

Inc.

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

4,046

1,831,907

Ares

Management

Corp.

,

Class

A

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

8,698

1,293,480

Bank

of

New

York

Mellon

Corp.

(The)

...........

30,286

3,268,768

BlackRock,

Inc.

(c)

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

6,185

6,697,180

Blackstone,

Inc.

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

31,654

4,641,743

Blue

Owl

Capital,

Inc.

,

Class

A

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

26,562

418,883

Carlyle

Group,

Inc.

(The)

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

11,184

596,331

Cboe

Global

Markets,

Inc.

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

4,475

1,099,239

Charles

Schwab

Corp.

(The)

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

73,230

6,921,700

CME

Group,

Inc.

,

Class

A

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

15,503

4,115,891

Coinbase

Global,

Inc.

,

Class

A

(a)

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

9,712

3,338,791

Evercore,

Inc.

,

Class

A

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

1,658

488,380

FactSet

Research

Systems,

Inc.

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

1,652

440,754

Franklin

Resources,

Inc.

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

12,934

292,438

Galaxy

Digital,

Inc.

,

Class

A

(a)

(b)

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

7,404

259,214

Goldman

Sachs

Group,

Inc.

(The)

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

13,000

10,261,810

Hamilton

Lane,

Inc.

,

Class

A

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

1,869

212,991

Houlihan

Lokey,

Inc.

,

Class

A

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

2,291

410,272

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

18,776

1,321,079

Intercontinental

Exchange,

Inc.

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

24,575

3,595,077

Invesco

Ltd.

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

19,337

458,287

Janus

Henderson

Group

PLC

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

5,630

245,243

Jefferies

Financial

Group,

Inc.

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

6,973

368,384

KKR

&

Co.,

Inc.

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

29,461

3,486,120

Lazard,

Inc.

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

4,835

235,948

LPL

Financial

Holdings,

Inc.

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

3,468

1,308,511

MarketAxess

Holdings,

Inc.

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

1,619

259,137

Moody's

Corp.

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

6,626

3,182,468

Morgan

Stanley

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

52,100

8,544,400

Morningstar,

Inc.

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

1,024

217,395

Security

Shares

Value

a

Capital

Markets

(continued)

MSCI,

Inc.

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

3,331

$

1,960,460

Nasdaq,

Inc.

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

19,466

1,664,148

Northern

Trust

Corp.

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

8,212

1,056,638

Raymond

James

Financial,

Inc.

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

7,620

1,209,065

Robinhood

Markets,

Inc.

,

Class

A

(a)

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

33,237

4,878,527

S&P

Global,

Inc.

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

13,420

6,538,358

SEI

Investments

Co.

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

4,257

343,157

State

Street

Corp.

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

12,260

1,417,992

Stifel

Financial

Corp.

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

4,287

507,709

T

Rowe

Price

Group,

Inc.

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

9,600

984,288

TPG,

Inc.

,

Class

A

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

5,524

304,041

Tradeweb

Markets,

Inc.

,

Class

A

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

5,013

528,320

Virtu

Financial,

Inc.

,

Class

A

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

3,366

117,271

91,626,860

a

Chemicals

 — 

1

.0

%

Air

Products

and

Chemicals,

Inc.

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

9,551

2,316,977

Albemarle

Corp.

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

5,048

495,865

Axalta

Coating

Systems

Ltd.

(a)

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

9,533

271,405

Celanese

Corp.

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

4,692

180,361

CF

Industries

Holdings,

Inc.

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

6,974

580,865

Corteva,

Inc.

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

29,376

1,804,861

Dow,

Inc.

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

30,667

731,408

DuPont

de

Nemours,

Inc.

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

18,113

1,478,926

Eastman

Chemical

Co.

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

5,018

298,671

Ecolab,

Inc.

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

10,876

2,788,606

Element

Solutions,

Inc.

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

9,815

262,257

FMC

Corp.

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

5,435

82,449

International

Flavors

&

Fragrances,

Inc.

..........

11,004

692,922

Linde

PLC

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

20,137

8,423,307

LyondellBasell

Industries

N.V.

,

Class

A

..........

11,031

512,059

Mosaic

Co.

(The)

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

13,299

365,058

NewMarket

Corp.

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

343

263,390

PPG

Industries,

Inc.

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

9,690

947,198

RPM

International,

Inc.

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

5,551

606,613

Sherwin-Williams

Co.

(The)

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

9,895

3,413,181

Solstice

Advanced

Materials,

Inc.

(a)

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

6,816

307,208

Westlake

Corp.

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

1,364

93,857

26,917,444

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Cintas

Corp.

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

14,710

2,695,902

Clean

Harbors,

Inc.

(a)

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

2,185

459,964

Copart,

Inc.

(a)

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

37,643

1,619,025

MSA

Safety,

Inc.

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

1,563

245,438

RB

Global,

Inc.

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

8,019

795,645

Republic

Services,

Inc.

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

8,720

1,815,853

Rollins,

Inc.

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

12,047

694,028

Tetra

Tech,

Inc.

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

11,610

371,288

Veralto

Corp.

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

10,614

1,047,389

Waste

Management,

Inc.

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

15,915

3,179,340

12,923,872

a

Communications

Equipment

 — 

0

.9

%

Arista

Networks,

Inc.

(a)

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

44,318

6,988,506

Ciena

Corp.

(a)

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

6,034

1,145,977

Cisco

Systems,

Inc.

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

170,058

12,432,940

F5,

Inc.

(a)

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

2,464

623,515

Lumentum

Holdings,

Inc.

(a)

(b)

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

2,975

599,641

Motorola

Solutions,

Inc.

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

7,142

2,904,723

Ubiquiti,

Inc.

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

187

147,203

24,842,505

a

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

Construction

&

Engineering

 — 

0

.3

%

AECOM

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

5,814

$

781,111

API

Group

Corp.

(a)

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

15,426

567,985

Comfort

Systems

USA,

Inc.

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

1,532

1,479,269

EMCOR

Group,

Inc.

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

1,926

1,301,552

Fluor

Corp.

(a)

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

7,356

358,752

MasTec,

Inc.

(a)

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

2,552

521,016

Quanta

Services,

Inc.

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

6,377

2,864,102

Valmont

Industries,

Inc.

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

834

344,801

WillScot

Holdings

Corp.

,

Class

A

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

8,255

179,546

8,398,134

a

Construction

Materials

 — 

0

.3

%

Amrize

Ltd.

(a)

(b)

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

22,089

1,145,094

CRH

PLC

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

28,826

3,433,177

Eagle

Materials,

Inc.

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

1,432

304,042

Martin

Marietta

Materials,

Inc.

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

2,583

1,583,637

Vulcan

Materials

Co.

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

5,671

1,641,754

8,107,704

a

Consumer

Finance

 — 

0

.7

%

Ally

Financial,

Inc.

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

11,833

461,132

American

Express

Co.

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

23,309

8,408,256

Capital

One

Financial

Corp.

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

27,533

6,056,985

Credit

Acceptance

Corp.

(a)

(b)

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

266

118,992

FirstCash

Holdings,

Inc.

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

1,667

264,219

OneMain

Holdings,

Inc.

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

5,256

311,103

SLM

Corp.

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

8,785

235,877

SoFi

Technologies,

Inc.

(a)

(b)

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

51,062

1,515,520

Synchrony

Financial

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

15,978

1,188,444

18,560,528

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.7

%

Albertsons

Companies,

Inc.

,

Class

A

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

17,288

305,825

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

5,577

492,226

Casey's

General

Stores,

Inc.

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

1,597

819,565

Costco

Wholesale

Corp.

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

19,045

17,358,565

Dollar

General

Corp.

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

9,518

939,046

Dollar

Tree,

Inc.

(a)

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

8,335

826,165

Kroger

Co.

(The)

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

26,369

1,677,860

Maplebear,

Inc.

(a)

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

7,919

291,894

Performance

Food

Group

Co.

(a)

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

6,583

636,839

Sprouts

Farmers

Market,

Inc.

(a)

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

4,212

332,580

Sysco

Corp.

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

20,485

1,521,626

Target

Corp.

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

19,435

1,802,013

U.S.

Foods

Holding

Corp.

(a)

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

9,647

700,565

Walmart,

Inc.

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

188,491

19,071,519

46,776,288

a

Containers

&

Packaging

 — 

0

.2

%

Amcor

PLC

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

97,996

774,168

AptarGroup,

Inc.

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

2,920

338,749

Avery

Dennison

Corp.

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

3,322

580,984

Ball

Corp.

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

11,942

561,274

Crown

Holdings,

Inc.

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

5,155

500,963

Graphic

Packaging

Holding

Co.

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

13,087

209,261

International

Paper

Co.

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

22,847

882,808

Packaging

Corp.

of

America

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

3,810

745,846

Sealed

Air

Corp.

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

5,661

189,700

Silgan

Holdings,

Inc.

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

3,522

136,020

Smurfit

WestRock

PLC

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

22,422

827,820

Sonoco

Products

Co.

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

4,187

169,867

5,917,460

a

Distributors

 — 

0

.0

%

Genuine

Parts

Co.

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

5,996

763,351

LKQ

Corp.

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

11,473

366,677

Security

Shares

Value

a

Distributors

(continued)

Pool

Corp.

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

1,410

$

376,554

1,506,582

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

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

22,021

194,666

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

2,499

272,966

Duolingo,

Inc.

,

Class

A

(a)

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

1,690

457,381

Grand

Canyon

Education,

Inc.

(a)

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

1,238

233,115

H&R

Block,

Inc.

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

5,663

281,678

Service

Corp.

International

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

6,020

502,730

1,942,536

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

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

9,280

612,480

a

Diversified

Telecommunication

Services

 — 

0

.6

%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

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

10,055

806,914

AT&T,

Inc.

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

307,066

7,599,884

Frontier

Communications

Parent,

Inc.

(a)

..........

10,749

405,882

Verizon

Communications,

Inc.

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

181,479

7,211,975

16,024,655

a

Electric

Utilities

 — 

1

.5

%

Alliant

Energy

Corp.

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

11,074

739,965

American

Electric

Power

Co.,

Inc.

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

23,107

2,778,848

Constellation

Energy

Corp.

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

13,416

5,057,832

Duke

Energy

Corp.

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

33,553

4,170,638

Edison

International

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

16,484

912,884

Entergy

Corp.

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

19,212

1,846,081

Evergy,

Inc.

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

9,764

749,973

Eversource

Energy

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

15,705

1,159,186

Exelon

Corp.

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

43,606

2,011,109

FirstEnergy

Corp.

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

22,024

1,009,360

IDACORP,

Inc.

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

2,347

302,810

NextEra

Energy,

Inc.

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

88,332

7,190,225

NRG

Energy,

Inc.

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

8,255

1,418,704

OGE

Energy

Corp.

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

8,542

377,044

Oklo,

Inc.

,

Class

A

(a)

(b)

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

5,008

664,912

PG&E

Corp.

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

95,044

1,516,902

Pinnacle

West

Capital

Corp.

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

5,139

454,904

Portland

General

Electric

Co.

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

4,560

208,301

PPL

Corp.

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

32,183

1,175,323

Southern

Co.

(The)

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

47,149

4,433,892

TXNM

Energy,

Inc.

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

3,744

212,659

Xcel

Energy,

Inc.

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

25,398

2,061,555

40,453,107

a

Electrical

Equipment

 — 

1

.0

%

Acuity,

Inc.

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

1,278

466,534

AMETEK,

Inc.

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

9,953

2,011,601

Eaton

Corp.

PLC

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

16,718

6,378,920

Emerson

Electric

Co.

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

24,196

3,377,036

GE

Vernova,

Inc.

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

11,690

6,840,287

Generac

Holdings,

Inc.

(a)

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

2,565

430,971

Hubbell,

Inc.

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

2,275

1,069,250

NEXTracker,

Inc.

,

Class

A

(a)

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

6,166

624,123

NuScale

Power

Corp.

,

Class

A

(a)

(b)

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

5,627

252,483

nVent

Electric

PLC

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

6,912

790,387

Regal

Rexnord

Corp.

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

2,906

409,426

Rockwell

Automation,

Inc.

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

4,854

1,788,019

Sensata

Technologies

Holding

PLC

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

6,535

208,009

Vertiv

Holdings

Co.

,

Class

A

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

16,374

3,157,890

27,804,936

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.9

%

Amphenol

Corp.

,

Class

A

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

52,431

$

7,305,736

Arrow

Electronics,

Inc.

(a)

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

2,348

261,919

Avnet,

Inc.

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

3,590

173,935

CDW

Corp.

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

5,665

902,831

Cognex

Corp.

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

7,412

306,783

Coherent

Corp.

(a)

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

6,587

869,220

Corning,

Inc.

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

33,234

2,960,485

Fabrinet

(a)

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

1,556

685,527

Flex

Ltd.

(a)

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

16,413

1,026,141

Jabil,

Inc.

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

4,698

1,037,741

Keysight

Technologies,

Inc.

(a)

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

7,369

1,348,232

Littelfuse,

Inc.

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

1,044

254,016

Ralliant

Corp.

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

4,955

217,624

TD

SYNNEX

Corp.

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

3,168

495,760

TE

Connectivity

PLC

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

12,697

3,136,286

Teledyne

Technologies,

Inc.

(a)

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

2,002

1,054,694

Trimble,

Inc.

(a)

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

10,169

810,978

Vontier

Corp.

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

6,478

249,403

Zebra

Technologies

Corp.

,

Class

A

(a)

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

2,197

591,542

23,688,853

a

Energy

Equipment

&

Services

 — 

0

.2

%

Baker

Hughes

Co.

,

Class

A

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

42,459

2,055,440

Halliburton

Co.

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

36,614

982,720

Noble

Corp.

PLC

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

5,899

173,136

NOV,

Inc.

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

16,542

241,513

SLB

Ltd.

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

63,992

2,307,552

TechnipFMC

PLC

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

17,912

740,661

6,501,022

a

Entertainment

 — 

1

.5

%

Electronic

Arts,

Inc.

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

9,670

1,934,580

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

991

90,161

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

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

9,734

971,940

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

840

73,702

Liberty

Media

Corp.-Liberty

Live

,

Series

C

,

NVS

(a)

...

1,962

177,384

Live

Nation

Entertainment,

Inc.

(a)

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

6,735

1,007,085

Madison

Square

Garden

Sports

Corp.

(a)

..........

739

158,434

Netflix,

Inc.

(a)

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

18,248

20,416,957

ROBLOX

Corp.

,

Class

A

(a)

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

27,700

3,150,044

Roku,

Inc.

,

Class

A

(a)

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

5,656

600,271

Take-Two

Interactive

Software,

Inc.

(a)

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

7,447

1,909,187

TKO

Group

Holdings,

Inc.

,

Class

A

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

2,858

538,447

Walt

Disney

Co.

(The)

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

77,367

8,713,072

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

106,319

2,386,862

Warner

Music

Group

Corp.

,

Class

A

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

5,930

189,523

42,317,649

a

Financial

Services

 — 

3

.6

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

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

12,103

869,964

Apollo

Global

Management,

Inc.

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

19,573

2,433,120

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

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

78,748

37,605,320

Block,

Inc.

,

Class

A

(a)

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

23,601

1,792,260

Corpay,

Inc.

(a)

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

3,058

796,150

Equitable

Holdings,

Inc.

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

12,390

612,066

Essent

Group

Ltd.

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

4,365

264,388

Fidelity

National

Information

Services,

Inc.

........

22,724

1,420,704

Fiserv,

Inc.

(a)

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

23,344

1,556,811

Global

Payments,

Inc.

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

10,622

825,967

Jack

Henry

&

Associates,

Inc.

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

3,137

467,225

Mastercard,

Inc.

,

Class

A

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

35,450

19,568,045

MGIC

Investment

Corp.

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

10,221

280,260

PayPal

Holdings,

Inc.

(a)

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

41,028

2,842,010

Radian

Group,

Inc.

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

6,135

208,222

Security

Shares

Value

a

Financial

Services

(continued)

Rocket

Companies,

Inc.

,

Class

A

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

41,190

$

686,225

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

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

2,916

201,496

Toast,

Inc.

,

Class

A

(a)

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

19,930

720,270

UWM

Holdings

Corp.

,

Class

A

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

5,681

31,984

Visa,

Inc.

,

Class

A

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

72,948

24,856,302

Voya

Financial,

Inc.

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

4,359

324,571

WEX,

Inc.

(a)

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

1,472

214,735

98,578,095

a

Food

Products

 — 

0

.5

%

Archer-Daniels-Midland

Co.

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

20,550

1,243,892

Bunge

Global

SA

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

6,014

568,924

Campbell's

Company

(The)

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

8,633

260,112

Conagra

Brands,

Inc.

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

20,450

351,536

Darling

Ingredients,

Inc.

(a)

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

6,784

217,427

General

Mills,

Inc.

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

22,962

1,070,259

Hershey

Co.

(The)

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

6,315

1,071,213

Hormel

Foods

Corp.

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

12,316

265,902

Ingredion,

Inc.

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

2,706

312,299

J

M

Smucker

Co.

(The)

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

4,569

473,120

Kellanova

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

11,475

953,114

Kraft

Heinz

Co.

(The)

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

36,596

905,019

Lamb

Weston

Holdings,

Inc.

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

6,200

382,726

Marzetti

Company

(The)

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

876

137,348

McCormick

&

Co.,

Inc.

,

NVS

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

10,844

695,751

Mondelez

International,

Inc.

,

Class

A

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

55,494

3,188,685

Pilgrim's

Pride

Corp.

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

1,557

59,322

Post

Holdings,

Inc.

(a)

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

2,106

218,877

Tyson

Foods,

Inc.

,

Class

A

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

12,159

625,094

13,000,620

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

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

6,850

1,176,282

National

Fuel

Gas

Co.

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

4,060

320,375

New

Jersey

Resources

Corp.

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

4,234

187,566

ONE

Gas,

Inc.

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

2,476

198,550

Southwest

Gas

Holdings,

Inc.

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

2,562

203,679

Spire,

Inc.

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

2,548

220,147

UGI

Corp.

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

9,095

304,046

2,610,645

a

Ground

Transportation

 — 

0

.9

%

Avis

Budget

Group,

Inc.

(a)

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

666

90,623

CSX

Corp.

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

80,058

2,883,689

JB

Hunt

Transport

Services,

Inc.

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

3,392

572,773

Knight-Swift

Transportation

Holdings,

Inc.

........

6,971

314,531

Landstar

System,

Inc.

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

1,516

194,700

Lyft,

Inc.

,

Class

A

(a)

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

17,088

349,620

Norfolk

Southern

Corp.

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

9,668

2,739,718

Old

Dominion

Freight

Line,

Inc.

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

7,921

1,112,267

Saia,

Inc.

(a)

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

1,116

326,430

Uber

Technologies,

Inc.

(a)

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

89,556

8,642,154

U-Haul

Holding

Co.

(a)

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

420

22,327

U-Haul

Holding

Co.

,

Series

N

,

NVS

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

4,240

205,598

Union

Pacific

Corp.

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

25,467

5,612,163

XPO,

Inc.

(a)

(b)

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

5,043

725,536

23,792,129

a

Health

Care

Equipment

&

Supplies

 — 

1

.9

%

Abbott

Laboratories

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

74,699

9,234,290

Align

Technology,

Inc.

(a)

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

3,002

413,916

Baxter

International,

Inc.

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

21,691

400,633

Becton

Dickinson

&

Co.

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

12,322

2,202,065

Boston

Scientific

Corp.

(a)

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

63,668

6,412,641

Cooper

Companies,

Inc.

(The)

(a)

(b)

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

8,500

594,235

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Dexcom,

Inc.

(a)

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

17,035

$

991,778

Edwards

Lifesciences

Corp.

(a)

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

25,279

2,084,253

GE

HealthCare

Technologies,

Inc.

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

19,558

1,465,872

Globus

Medical,

Inc.

,

Class

A

(a)

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

4,979

300,682

Hologic,

Inc.

(a)

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

9,463

699,410

IDEXX

Laboratories,

Inc.

(a)

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

3,419

2,152,295

Insulet

Corp.

(a)

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

3,042

952,176

Intuitive

Surgical,

Inc.

(a)

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

15,367

8,210,281

Masimo

Corp.

(a)

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

1,887

265,406

Medtronic

PLC

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

55,128

5,000,110

Penumbra,

Inc.

(a)

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

1,695

385,392

ResMed,

Inc.

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

6,275

1,549,172

Solventum

Corp.

(a)

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

6,340

437,714

STERIS

PLC

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

4,252

1,002,196

Stryker

Corp.

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

14,805

5,274,133

Teleflex,

Inc.

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

1,995

248,318

Zimmer

Biomet

Holdings,

Inc.

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

8,459

850,637

51,127,605

a

Health

Care

Providers

&

Services

 — 

1

.6

%

Cardinal

Health,

Inc.

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

10,274

1,959,971

Cencora,

Inc.

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

8,326

2,812,606

Centene

Corp.

(a)

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

20,037

708,709

Chemed

Corp.

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

654

282,070

Cigna

Group

(The)

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

11,499

2,810,471

CVS

Health

Corp.

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

54,435

4,254,095

DaVita,

Inc.

(a)

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

1,535

182,696

Elevance

Health,

Inc.

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

9,640

3,057,808

Encompass

Health

Corp.

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

4,322

492,060

Ensign

Group,

Inc.

(The)

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

2,432

438,003

Guardant

Health,

Inc.

(a)

(b)

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

5,604

521,284

HCA

Healthcare,

Inc.

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

7,034

3,233,389

HealthEquity,

Inc.

(a)

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

3,753

354,959

Henry

Schein,

Inc.

(a)

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

4,427

279,786

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

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

8,879

403,639

Humana,

Inc.

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

5,204

1,447,701

Labcorp

Holdings,

Inc.

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

3,554

902,574

McKesson

Corp.

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

5,338

4,330,933

Molina

Healthcare,

Inc.

(a)

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

2,360

361,222

Option

Care

Health,

Inc.

(a)

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

7,034

183,095

Quest

Diagnostics,

Inc.

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

4,716

829,780

Tenet

Healthcare

Corp.

(a)

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

3,794

783,423

UnitedHealth

Group,

Inc.

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

38,893

13,284,293

Universal

Health

Services,

Inc.

,

Class

B

.........

2,455

532,759

44,447,326

a

Health

Care

REITs

 — 

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.

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

6,761

393,625

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

14,638

259,385

Healthpeak

Properties,

Inc.

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

30,100

540,295

Omega

Healthcare

Investors,

Inc.

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

12,239

514,405

Sabra

Health

Care

REIT,

Inc.

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

10,231

182,317

Ventas,

Inc.

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

19,426

1,433,445

Welltower,

Inc.

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

28,722

5,199,831

8,523,303

a

Health

Care

Technology

 — 

0

.1

%

Doximity,

Inc.

,

Class

A

(a)

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

5,725

377,850

Veeva

Systems,

Inc.

,

Class

A

(a)

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

6,427

1,871,542

2,249,392

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

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

27,459

439,893

a

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

 — 

1

.9

%

Airbnb,

Inc.

,

Class

A

(a)

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

18,343

$

2,321,123

Aramark

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

11,334

429,332

Booking

Holdings,

Inc.

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

1,392

7,068,214

Boyd

Gaming

Corp.

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

2,710

211,027

Caesars

Entertainment,

Inc.

(a)

(b)

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

9,282

186,568

Carnival

Corp.

(a)

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

46,624

1,344,170

Cava

Group,

Inc.

(a)

(b)

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

4,282

230,072

Chipotle

Mexican

Grill,

Inc.

(a)

(b)

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

57,723

1,829,242

Choice

Hotels

International,

Inc.

(b)

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

905

84,129

Churchill

Downs,

Inc.

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

2,861

283,811

Darden

Restaurants,

Inc.

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

4,992

899,309

Domino's

Pizza,

Inc.

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

1,341

534,335

DoorDash,

Inc.

,

Class

A

(a)

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

15,897

4,043,720

DraftKings,

Inc.

,

Class

A

(a)

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

21,476

656,951

Dutch

Bros,

Inc.

,

Class

A

(a)

(b)

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

5,463

303,415

Expedia

Group,

Inc.

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

5,076

1,116,720

Flutter

Entertainment

PLC

,

Class

DI

(a)

(b)

..........

7,525

1,750,240

Hilton

Worldwide

Holdings,

Inc.

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

10,100

2,595,296

Hyatt

Hotels

Corp.

,

Class

A

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

1,910

262,453

Las

Vegas

Sands

Corp.

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

13,265

787,278

Light

&

Wonder,

Inc.

(a)

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

3,804

276,551

Marriott

International,

Inc.

,

Class

A

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

9,663

2,517,984

McDonald's

Corp.

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

30,645

9,145,387

MGM

Resorts

International

(a)

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

8,903

285,163

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

18,476

414,232

Planet

Fitness,

Inc.

,

Class

A

(a)

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

3,520

319,229

Royal

Caribbean

Cruises

Ltd.

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

10,848

3,111,532

Starbucks

Corp.

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

49,008

3,963,277

Texas

Roadhouse,

Inc.

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

2,812

459,987

Vail

Resorts,

Inc.

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

1,652

245,041

Viking

Holdings

Ltd.

(a)

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

7,462

454,063

Wingstop,

Inc.

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

1,261

273,170

Wyndham

Hotels

&

Resorts,

Inc.

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

3,390

248,928

Wynn

Resorts

Ltd.

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

3,626

431,458

Yum!

Brands,

Inc.

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

11,926

1,648,292

50,731,699

a

Household

Durables

 — 

0

.3

%

DR

Horton,

Inc.

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

11,901

1,774,201

Garmin

Ltd.

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

7,026

1,503,142

Lennar

Corp.

,

Class

A

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

9,774

1,209,728

Lennar

Corp.

,

Class

B

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

329

38,838

Mohawk

Industries,

Inc.

(a)

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

2,328

264,554

NVR,

Inc.

(a)

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

124

894,142

PulteGroup,

Inc.

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

8,473

1,015,659

SharkNinja,

Inc.

(a)

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

2,830

241,965

Somnigroup

International,

Inc.

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

8,838

701,207

Toll

Brothers,

Inc.

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

4,353

587,437

TopBuild

Corp.

(a)

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

1,224

517,116

Whirlpool

Corp.

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

2,316

165,895

8,913,884

a

Household

Products

 — 

0

.8

%

Church

&

Dwight

Co.,

Inc.

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

10,586

928,286

Clorox

Co.

(The)

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

5,262

591,765

Colgate-Palmolive

Co.

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

34,849

2,685,115

Kimberly-Clark

Corp.

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

14,227

1,703,114

Procter

&

Gamble

Co.

(The)

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

100,591

15,125,869

Reynolds

Consumer

Products,

Inc.

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

2,548

62,273

21,096,422

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

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

30,648

425,088

Clearway

Energy,

Inc.

,

Class

A

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

1,448

43,425

Clearway

Energy,

Inc.

,

Class

C

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

3,417

109,105

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Talen

Energy

Corp.

(a)

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

1,972

$

788,366

Vistra

Corp.

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

13,677

2,575,379

3,941,363

a

Industrial

Conglomerates

 — 

0

.3

%

3M

Co.

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

22,873

3,808,355

Honeywell

International,

Inc.

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

27,265

5,489,262

9,297,617

a

Industrial

REITs

 — 

0

.2

%

Americold

Realty

Trust,

Inc.

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

11,479

147,964

EastGroup

Properties,

Inc.

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

2,230

389,202

First

Industrial

Realty

Trust,

Inc.

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

5,705

315,372

Lineage,

Inc.

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

2,481

97,751

Prologis,

Inc.

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

39,808

4,939,775

Rexford

Industrial

Realty,

Inc.

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

10,164

419,977

STAG

Industrial,

Inc.

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

7,840

300,037

6,610,078

a

Insurance

 — 

1

.8

%

Aflac,

Inc.

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

20,671

2,215,725

Allstate

Corp.

(The)

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

11,280

2,160,346

American

Financial

Group,

Inc.

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

3,095

407,550

American

International

Group,

Inc.

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

23,791

1,878,537

Aon

PLC

,

Class

A

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

9,255

3,152,993

Arch

Capital

Group

Ltd.

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

15,966

1,378,026

Arthur

J

Gallagher

&

Co.

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

11,023

2,750,128

Assurant,

Inc.

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

2,253

477,005

Axis

Capital

Holdings

Ltd.

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

3,090

289,409

Brown

&

Brown,

Inc.

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

12,583

1,003,369

Chubb

Ltd.

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

15,923

4,409,716

Cincinnati

Financial

Corp.

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

6,767

1,046,111

CNA

Financial

Corp.

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

1,164

51,856

Erie

Indemnity

Co.

,

Class

A

,

NVS

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

1,066

311,954

Everest

Group

Ltd.

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

1,801

566,451

F&G

Annuities

&

Life,

Inc.

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

921

27,308

Fidelity

National

Financial,

Inc.

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

10,847

599,188

First

American

Financial

Corp.

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

4,302

268,918

Globe

Life,

Inc.

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

3,598

473,173

Hanover

Insurance

Group,

Inc.

(The)

...........

1,547

264,351

Hartford

Insurance

Group,

Inc.

(The)

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

12,204

1,515,493

Kinsale

Capital

Group,

Inc.

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

947

378,298

Lincoln

National

Corp.

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

6,391

268,422

Loews

Corp.

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

7,304

727,186

Markel

Group,

Inc.

(a)

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

546

1,078,093

Marsh

&

McLennan

Companies,

Inc.

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

21,096

3,758,252

MetLife,

Inc.

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

23,938

1,910,731

Old

Republic

International

Corp.

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

10,217

403,163

Primerica,

Inc.

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

1,420

369,015

Principal

Financial

Group,

Inc.

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

8,838

742,746

Progressive

Corp.

(The)

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

25,146

5,180,076

Prudential

Financial,

Inc.

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

15,075

1,567,800

Reinsurance

Group

of

America,

Inc.

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

2,781

507,421

RenaissanceRe

Holdings

Ltd.

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

2,110

536,130

RLI

Corp.

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

3,944

232,538

Ryan

Specialty

Holdings,

Inc.

,

Class

A

...........

4,612

252,738

Selective

Insurance

Group,

Inc.

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

2,553

192,343

Travelers

Companies,

Inc.

(The)

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

9,668

2,597,018

Unum

Group

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

6,708

492,501

W

R

Berkley

Corp.

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

12,997

927,206

White

Mountains

Insurance

Group

Ltd.

(b)

.........

102

194,265

Willis

Towers

Watson

PLC

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

4,190

1,311,889

48,875,438

a

Security

Shares

Value

a

Interactive

Media

&

Services

 — 

7

.0

%

Alphabet,

Inc.

,

Class

A

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

249,805

$

70,242,668

Alphabet,

Inc.

,

Class

C

,

NVS

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

200,540

56,516,183

Match

Group,

Inc.

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

10,899

352,474

Meta

Platforms,

Inc.

,

Class

A

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

93,144

60,389,912

Pinterest,

Inc.

,

Class

A

(a)

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

25,855

855,800

Reddit,

Inc.

,

Class

A

(a)

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

5,317

1,110,987

Snap,

Inc.

,

Class

A

,

NVS

(a)

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

45,157

352,225

189,820,249

a

IT

Services

 — 

1

.3

%

Accenture

PLC

,

Class

A

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

26,748

6,689,675

Akamai

Technologies,

Inc.

(a)

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

6,158

462,466

Amdocs

Ltd.

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

4,920

414,559

Cloudflare,

Inc.

,

Class

A

(a)

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

13,368

3,386,115

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

20,865

1,520,641

CoreWeave,

Inc.

,

Class

A

(a)

(b)

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

9,387

1,255,136

EPAM

Systems,

Inc.

(a)

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

2,391

391,024

Gartner,

Inc.

(a)

(b)

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

3,307

821,260

GoDaddy,

Inc.

,

Class

A

(a)

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

5,946

791,591

International

Business

Machines

Corp.

..........

40,010

12,299,474

MongoDB,

Inc.

,

Class

A

(a)

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

3,494

1,257,211

Okta,

Inc.

,

Class

A

(a)

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

7,255

664,050

Snowflake,

Inc.

(a)

(b)

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

14,361

3,947,552

Twilio,

Inc.

,

Class

A

(a)

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

6,574

886,701

VeriSign,

Inc.

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

3,625

869,275

35,656,730

a

Leisure

Products

 — 

0

.0

%

Hasbro,

Inc.

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

5,602

427,489

Mattel,

Inc.

(a)

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

14,895

273,770

701,259

a

Life

Sciences

Tools

&

Services

 — 

0

.9

%

Agilent

Technologies,

Inc.

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

12,319

1,803,009

Avantor,

Inc.

(a)

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

29,529

349,033

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

828

264,587

Bio-Techne

Corp.

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

6,910

432,359

Bruker

Corp.

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

4,744

184,731

Charles

River

Laboratories

International,

Inc.

(a)

.....

2,193

394,893

Danaher

Corp.

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

27,395

5,900,335

Illumina,

Inc.

(a)

(b)

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

6,551

809,311

IQVIA

Holdings,

Inc.

(a)

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

7,300

1,580,158

Medpace

Holdings,

Inc.

(a)

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

953

557,419

Mettler-Toledo

International,

Inc.

(a)

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

893

1,264,747

Repligen

Corp.

(a)

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

2,228

332,106

Revvity,

Inc.

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

4,943

462,615

Thermo

Fisher

Scientific,

Inc.

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

16,193

9,187,746

Waters

Corp.

(a)

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

2,526

883,090

West

Pharmaceutical

Services,

Inc.

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

3,068

865,391

25,271,530

a

Machinery

 — 

1

.7

%

AGCO

Corp.

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

2,704

278,945

Allison

Transmission

Holdings,

Inc.

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

3,656

301,803

Caterpillar,

Inc.

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

20,118

11,613,317

Chart

Industries,

Inc.

(a)

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

1,936

386,464

CNH

Industrial

N.V.

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

37,493

393,302

Crane

Co.

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

2,039

387,410

Cummins,

Inc.

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

5,929

2,595,005

Deere

&

Co.

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

10,791

4,981,449

Donaldson

Co.,

Inc.

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

5,155

434,309

Dover

Corp.

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

5,927

1,075,513

Flowserve

Corp.

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

5,690

388,342

Fortive

Corp.

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

14,318

720,768

Gates

Industrial

Corp.

PLC

(a)

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

11,062

244,249

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Machinery

(continued)

Graco,

Inc.

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

7,241

$

592,097

IDEX

Corp.

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

3,246

556,559

Illinois

Tool

Works,

Inc.

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

11,392

2,778,737

Ingersoll

Rand,

Inc.

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

15,532

1,185,558

ITT,

Inc.

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

3,326

615,543

Lincoln

Electric

Holdings,

Inc.

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

2,376

557,053

Middleby

Corp.

(The)

(a)

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

2,002

248,708

Mueller

Industries,

Inc.

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

4,871

515,693

Nordson

Corp.

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

2,313

536,500

Oshkosh

Corp.

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

2,692

331,897

Otis

Worldwide

Corp.

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

16,958

1,573,024

PACCAR,

Inc.

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

22,575

2,221,380

Parker-Hannifin

Corp.

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

5,487

4,240,518

Pentair

PLC

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

6,966

740,834

RBC

Bearings,

Inc.

(a)

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

1,341

574,659

Snap-on,

Inc.

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

2,287

767,403

Stanley

Black

&

Decker,

Inc.

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

6,579

445,530

Symbotic,

Inc.

,

Class

A

(a)

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

1,960

158,662

Timken

Co.

(The)

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

2,840

222,968

Toro

Co.

(The)

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

4,171

311,699

Westinghouse

Air

Brake

Technologies

Corp.

.......

7,350

1,502,634

Xylem,

Inc.

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

10,423

1,572,309

46,050,841

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

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

2,576

266,565

a

Media

 — 

0

.4

%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

3,989

932,788

Comcast

Corp.

,

Class

A

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

158,152

4,402,161

Fox

Corp.

,

Class

A

,

NVS

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

9,179

593,423

Fox

Corp.

,

Class

B

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

5,391

314,888

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,807

405,608

Liberty

Broadband

Corp.

,

Series

A

(a)

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

722

38,620

Liberty

Broadband

Corp.

,

Series

C

,

NVS

(a)

........

4,880

262,641

New

York

Times

Co.

(The)

,

Class

A

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

6,835

389,527

News

Corp.

,

Class

A

,

NVS

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

16,628

440,642

News

Corp.

,

Class

B

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

5,005

152,502

Nexstar

Media

Group,

Inc.

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

1,291

252,687

Omnicom

Group,

Inc.

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

8,476

635,869

Paramount

Skydance

Corp.

,

Class

B

,

NVS

(b)

......

13,308

204,810

Sirius

XM

Holdings,

Inc.

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

8,098

175,646

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

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

19,323

971,560

10,173,372

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

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

11,218

412,710

Anglogold

Ashanti

PLC

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

18,288

1,243,584

Cleveland-Cliffs,

Inc.

(a)

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

20,048

249,197

Commercial

Metals

Co.

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

4,959

294,366

Freeport-McMoRan,

Inc.

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

61,552

2,566,718

MP

Materials

Corp.

,

Class

A

(a)

(b)

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

5,780

364,660

Newmont

Corp.

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

47,172

3,819,517

Nucor

Corp.

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

9,844

1,477,092

Reliance,

Inc.

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

2,264

639,422

Royal

Gold,

Inc.

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

2,814

491,859

Steel

Dynamics,

Inc.

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

5,943

931,863

12,490,988

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.0

%

AGNC

Investment

Corp.

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

43,922

439,220

Annaly

Capital

Management,

Inc.

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

26,409

559,079

Rithm

Capital

Corp.

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

21,683

237,863

Security

Shares

Value

a

Metals

&

Mining

(continued)

Starwood

Property

Trust,

Inc.

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

14,936

$

271,536

1,507,698

a

Multi-Utilities

 — 

0

.5

%

Ameren

Corp.

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

11,768

1,200,571

Black

Hills

Corp.

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

3,201

203,039

CenterPoint

Energy,

Inc.

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

28,171

1,077,259

CMS

Energy

Corp.

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

12,790

940,704

Consolidated

Edison,

Inc.

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

15,509

1,510,732

Dominion

Energy,

Inc.

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

36,708

2,154,393

DTE

Energy

Co.

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

8,992

1,218,776

NiSource,

Inc.

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

20,007

842,495

Public

Service

Enterprise

Group,

Inc.

...........

21,652

1,744,285

Sempra

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

28,072

2,580,940

WEC

Energy

Group,

Inc.

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

13,658

1,526,008

14,999,202

a

Office

REITs

 — 

0

.0

%

BXP,

Inc.

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

6,250

444,938

Cousins

Properties,

Inc.

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

7,172

185,970

Kilroy

Realty

Corp.

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

4,545

192,026

Vornado

Realty

Trust

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

6,812

258,447

1,081,381

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.6

%

Antero

Resources

Corp.

(a)

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

12,649

390,981

APA

Corp.

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

15,543

352,049

Cheniere

Energy,

Inc.

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

9,438

2,000,856

Chevron

Corp.

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

82,522

13,015,370

Chord

Energy

Corp.

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

2,407

218,363

ConocoPhillips

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

53,635

4,766,006

Coterra

Energy,

Inc.

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

32,855

777,349

Devon

Energy

Corp.

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

27,261

885,710

Diamondback

Energy,

Inc.

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

8,049

1,152,536

DT

Midstream,

Inc.

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

4,362

477,595

EOG

Resources,

Inc.

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

23,493

2,486,499

EQT

Corp.

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

26,799

1,435,891

Expand

Energy

Corp.

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

10,227

1,056,551

Exxon

Mobil

Corp.

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

183,081

20,937,143

HF

Sinclair

Corp.

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

6,871

354,544

Kinder

Morgan,

Inc.

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

83,974

2,199,279

Marathon

Petroleum

Corp.

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

13,056

2,544,745

Matador

Resources

Co.

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

5,161

203,653

Occidental

Petroleum

Corp.

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

30,501

1,256,641

ONEOK,

Inc.

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

26,930

1,804,310

Ovintiv,

Inc.

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

11,445

429,302

Permian

Resources

Corp.

,

Class

A

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

27,268

342,486

Phillips

66

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

17,500

2,382,450

Range

Resources

Corp.

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

10,531

374,377

Targa

Resources

Corp.

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

9,299

1,432,418

Texas

Pacific

Land

Corp.

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

808

762,251

Valero

Energy

Corp.

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

13,341

2,262,100

Venture

Global,

Inc.

,

Class

A

(b)

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

19,726

169,052

Viper

Energy,

Inc.

,

Class

A

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

7,245

272,122

Williams

Companies,

Inc.

(The)

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

52,386

3,031,578

69,774,207

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

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

2,742

238,856

a

Passenger

Airlines

 — 

0

.0

%

Alaska

Air

Group,

Inc.

(a)

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

1,238

51,662

American

Airlines

Group,

Inc.

(a)

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

7,084

93,013

Delta

Air

Lines,

Inc.

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

6,964

399,594

Joby

Aviation,

Inc.

,

Class

A

(a)

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

9,190

159,355

Southwest

Airlines

Co.

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

5,638

170,831

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Passenger

Airlines

(continued)

United

Airlines

Holdings,

Inc.

(a)

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

3,476

$

326,883

1,201,338

a

Personal

Care

Products

 — 

0

.1

%

Coty,

Inc.

,

Class

A

(a)

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

16,534

65,640

elf

Beauty,

Inc.

(a)

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

2,424

296,067

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

9,984

965,353

Kenvue,

Inc.

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

82,476

1,185,180

2,512,240

a

Pharmaceuticals

 — 

2

.7

%

Bristol-Myers

Squibb

Co.

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

87,600

4,035,732

Elanco

Animal

Health,

Inc.

(a)

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

21,887

484,797

Eli

Lilly

&

Co.

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

34,141

29,458,903

Jazz

Pharmaceuticals

PLC

(a)

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

2,664

366,673

Johnson

&

Johnson

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

103,424

19,533,691

Merck

&

Co.,

Inc.

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

107,265

9,222,645

Pfizer,

Inc.

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

243,633

6,005,553

Royalty

Pharma

PLC

,

Class

A

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

16,337

613,291

Viatris,

Inc.

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

51,685

535,457

Zoetis,

Inc.

,

Class

A

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

19,010

2,739,151

72,995,893

a

Professional

Services

 — 

0

.6

%

Amentum

Holdings,

Inc.

(a)

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

6,485

145,329

Automatic

Data

Processing,

Inc.

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

17,434

4,538,070

Booz

Allen

Hamilton

Holding

Corp.

,

Class

C

.......

5,271

459,420

Broadridge

Financial

Solutions,

Inc.

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

5,010

1,104,204

CACI

International,

Inc.

,

Class

A

(a)

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

937

526,828

Dayforce,

Inc.

(a)

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

6,778

465,920

Equifax,

Inc.

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

5,369

1,133,396

FTI

Consulting,

Inc.

(a)

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

1,363

224,909

Genpact

Ltd.

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

6,678

254,766

Jacobs

Solutions,

Inc.

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

5,174

806,161

KBR,

Inc.

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

5,885

252,113

Leidos

Holdings,

Inc.

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

5,627

1,071,775

Maximus,

Inc.

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

2,352

195,498

Parsons

Corp.

(a)

(b)

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

2,006

166,779

Paychex,

Inc.

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

13,750

1,609,163

Paycom

Software,

Inc.

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

2,038

381,289

Paylocity

Holding

Corp.

(a)

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

1,856

262,197

Science

Applications

International

Corp.

.........

2,164

202,789

SS&C

Technologies

Holdings,

Inc.

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

8,985

763,006

TransUnion

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

8,479

688,325

UL

Solutions,

Inc.

,

Class

A

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

2,533

197,245

Verisk

Analytics,

Inc.

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

6,041

1,321,529

16,770,711

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

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

12,684

1,933,422

CoStar

Group,

Inc.

(a)

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

18,080

1,244,085

Jones

Lang

LaSalle,

Inc.

(a)

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

2,033

620,248

Zillow

Group,

Inc.

,

Class

A

(a)

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

2,130

152,359

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

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

7,507

562,875

4,512,989

a

Residential

REITs

 — 

0

.2

%

American

Homes

4

Rent

,

Class

A

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

13,469

425,620

AvalonBay

Communities,

Inc.

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

6,095

1,060,042

Camden

Property

Trust

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

4,551

452,734

Equity

LifeStyle

Properties,

Inc.

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

8,310

507,326

Equity

Residential

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

14,585

866,932

Essex

Property

Trust,

Inc.

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

2,722

685,318

Invitation

Homes,

Inc.

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

24,645

693,757

Mid-America

Apartment

Communities,

Inc.

........

5,031

645,125

Sun

Communities,

Inc.

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

5,225

661,485

Security

Shares

Value

a

Residential

REITs

(continued)

UDR,

Inc.

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

12,882

$

433,995

6,432,334

a

Retail

REITs

 — 

0

.3

%

Agree

Realty

Corp.

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

4,633

338,255

Brixmor

Property

Group,

Inc.

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

12,779

334,299

Federal

Realty

Investment

Trust

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

3,432

330,124

Kimco

Realty

Corp.

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

29,679

613,168

NNN

REIT,

Inc.

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

7,724

312,513

Realty

Income

Corp.

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

38,873

2,253,856

Regency

Centers

Corp.

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

7,068

487,339

Simon

Property

Group,

Inc.

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

14,021

2,464,331

7,133,885

a

Semiconductors

&

Semiconductor

Equipment

 — 

14

.2

%

Advanced

Micro

Devices,

Inc.

(a)

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

69,691

17,849,259

Allegro

MicroSystems,

Inc.

(a)

.................

5,596

167,432

Amkor

Technology,

Inc.

.....................

5,141

165,952

Analog

Devices,

Inc.

.......................

21,332

4,994,461

Applied

Materials,

Inc.

.....................

34,462

8,033,092

Astera

Labs,

Inc.

(a)

........................

5,568

1,039,434

Broadcom,

Inc.

..........................

201,986

74,660,085

Cirrus

Logic,

Inc.

(a)

........................

2,269

300,983

Credo

Technology

Group

Holding

Ltd.

(a)

..........

6,486

1,216,903

Enphase

Energy,

Inc.

(a)

.....................

5,899

179,979

Entegris,

Inc.

............................

6,465

592,000

First

Solar,

Inc.

(a)

.........................

4,582

1,223,119

GLOBALFOUNDRIES,

Inc.

(a)

(b)

................

4,528

161,197

Intel

Corp.

(a)

............................

187,763

7,508,642

KLA

Corp.

..............................

5,660

6,841,469

Lam

Research

Corp.

......................

54,351

8,558,109

Lattice

Semiconductor

Corp.

(a)

................

5,926

432,361

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

.....

2,750

407,358

Marvell

Technology,

Inc.

....................

37,133

3,480,848

Microchip

Technology,

Inc.

...................

23,046

1,438,531

Micron

Technology,

Inc.

.....................

48,121

10,768,036

MKS,

Inc.

..............................

2,948

423,657

Monolithic

Power

Systems,

Inc.

...............

2,050

2,060,250

NVIDIA

Corp.

...........................

1,047,833

212,175,704

NXP

Semiconductors

N.V.

...................

10,826

2,263,933

ON

Semiconductor

Corp.

(a)

..................

17,563

879,555

Onto

Innovation,

Inc.

(a)

.....................

2,117

285,710

Qorvo,

Inc.

(a)

............................

3,586

340,383

QUALCOMM,

Inc.

........................

46,316

8,378,564

Rambus,

Inc.

(a)

..........................

4,673

480,571

Silicon

Laboratories,

Inc.

(a)

...................

1,360

178,269

Skyworks

Solutions,

Inc.

....................

6,462

502,227

Teradyne,

Inc.

...........................

6,778

1,231,969

Texas

Instruments,

Inc.

.....................

39,107

6,314,216

Universal

Display

Corp.

....................

1,845

271,732

385,805,990

a

Software

 — 

10

.9

%

Adobe,

Inc.

(a)

............................

18,217

6,199,427

Appfolio,

Inc.

,

Class

A

(a)

....................

1,032

262,572

AppLovin

Corp.

,

Class

A

(a)

...................

11,626

7,409,599

Atlassian

Corp.

,

Class

A

(a)

...................

7,033

1,191,531

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.............

49,153

257,562

Autodesk,

Inc.

(a)

..........................

9,239

2,784,080

Bentley

Systems,

Inc.

,

Class

B

................

6,617

336,342

BILL

Holdings,

Inc.

(a)

.......................

4,176

207,380

Cadence

Design

Systems,

Inc.

(a)

..............

11,702

3,963,350

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

23,772

207,292

Circle

Internet

Group,

Inc.

(a)

(b)

.................

2,109

267,801

Confluent,

Inc.

,

Class

A

(a)

...................

12,325

288,035

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

10,721

$

5,821,610

Datadog,

Inc.

,

Class

A

(a)

....................

13,753

2,239,126

Docusign,

Inc.

(a)

..........................

8,846

646,996

Dolby

Laboratories,

Inc.

,

Class

A

..............

2,530

167,790

Dropbox,

Inc.

,

Class

A

(a)

(b)

...................

8,446

244,934

Dynatrace,

Inc.

(a)

.........................

12,801

647,347

Elastic

N.V.

(a)

............................

3,731

332,880

Fair

Isaac

Corp.

(a)

.........................

1,031

1,710,975

Figma,

Inc.

,

Class

A

(a)

(b)

.....................

1,581

78,797

Fortinet,

Inc.

(a)

...........................

27,971

2,417,534

Gen

Digital,

Inc.

..........................

24,068

634,433

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

5,601

273,049

Guidewire

Software,

Inc.

(a)

...................

3,613

844,141

HubSpot,

Inc.

(a)

..........................

2,251

1,107,312

Informatica,

Inc.

,

Class

A

(a)

..................

4,702

116,939

Intuit,

Inc.

..............................

11,979

7,996,581

Manhattan

Associates,

Inc.

(a)

.................

2,617

476,477

Microsoft

Corp.

..........................

319,210

165,290,130

Nutanix,

Inc.

,

Class

A

(a)

.....................

11,512

820,115

Oracle

Corp.

............................

71,167

18,689,166

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

97,666

19,579,103

Palo

Alto

Networks,

Inc.

(a)

...................

28,684

6,317,364

Pegasystems,

Inc.

........................

4,078

259,565

Procore

Technologies,

Inc.

(a)

.................

4,966

366,590

PTC,

Inc.

(a)

.............................

5,107

1,013,944

Roper

Technologies,

Inc.

....................

4,651

2,075,044

Rubrik,

Inc.

,

Class

A

(a)

......................

5,720

430,544

SailPoint,

Inc.

(a)

(b)

.........................

3,107

67,360

Salesforce,

Inc.

..........................

41,054

10,690,872

Samsara,

Inc.

,

Class

A

(a)

....................

12,872

517,068

SentinelOne,

Inc.

,

Class

A

(a)

..................

13,738

245,223

ServiceNow,

Inc.

(a)

........................

8,910

8,190,785

ServiceTitan,

Inc.

,

Class

A

(a)

(b)

................

2,356

222,312

SPS

Commerce,

Inc.

(a)

.....................

1,577

129,692

Strategy,

Inc.

,

Class

A

(a)

(b)

...................

11,333

3,054,357

Synopsys,

Inc.

(a)

.........................

7,974

3,618,761

Tyler

Technologies,

Inc.

(a)

...................

1,866

888,701

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

19,168

304,005

Unity

Software,

Inc.

(a)

......................

14,516

550,156

Varonis

Systems,

Inc.

(a)

(b)

....................

4,922

173,402

Workday,

Inc.

,

Class

A

(a)

....................

9,326

2,237,494

Zoom

Communications,

Inc.

,

Class

A

(a)

..........

11,409

995,207

Zscaler,

Inc.

(a)

...........................

4,279

1,416,948

297,275,800

a

Specialized

REITs

 — 

0

.7

%

American

Tower

Corp.

.....................

20,184

3,612,532

Crown

Castle,

Inc.

........................

18,697

1,686,843

CubeSmart

.............................

9,749

367,245

Digital

Realty

Trust,

Inc.

....................

13,767

2,346,035

Equinix,

Inc.

............................

4,210

3,561,702

Extra

Space

Storage,

Inc.

...................

9,221

1,231,372

Gaming

and

Leisure

Properties,

Inc.

............

11,670

521,182

Iron

Mountain,

Inc.

........................

12,793

1,317,039

Lamar

Advertising

Co.

,

Class

A

...............

3,747

444,357

Millrose

Properties,

Inc.

,

Class

A

(b)

.............

5,309

171,003

Public

Storage

...........................

6,773

1,886,687

SBA

Communications

Corp.

,

Class

A

............

4,612

883,106

VICI

Properties,

Inc.

.......................

45,394

1,361,366

Weyerhaeuser

Co.

........................

30,902

710,746

20,101,215

a

Specialty

Retail

 — 

1

.8

%

AutoNation,

Inc.

(a)

.........................

1,214

242,642

AutoZone,

Inc.

(a)

.........................

716

2,630,892

Security

Shares

Value

a

Specialty

Retail

(continued)

Bath

&

Body

Works,

Inc.

....................

9,692

$

237,260

Best

Buy

Co.,

Inc.

........................

8,345

685,458

Burlington

Stores,

Inc.

(a)

....................

2,709

741,155

CarMax,

Inc.

(a)

...........................

6,453

270,445

Carvana

Co.

,

Class

A

(a)

.....................

5,930

1,817,782

Chewy,

Inc.

,

Class

A

(a)

.....................

9,446

318,519

Dick's

Sporting

Goods,

Inc.

..................

2,795

618,953

Five

Below,

Inc.

(a)

.........................

2,389

375,718

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

4,663

291,344

GameStop

Corp.

,

Class

A

(a)

(b)

.................

17,491

389,875

Gap,

Inc.

(The)

..........................

9,089

207,684

Home

Depot,

Inc.

(The)

....................

42,726

16,218,362

Lithia

Motors,

Inc.

,

Class

A

..................

1,098

344,860

Lowe's

Companies,

Inc.

....................

24,093

5,737,266

Murphy

USA,

Inc.

........................

791

283,336

O'Reilly

Automotive,

Inc.

(a)

...................

36,438

3,441,205

Penske

Automotive

Group,

Inc.

...............

848

135,740

Ross

Stores,

Inc.

.........................

13,995

2,224,086

TJX

Companies,

Inc.

(The)

..................

47,871

6,708,642

Tractor

Supply

Co.

........................

22,803

1,233,870

Ulta

Beauty,

Inc.

(a)

........................

1,923

999,729

Valvoline,

Inc.

(a)

..........................

5,499

181,522

Wayfair,

Inc.

,

Class

A

(a)

.....................

4,376

452,960

Williams-Sonoma,

Inc.

.....................

5,354

1,040,496

47,829,801

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.9

%

Apple,

Inc.

.............................

637,305

172,308,153

Dell

Technologies,

Inc.

,

Class

C

...............

12,896

2,089,281

Hewlett

Packard

Enterprise

Co.

...............

57,022

1,392,477

HP,

Inc.

...............................

40,239

1,113,413

IonQ,

Inc.

(a)

(b)

............................

12,748

795,220

NetApp,

Inc.

............................

8,593

1,012,084

Pure

Storage,

Inc.

,

Class

A

(a)

.................

13,508

1,333,240

Sandisk

Corp.

(a)

..........................

5,759

1,147,941

Seagate

Technology

Holdings

PLC

.............

9,193

2,352,305

Super

Micro

Computer,

Inc.

(a)

.................

21,750

1,130,130

Western

Digital

Corp.

......................

14,916

2,240,532

186,914,776

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.2

%

Crocs,

Inc.

(a)

(b)

...........................

2,329

190,256

Deckers

Outdoor

Corp.

(a)

....................

6,508

530,402

Levi

Strauss

&

Co.

,

Class

A

..................

4,163

84,426

Lululemon

Athletica,

Inc.

(a)

...................

4,843

825,925

NIKE,

Inc.

,

Class

B

.......................

50,684

3,273,679

Ralph

Lauren

Corp.

,

Class

A

.................

1,650

527,439

Tapestry,

Inc.

............................

8,882

975,421

VF

Corp.

..............................

14,040

197,122

6,604,670

a

Tobacco

 — 

0

.5

%

Altria

Group,

Inc.

.........................

72,071

4,063,363

Philip

Morris

International,

Inc.

................

66,842

9,647,306

13,710,669

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Air

Lease

Corp.

,

Class

A

....................

4,472

285,582

Applied

Industrial

Technologies,

Inc.

............

1,688

433,968

Core

&

Main,

Inc.

,

Class

A

(a)

..................

8,287

432,416

Fastenal

Co.

............................

49,304

2,028,859

Ferguson

Enterprises,

Inc.

...................

8,530

2,119,705

FTAI

Aviation

Ltd.

.........................

4,388

758,685

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

1,957

166,169

QXO,

Inc.

(a)

(b)

............................

20,826

367,995

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

1,951

$

253,181

United

Rentals,

Inc.

.......................

2,759

2,403,586

Watsco,

Inc.

............................

1,500

552,015

WESCO

International,

Inc.

...................

2,090

542,418

WW

Grainger,

Inc.

........................

1,876

1,836,604

12,181,183

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

8,380

1,076,244

Essential

Utilities,

Inc.

......................

12,044

470,077

1,546,321

a

Wireless

Telecommunication

Services

 — 

0

.2

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(d)

.................

4,053

—

T-Mobile

U.S.,

Inc.

........................

20,782

4,365,259

4,365,259

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,148,492,063

)

...............................

2,719,387,069

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(e)

(f)

......................

25,652,572

$

25,665,398

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(e)

............................

3,978,636

3,978,636

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

29,635,663

)

.................................

29,644,034

Total

Investments

—

100.9%

(Cost:

$

1,178,127,726

)

...............................

2,749,031,103

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

24,610,977

)

Net

Assets

—

100.0%

.................................

$

2,724,420,126

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

...

$

21,304,135

$

4,359,078

(a)

$

—

$

(

4

)

$

2,189

$

25,665,398

25,652,572

$

79,089

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

3,163,706

814,930

(a)

—

—

—

3,978,636

3,978,636

65,201

—

BlackRock,

Inc.

.....

5,634,584

140,067

(

134,727

)

38,689

1,018,567

6,697,180

6,185

65,260

—

$

38,685

$

1,020,756

$

36,341,214

$

209,550

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

13

12/19/25

$

4,468

$

123,104

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

13

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

123,104

$

—

$

—

$

—

$

123,104

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

691,856

$

—

$

—

$

—

$

691,856

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

64,599

$

—

$

—

$

—

$

64,599

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

4,146,325

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,719,387,069

‌

$

—

‌

$

—

‌

$

2,719,387,069

‌

Short-Term

Securities

Money

Market

Funds

......................................

29,644,034

‌

—

‌

—

‌

29,644,034

‌

$

2,749,031,103

‌

$

—

‌

$

—

‌

$

2,749,031,103

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

123,104

‌

$

—

‌

$

—

‌

$

123,104

‌

(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

®

ESG

MSCI

KLD

400

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.2

%

Axon

Enterprise,

Inc.

(a)

.....................

11,675

$

8,548,785

a

Air

Freight

&

Logistics

 — 

0

.3

%

CH

Robinson

Worldwide,

Inc.

................

18,744

2,886,389

Expeditors

International

of

Washington,

Inc.

.......

21,806

2,658,151

United

Parcel

Service,

Inc.

,

Class

B

............

115,702

11,155,987

16,700,527

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

.............................

34,399

2,789,759

Autoliv,

Inc.

.............................

11,600

1,354,880

BorgWarner,

Inc.

.........................

34,618

1,487,189

5,631,828

a

Automobiles

 — 

4

.2

%

Harley-Davidson,

Inc.

......................

18,239

492,088

Lucid

Group,

Inc.

(a)

........................

19,142

339,771

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

121,035

1,642,445

Tesla,

Inc.

(a)

.............................

457,615

208,928,704

211,403,008

a

Banks

 — 

0

.9

%

Bank

of

Hawaii

Corp.

......................

6,102

396,203

Cathay

General

Bancorp

....................

11,078

503,495

Citizens

Financial

Group,

Inc.

................

68,507

3,484,951

Comerica,

Inc.

...........................

20,668

1,581,102

Huntington

Bancshares,

Inc.

.................

230,883

3,564,834

International

Bancshares

Corp.

...............

8,969

595,362

KeyCorp

...............................

148,258

2,607,858

M&T

Bank

Corp.

.........................

25,352

4,661,472

Old

National

Bancorp

......................

55,672

1,137,379

PNC

Financial

Services

Group,

Inc.

(The)

........

62,494

11,408,280

Regions

Financial

Corp.

....................

142,016

3,436,787

Truist

Financial

Corp.

......................

206,240

9,204,491

Zions

Bancorp

NA

........................

23,491

1,224,116

43,806,330

a

Beverages

 — 

1

.6

%

Coca-Cola

Co.

(The)

......................

644,979

44,439,053

Keurig

Dr

Pepper,

Inc.

.....................

203,811

5,535,507

PepsiCo,

Inc.

...........................

216,268

31,594,592

81,569,152

a

Biotechnology

 — 

2

.6

%

AbbVie,

Inc.

............................

278,849

60,800,236

Amgen,

Inc.

............................

84,940

25,348,644

Biogen,

Inc.

(a)

...........................

23,008

3,549,444

BioMarin

Pharmaceutical,

Inc.

(a)

...............

30,293

1,622,796

Gilead

Sciences,

Inc.

......................

196,518

23,540,891

Vertex

Pharmaceuticals,

Inc.

(a)

................

40,570

17,265,375

132,127,386

a

Broadline

Retail

 — 

0

.0

%

Kohl's

Corp.

............................

18,103

294,536

a

Building

Products

 — 

0

.9

%

A

O

Smith

Corp.

.........................

18,463

1,218,373

Allegion

PLC

............................

13,376

2,217,340

Builders

FirstSource,

Inc.

(a)

..................

17,465

2,028,909

Carrier

Global

Corp.

.......................

121,900

7,251,831

Fortune

Brands

Innovations,

Inc.

..............

18,832

956,666

Johnson

Controls

International

PLC

............

103,964

11,892,442

Lennox

International,

Inc.

...................

5,071

2,560,855

Masco

Corp.

............................

33,432

2,165,056

Security

Shares

Value

a

Building

Products

(continued)

Owens

Corning

..........................

13,538

$

1,723,523

Trane

Technologies

PLC

....................

35,231

15,806,388

47,821,383

a

Capital

Markets

 — 

3

.9

%

Ameriprise

Financial,

Inc.

...................

15,212

6,887,537

Bank

of

New

York

Mellon

Corp.

(The)

...........

113,025

12,198,788

BlackRock,

Inc.

(c)

.........................

23,206

25,127,689

Cboe

Global

Markets,

Inc.

...................

16,573

4,070,992

Charles

Schwab

Corp.

(The)

.................

272,267

25,734,677

CME

Group,

Inc.

,

Class

A

...................

56,933

15,115,142

FactSet

Research

Systems,

Inc.

...............

5,968

1,592,263

Franklin

Resources,

Inc.

....................

45,820

1,035,990

Intercontinental

Exchange,

Inc.

...............

90,346

13,216,716

Invesco

Ltd.

............................

56,796

1,346,065

MarketAxess

Holdings,

Inc.

..................

5,972

955,878

Moody's

Corp.

...........................

25,582

12,287,035

Morgan

Stanley

..........................

189,037

31,002,068

Nasdaq,

Inc.

............................

68,012

5,814,346

Northern

Trust

Corp.

.......................

30,851

3,969,598

Raymond

James

Financial,

Inc.

...............

30,278

4,804,210

S&P

Global,

Inc.

.........................

49,505

24,119,331

State

Street

Corp.

........................

45,050

5,210,483

T

Rowe

Price

Group,

Inc.

...................

34,801

3,568,147

198,056,955

a

Chemicals

 — 

1

.5

%

Air

Products

and

Chemicals,

Inc.

..............

35,156

8,528,494

Albemarle

Corp.

.........................

18,585

1,825,605

Axalta

Coating

Systems

Ltd.

(a)

................

34,370

978,514

Ecolab,

Inc.

............................

40,304

10,333,946

HB

Fuller

Co.

...........................

8,686

498,316

International

Flavors

&

Fragrances,

Inc.

..........

40,302

2,537,817

Linde

PLC

.............................

74,358

31,103,951

LyondellBasell

Industries

N.V.

,

Class

A

..........

40,948

1,900,806

Minerals

Technologies,

Inc.

..................

5,106

289,765

Mosaic

Co.

(The)

.........................

49,418

1,356,524

PPG

Industries,

Inc.

.......................

35,933

3,512,451

Sherwin-Williams

Co.

(The)

..................

37,478

12,927,661

75,793,850

a

Commercial

Services

&

Supplies

 — 

0

.2

%

Copart,

Inc.

(a)

...........................

145,297

6,249,224

Deluxe

Corp.

............................

6,628

120,033

HNI

Corp.

..............................

7,695

314,879

Interface,

Inc.

...........................

9,363

233,139

Steelcase,

Inc.

,

Class

A

....................

12,980

207,161

Tetra

Tech,

Inc.

..........................

38,972

1,246,325

Veralto

Corp.

............................

39,152

3,863,519

12,234,280

a

Communications

Equipment

 — 

1

.2

%

Cisco

Systems,

Inc.

.......................

627,511

45,877,329

F5,

Inc.

(a)

..............................

9,064

2,293,645

Motorola

Solutions,

Inc.

....................

26,367

10,723,723

58,894,697

a

Construction

&

Engineering

 — 

0

.3

%

EMCOR

Group,

Inc.

.......................

7,072

4,779,116

Granite

Construction,

Inc.

(b)

..................

6,724

691,967

Quanta

Services,

Inc.

......................

23,395

10,507,396

15,978,479

a

iShares

®

ESG

MSCI

KLD

400

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Construction

Materials

 — 

0

.4

%

CRH

PLC

..............................

106,796

$

12,719,403

Martin

Marietta

Materials,

Inc.

................

9,527

5,841,004

18,560,407

a

Consumer

Finance

 — 

0

.8

%

Ally

Financial,

Inc.

........................

43,664

1,701,586

American

Express

Co.

.....................

88,398

31,887,810

Synchrony

Financial

.......................

60,139

4,473,139

38,062,535

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.4

%

Kroger

Co.

(The)

.........................

99,425

6,326,413

Sysco

Corp.

............................

76,585

5,688,734

Target

Corp.

............................

71,782

6,655,627

United

Natural

Foods,

Inc.

(a)

..................

9,383

353,270

19,024,044

a

Containers

&

Packaging

 — 

0

.2

%

Avery

Dennison

Corp.

......................

12,207

2,134,882

Ball

Corp.

..............................

41,593

1,954,871

International

Paper

Co.

.....................

79,380

3,067,243

Sealed

Air

Corp.

.........................

23,226

778,303

Sonoco

Products

Co.

......................

15,720

637,761

8,573,060

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

21,975

2,797,637

LKQ

Corp.

.............................

40,170

1,283,833

Pool

Corp.

.............................

5,646

1,507,821

5,589,291

a

Diversified

Telecommunication

Services

 — 

0

.6

%

Lumen

Technologies,

Inc.

(a)

..................

153,279

1,575,708

Verizon

Communications,

Inc.

................

664,998

26,427,021

28,002,729

a

Electric

Utilities

 — 

0

.2

%

Eversource

Energy

.......................

57,981

4,279,578

Exelon

Corp.

............................

158,941

7,330,359

11,609,937

a

Electrical

Equipment

 — 

0

.7

%

Acuity,

Inc.

.............................

4,806

1,754,430

Eaton

Corp.

PLC

.........................

61,821

23,588,421

Hubbell,

Inc.

............................

8,403

3,949,410

Rockwell

Automation,

Inc.

...................

17,775

6,547,599

Sensata

Technologies

Holding

PLC

............

23,788

757,172

36,597,032

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.8

%

Cognex

Corp.

...........................

26,228

1,085,577

Corning,

Inc.

............................

128,104

11,411,504

Flex

Ltd.

(a)

..............................

58,888

3,681,678

Itron,

Inc.

(a)

.............................

7,379

740,335

Keysight

Technologies,

Inc.

(a)

.................

27,159

4,969,011

TE

Connectivity

PLC

......................

46,850

11,572,418

Trimble,

Inc.

(a)

(b)

..........................

37,697

3,006,336

Zebra

Technologies

Corp.

,

Class

A

(a)

............

7,965

2,144,576

38,611,435

a

Energy

Equipment

&

Services

 — 

0

.3

%

Baker

Hughes

Co.

,

Class

A

..................

156,395

7,571,082

Core

Laboratories,

Inc.

(b)

....................

7,662

122,132

Halliburton

Co.

..........................

136,452

3,662,372

NOV,

Inc.

..............................

58,871

859,517

Security

Shares

Value

a

Energy

Equipment

&

Services

(continued)

TechnipFMC

PLC

........................

66,552

$

2,751,925

14,967,028

a

Entertainment

 — 

0

.9

%

Electronic

Arts,

Inc.

.......................

37,717

7,545,663

Walt

Disney

Co.

(The)

.....................

283,560

31,934,527

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

370,735

8,323,001

47,803,191

a

Financial

Services

 — 

3

.7

%

Equitable

Holdings,

Inc.

....................

48,872

2,414,277

Fidelity

National

Information

Services,

Inc.

........

83,009

5,189,723

Mastercard,

Inc.

,

Class

A

....................

135,162

74,608,072

PayPal

Holdings,

Inc.

(a)

.....................

145,963

10,110,857

Visa,

Inc.

,

Class

A

........................

270,100

92,033,874

Voya

Financial,

Inc.

.......................

15,476

1,152,343

Western

Union

Co.

(The)

...................

49,747

464,139

185,973,285

a

Food

Products

 — 

0

.8

%

Archer-Daniels-Midland

Co.

..................

75,917

4,595,256

Bunge

Global

SA

.........................

22,109

2,091,511

Campbell's

Company

(The)

..................

30,645

923,334

Conagra

Brands,

Inc.

......................

76,048

1,307,265

Darling

Ingredients,

Inc.

(a)

...................

25,303

810,961

General

Mills,

Inc.

........................

85,692

3,994,104

Hormel

Foods

Corp.

.......................

47,602

1,027,727

Ingredion,

Inc.

...........................

9,978

1,151,561

J

M

Smucker

Co.

(The)

.....................

16,769

1,736,430

Kellanova

..............................

43,879

3,644,590

Kraft

Heinz

Co.

(The)

......................

140,231

3,467,913

Lamb

Weston

Holdings,

Inc.

.................

21,448

1,323,985

McCormick

&

Co.,

Inc.

,

NVS

.................

39,871

2,558,123

Mondelez

International,

Inc.

,

Class

A

............

204,234

11,735,286

40,368,046

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

25,166

4,321,506

New

Jersey

Resources

Corp.

.................

15,945

706,363

UGI

Corp.

..............................

33,209

1,110,177

6,138,046

a

Ground

Transportation

 — 

0

.9

%

ArcBest

Corp.

...........................

3,919

291,260

Avis

Budget

Group,

Inc.

(a)

...................

2,849

387,663

CSX

Corp.

.............................

296,784

10,690,160

JB

Hunt

Transport

Services,

Inc.

..............

12,230

2,065,158

Knight-Swift

Transportation

Holdings,

Inc.

........

25,348

1,143,702

Norfolk

Southern

Corp.

.....................

35,611

10,091,445

Ryder

System,

Inc.

........................

6,417

1,085,949

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

15,214

737,727

Union

Pacific

Corp.

.......................

94,379

20,798,300

47,291,364

a

Health

Care

Equipment

&

Supplies

 — 

1

.0

%

Align

Technology,

Inc.

(a)

.....................

11,014

1,518,610

Becton

Dickinson

&

Co.

....................

45,220

8,081,266

Cooper

Companies,

Inc.

(The)

(a)

...............

31,742

2,219,083

DENTSPLY

SIRONA,

Inc.

...................

32,663

411,880

Dexcom,

Inc.

(a)

..........................

61,803

3,598,171

Edwards

Lifesciences

Corp.

(a)

................

92,723

7,645,011

Hologic,

Inc.

(a)

...........................

35,208

2,602,223

IDEXX

Laboratories,

Inc.

(a)

...................

12,709

8,000,443

Insulet

Corp.

(a)

...........................

11,058

3,461,265

ResMed,

Inc.

...........................

23,160

5,717,741

STERIS

PLC

............................

15,548

3,664,664

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

ESG

MSCI

KLD

400

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Zimmer

Biomet

Holdings,

Inc.

................

31,065

$

3,123,896

50,044,253

a

Health

Care

Providers

&

Services

 — 

1

.4

%

Cardinal

Health,

Inc.

.......................

37,712

7,194,318

Cencora,

Inc.

...........................

29,014

9,801,220

Centene

Corp.

(a)

.........................

78,518

2,777,182

Cigna

Group

(The)

........................

42,205

10,315,324

DaVita,

Inc.

(a)

............................

6,566

781,485

Elevance

Health,

Inc.

......................

35,684

11,318,965

HCA

Healthcare,

Inc.

......................

28,499

13,100,420

Henry

Schein,

Inc.

(a)

(b)

......................

17,466

1,103,851

Humana,

Inc.

...........................

18,974

5,278,377

Labcorp

Holdings,

Inc.

.....................

13,300

3,377,668

Pediatrix

Medical

Group,

Inc.

(a)

................

12,869

218,387

Quest

Diagnostics,

Inc.

.....................

17,548

3,087,571

Select

Medical

Holdings

Corp.

................

17,222

238,180

68,592,948

a

Health

Care

REITs

 — 

0

.5

%

Healthpeak

Properties,

Inc.

..................

110,151

1,977,211

Ventas,

Inc.

............................

71,257

5,258,054

Welltower,

Inc.

...........................

103,236

18,689,845

25,925,110

a

Health

Care

Technology

 — 

0

.1

%

Teladoc

Health,

Inc.

(a)

......................

26,168

225,830

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

24,467

7,124,790

7,350,620

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

..................

108,721

1,741,710

a

Hotels,

Restaurants

&

Leisure

 — 

2

.2

%

Aramark

...............................

40,780

1,544,746

Booking

Holdings,

Inc.

.....................

5,136

26,079,273

Choice

Hotels

International,

Inc.

(b)

..............

4,578

425,571

Darden

Restaurants,

Inc.

...................

18,410

3,316,561

Domino's

Pizza,

Inc.

.......................

5,146

2,050,475

Hilton

Worldwide

Holdings,

Inc.

...............

37,554

9,649,876

Marriott

International,

Inc.

,

Class

A

.............

36,782

9,584,654

McDonald's

Corp.

........................

112,780

33,656,935

Royal

Caribbean

Cruises

Ltd.

................

40,727

11,681,725

Starbucks

Corp.

..........................

179,534

14,518,915

Vail

Resorts,

Inc.

.........................

6,008

891,167

113,399,898

a

Household

Durables

 — 

0

.2

%

Ethan

Allen

Interiors,

Inc.

...................

3,535

85,441

Garmin

Ltd.

.............................

25,858

5,532,061

La-Z-Boy,

Inc.

...........................

6,415

203,355

Meritage

Homes

Corp.

.....................

11,150

753,294

Mohawk

Industries,

Inc.

(a)

...................

8,503

966,281

Newell

Brands,

Inc.

.......................

62,988

214,159

Whirlpool

Corp.

..........................

8,583

614,800

8,369,391

a

Household

Products

 — 

1

.5

%

Church

&

Dwight

Co.,

Inc.

...................

38,678

3,391,674

Clorox

Co.

(The)

.........................

19,647

2,209,502

Colgate-Palmolive

Co.

.....................

121,404

9,354,178

Kimberly-Clark

Corp.

......................

52,387

6,271,248

Procter

&

Gamble

Co.

(The)

.................

370,139

55,657,801

76,884,403

a

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.0

%

Ormat

Technologies,

Inc.

....................

9,162

$

974,562

a

Industrial

Conglomerates

 — 

0

.3

%

3M

Co.

................................

85,023

14,156,330

a

Industrial

REITs

 — 

0

.4

%

Prologis,

Inc.

............................

146,567

18,187,499

a

Insurance

 — 

2

.0

%

Allstate

Corp.

(The)

.......................

41,814

8,008,217

Arthur

J

Gallagher

&

Co.

....................

40,317

10,058,688

Chubb

Ltd.

.............................

60,144

16,656,279

Hartford

Insurance

Group,

Inc.

(The)

............

44,830

5,566,990

Lincoln

National

Corp.

.....................

27,427

1,151,934

Loews

Corp.

............................

28,312

2,818,743

Marsh

&

McLennan

Companies,

Inc.

............

77,848

13,868,621

Principal

Financial

Group,

Inc.

................

35,603

2,992,076

Progressive

Corp.

(The)

....................

92,422

19,038,932

Prudential

Financial,

Inc.

....................

55,659

5,788,536

Travelers

Companies,

Inc.

(The)

...............

35,792

9,614,447

Willis

Towers

Watson

PLC

...................

15,595

4,882,795

100,446,258

a

Interactive

Media

&

Services

 — 

9

.4

%

Alphabet,

Inc.

,

Class

A

.....................

918,751

258,343,594

Alphabet,

Inc.

,

Class

C

,

NVS

.................

775,589

218,576,492

ZoomInfo

Technologies,

Inc.

(a)

................

45,802

513,898

477,433,984

a

IT

Services

 — 

1

.7

%

Accenture

PLC

,

Class

A

....................

98,395

24,608,590

Akamai

Technologies,

Inc.

(a)

..................

23,120

1,736,312

ASGN,

Inc.

(a)

............................

7,394

330,955

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

77,783

5,668,825

Gartner,

Inc.

(a)

(b)

..........................

12,148

3,016,834

International

Business

Machines

Corp.

..........

146,769

45,118,258

Okta,

Inc.

,

Class

A

(a)

.......................

26,017

2,381,336

Twilio,

Inc.

,

Class

A

(a)

......................

24,101

3,250,743

86,111,853

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

............................

20,860

1,591,827

Mattel,

Inc.

(a)

............................

51,000

937,380

Topgolf

Callaway

Brands

Corp.

(a)

(b)

.............

23,788

223,845

2,753,052

a

Life

Sciences

Tools

&

Services

 — 

1

.0

%

Agilent

Technologies,

Inc.

...................

44,792

6,555,757

Bio-Techne

Corp.

.........................

25,120

1,571,758

Danaher

Corp.

..........................

101,763

21,917,715

Illumina,

Inc.

(a)

...........................

24,795

3,063,174

IQVIA

Holdings,

Inc.

(a)

......................

27,332

5,916,285

Mettler-Toledo

International,

Inc.

(a)

.............

3,267

4,627,020

Revvity,

Inc.

............................

18,620

1,742,646

Waters

Corp.

(a)

..........................

9,354

3,270,158

West

Pharmaceutical

Services,

Inc.

............

11,242

3,171,031

51,835,544

a

Machinery

 — 

2

.9

%

AGCO

Corp.

............................

10,086

1,040,472

Caterpillar,

Inc.

..........................

74,285

42,881,759

CNH

Industrial

N.V.

.......................

138,415

1,451,973

Cummins,

Inc.

...........................

21,713

9,503,346

Deere

&

Co.

............................

40,544

18,716,327

Dover

Corp.

............................

21,536

3,907,923

Flowserve

Corp.

.........................

20,985

1,432,226

iShares

®

ESG

MSCI

KLD

400

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Machinery

(continued)

Fortive

Corp.

............................

53,871

$

2,711,866

Graco,

Inc.

.............................

26,117

2,135,587

IDEX

Corp.

.............................

12,032

2,063,007

Illinois

Tool

Works,

Inc.

.....................

43,953

10,721,016

Ingersoll

Rand,

Inc.

.......................

63,919

4,878,937

Lincoln

Electric

Holdings,

Inc.

................

8,849

2,074,648

Middleby

Corp.

(The)

(a)

.....................

8,031

997,691

PACCAR,

Inc.

...........................

82,924

8,159,722

Parker-Hannifin

Corp.

......................

20,187

15,601,119

Pentair

PLC

............................

25,872

2,751,487

Snap-on,

Inc.

...........................

8,294

2,783,052

Stanley

Black

&

Decker,

Inc.

.................

24,472

1,657,244

Tennant

Co.

............................

2,932

234,560

Timken

Co.

(The)

.........................

10,531

826,789

Westinghouse

Air

Brake

Technologies

Corp.

.......

26,937

5,507,000

Xylem,

Inc.

.............................

38,271

5,773,180

147,810,931

a

Media

 — 

0

.1

%

Cable

One,

Inc.

..........................

714

106,065

John

Wiley

&

Sons,

Inc.

,

Class

A

..............

7,124

262,662

New

York

Times

Co.

(The)

,

Class

A

.............

24,332

1,386,680

Omnicom

Group,

Inc.

......................

30,808

2,311,216

Scholastic

Corp.

.........................

4,152

119,038

4,185,661

a

Metals

&

Mining

 — 

0

.3

%

Compass

Minerals

International,

Inc.

(a)

...........

5,647

97,919

Newmont

Corp.

..........................

173,926

14,082,788

14,180,707

a

Multi-Utilities

 — 

0

.4

%

Avista

Corp.

............................

12,237

465,618

CMS

Energy

Corp.

........................

47,371

3,484,137

Consolidated

Edison,

Inc.

...................

57,024

5,554,708

NiSource,

Inc.

...........................

74,007

3,116,435

Sempra

...............................

103,165

9,484,990

22,105,888

a

Office

REITs

 — 

0

.0

%

BXP,

Inc.

..............................

23,615

1,681,152

COPT

Defense

Properties

...................

18,444

519,567

2,200,719

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.9

%

Cheniere

Energy,

Inc.

......................

35,037

7,427,844

HF

Sinclair

Corp.

.........................

25,432

1,312,291

Marathon

Petroleum

Corp.

..................

48,538

9,460,541

ONEOK,

Inc.

............................

98,355

6,589,785

Phillips

66

..............................

64,126

8,730,114

Targa

Resources

Corp.

.....................

34,152

5,260,774

Valero

Energy

Corp.

.......................

49,487

8,391,016

47,172,365

a

Passenger

Airlines

 — 

0

.0

%

Delta

Air

Lines,

Inc.

.......................

25,812

1,481,093

a

Personal

Care

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

36,943

3,572,019

a

Pharmaceuticals

 — 

1

.2

%

Bristol-Myers

Squibb

Co.

....................

320,466

14,763,869

Jazz

Pharmaceuticals

PLC

(a)

.................

9,110

1,253,900

Merck

&

Co.,

Inc.

.........................

396,644

34,103,451

Zoetis,

Inc.

,

Class

A

.......................

70,338

10,135,003

60,256,223

a

Security

Shares

Value

a

Professional

Services

 — 

0

.6

%

Automatic

Data

Processing,

Inc.

...............

63,966

$

16,650,350

Broadridge

Financial

Solutions,

Inc.

............

18,473

4,071,449

Exponent,

Inc.

...........................

8,188

579,792

Heidrick

&

Struggles

International,

Inc.

..........

2,859

166,880

ICF

International,

Inc.

......................

3,063

245,898

Jacobs

Solutions,

Inc.

......................

18,959

2,954,002

ManpowerGroup,

Inc.

......................

7,420

227,497

Paycom

Software,

Inc.

.....................

8,188

1,531,893

Robert

Half,

Inc.

.........................

16,768

439,154

TransUnion

.............................

30,931

2,510,978

29,377,893

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

47,101

7,179,605

Jones

Lang

LaSalle,

Inc.

(a)

...................

7,477

2,281,158

9,460,763

a

Residential

REITs

 — 

0

.1

%

AvalonBay

Communities,

Inc.

................

22,406

3,896,852

Equity

Residential

........................

57,025

3,389,566

7,286,418

a

Retail

REITs

 — 

0

.2

%

Federal

Realty

Investment

Trust

...............

12,913

1,242,102

Macerich

Co.

(The)

.......................

39,388

675,504

Simon

Property

Group,

Inc.

..................

51,391

9,032,482

10,950,088

a

Semiconductors

&

Semiconductor

Equipment

 — 

19

.8

%

Advanced

Micro

Devices,

Inc.

(a)

...............

255,961

65,556,731

Analog

Devices,

Inc.

.......................

78,392

18,353,919

Applied

Materials,

Inc.

.....................

126,723

29,539,131

First

Solar,

Inc.

(a)

.........................

16,059

4,286,789

Intel

Corp.

(a)

............................

689,127

27,558,189

Lam

Research

Corp.

......................

202,014

31,809,124

Microchip

Technology,

Inc.

...................

85,200

5,318,184

NVIDIA

Corp.

...........................

3,851,812

779,953,412

NXP

Semiconductors

N.V.

...................

39,913

8,346,607

ON

Semiconductor

Corp.

(a)

..................

65,859

3,298,219

Skyworks

Solutions,

Inc.

....................

23,705

1,842,353

Texas

Instruments,

Inc.

.....................

143,256

23,130,114

998,992,772

a

Software

 — 

17

.5

%

Adobe,

Inc.

(a)

............................

67,019

22,807,236

Atlassian

Corp.

,

Class

A

(a)

...................

26,002

4,405,259

Autodesk,

Inc.

(a)

..........................

33,726

10,162,993

Cadence

Design

Systems,

Inc.

(a)

..............

43,140

14,611,087

Dynatrace,

Inc.

(a)

.........................

47,380

2,396,007

Fair

Isaac

Corp.

(a)

.........................

3,836

6,365,957

Fortinet,

Inc.

(a)

...........................

102,781

8,883,362

Gen

Digital,

Inc.

..........................

82,938

2,186,246

Guidewire

Software,

Inc.

(a)

...................

12,573

2,937,556

HubSpot,

Inc.

(a)

..........................

7,884

3,878,297

Intuit,

Inc.

..............................

43,999

29,371,532

Microsoft

Corp.

..........................

1,114,644

577,173,810

Oracle

Corp.

............................

267,434

70,230,843

Palo

Alto

Networks,

Inc.

(a)

...................

105,344

23,200,962

PTC,

Inc.

(a)

.............................

18,865

3,745,457

RingCentral,

Inc.

,

Class

A

(a)

..................

12,088

364,090

Roper

Technologies,

Inc.

....................

16,975

7,573,396

Salesforce,

Inc.

..........................

150,998

39,321,389

ServiceNow,

Inc.

(a)

........................

32,728

30,086,196

Synopsys,

Inc.

(a)

.........................

29,210

13,256,082

Teradata

Corp.

(a)

.........................

13,599

283,539

Workday,

Inc.

,

Class

A

(a)

....................

34,124

8,187,030

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

ESG

MSCI

KLD

400

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Software

(continued)

Zscaler,

Inc.

(a)

...........................

15,933

$

5,276,054

886,704,380

a

Specialized

REITs

 — 

1

.0

%

American

Tower

Corp.

.....................

73,977

13,240,403

Crown

Castle,

Inc.

........................

68,793

6,206,504

Digital

Realty

Trust,

Inc.

....................

53,036

9,037,865

Equinix,

Inc.

............................

15,451

13,071,701

Iron

Mountain,

Inc.

........................

46,482

4,785,322

SBA

Communications

Corp.

,

Class

A

............

17,048

3,264,351

49,606,146

a

Specialty

Retail

 — 

2

.0

%

AutoNation,

Inc.

(a)

.........................

4,446

888,622

Best

Buy

Co.,

Inc.

........................

31,472

2,585,110

Buckle,

Inc.

(The)

........................

4,492

246,162

CarMax,

Inc.

(a)

(b)

..........................

23,296

976,335

GameStop

Corp.

,

Class

A

(a)

(b)

.................

67,313

1,500,407

Gap,

Inc.

(The)

..........................

38,860

887,951

Home

Depot,

Inc.

(The)

....................

157,066

59,620,683

Lowe's

Companies,

Inc.

....................

88,363

21,041,881

ODP

Corp.

(The)

(a)

........................

5,527

154,093

Signet

Jewelers

Ltd.

.......................

6,106

603,578

Tractor

Supply

Co.

........................

83,753

4,531,875

Ulta

Beauty,

Inc.

(a)

........................

7,087

3,684,390

Williams-Sonoma,

Inc.

.....................

19,472

3,784,188

100,505,275

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.8

%

Dell

Technologies,

Inc.

,

Class

C

...............

51,153

8,287,297

Hewlett

Packard

Enterprise

Co.

...............

206,623

5,045,734

HP,

Inc.

...............................

148,368

4,105,343

NetApp,

Inc.

............................

31,649

3,727,619

Seagate

Technology

Holdings

PLC

.............

33,393

8,544,601

Western

Digital

Corp.

......................

55,112

8,278,373

Xerox

Holdings

Corp.

......................

18,688

62,044

38,051,011

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Capri

Holdings

Ltd.

(a)

......................

18,512

384,124

Columbia

Sportswear

Co.

...................

4,513

223,980

Deckers

Outdoor

Corp.

(a)

....................

23,612

1,924,378

Hanesbrands,

Inc.

(a)

.......................

55,760

368,573

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

NIKE,

Inc.

,

Class

B

.......................

185,457

$

11,978,668

PVH

Corp.

.............................

7,591

594,603

Under

Armour,

Inc.

,

Class

A

(a)

.................

29,248

134,833

Under

Armour,

Inc.

,

Class

C

,

NVS

(a)

............

23,580

104,695

VF

Corp.

..............................

52,420

735,977

Wolverine

World

Wide,

Inc.

..................

12,798

290,515

16,740,346

a

Trading

Companies

&

Distributors

 — 

0

.7

%

Air

Lease

Corp.

,

Class

A

....................

16,752

1,069,783

Applied

Industrial

Technologies,

Inc.

............

5,966

1,533,799

Fastenal

Co.

............................

180,728

7,436,957

Ferguson

Enterprises,

Inc.

...................

31,150

7,740,775

United

Rentals,

Inc.

.......................

10,271

8,947,890

WW

Grainger,

Inc.

........................

7,205

7,053,695

33,782,899

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

30,936

3,973,110

Essential

Utilities,

Inc.

......................

44,253

1,727,195

5,700,305

Total

Long-Term

Investments — 99.8%

(Cost:

$

2,853,488,575

)

...............................

5,050,363,943

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

9,657,436

9,662,265

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

5,368,352

5,368,352

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

15,027,847

)

.................................

15,030,617

Total

Investments

—

100.1%

(Cost:

$

2,868,516,422

)

...............................

5,065,394,560

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

...............

(

6,834,649

)

Net

Assets

—

100.0%

.................................

$

5,058,559,911

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

7,880,749

$

1,780,491

(a)

$

—

$

365

$

660

$

9,662,265

9,657,436

$

33,880

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

7,162,738

—

(

1,794,386

)

(a)

—

—

5,368,352

5,368,352

135,017

—

iShares

®

ESG

MSCI

KLD

400

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

19

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

(continued)

Affiliated

Issuer

Value

at

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,

Inc.

....

$

22,562,108

$

125,008

$

(

1,691,324

)

$

876,351

$

3,255,546

$

25,127,689

23,206

$

249,377

$

—

$

876,716

$

3,256,206

$

40,158,306

$

418,274

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

22

12/19/25

$

7,561

$

167,309

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)

.............

$

—

$

—

$

167,309

$

—

$

—

$

—

$

167,309

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

1,592,182

$

—

$

—

$

—

$

1,592,182

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

158,387

$

—

$

—

$

—

$

158,387

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

7,127,181

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

ESG

MSCI

KLD

400

ETF

20

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

5,050,363,943

‌

$

—

‌

$

—

‌

$

5,050,363,943

‌

Short-Term

Securities

Money

Market

Funds

......................................

15,030,617

‌

—

‌

—

‌

15,030,617

‌

$

5,065,394,560

‌

$

—

‌

$

—

‌

$

5,065,394,560

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

167,309

‌

$

—

‌

$

—

‌

$

167,309

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Optimized

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 1.0%

Axon

Enterprise,

Inc.

(a)

.....................

25,484

$

18,660,149

General

Electric

Co.

(b)

......................

40,432

12,491,467

Howmet

Aerospace,

Inc.

....................

24,435

5,032,388

36,184,004

a

Air

Freight

&

Logistics

 — 1.0%

CH

Robinson

Worldwide,

Inc.

................

80,089

12,332,905

Expeditors

International

of

Washington,

Inc.

.......

186,912

22,784,573

35,117,478

a

Automobile

Components

 — 0.1%

Aptiv

PLC

(a)

.............................

49,607

4,023,128

a

Automobiles

 — 2.3%

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.............

287,417

3,900,248

Tesla,

Inc.

(a)

.............................

176,746

80,695,154

84,595,402

a

Banks

 — 0.4%

Huntington

Bancshares,

Inc.

.................

321,388

4,962,231

PNC

Financial

Services

Group,

Inc.

(The)

........

57,067

10,417,581

15,379,812

a

Beverages

 — 1.3%

Coca-Cola

Co.

(The)

......................

615,613

42,415,736

Keurig

Dr

Pepper,

Inc.

.....................

135,870

3,690,229

46,105,965

a

Biotechnology

 — 2.1%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

19,546

8,913,758

Amgen,

Inc.

............................

39,995

11,935,708

Biogen,

Inc.

(a)

...........................

25,673

3,960,574

Gilead

Sciences,

Inc.

......................

324,731

38,899,526

Regeneron

Pharmaceuticals,

Inc.

..............

6,116

3,986,409

Vertex

Pharmaceuticals,

Inc.

(a)

................

25,535

10,866,930

78,562,905

a

Broadline

Retail

 — 0.5%

MercadoLibre,

Inc.

(a)

.......................

8,220

19,130,077

a

Building

Products

 — 1.7%

Carrier

Global

Corp.

.......................

92,412

5,497,590

Johnson

Controls

International

PLC

............

117,541

13,445,515

Lennox

International,

Inc.

...................

15,200

7,676,000

Trane

Technologies

PLC

....................

79,978

35,882,130

62,501,235

a

Capital

Markets

 — 4.6%

Bank

of

New

York

Mellon

Corp.

(The)

...........

282,304

30,469,071

Cboe

Global

Markets,

Inc.

...................

30,752

7,553,921

Charles

Schwab

Corp.

(The)

.................

52,485

4,960,882

FactSet

Research

Systems,

Inc.

...............

10,896

2,907,053

Intercontinental

Exchange,

Inc.

...............

42,751

6,254,044

Moody's

Corp.

...........................

37,313

17,921,434

Morgan

Stanley

..........................

276,148

45,288,272

Nasdaq,

Inc.

............................

103,887

8,881,300

Raymond

James

Financial,

Inc.

...............

61,478

9,754,714

S&P

Global,

Inc.

.........................

61,906

30,161,222

State

Street

Corp.

........................

43,784

5,064,057

169,215,970

a

Chemicals

 — 1.1%

Ecolab,

Inc.

............................

141,037

36,161,887

Linde

PLC

.............................

7,236

3,026,819

Security

Shares

Value

a

Chemicals

(continued)

PPG

Industries,

Inc.

.......................

30,949

$

3,025,264

42,213,970

a

Commercial

Services

&

Supplies

 — 0.5%

Veralto

Corp.

............................

201,261

19,860,436

a

Communications

Equipment

 — 1.1%

Arista

Networks,

Inc.

(a)

.....................

115,211

18,167,623

Cisco

Systems,

Inc.

.......................

294,494

21,530,456

39,698,079

a

Construction

&

Engineering

 — 0.1%

Quanta

Services,

Inc.

......................

9,196

4,130,199

a

Construction

Materials

 — 1.1%

CRH

PLC

..............................

333,113

39,673,758

a

Consumer

Finance

 — 1.3%

American

Express

Co.

.....................

116,230

41,927,648

Synchrony

Financial

.......................

96,012

7,141,372

49,069,020

a

Consumer

Staples

Distribution

&

Retail

 — 0.5%

Costco

Wholesale

Corp.

....................

13,485

12,290,903

Target

Corp.

............................

56,988

5,283,928

17,574,831

a

Containers

&

Packaging

 — 0.2%

Ball

Corp.

..............................

75,819

3,563,493

International

Paper

Co.

.....................

72,591

2,804,916

6,368,409

a

Distributors

 — 0.1%

Genuine

Parts

Co.

........................

25,510

3,247,678

a

Diversified

Telecommunication

Services

 — 0.4%

Verizon

Communications,

Inc.

................

335,201

13,320,888

a

Electric

Utilities

 — 0.4%

Eversource

Energy

.......................

199,998

14,761,852

a

Electrical

Equipment

 — 0.3%

GE

Vernova,

Inc.

.........................

20,046

11,729,716

a

Electronic

Equipment,

Instruments

&

Components

 — 0.3%

Keysight

Technologies,

Inc.

(a)

.................

63,232

11,568,927

a

Energy

Equipment

&

Services

 — 0.5%

Baker

Hughes

Co.,

Class

A

..................

389,411

18,851,387

a

Entertainment

 — 2.3%

Electronic

Arts,

Inc.

.......................

142,495

28,507,550

Netflix,

Inc.

(a)

............................

24,342

27,235,290

ROBLOX

Corp.,

Class

A

(a)

...................

28,664

3,259,670

Take-Two

Interactive

Software,

Inc.

(a)

............

21,778

5,583,226

Walt

Disney

Co.

(The)

.....................

106,833

12,031,532

Warner

Bros

Discovery,

Inc.,

Series

A

(a)

..........

352,558

7,914,927

84,532,195

a

Financial

Services

 — 2.2%

Fidelity

National

Information

Services,

Inc.

........

53,188

3,325,314

Mastercard,

Inc.,

Class

A

....................

71,453

39,441,342

Visa,

Inc.,

Class

A

........................

117,191

39,931,661

82,698,317

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

ESG

Optimized

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Food

Products

 — 1.9%

Bunge

Global

SA

.........................

146,940

$

13,900,524

General

Mills,

Inc.

........................

386,604

18,019,612

Kellanova

..............................

379,616

31,530,905

Kraft

Heinz

Co.

(The)

......................

125,339

3,099,634

McCormick

&

Co.,

Inc.,

NVS

.................

52,602

3,374,944

69,925,619

a

Health

Care

Equipment

&

Supplies

 — 2.0%

Cooper

Companies,

Inc.

(The)

(a)

...............

47,219

3,301,080

Edwards

Lifesciences

Corp.

(a)

................

268,415

22,130,817

IDEXX

Laboratories,

Inc.

(a)

...................

34,984

22,022,778

Solventum

Corp.

(a)

........................

47,345

3,268,699

STERIS

PLC

............................

71,199

16,781,604

Zimmer

Biomet

Holdings,

Inc.

................

64,002

6,436,041

73,941,019

a

Health

Care

Providers

&

Services

 — 1.4%

DaVita,

Inc.

(a)

............................

25,797

3,070,359

Elevance

Health,

Inc.

......................

44,594

14,145,217

HCA

Healthcare,

Inc.

......................

20,118

9,247,842

Humana,

Inc.

...........................

12,920

3,594,215

Labcorp

Holdings,

Inc.

.....................

24,718

6,277,383

Quest

Diagnostics,

Inc.

.....................

91,541

16,106,639

52,441,655

a

Health

Care

REITs

 — 0.3%

Welltower,

Inc.

...........................

68,639

12,426,405

a

Health

Care

Technology

 — 0.2%

Veeva

Systems,

Inc.,

Class

A

(a)

...............

19,452

5,664,422

a

Hotels,

Restaurants

&

Leisure

 — 1.0%

Booking

Holdings,

Inc.

.....................

3,833

19,462,977

Chipotle

Mexican

Grill,

Inc.

(a)

.................

82,787

2,623,520

DoorDash,

Inc.,

Class

A

(a)

...................

26,880

6,837,466

Hilton

Worldwide

Holdings,

Inc.

...............

12,841

3,299,623

Royal

Caribbean

Cruises

Ltd.

................

13,642

3,912,935

36,136,521

a

Household

Products

 — 1.4%

Church

&

Dwight

Co.,

Inc.

...................

64,404

5,647,587

Clorox

Co.

(The)

.........................

106,842

12,015,451

Kimberly-Clark

Corp.

......................

109,692

13,131,229

Procter

&

Gamble

Co.

(The)

.................

149,720

22,513,397

53,307,664

a

Industrial

Conglomerates

 — 0.8%

3M

Co.

................................

186,473

31,047,755

a

Insurance

 — 2.3%

Arch

Capital

Group

Ltd.

....................

77,168

6,660,370

Hartford

Insurance

Group,

Inc.

(The)

............

141,599

17,583,764

Marsh

&

McLennan

Companies,

Inc.

............

42,875

7,638,181

Progressive

Corp.

(The)

....................

53,151

10,949,106

Prudential

Financial,

Inc.

....................

292,998

30,471,792

Travelers

Companies,

Inc.

(The)

...............

43,400

11,658,108

84,961,321

a

Interactive

Media

&

Services

 — 4.7%

Alphabet,

Inc.,

Class

A

.....................

290,618

81,718,876

Alphabet,

Inc.,

Class

C,

NVS

.................

326,749

92,084,403

173,803,279

IT

Services

 — 2.8%

Accenture

PLC,

Class

A

....................

52,347

13,091,985

Akamai

Technologies,

Inc.

(a)

..................

46,668

3,504,767

Cloudflare,

Inc.,

Class

A

(a)

...................

21,583

5,466,974

Security

Shares

Value

a

IT

Services

(continued)

Gartner,

Inc.

(a)

...........................

14,258

$

3,540,832

GoDaddy,

Inc.,

Class

A

(a)

....................

71,472

9,515,067

International

Business

Machines

Corp.

..........

110,063

33,834,467

MongoDB,

Inc.,

Class

A

(a)

...................

17,199

6,188,544

Okta,

Inc.,

Class

A

(a)

.......................

52,123

4,770,818

Snowflake,

Inc.

(a)

.........................

32,878

9,037,505

Twilio,

Inc.,

Class

A

(a)

......................

95,957

12,942,680

101,893,639

a

Life

Sciences

Tools

&

Services

 — 1.7%

Agilent

Technologies,

Inc.

...................

88,103

12,894,755

Danaher

Corp.

..........................

58,070

12,507,117

IQVIA

Holdings,

Inc.

(a)

......................

24,545

5,313,011

Mettler-Toledo

International,

Inc.

(a)

.............

6,658

9,429,659

Revvity,

Inc.

............................

42,133

3,943,227

Waters

Corp.

(a)

..........................

32,688

11,427,725

West

Pharmaceutical

Services,

Inc.

............

24,261

6,843,300

62,358,794

a

Machinery

 — 2.6%

Caterpillar,

Inc.

..........................

11,018

6,360,251

CNH

Industrial

N.V.

.......................

582,636

6,111,852

Cummins,

Inc.

...........................

75,399

33,000,634

Deere

&

Co.

............................

7,234

3,339,431

Pentair

PLC

............................

252,469

26,850,078

Xylem,

Inc.

.............................

134,961

20,358,867

96,021,113

a

Metals

&

Mining

 — 0.4%

Newmont

Corp.

..........................

161,910

13,109,853

a

Multi-Utilities

 — 0.6%

NiSource,

Inc.

...........................

486,199

20,473,840

a

Oil,

Gas

&

Consumable

Fuels

 — 2.4%

Cheniere

Energy,

Inc.

......................

113,341

24,028,292

ONEOK,

Inc.

............................

379,921

25,454,707

Targa

Resources

Corp.

.....................

125,282

19,298,439

Valero

Energy

Corp.

.......................

26,249

4,450,781

Williams

Companies,

Inc.

(The)

...............

293,897

17,007,819

90,240,038

a

Passenger

Airlines

 — 0.2%

Delta

Air

Lines,

Inc.

.......................

125,228

7,185,583

a

Pharmaceuticals

 — 2.0%

Eli

Lilly

&

Co.

...........................

57,143

49,306,409

Merck

&

Co.,

Inc.

.........................

55,663

4,785,905

Zoetis,

Inc.,

Class

A

.......................

147,893

21,309,902

75,402,216

a

Professional

Services

 — 1.8%

Automatic

Data

Processing,

Inc.

...............

141,674

36,877,742

Broadridge

Financial

Solutions,

Inc.

............

79,693

17,564,337

Jacobs

Solutions,

Inc.

......................

77,111

12,014,665

66,456,744

a

Real

Estate

Management

&

Development

 — 0.4%

CBRE

Group,

Inc.,

Class

A

(a)

.................

91,956

14,016,853

a

Semiconductors

&

Semiconductor

Equipment

 — 16.0%

Advanced

Micro

Devices,

Inc.

(a)

...............

120,256

30,799,967

Analog

Devices,

Inc.

.......................

28,603

6,696,820

Applied

Materials,

Inc.

.....................

169,261

39,454,739

Broadcom,

Inc.

..........................

280,857

103,813,173

Intel

Corp.

(a)

............................

384,825

15,389,152

Lam

Research

Corp.

......................

164,197

25,854,459

iShares

®

ESG

Optimized

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Marvell

Technology,

Inc.

....................

71,585

$

6,710,378

Micron

Technology,

Inc.

.....................

35,717

7,992,393

NVIDIA

Corp.

...........................

1,543,931

312,630,588

NXP

Semiconductors

N.V.

...................

94,576

19,777,733

Texas

Instruments,

Inc.

.....................

125,147

20,206,235

589,325,637

a

Software

 — 12.4%

Adobe,

Inc.

(a)

............................

50,083

17,043,746

AppLovin

Corp.,

Class

A

(a)

...................

9,186

5,854,513

Atlassian

Corp.,

Class

A

(a)

...................

25,804

4,371,714

Autodesk,

Inc.

(a)

..........................

89,807

27,062,441

Cadence

Design

Systems,

Inc.

(a)

..............

45,831

15,522,501

HubSpot,

Inc.

(a)

..........................

8,856

4,356,444

Intuit,

Inc.

..............................

48,523

32,391,529

Microsoft

Corp.

..........................

413,409

214,067,314

Palo

Alto

Networks,

Inc.

(a)

...................

135,122

29,759,269

PTC,

Inc.

(a)

.............................

22,670

4,500,902

Salesforce,

Inc.

..........................

119,286

31,063,267

ServiceNow,

Inc.

(a)

........................

38,552

35,440,083

Strategy,

Inc.,

Class

A

(a)(b)

...................

9,981

2,689,979

Synopsys,

Inc.

(a)

.........................

25,655

11,642,752

Workday,

Inc.,

Class

A

(a)

....................

52,706

12,645,224

Zscaler,

Inc.

(a)

...........................

29,503

9,769,623

458,181,301

a

Specialized

REITs

 — 2.0%

American

Tower

Corp.

.....................

59,320

10,617,094

Crown

Castle,

Inc.

........................

122,147

11,020,102

Digital

Realty

Trust,

Inc.

....................

119,540

20,370,811

Equinix,

Inc.

............................

29,467

24,929,377

Iron

Mountain,

Inc.

........................

59,536

6,129,231

73,066,615

a

Specialty

Retail

 — 3.3%

Best

Buy

Co.,

Inc.

........................

146,111

12,001,558

Carvana

Co.,

Class

A

(a)

.....................

10,119

3,101,878

Home

Depot,

Inc.

(The)

....................

134,038

50,879,484

Lowe's

Companies,

Inc.

....................

89,841

21,393,837

Tractor

Supply

Co.

........................

356,420

19,285,886

Ulta

Beauty,

Inc.

(a)

........................

6,596

3,429,129

Security

Shares

Value

a

Specialty

Retail

(continued)

Williams-Sonoma,

Inc.

.....................

65,533

$

12,735,683

122,827,455

a

Technology

Hardware,

Storage

&

Peripherals

 — 6.4%

Apple,

Inc.

.............................

743,506

201,021,717

Hewlett

Packard

Enterprise

Co.

...............

512,676

12,519,548

NetApp,

Inc.

............................

31,648

3,727,501

Western

Digital

Corp.

......................

125,531

18,856,012

236,124,778

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.3%

Deckers

Outdoor

Corp.

(a)

....................

100,529

8,193,113

Lululemon

Athletica,

Inc.

(a)

...................

17,746

3,026,403

11,219,516

a

Trading

Companies

&

Distributors

 — 0.9%

Ferguson

Enterprises,

Inc.

...................

34,640

8,608,040

United

Rentals,

Inc.

.......................

4,551

3,964,740

WW

Grainger,

Inc.

........................

21,604

21,150,316

33,723,096

Total

Long-Term

Investments — 99.6%

(Cost:

$2,744,470,767)

...............................

3,675,398,369

a

Short-Term

Securities

Money

Market

Funds

 — 

0.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.27%

(c)(d)(e)

......................

6,138,370

6,141,439

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.05%

(c)(d)

............................

10,869,028

10,869,028

a

Total

Short-Term

Securities — 0.5%

(Cost:

$17,008,782)

.................................

17,010,467

Total

Investments

—

100.1%

(Cost:

$2,761,479,549)

...............................

3,692,408,836

Liabilities

in

Excess

of

Other

Assets

—

(0.1)%

...............

(3,591,005)

Net

Assets

—

100.0%

.................................

$

3,688,817,831

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

6,508,461

$

—

$

(369,317

)

(a)

$

2,602

$

(307

)

$

6,141,439

6,138,370

$

15,175

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

4,294,342

6,574,686

(a)

—

—

—

10,869,028

10,869,028

101,559

—

$

2,602

$

(307

)

$

17,010,467

$

116,734

$

—

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

ESG

Optimized

MSCI

USA

ETF

24

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

37

12/19/25

$

12,717

$

(16,194

)

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)

.............

$

—

$

—

$

16,194

$

—

$

—

$

—

$

16,194

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

1,303,643

$

—

$

—

$

—

$

1,303,643

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(3,329

)

$

—

$

—

$

—

$

(3,329

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

8,748,794

a

iShares

®

ESG

Optimized

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

25

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,675,398,369

$

—

$

—

$

3,675,398,369

Short-Term

Securities

Money

Market

Funds

......................................

17,010,467

—

—

17,010,467

$

3,692,408,836

$

—

$

—

$

3,692,408,836

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(16,194

)

$

—

$

—

$

(16,194

)

(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

®

U.S.

Basic

Materials

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

3

.3

%

Carpenter

Technology

Corp.

.................

38,319

$

12,104,972

Hexcel

Corp.

............................

63,016

4,499,342

16,604,314

a

Chemicals

 — 

46

.3

%

Air

Products

and

Chemicals,

Inc.

..............

80,375

19,498,171

Albemarle

Corp.

.........................

93,575

9,191,872

Ashland,

Inc.

............................

36,097

1,765,143

Celanese

Corp.

..........................

88,854

3,415,548

CF

Industries

Holdings,

Inc.

..................

128,375

10,692,354

Eastman

Chemical

Co.

.....................

91,390

5,439,533

Ecolab,

Inc.

............................

136,116

34,900,142

Element

Solutions,

Inc.

.....................

179,315

4,791,297

FMC

Corp.

.............................

98,804

1,498,857

Huntsman

Corp.

.........................

130,867

1,083,579

International

Flavors

&

Fragrances,

Inc.

..........

204,013

12,846,698

Linde

PLC

.............................

239,568

100,211,294

LyondellBasell

Industries

N.V.

,

Class

A

..........

203,992

9,469,309

Mosaic

Co.

(The)

.........................

251,264

6,897,197

NewMarket

Corp.

.........................

4,712

3,618,345

Olin

Corp.

..............................

91,431

1,892,622

Scotts

Miracle-Gro

Co.

(The)

.................

34,764

1,860,569

Westlake

Corp.

..........................

26,607

1,830,828

230,903,358

a

Containers

&

Packaging

 — 

4

.8

%

Avery

Dennison

Corp.

......................

61,944

10,833,386

International

Paper

Co.

.....................

333,155

12,873,109

23,706,495

a

Machinery

 — 

4

.7

%

Mueller

Industries,

Inc.

.....................

86,351

9,141,980

RBC

Bearings,

Inc.

(a)

......................

24,680

10,576,121

Timken

Co.

(The)

.........................

49,804

3,910,112

23,628,213

a

Security

Shares

Value

a

Metals

&

Mining

 — 

37

.0

%

Alcoa

Corp.

.............................

205,767

$

7,570,168

Anglogold

Ashanti

PLC

.....................

264,101

17,958,868

Cleveland-Cliffs,

Inc.

(a)

.....................

387,478

4,816,351

Freeport-McMoRan,

Inc.

....................

783,560

32,674,452

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

104,020

6,562,622

Newmont

Corp.

..........................

587,023

47,531,252

Nucor

Corp.

............................

120,317

18,053,566

Reliance,

Inc.

...........................

42,034

11,871,663

Royal

Gold,

Inc.

..........................

65,259

11,406,621

Southern

Copper

Corp.

.....................

65,732

9,123,602

Steel

Dynamics,

Inc.

.......................

108,342

16,988,025

184,557,190

a

Trading

Companies

&

Distributors

 — 

3

.7

%

Fastenal

Co.

............................

446,299

18,365,204

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

550,858,381

)

................................

497,764,774

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

6,761,399

6,764,780

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

486,891

486,891

a

Total

Short-Term

Securities — 1.5%

(Cost:

$

7,251,022

)

..................................

7,251,671

Total

Investments

—

101.3%

(Cost:

$

558,109,403

)

................................

505,016,445

Liabilities

in

Excess

of

Other

Assets

—

(

1

.3

)

%

...............

(

6,397,087

)

Net

Assets

—

100.0%

.................................

$

498,619,358

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

6,013,342

$

749,610

(a)

$

—

$

1,562

$

266

$

6,764,780

6,761,399

$

10,536

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

851,975

—

(

365,084

)

(a)

—

—

486,891

486,891

16,798

—

$

1,562

$

266

$

7,251,671

$

27,334

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Basic

Materials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

27

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Materials

Select

Sector

Index

........................................................

10

12/19/25

$

912

$

(

43,025

)

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)

.............

$

—

$

—

$

43,025

$

—

$

—

$

—

$

43,025

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

58,647

$

—

$

—

$

—

$

58,647

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

35,815

)

$

—

$

—

$

—

$

(

35,815

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

829,810

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Basic

Materials

ETF

28

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

497,764,774

‌

$

—

‌

$

—

‌

$

497,764,774

‌

Short-Term

Securities

Money

Market

Funds

......................................

7,251,671

‌

—

‌

—

‌

7,251,671

‌

$

505,016,445

‌

$

—

‌

$

—

‌

$

505,016,445

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

43,025

)

$

—

‌

$

—

‌

$

(

43,025

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Automobile

Components

 — 

0

.7

%

Aptiv

PLC

(a)

.............................

60,793

$

4,930,312

BorgWarner,

Inc.

.........................

60,980

2,619,701

Gentex

Corp.

...........................

63,314

1,484,713

Lear

Corp.

.............................

14,936

1,563,053

QuantumScape

Corp.

,

Class

A

(a)

...............

116,969

2,156,908

12,754,687

a

Automobiles

 — 

11

.3

%

Ford

Motor

Co.

..........................

1,092,558

14,345,287

General

Motors

Co.

.......................

266,471

18,410,481

Harley-Davidson,

Inc.

......................

30,641

826,694

Lucid

Group,

Inc.

(a)

(b)

.......................

34,237

607,707

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

216,898

2,943,306

Tesla,

Inc.

(a)

.............................

357,035

163,007,900

Thor

Industries,

Inc.

.......................

14,252

1,487,196

201,628,571

a

Broadline

Retail

 — 

16

.2

%

Amazon.com,

Inc.

(a)

.......................

1,070,158

261,353,987

Coupang,

Inc.

(a)

..........................

347,481

11,108,968

Dillard's,

Inc.

,

Class

A

......................

825

495,066

eBay,

Inc.

..............................

128,895

10,480,452

Etsy,

Inc.

(a)

.............................

27,446

1,701,652

Macy's,

Inc.

............................

75,586

1,473,171

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

17,125

2,068,871

288,682,167

a

Commercial

Services

&

Supplies

 — 

1

.1

%

Copart,

Inc.

(a)

...........................

247,492

10,644,631

RB

Global,

Inc.

..........................

51,884

5,147,930

Rollins,

Inc.

.............................

78,541

4,524,747

20,317,308

a

Consumer

Staples

Distribution

&

Retail

 — 

9

.8

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

36,578

3,228,374

Costco

Wholesale

Corp.

....................

79,370

72,341,787

Dollar

General

Corp.

......................

61,479

6,065,518

Dollar

Tree,

Inc.

(a)

.........................

55,159

5,467,360

Target

Corp.

............................

127,202

11,794,170

Walmart,

Inc.

............................

746,835

75,564,765

174,461,974

a

Distributors

 — 

0

.6

%

Genuine

Parts

Co.

........................

38,804

4,940,137

LKQ

Corp.

.............................

71,882

2,297,349

Pool

Corp.

.............................

10,057

2,685,822

9,923,308

a

Diversified

Consumer

Services

 — 

0

.6

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

15,910

1,737,849

Duolingo,

Inc.

,

Class

A

(a)

(b)

...................

10,529

2,849,569

Grand

Canyon

Education,

Inc.

(a)

...............

7,778

1,464,598

H&R

Block,

Inc.

..........................

37,100

1,845,354

Service

Corp.

International

..................

38,987

3,255,804

11,153,174

a

Entertainment

 — 

13

.4

%

Electronic

Arts,

Inc.

.......................

70,377

14,079,623

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

6,200

564,076

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

58,705

5,861,694

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

5,482

480,991

Liberty

Media

Corp.-Liberty

Live

,

Series

C

,

NVS

(a)

...

12,889

1,165,294

Live

Nation

Entertainment,

Inc.

(a)

..............

44,298

6,623,880

Security

Shares

Value

a

Entertainment

(continued)

Madison

Square

Garden

Sports

Corp.

(a)

..........

4,507

$

966,256

Netflix,

Inc.

(a)

............................

64,832

72,537,931

ROBLOX

Corp.

,

Class

A

(a)

...................

170,973

19,443,050

Spotify

Technology

SA

(a)

....................

43,046

28,208,905

Take-Two

Interactive

Software,

Inc.

(a)

............

50,979

13,069,486

TKO

Group

Holdings,

Inc.

,

Class

A

(b)

............

19,233

3,623,497

Walt

Disney

Co.

(The)

.....................

506,838

57,080,096

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

651,843

14,633,875

238,338,654

a

Ground

Transportation

 — 

3

.3

%

Avis

Budget

Group,

Inc.

(a)

...................

4,684

637,352

Lyft,

Inc.

,

Class

A

(a)

........................

111,381

2,278,855

Uber

Technologies,

Inc.

(a)

...................

563,474

54,375,241

U-Haul

Holding

Co.

(a)

(b)

.....................

2,086

110,892

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

28,304

1,372,461

58,774,801

a

Hotels,

Restaurants

&

Leisure

 — 

17

.5

%

Airbnb,

Inc.

,

Class

A

(a)

......................

119,018

15,060,538

Aramark

...............................

73,009

2,765,581

Booking

Holdings,

Inc.

.....................

9,112

46,268,367

Boyd

Gaming

Corp.

.......................

15,795

1,229,957

Caesars

Entertainment,

Inc.

(a)

................

54,522

1,095,892

Carnival

Corp.

(a)

..........................

302,489

8,720,758

Cava

Group,

Inc.

(a)

(b)

.......................

27,924

1,500,357

Chipotle

Mexican

Grill,

Inc.

(a)

.................

375,414

11,896,870

Choice

Hotels

International,

Inc.

(b)

..............

7,533

700,268

Churchill

Downs,

Inc.

......................

17,670

1,752,864

Darden

Restaurants,

Inc.

...................

32,694

5,889,824

Domino's

Pizza,

Inc.

.......................

8,892

3,543,106

DraftKings,

Inc.

,

Class

A

(a)

...................

134,497

4,114,263

Dutch

Bros,

Inc.

,

Class

A

(a)

..................

32,821

1,822,878

Expedia

Group,

Inc.

.......................

33,868

7,450,960

Flutter

Entertainment

PLC

,

Class

DI

(a)

...........

49,036

11,405,283

Hilton

Worldwide

Holdings,

Inc.

...............

64,593

16,597,817

Hyatt

Hotels

Corp.

,

Class

A

..................

11,249

1,545,725

Las

Vegas

Sands

Corp.

....................

87,088

5,168,673

Light

&

Wonder,

Inc.

(a)

(b)

.....................

23,164

1,684,023

Marriott

International,

Inc.

,

Class

A

.............

63,699

16,598,685

McDonald's

Corp.

........................

200,066

59,705,696

MGM

Resorts

International

(a)

.................

57,341

1,836,632

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

123,773

2,774,991

Penn

Entertainment,

Inc.

(a)

...................

41,659

685,707

Planet

Fitness,

Inc.

,

Class

A

(a)

................

23,484

2,129,764

Restaurant

Brands

International,

Inc.

............

90,558

5,948,755

Royal

Caribbean

Cruises

Ltd.

................

70,899

20,335,960

Starbucks

Corp.

..........................

318,319

25,742,458

Texas

Roadhouse,

Inc.

.....................

18,519

3,029,338

Travel

+

Leisure

Co.

.......................

17,277

1,084,650

Vail

Resorts,

Inc.

.........................

10,036

1,488,640

Viking

Holdings

Ltd.

(a)

......................

48,785

2,968,567

Wendy's

Co.

(The)

........................

44,648

381,294

Wingstop,

Inc.

...........................

7,764

1,681,915

Wyndham

Hotels

&

Resorts,

Inc.

..............

20,927

1,536,670

Wynn

Resorts

Ltd.

........................

23,012

2,738,198

Yum!

Brands,

Inc.

........................

78,012

10,782,038

311,663,962

a

Household

Durables

 — 

3

.0

%

DR

Horton,

Inc.

..........................

74,523

11,109,889

Garmin

Ltd.

.............................

45,616

9,759,087

Lennar

Corp.

,

Class

A

......................

62,640

7,752,953

Lennar

Corp.

,

Class

B

.....................

2,622

309,527

Newell

Brands,

Inc.

.......................

115,234

391,796

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Consumer

Discretionary

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Household

Durables

(continued)

NVR,

Inc.

(a)

.............................

790

$

5,696,548

PulteGroup,

Inc.

.........................

55,034

6,596,926

SharkNinja,

Inc.

(a)

.........................

23,179

1,981,804

Somnigroup

International,

Inc.

................

56,577

4,488,819

Toll

Brothers,

Inc.

.........................

27,339

3,689,398

Whirlpool

Corp.

..........................

15,072

1,079,607

52,856,354

a

Leisure

Products

 — 

0

.3

%

Hasbro,

Inc.

............................

36,996

2,823,165

Mattel,

Inc.

(a)

(b)

...........................

89,869

1,651,792

YETI

Holdings,

Inc.

(a)

(b)

.....................

23,025

782,620

5,257,577

a

Media

 — 

1

.6

%

Fox

Corp.

,

Class

A

,

NVS

....................

59,332

3,835,814

Fox

Corp.

,

Class

B

........................

41,742

2,438,150

Interpublic

Group

of

Companies,

Inc.

(The)

.......

103,223

2,648,702

New

York

Times

Co.

(The)

,

Class

A

.............

44,913

2,559,592

News

Corp.

,

Class

A

,

NVS

..................

105,954

2,807,781

News

Corp.

,

Class

B

(b)

.....................

35,011

1,066,785

Nexstar

Media

Group,

Inc.

...................

7,886

1,543,527

Omnicom

Group,

Inc.

......................

54,092

4,057,982

Sirius

XM

Holdings,

Inc.

....................

53,422

1,158,723

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

124,887

6,279,318

28,396,374

a

Passenger

Airlines

 — 

1

.5

%

Alaska

Air

Group,

Inc.

(a)

.....................

32,148

1,341,536

American

Airlines

Group,

Inc.

(a)

................

182,505

2,396,291

Delta

Air

Lines,

Inc.

.......................

182,523

10,473,170

Southwest

Airlines

Co.

.....................

131,853

3,995,146

United

Airlines

Holdings,

Inc.

(a)

................

91,090

8,566,103

26,772,246

a

Personal

Care

Products

 — 

0

.5

%

Coty,

Inc.

,

Class

A

(a)

.......................

94,295

374,351

elf

Beauty,

Inc.

(a)

(b)

........................

15,333

1,872,773

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

65,402

6,323,719

8,570,843

a

Specialty

Retail

 — 

15

.7

%

AutoNation,

Inc.

(a)

.........................

7,694

1,537,800

AutoZone,

Inc.

(a)

.........................

4,666

17,144,890

Bath

&

Body

Works,

Inc.

....................

59,575

1,458,396

Best

Buy

Co.,

Inc.

........................

54,087

4,442,706

Burlington

Stores,

Inc.

(a)

....................

17,588

4,811,901

CarMax,

Inc.

(a)

...........................

41,926

1,757,119

Carvana

Co.

,

Class

A

(a)

.....................

36,941

11,323,894

Chewy,

Inc.

,

Class

A

(a)

.....................

59,601

2,009,746

Dick's

Sporting

Goods,

Inc.

..................

17,717

3,923,430

Five

Below,

Inc.

(a)

.........................

15,060

2,368,486

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

29,793

1,861,467

GameStop

Corp.

,

Class

A

(a)

(b)

.................

114,683

2,556,284

Gap,

Inc.

(The)

..........................

64,517

1,474,214

Home

Depot,

Inc.

(The)

....................

192,710

73,150,789

Lithia

Motors,

Inc.

,

Class

A

..................

7,155

2,247,242

Lowe's

Companies,

Inc.

....................

156,853

37,351,405

Murphy

USA,

Inc.

........................

5,024

1,799,597

O'Reilly

Automotive,

Inc.

(a)

...................

238,523

22,526,112

Penske

Automotive

Group,

Inc.

...............

5,129

820,999

RH

(a)

(b)

................................

4,269

736,360

Ross

Stores,

Inc.

.........................

90,170

14,329,816

TJX

Companies,

Inc.

(The)

..................

313,053

43,871,247

Tractor

Supply

Co.

........................

148,783

8,050,648

Ulta

Beauty,

Inc.

(a)

(b)

.......................

12,629

6,565,565

Security

Shares

Value

a

Specialty

Retail

(continued)

Valvoline,

Inc.

(a)

..........................

35,726

$

1,179,315

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

26,580

2,751,296

Williams-Sonoma,

Inc.

.....................

33,145

6,441,399

278,492,123

a

Textiles,

Apparel

&

Luxury

Goods

 — 

2

.7

%

Amer

Sports,

Inc.

(a)

........................

41,842

1,306,726

Birkenstock

Holding

PLC

(a)

..................

15,149

604,597

Columbia

Sportswear

Co.

...................

7,121

353,415

Crocs,

Inc.

(a)

............................

15,279

1,248,141

Deckers

Outdoor

Corp.

(a)

....................

41,330

3,368,395

Lululemon

Athletica,

Inc.

(a)

...................

29,464

5,024,790

NIKE,

Inc.

,

Class

B

.......................

323,810

20,914,888

On

Holding

AG

,

Class

A

(a)

...................

61,641

2,289,963

PVH

Corp.

(b)

............................

13,414

1,050,719

Ralph

Lauren

Corp.

,

Class

A

.................

10,617

3,393,830

Tapestry,

Inc.

............................

57,872

6,355,503

Under

Armour,

Inc.

,

Class

A

(a)

(b)

...............

51,982

239,637

Under

Armour,

Inc.

,

Class

C

,

NVS

(a)

............

50,629

224,793

VF

Corp.

..............................

98,265

1,379,641

47,755,038

a

Trading

Companies

&

Distributors

 — 

0

.1

%

SiteOne

Landscape

Supply,

Inc.

(a)

..............

12,364

1,604,476

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,744,930,406

)

...............................

1,777,403,637

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

27,351,870

27,365,545

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

1,699,262

1,699,262

a

Total

Short-Term

Securities — 1.6%

(Cost:

$

29,058,880

)

.................................

29,064,807

Total

Investments

—

101.5%

(Cost:

$

1,773,989,286

)

...............................

1,806,468,444

Liabilities

in

Excess

of

Other

Assets

—

(

1

.5

)

%

...............

(

27,207,031

)

Net

Assets

—

100.0%

.................................

$

1,779,261,413

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

31

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

74,280,572

‌

$

—

‌

$

(

46,921,494

)

(a)

$

11,979

‌

$

(

5,512

)

$

27,365,545

‌

27,351,870

‌

$

326,342

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

1,184,126

‌

515,136

(a)

—

‌

—

‌

—

‌

1,699,262

‌

1,699,262

‌

45,135

‌

—

‌

$

11,979

‌

$

(

5,512

)

$

29,064,807

‌

$

371,477

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Consumer

Discretionary

Select

Sector

Index

..............................................

6

12/19/25

$

1,461

$

(

5,064

)

E-Mini

S&P

Communication

Services

Select

Sector

Index

..........................................

4

12/19/25

603

(

11,536

)

E-Mini

S&P

MidCap

400

Index

............................................................

1

12/19/25

326

584

$

(

16,016

)

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)

.............

$

—

$

—

$

584

$

—

$

—

$

—

$

584

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

16,600

$

—

$

—

$

—

$

16,600

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

390,956

$

—

$

—

$

—

$

390,956

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

65,657

)

$

—

$

—

$

—

$

(

65,657

)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Consumer

Discretionary

ETF

32

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,422,690

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,777,403,637

‌

$

—

‌

$

—

‌

$

1,777,403,637

‌

Short-Term

Securities

Money

Market

Funds

......................................

29,064,807

‌

—

‌

—

‌

29,064,807

‌

$

1,806,468,444

‌

$

—

‌

$

—

‌

$

1,806,468,444

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

584

‌

$

—

‌

$

—

‌

$

584

‌

Liabilities

Equity

Contracts

...........................................

(

16,600

)

—

‌

—

‌

(

16,600

)

$

(

16,016

)

$

—

‌

$

—

‌

$

(

16,016

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Consumer

Staples

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Beverages

 — 

27

.0

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

...........

4,977

$

1,030,189

Brown-Forman

Corp.

,

Class

A

................

27,291

740,132

Brown-Forman

Corp.

,

Class

B

,

NVS

............

92,913

2,530,021

Celsius

Holdings,

Inc.

(a)

.....................

103,339

6,224,108

Coca-Cola

Co.

(The)

......................

2,115,107

145,730,872

Coca-Cola

Consolidated,

Inc.

.................

32,515

4,239,306

Constellation

Brands,

Inc.

,

Class

A

.............

90,858

11,936,924

Keurig

Dr

Pepper,

Inc.

.....................

814,272

22,115,628

Molson

Coors

Beverage

Co.

,

Class

B

...........

105,549

4,614,602

Monster

Beverage

Corp.

(a)

...................

438,613

29,312,507

PepsiCo,

Inc.

...........................

754,566

110,234,547

Primo

Brands

Corp.

,

Class

A

.................

161,291

3,543,563

342,252,399

a

Chemicals

 — 

2

.1

%

Corteva,

Inc.

............................

430,144

26,428,047

a

Consumer

Staples

Distribution

&

Retail

 — 

7

.0

%

Albertsons

Companies,

Inc.

,

Class

A

............

253,484

4,484,132

Casey's

General

Stores,

Inc.

.................

23,261

11,937,313

Kroger

Co.

(The)

.........................

381,290

24,261,483

Performance

Food

Group

Co.

(a)

...............

95,894

9,276,785

Sprouts

Farmers

Market,

Inc.

(a)

................

61,511

4,856,908

Sysco

Corp.

............................

305,068

22,660,451

U.S.

Foods

Holding

Corp.

(a)

(b)

.................

144,413

10,487,272

87,964,344

a

Food

Products

 — 

14

.9

%

Archer-Daniels-Midland

Co.

..................

300,531

18,191,141

Bunge

Global

SA

.........................

84,628

8,005,809

Campbell's

Company

(The)

..................

121,769

3,668,900

Conagra

Brands,

Inc.

......................

299,316

5,145,242

Darling

Ingredients,

Inc.

(a)

...................

98,297

3,150,419

Flowers

Foods,

Inc.

.......................

117,888

1,406,404

Freshpet,

Inc.

(a)

..........................

30,027

1,477,629

General

Mills,

Inc.

........................

344,301

16,047,870

Hershey

Co.

(The)

........................

91,597

15,537,599

Hormel

Foods

Corp.

.......................

182,118

3,931,928

Ingredion,

Inc.

...........................

40,189

4,638,212

J

M

Smucker

Co.

(The)

.....................

65,110

6,742,140

Kellanova

..............................

174,685

14,509,336

Kraft

Heinz

Co.

(The)

......................

536,829

13,275,781

Lamb

Weston

Holdings,

Inc.

.................

84,601

5,222,420

McCormick

&

Co.,

Inc.

,

NVS

.................

159,265

10,218,442

Mondelez

International,

Inc.

,

Class

A

............

737,178

42,358,248

Pilgrim's

Pride

Corp.

.......................

25,890

986,409

Post

Holdings,

Inc.

(a)

(b)

......................

31,260

3,248,852

Seaboard

Corp.

..........................

159

535,827

Security

Shares

Value

a

Food

Products

(continued)

Smithfield

Foods,

Inc.

......................

28,276

$

626,596

Tyson

Foods,

Inc.

,

Class

A

..................

175,853

9,040,603

187,965,807

a

Health

Care

Providers

&

Services

 — 

11

.8

%

Cencora,

Inc.

...........................

115,128

38,891,390

CVS

Health

Corp.

........................

688,637

53,816,982

McKesson

Corp.

.........................

69,760

56,599,078

149,307,450

a

Household

Products

 — 

21

.8

%

Church

&

Dwight

Co.,

Inc.

...................

154,858

13,579,498

Clorox

Co.

(The)

.........................

77,482

8,713,626

Colgate-Palmolive

Co.

.....................

481,685

37,113,829

Kimberly-Clark

Corp.

......................

208,937

25,011,848

Procter

&

Gamble

Co.

(The)

.................

1,264,478

190,139,557

Reynolds

Consumer

Products,

Inc.

.............

34,121

833,917

275,392,275

a

Personal

Care

Products

 — 

1

.5

%

BellRing

Brands,

Inc.

(a)

.....................

79,005

2,380,421

Kenvue,

Inc.

............................

1,194,805

17,169,348

19,549,769

a

Tobacco

 — 

13

.6

%

Altria

Group,

Inc.

.........................

891,226

50,247,322

Philip

Morris

International,

Inc.

................

848,101

122,406,417

172,653,739

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,366,003,123

)

...............................

1,261,513,830

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

254,849

254,976

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

1,454,101

1,454,101

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

1,709,051

)

..................................

1,709,077

Total

Investments

—

99.8%

(Cost:

$

1,367,712,174

)

...............................

1,263,222,907

Other

Assets

Less

Liabilities

—

0

.2

%

.....................

2,280,062

Net

Assets

—

100.0%

.................................

$

1,265,502,969

(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.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Consumer

Staples

ETF

34

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

...

$

511,802

‌

$

—

‌

$

(

258,529

)

(a)

$

1,686

‌

$

17

‌

$

254,976

‌

254,849

‌

$

2,095

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

1,757,976

‌

—

‌

(

303,875

)

(a)

—

‌

—

‌

1,454,101

‌

1,454,101

‌

41,686

‌

—

‌

$

1,686

‌

$

17

‌

$

1,709,077

‌

$

43,781

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Consumer

Staples

Select

Sector

Index

.................................................

54

12/19/25

$

4,174

$

(

127,430

)

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)

.............

$

—

$

—

$

127,430

$

—

$

—

$

—

$

127,430

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

74,178

)

$

—

$

—

$

—

$

(

74,178

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

203,384

)

$

—

$

—

$

—

$

(

203,384

)

iShares

®

U.S.

Consumer

Staples

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

35

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

4,105,850

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,261,513,830

‌

$

—

‌

$

—

‌

$

1,261,513,830

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,709,077

‌

—

‌

—

‌

1,709,077

‌

$

1,263,222,907

‌

$

—

‌

$

—

‌

$

1,263,222,907

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

127,430

)

$

—

‌

$

—

‌

$

(

127,430

)

(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

®

U.S.

Energy

ETF

(Percentages

shown

are

based

on

Net

Assets)

36

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Energy

Equipment

&

Services

 — 9.2%

Baker

Hughes

Co.,

Class

A

..................

662,784

$

32,085,373

Halliburton

Co.

..........................

558,821

14,998,756

NOV,

Inc.

..............................

243,521

3,555,407

SLB

Ltd.

...............................

1,024,073

36,928,072

TechnipFMC

PLC

........................

265,534

10,979,831

Weatherford

International

PLC

................

46,396

3,418,921

101,966,360

a

Oil,

Gas

&

Consumable

Fuels

 — 88.9%

Antero

Midstream

Corp.

....................

217,987

3,760,276

Antero

Resources

Corp.

(a)

...................

188,845

5,837,199

APA

Corp.

.............................

231,145

5,235,434

Cheniere

Energy,

Inc.

......................

149,887

31,776,044

Chevron

Corp.

...........................

1,139,163

179,668,788

Chord

Energy

Corp.

.......................

37,354

3,388,755

Civitas

Resources,

Inc.

.....................

60,070

1,731,818

ConocoPhillips

..........................

764,868

67,966,170

Coterra

Energy,

Inc.

.......................

491,731

11,634,355

Devon

Energy

Corp.

.......................

405,340

13,169,497

Diamondback

Energy,

Inc.

...................

124,295

17,797,801

DT

Midstream,

Inc.

........................

66,132

7,240,793

EOG

Resources,

Inc.

......................

381,499

40,377,854

EQT

Corp.

.............................

405,118

21,706,222

Expand

Energy

Corp.

......................

143,234

14,797,504

Exxon

Mobil

Corp.

........................

2,239,027

256,055,128

HF

Sinclair

Corp.

.........................

104,112

5,372,179

Kinder

Morgan,

Inc.

.......................

1,324,598

34,691,222

Marathon

Petroleum

Corp.

..................

210,599

41,047,851

Matador

Resources

Co.

....................

76,117

3,003,577

Occidental

Petroleum

Corp.

..................

459,718

18,940,382

ONEOK,

Inc.

............................

416,662

27,916,354

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Ovintiv,

Inc.

.............................

167,247

$

6,273,435

Permian

Resources

Corp.,

Class

A

.............

439,726

5,522,959

Phillips

66

..............................

277,896

37,832,761

Range

Resources

Corp.

....................

153,880

5,470,434

Targa

Resources

Corp.

.....................

139,992

21,564,368

Texas

Pacific

Land

Corp.

....................

12,537

11,827,155

Valero

Energy

Corp.

.......................

210,501

35,692,550

Viper

Energy,

Inc.,

Class

A

..................

109,991

4,131,262

Williams

Companies,

Inc.

(The)

...............

857,356

49,615,192

991,045,319

a

Semiconductors

&

Semiconductor

Equipment

 — 1.8%

Enphase

Energy,

Inc.

(a)

.....................

82,964

2,531,232

First

Solar,

Inc.

(a)

.........................

66,165

17,662,085

20,193,317

Total

Long-Term

Investments — 99.9%

(Cost:

$995,390,499)

................................

1,113,204,996

a

Short-Term

Securities

Money

Market

Funds

 — 

0.1%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.05%

(b)(c)

............................

1,359,946

1,359,946

a

Total

Short-Term

Securities — 0.1%

(Cost:

$1,359,946)

..................................

1,359,946

Total

Investments

—

100.0%

(Cost:

$996,750,445)

................................

1,114,564,942

Other

Assets

Less

Liabilities

—

0.0%

.....................

29,532

Net

Assets

—

100.0%

.................................

$

1,114,594,474

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

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:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

(a)

.

$

5,390,056

$

—

$

(5,390,553

)

(b)

$

507

$

(10

)

$

—

—

$

4,867

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,689,529

—

(329,583

)

(b)

—

—

1,359,946

1,359,946

29,271

—

$

507

$

(10

)

$

1,359,946

$

34,138

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Energy

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

37

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

18

12/19/25

$

1,667

$

(817

)

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)

.............

$

—

$

—

$

817

$

—

$

—

$

—

$

817

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

161,100

$

—

$

—

$

—

$

161,100

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

137,594

$

—

$

—

$

—

$

137,594

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,750,990

A

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Energy

ETF

38

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,113,204,996

$

—

$

—

$

1,113,204,996

Short-Term

Securities

Money

Market

Funds

......................................

1,359,946

—

—

1,359,946

$

1,114,564,942

$

—

$

—

$

1,114,564,942

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(817

)

$

—

$

—

$

(817

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Financial

Services

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Banks

 — 

32

.4

%

Bank

of

America

Corp.

.....................

1,901,604

$

101,640,734

Bank

OZK

.............................

29,804

1,340,882

BOK

Financial

Corp.

.......................

7,055

737,812

Citigroup,

Inc.

...........................

513,127

51,943,846

Citizens

Financial

Group,

Inc.

................

120,034

6,106,130

Comerica,

Inc.

...........................

37,013

2,831,494

Commerce

Bancshares,

Inc.

.................

36,266

1,908,680

Cullen/Frost

Bankers,

Inc.

...................

18,156

2,235,730

East

West

Bancorp,

Inc.

....................

38,150

3,876,040

Fifth

Third

Bancorp

.......................

184,231

7,667,694

First

Citizens

BancShares,

Inc.

,

Class

A

..........

2,961

5,403,292

First

Financial

Bankshares,

Inc.

...............

36,340

1,122,543

First

Horizon

Corp.

........................

144,514

3,086,819

FNB

Corp.

.............................

105,583

1,659,765

Glacier

Bancorp,

Inc.

......................

35,887

1,465,984

Home

BancShares,

Inc.

....................

54,432

1,453,879

Huntington

Bancshares,

Inc.

.................

438,728

6,773,960

JPMorgan

Chase

&

Co.

....................

767,339

238,734,510

KeyCorp

...............................

260,768

4,586,909

M&T

Bank

Corp.

.........................

43,910

8,073,732

Pinnacle

Financial

Partners,

Inc.

...............

21,274

1,812,758

PNC

Financial

Services

Group,

Inc.

(The)

........

109,769

20,038,331

Popular,

Inc.

............................

18,765

2,091,735

Prosperity

Bancshares,

Inc.

..................

27,722

1,824,662

Regions

Financial

Corp.

....................

251,181

6,078,580

SOUTHSTATE

BANK

CORP.

.................

28,756

2,549,219

Synovus

Financial

Corp.

....................

38,956

1,738,996

Truist

Financial

Corp.

......................

359,414

16,040,647

U.S.

Bancorp

...........................

435,696

20,338,289

UMB

Financial

Corp.

......................

19,917

2,128,729

United

Bankshares,

Inc.

....................

39,694

1,420,648

Valley

National

Bancorp

....................

130,942

1,423,339

Webster

Financial

Corp.

....................

46,377

2,645,344

Wells

Fargo

&

Co.

........................

894,317

77,778,749

Western

Alliance

Bancorp

...................

28,888

2,234,487

Wintrust

Financial

Corp.

....................

18,892

2,456,338

Zions

Bancorp

NA

........................

41,195

2,146,671

617,397,957

a

Capital

Markets

 — 

31

.3

%

Affiliated

Managers

Group,

Inc.

...............

8,336

1,983,635

Ameriprise

Financial,

Inc.

...................

26,399

11,952,675

Ares

Management

Corp.

,

Class

A

..............

57,180

8,503,238

Bank

of

New

York

Mellon

Corp.

(The)

...........

196,578

21,216,664

BlackRock,

Inc.

(a)

.........................

40,142

43,466,159

Blackstone,

Inc.

..........................

205,608

30,150,357

Blue

Owl

Capital,

Inc.

,

Class

A

................

173,378

2,734,171

Carlyle

Group,

Inc.

(The)

....................

72,674

3,874,978

Cboe

Global

Markets,

Inc.

...................

29,611

7,273,646

Charles

Schwab

Corp.

(The)

.................

475,612

44,954,846

CME

Group,

Inc.

,

Class

A

...................

100,450

26,668,471

Coinbase

Global,

Inc.

,

Class

A

(b)

...............

63,157

21,712,113

Evercore,

Inc.

,

Class

A

.....................

10,771

3,172,706

FactSet

Research

Systems,

Inc.

...............

10,795

2,880,106

Franklin

Resources,

Inc.

....................

89,034

2,013,059

Galaxy

Digital,

Inc.

,

Class

A

(b)

.................

48,110

1,684,331

Goldman

Sachs

Group,

Inc.

(The)

.............

84,476

66,682,820

Hamilton

Lane,

Inc.

,

Class

A

.................

11,321

1,290,141

Houlihan

Lokey,

Inc.

,

Class

A

.................

15,172

2,717,002

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

124,729

8,775,932

Intercontinental

Exchange,

Inc.

...............

159,557

23,341,594

Invesco

Ltd.

............................

125,635

2,977,549

Security

Shares

Value

a

Capital

Markets

(continued)

Janus

Henderson

Group

PLC

................

36,156

$

1,574,955

Jefferies

Financial

Group,

Inc.

................

45,985

2,429,388

KKR

&

Co.,

Inc.

..........................

191,845

22,701,019

Lazard,

Inc.

............................

32,091

1,566,041

LPL

Financial

Holdings,

Inc.

..................

22,422

8,460,045

MarketAxess

Holdings,

Inc.

..................

10,591

1,695,195

Moody's

Corp.

...........................

43,004

20,654,821

Morgan

Stanley

..........................

338,169

55,459,716

Morningstar,

Inc.

.........................

7,214

1,531,532

MSCI,

Inc.

.............................

21,539

12,676,778

Nasdaq,

Inc.

............................

126,352

10,801,832

Northern

Trust

Corp.

.......................

53,784

6,920,387

Raymond

James

Financial,

Inc.

...............

49,617

7,872,729

Robinhood

Markets,

Inc.

,

Class

A

(b)

.............

216,078

31,715,929

S&P

Global,

Inc.

.........................

87,274

42,520,766

SEI

Investments

Co.

.......................

26,394

2,127,620

State

Street

Corp.

........................

79,077

9,146,046

Stifel

Financial

Corp.

......................

29,134

3,450,340

T

Rowe

Price

Group,

Inc.

...................

61,772

6,333,483

TPG,

Inc.

,

Class

A

........................

34,963

1,924,364

Tradeweb

Markets,

Inc.

,

Class

A

...............

32,659

3,441,932

Virtu

Financial,

Inc.

,

Class

A

..................

24,910

867,864

595,898,975

a

Consumer

Finance

 — 

6

.4

%

Ally

Financial,

Inc.

........................

78,223

3,048,350

American

Express

Co.

.....................

151,513

54,655,284

Capital

One

Financial

Corp.

..................

178,490

39,266,015

Credit

Acceptance

Corp.

(b)

(c)

..................

1,756

785,529

FirstCash

Holdings,

Inc.

....................

10,963

1,737,636

OneMain

Holdings,

Inc.

.....................

34,493

2,041,641

SLM

Corp.

.............................

60,801

1,632,507

SoFi

Technologies,

Inc.

(b)

(c)

...................

334,156

9,917,750

Synchrony

Financial

.......................

104,899

7,802,388

120,887,100

a

Financial

Services

 — 

29

.7

%

Apollo

Global

Management,

Inc.

...............

129,201

16,060,976

Berkshire

Hathaway,

Inc.

,

Class

B

(b)

(c)

...........

511,716

244,364,859

Equitable

Holdings,

Inc.

....................

82,297

4,065,472

Essent

Group

Ltd.

........................

27,952

1,693,053

Mastercard,

Inc.

,

Class

A

....................

230,360

127,156,416

MGIC

Investment

Corp.

....................

66,744

1,830,120

Radian

Group,

Inc.

........................

38,627

1,311,000

Rocket

Companies,

Inc.

,

Class

A

..............

268,601

4,474,893

UWM

Holdings

Corp.

,

Class

A

................

57,704

324,874

Visa,

Inc.

,

Class

A

........................

474,030

161,520,982

Voya

Financial,

Inc.

.......................

27,766

2,067,456

564,870,101

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,363,314,578

)

...............................

1,899,054,133

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Financial

Services

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(a)

(d)

(e)

.....................

18,400,205

$

18,409,405

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(a)

(d)

............................

2,881,285

2,881,285

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

21,290,572

)

.................................

21,290,690

Total

Investments

—

100.9%

(Cost:

$

1,384,605,150

)

...............................

1,920,344,823

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

17,775,919

)

Net

Assets

—

100.0%

.................................

$

1,902,568,904

(a)

Affiliate

of

the

Fund.

(b)

Non-income

producing

security.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

5,461,807

$

12,947,165

(a)

$

—

$

722

$

(

289

)

$

18,409,405

18,400,205

$

29,072

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

3,805,423

—

(

924,138

)

(a)

—

—

2,881,285

2,881,285

65,143

—

BlackRock,

Inc.

...

35,992,588

2,719,661

(

1,980,271

)

381,564

6,352,617

43,466,159

40,142

418,686

—

$

382,286

$

6,352,328

$

64,756,849

$

512,901

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

22

12/19/25

$

3,565

$

(

109,846

)

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)

.............

$

—

$

—

$

109,846

$

—

$

—

$

—

$

109,846

(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).

iShares

®

U.S.

Financial

Services

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

41

Schedule

of

Investments

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

458,500

$

—

$

—

$

—

$

458,500

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

278,662

)

$

—

$

—

$

—

$

(

278,662

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,809,633

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,899,054,133

‌

$

—

‌

$

—

‌

$

1,899,054,133

‌

Short-Term

Securities

Money

Market

Funds

......................................

21,290,690

‌

—

‌

—

‌

21,290,690

‌

$

1,920,344,823

‌

$

—

‌

$

—

‌

$

1,920,344,823

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

109,846

)

$

—

‌

$

—

‌

$

(

109,846

)

(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

®

U.S.

Financials

ETF

(Percentages

shown

are

based

on

Net

Assets)

42

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Banks

 — 

32

.0

%

Bank

of

America

Corp.

.....................

3,464,741

$

185,190,406

Bank

OZK

.............................

72,816

3,275,992

BOK

Financial

Corp.

.......................

15,647

1,636,363

Citigroup,

Inc.

...........................

1,198,795

121,354,018

Citizens

Financial

Group,

Inc.

................

285,584

14,527,658

Columbia

Banking

System,

Inc.

...............

199,240

5,339,632

Comerica,

Inc.

...........................

85,389

6,532,259

Commerce

Bancshares,

Inc.

.................

83,273

4,382,658

Cullen/Frost

Bankers,

Inc.

...................

40,006

4,926,339

East

West

Bancorp,

Inc.

....................

90,956

9,241,130

Fifth

Third

Bancorp

.......................

437,181

18,195,473

First

Citizens

BancShares,

Inc.

,

Class

A

..........

6,237

11,381,402

First

Hawaiian,

Inc.

.......................

87,242

2,140,046

First

Horizon

Corp.

........................

336,304

7,183,453

FNB

Corp.

.............................

241,248

3,792,419

Huntington

Bancshares,

Inc.

.................

1,016,623

15,696,659

JPMorgan

Chase

&

Co.

....................

1,468,188

456,782,651

KeyCorp

...............................

627,766

11,042,404

M&T

Bank

Corp.

.........................

102,785

18,899,078

NU

Holdings

Ltd.

,

Class

A

(a)

..................

2,196,147

35,379,928

Pinnacle

Financial

Partners,

Inc.

...............

51,613

4,397,944

PNC

Financial

Services

Group,

Inc.

(The)

........

259,423

47,357,669

Popular,

Inc.

............................

44,835

4,997,757

Prosperity

Bancshares,

Inc.

..................

61,948

4,077,417

Regions

Financial

Corp.

....................

589,814

14,273,499

SOUTHSTATE

BANK

CORP.

.................

67,270

5,963,486

Synovus

Financial

Corp.

....................

93,971

4,194,865

TFS

Financial

Corp.

.......................

44,061

586,011

Truist

Financial

Corp.

......................

846,959

37,799,780

U.S.

Bancorp

...........................

1,025,433

47,867,212

Webster

Financial

Corp.

....................

111,975

6,387,054

Wells

Fargo

&

Co.

........................

1,897,933

165,063,233

Western

Alliance

Bancorp

...................

72,399

5,600,063

Wintrust

Financial

Corp.

....................

44,333

5,764,177

Zions

Bancorp

NA

........................

94,730

4,936,380

1,296,166,515

a

Capital

Markets

 — 

34

.5

%

Affiliated

Managers

Group,

Inc.

...............

18,659

4,440,096

Ameriprise

Financial,

Inc.

...................

62,727

28,400,904

Ares

Management

Corp.

,

Class

A

..............

123,535

18,370,890

Bank

of

New

York

Mellon

Corp.

(The)

...........

463,279

50,001,702

BlackRock,

Inc.

(b)

.........................

100,165

108,459,664

Blackstone,

Inc.

..........................

480,550

70,467,852

Blue

Owl

Capital,

Inc.

,

Class

A

................

408,126

6,436,147

Brookfield

Asset

Management

Ltd.

,

Class

A

(c)

......

251,043

13,571,385

Carlyle

Group,

Inc.

(The)

....................

173,796

9,266,803

Cboe

Global

Markets,

Inc.

...................

68,781

16,895,365

Charles

Schwab

Corp.

(The)

.................

1,120,502

105,909,849

CME

Group,

Inc.

,

Class

A

...................

236,116

62,686,437

Coinbase

Global,

Inc.

,

Class

A

(a)

...............

137,967

47,430,295

Evercore,

Inc.

,

Class

A

.....................

24,614

7,250,300

FactSet

Research

Systems,

Inc.

...............

25,403

6,777,520

Franklin

Resources,

Inc.

....................

207,154

4,683,752

Freedom

Holding

Corp.

(a)

(c)

..................

12,379

1,902,157

Goldman

Sachs

Group,

Inc.

(The)

.............

195,479

154,305,258

Hamilton

Lane,

Inc.

,

Class

A

.................

27,324

3,113,843

Houlihan

Lokey,

Inc.

,

Class

A

.................

36,119

6,468,190

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

281,543

19,809,365

Intercontinental

Exchange,

Inc.

...............

374,554

54,793,505

Invesco

Ltd.

............................

244,032

5,783,558

Janus

Henderson

Group

PLC

................

84,226

3,668,885

Security

Shares

Value

a

Capital

Markets

(continued)

Jefferies

Financial

Group,

Inc.

................

102,743

$

5,427,913

KKR

&

Co.,

Inc.

..........................

445,248

52,686,196

Lazard,

Inc.

............................

62,849

3,067,031

LPL

Financial

Holdings,

Inc.

..................

52,315

19,738,973

MarketAxess

Holdings,

Inc.

..................

23,124

3,701,227

Moody's

Corp.

...........................

102,060

49,019,418

Morgan

Stanley

..........................

756,156

124,009,584

Morningstar,

Inc.

.........................

15,809

3,356,251

MSCI,

Inc.

.............................

49,398

29,073,193

Nasdaq,

Inc.

............................

270,753

23,146,674

Northern

Trust

Corp.

.......................

124,792

16,056,987

Raymond

James

Financial,

Inc.

...............

120,034

19,045,795

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

485,900

71,320,402

S&P

Global,

Inc.

.........................

201,600

98,221,536

SEI

Investments

Co.

.......................

69,901

5,634,720

State

Street

Corp.

........................

185,831

21,493,213

Stifel

Financial

Corp.

......................

66,635

7,891,583

T

Rowe

Price

Group,

Inc.

...................

143,614

14,724,743

TPG,

Inc.

,

Class

A

........................

89,050

4,901,312

Tradeweb

Markets,

Inc.

,

Class

A

...............

77,686

8,187,327

Virtu

Financial,

Inc.

,

Class

A

..................

55,559

1,935,675

XP,

Inc.

,

Class

A

.........................

272,649

4,967,665

1,398,501,140

a

Consumer

Finance

 — 

1

.0

%

Ally

Financial,

Inc.

........................

184,187

7,177,767

Credit

Acceptance

Corp.

(a)

(c)

..................

3,190

1,427,015

OneMain

Holdings,

Inc.

.....................

80,521

4,766,038

SLM

Corp.

.............................

138,735

3,725,035

SoFi

Technologies,

Inc.

(a)

(c)

...................

743,568

22,069,098

39,164,953

a

Financial

Services

 — 

12

.9

%

Apollo

Global

Management,

Inc.

...............

270,672

33,647,236

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

971,236

463,804,039

Equitable

Holdings,

Inc.

....................

157,136

7,762,518

MGIC

Investment

Corp.

....................

158,087

4,334,746

Rocket

Companies,

Inc.

,

Class

A

..............

625,549

10,421,646

UWM

Holdings

Corp.

,

Class

A

................

125,130

704,482

Voya

Financial,

Inc.

.......................

64,864

4,829,774

525,504,441

a

Insurance

 — 

18

.4

%

Aflac,

Inc.

..............................

319,816

34,281,077

Allstate

Corp.

(The)

.......................

173,250

33,180,840

American

Financial

Group,

Inc.

...............

44,380

5,843,958

American

International

Group,

Inc.

.............

378,281

29,869,068

Aon

PLC

,

Class

A

........................

137,856

46,964,782

Arch

Capital

Group

Ltd.

....................

239,544

20,675,043

Arthur

J

Gallagher

&

Co.

....................

166,546

41,551,561

Assurant,

Inc.

...........................

33,888

7,174,767

Assured

Guaranty

Ltd.

.....................

31,588

2,545,361

Axis

Capital

Holdings

Ltd.

...................

49,796

4,663,893

Brighthouse

Financial,

Inc.

(a)

.................

40,634

2,318,982

Brown

&

Brown,

Inc.

.......................

183,166

14,605,657

Chubb

Ltd.

.............................

244,343

67,668,350

Cincinnati

Financial

Corp.

...................

101,132

15,633,996

CNA

Financial

Corp.

.......................

16,878

751,915

Everest

Group

Ltd.

........................

27,989

8,803,100

Fidelity

National

Financial,

Inc.

................

172,928

9,552,543

First

American

Financial

Corp.

................

64,453

4,028,957

Globe

Life,

Inc.

..........................

56,456

7,424,529

Hanover

Insurance

Group,

Inc.

(The)

...........

24,218

4,138,372

Hartford

Insurance

Group,

Inc.

(The)

............

184,426

22,902,021

Kemper

Corp.

...........................

42,752

1,923,412

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Kinsale

Capital

Group,

Inc.

(c)

.................

14,809

$

5,915,751

Lincoln

National

Corp.

.....................

77,653

3,261,426

Loews

Corp.

............................

112,175

11,168,143

Markel

Group,

Inc.

(a)

.......................

8,186

16,163,503

Marsh

&

McLennan

Companies,

Inc.

............

324,034

57,726,657

MetLife,

Inc.

............................

369,370

29,483,113

Old

Republic

International

Corp.

...............

153,183

6,044,601

Primerica,

Inc.

...........................

22,379

5,815,631

Principal

Financial

Group,

Inc.

................

145,800

12,253,032

Progressive

Corp.

(The)

....................

384,806

79,270,036

Prudential

Financial,

Inc.

....................

232,831

24,214,424

Reinsurance

Group

of

America,

Inc.

............

43,926

8,014,738

RenaissanceRe

Holdings

Ltd.

................

30,851

7,838,931

RLI

Corp.

..............................

55,788

3,289,260

Ryan

Specialty

Holdings,

Inc.

,

Class

A

...........

71,259

3,904,993

Travelers

Companies,

Inc.

(The)

...............

148,430

39,871,267

Unum

Group

............................

112,718

8,275,756

W

R

Berkley

Corp.

........................

190,508

13,590,841

White

Mountains

Insurance

Group

Ltd.

(c)

.........

1,705

3,247,275

Willis

Towers

Watson

PLC

...................

64,218

20,106,656

745,958,218

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.6

%

AGNC

Investment

Corp.

....................

694,806

6,948,060

Annaly

Capital

Management,

Inc.

..............

427,646

9,053,266

Rithm

Capital

Corp.

.......................

359,187

3,940,281

Starwood

Property

Trust,

Inc.

.................

233,431

4,243,776

24,185,383

a

Security

Shares

Value

a

Professional

Services

 — 

0

.4

%

Broadridge

Financial

Solutions,

Inc.

............

76,507

$

16,862,143

a

Software

 — 

0

.1

%

Circle

Internet

Group,

Inc.

(a)

(c)

.................

31,177

3,958,856

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

3,656,120,237

)

...............................

4,050,301,649

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(b)

(d)

(e)

.....................

30,829,795

30,845,210

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(b)

(d)

............................

7,470,395

7,470,395

a

Total

Short-Term

Securities — 0.9%

(Cost:

$

38,314,275

)

.................................

38,315,605

Total

Investments

—

100.8%

(Cost:

$

3,694,434,512

)

...............................

4,088,617,254

Liabilities

in

Excess

of

Other

Assets

—

(

0

.8

)

%

...............

(

32,535,085

)

Net

Assets

—

100.0%

.................................

$

4,056,082,169

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

...

$

7,448,716

$

23,404,162

(a)

$

—

$

(

7,900

)

$

232

$

30,845,210

30,829,795

$

94,338

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

6,318,018

1,152,377

(a)

—

—

—

7,470,395

7,470,395

144,179

—

BlackRock,

Inc.

.....

80,325,055

32,427,534

(

19,441,120

)

3,544,150

11,604,045

108,459,664

100,165

965,658

—

$

3,536,250

$

11,604,277

$

146,775,269

$

1,204,175

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Financials

ETF

44

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

42

12/19/25

$

6,806

$

(

212,894

)

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)

.............

$

—

$

—

$

212,894

$

—

$

—

$

—

$

212,894

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

805,664

$

—

$

—

$

—

$

805,664

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

452,064

)

$

—

$

—

$

—

$

(

452,064

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

8,584,518

a

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

45

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

4,050,301,649

‌

$

—

‌

$

—

‌

$

4,050,301,649

‌

Short-Term

Securities

Money

Market

Funds

......................................

38,315,605

‌

—

‌

—

‌

38,315,605

‌

$

4,088,617,254

‌

$

—

‌

$

—

‌

$

4,088,617,254

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

212,894

)

$

—

‌

$

—

‌

$

(

212,894

)

(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

®

U.S.

Healthcare

ETF

(Percentages

shown

are

based

on

Net

Assets)

46

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Biotechnology

 — 

21

.3

%

AbbVie,

Inc.

............................

987,347

$

215,281,140

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

69,526

31,706,637

Amgen,

Inc.

............................

299,774

89,461,555

Apellis

Pharmaceuticals,

Inc.

(a)

................

59,665

1,281,007

Biogen,

Inc.

(a)

...........................

81,421

12,560,818

BioMarin

Pharmaceutical,

Inc.

(a)

...............

106,249

5,691,759

Caris

Life

Sciences,

Inc.

(a)

...................

12,432

373,954

Exact

Sciences

Corp.

(a)

(b)

....................

104,020

6,729,054

Exelixis,

Inc.

(a)

...........................

146,626

5,670,027

Gilead

Sciences,

Inc.

......................

694,092

83,145,281

Halozyme

Therapeutics,

Inc.

(a)

................

68,107

4,439,895

Incyte

Corp.

(a)

...........................

88,266

8,251,106

Insmed,

Inc.

(a)

...........................

103,822

19,684,651

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

86,720

6,443,296

Moderna,

Inc.

(a)

..........................

197,187

5,355,599

Natera,

Inc.

(a)

...........................

72,343

14,391,193

Neurocrine

Biosciences,

Inc.

(a)

................

54,018

7,735,918

Regeneron

Pharmaceuticals,

Inc.

..............

58,122

37,883,920

Revolution

Medicines,

Inc.

(a)

..................

96,869

5,699,772

Roivant

Sciences

Ltd.

(a)

.....................

216,939

4,336,611

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

52,308

1,255,915

Summit

Therapeutics,

Inc.

(a)

(b)

.................

64,929

1,227,807

Ultragenyx

Pharmaceutical,

Inc.

(a)

..............

49,926

1,727,440

United

Therapeutics

Corp.

(a)

..................

24,767

11,031,965

Vertex

Pharmaceuticals,

Inc.

(a)

................

143,332

60,997,799

Viking

Therapeutics,

Inc.

(a)

(b)

..................

60,577

2,306,772

644,670,891

a

Health

Care

Equipment

&

Supplies

 — 

22

.0

%

Abbott

Laboratories

.......................

965,058

119,300,470

Align

Technology,

Inc.

(a)

(b)

....................

38,309

5,282,045

Baxter

International,

Inc.

....................

285,996

5,282,346

Becton

Dickinson

&

Co.

....................

159,493

28,502,994

Boston

Scientific

Corp.

(a)

....................

822,659

82,858,214

Cooper

Companies,

Inc.

(The)

(a)

(b)

..............

111,099

7,766,931

DENTSPLY

SIRONA,

Inc.

...................

111,681

1,408,297

Dexcom,

Inc.

(a)

..........................

217,704

12,674,727

Edwards

Lifesciences

Corp.

(a)

................

320,767

26,447,239

Envista

Holdings

Corp.

(a)

....................

93,343

1,899,530

GE

HealthCare

Technologies,

Inc.

.............

255,203

19,127,465

Globus

Medical,

Inc.

,

Class

A

(a)

...............

62,405

3,768,638

Hologic,

Inc.

(a)

...........................

124,218

9,180,952

IDEXX

Laboratories,

Inc.

(a)

...................

44,993

28,323,543

Inspire

Medical

Systems,

Inc.

(a)

...............

15,903

1,146,288

Insulet

Corp.

(a)

...........................

39,057

12,225,232

Intuitive

Surgical,

Inc.

(a)

.....................

198,909

106,273,101

Masimo

Corp.

(a)

..........................

25,049

3,523,142

Medtronic

PLC

..........................

714,720

64,825,104

Penumbra,

Inc.

(a)

.........................

20,791

4,727,250

ResMed,

Inc.

...........................

81,369

20,088,379

Solventum

Corp.

(a)

........................

82,197

5,674,881

STERIS

PLC

............................

54,698

12,892,319

Stryker

Corp.

...........................

191,826

68,336,094

Teleflex,

Inc.

............................

24,586

3,060,219

Zimmer

Biomet

Holdings,

Inc.

................

110,376

11,099,411

665,694,811

a

Health

Care

Providers

&

Services

 — 

13

.4

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

50,313

1,081,730

Cardinal

Health,

Inc.

.......................

132,956

25,364,016

Centene

Corp.

(a)

.........................

273,513

9,674,155

Chemed

Corp.

...........................

7,980

3,441,774

Cigna

Group

(The)

........................

146,825

35,885,498

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

DaVita,

Inc.

(a)

(b)

..........................

20,902

$

2,487,756

Elevance

Health,

Inc.

......................

126,027

39,975,764

Encompass

Health

Corp.

(b)

..................

55,604

6,330,515

HCA

Healthcare,

Inc.

......................

95,236

43,778,085

Henry

Schein,

Inc.

(a)

.......................

60,026

3,793,643

Humana,

Inc.

...........................

67,305

18,723,578

Labcorp

Holdings,

Inc.

.....................

46,566

11,825,901

Molina

Healthcare,

Inc.

(a)

....................

29,812

4,563,025

Quest

Diagnostics,

Inc.

.....................

62,105

10,927,375

Tenet

Healthcare

Corp.

(a)

....................

48,628

10,041,196

UnitedHealth

Group,

Inc.

....................

507,163

173,226,594

Universal

Health

Services,

Inc.

,

Class

B

.........

30,222

6,558,476

407,679,081

a

Health

Care

Technology

 — 

1

.0

%

Certara,

Inc.

(a)

(b)

..........................

67,784

788,328

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

74,301

4,903,866

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

82,272

23,957,606

29,649,800

a

Life

Sciences

Tools

&

Services

 — 

10

.6

%

Agilent

Technologies,

Inc.

...................

158,823

23,245,334

Avantor,

Inc.

(a)

...........................

367,234

4,340,706

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

10,397

3,322,361

Bio-Techne

Corp.

.........................

87,613

5,481,945

Bruker

Corp.

............................

57,435

2,236,519

Charles

River

Laboratories

International,

Inc.

(a)

.....

27,111

4,881,878

Danaher

Corp.

..........................

355,573

76,583,313

Illumina,

Inc.

(a)

...........................

88,204

10,896,722

IQVIA

Holdings,

Inc.

(a)

......................

94,137

20,376,895

Medpace

Holdings,

Inc.

(a)

...................

12,455

7,285,054

QIAGEN

N.V.

...........................

119,052

5,577,586

Repligen

Corp.

(a)

(b)

........................

29,271

4,363,135

Revvity,

Inc.

............................

65,591

6,138,662

Sotera

Health

Co.

(a)

.......................

97,153

1,612,740

Tempus

AI,

Inc.

,

Class

A

(a)

(b)

..................

45,758

4,111,356

Thermo

Fisher

Scientific,

Inc.

.................

210,468

119,417,439

Waters

Corp.

(a)

..........................

33,186

11,601,826

West

Pharmaceutical

Services,

Inc.

............

39,904

11,255,721

322,729,192

a

Pharmaceuticals

 — 

31

.6

%

Bristol-Myers

Squibb

Co.

....................

1,135,806

52,326,582

Corcept

Therapeutics,

Inc.

(a)

.................

52,231

3,837,412

Elanco

Animal

Health,

Inc.

(a)

(b)

................

274,789

6,086,576

Eli

Lilly

&

Co.

...........................

446,498

385,265,264

Jazz

Pharmaceuticals

PLC

(a)

.................

32,427

4,463,252

Johnson

&

Johnson

.......................

1,341,189

253,310,367

Merck

&

Co.,

Inc.

.........................

1,404,258

120,738,103

Organon

&

Co.

..........................

146,174

986,675

Perrigo

Co.

PLC

.........................

75,487

1,565,600

Pfizer,

Inc.

.............................

3,166,198

78,046,781

Royalty

Pharma

PLC

,

Class

A

................

211,806

7,951,197

Viatris,

Inc.

.............................

653,146

6,766,593

Zoetis,

Inc.

,

Class

A

.......................

248,715

35,837,344

957,181,746

Total

Long-Term

Investments — 99.9%

(Cost:

$

3,073,762,649

)

...............................

3,027,605,521

iShares

®

U.S.

Healthcare

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

47

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

31,696,001

$

31,711,848

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

2,391,636

2,391,636

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

34,089,406

)

.................................

34,103,484

Total

Investments

—

101.0%

(Cost:

$

3,107,852,055

)

...............................

3,061,709,005

Liabilities

in

Excess

of

Other

Assets

—

(

1

.0

)

%

...............

(

28,937,202

)

Net

Assets

—

100.0%

.................................

$

3,032,771,803

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

26,992,119

‌

$

4,714,742

(a)

$

—

‌

$

7,856

‌

$

(

2,869

)

$

31,711,848

‌

31,696,001

‌

$

45,532

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

4,262,468

‌

—

‌

(

1,870,832

)

(a)

—

‌

—

‌

2,391,636

‌

2,391,636

‌

72,626

‌

—

‌

$

7,856

‌

$

(

2,869

)

$

34,103,484

‌

$

118,158

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

.......................................................

35

12/19/25

$

5,119

$

120,920

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)

.............

$

—

$

—

$

120,920

$

—

$

—

$

—

$

120,920

(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).

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Healthcare

ETF

48

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

335,756

)

$

—

$

—

$

—

$

(

335,756

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

197,760

$

—

$

—

$

—

$

197,760

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

5,534,100

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,027,605,521

‌

$

—

‌

$

—

‌

$

3,027,605,521

‌

Short-Term

Securities

Money

Market

Funds

......................................

34,103,484

‌

—

‌

—

‌

34,103,484

‌

$

3,061,709,005

‌

$

—

‌

$

—

‌

$

3,061,709,005

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

120,920

‌

$

—

‌

$

—

‌

$

120,920

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

49

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

19

.1

%

ATI,

Inc.

(a)

..............................

32,883

$

3,254,431

Axon

Enterprise,

Inc.

(a)

.....................

17,562

12,859,423

Boeing

Co.

(The)

(a)

........................

170,731

34,320,346

BWX

Technologies,

Inc.

....................

21,515

4,595,819

Curtiss-Wright

Corp.

.......................

8,867

5,282,338

General

Dynamics

Corp.

....................

59,540

20,535,346

General

Electric

Co.

.......................

247,754

76,543,598

HEICO

Corp.

...........................

9,980

3,171,345

HEICO

Corp.

,

Class

A

......................

17,699

4,384,573

Howmet

Aerospace,

Inc.

....................

94,491

19,460,421

Huntington

Ingalls

Industries,

Inc.

..............

9,210

2,965,804

Karman

Holdings,

Inc.

(a)

....................

6,231

524,899

L3Harris

Technologies,

Inc.

..................

43,967

12,710,860

Leonardo

DRS,

Inc.

.......................

17,783

650,147

Loar

Holdings,

Inc.

(a)

.......................

9,987

790,271

Lockheed

Martin

Corp.

.....................

49,205

24,202,955

Northrop

Grumman

Corp.

...................

31,950

18,641,228

Rocket

Lab

Corp.

(a)

.......................

97,394

6,133,874

RTX

Corp.

.............................

315,210

56,264,985

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

27,661

1,014,882

StandardAero,

Inc.

(a)

.......................

33,309

962,297

Textron,

Inc.

............................

41,816

3,379,151

TransDigm

Group,

Inc.

.....................

13,028

17,047,268

Woodward,

Inc.

..........................

13,943

3,654,600

333,350,861

a

Air

Freight

&

Logistics

 — 

2

.3

%

CH

Robinson

Worldwide,

Inc.

................

27,619

4,253,050

Expeditors

International

of

Washington,

Inc.

.......

32,380

3,947,122

FedEx

Corp.

............................

50,455

12,806,488

GXO

Logistics,

Inc.

(a)

......................

26,418

1,484,956

United

Parcel

Service,

Inc.

,

Class

B

............

172,997

16,680,370

39,171,986

a

Building

Products

 — 

4

.8

%

A

O

Smith

Corp.

.........................

26,745

1,764,903

AAON,

Inc.

.............................

15,811

1,555,644

Advanced

Drainage

Systems,

Inc.

.............

16,613

2,326,651

Allegion

PLC

............................

20,233

3,354,024

Armstrong

World

Industries,

Inc.

...............

10,101

1,923,533

Builders

FirstSource,

Inc.

(a)

(b)

.................

25,538

2,966,750

Carlisle

Companies,

Inc.

....................

10,136

3,294,707

Carrier

Global

Corp.

.......................

187,064

11,128,437

Fortune

Brands

Innovations,

Inc.

..............

28,435

1,444,498

Hayward

Holdings,

Inc.

(a)

....................

46,657

791,769

Johnson

Controls

International

PLC

............

155,581

17,796,911

Lennox

International,

Inc.

...................

7,473

3,773,865

Masco

Corp.

............................

49,874

3,229,840

Owens

Corning

..........................

20,047

2,552,184

Simpson

Manufacturing

Co.,

Inc.

..............

9,842

1,737,113

Trane

Technologies

PLC

....................

52,525

23,565,341

Trex

Co.,

Inc.

(a)

..........................

25,071

1,211,431

84,417,601

a

Chemicals

 — 

2

.4

%

Axalta

Coating

Systems

Ltd.

(a)

................

51,643

1,470,276

Dow,

Inc.

..............................

166,373

3,967,996

DuPont

de

Nemours,

Inc.

...................

98,597

8,050,445

PPG

Industries,

Inc.

.......................

53,609

5,240,280

RPM

International,

Inc.

.....................

29,988

3,277,089

Sherwin-Williams

Co.

(The)

..................

54,964

18,959,282

Security

Shares

Value

a

Chemicals

(continued)

Solstice

Advanced

Materials,

Inc.

(a)

.............

37,458

$

1,688,232

42,653,600

a

Commercial

Services

&

Supplies

 — 

1

.4

%

Cintas

Corp.

............................

81,026

14,849,635

MSA

Safety,

Inc.

.........................

8,744

1,373,070

Tetra

Tech,

Inc.

..........................

61,806

1,976,556

Veralto

Corp.

............................

56,194

5,545,224

23,744,485

a

Construction

&

Engineering

 — 

2

.6

%

AECOM

...............................

31,211

4,193,198

API

Group

Corp.

(a)

........................

86,627

3,189,606

Comfort

Systems

USA,

Inc.

..................

8,195

7,912,928

EMCOR

Group,

Inc.

.......................

10,428

7,047,034

Everus

Construction

Group,

Inc.

(a)

..............

12,113

1,100,951

MasTec,

Inc.

(a)

...........................

14,702

3,001,560

Quanta

Services,

Inc.

......................

34,671

15,571,786

Valmont

Industries,

Inc.

.....................

4,669

1,930,305

WillScot

Holdings

Corp.

,

Class

A

..............

42,019

913,913

44,861,281

a

Construction

Materials

 — 

2

.2

%

CRH

PLC

..............................

159,663

19,015,863

Eagle

Materials,

Inc.

.......................

7,567

1,606,625

James

Hardie

Industries

PLC

(a)

(b)

..............

35,022

733,011

Martin

Marietta

Materials,

Inc.

................

14,120

8,656,972

Vulcan

Materials

Co.

......................

31,183

9,027,479

39,039,950

a

Consumer

Finance

 — 

4

.9

%

American

Express

Co.

.....................

129,406

46,680,627

Capital

One

Financial

Corp.

..................

148,094

32,579,199

Synchrony

Financial

.......................

87,535

6,510,853

85,770,679

a

Containers

&

Packaging

 — 

1

.4

%

Amcor

PLC

.............................

542,571

4,286,311

AptarGroup,

Inc.

.........................

15,383

1,784,582

Ball

Corp.

..............................

65,312

3,069,664

Crown

Holdings,

Inc.

......................

27,386

2,661,372

Graphic

Packaging

Holding

Co.

...............

68,822

1,100,464

Packaging

Corp.

of

America

.................

20,803

4,072,395

Sealed

Air

Corp.

.........................

33,318

1,116,486

Silgan

Holdings,

Inc.

.......................

20,770

802,137

Smurfit

WestRock

PLC

.....................

122,861

4,536,028

Sonoco

Products

Co.

......................

23,146

939,033

24,368,472

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

120,167

1,062,276

a

Electrical

Equipment

 — 

7

.5

%

Acuity,

Inc.

.............................

7,270

2,653,914

AMETEK,

Inc.

...........................

54,235

10,961,436

Eaton

Corp.

PLC

.........................

92,332

35,230,198

Emerson

Electric

Co.

......................

132,820

18,537,687

GE

Vernova,

Inc.

.........................

64,415

37,691,793

Generac

Holdings,

Inc.

(a)

....................

13,814

2,321,028

Hubbell,

Inc.

............................

12,610

5,926,700

nVent

Electric

PLC

........................

38,298

4,379,376

Regal

Rexnord

Corp.

......................

15,565

2,192,953

Rockwell

Automation,

Inc.

...................

26,645

9,814,952

Sensata

Technologies

Holding

PLC

............

34,101

1,085,435

130,795,472

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Industrials

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

Cognex

Corp.

...........................

39,452

$

1,632,918

Crane

NXT

Co.

..........................

11,553

730,727

Keysight

Technologies,

Inc.

(a)

.................

40,561

7,421,041

Littelfuse,

Inc.

...........................

5,798

1,410,711

Ralliant

Corp.

...........................

26,718

1,173,455

Teledyne

Technologies,

Inc.

(a)

.................

10,960

5,773,947

Trimble,

Inc.

(a)

...........................

56,013

4,467,037

Vontier

Corp.

............................

34,748

1,337,798

Zebra

Technologies

Corp.

,

Class

A

(a)

............

11,944

3,215,922

27,163,556

a

Financial

Services

 — 

17

.4

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

................

63,251

4,546,482

Block,

Inc.

,

Class

A

(a)

......................

128,442

9,753,886

Corpay,

Inc.

(a)

...........................

16,025

4,172,109

Euronet

Worldwide,

Inc.

(a)

...................

9,535

723,325

Fidelity

National

Information

Services,

Inc.

........

124,010

7,753,105

Fiserv,

Inc.

(a)

............................

127,487

8,502,108

Global

Payments,

Inc.

.....................

57,582

4,477,576

Jack

Henry

&

Associates,

Inc.

................

17,112

2,548,661

Mastercard,

Inc.

,

Class

A

....................

191,677

105,803,787

PayPal

Holdings,

Inc.

(a)

.....................

225,442

15,616,367

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

15,373

1,062,274

Visa,

Inc.

,

Class

A

........................

401,288

136,734,873

Western

Union

Co.

(The)

...................

65,068

607,085

WEX,

Inc.

(a)

.............................

7,985

1,164,852

303,466,490

a

Ground

Transportation

 — 

4

.7

%

CSX

Corp.

.............................

442,391

15,934,924

JB

Hunt

Transport

Services,

Inc.

..............

18,334

3,095,879

Knight-Swift

Transportation

Holdings,

Inc.

........

36,984

1,668,718

Landstar

System,

Inc.

......................

8,229

1,056,850

Norfolk

Southern

Corp.

.....................

53,226

15,083,184

Old

Dominion

Freight

Line,

Inc.

...............

43,921

6,167,387

Ryder

System,

Inc.

........................

9,340

1,580,608

Saia,

Inc.

(a)

.............................

6,263

1,831,928

Schneider

National,

Inc.

,

Class

B

..............

12,148

259,603

Union

Pacific

Corp.

.......................

140,902

31,050,574

XPO,

Inc.

(a)

.............................

26,959

3,878,591

81,608,246

a

Household

Durables

 — 

0

.2

%

Mohawk

Industries,

Inc.

(a)

...................

12,063

1,370,839

TopBuild

Corp.

(a)

.........................

6,708

2,833,996

4,204,835

a

Industrial

Conglomerates

 — 

2

.9

%

3M

Co.

................................

125,656

20,921,724

Honeywell

International,

Inc.

.................

149,832

30,165,677

51,087,401

a

IT

Services

 — 

2

.1

%

Accenture

PLC

,

Class

A

....................

147,488

36,886,749

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

15,337

1,013,929

a

Life

Sciences

Tools

&

Services

 — 

0

.4

%

Mettler-Toledo

International,

Inc.

(a)

.............

4,905

6,946,903

a

Machinery

 — 

14

.0

%

AGCO

Corp.

............................

14,602

1,506,342

Allison

Transmission

Holdings,

Inc.

.............

19,766

1,631,683

Caterpillar,

Inc.

..........................

109,089

62,972,716

CNH

Industrial

N.V.

.......................

206,371

2,164,832

Security

Shares

Value

a

Machinery

(continued)

Crane

Co.

..............................

11,571

$

2,198,490

Cummins,

Inc.

...........................

32,438

14,197,464

Deere

&

Co.

............................

57,565

26,573,731

Donaldson

Co.,

Inc.

.......................

27,334

2,302,890

Dover

Corp.

............................

31,966

5,800,550

Esab

Corp.

.............................

13,407

1,566,206

Flowserve

Corp.

.........................

30,634

2,090,770

Fortive

Corp.

............................

80,140

4,034,248

Gates

Industrial

Corp.

PLC

(a)

.................

59,613

1,316,255

Graco,

Inc.

.............................

39,221

3,207,101

IDEX

Corp.

.............................

17,782

3,048,902

Illinois

Tool

Works,

Inc.

.....................

69,052

16,843,164

Ingersoll

Rand,

Inc.

(b)

......................

95,007

7,251,884

ITT,

Inc.

...............................

18,280

3,383,080

Lincoln

Electric

Holdings,

Inc.

................

12,826

3,007,056

Middleby

Corp.

(The)

(a)

.....................

11,856

1,472,871

Nordson

Corp.

...........................

12,750

2,957,363

Oshkosh

Corp.

..........................

15,034

1,853,542

Otis

Worldwide

Corp.

......................

93,066

8,632,802

PACCAR,

Inc.

...........................

121,511

11,956,682

Parker-Hannifin

Corp.

......................

30,321

23,432,978

Pentair

PLC

............................

38,618

4,107,024

Snap-on,

Inc.

...........................

12,053

4,044,384

Stanley

Black

&

Decker,

Inc.

.................

36,344

2,461,216

Toro

Co.

(The)

...........................

23,200

1,733,736

Westinghouse

Air

Brake

Technologies

Corp.

.......

39,944

8,166,151

Xylem,

Inc.

.............................

57,312

8,645,515

244,561,628

a

Marine

Transportation

 — 

0

.1

%

Kirby

Corp.

(a)

............................

13,254

1,371,524

a

Paper

&

Forest

Products

 — 

0

.1

%

Louisiana-Pacific

Corp.

.....................

14,887

1,296,807

a

Professional

Services

 — 

3

.7

%

Amentum

Holdings,

Inc.

(a)

...................

37,431

838,829

Automatic

Data

Processing,

Inc.

...............

96,002

24,989,321

Booz

Allen

Hamilton

Holding

Corp.

,

Class

C

.......

28,613

2,493,909

Equifax,

Inc.

............................

29,165

6,156,731

ExlService

Holdings,

Inc.

(a)

..................

37,201

1,454,559

FTI

Consulting,

Inc.

(a)

......................

7,426

1,225,364

Genpact

Ltd.

............................

37,842

1,443,672

Jacobs

Solutions,

Inc.

......................

28,022

4,366,108

ManpowerGroup,

Inc.

......................

10,960

336,034

Paychex,

Inc.

...........................

75,965

8,890,184

Paylocity

Holding

Corp.

(a)

...................

10,484

1,481,075

Robert

Half,

Inc.

.........................

23,252

608,970

TransUnion

.............................

46,047

3,738,095

Verisk

Analytics,

Inc.

.......................

32,957

7,209,673

65,232,524

a

Semiconductors

&

Semiconductor

Equipment

 — 

0

.1

%

MKS,

Inc.

..............................

15,803

2,271,049

a

Software

 — 

0

.7

%

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.............

246,493

1,291,623

BILL

Holdings,

Inc.

(a)

(b)

......................

21,999

1,092,471

Fair

Isaac

Corp.

(a)

.........................

5,515

9,152,308

11,536,402

a

Trading

Companies

&

Distributors

 — 

3

.1

%

Air

Lease

Corp.

,

Class

A

....................

24,451

1,561,441

Applied

Industrial

Technologies,

Inc.

............

8,962

2,304,041

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

44,833

2,339,386

Ferguson

Enterprises,

Inc.

...................

45,669

11,348,746

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

51

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

FTAI

Aviation

Ltd.

.........................

23,954

$

4,141,647

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

10,329

877,035

QXO,

Inc.

(a)

(b)

............................

143,806

2,541,052

United

Rentals,

Inc.

.......................

15,131

13,181,825

Watsco,

Inc.

............................

8,227

3,027,618

WESCO

International,

Inc.

...................

11,263

2,923,086

WW

Grainger,

Inc.

........................

10,428

10,209,012

54,454,889

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,466,819,059

)

...............................

1,742,339,595

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

7,836,645

$

7,840,563

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

1,630,161

1,630,161

a

Total

Short-Term

Securities — 0.5%

(Cost:

$

9,469,031

)

..................................

9,470,724

Total

Investments

—

100.4%

(Cost:

$

1,476,288,090

)

...............................

1,751,810,319

Liabilities

in

Excess

of

Other

Assets

—

(

0

.4

)

%

...............

(

7,257,964

)

Net

Assets

—

100.0%

.................................

$

1,744,552,355

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

7,204,493

$

633,996

(a)

$

—

$

1,678

$

396

$

7,840,563

7,836,645

$

15,617

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

1,804,346

—

(

174,185

)

(a)

—

—

1,630,161

1,630,161

40,561

—

$

1,678

$

396

$

9,470,724

$

56,178

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Select

Sector

Index

.........................................................

14

12/19/25

$

2,196

$

34,587

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Industrials

ETF

52

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

34,587

$

—

$

—

$

—

$

34,587

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

373,848

$

—

$

—

$

—

$

373,848

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

22,562

)

$

—

$

—

$

—

$

(

22,562

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,945,230

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,742,339,595

‌

$

—

‌

$

—

‌

$

1,742,339,595

‌

Short-Term

Securities

Money

Market

Funds

......................................

9,470,724

‌

—

‌

—

‌

9,470,724

‌

$

1,751,810,319

‌

$

—

‌

$

—

‌

$

1,751,810,319

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

34,587

‌

$

—

‌

$

—

‌

$

34,587

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Technology

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

53

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Communications

Equipment

 — 

0

.1

%

F5,

Inc.

(a)

..............................

85,367

$

21,602,119

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.0

%

Maplebear,

Inc.

(a)

.........................

255,447

9,415,776

a

Electrical

Equipment

 — 

0

.5

%

Vertiv

Holdings

Co.

,

Class

A

.................

564,047

108,782,105

a

Electronic

Equipment,

Instruments

&

Components

 — 

2

.3

%

Amphenol

Corp.

,

Class

A

...................

1,787,733

249,102,716

Arrow

Electronics,

Inc.

(a)

....................

76,513

8,535,025

Avnet,

Inc.

.............................

124,621

6,037,888

CDW

Corp.

.............................

195,035

31,082,728

Coherent

Corp.

(a)

.........................

227,425

30,011,003

Corning,

Inc.

............................

1,157,567

103,116,068

Flex

Ltd.

(a)

..............................

553,631

34,613,010

Ingram

Micro

Holding

Corp.

(b)

.................

26,255

602,815

IPG

Photonics

Corp.

(a)

(b)

....................

37,580

3,198,810

Jabil,

Inc.

(b)

.............................

156,379

34,542,557

TD

SYNNEX

Corp.

........................

114,628

17,938,136

518,780,756

a

Financial

Services

 — 

0

.1

%

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

669,724

24,203,825

a

Hotels,

Restaurants

&

Leisure

 — 

0

.6

%

DoorDash,

Inc.

,

Class

A

(a)

...................

531,956

135,313,648

a

Interactive

Media

&

Services

 — 

8

.1

%

Alphabet,

Inc.

,

Class

A

.....................

2,085,189

586,334,295

Alphabet,

Inc.

,

Class

C

,

NVS

.................

1,697,856

478,489,778

IAC,

Inc.

(a)

..............................

99,732

3,213,365

Match

Group,

Inc.

........................

362,400

11,720,016

Meta

Platforms,

Inc.

,

Class

A

.................

1,001,468

649,301,778

Pinterest,

Inc.

,

Class

A

(a)

(b)

...................

875,729

28,986,630

Reddit,

Inc.

,

Class

A

(a)

(b)

.....................

172,851

36,117,216

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

.......

237,945

3,646,507

ZoomInfo

Technologies,

Inc.

(a)

(b)

...............

438,185

4,916,436

1,802,726,021

a

IT

Services

 — 

4

.3

%

Akamai

Technologies,

Inc.

(a)

..................

212,725

15,975,648

Amdocs

Ltd.

............................

163,671

13,790,918

Cloudflare,

Inc.

,

Class

A

(a)

...................

457,534

115,893,362

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

731,986

53,347,140

DXC

Technology

Co.

(a)

.....................

266,394

3,782,795

EPAM

Systems,

Inc.

(a)

......................

81,175

13,275,360

Gartner,

Inc.

(a)

(b)

..........................

111,066

27,582,130

Globant

SA

(a)

(b)

..........................

62,235

3,832,431

GoDaddy,

Inc.

,

Class

A

(a)

....................

203,777

27,128,832

International

Business

Machines

Corp.

..........

1,379,488

424,068,406

Kyndryl

Holdings,

Inc.

(a)

(b)

...................

342,914

9,917,073

MongoDB,

Inc.

,

Class

A

(a)

...................

116,932

42,074,472

Okta,

Inc.

,

Class

A

(a)

.......................

244,244

22,355,653

Snowflake,

Inc.

(a)

(b)

........................

463,419

127,384,615

Twilio,

Inc.

,

Class

A

(a)

......................

209,640

28,276,243

VeriSign,

Inc.

...........................

124,995

29,973,801

958,658,879

a

Media

 — 

0

.0

%

DoubleVerify

Holdings,

Inc.

(a)

.................

190,044

2,162,701

NIQ

Global

Intelligence

PLC

(a)

................

70,680

876,432

3,039,133

a

Security

Shares

Value

a

Professional

Services

 — 

0

.6

%

CACI

International,

Inc.

,

Class

A

(a)

.............

32,188

$

18,097,703

Clarivate

PLC

(a)

(b)

.........................

496,860

1,689,324

Concentrix

Corp.

.........................

67,273

2,711,775

Dayforce,

Inc.

(a)

(b)

.........................

228,627

15,715,820

KBR,

Inc.

..............................

190,468

8,159,649

Leidos

Holdings,

Inc.

......................

189,047

36,007,782

Parsons

Corp.

(a)

..........................

78,230

6,504,042

Paycom

Software,

Inc.

.....................

76,088

14,235,304

Science

Applications

International

Corp.

.........

69,687

6,530,369

SS&C

Technologies

Holdings,

Inc.

.............

313,528

26,624,798

136,276,566

a

Semiconductors

&

Semiconductor

Equipment

 — 

34

.8

%

Advanced

Micro

Devices,

Inc.

(a)

...............

2,387,688

611,534,651

Allegro

MicroSystems,

Inc.

(a)

.................

182,457

5,459,113

Amkor

Technology,

Inc.

.....................

169,312

5,465,391

Analog

Devices,

Inc.

.......................

735,570

172,219,004

Applied

Materials,

Inc.

.....................

1,189,170

277,195,527

Astera

Labs,

Inc.

(a)

........................

186,718

34,856,516

Broadcom,

Inc.

..........................

2,067,355

764,156,429

Cirrus

Logic,

Inc.

(a)

........................

75,948

10,074,502

Entegris,

Inc.

(b)

..........................

222,229

20,349,510

GLOBALFOUNDRIES,

Inc.

(a)

(b)

................

152,303

5,421,987

Intel

Corp.

(a)

............................

6,479,262

259,105,687

KLA

Corp.

..............................

197,296

238,479,567

Lam

Research

Corp.

......................

1,895,798

298,512,353

Lattice

Semiconductor

Corp.

(a)

(b)

...............

201,563

14,706,037

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

.....

93,791

13,893,261

Marvell

Technology,

Inc.

(b)

...................

1,281,670

120,143,746

Microchip

Technology,

Inc.

...................

782,473

48,841,965

Micron

Technology,

Inc.

.....................

1,656,604

370,698,277

Monolithic

Power

Systems,

Inc.

...............

68,616

68,959,080

NVIDIA

Corp.

(b)

..........................

18,925,170

3,832,157,673

ON

Semiconductor

Corp.

(a)

(b)

.................

625,038

31,301,903

Onto

Innovation,

Inc.

(a)

.....................

72,115

9,732,640

Qorvo,

Inc.

(a)

............................

125,745

11,935,715

QUALCOMM,

Inc.

........................

1,601,670

289,742,103

Skyworks

Solutions,

Inc.

....................

222,129

17,263,866

Teradyne,

Inc.

...........................

238,418

43,334,856

Texas

Instruments,

Inc.

.....................

1,347,487

217,565,251

Universal

Display

Corp.

....................

65,130

9,592,346

7,802,698,956

a

Software

 — 

32

.5

%

Adobe,

Inc.

(a)

............................

631,007

214,737,992

Appfolio,

Inc.

,

Class

A

(a)

....................

32,597

8,293,655

AppLovin

Corp.

,

Class

A

(a)

...................

353,487

225,287,870

Atlassian

Corp.

,

Class

A

(a)

...................

239,967

40,655,209

Autodesk,

Inc.

(a)

..........................

315,863

95,182,156

Bentley

Systems,

Inc.

,

Class

B

................

233,377

11,862,553

Cadence

Design

Systems,

Inc.

(a)

..............

404,540

137,013,653

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

812,168

7,082,105

Confluent,

Inc.

,

Class

A

(a)

...................

410,376

9,590,487

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

362,112

196,630,437

Datadog,

Inc.

,

Class

A

(a)

....................

457,386

74,467,015

Docusign,

Inc.

(a)

..........................

297,784

21,779,922

Dolby

Laboratories,

Inc.

,

Class

A

..............

89,624

5,943,864

Dropbox,

Inc.

,

Class

A

(a)

....................

275,081

7,977,349

Dynatrace,

Inc.

(a)

.........................

435,330

22,014,638

Elastic

N.V.

(a)

............................

134,426

11,993,488

Fortinet,

Inc.

(a)

(b)

..........................

943,377

81,536,074

Gen

Digital,

Inc.

..........................

814,512

21,470,536

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

196,888

9,598,290

Guidewire

Software,

Inc.

(a)

(b)

..................

124,134

29,002,668

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Technology

ETF

(Percentages

shown

are

based

on

Net

Assets)

54

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Software

(continued)

HubSpot,

Inc.

(a)

..........................

75,388

$

37,084,865

Informatica,

Inc.

,

Class

A

(a)

..................

157,160

3,908,569

Intuit,

Inc.

..............................

404,822

270,238,926

Manhattan

Associates,

Inc.

(a)

.................

88,882

16,182,746

Microsoft

Corp.

..........................

6,016,145

3,115,220,042

nCino,

Inc.

(a)

(b)

...........................

158,067

4,217,228

Nutanix,

Inc.

,

Class

A

(a)

.....................

378,189

26,942,184

Oracle

Corp.

............................

1,714,169

450,157,921

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

3,191,396

639,779,156

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

973,921

214,496,361

Pegasystems,

Inc.

(b)

.......................

128,893

8,204,039

Procore

Technologies,

Inc.

(a)

.................

169,874

12,540,099

PTC,

Inc.

(a)

.............................

176,793

35,100,482

RingCentral,

Inc.

,

Class

A

(a)

..................

117,000

3,524,040

Roper

Technologies,

Inc.

....................

159,176

71,016,372

Rubrik,

Inc.

,

Class

A

(a)

......................

172,431

12,978,881

SailPoint,

Inc.

(a)

(b)

.........................

84,439

1,830,638

Salesforce,

Inc.

..........................

1,384,267

360,476,970

Samsara,

Inc.

,

Class

A

(a)

....................

397,731

15,976,854

SentinelOne,

Inc.

,

Class

A

(a)

..................

431,968

7,710,629

ServiceNow,

Inc.

(a)

........................

306,440

281,704,163

Strategy,

Inc.

,

Class

A

(a)

....................

391,457

105,501,576

Synopsys,

Inc.

(a)

.........................

273,659

124,191,927

Teradata

Corp.

(a)

.........................

139,882

2,916,540

Tyler

Technologies,

Inc.

(a)

...................

63,801

30,385,864

UiPath,

Inc.

,

Class

A

(a)

.....................

611,528

9,698,834

Unity

Software,

Inc.

(a)

......................

469,542

17,795,642

Workday,

Inc.

,

Class

A

(a)

....................

319,012

76,537,359

Zoom

Communications,

Inc.

,

Class

A

(a)

..........

389,539

33,979,487

Zscaler,

Inc.

(a)

...........................

144,764

47,937,151

7,270,355,506

a

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

 — 

16

.1

%

Apple,

Inc.

.............................

11,868,992

$

3,209,019,367

Dell

Technologies,

Inc.

,

Class

C

...............

448,082

72,593,765

Hewlett

Packard

Enterprise

Co.

...............

1,944,080

47,474,434

HP,

Inc.

...............................

1,398,372

38,692,953

NetApp,

Inc.

............................

296,198

34,886,200

Pure

Storage,

Inc.

,

Class

A

(a)

.................

460,446

45,446,020

Sandisk

Corp.

(a)

..........................

199,941

39,854,240

Super

Micro

Computer,

Inc.

(a)

(b)

................

761,258

39,554,966

Western

Digital

Corp.

......................

513,177

77,084,317

3,604,606,262

Total

Long-Term

Investments — 100.0%

(Cost:

$

15,154,429,267

)

..............................

22,396,459,552

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

110,584,356

110,639,648

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

7,104,316

7,104,316

a

Total

Short-Term

Securities — 0.5%

(Cost:

$

117,684,453

)

................................

117,743,964

Total

Investments

—

100.5%

(Cost:

$

15,272,113,720

)

..............................

22,514,203,516

Liabilities

in

Excess

of

Other

Assets

—

(

0

.5

)

%

...............

(

114,747,378

)

Net

Assets

—

100.0%

.................................

$

22,399,456,138

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

..

$

378,373,201

$

—

$

(

267,801,117

)

(a)

$

69,325

$

(

1,761

)

$

110,639,648

110,584,356

$

332,839

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

21,850,106

—

(

14,745,790

)

(a)

—

—

7,104,316

7,104,316

405,002

—

$

69,325

$

(

1,761

)

$

117,743,964

$

737,841

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Technology

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

55

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

Communication

Services

Select

Sector

Index

..........................................

1

12/19/25

$

151

$

(

2,591

)

E-Mini

Technology

Select

Sector

Index

......................................................

14

12/19/25

4,262

213,514

$

210,923

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)

.............

$

—

$

—

$

213,514

$

—

$

—

$

—

$

213,514

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

2,591

$

—

$

—

$

—

$

2,591

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

6,057,805

$

—

$

—

$

—

$

6,057,805

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

165,602

)

$

—

$

—

$

—

$

(

165,602

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

11,878,695

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Technology

ETF

56

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

22,396,459,552

‌

$

—

‌

$

—

‌

$

22,396,459,552

‌

Short-Term

Securities

Money

Market

Funds

......................................

117,743,964

‌

—

‌

—

‌

117,743,964

‌

$

22,514,203,516

‌

$

—

‌

$

—

‌

$

22,514,203,516

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

213,514

‌

$

—

‌

$

—

‌

$

213,514

‌

Liabilities

Equity

Contracts

...........................................

(

2,591

)

—

‌

—

‌

(

2,591

)

$

210,923

‌

$

—

‌

$

—

‌

$

210,923

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Transportation

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

57

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

19

.5

%

CH

Robinson

Worldwide,

Inc.

................

129,715

$

19,974,813

Expeditors

International

of

Washington,

Inc.

.......

149,058

18,170,170

FedEx

Corp.

............................

135,387

34,363,928

Forward

Air

Corp.

(a)

(b)

......................

24,056

452,493

GXO

Logistics,

Inc.

(a)

......................

125,699

7,065,541

Hub

Group,

Inc.

,

Class

A

....................

66,624

2,453,762

United

Parcel

Service,

Inc.

,

Class

B

............

560,162

54,010,820

136,491,527

a

Ground

Transportation

 — 

63

.9

%

ArcBest

Corp.

...........................

25,001

1,858,074

Avis

Budget

Group,

Inc.

(a)

...................

18,558

2,525,187

Covenant

Logistics

Group,

Inc.

,

Class

A

..........

16,475

332,301

CSX

Corp.

.............................

953,350

34,339,667

FTAI

Infrastructure,

Inc.

.....................

126,081

673,273

Heartland

Express,

Inc.

.....................

50,267

392,083

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

136,187

698,639

JB

Hunt

Transport

Services,

Inc.

..............

83,997

14,183,733

Knight-Swift

Transportation

Holdings,

Inc.

........

178,215

8,041,061

Landstar

System,

Inc.

......................

38,070

4,889,330

Lyft,

Inc.

,

Class

A

(a)

........................

437,106

8,943,189

Marten

Transport

Ltd.

......................

63,410

649,953

Norfolk

Southern

Corp.

.....................

112,180

31,789,568

Old

Dominion

Freight

Line,

Inc.

...............

203,134

28,524,076

RXO,

Inc.

(a)

.............................

180,072

3,192,677

Ryder

System,

Inc.

........................

44,784

7,578,796

Saia,

Inc.

(a)

.............................

29,268

8,560,890

Schneider

National,

Inc.

,

Class

B

..............

54,890

1,172,999

Uber

Technologies,

Inc.

(a)

...................

1,621,645

156,488,743

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

110,462

5,356,302

Union

Pacific

Corp.

.......................

491,669

108,349,098

Werner

Enterprises,

Inc.

....................

65,805

1,724,091

XPO,

Inc.

(a)

(b)

............................

129,350

18,609,584

448,873,314

a

Marine

Transportation

 — 

1

.5

%

Genco

Shipping

&

Trading

Ltd.

................

41,404

705,524

Kirby

Corp.

(a)

............................

61,295

6,342,807

Security

Shares

Value

a

Marine

Transportation

(continued)

Matson,

Inc.

............................

34,896

$

3,522,751

10,571,082

a

Passenger

Airlines

 — 

15

.0

%

Alaska

Air

Group,

Inc.

(a)

.....................

126,629

5,284,228

Allegiant

Travel

Co.

(a)

......................

14,769

918,336

American

Airlines

Group,

Inc.

(a)

................

724,997

9,519,211

Delta

Air

Lines,

Inc.

.......................

497,730

28,559,747

Frontier

Group

Holdings,

Inc.

(a)

(b)

...............

92,486

356,996

JetBlue

Airways

Corp.

(a)

....................

320,111

1,344,466

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

................

573,615

9,946,484

SkyWest,

Inc.

(a)

..........................

44,378

4,459,102

Southwest

Airlines

Co.

.....................

576,832

17,478,010

Sun

Country

Airlines

Holdings,

Inc.

(a)

(b)

...........

58,406

717,226

United

Airlines

Holdings,

Inc.

(a)

................

284,207

26,726,826

105,310,632

Total

Long-Term

Investments — 99.9%

(Cost:

$

778,657,568

)

................................

701,246,555

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(c)

(d)

(e)

......................

1,267,006

1,267,639

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(c)

(d)

............................

361,637

361,637

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

1,627,375

)

..................................

1,629,276

Total

Investments

—

100.1%

(Cost:

$

780,284,943

)

................................

702,875,831

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

...............

(

1,380,401

)

Net

Assets

—

100.0%

.................................

$

701,495,430

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

..

$

7,326,362

$

—

$

(

6,063,496

)

(a)

$

7,096

$

(

2,323

)

$

1,267,639

1,267,006

$

25,794

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

657,167

—

(

295,530

)

(a)

—

—

361,637

361,637

9,960

—

$

7,096

$

(

2,323

)

$

1,629,276

$

35,754

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Transportation

ETF

58

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Select

Sector

Index

.........................................................

2

12/19/25

$

314

$

4,639

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

4,639

$

—

$

—

$

—

$

4,639

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

132,148

$

—

$

—

$

—

$

132,148

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

25,302

)

$

—

$

—

$

—

$

(

25,302

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

233,890

a

iShares

®

U.S.

Transportation

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

59

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

701,246,555

‌

$

—

‌

$

—

‌

$

701,246,555

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,629,276

‌

—

‌

—

‌

1,629,276

‌

$

702,875,831

‌

$

—

‌

$

—

‌

$

702,875,831

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

4,639

‌

$

—

‌

$

—

‌

$

4,639

‌

(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

®

U.S.

Utilities

ETF

(Percentages

shown

are

based

on

Net

Assets)

60

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Commercial

Services

&

Supplies

 — 

8

.1

%

Clean

Harbors,

Inc.

(a)

......................

48,648

$

10,240,891

Republic

Services,

Inc.

.....................

194,525

40,507,886

Waste

Management,

Inc.

....................

355,257

70,969,691

121,718,468

a

Electric

Utilities

 — 

58

.4

%

Alliant

Energy

Corp.

.......................

246,641

16,480,552

American

Electric

Power

Co.,

Inc.

..............

513,750

61,783,575

Constellation

Energy

Corp.

..................

300,774

113,391,798

Duke

Energy

Corp.

.......................

747,067

92,860,428

Edison

International

.......................

365,989

20,268,471

Entergy

Corp.

...........................

428,775

41,200,990

Evergy,

Inc.

.............................

221,022

16,976,700

Eversource

Energy

.......................

352,797

26,039,946

Exelon

Corp.

............................

970,640

44,765,917

FirstEnergy

Corp.

........................

526,921

24,148,789

IDACORP,

Inc.

..........................

51,690

6,669,044

NextEra

Energy,

Inc.

......................

1,980,294

161,195,932

NRG

Energy,

Inc.

.........................

182,683

31,395,900

OGE

Energy

Corp.

........................

192,890

8,514,165

PG&E

Corp.

............................

2,105,298

33,600,556

Pinnacle

West

Capital

Corp.

.................

114,425

10,128,901

PPL

Corp.

.............................

710,704

25,954,910

Southern

Co.

(The)

.......................

1,058,131

99,506,639

Xcel

Energy,

Inc.

.........................

568,321

46,130,615

881,013,828

a

Gas

Utilities

 — 

2

.9

%

Atmos

Energy

Corp.

.......................

151,961

26,094,743

MDU

Resources

Group,

Inc.

.................

194,372

3,728,055

National

Fuel

Gas

Co.

.....................

86,168

6,799,517

UGI

Corp.

..............................

206,585

6,906,136

43,528,451

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

6

.4

%

AES

Corp.

(The)

.........................

681,923

9,458,272

Brookfield

Renewable

Corp.

.................

129,463

5,600,569

Clearway

Energy,

Inc.

,

Class

A

................

33,226

996,448

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Clearway

Energy,

Inc.

,

Class

C

...............

78,039

$

2,491,785

Talen

Energy

Corp.

(a)

......................

43,557

17,413,218

Vistra

Corp.

............................

324,870

61,173,021

97,133,313

a

Multi-Utilities

 — 

21

.8

%

Ameren

Corp.

...........................

259,132

26,436,647

CenterPoint

Energy,

Inc.

....................

625,694

23,926,539

CMS

Energy

Corp.

........................

285,651

21,009,631

Consolidated

Edison,

Inc.

...................

346,130

33,716,523

Dominion

Energy,

Inc.

......................

819,542

48,098,920

DTE

Energy

Co.

.........................

198,967

26,967,987

NiSource,

Inc.

...........................

451,830

19,026,561

Public

Service

Enterprise

Group,

Inc.

...........

479,520

38,630,131

Sempra

...............................

626,839

57,631,578

WEC

Energy

Group,

Inc.

....................

306,699

34,267,479

329,711,996

a

Water

Utilities

 — 

2

.3

%

American

Water

Works

Co.,

Inc.

...............

187,022

24,019,236

Essential

Utilities,

Inc.

......................

269,405

10,514,877

34,534,113

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,427,970,182

)

...............................

1,507,640,169

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(b)

(c)

............................

1,533,454

1,533,454

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

1,533,454

)

..................................

1,533,454

Total

Investments

—

100.0%

(Cost:

$

1,429,503,636

)

...............................

1,509,173,623

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

92,843

Net

Assets

—

100.0%

.................................

$

1,509,266,466

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

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:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

(a)

..

$

18,257

$

—

$

(

19,662

)

(b)

$

1,402

$

3

$

—

—

$

2,851

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

2,356,649

—

(

823,195

)

(b)

—

—

1,533,454

1,533,454

52,699

—

$

1,402

$

3

$

1,533,454

$

55,550

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

iShares

®

U.S.

Utilities

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

61

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Utilities

Select

Sector

Index

..........................................................

21

12/19/25

$

1,894

$

23,478

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)

.............

$

—

$

—

$

23,478

$

—

$

—

$

—

$

23,478

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

215,272

$

—

$

—

$

—

$

215,272

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

15,795

)

$

—

$

—

$

—

$

(

15,795

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,771,985

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

U.S.

Utilities

ETF

62

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,507,640,169

‌

$

—

‌

$

—

‌

$

1,507,640,169

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,533,454

‌

—

‌

—

‌

1,533,454

‌

$

1,509,173,623

‌

$

—

‌

$

—

‌

$

1,509,173,623

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

23,478

‌

$

—

‌

$

—

‌

$

23,478

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

63

Statements

of

Assets

and

Liabilities

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2025

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

ESG

MSCI

KLD

400

ETF

iShares

ESG

Optimized

MSCI

USA

ETF

iShares

U.S.

Basic

Materials

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

......................................

$

2,712,689,889

‌

$

5,025,236,254

‌

$

3,675,398,369

‌

$

497,764,774

‌

Investments,

at

value

—

affiliated

(c)

.........................................

36,341,214

‌

40,158,306

‌

17,010,467

‌

7,251,671

‌

Cash

.............................................................

18,499

‌

—

‌

—

‌

—

‌

Cash

pledged:

Futures

contracts

...................................................

258,000

‌

409,000

‌

829,000

‌

71,000

‌

Receivables:

Securities

lending

income

—

affiliated

.....................................

8,943

‌

5,182

‌

2,166

‌

2,774

‌

Dividends

—

unaffiliated

..............................................

1,190,176

‌

3,354,745

‌

2,420,408

‌

445,606

‌

Dividends

—

affiliated

................................................

11,166

‌

19,146

‌

15,297

‌

1,875

‌

Variation

margin

on

futures

contracts

......................................

11,082

‌

101,879

‌

31,931

‌

—

‌

Total

assets

........................................................

2,750,528,969

‌

5,069,284,512

‌

3,695,707,638

‌

505,537,700

‌

LIABILITIES

Collateral

on

securities

loaned

............................................

25,654,121

‌

9,668,966

‌

6,116,651

‌

6,748,338

‌

Payables:

Investment

advisory

fees

..............................................

454,722

‌

1,055,635

‌

773,156

‌

164,199

‌

Variation

margin

on

futures

contracts

......................................

—

‌

—

‌

—

‌

5,805

‌

Total

liabilities

.......................................................

26,108,843

‌

10,724,601

‌

6,889,807

‌

6,918,342

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

$

2,724,420,126

‌

$

5,058,559,911

‌

$

3,688,817,831

‌

$

498,619,358

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

$

1,203,365,761

‌

$

2,807,196,876

‌

$

2,877,675,387

‌

$

773,224,910

‌

Accumulated

earnings

(loss)

.............................................

1,521,054,365

‌

2,251,363,035

‌

811,142,444

‌

(

274,605,552

)

NET

ASSETS

.......................................................

$

2,724,420,126

‌

$

5,058,559,911

‌

$

3,688,817,831

‌

$

498,619,358

‌

NET

ASSET

VALUE

Shares

outstanding

...................................................

16,400,000

‌

39,000,000

‌

26,450,000

‌

3,500,000

‌

Net

asset

value

......................................................

$

166.12

‌

$

129.71

‌

$

139.46

‌

$

142.46

‌

Shares

authorized

....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

..........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

............................................

$

25,691,873

‌

$

9,559,418

‌

$

6,029,806

‌

$

6,415,370

‌

(b)

Investments,

at

cost

—

unaffiliated

.......................................

$

1,145,330,550

‌

$

2,838,103,766

‌

$

2,744,470,767

‌

$

550,858,381

‌

(c)

Investments,

at

cost

—

affiliated

.........................................

$

32,797,176

‌

$

30,412,656

‌

$

17,008,782

‌

$

7,251,022

‌

64

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2025

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

1,777,403,637

‌

$

1,261,513,830

‌

$

1,113,204,996

‌

$

1,855,587,974

‌

Investments,

at

value

—

affiliated

(c)

........................................

29,064,807

‌

1,709,077

‌

1,359,946

‌

64,756,849

‌

Cash

............................................................

133

‌

—

‌

—

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................

173,000

‌

230,000

‌

119,000

‌

206,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

11,887

‌

262

‌

743

‌

2,718

‌

Dividends

—

unaffiliated

.............................................

420,928

‌

2,716,010

‌

247,049

‌

1,008,240

‌

Dividends

—

affiliated

...............................................

8,119

‌

5,430

‌

3,893

‌

9,357

‌

Variation

margin

on

futures

contracts

.....................................

40,548

‌

—

‌

10,475

‌

9,295

‌

Total

assets

.......................................................

1,807,123,059

‌

1,266,174,609

‌

1,114,946,102

‌

1,921,580,433

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

27,282,475

‌

253,273

‌

—

‌

18,413,756

‌

Payables:

Investment

advisory

fees

.............................................

579,171

‌

404,857

‌

351,628

‌

597,773

‌

Variation

margin

on

futures

contracts

.....................................

—

‌

13,510

‌

—

‌

—

‌

Total

liabilities

......................................................

27,861,646

‌

671,640

‌

351,628

‌

19,011,529

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

1,779,261,413

‌

$

1,265,502,969

‌

$

1,114,594,474

‌

$

1,902,568,904

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

1,891,980,078

‌

$

1,430,670,864

‌

$

1,351,225,558

‌

$

1,506,441,008

‌

Accumulated

earnings

(loss)

............................................

(

112,718,665

)

(

165,167,895

)

(

236,631,084

)

396,127,896

‌

NET

ASSETS

......................................................

$

1,779,261,413

‌

$

1,265,502,969

‌

$

1,114,594,474

‌

$

1,902,568,904

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

17,250,000

‌

18,950,000

‌

23,800,000

‌

21,600,000

‌

Net

asset

value

.....................................................

$

103.15

‌

$

66.78

‌

$

46.83

‌

$

88.08

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

26,891,068

‌

$

246,856

‌

$

—

‌

$

17,823,141

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

1,744,930,406

‌

$

1,366,003,123

‌

$

995,390,499

‌

$

1,328,245,251

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

29,058,880

‌

$

1,709,051

‌

$

1,359,946

‌

$

56,359,899

‌

65

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2025

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

......................................

$

3,941,841,985

‌

$

3,027,605,521

‌

$

1,742,339,595

‌

$

22,396,459,552

‌

Investments,

at

value

—

affiliated

(c)

.........................................

146,775,269

‌

34,103,484

‌

9,470,724

‌

117,743,964

‌

Cash

.............................................................

37,676

‌

415,446

‌

736

‌

110,607

‌

Cash

pledged:

Futures

contracts

...................................................

577,000

‌

279,999

‌

107,000

‌

293,000

‌

Receivables:

Investments

sold

...................................................

30,606,148

‌

—

‌

—

‌

—

‌

Securities

lending

income

—

affiliated

.....................................

23,640

‌

7,304

‌

4,060

‌

40,960

‌

Capital

shares

sold

..................................................

—

‌

67,470

‌

—

‌

—

‌

Dividends

—

unaffiliated

..............................................

2,062,890

‌

2,903,600

‌

965,470

‌

1,961,164

‌

Dividends

—

affiliated

................................................

20,810

‌

12,510

‌

6,492

‌

20,360

‌

Variation

margin

on

futures

contracts

......................................

23,445

‌

—

‌

4,338

‌

1,608

‌

Total

assets

........................................................

4,121,968,863

‌

3,065,395,334

‌

1,752,898,415

‌

22,516,631,215

‌

LIABILITIES

Collateral

on

securities

loaned

............................................

30,861,071

‌

31,707,334

‌

7,816,504

‌

110,501,043

‌

Payables:

Investments

purchased

...............................................

33,745,658

‌

—

‌

—

‌

—

‌

Capital

shares

redeemed

..............................................

—

‌

—

‌

—

‌

1,511

‌

Investment

advisory

fees

..............................................

1,279,965

‌

912,309

‌

529,556

‌

6,672,523

‌

Variation

margin

on

futures

contracts

......................................

—

‌

3,888

‌

—

‌

—

‌

Total

liabilities

.......................................................

65,886,694

‌

32,623,531

‌

8,346,060

‌

117,175,077

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

$

4,056,082,169

‌

$

3,032,771,803

‌

$

1,744,552,355

‌

$

22,399,456,138

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

$

3,665,796,136

‌

$

3,159,480,138

‌

$

1,554,236,691

‌

$

12,225,515,704

‌

Accumulated

earnings

(loss)

.............................................

390,286,033

‌

(

126,708,335

)

190,315,664

‌

10,173,940,434

‌

NET

ASSETS

.......................................................

$

4,056,082,169

‌

$

3,032,771,803

‌

$

1,744,552,355

‌

$

22,399,456,138

‌

NET

ASSET

VALUE

Shares

outstanding

...................................................

33,100,000

‌

49,850,000

‌

11,900,000

‌

107,700,000

‌

Net

asset

value

......................................................

$

122.54

‌

$

60.84

‌

$

146.60

‌

$

207.98

‌

Shares

authorized

....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

..........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

............................................

$

30,719,125

‌

$

31,313,771

‌

$

7,643,694

‌

$

110,348,034

‌

(b)

Investments,

at

cost

—

unaffiliated

.......................................

$

3,558,284,764

‌

$

3,073,762,649

‌

$

1,466,819,059

‌

$

15,154,429,267

‌

(c)

Investments,

at

cost

—

affiliated

.........................................

$

136,149,748

‌

$

34,089,406

‌

$

9,469,031

‌

$

117,684,453

‌

66

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2025

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

701,246,555

‌

$

1,507,640,169

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

1,629,276

‌

1,533,454

‌

Cash

pledged:

Futures

contracts

.................................................................................

16,000

‌

215,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

5,129

‌

478

‌

Dividends

—

unaffiliated

............................................................................

81,298

‌

364,945

‌

Dividends

—

affiliated

..............................................................................

1,252

‌

8,540

‌

Variation

margin

on

futures

contracts

....................................................................

620

‌

—

‌

Total

assets

......................................................................................

702,980,130

‌

1,509,762,586

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

1,287,174

‌

—

‌

Payables:

Investment

advisory

fees

............................................................................

197,526

‌

484,330

‌

Variation

margin

on

futures

contracts

....................................................................

—

‌

11,790

‌

Total

liabilities

.....................................................................................

1,484,700

‌

496,120

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

701,495,430

‌

$

1,509,266,466

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

931,528,717

‌

$

1,420,522,776

‌

Accumulated

earnings

(loss)

...........................................................................

(

230,033,287

)

88,743,690

‌

NET

ASSETS

.....................................................................................

$

701,495,430

‌

$

1,509,266,466

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

9,700,000

‌

13,500,000

‌

Net

asset

value

....................................................................................

$

72.32

‌

$

111.80

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

1,329,648

‌

$

—

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

778,657,568

‌

$

1,427,970,182

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

1,627,375

‌

$

1,533,454

‌

67

Statements

of

Operations

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2025

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

ESG

MSCI

KLD

400

ETF

iShares

ESG

Optimized

MSCI

USA

ETF

iShares

U.S.

Basic

Materials

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

15,528,547

‌

$

28,924,884

‌

$

21,812,908

‌

$

5,129,602

‌

Dividends

—

affiliated

..............................................

130,461

‌

384,394

‌

101,559

‌

16,798

‌

Interest

—

unaffiliated

..............................................

6,800

‌

13,674

‌

12,442

‌

6,095

‌

Securities

lending

income

—

affiliated

—

net

...............................

79,089

‌

33,880

‌

15,175

‌

10,536

‌

Foreign

taxes

withheld

.............................................

(

4,726

)

(

12,511

)

(

30,046

)

—

‌

Total

investment

income

..............................................

15,740,171

‌

29,344,321

‌

21,912,038

‌

5,163,031

‌

EXPENSES

Investment

advisory

...............................................

2,531,410

‌

5,963,730

‌

4,472,286

‌

1,009,199

‌

Interest

expense

.................................................

2

‌

—

‌

—

‌

—

‌

Total

expenses

....................................................

2,531,412

‌

5,963,730

‌

4,472,286

‌

1,009,199

‌

Net

investment

income

...............................................

13,208,759

‌

23,380,591

‌

17,439,752

‌

4,153,832

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

6,785,769

)

3,729,880

‌

(

2,706,105

)

(

12,187,757

)

Investments

—

affiliated

...........................................

7,277

‌

15,848

‌

2,602

‌

1,562

‌

Futures

contracts

...............................................

691,856

‌

1,592,182

‌

1,303,643

‌

58,647

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

11,643,840

‌

163,768,464

‌

89,304,481

‌

23,971,010

‌

In-kind

redemptions

—

affiliated

(a)

....................................

31,408

‌

860,868

‌

—

‌

—

‌

5,588,612

‌

169,967,242

‌

87,904,621

‌

11,843,462

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

499,198,936

‌

939,740,875

‌

593,916,548

‌

34,229,279

‌

Investments

—

affiliated

...........................................

1,020,756

‌

3,256,206

‌

(

307

)

266

‌

Futures

contracts

...............................................

64,599

‌

158,387

‌

(

3,329

)

(

35,815

)

500,284,291

‌

943,155,468

‌

593,912,912

‌

34,193,730

‌

Net

realized

and

unrealized

gain

........................................

505,872,903

‌

1,113,122,710

‌

681,817,533

‌

46,037,192

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

519,081,662

‌

$

1,136,503,301

‌

$

699,257,285

‌

$

50,191,024

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

68

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2025

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

6,670,551

‌

$

20,394,341

‌

$

19,136,371

‌

$

13,012,966

‌

Dividends

—

affiliated

..............................................

45,135

‌

41,686

‌

29,271

‌

483,829

‌

Interest

—

unaffiliated

..............................................

4,773

‌

4,070

‌

5,716

‌

4,508

‌

Securities

lending

income

—

affiliated

—

net

...............................

326,342

‌

2,095

‌

4,867

‌

29,072

‌

Foreign

taxes

withheld

.............................................

(

12,177

)

—

‌

—

‌

(

4,239

)

Total

investment

income

..............................................

7,034,624

‌

20,442,192

‌

19,176,225

‌

13,526,136

‌

EXPENSES

Investment

advisory

...............................................

3,084,975

‌

2,632,853

‌

2,174,133

‌

3,461,153

‌

Interest

expense

.................................................

115

‌

1

‌

—

‌

2

‌

Total

expenses

....................................................

3,085,090

‌

2,632,854

‌

2,174,133

‌

3,461,155

‌

Net

investment

income

...............................................

3,949,534

‌

17,809,338

‌

17,002,092

‌

10,064,981

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

18,483,012

)

(

30,125,477

)

(

6,565,882

)

(

528,663

)

Investments

—

affiliated

...........................................

11,979

‌

1,686

‌

507

‌

6,852

‌

Futures

contracts

...............................................

390,956

‌

(

74,178

)

161,100

‌

458,500

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

77,678,026

‌

47,196,722

‌

51,747,385

‌

16,613,715

‌

In-kind

redemptions

—

affiliated

(a)

....................................

—

‌

—

‌

—

‌

375,434

‌

59,597,949

‌

16,998,753

‌

45,343,110

‌

16,925,838

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

143,188,093

‌

(

100,349,955

)

61,467,762

‌

195,501,946

‌

Investments

—

affiliated

...........................................

(

5,512

)

17

‌

(

10

)

6,352,328

‌

Futures

contracts

...............................................

(

65,657

)

(

203,384

)

137,594

‌

(

278,662

)

143,116,924

‌

(

100,553,322

)

61,605,346

‌

201,575,612

‌

Net

realized

and

unrealized

gain

(loss)

....................................

202,714,873

‌

(

83,554,569

)

106,948,456

‌

218,501,450

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

206,664,407

‌

$

(

65,745,231

)

$

123,950,548

‌

$

228,566,431

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

69

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2025

Statements

of

Operations

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

32,232,729

‌

$

24,510,757

‌

$

11,081,607

‌

$

55,163,723

‌

Dividends

—

affiliated

..............................................

1,109,837

‌

72,626

‌

40,561

‌

405,002

‌

Interest

—

unaffiliated

..............................................

12,974

‌

8,091

‌

3,263

‌

49,525

‌

Securities

lending

income

—

affiliated

—

net

...............................

94,338

‌

45,532

‌

15,617

‌

332,839

‌

Foreign

taxes

withheld

.............................................

(

25,246

)

(

4,300

)

—

‌

—

‌

Total

investment

income

..............................................

33,424,632

‌

24,632,706

‌

11,141,048

‌

55,951,089

‌

EXPENSES

Investment

advisory

...............................................

7,298,060

‌

5,252,986

‌

3,110,727

‌

40,303,839

‌

Interest

expense

.................................................

8

‌

19

‌

—

‌

—

‌

Total

expenses

....................................................

7,298,068

‌

5,253,005

‌

3,110,727

‌

40,303,839

‌

Net

investment

income

...............................................

26,126,564

‌

19,379,701

‌

8,030,321

‌

15,647,250

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

2,790,976

)

(

27,382,072

)

(

7,222,830

)

(

72,461,959

)

Investments

—

affiliated

...........................................

(

90,730

)

7,856

‌

1,678

‌

69,325

‌

Futures

contracts

...............................................

805,664

‌

(

335,756

)

373,848

‌

6,057,805

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

186,795,125

‌

100,526,040

‌

46,301,981

‌

3,430,385,208

‌

In-kind

redemptions

—

affiliated

(a)

....................................

3,626,980

‌

—

‌

—

‌

—

‌

188,346,063

‌

72,816,068

‌

39,454,677

‌

3,364,050,379

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

155,622,833

‌

22,085,328

‌

159,093,229

‌

4,438,828,533

‌

Investments

—

affiliated

...........................................

11,604,277

‌

(

2,869

)

396

‌

(

1,761

)

Futures

contracts

...............................................

(

452,064

)

197,760

‌

(

22,562

)

(

165,602

)

166,775,046

‌

22,280,219

‌

159,071,063

‌

4,438,661,170

‌

Net

realized

and

unrealized

gain

........................................

355,121,109

‌

95,096,287

‌

198,525,740

‌

7,802,711,549

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

381,247,673

‌

$

114,475,988

‌

$

206,556,061

‌

$

7,818,358,799

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

70

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2025

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

4,770,025

‌

$

20,891,952

‌

Dividends

—

affiliated

..............................................................................

9,960

‌

52,699

‌

Interest

—

unaffiliated

..............................................................................

1,077

‌

6,146

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

25,794

‌

2,851

‌

Foreign

taxes

withheld

.............................................................................

—

‌

(

16,213

)

Total

investment

income

..............................................................................

4,806,856

‌

20,937,435

‌

EXPENSES

Investment

advisory

...............................................................................

1,227,793

‌

2,854,682

‌

Total

expenses

....................................................................................

1,227,793

‌

2,854,682

‌

Net

investment

income

...............................................................................

3,579,063

‌

18,082,753

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

11,484,335

)

(

2,340,050

)

Investments

—

affiliated

...........................................................................

7,096

‌

1,402

‌

Futures

contracts

...............................................................................

132,148

‌

215,272

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

25,291,973

‌

88,351,389

‌

13,946,882

‌

86,228,013

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

85,138,476

‌

52,341,713

‌

Investments

—

affiliated

...........................................................................

(

2,323

)

3

‌

Futures

contracts

...............................................................................

(

25,302

)

(

15,795

)

85,110,851

‌

52,325,921

‌

Net

realized

and

unrealized

gain

........................................................................

99,057,733

‌

138,553,934

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

102,636,796

‌

$

156,636,687

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

71

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

ESG

MSCI

KLD

400

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

.......................................

$

13,208,759

‌

$

24,109,253

‌

$

23,380,591

‌

$

50,421,657

‌

Net

realized

gain

...........................................

5,588,612

‌

45,252,612

‌

169,967,242

‌

220,262,837

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

500,284,291

‌

138,354,580

‌

943,155,468

‌

53,859,078

‌

Net

increase

in

net

assets

resulting

from

operations

......................

519,081,662

‌

207,716,445

‌

1,136,503,301

‌

324,543,572

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

12,287,449

)

(b)

(

24,042,504

)

(

21,840,960

)

(b)

(

49,973,946

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

27,750,654

‌

180,065,349

‌

(

274,254,819

)

(

303,190,198

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

534,544,867

‌

363,739,290

‌

840,407,522

‌

(

28,620,572

)

Beginning

of

period

...........................................

2,189,875,259

‌

1,826,135,969

‌

4,218,152,389

‌

4,246,772,961

‌

End

of

period

...............................................

$

2,724,420,126

‌

$

2,189,875,259

‌

$

5,058,559,911

‌

$

4,218,152,389

‌

(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.

72

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

Optimized

MSCI

USA

ETF

iShares

U.S.

Basic

Materials

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

.......................................

$

17,439,752

‌

$

40,986,246

‌

$

4,153,832

‌

$

8,714,759

‌

Net

realized

gain

(loss)

.......................................

87,904,621

‌

178,250,736

‌

11,843,462

‌

(

2,184,419

)

Net

change

in

unrealized

appreciation

(depreciation)

...................

593,912,912

‌

146,057,036

‌

34,193,730

‌

(

38,164,372

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

699,257,285

‌

365,294,018

‌

50,191,024

‌

(

31,634,032

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

16,670,191

)

(b)

(

41,724,328

)

(

4,201,710

)

(b)

(

8,726,829

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

............

(

279,169,157

)

(

371,327,667

)

(

31,319,303

)

(

124,498,786

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

403,417,937

‌

(

47,757,977

)

14,670,011

‌

(

164,859,647

)

Beginning

of

period

...........................................

3,285,399,894

‌

3,333,157,871

‌

483,949,347

‌

648,808,994

‌

End

of

period

...............................................

$

3,688,817,831

‌

$

3,285,399,894

‌

$

498,619,358

‌

$

483,949,347

‌

(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.

73

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

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

.......................................

$

3,949,534

‌

$

6,136,906

‌

$

17,809,338

‌

$

34,380,358

‌

Net

realized

gain

...........................................

59,597,949

‌

191,289,766

‌

16,998,753

‌

38,767,963

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

143,116,924

‌

(

93,205,379

)

(

100,553,322

)

33,663,772

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

206,664,407

‌

104,221,293

‌

(

65,745,231

)

106,812,093

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

4,410,070

)

(b)

(

6,540,482

)

(

16,907,452

)

(b)

(

33,620,200

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

281,970,105

‌

199,653,892

‌

(

154,616,364

)

162,292,642

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

484,224,442

‌

297,334,703

‌

(

237,269,047

)

235,484,535

‌

Beginning

of

period

...........................................

1,295,036,971

‌

997,702,268

‌

1,502,772,016

‌

1,267,287,481

‌

End

of

period

...............................................

$

1,779,261,413

‌

$

1,295,036,971

‌

$

1,265,502,969

‌

$

1,502,772,016

‌

(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.

74

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

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

.......................................

$

17,002,092

‌

$

34,484,618

‌

$

10,064,981

‌

$

18,885,454

‌

Net

realized

gain

...........................................

45,343,110

‌

70,278,908

‌

16,925,838

‌

17,751,091

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

61,605,346

‌

(

238,760,382

)

201,575,612

‌

258,647,951

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

123,950,548

‌

(

133,996,856

)

228,566,431

‌

295,284,496

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

16,962,034

)

(b)

(

34,762,099

)

(

9,604,562

)

(b)

(

18,879,412

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

(

111,981,979

)

(

58,437,139

)

55,596,376

‌

68,758,987

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

(

4,993,465

)

(

227,196,094

)

274,558,245

‌

345,164,071

‌

Beginning

of

period

...........................................

1,119,587,939

‌

1,346,784,033

‌

1,628,010,659

‌

1,282,846,588

‌

End

of

period

...............................................

$

1,114,594,474

‌

$

1,119,587,939

‌

$

1,902,568,904

‌

$

1,628,010,659

‌

(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.

75

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

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

.......................................

$

26,126,564

‌

$

51,748,456

‌

$

19,379,701

‌

$

39,677,837

‌

Net

realized

gain

...........................................

188,346,063

‌

547,973,760

‌

72,816,068

‌

253,388,674

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

166,775,046

‌

(

18,779,853

)

22,280,219

‌

(

259,844,887

)

Net

increase

in

net

assets

resulting

from

operations

......................

381,247,673

‌

580,942,363

‌

114,475,988

‌

33,221,624

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

23,504,826

)

(b)

(

46,469,800

)

(

17,427,743

)

(b)

(

38,606,689

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

375,648,674

‌

257,595,839

‌

(

30,901,869

)

(

297,607,119

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

733,391,521

‌

792,068,402

‌

66,146,376

‌

(

302,992,184

)

Beginning

of

period

...........................................

3,322,690,648

‌

2,530,622,246

‌

2,966,625,427

‌

3,269,617,611

‌

End

of

period

...............................................

$

4,056,082,169

‌

$

3,322,690,648

‌

$

3,032,771,803

‌

$

2,966,625,427

‌

(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.

76

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

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

.......................................

$

8,030,321

‌

$

14,603,496

‌

$

15,647,250

‌

$

42,864,597

‌

Net

realized

gain

...........................................

39,454,677

‌

105,559,784

‌

3,364,050,379

‌

2,241,497,889

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

159,071,063

‌

(

8,471,779

)

4,438,661,170

‌

(

481,789,114

)

Net

increase

in

net

assets

resulting

from

operations

......................

206,556,061

‌

111,691,501

‌

7,818,358,799

‌

1,802,573,372

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

7,787,287

)

(b)

(

14,700,725

)

(

18,148,293

)

(b)

(

40,732,579

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

67,898,008

‌

(

187,222,880

)

(

3,360,676,914

)

452,717,169

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

266,666,782

‌

(

90,232,104

)

4,439,533,592

‌

2,214,557,962

‌

Beginning

of

period

...........................................

1,477,885,573

‌

1,568,117,677

‌

17,959,922,546

‌

15,745,364,584

‌

End

of

period

...............................................

$

1,744,552,355

‌

$

1,477,885,573

‌

$

22,399,456,138

‌

$

17,959,922,546

‌

(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.

77

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

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

.......................................

$

3,579,063

‌

$

7,859,266

‌

$

18,082,753

‌

$

32,782,755

‌

Net

realized

gain

(loss)

.......................................

13,946,882

‌

(

5,440,628

)

86,228,013

‌

165,411,196

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

85,110,851

‌

(

34,719,735

)

52,325,921

‌

35,233,054

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

102,636,796

‌

(

32,301,097

)

156,636,687

‌

233,427,005

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

3,600,272

)

(b)

(

7,940,968

)

(

16,924,554

)

(b)

(

32,618,788

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

48,279,883

‌

(

267,320,742

)

(

64,407,368

)

317,277,136

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

147,316,407

‌

(

307,562,807

)

75,304,765

‌

518,085,353

‌

Beginning

of

period

...........................................

554,179,023

‌

861,741,830

‌

1,433,961,701

‌

915,876,348

‌

End

of

period

...............................................

$

701,495,430

‌

$

554,179,023

‌

$

1,509,266,466

‌

$

1,433,961,701

‌

(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.

78

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

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

.......

$

135.18

‌

$

122.56

‌

$

101.24

‌

$

101.26

‌

$

105.12

‌

$

71.50

‌

Net

investment

income

(b)

...............

0.81

‌

1.54

‌

1.48

‌

1.43

‌

1.23

‌

1.19

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

30.88

‌

12.61

‌

21.33

‌

(0.01

)

(3.87

)

33.68

‌

Net

increase

(decrease)

from

investment

operations

.........................

31.69

‌

14.15

‌

22.81

‌

1.42

‌

(2.64

)

34.87

‌

Distributions

from

net

investment

income

(d)

.....

(0.75

)

(e)

(1.53

)

(1.49

)

(1.44

)

(1.22

)

(1.25

)

Net

asset

value,

end

of

period

............

$

166.12

‌

$

135.18

‌

$

122.56

‌

$

101.24

‌

$

101.26

‌

$

105.12

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

23.49

%

(g)

11.52

%

22.68

%

1.50

%

(2.61

)%

49.18

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.20

%

(i)

0.20

%

0.20

%

0.20

%

0.20

%

0.20

%

Net

investment

income

..................

1.04

%

(i)

1.12

%

1.31

%

1.48

%

1.11

%

1.35

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

2,724,420

‌

$

2,189,875

‌

$

1,826,136

‌

$

1,554,020

‌

$

1,559,426

‌

$

1,613,580

‌

Portfolio

turnover

rate

(j)

..................

2

%

3

%

3

%

4

%

4

%

4

%

(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.

79

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

KLD

400

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

.......

$

102.01

‌

$

96.19

‌

$

78.33

‌

$

78.64

‌

$

80.24

‌

$

55.03

‌

Net

investment

income

(b)

...............

0.58

‌

1.17

‌

1.08

‌

1.05

‌

0.92

‌

0.86

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

27.67

‌

5.81

‌

17.84

‌

(0.31

)

(1.61

)

25.19

‌

Net

increase

(decrease)

from

investment

operations

.........................

28.25

‌

6.98

‌

18.92

‌

0.74

‌

(0.69

)

26.05

‌

Distributions

from

net

investment

income

(d)

.....

(0.55

)

(e)

(1.16

)

(1.06

)

(1.05

)

(0.91

)

(0.84

)

Net

asset

value,

end

of

period

............

$

129.71

‌

$

102.01

‌

$

96.19

‌

$

78.33

‌

$

78.64

‌

$

80.24

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

27.74

%

(g)

7.20

%

24.31

%

1.03

%

(0.95

)%

47.69

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.25

%

(i)

0.25

%

0.25

%

0.25

%

0.25

%

0.25

%

Net

investment

income

..................

0.98

%

(i)

1.09

%

1.23

%

1.40

%

1.07

%

1.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

5,058,560

‌

$

4,218,152

‌

$

4,246,773

‌

$

3,536,465

‌

$

3,613,714

‌

$

3,109,465

‌

Portfolio

turnover

rate

(j)

..................

1

%

2

%

5

%

4

%

6

%

5

%

(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.

80

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Optimized

MSCI

USA

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

.......

$

114.87

‌

$

104.49

‌

$

88.35

‌

$

88.58

‌

$

92.11

‌

$

61.68

‌

Net

investment

income

(b)

...............

0.63

‌

1.33

‌

1.36

‌

1.32

‌

1.09

‌

1.03

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

24.56

‌

10.41

‌

16.11

‌

(0.26

)

(3.54

)

30.38

‌

Net

increase

(decrease)

from

investment

operations

.........................

25.19

‌

11.74

‌

17.47

‌

1.06

‌

(2.45

)

31.41

‌

Distributions

from

net

investment

income

(d)

.....

(0.60

)

(e)

(1.36

)

(1.33

)

(1.29

)

(1.08

)

(0.98

)

Net

asset

value,

end

of

period

............

$

139.46

‌

$

114.87

‌

$

104.49

‌

$

88.35

‌

$

88.58

‌

$

92.11

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

21.98

%

(g)

11.21

%

19.90

%

1.30

%

(2.77

)%

51.29

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.25

%

(i)

0.25

%

0.25

%

0.25

%

0.25

%

0.25

%

Net

investment

income

..................

0.97

%

(i)

1.14

%

1.41

%

1.55

%

1.11

%

1.31

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,688,818

‌

$

3,285,400

‌

$

3,333,158

‌

$

3,260,028

‌

$

3,662,646

‌

$

3,057,931

‌

Portfolio

turnover

rate

(j)

..................

9

%

18

%

16

%

18

%

19

%

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.

81

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Basic

Materials

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

Net

asset

value,

beginning

of

period

......

$

130.80

‌

$

141.05

‌

$

130.78

‌

$

140.79

‌

$

131.01

‌

$

81.27

‌

Net

investment

income

(a)

..............

1.11

‌

2.16

‌

2.35

‌

2.65

‌

2.16

‌

1.78

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

11.64

‌

(10.24

)

10.37

‌

(9.96

)

9.70

‌

49.62

‌

Net

increase

(decrease)

from

investment

operations

........................

12.75

‌

(8.08

)

12.72

‌

(7.31

)

11.86

‌

51.40

‌

Distributions

from

net

investment

income

(c)

....

(1.09

)

(d)

(2.17

)

(2.45

)

(2.70

)

(2.08

)

(1.66

)

Net

asset

value,

end

of

period

...........

$

142.46

‌

$

130.80

‌

$

141.05

‌

$

130.78

‌

$

140.79

‌

$

131.01

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

9.75

%

(f)

(5.83

)%

9.85

%

(5.07

)%

9.13

%

63.81

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0.37

%

(h)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

.................

1.54

%

(h)

1.53

%

1.78

%

2.09

%

1.60

%

1.64

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

498,619

‌

$

483,949

‌

$

648,809

‌

$

915,441

‌

$

1,126,326

‌

$

779,484

‌

Portfolio

turnover

rate

(i)

.................

17

%

19

%

11

%

30

%

47

%

28

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

82

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

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

.....

$

89.62

‌

$

77.64

‌

$

64.39

‌

$

66.68

‌

$

78.01

‌

$

51.17

‌

Net

investment

income

(b)

.............

0.24

‌

0.45

‌

0.49

‌

0.42

‌

0.31

‌

0.44

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...

13.56

‌

12.01

‌

13.26

‌

(2.28

)

(11.31

)

26.82

‌

Net

increase

(decrease)

from

investment

operations

.......................

13.80

‌

12.46

‌

13.75

‌

(1.86

)

(11.00

)

27.26

‌

Distributions

from

net

investment

income

(d)

...

(0.27

)

(e)

(0.48

)

(0.50

)

(0.43

)

(0.33

)

(0.42

)

Net

asset

value,

end

of

period

..........

$

103.15

‌

$

89.62

‌

$

77.64

‌

$

64.39

‌

$

66.68

‌

$

78.01

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

..............

15.40

%

(g)

16.06

%

(h)

21.42

%

(2.75

)%

(14.16

)%

53.48

%

Ratios

to

Average

Net

Assets

(i)

–

–

–

–

–

–

Total

expenses

.....................

0.37

%

(j)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

................

0.48

%

(j)

0.50

%

0.68

%

0.68

%

0.39

%

0.67

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

1,779,261

‌

$

1,295,037

‌

$

997,702

‌

$

698,600

‌

$

856,866

‌

$

1,583,666

‌

Portfolio

turnover

rate

(k)

................

9

%

22

%

11

%

27

%

45

%

20

%

(a)

Per

share

amounts

reflect

a

four-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)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(i)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(j)

Annualized.

(k)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

83

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Staples

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

......

$

71.05

‌

$

66.88

‌

$

69.00

‌

$

68.79

‌

$

60.66

‌

$

39.79

‌

Net

investment

income

(b)

..............

0.89

‌

1.79

‌

1.67

‌

1.62

‌

1.27

‌

0.81

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(4.30

)

4.10

‌

(2.04

)

0.08

‌

7.94

‌

20.86

‌

Net

increase

(decrease)

from

investment

operations

........................

(3.41

)

5.89

‌

(0.37

)

1.70

‌

9.21

‌

21.67

‌

Distributions

from

net

investment

income

(d)

....

(0.86

)

(e)

(1.72

)

(1.75

)

(1.49

)

(1.08

)

(0.80

)

Net

asset

value,

end

of

period

...........

$

66.78

‌

$

71.05

‌

$

66.88

‌

$

69.00

‌

$

68.79

‌

$

60.66

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(4.85

)%

(g)

8.96

%

(0.40

)%

2.65

%

15.33

%

54.87

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

......................

0.37

%

(i)

0.38

%

0.40

%

0.40

%

0.39

%

0.41

%

Net

investment

income

.................

2.53

%

(i)

2.61

%

2.57

%

2.46

%

1.99

%

1.57

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,265,503

‌

$

1,502,772

‌

$

1,267,287

‌

$

1,811,380

‌

$

1,134,954

‌

$

691,548

‌

Portfolio

turnover

rate

(j)

.................

5

%

9

%

8

%

6

%

33

%

4

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

84

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Energy

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

Net

asset

value,

beginning

of

period

.......

$

42.65

‌

$

48.89

‌

$

44.56

‌

$

39.92

‌

$

26.40

‌

$

20.06

‌

Net

investment

income

(a)

...............

0.68

‌

1.27

‌

1.24

‌

1.49

‌

1.07

‌

0.80

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

4.18

‌

(6.22

)

4.33

‌

4.77

‌

13.56

‌

6.36

‌

Net

increase

(decrease)

from

investment

operations

.........................

4.86

‌

(4.95

)

5.57

‌

6.26

‌

14.63

‌

7.16

‌

Distributions

from

net

investment

income

(c)

.....

(0.68

)

(d)

(1.29

)

(1.24

)

(1.62

)

(1.11

)

(0.82

)

Net

asset

value,

end

of

period

............

$

46.83

‌

$

42.65

‌

$

48.89

‌

$

44.56

‌

$

39.92

‌

$

26.40

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

11.40

%

(f)

(10.33

)%

12.71

%

15.97

%

56.56

%

37.20

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0.37

%

(h)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

..................

2.92

%

(h)

2.68

%

2.76

%

3.40

%

3.38

%

3.62

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,114,594

‌

$

1,119,588

‌

$

1,346,784

‌

$

1,555,112

‌

$

3,552,781

‌

$

2,102,459

‌

Portfolio

turnover

rate

(i)

..................

5

%

13

%

10

%

11

%

17

%

15

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

85

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financial

Services

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

......

$

77.71

‌

$

63.51

‌

$

51.38

‌

$

54.32

‌

$

60.91

‌

$

38.45

‌

Net

investment

income

(b)

..............

0.47

‌

0.92

‌

0.97

‌

1.02

‌

0.92

‌

0.84

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

10.35

‌

14.20

‌

12.13

‌

(2.83

)

(6.64

)

22.41

‌

Net

increase

(decrease)

from

investment

operations

........................

10.82

‌

15.12

‌

13.10

‌

(1.81

)

(5.72

)

23.25

‌

Distributions

from

net

investment

income

(d)

....

(0.45

)

(e)

(0.92

)

(0.97

)

(1.13

)

(0.87

)

(0.79

)

Net

asset

value,

end

of

period

...........

$

88.08

‌

$

77.71

‌

$

63.51

‌

$

51.38

‌

$

54.32

‌

$

60.91

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...............

13.94

%

(g)

23.92

%

25.76

%

(3.29

)%

(9.57

)%

61.14

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

.................

1.09

%

(i)

1.25

%

1.72

%

1.93

%

1.46

%

1.85

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,902,569

‌

$

1,628,011

‌

$

1,282,847

‌

$

1,202,357

‌

$

2,029,031

‌

$

1,635,325

‌

Portfolio

turnover

rate

(j)

.................

2

%

3

%

18

%

4

%

5

%

7

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

86

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financials

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

......

$

110.57

‌

$

91.19

‌

$

73.16

‌

$

75.81

‌

$

80.18

‌

$

53.39

‌

Net

investment

income

(b)

..............

0.82

‌

1.67

‌

1.50

‌

1.45

‌

1.20

‌

1.09

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

11.91

‌

19.20

‌

17.93

‌

(2.71

)

(4.38

)

26.76

‌

Net

increase

(decrease)

from

investment

operations

........................

12.73

‌

20.87

‌

19.43

‌

(1.26

)

(3.18

)

27.85

‌

Distributions

from

net

investment

income

(d)

....

(0.76

)

(e)

(1.49

)

(1.40

)

(1.39

)

(1.19

)

(1.06

)

Net

asset

value,

end

of

period

...........

$

122.54

‌

$

110.57

‌

$

91.19

‌

$

73.16

‌

$

75.81

‌

$

80.18

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...............

11.53

%

(g)

22.98

%

26.82

%

(1.62

)%

(4.11

)%

52.80

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

.................

1.34

%

(i)

1.56

%

1.86

%

1.94

%

1.42

%

1.72

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

4,056,082

‌

$

3,322,691

‌

$

2,530,622

‌

$

1,828,976

‌

$

2,099,949

‌

$

2,353,202

‌

Portfolio

turnover

rate

(j)

.................

6

%

8

%

6

%

14

%

24

%

9

%

(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.

87

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

.......

$

58.63

‌

$

58.81

‌

$

56.24

‌

$

54.62

‌

$

52.62

‌

$

42.50

‌

Net

investment

income

(b)

...............

0.40

‌

0.74

‌

0.70

‌

0.64

‌

0.57

‌

0.53

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

2.17

‌

(0.20

)

2.56

‌

1.62

‌

2.00

‌

10.17

‌

Net

increase

from

investment

operations

......

2.57

‌

0.54

‌

3.26

‌

2.26

‌

2.57

‌

10.70

‌

Distributions

from

net

investment

income

(d)

.....

(0.36

)

(e)

(0.72

)

(0.69

)

(0.64

)

(0.57

)

(0.58

)

Net

asset

value,

end

of

period

............

$

60.84

‌

$

58.63

‌

$

58.81

‌

$

56.24

‌

$

54.62

‌

$

52.62

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

4.42

%

(g)

0.87

%

5.84

%

4.21

%

4.86

%

25.40

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

..................

1.38

%

(i)

1.21

%

1.23

%

1.18

%

1.03

%

1.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,032,772

‌

$

2,966,625

‌

$

3,269,618

‌

$

3,261,993

‌

$

2,826,782

‌

$

2,565,039

‌

Portfolio

turnover

rate

(j)

..................

2

%

4

%

5

%

3

%

7

%

6

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

88

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Industrials

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

.......

$

129.07

‌

$

120.16

‌

$

99.72

‌

$

97.59

‌

$

110.26

‌

$

68.98

‌

Net

investment

income

(b)

...............

0.69

‌

1.21

‌

1.16

‌

1.07

‌

0.89

‌

0.90

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

17.52

‌

8.91

‌

20.45

‌

2.09

‌

(12.64

)

41.28

‌

Net

increase

(decrease)

from

investment

operations

.........................

18.21

‌

10.12

‌

21.61

‌

3.16

‌

(11.75

)

42.18

‌

Distributions

from

net

investment

income

(d)

.....

(0.68

)

(e)

(1.21

)

(1.17

)

(1.03

)

(0.92

)

(0.90

)

Net

asset

value,

end

of

period

............

$

146.60

‌

$

129.07

‌

$

120.16

‌

$

99.72

‌

$

97.59

‌

$

110.26

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

14.12

%

(g)

8.42

%

21.80

%

3.32

%

(10.75

)%

61.51

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

..................

0.96

%

(i)

0.93

%

1.06

%

1.11

%

0.81

%

0.99

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,744,552

‌

$

1,477,886

‌

$

1,568,118

‌

$

1,176,683

‌

$

1,249,092

‌

$

1,697,961

‌

Portfolio

turnover

rate

(j)

..................

2

%

5

%

4

%

4

%

26

%

5

%

(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.

89

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Technology

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

.......

$

143.16

‌

$

128.17

‌

$

93.05

‌

$

89.60

‌

$

92.98

‌

$

58.58

‌

Net

investment

income

(b)

...............

0.13

‌

0.34

‌

0.30

‌

0.39

‌

0.25

‌

0.37

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

64.84

‌

14.98

‌

35.29

‌

3.50

‌

(3.33

)

34.42

‌

Net

increase

(decrease)

from

investment

operations

.........................

64.97

‌

15.32

‌

35.59

‌

3.89

‌

(3.08

)

34.79

‌

Distributions

from

net

investment

income

(d)

.....

(0.15

)

(e)

(0.33

)

(0.47

)

(0.44

)

(0.30

)

(0.39

)

Net

asset

value,

end

of

period

............

$

207.98

‌

$

143.16

‌

$

128.17

‌

$

93.05

‌

$

89.60

‌

$

92.98

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

45.39

%

(g)

11.95

%

38.28

%

4.41

%

(3.35

)%

59.56

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

..................

0.15

%

(i)

0.23

%

0.26

%

0.46

%

0.24

%

0.47

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

22,399,456

‌

$

17,959,923

‌

$

15,745,365

‌

$

10,552,317

‌

$

7,338,434

‌

$

7,257,255

‌

Portfolio

turnover

rate

(j)

..................

4

%

7

%

11

%

10

%

13

%

12

%

(a)

Per

share

amounts

reflect

a

four-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.

90

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

Year

Ended

04/30/24

(a)

Year

Ended

04/30/23

(a)

Year

Ended

04/30/22

(a)

Year

Ended

04/30/21

(a)

Net

asset

value,

beginning

of

period

......

$

60.90

‌

$

64.31

‌

$

55.58

‌

$

60.74

‌

$

67.43

‌

$

37.44

‌

Net

investment

income

(b)

..............

0.38

‌

0.75

‌

0.78

‌

0.76

‌

0.52

‌

0.49

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

11.43

‌

(3.40

)

8.76

‌

(5.15

)

(6.66

)

29.97

‌

Net

increase

(decrease)

from

investment

operations

........................

11.81

‌

(2.65

)

9.54

‌

(4.39

)

(6.14

)

30.46

‌

Distributions

from

net

investment

income

(d)

....

(0.39

)

(e)

(0.76

)

(0.81

)

(0.77

)

(0.55

)

(0.47

)

Net

asset

value,

end

of

period

...........

$

72.32

‌

$

60.90

‌

$

64.31

‌

$

55.58

‌

$

60.74

‌

$

67.43

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

...............

19.42

%

(g)

(4.22

)%

17.23

%

(7.18

)%

(9.18

)%

81.75

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

.................

1.09

%

(i)

1.12

%

1.25

%

1.37

%

0.80

%

0.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

701,495

‌

$

554,179

‌

$

861,742

‌

$

822,531

‌

$

1,178,276

‌

$

2,144,306

‌

Portfolio

turnover

rate

(j)

.................

7

%

15

%

11

%

13

%

72

%

80

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

91

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Utilities

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

.......

$

101.70

‌

$

85.60

‌

$

85.24

‌

$

87.48

‌

$

82.62

‌

$

71.20

‌

Net

investment

income

(b)

...............

1.28

‌

2.39

‌

2.21

‌

2.00

‌

1.98

‌

2.10

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

10.00

‌

16.02

‌

0.31

‌

(2.15

)

4.95

‌

11.60

‌

Net

increase

(decrease)

from

investment

operations

.........................

11.28

‌

18.41

‌

2.52

‌

(0.15

)

6.93

‌

13.70

‌

Distributions

from

net

investment

income

(d)

.....

(1.18

)

(e)

(2.31

)

(2.16

)

(2.09

)

(2.07

)

(2.28

)

Net

asset

value,

end

of

period

............

$

111.80

‌

$

101.70

‌

$

85.60

‌

$

85.24

‌

$

87.48

‌

$

82.62

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

11.17

%

(g)

21.65

%

3.18

%

(0.15

)%

8.52

%

19.66

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0.37

%

(i)

0.38

%

0.39

%

0.40

%

0.39

%

0.41

%

Net

investment

income

..................

2.37

%

(i)

2.46

%

2.76

%

2.33

%

2.35

%

2.78

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,509,266

‌

$

1,433,962

‌

$

915,876

‌

$

1,001,549

‌

$

970,990

‌

$

822,092

‌

Portfolio

turnover

rate

(j)

..................

2

%

4

%

4

%

3

%

14

%

5

%

(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.

Notes

to

Financial

Statements

(unaudited)

92

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

 Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

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.

iShares

ETF

Diversification

Classification

Dow

Jones

U.S.

......................................................................................................

Diversified

ESG

MSCI

KLD

400

(a)

..................................................................................................

Diversified

ESG

Optimized

MSCI

USA

(b)

.............................................................................................

Diversified

U.S.

Basic

Materials

...................................................................................................

Non-diversified

U.S.

Consumer

Discretionary

.............................................................................................

Diversified

U.S.

Consumer

Staples

................................................................................................

Non-diversified

U.S.

Energy

........................................................................................................

Non-diversified

U.S.

Financial

Services

.................................................................................................

Non-diversified

U.S.

Financials

......................................................................................................

Diversified

U.S.

Healthcare

......................................................................................................

Non-diversified

U.S.

Industrials

......................................................................................................

Diversified

U.S.

Technology

.....................................................................................................

Non-diversified

U.S.

Transportation

...................................................................................................

Non-diversified

U.S.

Utilities

........................................................................................................

Non-diversified

(a)

The

Fund

intends

to

be

diversified

in

approximately

the

same

proportion

as

its

underlying

index

is

diversified.

The

Fund

may

become

non-diversified,

as

defined

in

the

1940

Act,

solely

as

a

result

of

a

change

in

relative

market

capitalization

or

index

weighting

of

one

or

more

constituents

of

its

underlying

index.

Shareholder

approval

will

not

be

sought

if

the

Fund

crosses

from

diversified

to

non-diversified

status

due

solely

to

a

change

in

its

relative

market

capitalization

or

index

weighting

of

one

or

more

constituents

of

its

underlying

index.

(b)

Formerly

known

as

the

iShares

MSCI

USA

ESG

Select

ETF.

Notes

to

Financial

Statements

(unaudited)

(

continued)

93

Notes

to

Financial

Statements

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

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.

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)

94

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

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

(b)

Dow

Jones

U.S.

Barclays

Bank

PLC

...............................................

$

2,112,962‌

$

(

2,029,470‌

)

$

—‌

$

83,492‌

Barclays

Capital,

Inc.

.............................................

435,570‌

(

424,203‌

)

—‌

11,367‌

BNP

Paribas

SA

.................................................

596,356‌

(

594,325‌

)

—‌

2,031‌

BofA

Securities,

Inc.

..............................................

568,064‌

(

568,064‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

5,787,270‌

(

5,787,270‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,828,261‌

(

1,828,261‌

)

—‌

—‌

HSBC

Bank

PLC

................................................

2,220,516‌

(

2,220,516‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

5,475,550‌

(

5,404,261‌

)

—‌

71,289‌

Jefferies

LLC

...................................................

300,591‌

(

300,591‌

)

—‌

—‌

Morgan

Stanley

.................................................

3,340,409‌

(

3,340,409‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

58,521‌

(

58,521‌

)

—‌

—‌

Natixis

SA

.....................................................

73,884‌

(

73,884‌

)

—‌

—‌

SG

Americas

Securities

LLC

........................................

31,104‌

(

31,104‌

)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

115,863‌

(

115,863‌

)

—‌

—‌

Toronto-Dominion

Bank

............................................

84,134‌

(

82,186‌

)

—‌

1,948‌

UBS

AG

......................................................

1,165,714‌

(

1,165,714‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

314,486‌

(

314,486‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

80,853‌

(

77,959‌

)

—‌

2,894‌

Wells

Fargo

Securities

LLC

.........................................

1,101,765‌

(

1,101,765‌

)

—‌

—‌

$

25,691,873‌

$

(

25,518,852‌

)

$

—‌

$

173,021‌

a

ESG

MSCI

KLD

400

Barclays

Bank

PLC

...............................................

19,526‌

(

19,526‌

)

—‌

—‌

BNP

Paribas

SA

.................................................

139,491‌

(

139,491‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,066,786‌

(

4,066,786‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,987,132‌

(

2,987,132‌

)

—‌

—‌

HSBC

Bank

PLC

................................................

684,969‌

(

684,969‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

78,996‌

(

78,996‌

)

—‌

—‌

Morgan

Stanley

.................................................

1,188,733‌

(

1,188,733‌

)

—‌

—‌

UBS

AG

......................................................

386,630‌

(

386,630‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

7,155‌

(

7,155‌

)

—‌

—‌

$

9,559,418‌

$

(

9,559,418‌

)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

95

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

Optimized

MSCI

USA

Barclays

Bank

PLC

...............................................

$

4,572,460‌

$

(

4,572,460‌

)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

617,571‌

(

607,725‌

)

—‌

9,846‌

J.P.

Morgan

Securities

LLC

.........................................

277,516‌

(

271,973‌

)

—‌

5,543‌

State

Street

Bank

&

Trust

Co.

........................................

562,259‌

(

551,215‌

)

—‌

11,044‌

$

6,029,806‌

$

(

6,003,373‌

)

$

—‌

$

26,433‌

a

U.S.

Basic

Materials

J.P.

Morgan

Securities

LLC

.........................................

2,937,218‌

(

2,937,218‌

)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

3,478,152‌

(

3,478,152‌

)

—‌

—‌

$

6,415,370‌

$

(

6,415,370‌

)

$

—‌

$

—‌

a

U.S.

Consumer

Discretionary

Barclays

Bank

PLC

...............................................

195,385‌

(

195,385‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

2,420,630‌

(

2,420,630‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,096,771‌

(

2,096,771‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

3,790,367‌

(

3,790,367‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

738,274‌

(

738,274‌

)

—‌

—‌

Jefferies

LLC

...................................................

36‌

(

36‌

)

—‌

—‌

Morgan

Stanley

.................................................

8,804,894‌

(

8,798,723‌

)

—‌

6,171‌

National

Financial

Services

LLC

......................................

963,180‌

(

963,180‌

)

—‌

—‌

Pershing

LLC

...................................................

629,099‌

(

617,585‌

)

—‌

11,514‌

SG

Americas

Securities

LLC

........................................

5,316‌

(

5,316‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

249,854‌

(

249,854‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

2,176,666‌

(

2,176,666‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

4,820,596‌

(

4,820,596‌

)

—‌

—‌

$

26,891,068‌

$

(

26,873,383‌

)

$

—‌

$

17,685‌

a

U.S.

Consumer

Staples

Barclays

Bank

PLC

...............................................

217,860‌

(

217,860‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

28,996‌

(

28,996‌

)

—‌

—‌

$

246,856‌

$

(

246,856‌

)

$

—‌

$

—‌

a

U.S.

Financial

Services

Barclays

Bank

PLC

...............................................

3,882,559‌

(

3,882,559‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

50,549‌

(

50,549‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

128,387‌

(

128,387‌

)

—‌

—‌

Morgan

Stanley

.................................................

581,542‌

(

581,542‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

13,180,104‌

(

13,180,104‌

)

—‌

—‌

$

17,823,141‌

$

(

17,823,141‌

)

$

—‌

$

—‌

a

U.S.

Financials

Barclays

Bank

PLC

...............................................

131,170‌

(

129,099‌

)

—‌

2,071‌

Barclays

Capital,

Inc.

.............................................

2,671,761‌

(

2,671,761‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

23,491‌

(

23,120‌

)

—‌

371‌

Citigroup

Global

Markets,

Inc.

........................................

1,982,947‌

(

1,982,947‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

139,551‌

(

137,292‌

)

—‌

2,259‌

J.P.

Morgan

Securities

LLC

.........................................

1,126,513‌

(

1,126,513‌

)

—‌

—‌

Jefferies

LLC

...................................................

26,393‌

(

26,393‌

)

—‌

—‌

Morgan

Stanley

.................................................

8,010,778‌

(

8,010,778‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

1,333,192‌

(

1,333,192‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

15,273,329‌

(

15,273,329‌

)

—‌

—‌

$

30,719,125‌

$

(

30,714,424‌

)

$

—‌

$

4,701‌

a

U.S.

Healthcare

Barclays

Bank

PLC

...............................................

2,064,586‌

(

2,064,586‌

)

—‌

—‌

BNP

Paribas

SA

.................................................

3,205,775‌

(

3,196,902‌

)

—‌

8,873‌

BofA

Securities,

Inc.

..............................................

646,800‌

(

646,800‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

18,036,490‌

(

18,036,490‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

4,519‌

(

4,519‌

)

—‌

—‌

Jefferies

LLC

...................................................

115,382‌

(

115,382‌

)

—‌

—‌

Morgan

Stanley

.................................................

148,027‌

(

148,027‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

7,092,192‌

(

7,051,298‌

)

—‌

40,894‌

$

31,313,771‌

$

(

31,264,004‌

)

$

—‌

$

49,767‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

96

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Industrials

Barclays

Bank

PLC

...............................................

$

421,786‌

$

(

414,836‌

)

$

—‌

$

6,950‌

BNP

Paribas

SA

.................................................

1,066,926‌

(

1,066,926‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,737,632‌

(

1,737,632‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,830,982‌

(

1,830,982‌

)

—‌

—‌

Morgan

Stanley

.................................................

245,246‌

(

245,246‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

2,323,927‌

(

2,323,927‌

)

—‌

—‌

Toronto-Dominion

Bank

............................................

6,028‌

(

6,028‌

)

—‌

—‌

UBS

AG

......................................................

11,167‌

(

11,167‌

)

—‌

—‌

$

7,643,694‌

$

(

7,636,744‌

)

$

—‌

$

6,950‌

a

U.S.

Technology

Barclays

Bank

PLC

...............................................

28,432,999‌

(

28,432,999‌

)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

590,371‌

(

585,705‌

)

—‌

4,666‌

BNP

Paribas

SA

.................................................

6,227,638‌

(

6,227,638‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

3,853,269‌

(

3,853,269‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

21,597,380‌

(

21,597,380‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

322,620‌

(

322,620‌

)

—‌

—‌

Jefferies

LLC

...................................................

1,157,728‌

(

1,157,728‌

)

—‌

—‌

Morgan

Stanley

.................................................

11,620,177‌

(

11,620,177‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

20,449,608‌

(

20,007,927‌

)

—‌

441,681‌

Pershing

LLC

...................................................

55,760‌

(

55,760‌

)

—‌

—‌

SG

Americas

Securities

LLC

........................................

6,382,219‌

(

6,344,748‌

)

—‌

37,471‌

State

Street

Bank

&

Trust

Co.

........................................

1,124,135‌

(

1,124,135‌

)

—‌

—‌

Toronto-Dominion

Bank

............................................

341,090‌

(

326,734‌

)

—‌

14,356‌

UBS

AG

......................................................

6,456,570‌

(

6,456,570‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

347,866‌

(

347,866‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

1,388,604‌

(

1,388,604‌

)

—‌

—‌

$

110,348,034‌

$

(

109,849,860‌

)

$

—‌

$

498,174‌

a

U.S.

Transportation

Barclays

Bank

PLC

...............................................

3,565‌

(

3,565‌

)

—‌

—‌

BNP

Paribas

SA

.................................................

10,412‌

(

10,412‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

219,316‌

(

211,797‌

)

—‌

7,519‌

Citadel

Clearing

LLC

..............................................

15,048‌

(

15,048‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

198,685‌

(

188,678‌

)

—‌

10,007‌

Goldman

Sachs

&

Co.

LLC

.........................................

11,505‌

(

11,188‌

)

—‌

317‌

J.P.

Morgan

Securities

LLC

.........................................

217,426‌

(

217,426‌

)

—‌

—‌

Morgan

Stanley

.................................................

34,740‌

(

33,688‌

)

—‌

1,052‌

Natixis

SA

.....................................................

618,569‌

(

570,607‌

)

—‌

47,962‌

Pershing

LLC

...................................................

382‌

(

382‌

)

—‌

—‌

$

1,329,648‌

$

(

1,262,791‌

)

$

—‌

$

66,857‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

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)

97

Notes

to

Financial

Statements

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:

For

its

investment

advisory

services

to

each

Fund,

except

for

the

iShares

Dow

Jones

U.S,

iShares

ESG

MSCI

KLD

400

and

iShares

ESG

Optimized

MSCI

USA

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

Dow

Jones

U.S.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

0.20%

ESG

MSCI

KLD

400

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

0.25

ESG

Optimized

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

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.

0.25

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

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.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

0.2945

Notes

to

Financial

Statements

(unaudited)

(continued)

98

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

84%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended 

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:

iShares

ETF

Amounts

Dow

Jones

U.S.

.....................................................................................................

$

23,648

‌

ESG

MSCI

KLD

400

..................................................................................................

11,430

‌

ESG

Optimized

MSCI

USA

.............................................................................................

6,374

‌

U.S.

Basic

Materials

..................................................................................................

3,916

‌

U.S.

Consumer

Discretionary

............................................................................................

83,486

‌

U.S.

Consumer

Staples

...............................................................................................

892

‌

U.S.

Energy

.......................................................................................................

2,021

‌

U.S.

Financial

Services

................................................................................................

8,741

‌

U.S.

Financials

.....................................................................................................

26,746

‌

U.S.

Healthcare

.....................................................................................................

15,789

‌

U.S.

Industrials

.....................................................................................................

6,532

‌

U.S.

Technology

....................................................................................................

135,516

‌

U.S.

Transportation

..................................................................................................

10,488

‌

U.S.

Utilities

.......................................................................................................

1,198

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Dow

Jones

U.S.

.................................................................

$

6,318,195

‌

$

7,256,629

‌

$

(

3,352,303

)

ESG

MSCI

KLD

400

..............................................................

13,247,937

‌

22,437,351

‌

(

917,984

)

ESG

Optimized

MSCI

USA

.........................................................

119,549,364

‌

121,628,636

‌

(

4,955,398

)

U.S.

Basic

Materials

..............................................................

45,440,885

‌

20,668,630

‌

(

7,115,350

)

U.S.

Consumer

Discretionary

........................................................

42,610,249

‌

50,152,969

‌

(

7,365,388

)

U.S.

Consumer

Staples

...........................................................

35,285,925

‌

15,187,658

‌

(

6,569,981

)

U.S.

Energy

...................................................................

27,958,248

‌

20,055,985

‌

(

2,420,875

)

U.S.

Financial

Services

............................................................

6,989,958

‌

4,871,399

‌

(

132,179

)

U.S.

Financials

.................................................................

117,972,719

‌

45,560,091

‌

(

3,657,156

)

U.S.

Healthcare

.................................................................

25,947,527

‌

10,393,902

‌

(

15,759,254

)

U.S.

Industrials

.................................................................

14,286,486

‌

6,911,340

‌

(

523,403

)

U.S.

Technology

................................................................

421,032,204

‌

271,691,949

‌

(

28,915,133

)

U.S.

Transportation

..............................................................

12,749,354

‌

13,248,049

‌

(

6,363,986

)

U.S.

Utilities

...................................................................

3,772,816

‌

2,303,708

‌

(

104,211

)

iShares

ETF

Purchases

‌

Sales

‌

Dow

Jones

U.S.

...................................................................................

$

43,413,289

$

41,568,221

ESG

MSCI

KLD

400

................................................................................

75,437,685

68,081,875

ESG

Optimized

MSCI

USA

...........................................................................

316,418,294

316,543,058

U.S.

Basic

Materials

................................................................................

93,308,674

89,594,935

U.S.

Consumer

Discretionary

..........................................................................

139,839,297

139,815,203

U.S.

Consumer

Staples

.............................................................................

66,518,595

70,106,754

Notes

to

Financial

Statements

(unaudited)

(

continued)

99

Notes

to

Financial

Statements

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.

As

of April

30,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

iShares

ETF

Purchases

‌

Sales

‌

U.S.

Energy

.....................................................................................

$

55,484,248

$

54,968,498

U.S.

Financial

Services

..............................................................................

34,516,872

32,155,273

U.S.

Financials

...................................................................................

232,024,194

223,358,942

U.S.

Healthcare

...................................................................................

52,090,728

48,163,384

U.S.

Industrials

...................................................................................

40,259,836

38,518,196

U.S.

Technology

..................................................................................

854,748,935

843,974,965

U.S.

Transportation

................................................................................

41,799,051

41,473,505

U.S.

Utilities

.....................................................................................

31,602,323

29,798,754

iShares

ETF

In-kind

Purchases

In-kind

Sales

Dow

Jones

U.S.

...................................................................................

$

42,665,903

‌

$

15,004,585

‌

ESG

MSCI

KLD

400

................................................................................

12,432,271

‌

285,486,226

‌

ESG

Optimized

MSCI

USA

...........................................................................

5,745,884

‌

284,551,866

‌

U.S.

Basic

Materials

................................................................................

92,969,679

‌

124,205,328

‌

U.S.

Consumer

Discretionary

..........................................................................

592,478,880

‌

311,190,521

‌

U.S.

Consumer

Staples

.............................................................................

191,143,422

‌

340,638,177

‌

U.S.

Energy

.....................................................................................

85,932,854

‌

197,378,982

‌

U.S.

Financial

Services

..............................................................................

102,129,183

‌

47,079,532

‌

U.S.

Financials

...................................................................................

1,019,136,833

‌

646,320,956

‌

U.S.

Healthcare

...................................................................................

436,605,720

‌

467,364,370

‌

U.S.

Industrials

...................................................................................

202,291,072

‌

134,429,310

‌

U.S.

Technology

..................................................................................

2,974,375,308

‌

6,296,314,160

‌

U.S.

Transportation

................................................................................

467,046,617

‌

418,746,540

‌

U.S.

Utilities

.....................................................................................

503,066,404

‌

567,229,924

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Dow

Jones

U.S.

....................................................................................................

$

(

47,395,617

)

ESG

MSCI

KLD

400

.................................................................................................

(

100,471,645

)

ESG

Optimized

MSCI

USA

............................................................................................

(

207,756,224

)

U.S.

Basic

Materials

.................................................................................................

(

231,259,003

)

U.S.

Consumer

Discretionary

...........................................................................................

(

185,439,862

)

U.S.

Consumer

Staples

..............................................................................................

(

81,067,814

)

U.S.

Energy

......................................................................................................

(

375,301,458

)

U.S.

Financial

Services

...............................................................................................

(

156,219,709

)

U.S.

Financials

....................................................................................................

(

196,563,340

)

U.S.

Healthcare

....................................................................................................

(

147,416,556

)

U.S.

Industrials

....................................................................................................

(

122,913,495

)

U.S.

Technology

...................................................................................................

(

420,427,962

)

U.S.

Transportation

.................................................................................................

(

164,669,662

)

U.S.

Utilities

......................................................................................................

(

74,579,847

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

Notes

to

Financial

Statements

(unaudited)

(continued)

100

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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.

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

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dow

Jones

U.S.

...............................................

$

1,188,942,596

‌

$

1,612,889,387

‌

$

(

52,677,776

)

$

1,560,211,611

‌

ESG

MSCI

KLD

400

............................................

2,889,122,045

‌

2,391,578,760

‌

(

215,138,936

)

2,176,439,824

‌

ESG

Optimized

MSCI

USA

.......................................

2,764,542,569

‌

1,068,118,209

‌

(

140,268,136

)

927,850,073

‌

U.S.

Basic

Materials

............................................

560,806,639

‌

45,137,994

‌

(

100,971,213

)

(

55,833,219

)

U.S.

Consumer

Discretionary

......................................

1,793,278,020

‌

179,180,340

‌

(

166,005,932

)

13,174,408

‌

U.S.

Consumer

Staples

.........................................

1,370,899,470

‌

61,746,562

‌

(

169,550,555

)

(

107,803,993

)

U.S.

Energy

.................................................

1,021,540,605

‌

182,699,419

‌

(

89,675,899

)

93,023,520

‌

U.S.

Financial

Services

..........................................

1,386,746,955

‌

563,679,184

‌

(

30,191,162

)

533,488,022

‌

U.S.

Financials

...............................................

3,703,659,077

‌

516,539,680

‌

(

131,794,397

)

384,745,283

‌

U.S.

Healthcare

...............................................

3,120,025,106

‌

420,963,115

‌

(

479,158,296

)

(

58,195,181

)

U.S.

Industrials

...............................................

1,478,797,447

‌

408,776,650

‌

(

135,729,191

)

273,047,459

‌

U.S.

Technology

..............................................

15,283,350,872

‌

7,723,370,686

‌

(

492,307,119

)

7,231,063,567

‌

U.S.

Transportation

............................................

782,139,827

‌

31,652,581

‌

(

110,911,938

)

(

79,259,357

)

U.S.

Utilities

.................................................

1,433,949,693

‌

134,097,860

‌

(

58,850,452

)

75,247,408

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

101

Notes

to

Financial

Statements

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.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Certain Funds

invest

a

significant

portion

of their

assets

within

the

financials

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

changes

in

government

regulations,

economic

conditions,

and

interest

rates,

credit

rating downgrades,

adverse

public

perception,

exposure

concentration

and

decreased

liquidity

in

credit

markets.

The

impact

of

changes

in

a

capital

requirements

and

recent

or

future

regulation

on

any

individual

financial

company,

or

on

the

financials

sector

as

a

whole,

cannot

be

predicted,

but

may

negatively

impact

the

Funds.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

‌

Six

Months

Ended

10/31/25

‌

Year

Ended

04/30/25

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

Dow

Jones

U.S.

Shares

sold

.........................................................

300,000

‌

$

42,833,131

‌

1,850,000

‌

$

255,483,085

‌

Shares

redeemed

.....................................................

(

100,000

)

(

15,082,477

)

(

550,000

)

(

75,417,736

)

200,000

‌

$

27,750,654

‌

1,300,000

‌

$

180,065,349

‌

ESG

MSCI

KLD

400

Shares

sold

.........................................................

100,000

‌

$

12,483,917

‌

850,000

‌

$

91,060,904

‌

Shares

redeemed

.....................................................

(

2,450,000

)

(

286,738,736

)

(

3,650,000

)

(

394,251,102

)

(

2,350,000

)

$

(

274,254,819

)

(

2,800,000

)

$

(

303,190,198

)

ESG

Optimized

MSCI

USA

Shares

sold

.........................................................

50,000

‌

$

5,757,868

‌

1,750,000

‌

$

212,308,289

‌

Shares

redeemed

.....................................................

(

2,200,000

)

(

284,927,025

)

(

5,050,000

)

(

583,635,956

)

(

2,150,000

)

$

(

279,169,157

)

(

3,300,000

)

$

(

371,327,667

)

U.S.

Basic

Materials

Shares

sold

.........................................................

650,000

‌

$

93,206,194

‌

450,000

‌

$

63,765,245

‌

Shares

redeemed

.....................................................

(

850,000

)

(

124,525,497

)

(

1,350,000

)

(

188,264,031

)

(

200,000

)

$

(

31,319,303

)

(

900,000

)

$

(

124,498,786

)

U.S.

Consumer

Discretionary

Shares

sold

.........................................................

5,850,000

‌

$

593,892,385

‌

12,400,000

‌

$

1,152,023,789

‌

Shares

redeemed

.....................................................

(

3,050,000

)

(

311,922,280

)

(

10,800,000

)

(

952,369,897

)

2,800,000

‌

$

281,970,105

‌

1,600,000

‌

$

199,653,892

‌

U.S.

Consumer

Staples

Shares

sold

.........................................................

2,750,000

‌

$

192,528,001

‌

8,950,000

‌

$

626,159,858

‌

Shares

redeemed

.....................................................

(

4,950,000

)

(

347,144,365

)

(

6,750,000

)

(

463,867,216

)

(

2,200,000

)

$

(

154,616,364

)

2,200,000

‌

$

162,292,642

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

102

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

10/31/25

Year

Ended

04/30/25

iShares

ETF

Shares

Amount

Shares

Amount

U.S.

Energy

Shares

sold

.........................................................

1,900,000

‌

$

86,247,735

‌

5,300,000

‌

$

248,871,452

‌

Shares

redeemed

.....................................................

(

4,350,000

)

(

198,229,714

)

(

6,600,000

)

(

307,308,591

)

(

2,450,000

)

$

(

111,981,979

)

(

1,300,000

)

$

(

58,437,139

)

U.S.

Financial

Services

Shares

sold

.........................................................

1,200,000

‌

$

103,292,492

‌

2,200,000

‌

$

169,126,650

‌

Shares

redeemed

.....................................................

(

550,000

)

(

47,696,116

)

(

1,450,000

)

(

100,367,663

)

650,000

‌

$

55,596,376

‌

750,000

‌

$

68,758,987

‌

U.S.

Financials

Shares

sold

.........................................................

8,500,000

‌

$

1,032,044,846

‌

20,300,000

‌

$

2,184,623,030

‌

Shares

redeemed

.....................................................

(

5,450,000

)

(

656,396,172

)

(

18,000,000

)

(

1,927,027,191

)

3,050,000

‌

$

375,648,674

‌

2,300,000

‌

$

257,595,839

‌

U.S.

Healthcare

Shares

sold

.........................................................

7,450,000

‌

$

437,663,388

‌

9,150,000

‌

$

568,040,979

‌

Shares

redeemed

.....................................................

(

8,200,000

)

(

468,565,257

)

(

14,150,000

)

(

865,648,098

)

(

750,000

)

$

(

30,901,869

)

(

5,000,000

)

$

(

297,607,119

)

U.S.

Industrials

Shares

sold

.........................................................

1,400,000

‌

$

202,769,973

‌

1,700,000

‌

$

230,651,441

‌

Shares

redeemed

.....................................................

(

950,000

)

(

134,871,965

)

(

3,300,000

)

(

417,874,321

)

450,000

‌

$

67,898,008

‌

(

1,600,000

)

$

(

187,222,880

)

U.S.

Technology

Shares

sold

.........................................................

16,300,000

‌

$

2,977,054,483

‌

30,950,000

‌

$

4,682,094,188

‌

Shares

redeemed

.....................................................

(

34,050,000

)

(

6,337,731,397

)

(

28,350,000

)

(

4,229,377,019

)

(

17,750,000

)

$

(

3,360,676,914

)

2,600,000

‌

$

452,717,169

‌

U.S.

Transportation

Shares

sold

.........................................................

6,750,000

‌

$

467,529,819

‌

12,950,000

‌

$

882,205,915

‌

Shares

redeemed

.....................................................

(

6,150,000

)

(

419,249,936

)

(

17,250,000

)

(

1,149,526,657

)

600,000

‌

$

48,279,883

‌

(

4,300,000

)

$

(

267,320,742

)

U.S.

Utilities

Shares

sold

.........................................................

4,700,000

‌

$

504,826,011

‌

13,700,000

‌

$

1,303,934,348

‌

Shares

redeemed

.....................................................

(

5,300,000

)

(

569,233,379

)

(

10,300,000

)

(

986,657,212

)

(

600,000

)

$

(

64,407,368

)

3,400,000

‌

$

317,277,136

‌

Additional

Information

103

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses its

portfolio

holdings

daily

and

provides

information

regarding its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

104

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

iShares

Dow

Jones

U.S.

ETF,

iShares

ESG

MSCI

KLD

400

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2024,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

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)

105

Board

Review

and

Approval

of

Investment

Advisory

Contract

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

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)

106

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

ESG

Optimized

MSCI

USA

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2024,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

107

Board

Review

and

Approval

of

Investment

Advisory

Contract

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

108

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Basic

Materials

ETF,

iShares

U.S.

Consumer

Discretionary

ETF,

iShares

U.S.

Consumer

Staples

ETF,

iShares

U.S.

Energy

ETF,

iShares

U.S.

Financial

Services

ETF,

iShares

U.S.

Financials

ETF,

iShares

U.S.

Utilities

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2024,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

109

Board

Review

and

Approval

of

Investment

Advisory

Contract

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

110

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Healthcare

ETF,

iShares

U.S.

Industrials

ETF,

iShares

U.S.

Technology

ETF,

iShares

U.S.

Transportation

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

111

Board

Review

and

Approval

of

Investment

Advisory

Contract

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

reviewed

all

of

the

breakpoint

arrangements

and

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

112

2025

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

these

Financial

Statements

113

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

MSCI

Inc.,

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©

2025

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

October

31,

2025

2025

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Global

Clean

Energy

ETF

|

ICLN

|

NASDAQ

Table

of

Contents

Page

2

Schedule

of

Investments

..................................................................................................

3

Statement

of

Assets

and

Liabilities

............................................................................................

8

Statement

of

Operations

..................................................................................................

9

Statements

of

Changes

in

Net

Assets

..........................................................................................

10

Financial

Highlights

.....................................................................................................

11

Notes

to

Financial

Statements

...............................................................................................

12

Additional

Information

...................................................................................................

20

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

21

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

24

iShares

®

Global

Clean

Energy

ETF

Schedule

of

Investments

(unaudited)

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Austria

 — 

0

.9

%

Verbund

AG

...........................

225,677

$

17,417,793

a

Brazil

 — 

6

.1

%

Auren

Energia

SA

,

Class

ON

................

2,664,400

5,442,756

CPFL

Energia

SA

........................

1,558,823

12,053,465

Energisa

SA

...........................

2,527,701

24,351,666

Engie

Brasil

Energia

SA

...................

2,152,675

16,005,167

Equatorial

Energia

SA

....................

9,055,013

61,685,745

119,538,799

a

Canada

 — 

3

.0

%

Boralex,

Inc.

,

Class

A

(a)

....................

643,587

12,921,757

Brookfield

Renewable

Corp.

................

368,276

15,943,616

Canadian

Solar,

Inc.

(a)

(b)

....................

385,047

7,993,575

Northland

Power,

Inc.

.....................

1,220,306

22,299,699

59,158,647

a

China

 — 

13

.0

%

CECEP

Environmental

Protection

Co.

Ltd.

,

Class

A

.

1,574,000

1,387,376

CECEP

Solar

Energy

Co.

Ltd.

,

Class

A

.........

2,649,100

1,732,792

CECEP

Wind-Power

Corp.

,

Class

A

...........

4,379,820

1,899,902

China

Datang

Corp.

Renewable

Power

Co.

Ltd.

,

Class

H

............................

15,597,000

4,776,486

China

Green

Electricity

Investment

of

Tianjin

Co.

Ltd.

,

Class

A

.............................

1,396,600

1,707,116

China

Longyuan

Power

Group

Corp.

Ltd.

,

Class

H

.

28,177,000

26,094,903

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.

,

Class

A

.............................

2,163,400

3,847,470

China

Three

Gorges

Renewables

Group

Co.

Ltd.

,

Class

A

.............................

19,337,496

11,535,841

China

Yangtze

Power

Co.

Ltd.

,

Class

A

.........

16,621,830

65,573,932

CSI

Solar

Co.

Ltd.

,

Class

A

.................

2,494,600

5,426,184

Dajin

Heavy

Industry

Co.

Ltd.

,

Class

A

..........

432,100

3,051,495

GCL

System

Integration

Technology

Co.

Ltd.

,

Class

A

(b)

................................

3,957,400

1,382,289

Ginlong

Technologies

Co.

Ltd.

,

Class

A

.........

267,950

3,024,111

Goldwind

Science

&

Technology

Co.

Ltd.

,

Class

H

..

6,601,400

11,204,924

GoodWe

Technologies

Co.

Ltd.

,

Class

A

(b)

.......

166,069

1,418,405

Hainan

Drinda

New

Energy

Technology

Co.

Ltd.

,

Class

A

(b)

............................

156,600

930,336

Hoymiles

Power

Electronics,

Inc.

,

Class

A

.......

81,256

1,221,399

Huaneng

Lancang

River

Hydropower,

Inc.

,

Class

A

.

6,160,257

8,508,520

JA

Solar

Technology

Co.

Ltd.

,

Class

A

(b)

.........

2,239,452

4,424,801

Jiangsu

Haili

Wind

Power

Equipment

Technology

Co.

Ltd.

,

Class

A

.........................

146,000

1,751,505

Jiaze

Renewables

Co.

Ltd.

.................

1,648,300

1,013,470

Jinko

Solar

Co.

Ltd.

,

Class

A

(b)

...............

6,768,375

5,519,881

JinkoSolar

Holding

Co.

Ltd.

,

ADR

.............

257,681

6,470,370

Jinlei

Technology

Co.

Ltd.

,

Class

A

............

217,100

893,102

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

(b)

5,164,660

15,299,052

Ming

Yang

Smart

Energy

Group

Ltd.

,

Class

A

.....

1,538,000

3,269,078

NYOCOR

Co.

Ltd.

,

Class

A

.................

1,351,200

1,058,293

Risen

Energy

Co.

Ltd.

,

Class

A

(b)

.............

771,800

1,165,875

Sany

Renewable

Energy

Co.

Ltd.

,

Class

A

.......

516,380

2,050,343

Shanghai

Aiko

Solar

Energy

Co.

Ltd.

,

Class

A

(b)

...

1,235,600

2,738,079

Shenzhen

SC

New

Energy

Technology

Corp.

,

Class

A

.................................

235,100

3,117,187

Sichuan

Chuantou

Energy

Co.

Ltd.

,

Class

A

......

3,348,600

6,919,754

Sungrow

Power

Supply

Co.

Ltd.

,

Class

A

........

1,055,700

28,126,290

Suzhou

Maxwell

Technologies

Co.

Ltd.

,

Class

A

...

190,200

2,809,875

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.

,

Class

A

(b)

........................

2,734,200

3,631,225

Titan

Wind

Energy

Suzhou

Co.

Ltd.

,

Class

A

......

1,216,400

1,307,868

Security

Shares

Value

a

China

(continued)

Trina

Solar

Co.

Ltd.

,

Class

A

(b)

...............

1,477,658

$

4,223,129

Windey

Energy

Technology

Group

Co.

Ltd.

,

Class

A

533,300

1,367,305

Wuxi

Autowell

Technology

Co.

Ltd.

,

Class

A

......

213,910

1,312,579

Zhejiang

Akcome

New

Energy

Technology

Co.

Ltd.

(b)

(c)

.............................

4,087,000

6

Zhejiang

Provincial

New

Energy

Investment

Group

Co.

Ltd.

,

Class

A

......................

1,220,700

1,351,646

254,544,194

a

Denmark

 — 

6

.8

%

Orsted

A.S.

(a)

(b)

(d)

........................

2,383,551

42,687,600

Vestas

Wind

Systems

A.S.

.................

4,359,071

89,152,166

131,839,766

a

Germany

 — 

1

.7

%

Nordex

SE

(b)

...........................

970,431

28,657,532

SMA

Solar

Technology

AG

(b)

................

131,076

3,931,154

32,588,686

a

India

 — 

6

.2

%

Inox

Wind

Ltd.

(b)

.........................

7,690,208

13,431,844

NHPC

Ltd.

............................

28,028,291

26,757,588

PTC

India

Ltd.

..........................

2,102,398

3,977,460

ReNew

Energy

Global

PLC

,

Class

A

(a)

(b)

.........

1,115,937

8,414,165

SJVN

Ltd.

.............................

5,980,990

5,923,231

Suzlon

Energy

Ltd.

(b)

.....................

95,030,754

63,459,060

121,963,348

a

Indonesia

 — 

0

.9

%

Barito

Renewables

Energy

Tbk

PT

............

29,490,300

15,375,161

Pertamina

Geothermal

Energy

PT

(d)

...........

35,095,300

2,752,355

18,127,516

a

Israel

 — 

0

.8

%

Enlight

Renewable

Energy

Ltd.

(a)

(b)

............

429,993

14,946,410

a

Italy

 — 

0

.6

%

ERG

SpA

.............................

422,228

10,891,843

a

Japan

 — 

3

.3

%

Chubu

Electric

Power

Co.,

Inc.

...............

4,549,300

63,261,450

RENOVA,

Inc.

(a)

(b)

........................

391,600

2,098,176

65,359,626

a

New

Zealand

 — 

0

.8

%

Contact

Energy

Ltd.

......................

1,770,943

9,440,589

Meridian

Energy

Ltd.

.....................

2,031,029

6,875,789

16,316,378

a

Portugal

 — 

4

.9

%

EDP

Renovaveis

SA

......................

1,788,230

26,145,154

EDP

SA

..............................

14,166,940

70,425,856

96,571,010

a

South

Korea

 — 

1

.6

%

CS

Wind

Corp.

.........................

203,256

6,207,168

Doosan

Fuel

Cell

Co.

Ltd.

(b)

.................

347,816

10,386,672

Hanwha

Solutions

Corp.

...................

680,778

14,556,019

31,149,859

a

Spain

 — 

6

.8

%

Corp

ACCIONA

Energias

Renovables

SA

........

278,220

7,654,050

Iberdrola

SA

...........................

5,635,929

114,219,095

Solaria

Energia

y

Medio

Ambiente

SA

(b)

.........

676,168

11,692,910

133,566,055

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Global

Clean

Energy

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

Security

Shares

Value

a

Switzerland

 — 

0

.9

%

BKW

AG

.............................

76,590

$

17,141,412

a

Taiwan

 — 

0

.4

%

Century

Iron

&

Steel

Industrial

Co.

Ltd.

.........

1,592,000

7,919,542

a

Thailand

 — 

0

.2

%

Energy

Absolute

PCL

,

NVDR

(b)

...............

30,722,200

2,902,059

a

Turkey

 — 

0

.5

%

Akfen

Yenilenebilir

Enerji

A.S.

(b)

..............

2,833,818

1,160,034

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

A.S.

(b)

...

2,198,398

1,394,147

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

A.S.

(b)

....

5,986,382

4,210,709

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

A.S.

(b)

..................

1,394,087

897,209

Zorlu

Enerji

Elektrik

Uretim

A.S.

(b)

.............

16,065,141

1,278,635

8,940,734

a

United

States

 — 

37

.6

%

Array

Technologies,

Inc.

(b)

..................

1,291,351

11,183,100

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

.............

1,637,269

216,381,471

Clearway

Energy,

Inc.

,

Class

C

..............

707,273

22,583,227

Enphase

Energy,

Inc.

(a)

(b)

...................

1,110,277

33,874,551

First

Solar,

Inc.

(a)

(b)

.......................

619,748

165,435,531

Green

Plains,

Inc.

(a)

(b)

.....................

554,369

5,698,913

NEXTracker,

Inc.

,

Class

A

(a)

(b)

................

1,256,431

127,175,946

Ormat

Technologies,

Inc.

...................

515,629

54,847,457

Plug

Power,

Inc.

(a)

(b)

......................

9,806,254

26,378,823

REX

American

Resources

Corp.

(b)

............

242,752

7,775,347

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

(b)

.....

1,425,478

14,981,774

SolarEdge

Technologies,

Inc.

(a)

(b)

.............

504,814

17,713,923

Sunrun,

Inc.

(b)

..........................

1,469,433

30,505,429

734,535,492

a

Total

Common

Stocks — 97.0%

(Cost:

$

1,864,201,217

)

.............................

1,895,419,169

Security

Shares

Value

a

Preferred

Stocks

Brazil

 — 

2

.2

%

Cia

Energetica

de

Minas

Gerais

,

Preference

Shares

,

NVS

...............................

12,133,549

$

25,575,413

Cia

Paranaense

de

Energia

-

Copel

,

Preference

Shares

,

NVS

.........................

6,645,717

17,195,026

a

Total

Preferred

Stocks — 2.2%

(Cost:

$

33,820,014

)

...............................

42,770,439

a

Total

Long-Term

Investments — 99.2%

(Cost:

$

1,898,021,231

)

.............................

1,938,189,608

a

Short-Term

Securities

Money

Market

Funds

 — 

5

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.27

%

(e)

(f)

(g)

.....................

100,005,074

100,055,076

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(e)

(f)

............................

2,849,987

2,849,987

a

Total

Short-Term

Securities — 5.3%

(Cost:

$

102,898,904

)

..............................

102,905,063

Total

Investments

—  104.5%

(Cost:

$

2,000,920,135

)

.............................

2,041,094,671

Liabilities

in

Excess

of

Other

Assets

—

(

4

.5

)

%

.............

(

87,033,716

)

Net

Assets

—

100.0%

...............................

$

1,954,060,955

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(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.

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:

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sale

s

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

$

99,009,977

$

1,021,297

(a)

$

—

$

13,461

$

10,341

$

100,055,076

100,005,074

$

1,400,551

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

5,310,000

—

(

2,460,013

)

(a)

—

—

2,849,987

2,849,987

56,446

—

$

13,461

$

10,341

$

102,905,063

$

1,456,997

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

Global

Clean

Energy

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

5

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

OTC

Derivatives

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows: 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

13

12/19/25

$

4,468

$

105,550

Euro

STOXX

50

Index

..................................................................

32

12/19/25

2,091

14,318

MSCI

Emerging

Markets

Index

.............................................................

55

12/19/25

3,871

88,111

$

207,979

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depr

e

ciation)

Long

Contracts

(a)

Shoals

Technologies

Group,

Inc.

.........

BNP

Paribas

USD

11

08/23/27

0.20%

1D

OBFR01

Monthly

$

–

Shoals

Technologies

Group,

Inc.

.........

Merrill

Lynch

International

11

02/15/28

0.40%

1D

OBFR01

Monthly

(

1

)

Total

long

positions

of

equity

swaps

(

1

)

Net

dividends

and

financing

fees

–

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

(

1

)

(a)

The

Fund

receives

the

total

return

on

a

reference

entity

and

pays

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

position.

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

................................................................

$

—

$

—

$

—

$

(

1

)

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)

.............

$

—

$

—

$

207,979

$

—

$

—

$

—

$

207,979

Liabilities

—

Derivative

Financial

Instruments

Swaps

-

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

$

—

$

—

$

1

$

—

$

—

$

—

$

1

(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).

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

iShares

®

Global

Clean

Energy

ETF

6

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

For

the

period

ended

October

31,

2025,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

1,828,272

$

—

$

—

$

—

$

1,828,272

Swaps

.........................................

—

—

715,511

—

—

—

715,511

$

—

$

—

$

2,543,783

$

—

$

—

$

—

$

2,543,783

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

293,959

$

—

$

—

$

—

$

293,959

Swaps

.........................................

—

—

5,016

—

—

—

5,016

$

—

$

—

$

298,975

$

—

$

—

$

—

$

298,975

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

9,761,958

Equity

Swaps

Average

notional

value

-

long

............................................................................................

$

10,451

a

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

.................................................................................

$

—

$

10,407

Swaps

—

OTC

(a)

.................................................................................

—

1

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

..........................................

$

—

$

10,408

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

......................................

—

(

10,407

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

.........................................................

$

—

$

1

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)

BNP

Paribas

........................................

$

–

$

–

$

–

$

–

$

–

Merrill

Lynch

International

...............................

1

–

–

(

1

)

–

$

1

$

–

$

–

$

(

1

)

$

–

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivatives

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

iShares

®

Global

Clean

Energy

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2025

7

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.............................................

$

933,341,652

$

962,077,511

$

6

$

1,895,419,169

Preferred

Stocks

.............................................

42,770,439

—

—

42,770,439

Short-Term

Securities

Money

Market

Funds

..........................................

102,905,063

—

—

102,905,063

$

1,079,017,154

$

962,077,511

$

6

$

2,041,094,671

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...............................................

$

207,979

$

—

$

—

$

207,979

Liabilities

Equity

Contracts

...............................................

—

(

1

)

—

(

1

)

$

207,979

$

(

1

)

$

—

$

207,978

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

8

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

Statement

of

Assets

and

Liabilities

(unaudited)

October

31,

2025

See

notes

to

financial

statements.

iShares

Global

Clean

Energy

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................................

$

1,938,189,608

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

102,905,063

‌

Cash

...........................................................................................................

341,379

‌

Cash

pledged:

Futures

contracts

.................................................................................................

397,000

‌

Foreign

currency

collateral

pledged:

(d)

Futures

contracts

.................................................................................................

146,387

‌

Foreign

currency,

at

value

(e)

............................................................................................

6,656,904

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................................

209,376

‌

Capital

shares

sold

................................................................................................

759

‌

Dividends

—

unaffiliated

............................................................................................

4,491,092

‌

Dividends

—

affiliated

..............................................................................................

12,422

‌

Tax

reclaims

....................................................................................................

2,052,864

‌

Total

assets

......................................................................................................

2,055,402,854

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................................

100,002,284

‌

Payables:

Investments

purchased

.............................................................................................

644,948

‌

Interest

expense

.................................................................................................

20,840

‌

Investment

advisory

fees

............................................................................................

567,534

‌

Professional

fees

.................................................................................................

95,885

‌

Variation

margin

on

futures

contracts

....................................................................................

10,407

‌

Unrealized

depreciation

on:

OTC

swaps

.....................................................................................................

1

‌

Total

liabilities

.....................................................................................................

101,341,899

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................................

$

1,954,060,955

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

4,386,840,626

‌

Accumulated

loss

..................................................................................................

(

2,432,779,671

)

NET

ASSETS

.....................................................................................................

$

1,954,060,955

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

113,100,000

‌

Net

asset

value

....................................................................................................

$

17.28

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

99,543,741

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

1,898,021,231

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

102,898,904

‌

(d)

Foreign

currency

collateral

pledged,

at

cost

...............................................................................

$

146,399

‌

(e)

Foreign

currency,

at

cost

............................................................................................

$

6,659,302

‌

9

Statement

of

Operations

Statement

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2025

See

notes

to

financial

statements.

iShares

Global

Clean

Energy

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

21,901,035

‌

Dividends

—

affiliated

..............................................................................................

56,446

‌

Interest

—

unaffiliated

..............................................................................................

36,899

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

1,400,551

‌

Foreign

taxes

withheld

.............................................................................................

(

1,629,793

)

Foreign

withholding

tax

claims

........................................................................................

965,553

‌

Total

investment

income

..............................................................................................

22,730,691

‌

EXPENSES

Investment

advisory

...............................................................................................

2,908,033

‌

Professional

....................................................................................................

94,378

‌

Commitment

costs

................................................................................................

10,597

‌

Interest

expense

.................................................................................................

21,684

‌

Total

expenses

....................................................................................................

3,034,692

‌

Net

investment

income

...............................................................................................

19,695,999

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(

52,434,208

)

Investments

—

affiliated

...........................................................................................

13,461

‌

Foreign

currency

transactions

.......................................................................................

(

909,588

)

Futures

contracts

...............................................................................................

1,828,272

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

(

4,833,224

)

Swaps  

......................................................................................................

715,511

‌

(

55,619,776

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

651,664,680

‌

Investments

—

affiliated

...........................................................................................

10,341

‌

Foreign

currency

translations

.......................................................................................

257,084

‌

Futures

contracts

...............................................................................................

293,959

‌

Swaps  

......................................................................................................

5,016

‌

652,231,080

‌

Net

realized

and

unrealized

gain

........................................................................................

596,611,304

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................................

$

616,307,303

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

10

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Global

Clean

Energy

ETF

Six

Months

Ended

10/31/25

(unaudited)

Year

Ended

04/30/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................................

$

19,695,999

‌

$

33,237,835

‌

Net

realized

loss

...............................................................................

(

55,619,776

)

(

275,749,364

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................................

652,231,080

‌

60,820,437

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................................

616,307,303

‌

(

181,691,092

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................................

(

15,207,776

)

(b)

(

30,522,983

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................................

39,022,881

‌

(

639,300,083

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................................

640,122,408

‌

(

851,514,158

)

Beginning

of

period

...............................................................................

1,313,938,547

‌

2,165,452,705

‌

End

of

period

...................................................................................

$

1,954,060,955

‌

$

1,313,938,547

‌

(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.

11

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Global

Clean

Energy

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

Period

From

04/01/21

to

04/30/21

(a)

Year

Ended

03/31/21

Net

asset

value,

beginning

of

period

$

11.78

‌

$

13.24

‌

$

18.73

‌

$

18.88

‌

$

23.19

‌

$

24.07

‌

$

9.62

‌

Net

investment

income

(b)

........

0.18

(c)

0.24

‌

0.20

‌

0.18

‌

0.23

‌

0.06

‌

0.13

‌

Net

realized

and

unrealized

gain

(loss)

(d)

..................

5.46

‌

(1.49

)

(5.44

)

(0.15

)

(4.29

)

(0.94

)

14.42

‌

Net

increase

(decrease)

from

investment

operations

..................

5.64

‌

(1.25

)

(5.24

)

0.03

‌

(4.06

)

(0.88

)

14.55

‌

Distributions

from

net

investment

income

(e)

....................

(0.14

)

(f)

(0.21

)

(0.25

)

(0.18

)

(0.25

)

—

‌

(0.10

)

Net

asset

value,

end

of

period

.....

$

17.28

‌

$

11.78

‌

$

13.24

‌

$

18.73

‌

$

18.88

‌

$

23.19

‌

$

24.07

‌

Total

Return

(g)

–

–

–

–

–

–

–

Based

on

net

asset

value

.........

48.16

%

(c)(h)

(9.58

)%

(28.22

)%

0.04

%

(17.64

)%

(3.66

)%

(h)

151.73

%

Ratios

to

Average

Net

Assets

(i)

–

–

–

–

–

–

–

Total

expenses

................

0.39

%

(j)

0.39

%

0.41

%

0.41

%

0.40

%

0.41

%

(j)

0.42

%

Total

expenses

excluding

professional

fees

for

foreign

withholding

tax

claims

0.38

%

(j)

N/A

‌

N/A

‌

N/A

‌

N/A

‌

N/A

‌

N/A

‌

Net

investment

income

...........

2.56

%

(c)(j)

1.83

%

1.26

%

0.90

%

1.07

%

3.07

%

(j)

0.57

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

1,954,061

‌

$

1,313,939

‌

$

2,165,453

‌

$

4,573,104

‌

$

4,983,596

‌

$

5,855,954

‌

$

5,642,271

‌

Portfolio

turnover

rate

(k)

...........

25

%

39

%

42

%

51

%

52

%

54

%

31

%

(a)

The

Fund’s

fiscal

year-end

changed

from

March

31

to

April

30.

(b)

Based

on

average

shares

outstanding.

(c)

Reflects

the

positive

effect

of

foreign

withholding

tax

claims,

net

of

the

associated

professional

fees,

which

resulted

in

the

following

increases

for

the

six

months

ended

October

31,

2025:

•

Net

investment

income

per

share

by

$0.01.

•

Total

return

by

0.07%.

•

Ratio

of

net

investment

income

to

average

net

assets

by

0.11%.

(d)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(f)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(g)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(h)

Not

annualized.

(i)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(j)

Annualized.

(k)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

12

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

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. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

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.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Currency

Translation:

The

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.

The

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

Statement

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.

The

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

Fund

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

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

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

Statement

of

Assets

and

Liabilities.

Consistent

with

U.S.

GAAP

accrual

requirements,

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

it

is

more

likely

than

not

that

the

Fund

will

sustain

its

position

that

it

is

due

the

reclaim. 

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

iShares

ETF

Diversification

Classification

Global

Clean

Energy

..................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

13

Notes

to

Financial

Statements

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. 

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

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

Fund

uses

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 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.

Notes

to

Financial

Statements

(unaudited)

(continued)

14

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

4.

Securities

and

Other

Investments

Securities

Lending:

The

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

the

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,

the

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

the

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

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

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 Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA: 

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

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.

The

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

the

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

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

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Global

Clean

Energy

Barclays

Bank

PLC

...............................................

$

107,490‌

$

(

107,490‌

)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

1,523,784‌

(

1,358,583‌

)

—‌

165,201‌

BNP

Paribas

SA

.................................................

234,588‌

(

209,155‌

)

—‌

25,433‌

BofA

Securities,

Inc.

..............................................

2,231,063‌

(

2,231,063‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

25,468,568‌

(

25,468,568‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,028,443‌

(

1,976,756‌

)

—‌

51,687‌

Jefferies

LLC

...................................................

8,505‌

(

8,505‌

)

—‌

—‌

Macquarie

Bank

Ltd.

..............................................

112,517‌

(

112,517‌

)

—‌

—‌

Morgan

Stanley

.................................................

5,897,960‌

(

5,897,960‌

)

—‌

—‌

SG

Americas

Securities

LLC

........................................

78,431‌

(

69,928‌

)

—‌

8,503‌

State

Street

Bank

&

Trust

Co.

........................................

356,279‌

(

335,168‌

)

—‌

21,111‌

UBS

AG

......................................................

54,286,604‌

(

53,594,494‌

)

—‌

692,110‌

Wells

Fargo

Bank

NA

.............................................

1,566,657‌

(

1,536,997‌

)

—‌

29,660‌

Wells

Fargo

Securities

LLC

.........................................

5,642,852‌

(

5,627,452‌

)

—‌

15,400‌

$

99,543,741‌

$

(

98,534,636‌

)

$

—‌

$

1,009,105‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund’s

Statement

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)

15

Notes

to

Financial

Statements

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. 

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

("OTC")

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”). 

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Equity

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Equity

swaps

are

designed

to

function

as

direct

economic investments

in

long

or

short

equity

positions.

This

means

that

the

Fund

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid.

Equity

swaps

incur

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

value

of

the

position.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

spread.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

schedule[s]

of

investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from

the

counterparty

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty,

the

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities. 

Notes

to

Financial

Statements

(unaudited)

(continued)

16

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

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

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. 

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. 

Prior

to

September

8,

2025,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

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

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

The

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

the

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.

The

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

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, the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statement

of

Operations.

For

the six

months

ended

October

31,

2025

,

the

Fund

paid

BTC

$329,086 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.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

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.

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.

.

.

.

.

.

.

.

0.3420

First

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

0.3078

Notes

to

Financial

Statements

(unaudited)

(

continued)

17

Notes

to

Financial

Statements

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.

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

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

$2,409,649,968

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:

9.

Line

of

Credit

The

Fund,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$900

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October

14,

2026.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

Syndicated

Credit

Agreement.

The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or

(b)

the

U.S.

Federal

Funds

rate

plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

For

the six

months

ended

October

31,

2025,

the

maximum

amount

borrowed,

the

average

daily

borrowing

and

the

weighted

average

interest

rate,

if

any,

under

the

Syndicated

Credit

Agreement

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Global

Clean

Energy

................................................................

$

—‌

$

504,493‌

$

(

137,779‌

)

iShares

ETF

Purchases

Sales

Global

Clean

Energy

...............................................................................

$

393,139,194

‌

$

381,993,617

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Global

Clean

Energy

...............................................................................

$

63,556,633

‌

$

35,093,139

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Global

Clean

Energy

...........................................

$

2,020,854,525

‌

$

527,143,641

‌

$

(

506,695,517

)

$

20,448,124

‌

iShares

ETF

Maximum

Amount

Borrowed

Average

Borrowing

Weighted

Average

Interest

Rate

Global

Clean

Energy

.................................................................

$

36,000,000

‌

$

782,609

‌

5.21%

Notes

to

Financial

Statements

(unaudited)

(continued)

18

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

10.

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.

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.

The

price

the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

the

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

the

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

the

Fund,

and

the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

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, the

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

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

Certain

Asian

countries

have

developed

increasingly

strained

relationships

with

the

U.S.

or

China;

if

these

relations

were

to

worsen,

they

could

adversely

affect

Asian

issuers

that

rely

on

the

U.S.

or

China

for

trade

and

the

region

as

a

whole. The

Asian

financial

markets

have

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments.

Notes

to

Financial

Statements

(unaudited)

(

continued)

19

Notes

to

Financial

Statements

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.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by 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:

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.

12.

Foreign

Withholding

Tax

Claims

Certain

of

the

foreign

outstanding

tax

reclaims

are

not

deemed

by

the

Fund

to

meet

the

recognition

criteria

under

U.S.

GAAP

as

of October

31,

2025

and

have

not

been

recorded

in

the

applicable

Fund’s

net

asset

value.

The

recognition

by

the

Fund

of

these

amounts

would

have

a

positive

impact

on

the

applicable

Fund's

performance.

If

a

Fund

receives

a

tax

refund

that

has

not

been

previously

recorded,

investors

in

the

Fund

at

the

time

the

claim

is

successful

will

benefit

from

any

resulting

increase

in

the

Fund’s

NAV.

Investors

who

sold

their

shares

prior

to

such

time

will

not

benefit

from

such

NAV

increase. 

The

Internal

Revenue

Service

(“IRS”)

has

issued

guidance

to

address

U.S.

income

tax

liabilities

attributable

to

fund

shareholders

resulting

from

the

recovery

of

foreign

taxes

withheld

in

prior

calendar

years.

These

withheld

foreign

taxes

were

passed

through

to

shareholders

in

the

form

of

foreign

tax

credits

in

the

year

the

taxes

were

withheld.

Assuming

there

are

sufficient

foreign

taxes

paid

which

the

Fund

is

able

to

pass

through

to

shareholders

as

a

foreign

tax

credit

in

the

current

year,

the Fund

will

be

able

to

offset

the

prior

years’

withholding

taxes

recovered

against

the

foreign

taxes

paid

in

the

current

year.

Accordingly,

no

federal

income

tax

liability

is

recorded

by

the

Fund.

13.

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.

Six

Months

Ended

10/31/25

Year

Ended

04/30/25

iShares

ETF

Shares

Amount

Shares

Amount

Global

Clean

Energy

Shares

sold

.........................................................

5,700,000

‌

$

91,340,618

‌

7,700,000

‌

$

106,803,253

‌

Shares

redeemed

.....................................................

(

4,100,000

)

(

52,317,737

)

(

59,700,000

)

(

746,103,336

)

1,600,000

‌

$

39,022,881

‌

(

52,000,000

)

$

(

639,300,083

)

Additional

Information

20

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Fund,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Fund

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

21

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Global

Clean

Energy

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2024,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

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)

22

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

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)

23

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

24

2025

iShares

Semi-Annual

Financial

Statements

And

Additional

Information

Portfolio

Abbreviation

ADR

American

Depositary

Receipt

NVDR

Non-Voting

Depository

Receipt

NVS

Non-Voting

Shares

OBFR01

USD

-

1D

Overnight

Bank

Funding

Rate

PCL

Public

Company

Limited

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

S&P

Dow

Jones

Indices

LLC,

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