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: 07/31/2026

Date of reporting period: 01/31/2026

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares ESG Aware 80/20 Aggressive Allocation ETF

EAOA | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware 80/20 Aggressive Allocation ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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 Aware 80/20 Aggressive Allocation ETF	$1Footnote Reference(a)	0.02%Footnote Reference(a)Footnote Reference(b)

Footnote	Description
Footnote(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$34,933,379
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

All holdings

Asset Class	Percent of Total InvestmentsFootnote Reference(a)
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.7%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.0
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.3

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	49.6%
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.3
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.2
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1

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.

©2026 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 Aware 80/20 Aggressive Allocation ETF

Semi-Annual Shareholder Report — January 31, 2026

EAOA-01/26-SAR

iShares ESG Aware 30/70 Conservative Allocation ETF

EAOK | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware 30/70 Conservative Allocation ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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 Aware 30/70 Conservative Allocation ETF	$3Footnote Reference(a)	0.05%Footnote Reference(a)Footnote Reference(b)

Footnote	Description
Footnote(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$8,338,231
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

All holdings

Asset Class	Percent of Total InvestmentsFootnote Reference(a)
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	69.1%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.9
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	69.1%
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.0
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

©2026 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 Aware 30/70 Conservative Allocation ETF

Semi-Annual Shareholder Report — January 31, 2026

EAOK-01/26-SAR

iShares ESG Aware 60/40 Balanced Allocation ETF

EAOR | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware 60/40 Balanced Allocation ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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 Aware 60/40 Balanced Allocation ETF	$2Footnote Reference(a)	0.03%Footnote Reference(a)Footnote Reference(b)

Footnote	Description
Footnote(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$29,679,023
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

All holdings

Asset Class	Percent of Total InvestmentsFootnote Reference(a)
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41.3%
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.0
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.1%
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.5
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

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.

©2026 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 Aware 60/40 Balanced Allocation ETF

Semi-Annual Shareholder Report — January 31, 2026

EAOR-01/26-SAR

iShares ESG Aware 40/60 Moderate Allocation ETF

EAOM | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware 40/60 Moderate Allocation ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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 Aware 40/60 Moderate Allocation ETF	$2Footnote Reference(a)	0.05%Footnote Reference(a)Footnote Reference(b)

Footnote	Description
Footnote(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$7,602,107
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

All holdings

Asset Class	Percent of Total InvestmentsFootnote Reference(a)
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.0%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.8
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares ESG Aware U.S. Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.0%
iShares ESG Aware MSCI USA ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.2
iShares ESG Aware MSCI EAFE ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
iShares ESG Aware MSCI EM ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
iShares ESG Aware MSCI USA Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	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.

©2026 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 Aware 40/60 Moderate Allocation ETF

Semi-Annual Shareholder Report — January 31, 2026

EAOM-01/26-SAR

iShares MSCI USA Small-Cap Min Vol Factor ETF

SMMV | Cboe BZX Exchange

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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 MSCI USA Small-Cap Min Vol Factor ETF	$10	0.20%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$286,952,490
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	313
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26%

What did the Fund invest in?

(as of January 31, 2026) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.1%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.0
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3

Security	Percent of Total InvestmentsFootnote Reference(a)
Royal Gold, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
Omega Healthcare Investors, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Pinnacle West Capital Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Ensign Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Agree Realty Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Old Republic International Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
New York Times Co. (The), Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
CareTrust REIT, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
IDACORP, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
RenaissanceRe Holdings Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	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.

©2026 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 MSCI USA Small-Cap Min Vol Factor ETF

Semi-Annual Shareholder Report — January 31, 2026

SMMV-01/26-SAR

iShares U.S. Equity Factor ETF

LRGF | NYSE Arca

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares U.S. Equity Factor ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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. Equity Factor ETF	$4	0.08%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,154,748,730
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	302
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11%

What did the Fund invest in?

(as of January 31, 2026) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.7%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5%
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Johnson & Johnson........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	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.

©2026 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. Equity Factor ETF

Semi-Annual Shareholder Report — January 31, 2026

LRGF-01/26-SAR

iShares U.S. Small-Cap Equity Factor ETF

SMLF | NYSE Arca

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares U.S. Small-Cap Equity Factor ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares U.S. Small-Cap Equity Factor ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,282,537,503
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	869
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13%

What did the Fund invest in?

(as of January 31, 2026) 

Sector allocation

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.6%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.0
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Sandisk Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5%
EMCOR Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Comfort Systems USA, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Interactive Brokers Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Mueller Industries, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
nVent Electric plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Jabil, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Tapestry, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Williams-Sonoma, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Natera, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

©2026 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. Small-Cap Equity Factor ETF

Semi-Annual Shareholder Report — January 31, 2026

SMLF-01/26-SAR

iShares U.S. Tech Breakthrough Multisector ETF

TECB | NYSE Arca

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about iShares U.S. Tech Breakthrough Multisector ETF (the “Fund”) for the period of August 1, 2025 to January 31, 2026. 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. Tech Breakthrough Multisector ETF	$15	0.30%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$428,066,941
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	189
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11%

What did the Fund invest in?

(as of January 31, 2026) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55.4%
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7

Security	Percent of Total InvestmentsFootnote Reference(a)
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6%
Advanced Micro Devices, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

©2026 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. Tech Breakthrough Multisector ETF

Semi-Annual Shareholder Report — January 31, 2026

TECB-01/26-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.

January

31,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

ESG

Aware

80/20

Aggressive

Allocation

ETF

|

EAOA

|

Cboe

BZX

Exchange

iShares

ESG

Aware

60/40

Balanced

Allocation

ETF

|

EAOR

|

Cboe

BZX

Exchange

iShares

ESG

Aware

30/70

Conservative

Allocation

ETF

|

EAOK

|

Cboe

BZX

Exchange

iShares

ESG

Aware

40/60

Moderate

Allocation

ETF

|

EAOM

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

11

Statements

of

Operations

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

12

Statements

of

Changes

in

Net

Assets

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

13

Financial

Highlights

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

15

Notes

to

Financial

Statements

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

19

Additional

Information

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

25

Glossary

of

Terms

Used

in

these

Financial

Statements

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

26

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

ESG

Aware

80/20

Aggressive

Allocation

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Domestic

Equity

—

54.6%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

(b)

......

114,733

$

17,298,295

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

36,564

1,770,063

19,068,358

Domestic

Fixed

Income

—

19.3%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

140,755

6,747,795

International

Equity

—

26.0%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

60,253

6,019,877

iShares

ESG

Aware

MSCI

EM

ETF

........

64,444

3,063,667

9,083,544

Total

Long-Term

Investments

—

99.9%

(Cost:

$

27,274,536

)

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

34,899,697

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

24

.8

%

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(d)

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

8,610,277

$

8,614,582

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

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

36,007

36,007

Total

Short-Term

Securities

—

24

.8

%

(Cost:

$

8,650,589

)

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

8,650,589

Total

Investments

—

124

.7

%

(Cost:

$

35,925,125

)

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

43,550,286

Liabilities

in

Excess

of

Other

Assets

—

(

24.7

)

%

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

(

8,616,907

)

Net

Assets

—

100.0%

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

$

34,933,379

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—

$

8,614,582

(a)

$

—

$

—

$

—

$

8,614,582

8,610,277

$

2,620

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

30,429

5,578

(a)

—

—

—

36,007

36,007

976

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

5,222,748

398,414

(

366,906

)

43,007

722,614

6,019,877

60,253

108,289

—

iShares

ESG

Aware

MSCI

EM

ETF

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

2,574,647

196,260

(

241,727

)

25,042

509,445

3,063,667

64,444

47,230

—

iShares

ESG

Aware

MSCI

USA

ETF

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

16,010,680

1,191,309

(

1,383,523

)

257,909

1,221,920

17,298,295

114,733

96,018

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

1,476,121

129,970

(

66,777

)

11,718

219,031

1,770,063

36,564

10,028

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

5,546,866

1,367,732

(

244,627

)

(

4,341

)

82,165

6,747,795

140,755

123,308

—

$

333,335

$

2,755,175

$

43,550,286

$

388,469

$

—

—

—

(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.

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

ESG

Aware

80/20

Aggressive

Allocation

ETF

4

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

Investment

Companies

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

$

34,899,697

$

—

$

—

$

34,899,697

Short-Term

Securities

Money

Market

Funds

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

8,650,589

—

—

8,650,589

$

43,550,286

$

—

$

—

$

43,550,286

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

ESG

Aware

60/40

Balanced

Allocation

ETF

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Domestic

Equity

—

41.3%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

(b)

......

73,721

$

11,114,915

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

23,494

1,137,344

12,252,259

Domestic

Fixed

Income

—

39.0%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

241,175

11,561,930

International

Equity

—

19.6%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

38,715

3,868,016

iShares

ESG

Aware

MSCI

EM

ETF

........

41,408

1,968,536

5,836,552

Total

Long-Term

Investments

—

99.9%

(Cost:

$

26,178,155

)

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

29,650,741

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

10

.3

%

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(d)

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

3,023,748

$

3,025,260

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

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

29,543

29,543

Total

Short-Term

Securities

—

10

.3

%

(Cost:

$

3,054,803

)

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

3,054,803

Total

Investments

—

110

.2

%

(Cost:

$

29,232,958

)

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

32,705,544

Liabilities

in

Excess

of

Other

Assets

—

(

10.2

)

%

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

(

3,026,521

)

Net

Assets

—

100.0%

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

$

29,679,023

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—

$

3,025,260

(a)

$

—

$

—

$

—

$

3,025,260

3,023,748

$

1,263

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

20,961

8,582

(a)

—

—

—

29,543

29,543

670

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

2,933,132

825,936

(

340,373

)

47,189

402,132

3,868,016

38,715

67,546

—

iShares

ESG

Aware

MSCI

EM

ETF

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

1,445,933

414,116

(

205,360

)

22,874

290,973

1,968,536

41,408

29,461

—

iShares

ESG

Aware

MSCI

USA

ETF

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

8,991,544

2,446,199

(

1,177,941

)

206,976

648,137

11,114,915

73,721

57,345

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

829,013

242,219

(

69,987

)

11,614

124,485

1,137,344

23,494

5,953

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

8,306,975

3,596,773

(

461,381

)

(

6,848

)

126,411

11,561,930

241,175

189,007

—

$

281,805

$

1,592,138

$

32,705,544

$

351,245

$

—

—

—

(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.

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

ESG

Aware

60/40

Balanced

Allocation

ETF

6

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

Investment

Companies

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

$

29,650,741

$

—

$

—

$

29,650,741

Short-Term

Securities

Money

Market

Funds

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

3,054,803

—

—

3,054,803

$

32,705,544

$

—

$

—

$

32,705,544

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

ESG

Aware

30/70

Conservative

Allocation

ETF

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Domestic

Equity

—

20.9%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

(b)

......

10,493

$

1,582,031

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

3,344

161,883

1,743,914

Domestic

Fixed

Income

—

69.1%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

120,146

5,759,799

International

Equity

—

9.9%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

5,510

550,504

iShares

ESG

Aware

MSCI

EM

ETF

........

5,894

280,201

830,705

Total

Long-Term

Investments

—

99.9%

(Cost:

$

8,543,145

)

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

8,334,418

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

19

.4

%

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(d)

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

1,606,561

$

1,607,363

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

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

7,651

7,651

Total

Short-Term

Securities

—

19

.4

%

(Cost:

$

1,615,015

)

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

1,615,014

Total

Investments

—

119

.3

%

(Cost:

$

10,158,160

)

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

9,949,432

Liabilities

in

Excess

of

Other

Assets

—

(

19.3

)

%

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

(

1,611,201

)

Net

Assets

—

100.0%

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

$

8,338,231

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—

$

1,607,363

(a)

$

—

$

—

$

—

$

1,607,363

1,606,561

$

299

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

7,995

—

(

344

)

(a)

—

—

7,651

7,651

205

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

584,689

46,650

(

154,936

)

20,209

53,892

550,504

5,510

9,892

—

iShares

ESG

Aware

MSCI

EM

ETF

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

288,255

23,583

(

82,394

)

7,195

43,562

280,201

5,894

4,315

—

iShares

ESG

Aware

MSCI

USA

ETF

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

1,792,558

135,912

(

492,534

)

107,709

38,386

1,582,031

10,493

9,154

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

165,265

14,153

(

39,298

)

3,399

18,364

161,883

3,344

961

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

5,796,063

830,204

(

945,218

)

15,595

63,155

5,759,799

120,146

110,774

—

$

154,107

$

217,359

$

9,949,432

$

135,600

$

—

—

—

(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.

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

ESG

Aware

30/70

Conservative

Allocation

ETF

8

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

Investment

Companies

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

$

8,334,418

$

—

$

—

$

8,334,418

Short-Term

Securities

Money

Market

Funds

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

1,615,014

—

—

1,615,014

$

9,949,432

$

—

$

—

$

9,949,432

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

ESG

Aware

40/60

Moderate

Allocation

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Domestic

Equity

—

27.8%

(a)

iShares

ESG

Aware

MSCI

USA

ETF

.......

12,695

$

1,914,025

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

4,046

195,867

2,109,892

Domestic

Fixed

Income

—

58.9%

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

(a)

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

93,447

4,479,848

International

Equity

—

13.2%

(a)

iShares

ESG

Aware

MSCI

EAFE

ETF

......

6,667

666,100

iShares

ESG

Aware

MSCI

EM

ETF

........

7,131

339,008

1,005,108

Total

Long-Term

Investments

—

99.9%

(Cost:

$

7,338,839

)

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

7,594,848

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(a)

(b)

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

7,455

$

7,455

Total

Short-Term

Securities

—

0

.1

%

(Cost:

$

7,455

)

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

7,455

Total

Investments

—

100

.0

%

(Cost:

$

7,346,294

)

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

7,602,303

Liabilities

in

Excess

of

Other

Assets

—

(

0.0

)

%

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

(

196

)

Net

Assets

—

100.0%

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

$

7,602,107

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

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

$

—

$

—

$

—

$

—

$

—

$

—

—

$

178

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,736

1,719

(c)

—

—

—

7,455

7,455

195

—

iShares

ESG

Aware

MSCI

EAFE

ETF

...........

576,833

67,890

(

63,867

)

5,962

79,282

666,100

6,667

12,017

—

iShares

ESG

Aware

MSCI

EM

ETF

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

284,309

34,530

(

38,498

)

1,057

57,610

339,008

7,131

5,241

—

iShares

ESG

Aware

MSCI

USA

ETF

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

1,768,228

202,599

(

224,051

)

24,237

143,012

1,914,025

12,695

10,497

—

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

........

163,038

19,480

(

12,692

)

230

25,811

195,867

4,046

1,094

—

iShares

ESG

Aware

U.S.

Aggregate

Bond

ETF

....

3,675,483

799,070

(

46,747

)

(

4,474

)

56,516

4,479,848

93,447

80,063

—

$

27,012

$

362,231

$

7,602,303

$

109,285

$

—

—

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

Represents

net

amount

purchased

(sold).

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

ESG

Aware

40/60

Moderate

Allocation

ETF

10

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

Investment

Companies

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

$

7,594,848

$

—

$

—

$

7,594,848

Short-Term

Securities

Money

Market

Funds

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

7,455

—

—

7,455

$

7,602,303

$

—

$

—

$

7,602,303

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2026

11

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

ESG

Aware

80/20

Aggressive

Allocation

ETF

iShares

ESG

Aware

60/40

Balanced

Allocation

ETF

iShares

ESG

Aware

30/70

Conservative

Allocation

ETF

iShares

ESG

Aware

40/60

Moderate

Allocation

ETF

ASSETS

Investments,

at

value

—

affiliated

(a)

(b)

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

$

43,550,286‌

$

32,705,544‌

$

9,949,432‌

$

7,602,303‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

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

646‌

163‌

83‌

—‌

Dividends

—

affiliated

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

113‌

90‌

23‌

23‌

Other

assets

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

—‌

—‌

—‌

101‌

Total

a

ssets

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

43,551,045‌

32,705,797‌

9,949,538‌

7,602,427‌

LIABILITIES

Collateral

on

securities

loaned

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

8,617,056‌

3,025,911‌

1,610,925‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investment

advisory

fees

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

610‌

863‌

382‌

320‌

Total

li

abilities

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

8,617,666‌

3,026,774‌

1,611,307‌

320‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

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

$

34,933,379‌

$

29,679,023‌

$

8,338,231‌

$

7,602,107‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

27,224,575‌

$

26,134,489‌

$

8,516,468‌

$

7,419,388‌

Accumulated

earnings

(loss)

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

7,708,804‌

3,544,534‌

(

178,237‌

)

182,719‌

NET

ASSETS

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

$

34,933,379‌

$

29,679,023‌

$

8,338,231‌

$

7,602,107‌

NET

ASSET

VALUE

Shares

outstanding

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

825,000‌

825,000‌

300,000‌

250,000‌

Net

asset

value

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

$

42.34‌

$

35.97‌

$

27.79‌

$

30.41‌

Shares

authorized

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

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

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

None

None

None

None

(a)

  Investments,

at

cost

—

affiliated

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

$

35,925,125‌

$

29,232,958‌

$

10,158,160‌

$

7,346,294‌

(b)

  Securities

loaned,

at

value

—

affiliated

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

$

8,414,775‌

$

2,955,092‌

$

1,566,199‌

$

—‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2026

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

12

See

notes

to

financial

statements.

iShares

ESG

Aware

80/20

Aggressive

Allocation

ETF

iShares

ESG

Aware

60/40

Balanced

Allocation

ETF

iShares

ESG

Aware

30/70

Conservative

Allocation

ETF

iShares

ESG

Aware

40/60

Moderate

Allocation

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

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

$

385,849‌

$

349,982‌

$

135,301‌

$

109,107‌

Securities

lending

income

—

affiliated

—

net

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

2,620‌

1,263‌

299‌

178‌

Total

investment

income

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

388,469‌

351,245‌

135,600‌

109,285‌

EXPENSES

Investment

advisory

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

30,286‌

23,258‌

7,426‌

6,375‌

Total

e

xpenses

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

30,286‌

23,258‌

7,426‌

6,375‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

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

(

27,572‌

)

(

19,169‌

)

(

5,197‌

)

(

4,722‌

)

Total

ex

penses

after

fees

waived

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

2,714‌

4,089‌

2,229‌

1,653‌

Net

investment

income

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

385,755‌

347,156‌

133,371‌

107,632‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

3,088,510‌

$

1,873,942‌

$

371,467‌

$

389,243‌

Net

realized

gain

from:

Investments

—

affiliated

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

$

47,552‌

$

77,929‌

$

40,398‌

$

27,012‌

In-kind

redemptions

—

affiliated

(a)

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

285,783‌

203,876‌

113,709‌

—‌

333,335‌

281,805‌

154,107‌

27,012‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

2,755,175‌

1,592,138‌

217,359‌

362,231‌

Net

realized

and

unrealized

gain

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

3,088,510‌

1,873,943‌

371,466‌

389,243‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

3,474,265‌

$

2,221,099‌

$

504,837‌

$

496,875‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

13

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Aware

80/20

Aggressive

Allocation

ETF

iShares

ESG

Aware

60/40

Balanced

Allocation

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

385,755‌

$

629,462‌

$

347,156‌

$

545,761‌

Net

realized

gain

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

333,335‌

724,246‌

281,805‌

1,036,305‌

Net

change

in

unrealized

appreciation

(depreciation)

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

2,755,175‌

2,080,929‌

1,592,138‌

469,918‌

Net

increase

in

net

assets

resulting

from

operations

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

3,474,265‌

3,434,637‌

2,221,099‌

2,051,984‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(389,844‌)

(b)

(629,128‌)

(354,355‌)

(b)

(544,556‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

990,225‌

(63,415‌)

5,285,854‌

784,817‌

NET

ASSETS

Total

increase

in

net

assets

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

4,074,646‌

2,742,094‌

7,152,598‌

2,292,245‌

Beginning

of

period

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

30,858,733‌

28,116,639‌

22,526,425‌

20,234,180‌

End

of

period

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

$

34,933,379‌

$

30,858,733‌

$

29,679,023‌

$

22,526,425‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

14

See

notes

to

financial

statements.

iShares

ESG

Aware

30/70

Conservative

Allocation

ETF

iShares

ESG

Aware

40/60

Moderate

Allocation

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

133,371‌

$

272,592‌

$

107,632‌

$

197,870‌

Net

realized

gain

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

154,107‌

32,211‌

27,012‌

180,736‌

Net

change

in

unrealized

appreciation

(depreciation)

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

217,359‌

244,496‌

362,231‌

126,718‌

Net

increase

in

net

assets

resulting

from

operations

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

504,837‌

549,299‌

496,875‌

505,324‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(136,966‌)

(b)

(272,607‌)

(112,548‌)

(b)

(197,698‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(664,518‌)

(1,957‌)

744,292‌

(22,225‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

(

296,647‌

)

274,735‌

1,128,619‌

285,401‌

Beginning

of

period

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

8,634,878‌

8,360,143‌

6,473,488‌

6,188,087‌

End

of

period

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

$

8,338,231‌

$

8,634,878‌

$

7,602,107‌

$

6,473,488‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

15

Financial

Highlights

iShares

ESG

Aware

80/20

Aggressive

Allocation

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

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

$

38.57

‌

$

35.15

‌

$

31.42

‌

$

29.48

‌

$

33.57

‌

$

26.74

‌

Net

investment

income

(a)

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

0

.47

‌

0

.79

‌

0

.72

‌

0

.61

‌

0

.58

‌

0

.49

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

3.77

‌

3.42

‌

3.72

‌

1.94

‌

(4.10

)

6.78

‌

Net

increase

(decrease)

from

investment

operations

........

4.24

‌

4.21

‌

4.44

‌

2.55

‌

(3.52

)

7.27

‌

Distributions

from

net

investment

income

(c)

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

(0.47

)

(d)

(0.79

)

(0.71

)

(0.61

)

(0.57

)

(0.44

)

Net

asset

value,

end

of

period

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

$

42.34

‌

$

38.57

‌

$

35.15

‌

$

31.42

‌

$

29.48

‌

$

33.57

‌

Total

Return

(e)

Based

on

net

asset

value

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

11.03

%

(f)

12.13

%

14.34

%

8.82

%

(10.57

)%

27.32

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.18

%

(h)

0.18

%

0.18

%

0.18

%

0.18

%

0.18

%

Total

expenses

after

fees

waived

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

0.02

%

(h)

0.02

%

0.02

%

0.02

%

0.02

%

0.02

%

Net

investment

income

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

2.29

%

(h)

2.17

%

2.22

%

2.10

%

1.81

%

1.53

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

34,933

‌

$

30,859

‌

$

28,117

‌

$

25,137

‌

$

20,639

‌

$

20,141

‌

Portfolio

turnover

rate

(i)

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

4

%

3

%

4

%

4

%

2

%

5

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

16

iShares

ESG

Aware

60/40

Balanced

Allocation

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

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

$

33.37

‌

$

31.13

‌

$

28.51

‌

$

27.62

‌

$

31.24

‌

$

26.43

‌

Net

investment

income

(a)

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

0

.47

‌

0

.81

‌

0

.75

‌

0

.62

‌

0

.50

‌

0

.40

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

2.59

‌

2.25

‌

2.61

‌

0.89

‌

(3.64

)

4.81

‌

Net

increase

(decrease)

from

investment

operations

........

3.06

‌

3.06

‌

3.36

‌

1.51

‌

(3.14

)

5.21

‌

Distributions

from

net

investment

income

(c)

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

(0.46

)

(d)

(0.82

)

(0.74

)

(0.62

)

(0.48

)

(0.40

)

Net

asset

value,

end

of

period

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

$

35.97

‌

$

33.37

‌

$

31.13

‌

$

28.51

‌

$

27.62

‌

$

31.24

‌

Total

Return

(e)

Based

on

net

asset

value

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

9.21

%

(f)

9.96

%

11.97

%

5.62

%

(10.11

)%

19.83

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.18

%

(h)

0.18

%

0.18

%

0.18

%

0.18

%

0.18

%

Total

expenses

after

fees

waived

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

0.03

%

(h)

0.04

%

0.04

%

0.04

%

0.04

%

0.03

%

Net

investment

income

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

2.69

%

(h)

2.55

%

2.59

%

2.30

%

1.68

%

1.37

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

29,679

‌

$

22,526

‌

$

20,234

‌

$

17,107

‌

$

13,812

‌

$

7,811

‌

Portfolio

turnover

rate

(i)

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

5

%

4

%

6

%

5

%

4

%

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

iShares

ESG

Aware

30/70

Conservative

Allocation

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

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

$

26.57

‌

$

25.72

‌

$

24.47

‌

$

24.85

‌

$

27.97

‌

$

25.95

‌

Net

investment

income

(a)

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

0

.45

‌

0

.83

‌

0

.76

‌

0

.58

‌

0

.38

‌

0

.33

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

1.23

‌

0.85

‌

1.25

‌

(0.37

)

(3.06

)

2.05

‌

Net

increase

(decrease)

from

investment

operations

........

1.68

‌

1.68

‌

2.01

‌

0.21

‌

(2.68

)

2.38

‌

Distributions

from

net

investment

income

(c)

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

(0.46

)

(d)

(0.83

)

(0.76

)

(0.59

)

(0.44

)

(0.36

)

Net

asset

value,

end

of

period

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

$

27.79

‌

$

26.57

‌

$

25.72

‌

$

24.47

‌

$

24.85

‌

$

27.97

‌

Total

Return

(e)

Based

on

net

asset

value

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

6.40

%

(f)

6.62

%

8.44

%

0.93

%

(9.65

)%

9.23

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.18

%

(h)

0.18

%

0.18

%

0.18

%

0.18

%

0.18

%

Total

expenses

after

fees

waived

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

0.05

%

(h)

0.06

%

0.06

%

0.06

%

0.06

%

0.06

%

Net

investment

income

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

3.23

%

(h)

3.18

%

3.11

%

2.42

%

1.41

%

1.21

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

8,338

‌

$

8,635

‌

$

8,360

‌

$

7,341

‌

$

8,697

‌

$

5,594

‌

Portfolio

turnover

rate

(i)

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

4

%

3

%

4

%

4

%

3

%

4

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

18

iShares

ESG

Aware

40/60

Moderate

Allocation

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

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

$

28.77

‌

$

27.50

‌

$

25.83

‌

$

25.81

‌

$

29.05

‌

$

26.11

‌

Net

investment

income

(a)

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

0

.46

‌

0

.84

‌

0

.76

‌

0

.59

‌

0

.42

‌

0

.35

‌

Net

realized

and

unrealized

gain

(loss)

(b)

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

1.65

‌

1.26

‌

1.67

‌

0.02

‌

(3.25

)

2.96

‌

Net

increase

(decrease)

from

investment

operations

........

2.11

‌

2.10

‌

2.43

‌

0.61

‌

(2.83

)

3.31

‌

Distributions

from

net

investment

income

(c)

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

(0.47

)

(d)

(0.83

)

(0.76

)

(0.59

)

(0.41

)

(0.37

)

Net

asset

value,

end

of

period

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

$

30.41

‌

$

28.77

‌

$

27.50

‌

$

25.83

‌

$

25.81

‌

$

29.05

‌

Total

Return

(e)

Based

on

net

asset

value

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

7.35

%

(f)

7.74

%

9.60

%

2.48

%

(9.79

)%

12.76

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

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

0.18

%

(h)

0.18

%

0.18

%

0.18

%

0.18

%

0.18

%

Total

expenses

after

fees

waived

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

0.05

%

(h)

0.05

%

0.05

%

0.05

%

0.05

%

0.05

%

Net

investment

income

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

3.04

%

(h)

2.99

%

2.93

%

2.37

%

1.51

%

1.25

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

7,602

‌

$

6,473

‌

$

6,188

‌

$

5,167

‌

$

5,162

‌

$

5,810

‌

Portfolio

turnover

rate

(i)

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

5

%

5

%

6

%

5

%

15

%

4

%

(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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

19

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

Each

Fund

is

a

fund

of

funds

and

seeks

to

achieve

its

investment

objective

by

investing

primarily

in

other

iShares

funds

(each,

an

“underlying

fund”

and

collectively,

the

“underlying

funds”).

The

financial

statements,

including

the

accounting

policies,

and

Schedules

of

Investments

for

the

underlying

funds

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Funds’

financial

statements.

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

from

the

underlying

funds,

if

any,

are

recorded

on

the

ex-dividend

date.

Interest

income

is

recognized

daily

on

an

accrual

basis.

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. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund has

a

single

investment

strategy

as

disclosed

in 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:

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

price.

iShares

ETF

Diversification

Classification

ESG

Aware

80/20

Aggressive

Allocation

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

Diversified

ESG

Aware

60/40

Balanced

Allocation

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

Diversified

ESG

Aware

30/70

Conservative

Allocation

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

Diversified

ESG

Aware

40/60

Moderate

Allocation

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

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

20

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the entire

fair

value

measurement

for

the

asset

or

liability

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

21

Notes

to

Financial

Statements

As

of

period

end,

the

following

tables are

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock,

Inc.

(“BlackRock”). Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

each

Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.18%,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund.

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fees

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

investments

by

each

Fund

in

other

series

of

the

Trust

and

iShares,

Inc.,

provided

that

the

waiver

be

no

greater

than

each

Fund's

investment

advisory

fee,

through

November

29,

2030.

These

amounts are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the six

months ended January

31,

2026,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

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.

Index

Provider:

BlackRock

Index

Services,

LLC,

an

affiliate

of

BFA,

created,

sponsors

and

publishes

the

underlying

index used

by each

Fund.

Each

Fund

uses

its

underlying

index

at

no

charge

pursuant

to

a

license

agreement

between

BlackRock

Index

Services,

LLC

(or

one

or

more

of

its

affiliates)

and

the

Trust,

on

behalf

of

the

Funds.

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

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

ESG

Aware

80/20

Aggressive

Allocation

Morgan

Stanley

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

$

8,414,775

$

(8,414,775)

$

–

$

–

m

ESG

Aware

60/40

Balanced

Allocation

Morgan

Stanley

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

$

2,955,092

$

(2,955,092)

$

–

$

–

m

ESG

Aware

30/70

Conservative

Allocation

Morgan

Stanley

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

$

1,566,199

$

(1,566,199)

$

–

$

–

m

(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

each

Fund’s

Statements

of

Assets

and

Liabilities.

iShares

ETF

Amounts

Waived

ESG

Aware

80/20

Aggressive

Allocation

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

$

27,572‌

ESG

Aware

60/40

Balanced

Allocation

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

19,169‌

ESG

Aware

30/70

Conservative

Allocation

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

5,197‌

ESG

Aware

40/60

Moderate

Allocation

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

4,722‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

22

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

securities

lending

agreement

effective

as

of

January

1,

2026,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

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

specific

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

to

the

securities

lending

agreement

effective

as

of

January

1,

2025,

identical

securities

lending

agreements

were

in

place

for

each

Fund

for

the

calendar

year

ended

December

31,

2025.

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

January

31,

2026,

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:

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.

6.

Purchases

and

Sales

For

the six

months ended

January

31,

2026,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

January

31,

2026,

in-kind

transactions

were

as

follows:

7.

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

January

31,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

iShares

ETF

Amounts

ESG

Aware

80/20

Aggressive

Allocation

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

$

990‌

ESG

Aware

60/40

Balanced

Allocation

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

486‌

ESG

Aware

30/70

Conservative

Allocation

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

124‌

ESG

Aware

40/60

Moderate

Allocation

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

69‌

iShares

ETF

Purchases

Sales

ESG

Aware

80/20

Aggressive

Allocation

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

$

1,277,584‌

$

1,285,646‌

ESG

Aware

60/40

Balanced

Allocation

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

1,351,793‌

1,362,515‌

ESG

Aware

30/70

Conservative

Allocation

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

356,944‌

358,793‌

ESG

Aware

40/60

Moderate

Allocation

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

379,971‌

385,853‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Aware

80/20

Aggressive

Allocation

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

$

2,006,100‌

$

1,017,912‌

ESG

Aware

60/40

Balanced

Allocation

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

6,173,452‌

892,528‌

ESG

Aware

30/70

Conservative

Allocation

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

693,557‌

1,355,587‌

ESG

Aware

40/60

Moderate

Allocation

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

743,597‌

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

23

Notes

to

Financial

Statements

As

of

July

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

 as

follows:

As

of

January

31,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

8.

Principal

Risks

In

the

normal

course

of

business,

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.

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.

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. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

9.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

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.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

ESG

Aware

80/20

Aggressive

Allocation

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

$

(

187,043‌

)

ESG

Aware

60/40

Balanced

Allocation

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

(

182,934‌

)

ESG

Aware

30/70

Conservative

Allocation

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

(

115,364‌

)

ESG

Aware

40/60

Moderate

Allocation

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

(

87,783‌

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Aware

80/20

Aggressive

Allocation

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

$

35,985,043‌

$

8,057,000‌

$

(

491,757‌

)

$

7,565,243‌

ESG

Aware

60/40

Balanced

Allocation

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

29,254,575‌

3,947,330‌

(

496,361‌

)

3,450,969‌

ESG

Aware

30/70

Conservative

Allocation

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

10,163,305‌

590,102‌

(

803,975‌

)

(

213,873‌

)

ESG

Aware

40/60

Moderate

Allocation

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

7,354,155‌

683,161‌

(

435,013‌

)

248,148‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

24

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

10.

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

01/31/26

Year

Ended

07/31/25

iShares

ETF

Shares

Amount

Shares

Amount

ESG

Aware

80/20

Aggressive

Allocation

Shares

sold

50,000‌

$

2,009,089‌

100,000‌

$

3,573,583‌

Shares

redeemed

(

25,000‌

)

(

1,018,864‌

)

(

100,000‌

)

(

3,636,998‌

)

25,000‌

$

990,225‌

—‌

$

(

63,415‌

)

ESG

Aware

60/40

Balanced

Allocation

Shares

sold

175,000‌

$

6,179,258‌

250,000‌

$

7,887,380‌

Shares

redeemed

(

25,000‌

)

(

893,404‌

)

(

225,000‌

)

(

7,102,563‌

)

150,000‌

$

5,285,854‌

25,000‌

$

784,817‌

ESG

Aware

30/70

Conservative

Allocation

Shares

sold

25,000‌

$

693,962‌

25,000‌

$

644,937‌

Shares

redeemed

(

50,000‌

)

(

1,358,480‌

)

(

25,000‌

)

(

646,894‌

)

(

25,000‌

)

$

(

664,518‌

)

—‌

$

(

1,957‌

)

ESG

Aware

40/60

Moderate

Allocation

Shares

sold

25,000‌

$

744,292‌

75,000‌

$

2,080,132‌

Shares

redeemed

—‌

—‌

(

75,000‌

)

(

2,102,357‌

)

25,000‌

$

744,292‌

—‌

$

(

22,225‌

)

Additional

Information

25

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust's

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Glossary

of

Terms

Used

in

these

Financial

Statements

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

26

Portfolio

Abbreviation

EAFE

Europe,

Australasia

and

Far

East

EM

Emerging

Markets

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

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 BlackRock

Index

Services,

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.

©2026

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.

JANUARY

31,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

|

SMMV

|Cboe

BZX

Exchange

iShares

U.S.

Equity

Factor

ETF

|

LRGF

|

NYSE

Arca

iShares

U.S.

Small-Cap

Equity

Factor

ETF

|

SMLF

|

NYSE

Arca

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

|

TECB

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

32

Statements

of

Operations

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

33

Statements

of

Changes

in

Net

Assets

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

34

Financial

Highlights

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

36

Notes

to

Financial

Statements

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

40

Additional

Information

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

49

Glossary

of

Terms

Used

in

these

Financial

Statements

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

50

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.8%

Cadre

Holdings,

Inc.

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

5,441

$

217,694‌

Ducommun,

Inc.

(a)

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

7,107

805,579‌

Huntington

Ingalls

Industries,

Inc.

..........

3,708

1,559,251‌

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

(b)

..

3,277

337,564‌

Leonardo

DRS,

Inc.

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

9,811

402,840‌

Mercury

Systems,

Inc.

(a)

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

5,430

509,768‌

National

Presto

Industries,

Inc.

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

2,690

342,706‌

Woodward,

Inc.

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

2,831

899,805‌

5,075,207‌

Automobile

Components

—

1.0%

Dorman

Products,

Inc.

(a)

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

1,739

215,984‌

Gentex

Corp.

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

88,387

2,033,785‌

Visteon

Corp.

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

5,414

491,916‌

2,741,685‌

Beverages

—

1.2%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

.......

3,832

818,592‌

Coca-Cola

Consolidated,

Inc.

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

5,141

781,741‌

Molson

Coors

Beverage

Co.

,

Class

B

.......

23,633

1,135,329‌

National

Beverage

Corp.

(a)

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

14,126

481,414‌

Primo

Brands

Corp.

,

Class

A

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

13,828

261,902‌

3,478,978‌

Biotechnology

—

7.1%

(a)

ACADIA

Pharmaceuticals,

Inc.

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

13,432

337,546‌

ADMA

Biologics,

Inc.

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

8,797

152,188‌

Alkermes

plc

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

38,615

1,308,662‌

Amicus

Therapeutics,

Inc.

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

49,781

711,371‌

Arbutus

Biopharma

Corp.

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

72,224

298,285‌

ArriVent

Biopharma,

Inc.

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

7,158

160,983‌

ARS

Pharmaceuticals,

Inc.

(b)

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

16,183

161,668‌

Aurinia

Pharmaceuticals,

Inc.

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

27,054

393,095‌

BioMarin

Pharmaceutical,

Inc.

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

30,867

1,745,220‌

Catalyst

Pharmaceuticals,

Inc.

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

6,339

154,038‌

Dynavax

Technologies

Corp.

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

47,109

729,483‌

Exact

Sciences

Corp.

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

6,563

671,657‌

Exelixis,

Inc.

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

26,881

1,111,798‌

Halozyme

Therapeutics,

Inc.

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

10,609

760,771‌

Ideaya

Biosciences,

Inc.

(b)

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

4,675

150,488‌

Ionis

Pharmaceuticals,

Inc.

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

17,612

1,455,984‌

Kiniksa

Pharmaceuticals

International

plc

.....

17,461

766,887‌

Krystal

Biotech,

Inc.

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

3,256

909,205‌

Madrigal

Pharmaceuticals,

Inc.

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

506

247,591‌

Mirum

Pharmaceuticals,

Inc.

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

12,486

1,288,805‌

Palvella

Therapeutics,

Inc.

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

1,768

135,588‌

Protagonist

Therapeutics,

Inc.

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

10,872

889,330‌

Revolution

Medicines,

Inc.

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

6,217

602,738‌

Roivant

Sciences

Ltd.

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

126,104

2,726,369‌

Soleno

Therapeutics,

Inc.

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

3,684

142,055‌

Ultragenyx

Pharmaceutical,

Inc.

...........

7,630

183,654‌

Upstream

Bio,

Inc.

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

6,070

188,656‌

Vaxcyte,

Inc.

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

6,389

342,259‌

Xenon

Pharmaceuticals,

Inc.

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

29,054

1,191,505‌

Zymeworks,

Inc.

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

18,881

425,389‌

20,343,268‌

Broadline

Retail

—

0.1%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.......

3,710

409,250‌

Building

Products

—

1.1%

A

O

Smith

Corp.

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

30,750

2,259,817‌

Armstrong

World

Industries,

Inc.

...........

2,789

512,451‌

Security

Shares

Shares

Value

Building

Products

(continued)

Zurn

Elkay

Water

Solutions

Corp.

..........

5,290

$

243,922‌

3,016,190‌

Capital

Markets

—

0.6%

MarketAxess

Holdings,

Inc.

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

10,293

1,741,884‌

Chemicals

—

0.8%

Balchem

Corp.

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

2,967

504,894‌

NewMarket

Corp.

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

2,285

1,532,755‌

Sensient

Technologies

Corp.

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

2,682

253,503‌

2,291,152‌

Commercial

Services

&

Supplies

—

3.0%

Brady

Corp.

,

Class

A,

NVS

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

21,892

1,893,001‌

Brink's

Co.

(The)

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

3,053

387,853‌

Casella

Waste

Systems,

Inc.

,

Class

A

(a)

(b)

.....

20,693

2,087,510‌

CoreCivic,

Inc.

(a)

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

8,452

156,616‌

Healthcare

Services

Group,

Inc.

(a)

..........

8,172

153,797‌

MSA

Safety,

Inc.

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

6,458

1,144,035‌

OPENLANE,

Inc.

(a)

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

6,310

189,552‌

Tetra

Tech,

Inc.

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

46,693

1,758,458‌

UniFirst

Corp.

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

4,449

956,535‌

8,727,357‌

Communications

Equipment

—

0.3%

(a)

Calix,

Inc.

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

5,720

255,512‌

NetScout

Systems,

Inc.

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

12,669

352,325‌

Viavi

Solutions,

Inc.

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

8,148

199,300‌

807,137‌

Construction

&

Engineering

—

0.5%

API

Group

Corp.

(a)

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

12,003

498,965‌

Granite

Construction,

Inc.

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

7,853

948,171‌

1,447,136‌

Consumer

Finance

—

1.4%

EZCORP,

Inc.

,

Class

A,

NVS

(a)

(b)

...........

29,177

625,847‌

FirstCash

Holdings,

Inc.

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

19,424

3,311,792‌

3,937,639‌

Consumer

Staples

Distribution

&

Retail

—

2.1%

Albertsons

Cos.,

Inc.

,

Class

A

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

63,746

1,061,371‌

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

........

23,827

2,202,568‌

Casey's

General

Stores,

Inc.

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

3,171

1,923,211‌

Ingles

Markets,

Inc.

,

Class

A

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

7,146

534,950‌

Maplebear,

Inc.

(a)

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

3,681

136,786‌

Weis

Markets,

Inc.

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

3,028

215,442‌

6,074,328‌

Containers

&

Packaging

—

0.8%

AptarGroup,

Inc.

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

11,377

1,421,556‌

Crown

Holdings,

Inc.

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

8,041

841,732‌

2,263,288‌

Diversified

Consumer

Services

—

2.9%

ADT,

Inc.

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

86,154

689,232‌

Adtalem

Global

Education,

Inc.

(a)

..........

1,493

154,600‌

Bright

Horizons

Family

Solutions,

Inc.

(a)

......

1,938

179,517‌

Frontdoor,

Inc.

(a)

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

2,831

167,340‌

Grand

Canyon

Education,

Inc.

(a)

...........

4,091

711,180‌

H&R

Block,

Inc.

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

29,158

1,150,283‌

Laureate

Education,

Inc.

(a)

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

29,440

1,009,792‌

Perdoceo

Education

Corp.

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

20,330

651,170‌

Service

Corp.

International

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

40,174

3,231,195‌

Strategic

Education,

Inc.

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

1,836

156,097‌

Stride,

Inc.

(a)

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

3,252

275,119‌

8,375,525‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

REITs

—

0.6%

Alexander

&

Baldwin,

Inc.

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

36,537

$

757,777‌

Broadstone

Net

Lease,

Inc.

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

33,667

623,176‌

Essential

Properties

Realty

Trust,

Inc.

.......

9,474

287,631‌

1,668,584‌

Diversified

Telecommunication

Services

—

0.7%

Liberty

Global

Ltd.

,

Class

A

(a)

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

83,260

923,354‌

Liberty

Global

Ltd.

,

Class

C,

NVS

(a)

(b)

........

69,516

770,237‌

Shenandoah

Telecommunications

Co.

.......

23,462

278,494‌

1,972,085‌

Electric

Utilities

—

4.8%

IDACORP,

Inc.

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

27,163

3,606,975‌

OGE

Energy

Corp.

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

76,023

3,320,685‌

Pinnacle

West

Capital

Corp.

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

46,005

4,304,228‌

Portland

General

Electric

Co.

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

32,390

1,627,597‌

TXNM

Energy,

Inc.

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

15,296

901,240‌

13,760,725‌

Electronic

Equipment,

Instruments

&

Components

—

0.9%

Arrow

Electronics,

Inc.

(a)

(b)

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

1,385

183,499‌

Avnet,

Inc.

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

6,683

416,952‌

Badger

Meter,

Inc.

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

935

137,052‌

Itron,

Inc.

(a)

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

3,231

320,128‌

PC

Connection,

Inc.

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

5,068

298,049‌

TD

SYNNEX

Corp.

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

8,419

1,335,843‌

2,691,523‌

Entertainment

—

2.4%

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

(a)

.

23,277

929,451‌

Cinemark

Holdings,

Inc.

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

39,199

928,232‌

IMAX

Corp.

(a)

(b)

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

22,958

801,464‌

Madison

Square

Garden

Sports

Corp.

(a)

......

7,839

2,222,748‌

TKO

Group

Holdings,

Inc.

,

Class

A

.........

9,300

1,883,994‌

6,765,889‌

Financial

Services

—

0.1%

Enact

Holdings,

Inc.

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

5,412

215,235‌

Essent

Group

Ltd.

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

2,905

182,783‌

398,018‌

Food

Products

—

5.3%

Cal-Maine

Foods,

Inc.

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

14,285

1,193,226‌

Campbell's

Co.

(The)

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

32,801

917,772‌

Conagra

Brands,

Inc.

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

94,385

1,747,066‌

Flowers

Foods,

Inc.

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

42,074

480,906‌

Fresh

Del

Monte

Produce,

Inc.

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

20,441

810,690‌

Ingredion,

Inc.

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

25,897

3,058,436‌

J

&

J

Snack

Foods

Corp.

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

7,836

744,420‌

Lamb

Weston

Holdings,

Inc.

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

8,411

386,317‌

Marzetti

Co.

(The)

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

5,626

965,253‌

Mission

Produce,

Inc.

(a)

(b)

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

20,429

274,974‌

Pilgrim's

Pride

Corp.

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

23,838

1,033,854‌

Post

Holdings,

Inc.

(a)

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

21,838

2,234,246‌

Seaboard

Corp.

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

60

304,937‌

Seneca

Foods

Corp.

,

Class

A

(a)

...........

1,350

161,095‌

Simply

Good

Foods

Co.

(The)

(a)

...........

13,557

254,465‌

Tootsie

Roll

Industries,

Inc.

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

9,434

357,360‌

Vital

Farms,

Inc.

(a)

(b)

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

6,962

198,069‌

15,123,086‌

Gas

Utilities

—

0.7%

Chesapeake

Utilities

Corp.

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

2,060

265,081‌

National

Fuel

Gas

Co.

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

2,650

221,937‌

New

Jersey

Resources

Corp.

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

15,258

754,966‌

ONE

Gas,

Inc.

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

4,474

355,951‌

Security

Shares

Shares

Value

Gas

Utilities

(continued)

Spire,

Inc.

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

3,242

$

273,917‌

1,871,852‌

Ground

Transportation

—

1.9%

Knight-Swift

Transportation

Holdings,

Inc.

....

11,962

659,106‌

Landstar

System,

Inc.

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

16,194

2,418,736‌

Marten

Transport

Ltd.

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

31,077

382,247‌

Schneider

National,

Inc.

,

Class

B

..........

27,800

746,152‌

U-Haul

Holding

Co.

,

NVS

(b)

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

14,800

759,388‌

U-Haul

Holding

Co.

(a)

(b)

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

3,974

224,730‌

Werner

Enterprises,

Inc.

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

11,820

404,835‌

5,595,194‌

Health

Care

Equipment

&

Supplies

—

1.6%

iRadimed

Corp.

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

3,121

305,483‌

Lantheus

Holdings,

Inc.

(a)

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

4,826

322,956‌

LivaNova

plc

(a)

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

3,290

216,186‌

Merit

Medical

Systems,

Inc.

(a)

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

19,930

1,616,124‌

Penumbra,

Inc.

(a)

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

2,919

1,045,498‌

Teleflex,

Inc.

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

10,641

1,110,601‌

4,616,848‌

Health

Care

Providers

&

Services

—

6.6%

Addus

HomeCare

Corp.

(a)

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

9,243

956,466‌

Alignment

Healthcare,

Inc.

(a)

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

47,251

1,064,565‌

Brookdale

Senior

Living,

Inc.

(a)

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

17,759

266,385‌

Chemed

Corp.

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

7,027

3,001,513‌

DaVita,

Inc.

(a)

(b)

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

1,175

128,475‌

Encompass

Health

Corp.

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

29,212

2,761,410‌

Ensign

Group,

Inc.

(The)

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

24,031

4,125,161‌

Fulgent

Genetics,

Inc.

(a)

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

9,999

261,974‌

Guardian

Pharmacy

Services,

Inc.

,

Class

A

(a)

..

6,583

198,807‌

HealthEquity,

Inc.

(a)

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

7,331

628,047‌

Henry

Schein,

Inc.

(a)

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

20,276

1,530,432‌

Hinge

Health,

Inc.

,

Class

A

(a)

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

3,428

119,637‌

Molina

Healthcare,

Inc.

(a)

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

5,570

1,000,316‌

National

HealthCare

Corp.

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

1,386

198,350‌

OPKO

Health,

Inc.

(a)

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

122,933

154,896‌

Option

Care

Health,

Inc.

(a)

(b)

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

52,270

1,777,180‌

Privia

Health

Group,

Inc.

(a)

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

23,880

554,494‌

Progyny,

Inc.

(a)

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

6,923

165,252‌

18,893,360‌

Health

Care

REITs

—

5.4%

American

Healthcare

REIT,

Inc.

...........

25,466

1,194,610‌

CareTrust

REIT,

Inc.

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

98,889

3,692,515‌

Healthcare

Realty

Trust,

Inc.

,

Class

A

.......

83,249

1,397,751‌

LTC

Properties,

Inc.

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

23,140

843,916‌

National

Health

Investors,

Inc.

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

16,276

1,336,585‌

Omega

Healthcare

Investors,

Inc.

..........

98,974

4,342,979‌

Sabra

Health

Care

REIT,

Inc.

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

120,553

2,257,958‌

Sila

Realty

Trust,

Inc.

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

23,437

570,691‌

15,637,005‌

Health

Care

Technology

—

0.3%

HealthStream,

Inc.

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

11,930

265,920‌

Waystar

Holding

Corp.

(a)

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

27,124

720,413‌

986,333‌

Hotels,

Restaurants

&

Leisure

—

1.6%

Aramark

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

18,465

710,718‌

Choice

Hotels

International,

Inc.

(b)

..........

2,300

236,440‌

Churchill

Downs,

Inc.

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

6,194

609,242‌

Monarch

Casino

&

Resort,

Inc.

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

2,301

210,610‌

Planet

Fitness,

Inc.

,

Class

A

(a)

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

12,209

1,111,507‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Texas

Roadhouse,

Inc.

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

10,080

$

1,812,989‌

4,691,506‌

Household

Products

—

0.5%

Reynolds

Consumer

Products,

Inc.

.........

31,661

733,585‌

WD-40

Co.

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

2,708

626,171‌

1,359,756‌

Insurance

—

8.9%

AMERISAFE,

Inc.

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

9,591

360,718‌

Axis

Capital

Holdings

Ltd.

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

22,269

2,297,716‌

Donegal

Group,

Inc.

,

Class

A

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

8,533

159,311‌

Employers

Holdings,

Inc.

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

11,804

514,891‌

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

....

13,587

377,039‌

Hanover

Insurance

Group,

Inc.

(The)

.......

17,195

2,994,337‌

HCI

Group,

Inc.

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

3,911

620,558‌

Horace

Mann

Educators

Corp.

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

20,416

914,841‌

Kinsale

Capital

Group,

Inc.

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

365

144,496‌

Old

Republic

International

Corp.

...........

101,271

3,966,785‌

Palomar

Holdings,

Inc.

(a)

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

3,851

475,945‌

ProAssurance

Corp.

(a)

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

22,558

546,355‌

RenaissanceRe

Holdings

Ltd.

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

12,242

3,448,571‌

RLI

Corp.

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

41,646

2,433,376‌

Ryan

Specialty

Holdings,

Inc.

,

Class

A

.......

11,794

569,414‌

Safety

Insurance

Group,

Inc.

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

7,477

588,440‌

Selective

Insurance

Group,

Inc.

...........

25,750

2,165,060‌

Skyward

Specialty

Insurance

Group,

Inc.

(a)

....

4,996

222,922‌

White

Mountains

Insurance

Group

Ltd.

(b)

.....

1,295

2,648,184‌

25,448,959‌

Interactive

Media

&

Services

—

0.4%

Grindr,

Inc.

(a)

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

9,694

109,736‌

Match

Group,

Inc.

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

11,958

372,492‌

Yelp,

Inc.

(a)

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

29,519

808,230‌

1,290,458‌

IT

Services

—

0.2%

Akamai

Technologies,

Inc.

(a)

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

4,913

477,298‌

Hackett

Group,

Inc.

(The)

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

12,500

228,125‌

705,423‌

Leisure

Products

—

0.1%

Sturm

Ruger

&

Co.,

Inc.

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

7,304

267,984‌

Machinery

—

0.8%

Donaldson

Co.,

Inc.

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

15,608

1,591,079‌

ESCO

Technologies,

Inc.

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

651

148,539‌

RBC

Bearings,

Inc.

(a)

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

1,386

692,543‌

2,432,161‌

Marine

Transportation

—

0.1%

Genco

Shipping

&

Trading

Ltd.

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

16,178

338,120‌

Media

—

1.4%

New

York

Times

Co.

(The)

,

Class

A

.........

52,380

3,839,978‌

Paramount

Skydance

Corp.

,

Class

B,

NVS

(b)

..

22,730

254,803‌

4,094,781‌

Metals

&

Mining

—

2.3%

McEwen,

Inc.

(a)

(b)

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

12,186

294,292‌

NioCorp

Developments

Ltd.

(a)

(b)

...........

23,561

139,010‌

Perpetua

Resources

Corp.

(a)

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

8,204

218,390‌

Royal

Gold,

Inc.

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

22,332

5,880,239‌

6,531,931‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.9%

AGNC

Investment

Corp.

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

276,864

3,156,250‌

ARMOUR

Residential

REIT,

Inc.

...........

45,323

788,620‌

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Dynex

Capital,

Inc.

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

65,403

$

907,794‌

Orchid

Island

Capital,

Inc.

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

73,377

572,341‌

Two

Harbors

Investment

Corp.

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

14,799

169,744‌

5,594,749‌

Multi-Utilities

—

0.8%

Avista

Corp.

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

16,553

683,473‌

Northwestern

Energy

Group,

Inc.

..........

23,235

1,576,727‌

2,260,200‌

Office

REITs

—

0.1%

COPT

Defense

Properties

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

6,962

214,499‌

Oil,

Gas

&

Consumable

Fuels

—

3.3%

Antero

Midstream

Corp.

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

73,533

1,383,891‌

CNX

Resources

Corp.

(a)

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

16,441

637,911‌

DT

Midstream,

Inc.

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

14,589

1,838,506‌

Gulfport

Energy

Corp.

(a)

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

2,013

410,994‌

Hess

Midstream

LP

,

Class

A

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

55,159

1,956,490‌

International

Seaways,

Inc.

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

15,375

917,119‌

Kimbell

Royalty

Partners

LP

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

15,742

211,415‌

Par

Pacific

Holdings,

Inc.

(a)

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

5,887

222,175‌

Plains

GP

Holdings

LP

,

Class

A

...........

86,721

1,776,046‌

Viper

Energy,

Inc.

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

4,306

182,316‌

9,536,863‌

Pharmaceuticals

—

2.4%

(a)

ANI

Pharmaceuticals,

Inc.

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

6,797

556,334‌

Avadel

Pharmaceuticals

plc

,

ADR

..........

10,639

229,271‌

Axsome

Therapeutics,

Inc.

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

2,748

506,319‌

Collegium

Pharmaceutical,

Inc.

...........

9,313

427,653‌

Indivior

Pharmaceuticals,

Inc.

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

16,096

569,477‌

Innoviva,

Inc.

(b)

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

30,031

600,620‌

Jazz

Pharmaceuticals

plc

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

4,808

790,868‌

Ligand

Pharmaceuticals,

Inc.

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

962

184,800‌

Pacira

BioSciences,

Inc.

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

12,620

259,215‌

Prestige

Consumer

Healthcare,

Inc.

........

24,756

1,596,019‌

Supernus

Pharmaceuticals,

Inc.

...........

20,173

971,532‌

Tarsus

Pharmaceuticals,

Inc.

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

4,332

279,587‌

6,971,695‌

Professional

Services

—

6.4%

Barrett

Business

Services,

Inc.

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

12,906

490,428‌

CACI

International,

Inc.

,

Class

A

(a)

.........

2,647

1,642,675‌

CRA

International,

Inc.

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

1,189

224,650‌

CSG

Systems

International,

Inc.

...........

5,422

432,405‌

ExlService

Holdings,

Inc.

(a)

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

22,334

874,376‌

Exponent,

Inc.

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

11,686

839,873‌

FTI

Consulting,

Inc.

(a)

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

16,273

2,842,405‌

Genpact

Ltd.

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

35,002

1,543,588‌

Huron

Consulting

Group,

Inc.

(a)

(b)

..........

8,706

1,471,314‌

ICF

International,

Inc.

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

7,383

688,465‌

KBR,

Inc.

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

11,987

513,163‌

Maximus,

Inc.

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

28,328

2,675,296‌

Parsons

Corp.

(a)

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

10,765

754,196‌

Science

Applications

International

Corp.

.....

11,453

1,165,457‌

TIC

Solutions,

Inc.

(a)

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

15,266

154,187‌

UL

Solutions,

Inc.

,

Class

A

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

16,622

1,167,363‌

Verra

Mobility

Corp.

,

Class

A

(a)

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

41,994

810,484‌

18,290,325‌

Retail

REITs

—

3.7%

Agree

Realty

Corp.

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

55,629

4,018,083‌

Curbline

Properties

Corp.

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

9,798

237,601‌

Getty

Realty

Corp.

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

26,952

804,787‌

InvenTrust

Properties

Corp.

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

13,208

388,183‌

Kite

Realty

Group

Trust

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

13,504

317,209‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

NETSTREIT

Corp.

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

41,878

$

788,982‌

NNN

REIT,

Inc.

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

53,502

2,229,428‌

Phillips

Edison

&

Co.,

Inc.

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

48,241

1,747,771‌

10,532,044‌

Software

—

6.1%

A10

Networks,

Inc.

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

36,219

631,659‌

Alarm.com

Holdings,

Inc.

(a)

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

12,173

593,799‌

Appfolio,

Inc.

,

Class

A

(a)

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

3,934

746,988‌

Blackbaud,

Inc.

(a)

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

19,505

1,047,418‌

BlackLine,

Inc.

(a)

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

2,782

129,280‌

Box,

Inc.

,

Class

A

(a)

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

72,903

1,848,091‌

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

....

252,293

1,912,381‌

Clear

Secure,

Inc.

,

Class

A

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

16,565

540,350‌

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

..

26,754

644,504‌

Daily

Journal

Corp.

(a)

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

424

248,621‌

Dolby

Laboratories,

Inc.

,

Class

A

..........

30,820

1,978,336‌

Dropbox,

Inc.

,

Class

A

(a)

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

66,021

1,682,215‌

Guidewire

Software,

Inc.

(a)

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

6,385

898,753‌

I3

Verticals,

Inc.

,

Class

A

(a)

(b)

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

11,411

253,438‌

InterDigital,

Inc.

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

5,687

1,856,464‌

N-able,

Inc.

(a)

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

37,719

228,954‌

nCino,

Inc.

(a)

(b)

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

10,371

221,421‌

Progress

Software

Corp.

(a)

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

21,618

884,609‌

Qualys,

Inc.

(a)

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

1,278

168,568‌

Sprinklr,

Inc.

,

Class

A

(a)

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

19,521

124,544‌

Varonis

Systems,

Inc.

(a)

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

15,041

448,823‌

Vertex,

Inc.

,

Class

A

(a)

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

6,947

128,867‌

Yext,

Inc.

(a)

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

32,898

235,550‌

17,453,633‌

Specialized

REITs

—

0.5%

Four

Corners

Property

Trust,

Inc.

..........

42,482

1,047,181‌

Smartstop

Self

Storage

REIT,

Inc.

..........

12,426

390,674‌

1,437,855‌

Specialty

Retail

—

0.9%

Murphy

USA,

Inc.

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

4,259

1,799,470‌

Valvoline,

Inc.

(a)

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

22,026

720,691‌

2,520,161‌

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

GPGI,

Inc.

,

Class

A

(a)

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

6,840

161,219‌

Trading

Companies

&

Distributors

—

0.3%

GATX

Corp.

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

918

166,993‌

McGrath

RentCorp

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

3,665

409,344‌

QXO,

Inc.

(a)

(b)

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

7,699

170,764‌

747,101‌

Water

Utilities

—

0.8%

American

States

Water

Co.

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

12,811

934,690‌

California

Water

Service

Group

...........

29,994

1,340,732‌

2,275,422‌

Wireless

Telecommunication

Services

—

0.1%

Array

Digital

Infrastructure,

Inc.

...........

8,041

387,496‌

Total

Common

Stocks

—

99

.7

%

(Cost:

$

257,602,602

)

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

286,254,867‌

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

Contra

Chinook

Therape,

CVR

(a)

(c)

.........

72,502

$

12,325‌

Total

Rights

—

0.0

%

(Cost:

$

—

)

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

12,325‌

Total

Long-Term

Investments

—

99.7%

(Cost:

$

257,602,602

)

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

286,267,192‌

Short-Term

Securities

Money

Market

Funds

—

3.2%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(f)

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

8,707,033

8,711,386‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

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

374,558

374,558‌

Total

Short-Term

Securities

—

3

.2

%

(Cost:

$

9,079,224

)

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

9,085,944‌

Total

Investments

—

102

.9

%

(Cost:

$

266,681,826

)

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

295,353,136‌

Liabilities

in

Excess

of

Other

Assets

—

(

2.9

)

%

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

(

8,400,646‌

)

Net

Assets

—

100.0%

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

$

286,952,490‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

Schedule

of

Investments

7

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

16,270,725

$

—

$

(

7,560,499

)

(a)

$

2,601

$

(

1,441

)

$

8,711,386

8,707,033

$

122,747

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

501,409

—

(

126,851

)

(a)

—

—

374,558

374,558

10,719

—

$

2,601

$

(

1,441

)

$

9,085,944

$

133,466

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

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

15

03/20/26

$

549

$

(

1,709

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,709

$

—

$

—

$

—

$

1,709

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

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

$

—

$

—

$

32,072

$

—

$

—

$

—

$

32,072

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

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

$

—

$

—

$

2,973

$

—

$

—

$

—

$

2,973

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

707,310

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

8

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

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

$

286,254,867

$

—

$

—

$

286,254,867

Rights

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

—

—

12,325

12,325

Short-Term

Securities

Money

Market

Funds

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

9,085,944

—

—

9,085,944

$

295,340,811

$

—

$

12,325

$

295,353,136

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

1,709

)

$

—

$

—

$

(

1,709

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

U.S.

Equity

Factor

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.9%

Axon

Enterprise,

Inc.

(a)

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

1,121

$

542,093

Carpenter

Technology

Corp.

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

13,381

4,252,884

GE

Aerospace

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

88,771

27,234,055

General

Dynamics

Corp.

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

8,662

3,041,142

Howmet

Aerospace,

Inc.

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

39,852

8,292,404

Lockheed

Martin

Corp.

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

13,360

8,473,179

Northrop

Grumman

Corp.

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

4,411

3,053,559

RTX

Corp.

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

19,297

3,877,346

58,766,662

Air

Freight

&

Logistics

—

0.1%

CH

Robinson

Worldwide,

Inc.

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

15,007

2,925,615

Automobiles

—

2.3%

Ford

Motor

Co.

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

445,354

6,181,513

General

Motors

Co.

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

263,747

22,154,748

Tesla,

Inc.

(a)

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

103,038

44,348,586

72,684,847

Banks

—

2.9%

Bank

of

America

Corp.

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

303,210

16,130,772

Citigroup,

Inc.

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

57,407

6,642,564

JPMorgan

Chase

&

Co.

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

156,189

47,776,653

Wells

Fargo

&

Co.

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

234,241

21,196,468

91,746,457

Beverages

—

1.4%

Coca-Cola

Co.

(The)

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

220,500

16,495,605

Coca-Cola

Consolidated,

Inc.

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

15,994

2,432,048

Molson

Coors

Beverage

Co.

,

Class

B

.......

67,549

3,245,054

PepsiCo,

Inc.

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

145,191

22,305,693

44,478,400

Biotechnology

—

2.4%

AbbVie,

Inc.

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

119,299

26,604,870

Alnylam

Pharmaceuticals,

Inc.

(a)

...........

11,532

3,898,508

Amgen,

Inc.

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

41,589

14,218,448

Exelixis,

Inc.

(a)

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

64,673

2,674,875

Gilead

Sciences,

Inc.

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

126,876

18,010,048

Halozyme

Therapeutics,

Inc.

(a)

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

44,062

3,159,686

PTC

Therapeutics,

Inc.

(a)

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

81,498

6,155,544

74,721,979

Broadline

Retail

—

4.2%

Amazon.com,

Inc.

(a)

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

431,161

103,176,827

Coupang,

Inc.

,

Class

A

(a)

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

17,556

353,929

eBay,

Inc.

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

170,390

15,542,976

Etsy,

Inc.

(a)

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

92,238

4,884,925

MercadoLibre,

Inc.

(a)

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

3,693

7,931,788

131,890,445

Building

Products

—

0.7%

Builders

FirstSource,

Inc.

(a)

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

17,442

1,995,365

Carrier

Global

Corp.

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

16,834

1,002,970

Johnson

Controls

International

plc

.........

17,009

2,028,493

Lennox

International,

Inc.

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

1,099

544,093

Trane

Technologies

plc

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

41,468

17,440,611

23,011,532

Capital

Markets

—

5.0%

Affiliated

Managers

Group,

Inc.

...........

28,912

9,052,058

Bank

of

New

York

Mellon

Corp.

(The)

.......

237,501

28,481,120

BlackRock,

Inc.

(b)

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

6,423

7,186,952

CME

Group,

Inc.

,

Class

A

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

32,286

9,332,591

Evercore,

Inc.

,

Class

A

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

1,059

374,113

Goldman

Sachs

Group,

Inc.

(The)

.........

21,094

19,731,538

Security

Shares

Shares

Value

Capital

Markets

(continued)

Interactive

Brokers

Group,

Inc.

,

Class

A

......

204,444

$

15,308,767

Janus

Henderson

Group

plc

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

160,712

7,735,069

Morgan

Stanley

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

22,808

4,169,302

MSCI,

Inc.

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

8,919

5,433,633

Nasdaq,

Inc.

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

63,812

6,182,745

Northern

Trust

Corp.

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

70,546

10,541,689

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........

44,281

4,405,074

S&P

Global,

Inc.

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

23,401

12,350,814

State

Street

Corp.

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

85,311

11,163,797

XP,

Inc.

,

Class

A

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

393,096

7,669,303

159,118,565

Chemicals

—

1.2%

CF

Industries

Holdings,

Inc.

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

29,022

2,705,721

DuPont

de

Nemours,

Inc.

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

92,771

4,074,502

Ecolab,

Inc.

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

33,387

9,414,800

Linde

plc

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

43,436

19,848,949

Solstice

Advanced

Materials,

Inc.

(a)

.........

15,457

954,779

36,998,751

Commercial

Services

&

Supplies

—

0.2%

Cintas

Corp.

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

34,934

6,686,018

Communications

Equipment

—

0.9%

Arista

Networks,

Inc.

(a)

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

84,609

11,992,480

Cisco

Systems,

Inc.

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

185,477

14,526,559

Lumentum

Holdings,

Inc.

(a)

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

1,572

615,972

Motorola

Solutions,

Inc.

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

7,113

2,863,267

29,998,278

Construction

&

Engineering

—

1.0%

EMCOR

Group,

Inc.

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

21,907

15,789,032

Primoris

Services

Corp.

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

33,707

4,997,063

Sterling

Infrastructure,

Inc.

(a)

(c)

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

30,425

10,889,412

31,675,507

Construction

Materials

—

0.2%

CRH

plc

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

51,973

6,362,015

Consumer

Finance

—

0.7%

American

Express

Co.

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

29,786

10,489,736

Capital

One

Financial

Corp.

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

3,150

689,629

SLM

Corp.

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

56,933

1,545,731

Synchrony

Financial

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

148,716

10,801,243

23,526,339

Consumer

Staples

Distribution

&

Retail

—

2.3%

Albertsons

Cos.,

Inc.

,

Class

A

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

116,543

1,940,441

Costco

Wholesale

Corp.

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

6,912

6,499,008

Kroger

Co.

(The)

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

214,940

13,508,979

Maplebear,

Inc.

(a)

(c)

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

7,800

289,848

Sprouts

Farmers

Market,

Inc.

(a)

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

32,307

2,290,889

Target

Corp.

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

96,570

10,185,238

Walmart,

Inc.

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

308,159

36,714,063

71,428,466

Diversified

Consumer

Services

—

0.3%

Duolingo,

Inc.

,

Class

A

(a)

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

30,124

4,038,424

H&R

Block,

Inc.

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

98,849

3,899,593

7,938,017

Diversified

Telecommunication

Services

—

1.7%

AT&T,

Inc.

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

963,837

25,262,168

Comcast

Corp.

,

Class

A

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

203,050

6,040,737

Lumen

Technologies,

Inc.

(a)

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

449,282

3,962,667

Verizon

Communications,

Inc.

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

408,259

18,175,691

53,441,263

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Equity

Factor

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

—

1.4%

Constellation

Energy

Corp.

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

21,010

$

5,897,087

Duke

Energy

Corp.

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

52,965

6,427,303

Edison

International

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

38,977

2,427,487

Entergy

Corp.

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

30,029

2,879,481

Exelon

Corp.

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

287,163

12,859,159

NextEra

Energy,

Inc.

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

47,288

4,156,615

NRG

Energy,

Inc.

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

39,798

6,074,369

Southern

Co.

(The)

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

37,559

3,354,394

44,075,895

Electrical

Equipment

—

1.1%

Acuity,

Inc.

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

31,204

9,649,525

Eaton

Corp.

plc

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

37,686

13,243,614

Emerson

Electric

Co.

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

42,508

6,246,976

GE

Vernova,

Inc.

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

9,896

7,188,157

36,328,272

Electronic

Equipment,

Instruments

&

Components

—

0.8%

Amphenol

Corp.

,

Class

A

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

6,013

866,353

Badger

Meter,

Inc.

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

9,057

1,327,575

Flex

Ltd.

(a)

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

27,784

1,751,504

Jabil,

Inc.

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

26,001

6,167,177

Sanmina

Corp.

(a)

(c)

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

10,465

1,482,681

TE

Connectivity

plc

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

45,358

10,104,855

TTM

Technologies,

Inc.

(a)

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

24,480

2,403,936

24,104,081

Energy

Equipment

&

Services

—

0.4%

TechnipFMC

plc

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

199,246

11,101,987

Entertainment

—

0.8%

Electronic

Arts,

Inc.

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

7,792

1,588,945

Netflix,

Inc.

(a)

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

169,609

14,160,655

Spotify

Technology

SA

(a)

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

18,356

9,184,425

Warner

Bros

Discovery,

Inc.

(a)

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

29,575

814,495

25,748,520

Financial

Services

—

2.8%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

........

31,980

15,367,349

Fidelity

National

Information

Services,

Inc.

....

30,060

1,660,815

Mastercard,

Inc.

,

Class

A

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

35,471

19,111,420

MGIC

Investment

Corp.

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

233,242

6,278,875

PayPal

Holdings,

Inc.

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

48,775

2,569,955

Visa,

Inc.

,

Class

A

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

118,744

38,215,382

Voya

Financial,

Inc.

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

48,052

3,683,666

86,887,462

Food

Products

—

0.4%

General

Mills,

Inc.

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

6,333

292,965

J

M

Smucker

Co.

(The)

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

16,401

1,719,809

Kraft

Heinz

Co.

(The)

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

373,028

8,855,685

Mondelez

International,

Inc.

,

Class

A

........

52,339

3,060,261

13,928,720

Gas

Utilities

—

0.3%

UGI

Corp.

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

219,958

8,822,515

Ground

Transportation

—

0.4%

Lyft,

Inc.

,

Class

A

(a)

(c)

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

54,243

915,079

Ryder

System,

Inc.

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

3,861

738,532

Uber

Technologies,

Inc.

(a)

(c)

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

152,618

12,217,071

13,870,682

Health

Care

Equipment

&

Supplies

—

1.5%

Abbott

Laboratories

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

116,882

12,775,203

Becton

Dickinson

&

Co.

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

12,575

2,558,761

Boston

Scientific

Corp.

(a)

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

50,949

4,765,260

GE

HealthCare

Technologies,

Inc.

.........

159,398

12,587,660

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Hologic,

Inc.

(a)

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

25,774

$

1,931,246

Medtronic

plc

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

94,969

9,778,008

Stryker

Corp.

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

7,382

2,728,092

Zimmer

Biomet

Holdings,

Inc.

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

5,246

456,769

47,580,999

Health

Care

Providers

&

Services

—

1.4%

Cardinal

Health,

Inc.

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

28,590

6,143,419

Cigna

Group

(The)

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

18,165

4,979,208

CVS

Health

Corp.

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

73,347

5,465,819

Elevance

Health,

Inc.

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

2,614

903,764

Guardant

Health,

Inc.

(a)

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

8,409

958,962

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(c)

........

8,509

230,509

Humana,

Inc.

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

6,961

1,358,787

McKesson

Corp.

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

12,893

10,716,791

Tenet

Healthcare

Corp.

(a)

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

28,808

5,452,778

UnitedHealth

Group,

Inc.

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

29,870

8,570,599

44,780,636

Health

Care

Technology

—

0.2%

(a)

Doximity,

Inc.

,

Class

A

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

14,906

558,528

Veeva

Systems,

Inc.

,

Class

A

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

30,439

6,207,121

6,765,649

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

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

210,367

3,898,101

Hotels,

Restaurants

&

Leisure

—

2.1%

Airbnb,

Inc.

,

Class

A

(a)

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

30,800

3,984,596

Booking

Holdings,

Inc.

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

6,150

30,761,316

Brinker

International,

Inc.

(a)

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

10,332

1,629,563

DoorDash,

Inc.

,

Class

A

(a)

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

11,346

2,321,619

Expedia

Group,

Inc.

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

25,933

6,868,096

Las

Vegas

Sands

Corp.

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

4,456

234,965

McDonald's

Corp.

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

35,647

11,228,805

MGM

Resorts

International

(a)

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

53,836

1,805,659

Wingstop,

Inc.

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

15,349

4,074,085

Yum!

Brands,

Inc.

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

11,894

1,849,517

64,758,221

Household

Durables

—

0.2%

SharkNinja,

Inc.

(a)

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

55,271

6,533,032

Household

Products

—

0.9%

Procter

&

Gamble

Co.

(The)

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

188,977

28,681,039

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Vistra

Corp.

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

66,080

10,463,768

Industrial

Conglomerates

—

0.1%

3M

Co.

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

22,859

3,501,084

Insurance

—

1.7%

Aflac,

Inc.

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

75,835

8,413,893

Allstate

Corp.

(The)

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

25,379

5,050,167

American

International

Group,

Inc.

.........

140,094

10,490,239

Chubb

Ltd.

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

8,962

2,774,277

Globe

Life,

Inc.

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

11,401

1,598,648

Hartford

Insurance

Group,

Inc.

(The)

........

8,535

1,152,737

MetLife,

Inc.

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

21,954

1,731,732

Principal

Financial

Group,

Inc.

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

16,847

1,595,748

Prudential

Financial,

Inc.

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

22,795

2,532,753

Reinsurance

Group

of

America,

Inc.

........

5,480

1,111,070

Travelers

Cos.,

Inc.

(The)

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

56,410

16,049,209

Unum

Group

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

14,187

1,077,786

53,578,259

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Equity

Factor

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

5.1%

Alphabet,

Inc.

,

Class

C,

NVS

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

238,324

$

80,679,824

Meta

Platforms,

Inc.

,

Class

A

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

106,246

76,125,259

Reddit,

Inc.

,

Class

A

(a)

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

20,179

3,637,668

160,442,751

IT

Services

—

1.1%

Gartner,

Inc.

(a)

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

31,911

6,688,865

International

Business

Machines

Corp.

......

45,183

13,857,626

Kyndryl

Holdings,

Inc.

(a)

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

29,088

669,024

Okta,

Inc.

,

Class

A

(a)

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

57,977

4,897,897

Shopify,

Inc.

,

Class

A

(a)

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

27,082

3,553,971

Wix.com

Ltd.

(a)

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

55,666

4,834,035

34,501,418

Leisure

Products

—

0.2%

Hasbro,

Inc.

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

71,314

6,369,053

Life

Sciences

Tools

&

Services

—

0.6%

Medpace

Holdings,

Inc.

(a)

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

17,956

10,459,011

Mettler-Toledo

International,

Inc.

(a)

.........

4,656

6,393,806

Thermo

Fisher

Scientific,

Inc.

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

4,217

2,439,998

19,292,815

Machinery

—

1.5%

Caterpillar,

Inc.

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

20,704

13,609,981

Crane

Co.

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

45,251

8,264,643

Mueller

Industries,

Inc.

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

112,951

15,377,149

PACCAR,

Inc.

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

32,204

3,958,194

Parker-Hannifin

Corp.

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

4,199

3,929,592

Watts

Water

Technologies,

Inc.

,

Class

A

......

2,890

865,006

46,004,565

Media

—

0.6%

Charter

Communications,

Inc.

,

Class

A

(a)

(c)

....

17,865

3,682,334

Fox

Corp.

,

Class

A,

NVS

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

155,569

11,322,312

Omnicom

Group,

Inc.

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

41,002

3,158,794

18,163,440

Metals

&

Mining

—

0.4%

Newmont

Corp.

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

4,322

485,577

Nucor

Corp.

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

19,295

3,429,107

Reliance,

Inc.

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

8,118

2,674,881

Royal

Gold,

Inc.

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

7,851

2,067,247

Southern

Copper

Corp.

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

12,202

2,322,285

Steel

Dynamics,

Inc.

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

13,699

2,459,929

13,439,026

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

Rithm

Capital

Corp.

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

446,928

4,889,392

Multi-Utilities

—

0.2%

Consolidated

Edison,

Inc.

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

66,967

7,140,691

WEC

Energy

Group,

Inc.

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

3,611

399,630

7,540,321

Office

REITs

—

0.2%

Vornado

Realty

Trust

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

155,044

4,942,803

Oil,

Gas

&

Consumable

Fuels

—

2.7%

Antero

Midstream

Corp.

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

135,058

2,541,792

APA

Corp.

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

136,909

3,615,767

Chevron

Corp.

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

95,367

16,870,422

ConocoPhillips

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

41,388

4,313,871

EOG

Resources,

Inc.

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

2,790

312,843

Exxon

Mobil

Corp.

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

222,362

31,441,987

Kinder

Morgan,

Inc.

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

148,176

4,517,886

Marathon

Petroleum

Corp.

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

83,018

14,626,941

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Valero

Energy

Corp.

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

45,217

$

8,203,720

86,445,229

Passenger

Airlines

—

0.1%

United

Airlines

Holdings,

Inc.

(a)

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

28,439

2,909,878

Pharmaceuticals

—

4.1%

Bristol-Myers

Squibb

Co.

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

302,551

16,655,433

Eli

Lilly

&

Co.

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

35,835

37,166,270

Johnson

&

Johnson

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

172,416

39,181,536

Merck

&

Co.,

Inc.

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

162,214

17,887,338

Pfizer,

Inc.

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

633,147

16,740,407

Viatris,

Inc.

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

58,894

770,922

128,401,906

Professional

Services

—

0.7%

Automatic

Data

Processing,

Inc.

...........

33,512

8,271,432

Booz

Allen

Hamilton

Holding

Corp.

.........

21,619

1,911,552

Leidos

Holdings,

Inc.

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

34,506

6,496,790

Paychex,

Inc.

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

60,458

6,235,033

22,914,807

Residential

REITs

—

0.2%

AvalonBay

Communities,

Inc.

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

7,230

1,284,554

Equity

Residential

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

104,621

6,519,981

7,804,535

Retail

REITs

—

0.6%

Brixmor

Property

Group,

Inc.

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

309,034

8,279,021

Regency

Centers

Corp.

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

53,029

3,864,223

Simon

Property

Group,

Inc.

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

32,789

6,272,864

18,416,108

Semiconductors

&

Semiconductor

Equipment

—

13.5%

Advanced

Micro

Devices,

Inc.

(a)

...........

39,617

9,378,532

Analog

Devices,

Inc.

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

13,956

4,338,641

Applied

Materials,

Inc.

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

38,134

12,291,351

Astera

Labs,

Inc.

(a)

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

9,479

1,427,727

Broadcom,

Inc.

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

262,568

86,988,778

Cirrus

Logic,

Inc.

(a)

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

51,797

6,751,221

KLA

Corp.

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

13,854

19,782,681

Lam

Research

Corp.

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

89,061

20,792,181

Micron

Technology,

Inc.

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

13,976

5,798,363

NVIDIA

Corp.

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

1,237,327

236,490,309

Qorvo,

Inc.

(a)

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

22,661

1,770,051

QUALCOMM,

Inc.

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

98,659

14,955,718

Rambus,

Inc.

(a)

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

35,361

4,025,143

424,790,696

Software

—

10.0%

Adobe,

Inc.

(a)

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

10,164

2,980,593

AppLovin

Corp.

,

Class

A

(a)

(c)

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

29,231

13,829,478

Atlassian

Corp.

,

Class

A

(a)

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

81,450

9,625,761

Cadence

Design

Systems,

Inc.

(a)

..........

7,215

2,138,237

Commvault

Systems,

Inc.

(a)

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

42,067

3,605,142

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

........

6,917

3,053,198

DocuSign,

Inc.

(a)

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

138,798

7,292,447

Dropbox,

Inc.

,

Class

A

(a)

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

104,731

2,668,546

Elastic

NV

(a)

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

64,044

4,222,421

Fair

Isaac

Corp.

(a)

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

5,217

7,633,358

Fortinet,

Inc.

(a)

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

167,507

13,611,619

Gitlab,

Inc.

,

Class

A

(a)

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

137,918

4,824,372

HubSpot,

Inc.

(a)

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

5,726

1,603,280

InterDigital,

Inc.

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

24,142

7,880,914

Intuit,

Inc.

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

12,328

6,150,686

Life360,

Inc.

(a)

(c)

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

26,271

1,505,066

Manhattan

Associates,

Inc.

(a)

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

24,955

3,768,455

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Equity

Factor

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Software

(continued)

Microsoft

Corp.

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

360,334

$

155,048,117

Monday.com

Ltd.

(a)

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

47,371

5,435,822

Nutanix,

Inc.

,

Class

A

(a)

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

169,855

6,680,397

Oracle

Corp.

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

65,191

10,729,135

Palantir

Technologies,

Inc.

,

Class

A

(a)

.......

92,217

13,518,090

Palo

Alto

Networks,

Inc.

(a)

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

14,734

2,607,476

Procore

Technologies,

Inc.

(a)

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

82,484

4,659,521

Rubrik,

Inc.

,

Class

A

(a)

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

62,451

3,494,133

Salesforce,

Inc.

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

36,087

7,660,909

Samsara,

Inc.

,

Class

A

(a)

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

126,345

3,543,977

ServiceNow,

Inc.

(a)

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

6,580

769,926

ServiceTitan,

Inc.

,

Class

A

(a)

(c)

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

19,875

1,557,008

Zscaler,

Inc.

(a)

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

14,603

2,920,746

315,018,830

Specialized

REITs

—

0.2%

American

Tower

Corp.

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

5,193

931,001

Crown

Castle,

Inc.

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

49,901

4,331,906

5,262,907

Specialty

Retail

—

1.6%

AutoZone,

Inc.

(a)

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

1,089

4,033,972

Best

Buy

Co.,

Inc.

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

108,185

7,042,843

Carvana

Co.

,

Class

A

(a)

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

18,319

7,347,934

Dick's

Sporting

Goods,

Inc.

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

19,163

3,870,926

GameStop

Corp.

,

Class

A

(a)

(c)

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

32,258

770,321

Home

Depot,

Inc.

(The)

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

3,079

1,153,363

Lowe's

Cos.,

Inc.

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

11,870

3,170,002

Ulta

Beauty,

Inc.

(a)

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

9,095

5,887,739

Wayfair,

Inc.

,

Class

A

(a)

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

35,171

3,639,847

Williams-Sonoma,

Inc.

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

69,148

14,151,138

51,068,085

Technology

Hardware,

Storage

&

Peripherals

—

7.3%

Apple,

Inc.

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

760,194

197,255,139

Dell

Technologies,

Inc.

,

Class

C

...........

60,367

6,908,399

Hewlett

Packard

Enterprise

Co.

...........

485,755

10,453,448

HP,

Inc.

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

93,679

1,821,120

NetApp,

Inc.

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

3,957

381,257

Sandisk

Corp.

(a)

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

5,726

3,299,607

Seagate

Technology

Holdings

plc

..........

24,740

10,086,251

230,205,221

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Deckers

Outdoor

Corp.

(a)

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

48,277

$

5,761,377

On

Holding

AG

,

Class

A

(a)

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

22,429

1,014,912

Ralph

Lauren

Corp.

,

Class

A

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

29,047

10,265,501

Tapestry,

Inc.

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

86,665

10,998,655

28,040,445

Tobacco

—

1.3%

Altria

Group,

Inc.

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

383,921

23,799,263

Philip

Morris

International,

Inc.

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

89,705

16,096,665

39,895,928

Trading

Companies

&

Distributors

—

0.2%

Core

&

Main,

Inc.

,

Class

A

(a)

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

142,265

7,591,260

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

...........

11,196

1,445,739

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

2,280,366,583

)

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

3,148,605,236

Short-Term

Securities

Money

Market

Funds

—

1.2%

(b)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(e)

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

31,937,966

31,953,935

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

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

4,390,402

4,390,402

Total

Short-Term

Securities

—

1

.2

%

(Cost:

$

36,341,068

)

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

36,344,337

Total

Investments

—

101

.0

%

(Cost:

$

2,316,707,651

)

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

3,184,949,573

Liabilities

in

Excess

of

Other

Assets

—

(

1.0

)

%

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

(

30,200,843

)

Net

Assets

—

100.0%

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

$

3,154,748,730

(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.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

35,943,564

$

—

$

(

3,990,535

)

(a)

$

772

$

134

$

31,953,935

31,937,966

$

36,632

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,904,187

1,486,215

(a)

—

—

—

4,390,402

4,390,402

66,567

—

BlackRock,

Inc.

..........

6,516,611

877,823

(

283,881

)

(

11,834

)

88,233

7,186,952

6,423

63,729

—

$

(

11,062

)

$

88,367

$

43,531,289

$

166,928

$

—

—

—

(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)

January

31,

2026

iShares

®

U.S.

Equity

Factor

ETF

Schedule

of

Investments

13

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

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

15

03/20/26

$

5,224

$

9,431

S&P

Midcap

400

E-Mini

Index

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

2

03/20/26

690

4,936

$

14,367

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

14,367

$

—

$

—

$

—

$

14,367

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

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

$

—

$

—

$

509,875

$

—

$

—

$

—

$

509,875

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

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

$

—

$

—

$

(

85,004

)

$

—

$

—

$

—

$

(

85,004

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

4,494,592

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Equity

Factor

ETF

14

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

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

$

3,148,605,236

$

—

$

—

$

3,148,605,236

Short-Term

Securities

Money

Market

Funds

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

36,344,337

—

—

36,344,337

$

3,184,949,573

$

—

$

—

$

3,184,949,573

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

14,367

$

—

$

—

$

14,367

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.5%

AeroVironment,

Inc.

(a)

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

16,130

$

4,490,431‌

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

175,486

1,261,744‌

ATI,

Inc.

(a)

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

74,209

8,927,343‌

BWX

Technologies,

Inc.

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

36,831

7,566,192‌

Carpenter

Technology

Corp.

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

29,319

9,318,458‌

Curtiss-Wright

Corp.

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

20,315

13,340,657‌

Hexcel

Corp.

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

5,009

414,795‌

Intuitive

Machines,

Inc.

,

Class

A

(a)

(b)

.........

42,503

807,132‌

Karman

Holdings,

Inc.

(a)

(b)

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

82,588

8,572,635‌

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

...

14,039

1,446,157‌

Loar

Holdings,

Inc.

(a)

(b)

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

40,368

2,768,438‌

Moog,

Inc.

,

Class

A

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

3,855

1,177,124‌

Rocket

Lab

Corp.

(a)

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

224,185

17,950,493‌

Woodward,

Inc.

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

12,924

4,107,764‌

82,149,363‌

Automobile

Components

—

0.7%

Autoliv,

Inc.

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

44,526

5,398,332‌

BorgWarner,

Inc.

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

114,778

5,441,625‌

Dana,

Inc.

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

70,980

2,051,322‌

Mobileye

Global,

Inc.

,

Class

A

(a)

(b)

..........

165,932

1,490,069‌

Phinia,

Inc.

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

67,110

4,776,219‌

QuantumScape

Corp.

,

Class

A

(a)

(b)

.........

70,418

623,199‌

Standard

Motor

Products,

Inc.

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

26,822

1,071,003‌

Visteon

Corp.

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

25,053

2,276,316‌

23,128,085‌

Automobiles

—

0.2%

Harley-Davidson,

Inc.

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

162,242

3,212,392‌

Thor

Industries,

Inc.

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

20,005

2,237,959‌

5,450,351‌

Banks

—

5.4%

1st

Source

Corp.

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

73,080

4,920,476‌

Associated

Banc-Corp.

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

109,627

2,988,432‌

Axos

Financial,

Inc.

(a)

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

89,709

8,880,294‌

BancFirst

Corp.

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

34,109

3,750,285‌

Bancorp,

Inc.

(The)

(a)

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

79,304

4,713,830‌

Bank

of

Hawaii

Corp.

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

28,914

2,162,189‌

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

......

58,078

3,008,440‌

Bank

OZK

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

50,571

2,405,157‌

BankUnited,

Inc.

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

164,363

7,802,312‌

Capitol

Federal

Financial,

Inc.

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

98,588

717,721‌

City

Holding

Co.

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

5,618

691,520‌

Commerce

Bancshares,

Inc.

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

112,127

5,902,365‌

Community

Trust

Bancorp,

Inc.

...........

30,257

1,866,857‌

Cullen/Frost

Bankers,

Inc.

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

55,882

7,701,657‌

Customers

Bancorp,

Inc.

(a)

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

52,992

4,187,428‌

CVB

Financial

Corp.

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

65,627

1,293,508‌

Eagle

Bancorp,

Inc.

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

62,203

1,664,552‌

East

West

Bancorp,

Inc.

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

116,208

13,298,844‌

First

Bancorp

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

295,561

6,537,809‌

First

Citizens

BancShares,

Inc.

,

Class

A

......

4,529

9,373,083‌

First

Financial

Bankshares,

Inc.

...........

34,000

1,081,880‌

First

Hawaiian,

Inc.

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

89,679

2,380,977‌

First

Horizon

Corp.

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

106,262

2,602,356‌

Flagstar

Bank

NA

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

97,159

1,284,442‌

Fulton

Financial

Corp.

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

113,282

2,339,273‌

Hancock

Whitney

Corp.

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

39,814

2,739,203‌

Hilltop

Holdings,

Inc.

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

105,902

3,966,030‌

International

Bancshares

Corp.

...........

10,874

757,265‌

Metropolitan

Bank

Holding

Corp.

..........

50,082

4,637,593‌

OFG

Bancorp

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

157,656

6,353,537‌

Pathward

Financial,

Inc.

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

64,677

5,839,686‌

Security

Shares

Shares

Value

Banks

(continued)

Pinnacle

Financial

Partners,

Inc.

...........

24,369

$

2,317,248‌

Popular,

Inc.

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

108,810

14,529,399‌

Preferred

Bank

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

18,322

1,571,478‌

ServisFirst

Bancshares,

Inc.

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

43,830

3,587,485‌

Southstate

Bank

Corp.

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

4,417

451,992‌

Texas

Capital

Bancshares,

Inc.

(a)

..........

11,552

1,168,716‌

TFS

Financial

Corp.

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

349,789

4,923,280‌

Trustmark

Corp.

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

59,750

2,540,570‌

UMB

Financial

Corp.

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

33,798

4,297,078‌

WaFd,

Inc.

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

89,402

2,916,293‌

Webster

Financial

Corp.

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

26,678

1,754,612‌

Western

Alliance

Bancorp

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

10,391

926,358‌

Wintrust

Financial

Corp.

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

5,028

741,580‌

Zions

Bancorp

NA

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

126,025

7,550,158‌

177,125,248‌

Beverages

—

0.7%

Celsius

Holdings,

Inc.

(a)

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

12,764

669,855‌

Coca-Cola

Consolidated,

Inc.

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

56,324

8,564,627‌

Molson

Coors

Beverage

Co.

,

Class

B

.......

51,431

2,470,745‌

Vita

Coco

Co.,

Inc.

(The)

(a)

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

183,702

9,800,502‌

21,505,729‌

Biotechnology

—

6.7%

(a)

ACADIA

Pharmaceuticals,

Inc.

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

187,104

4,701,924‌

ADMA

Biologics,

Inc.

..................

71,524

1,237,365‌

Akebia

Therapeutics,

Inc.

(b)

..............

519,684

732,754‌

Alkermes

plc

........................

298,148

10,104,236‌

Amicus

Therapeutics,

Inc.

...............

100,619

1,437,845‌

Anavex

Life

Sciences

Corp.

(b)

.............

260,500

1,224,350‌

Apellis

Pharmaceuticals,

Inc.

.............

16,626

375,415‌

Apogee

Therapeutics,

Inc.

(b)

..............

9,136

598,499‌

Arcellx,

Inc.

.........................

97,537

6,662,752‌

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.......

42,029

313,957‌

Arcus

Biosciences,

Inc.

.................

85,843

1,806,137‌

Arrowhead

Pharmaceuticals,

Inc.

..........

27,380

1,898,255‌

ARS

Pharmaceuticals,

Inc.

(b)

.............

167,913

1,677,451‌

Avidity

Biosciences,

Inc.

................

12,715

922,728‌

Beam

Therapeutics,

Inc.

................

17,470

482,521‌

BioCryst

Pharmaceuticals,

Inc.

............

645,858

4,249,746‌

Bridgebio

Pharma,

Inc.

.................

94,608

7,310,360‌

CareDx,

Inc.

........................

52,104

1,070,737‌

Catalyst

Pharmaceuticals,

Inc.

............

278,780

6,774,354‌

Celcuity,

Inc.

(b)

.......................

32,688

3,576,721‌

CRISPR

Therapeutics

AG

(b)

..............

48,907

2,443,394‌

Cullinan

Therapeutics,

Inc.

..............

98,581

1,179,029‌

Cytokinetics,

Inc.

.....................

60,663

3,833,295‌

Day

One

Biopharmaceuticals,

Inc.

.........

82,732

923,289‌

Denali

Therapeutics,

Inc.

................

217,647

4,731,646‌

Dynavax

Technologies

Corp.

.............

215,370

3,335,004‌

Dyne

Therapeutics,

Inc.

(b)

...............

29,368

525,393‌

Erasca,

Inc.

........................

206,845

2,173,941‌

Exact

Sciences

Corp.

..................

111,475

11,408,351‌

Exelixis,

Inc.

........................

211,849

8,762,075‌

Halozyme

Therapeutics,

Inc.

(b)

............

137,780

9,880,204‌

Immunovant,

Inc.

(b)

....................

13,656

355,056‌

Insmed,

Inc.

........................

95,007

14,903,748‌

Ionis

Pharmaceuticals,

Inc.

..............

113,881

9,414,542‌

Janux

Therapeutics,

Inc.

................

44,862

615,058‌

Kura

Oncology,

Inc.

(b)

..................

30,042

243,941‌

Madrigal

Pharmaceuticals,

Inc.

............

12,311

6,023,895‌

MiMedx

Group,

Inc.

...................

176,497

901,900‌

Moderna,

Inc.

.......................

224,264

9,883,314‌

Natera,

Inc.

.........................

81,637

18,869,576‌

Nurix

Therapeutics,

Inc.

(b)

...............

121,308

2,004,008‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Nuvalent,

Inc.

,

Class

A

.................

63,406

$

6,523,843‌

PTC

Therapeutics,

Inc.

.................

54,320

4,102,790‌

Revolution

Medicines,

Inc.

...............

21,062

2,041,961‌

Rhythm

Pharmaceuticals,

Inc.

............

41,995

4,305,327‌

Sana

Biotechnology,

Inc.

(b)

...............

358,332

1,587,411‌

Soleno

Therapeutics,

Inc.

...............

21,091

813,269‌

Spyre

Therapeutics,

Inc.

(b)

...............

32,119

1,027,166‌

TG

Therapeutics,

Inc.

(b)

.................

83,812

2,466,587‌

Travere

Therapeutics,

Inc.

...............

9,362

291,065‌

Twist

Bioscience

Corp.

(b)

................

68,508

2,813,624‌

United

Therapeutics

Corp.

...............

30,448

14,295,032‌

Vanda

Pharmaceuticals,

Inc.

.............

90,501

682,378‌

Vera

Therapeutics,

Inc.

,

Class

A

...........

53,680

2,322,197‌

Veracyte,

Inc.

.......................

120,391

4,584,489‌

Viking

Therapeutics,

Inc.

(b)

...............

33,823

982,220‌

Xencor,

Inc.

........................

129,495

1,565,595‌

219,973,720‌

Broadline

Retail

—

0.8%

Dillard's,

Inc.

,

Class

A

(b)

.................

10,183

6,186,783‌

Etsy,

Inc.

(a)

.........................

131,147

6,945,545‌

Global-e

Online

Ltd.

(a)

..................

64,856

2,370,487‌

Kohl's

Corp.

........................

226,870

3,963,419‌

Macy's,

Inc.

........................

325,744

6,521,395‌

QVC

Group,

Inc.

(a)

(b)

...................

29,774

320,071‌

26,307,700‌

Building

Products

—

1.8%

A

O

Smith

Corp.

.....................

12,024

883,644‌

Advanced

Drainage

Systems,

Inc.

.........

24,534

3,730,149‌

Allegion

plc

.........................

34,040

5,629,876‌

Apogee

Enterprises,

Inc.

................

61,601

2,287,245‌

Carlisle

Cos.,

Inc.

....................

27,720

9,449,471‌

CSW

Industrials,

Inc.

(b)

.................

5,143

1,388,507‌

Griffon

Corp.

........................

91,604

7,461,146‌

JELD-WEN

Holding,

Inc.

(a)

...............

181,666

494,131‌

Masterbrand,

Inc.

(a)

...................

29,595

358,691‌

Modine

Manufacturing

Co.

(a)

.............

40,829

7,539,483‌

Owens

Corning

......................

32,870

3,939,141‌

Quanex

Building

Products

Corp.

...........

28,583

535,074‌

Resideo

Technologies,

Inc.

(a)

.............

25,634

878,221‌

Simpson

Manufacturing

Co.,

Inc.

..........

24,201

4,278,253‌

Trex

Co.,

Inc.

(a)

......................

102,848

4,259,964‌

UFP

Industries,

Inc.

...................

53,776

5,553,985‌

58,666,981‌

Capital

Markets

—

3.8%

Acadian

Asset

Management,

Inc.

..........

14,510

804,144‌

Affiliated

Managers

Group,

Inc.

...........

37,983

11,892,097‌

Cohen

&

Steers,

Inc.

..................

10,190

654,809‌

Donnelley

Financial

Solutions,

Inc.

(a)

........

55,438

2,868,917‌

Evercore,

Inc.

,

Class

A

.................

46,229

16,331,319‌

Federated

Hermes,

Inc.

,

Class

B,

NVS

......

78,829

4,200,009‌

Houlihan

Lokey,

Inc.

,

Class

A

.............

29,257

4,924,538‌

Interactive

Brokers

Group,

Inc.

,

Class

A

......

334,183

25,023,623‌

Invesco

Ltd.

........................

167,769

4,578,416‌

Janus

Henderson

Group

plc

.............

205,689

9,899,812‌

Jefferies

Financial

Group,

Inc.

............

138,417

8,468,352‌

Lazard,

Inc.

........................

47,959

2,576,357‌

Piper

Sandler

Cos.

....................

25,840

8,949,684‌

StepStone

Group,

Inc.

,

Class

A

...........

18,768

1,326,710‌

Stifel

Financial

Corp.

..................

46,467

5,729,381‌

StoneX

Group,

Inc.

(a)

..................

24,589

2,760,361‌

Virtu

Financial,

Inc.

,

Class

A

..............

55,600

2,307,956‌

Webull

Corp.

(a)

(b)

.....................

133,852

940,980‌

WisdomTree,

Inc.

.....................

68,643

1,112,017‌

Security

Shares

Shares

Value

Capital

Markets

(continued)

XP,

Inc.

,

Class

A

.....................

542,765

$

10,589,345‌

125,938,827‌

Chemicals

—

2.1%

Albemarle

Corp.

.....................

30,117

5,138,864‌

Ashland,

Inc.

........................

85,263

5,214,685‌

Avient

Corp.

........................

110,737

4,003,142‌

Axalta

Coating

Systems

Ltd.

(a)

............

114,157

3,833,392‌

Balchem

Corp.

......................

7,828

1,332,091‌

Cabot

Corp.

........................

35,086

2,532,858‌

DuPont

de

Nemours,

Inc.

...............

252,428

11,086,638‌

Element

Solutions,

Inc.

.................

167,764

4,881,932‌

FMC

Corp.

.........................

90,922

1,436,568‌

Hawkins,

Inc.

(b)

......................

11,509

1,499,047‌

Huntsman

Corp.

.....................

161,413

1,746,489‌

Ingevity

Corp.

(a)

......................

21,280

1,400,011‌

Mativ

Holdings,

Inc.

...................

174,019

2,096,929‌

Mosaic

Co.

(The)

.....................

110,193

3,030,307‌

Olin

Corp.

..........................

69,910

1,454,827‌

Perimeter

Solutions,

Inc.

(a)

...............

237,286

6,205,029‌

RPM

International,

Inc.

.................

49,808

5,327,464‌

Scotts

Miracle-Gro

Co.

(The)

.............

72,533

4,658,069‌

Sensient

Technologies

Corp.

.............

5,628

531,959‌

67,410,301‌

Commercial

Services

&

Supplies

—

0.9%

ACCO

Brands

Corp.

...................

671,301

2,624,787‌

Brady

Corp.

,

Class

A,

NVS

..............

53,418

4,619,054‌

Cimpress

plc

(a)

(b)

.....................

41,922

3,315,611‌

CoreCivic,

Inc.

(a)

.....................

162,818

3,017,017‌

Deluxe

Corp.

........................

106,920

2,822,688‌

HNI

Corp.

..........................

17,615

841,821‌

Interface,

Inc.

.......................

125,844

3,960,311‌

MSA

Safety,

Inc.

.....................

3,379

598,590‌

Tetra

Tech,

Inc.

......................

216,917

8,169,094‌

29,968,973‌

Communications

Equipment

—

1.2%

(a)

Ciena

Corp.

........................

52,652

13,258,300‌

Extreme

Networks,

Inc.

.................

313,414

4,569,576‌

Lumentum

Holdings,

Inc.

................

30,000

11,755,200‌

NETGEAR,

Inc.

......................

93,410

1,953,203‌

NetScout

Systems,

Inc.

.................

156,575

4,354,351‌

Viasat,

Inc.

.........................

23,526

1,062,669‌

Vistance

Networks,

Inc.

.................

60,086

1,081,548‌

38,034,847‌

Construction

&

Engineering

—

3.4%

AECOM

...........................

55,250

5,327,757‌

API

Group

Corp.

(a)

....................

101,048

4,200,565‌

Argan,

Inc.

(b)

........................

31,316

10,870,097‌

Comfort

Systems

USA,

Inc.

..............

23,674

27,038,075‌

Dycom

Industries,

Inc.

(a)

................

3,663

1,334,761‌

EMCOR

Group,

Inc.

...................

50,989

36,749,302‌

Everus

Construction

Group,

Inc.

(a)

..........

26,681

2,361,002‌

Fluor

Corp.

(a)

........................

8,507

392,938‌

Limbach

Holdings,

Inc.

(a)

(b)

...............

20,347

1,749,435‌

Primoris

Services

Corp.

................

8,331

1,235,071‌

Sterling

Infrastructure,

Inc.

(a)

.............

45,559

16,306,022‌

Valmont

Industries,

Inc.

.................

9,818

4,374,508‌

111,939,533‌

Consumer

Finance

—

1.1%

Bread

Financial

Holdings,

Inc.

............

4,315

313,010‌

Credit

Acceptance

Corp.

(a)

(b)

..............

5,643

2,811,568‌

Green

Dot

Corp.

,

Class

A

(a)

..............

74,126

902,855‌

LendingClub

Corp.

(a)

...................

35,415

598,867‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

LendingTree,

Inc.

(a)

....................

33,636

$

1,905,816‌

Navient

Corp.

.......................

387,651

3,802,856‌

OneMain

Holdings,

Inc.

.................

56,905

3,729,554‌

PROG

Holdings,

Inc.

..................

110,134

3,572,747‌

SLM

Corp.

.........................

202,811

5,506,319‌

SoFi

Technologies,

Inc.

(a)

................

630,842

14,389,506‌

37,533,098‌

Consumer

Staples

Distribution

&

Retail

—

1.1%

Albertsons

Cos.,

Inc.

,

Class

A

............

238,615

3,972,940‌

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

.......

24,759

2,288,722‌

Casey's

General

Stores,

Inc.

.............

13,160

7,981,540‌

Ingles

Markets,

Inc.

,

Class

A

.............

74,955

5,611,131‌

Sprouts

Farmers

Market,

Inc.

(a)

............

105,486

7,480,012‌

United

Natural

Foods,

Inc.

(a)

..............

75,638

2,816,003‌

US

Foods

Holding

Corp.

(a)

...............

83,308

6,966,215‌

37,116,563‌

Containers

&

Packaging

—

0.3%

Graphic

Packaging

Holding

Co.

...........

284,067

4,161,582‌

Greif,

Inc.

,

Class

A,

NVS

................

5,654

399,285‌

O-I

Glass,

Inc.

(a)

......................

79,403

1,213,278‌

Sealed

Air

Corp.

.....................

23,269

974,506‌

Sonoco

Products

Co.

..................

57,954

2,781,792‌

9,530,443‌

Diversified

Consumer

Services

—

1.0%

ADT,

Inc.

..........................

95,470

763,760‌

Adtalem

Global

Education,

Inc.

(a)

..........

35,510

3,677,061‌

Coursera,

Inc.

(a)

......................

304,320

1,844,179‌

Duolingo,

Inc.

,

Class

A

(a)

................

36,376

4,876,567‌

Frontdoor,

Inc.

(a)

......................

23,040

1,361,894‌

H&R

Block,

Inc.

......................

195,854

7,726,440‌

Perdoceo

Education

Corp.

...............

224,303

7,184,425‌

Service

Corp.

International

..............

20,490

1,648,011‌

Stride,

Inc.

(a)

(b)

.......................

50,315

4,256,649‌

Udemy,

Inc.

(a)

.......................

115,882

557,392‌

33,896,378‌

Diversified

REITs

—

0.0%

Alexander

&

Baldwin,

Inc.

...............

70,915

1,470,777‌

Diversified

Telecommunication

Services

—

1.2%

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

.........

96,131

10,690,729‌

Bandwidth,

Inc.

,

Class

A

(a)

...............

146,690

2,049,259‌

Cogent

Communications

Holdings,

Inc.

......

25,391

617,001‌

Globalstar,

Inc.

(a)

(b)

....................

28,410

1,750,624‌

IDT

Corp.

,

Class

B

....................

16,384

796,754‌

IHS

Holding

Ltd.

(a)

....................

177,767

1,420,359‌

Iridium

Communications,

Inc.

.............

17,159

341,807‌

Liberty

Global

Ltd.

,

Class

A

(a)

(b)

............

248,643

2,757,451‌

Liberty

Global

Ltd.

,

Class

C,

NVS

(a)

.........

737,968

8,176,685‌

Liberty

Latin

America

Ltd.

,

Class

A

(a)

........

355,957

2,747,988‌

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

(b)

...

47,479

369,387‌

Lumen

Technologies,

Inc.

(a)

..............

946,686

8,349,771‌

Uniti

Group,

Inc.

.....................

85,057

707,674‌

40,775,489‌

Electric

Utilities

—

0.8%

IDACORP,

Inc.

......................

107,260

14,243,055‌

OGE

Energy

Corp.

....................

90,002

3,931,287‌

Oklo,

Inc.

,

Class

A

(a)

(b)

..................

52,848

4,207,758‌

Otter

Tail

Corp.

......................

24,750

2,206,710‌

Portland

General

Electric

Co.

.............

45,698

2,296,325‌

26,885,135‌

Security

Shares

Shares

Value

Electrical

Equipment

—

2.5%

Acuity,

Inc.

.........................

35,761

$

11,058,732‌

American

Superconductor

Corp.

(a)

.........

110,449

3,304,634‌

Array

Technologies,

Inc.

(a)

(b)

..............

282,845

3,203,220‌

Atkore,

Inc.

.........................

15,068

1,046,472‌

Bloom

Energy

Corp.

,

Class

A

(a)

............

74,439

11,267,831‌

EnerSys

...........................

12,539

2,259,402‌

Fluence

Energy,

Inc.

,

Class

A

(a)

(b)

..........

48,632

1,496,407‌

Generac

Holdings,

Inc.

(a)

................

18,743

3,149,574‌

Nextpower,

Inc.

,

Class

A

(a)

...............

31,543

3,693,370‌

NuScale

Power

Corp.

,

Class

A

(a)

(b)

..........

182,710

3,193,771‌

nVent

Electric

plc

.....................

201,510

22,621,512‌

Powell

Industries,

Inc.

..................

32,327

14,339,934‌

Regal

Rexnord

Corp.

..................

6,102

985,473‌

81,620,332‌

Electronic

Equipment,

Instruments

&

Components

—

3.3%

Advanced

Energy

Industries,

Inc.

..........

4,152

1,060,255‌

Arlo

Technologies,

Inc.

(a)

................

192,189

2,438,878‌

Arrow

Electronics,

Inc.

(a)

................

32,963

4,367,268‌

Badger

Meter,

Inc.

....................

24,296

3,561,308‌

Belden,

Inc.

........................

21,691

2,548,909‌

Coherent

Corp.

(a)

.....................

54,923

11,653,562‌

Crane

NXT

Co.

......................

47,666

2,408,086‌

Fabrinet

(a)

(b)

.........................

13,390

6,553,602‌

Flex

Ltd.

(a)

..........................

254,755

16,059,755‌

Insight

Enterprises,

Inc.

(a)

...............

8,720

732,654‌

Itron,

Inc.

(a)

.........................

42,288

4,189,895‌

Jabil,

Inc.

..........................

88,408

20,969,494‌

Knowles

Corp.

(a)

.....................

133,691

3,240,670‌

Littelfuse,

Inc.

.......................

6,501

2,104,764‌

Mirion

Technologies,

Inc.

,

Class

A

(a)

........

199,520

4,956,077‌

Napco

Security

Technologies,

Inc.

.........

52,540

1,938,201‌

Novanta,

Inc.

(a)

(b)

.....................

21,164

2,847,405‌

OSI

Systems,

Inc.

(a)

(b)

..................

12,564

3,142,759‌

Ralliant

Corp.

.......................

66,984

3,548,142‌

Sanmina

Corp.

(a)

(b)

....................

19,385

2,746,467‌

TTM

Technologies,

Inc.

(a)

................

42,960

4,218,672‌

Vontier

Corp.

........................

41,227

1,546,012‌

106,832,835‌

Energy

Equipment

&

Services

—

1.0%

Archrock,

Inc.

.......................

155,235

4,593,404‌

Helmerich

&

Payne,

Inc.

................

86,978

2,946,814‌

NOV,

Inc.

..........................

233,162

4,278,523‌

Oceaneering

International,

Inc.

(a)

..........

73,512

2,212,711‌

Oil

States

International,

Inc.

(a)

.............

64,842

549,212‌

Patterson-UTI

Energy,

Inc.

..............

474,836

3,575,515‌

Transocean

Ltd.

(a)

....................

258,237

1,283,438‌

Weatherford

International

plc

.............

128,175

12,058,704‌

31,498,321‌

Entertainment

—

0.1%

Roku,

Inc.

,

Class

A

(a)

..................

47,092

4,483,158‌

Financial

Services

—

1.9%

Affirm

Holdings,

Inc.

,

Class

A

(a)

............

121,040

7,298,712‌

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

......................

171,550

8,315,028‌

Chime

Financial,

Inc.

,

Class

A

(a)

(b)

..........

315,649

8,023,798‌

Euronet

Worldwide,

Inc.

(a)

...............

25,961

1,881,134‌

EVERTEC,

Inc.

......................

21,944

658,539‌

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

...........................

3,252

550,564‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

......................

39,435

1,356,958‌

Jackson

Financial,

Inc.

,

Class

A

...........

9,946

1,182,778‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

MGIC

Investment

Corp.

................

116,144

$

3,126,596‌

PennyMac

Financial

Services,

Inc.

.........

11,666

1,165,667‌

Radian

Group,

Inc.

....................

54,313

1,786,898‌

Rocket

Cos.,

Inc.

,

Class

A

...............

475,608

8,527,651‌

Sezzle,

Inc.

(a)

(b)

......................

39,448

2,494,692‌

StoneCo

Ltd.

,

Class

A

(a)

................

169,056

2,728,564‌

Toast,

Inc.

,

Class

A

(a)

..................

200,082

6,224,551‌

Voya

Financial,

Inc.

...................

62,719

4,808,039‌

WEX,

Inc.

(a)

.........................

16,032

2,467,325‌

62,597,494‌

Food

Products

—

1.0%

Adecoagro

SA

(b)

......................

211,253

1,871,702‌

B&G

Foods,

Inc.

.....................

293,068

1,280,707‌

Cal-Maine

Foods,

Inc.

..................

26,784

2,237,268‌

Campbell's

Co.

(The)

..................

12,087

338,194‌

Conagra

Brands,

Inc.

..................

264,555

4,896,913‌

Flowers

Foods,

Inc.

...................

87,321

998,079‌

Hain

Celestial

Group,

Inc.

(The)

(a)

..........

861,564

1,042,492‌

Ingredion,

Inc.

.......................

11,097

1,310,556‌

John

B

Sanfilippo

&

Son,

Inc.

.............

64,352

5,206,077‌

Marzetti

Co.

(The)

....................

1,955

335,419‌

Pilgrim's

Pride

Corp.

...................

73,192

3,174,337‌

Post

Holdings,

Inc.

(a)

...................

45,999

4,706,158‌

Tootsie

Roll

Industries,

Inc.

..............

10,371

392,853‌

TreeHouse

Foods,

Inc.

(a)

................

30,722

756,990‌

Utz

Brands,

Inc.

,

Class

A

................

80,833

851,980‌

Vital

Farms,

Inc.

(a)

(b)

...................

64,131

1,824,527‌

31,224,252‌

Gas

Utilities

—

0.9%

MDU

Resources

Group,

Inc.

.............

65,604

1,345,538‌

National

Fuel

Gas

Co.

.................

65,522

5,487,468‌

New

Jersey

Resources

Corp.

.............

90,781

4,491,844‌

Northwest

Natural

Holding

Co.

............

7,753

360,980‌

ONE

Gas,

Inc.

.......................

53,807

4,280,885‌

Southwest

Gas

Holdings,

Inc.

............

4,898

405,652‌

Spire,

Inc.

..........................

54,521

4,606,479‌

UGI

Corp.

..........................

236,611

9,490,467‌

30,469,313‌

Ground

Transportation

—

0.7%

Avis

Budget

Group,

Inc.

(a)

(b)

..............

19,978

2,297,270‌

Lyft,

Inc.

,

Class

A

(a)

(b)

...................

325,582

5,492,568‌

Ryder

System,

Inc.

....................

49,716

9,509,677‌

XPO,

Inc.

(a)

.........................

42,370

6,275,421‌

23,574,936‌

Health

Care

Equipment

&

Supplies

—

1.7%

AtriCure,

Inc.

(a)

......................

28,713

1,060,371‌

Butterfly

Network,

Inc.

,

Class

A

(a)

(b)

.........

328,995

1,302,820‌

Cerus

Corp.

(a)

.......................

842,608

1,963,277‌

CONMED

Corp.

......................

28,613

1,098,453‌

DENTSPLY

SIRONA,

Inc.

...............

459,063

5,724,516‌

Embecta

Corp.

......................

36,147

383,520‌

Enovis

Corp.

(a)

.......................

11,663

257,053‌

Envista

Holdings

Corp.

(a)

................

103,281

2,424,005‌

Glaukos

Corp.

(a)

......................

21,279

2,540,287‌

Haemonetics

Corp.

(a)

..................

24,547

1,636,303‌

Inspire

Medical

Systems,

Inc.

(a)

...........

13,230

1,002,569‌

Integer

Holdings

Corp.

(a)

................

9,870

857,308‌

IRhythm

Holdings,

Inc.

(a)

................

16,748

2,587,734‌

Lantheus

Holdings,

Inc.

(a)

...............

55,240

3,696,661‌

LeMaitre

Vascular,

Inc.

.................

6,871

583,829‌

LivaNova

plc

(a)

.......................

115,006

7,557,044‌

Masimo

Corp.

(a)

......................

25,076

3,443,687‌

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Merit

Medical

Systems,

Inc.

(a)

.............

41,593

$

3,372,776‌

OraSure

Technologies,

Inc.

(a)

.............

169,886

473,982‌

Orthofix

Medical,

Inc.

(a)

.................

44,749

592,029‌

Penumbra,

Inc.

(a)

.....................

8,826

3,161,208‌

Sight

Sciences,

Inc.

(a)

(b)

.................

61,430

385,780‌

Solventum

Corp.

(a)

....................

103,459

7,963,239‌

Teleflex,

Inc.

........................

27,921

2,914,115‌

56,982,566‌

Health

Care

Providers

&

Services

—

1.9%

Accendra

Health,

Inc.

(a)

.................

118,750

262,438‌

Alignment

Healthcare,

Inc.

(a)

.............

76,070

1,713,857‌

AMN

Healthcare

Services,

Inc.

(a)

...........

41,407

881,969‌

BrightSpring

Health

Services,

Inc.

(a)

........

85,390

3,353,265‌

Brookdale

Senior

Living,

Inc.

(a)

............

381,547

5,723,205‌

Chemed

Corp.

.......................

6,923

2,957,090‌

Encompass

Health

Corp.

...............

34,387

3,250,603‌

Ensign

Group,

Inc.

(The)

................

29,522

5,067,747‌

GeneDx

Holdings

Corp.

,

Class

A

(a)

(b)

........

5,405

520,285‌

Guardant

Health,

Inc.

(a)

.................

105,880

12,074,555‌

HealthEquity,

Inc.

(a)

....................

3,991

341,909‌

Henry

Schein,

Inc.

(a)

...................

6,925

522,699‌

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

.......

130,688

3,540,338‌

Joint

Corp.

(The)

(a)

(b)

...................

35,680

348,951‌

Nano-X

Imaging

Ltd.

(a)

(b)

................

97,371

265,823‌

National

Research

Corp.

................

55,500

1,128,870‌

NeoGenomics,

Inc.

(a)

(b)

.................

34,419

415,093‌

Option

Care

Health,

Inc.

(a)

...............

75,218

2,557,412‌

PACS

Group,

Inc.

(a)

...................

26,531

895,687‌

Pediatrix

Medical

Group,

Inc.

(a)

............

74,093

1,584,108‌

Tenet

Healthcare

Corp.

(a)

................

71,869

13,603,364‌

61,009,268‌

Health

Care

REITs

—

0.2%

Medical

Properties

Trust,

Inc.

.............

544,130

2,731,533‌

National

Health

Investors,

Inc.

............

17,564

1,442,356‌

Omega

Healthcare

Investors,

Inc.

..........

71,414

3,133,646‌

Sila

Realty

Trust,

Inc.

..................

14,577

354,950‌

7,662,485‌

Health

Care

Technology

—

0.3%

Definitive

Healthcare

Corp.

,

Class

A

(a)

.......

399,004

925,689‌

Doximity,

Inc.

,

Class

A

(a)

................

87,506

3,278,850‌

HealthStream,

Inc.

....................

50,675

1,129,546‌

Teladoc

Health,

Inc.

(a)

..................

506,363

2,759,678‌

Waystar

Holding

Corp.

(a)

................

122,975

3,266,216‌

11,359,979‌

Hotel

&

Resort

REITs

—

0.2%

Park

Hotels

&

Resorts,

Inc.

..............

249,659

2,728,773‌

Pebblebrook

Hotel

Trust

(b)

...............

29,355

335,234‌

RLJ

Lodging

Trust

....................

71,827

533,675‌

Ryman

Hospitality

Properties,

Inc.

.........

3,481

329,651‌

Service

Properties

Trust

................

566,168

1,126,674‌

Sunstone

Hotel

Investors,

Inc.

............

47,010

412,278‌

Xenia

Hotels

&

Resorts,

Inc.

.............

62,278

918,600‌

6,384,885‌

Hotels,

Restaurants

&

Leisure

—

1.7%

Bloomin'

Brands,

Inc.

..................

224,657

1,347,942‌

Boyd

Gaming

Corp.

...................

5,745

485,682‌

Brightstar

Lottery

plc

..................

212,584

3,078,216‌

Brinker

International,

Inc.

(a)

(b)

.............

18,306

2,887,222‌

Cava

Group,

Inc.

(a)

(b)

...................

42,910

2,601,204‌

Cheesecake

Factory,

Inc.

(The)

...........

14,159

820,656‌

Dine

Brands

Global,

Inc.

................

46,049

1,583,625‌

Jack

in

the

Box,

Inc.

...................

65,140

1,365,986‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Life

Time

Group

Holdings,

Inc.

(a)

...........

34,802

$

1,015,174‌

MakeMyTrip

Ltd.

(a)

(b)

...................

51,258

3,197,474‌

Marriott

Vacations

Worldwide

Corp.

.........

22,650

1,230,122‌

Papa

John's

International,

Inc.

............

31,238

1,098,640‌

Planet

Fitness,

Inc.

,

Class

A

(a)

............

26,477

2,410,466‌

Six

Flags

Entertainment

Corp.

(a)

(b)

..........

30,400

547,504‌

Super

Group

SGHC

Ltd.

................

270,147

2,558,292‌

Texas

Roadhouse,

Inc.

.................

8,784

1,579,890‌

Travel

+

Leisure

Co.

...................

91,951

6,394,273‌

United

Parks

&

Resorts,

Inc.

(a)

............

90,538

3,408,756‌

Vail

Resorts,

Inc.

.....................

19,620

2,610,833‌

Wendy's

Co.

(The)

....................

207,787

1,618,661‌

Wingstop,

Inc.

(b)

......................

27,399

7,272,517‌

Wyndham

Hotels

&

Resorts,

Inc.

..........

39,011

2,839,611‌

Wynn

Resorts

Ltd.

....................

50,329

5,407,851‌

57,360,597‌

Household

Durables

—

1.5%

Cavco

Industries,

Inc.

(a)

.................

595

292,752‌

Helen

of

Troy

Ltd.

(a)

...................

15,406

255,123‌

Installed

Building

Products,

Inc.

...........

11,003

3,170,405‌

KB

Home

..........................

29,342

1,688,339‌

Lovesac

Co.

(The)

(a)

(b)

..................

23,470

312,620‌

Newell

Brands,

Inc.

...................

462,684

1,966,407‌

SharkNinja,

Inc.

(a)

.....................

82,096

9,703,747‌

Somnigroup

International,

Inc.

............

112,585

9,890,592‌

Sonos,

Inc.

(a)

........................

106,499

1,528,261‌

Taylor

Morrison

Home

Corp.

(a)

............

40,846

2,489,564‌

Toll

Brothers,

Inc.

.....................

43,874

6,339,354‌

TopBuild

Corp.

(a)

.....................

16,006

7,491,608‌

TRI

Pointe

Homes,

Inc.

(a)

................

85,105

2,838,252‌

Whirlpool

Corp.

......................

13,287

1,062,827‌

49,029,851‌

Household

Products

—

0.1%

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

....

53,176

1,630,908‌

Energizer

Holdings,

Inc.

................

16,604

362,465‌

Spectrum

Brands

Holdings,

Inc.

...........

32,881

2,094,849‌

4,088,222‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.6%

AES

Corp.

(The)

.....................

588,040

8,614,786‌

Clearway

Energy,

Inc.

,

Class

A

............

106,000

3,579,620‌

Talen

Energy

Corp.

(a)

..................

21,320

7,427,035‌

19,621,441‌

Industrial

REITs

—

0.6%

EastGroup

Properties,

Inc.

..............

16,253

2,952,195‌

First

Industrial

Realty

Trust,

Inc.

...........

183,891

10,671,194‌

Industrial

Logistics

Properties

Trust

.........

171,845

915,934‌

LXP

Industrial

Trust

...................

45,465

2,252,791‌

STAG

Industrial,

Inc.

..................

32,024

1,201,220‌

17,993,334‌

Insurance

—

3.1%

Accelerant

Holdings

,

Class

A

(a)

(b)

...........

46,731

638,345‌

Assurant,

Inc.

.......................

24,589

5,855,379‌

Assured

Guaranty

Ltd.

.................

83,802

7,110,600‌

Axis

Capital

Holdings

Ltd.

...............

3,074

317,175‌

CNO

Financial

Group,

Inc.

...............

127,945

5,380,087‌

First

American

Financial

Corp.

............

61,533

3,887,655‌

Genworth

Financial,

Inc.

,

Class

A

(a)

.........

190,959

1,592,598‌

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

....

196,067

5,440,859‌

HCI

Group,

Inc.

......................

39,379

6,248,266‌

Kinsale

Capital

Group,

Inc.

(b)

.............

4,868

1,927,144‌

Lemonade,

Inc.

(a)

.....................

61,087

5,298,075‌

Mercury

General

Corp.

.................

30,945

2,710,472‌

Security

Shares

Shares

Value

Insurance

(continued)

Octave

Specialty

Group,

Inc.

(a)

............

174,069

$

986,971‌

Old

Republic

International

Corp.

...........

339,115

13,283,135‌

Oscar

Health,

Inc.

,

Class

A

(a)

.............

242,272

3,476,603‌

Palomar

Holdings,

Inc.

(a)

................

6,990

863,894‌

Primerica,

Inc.

.......................

28,844

7,587,126‌

RenaissanceRe

Holdings

Ltd.

............

25,068

7,061,656‌

Root,

Inc.

,

Class

A

(a)

(b)

..................

33,968

2,110,432‌

Slide

Insurance

Holdings,

Inc.

(a)

...........

353,952

6,098,593‌

Universal

Insurance

Holdings,

Inc.

.........

46,288

1,409,470‌

Unum

Group

........................

80,011

6,078,436‌

White

Mountains

Insurance

Group

Ltd.

(b)

.....

2,526

5,165,493‌

100,528,464‌

Interactive

Media

&

Services

—

0.8%

Angi,

Inc.

,

Class

A

(a)

(b)

..................

75,624

981,599‌

Bumble,

Inc.

,

Class

A

(a)

(b)

................

406,524

1,361,855‌

Cargurus,

Inc.

,

Class

A

(a)

................

74,182

2,403,497‌

Cars.com,

Inc.

(a)

......................

110,010

1,249,714‌

IAC,

Inc.

(a)

..........................

23,878

882,292‌

Match

Group,

Inc.

....................

98,136

3,056,936‌

Reddit,

Inc.

,

Class

A

(a)

..................

76,191

13,734,952‌

Shutterstock,

Inc.

.....................

106,623

2,116,467‌

Yelp,

Inc.

(a)

.........................

39,422

1,079,374‌

26,866,686‌

IT

Services

—

0.3%

(a)

ASGN,

Inc.

.........................

6,911

359,994‌

BigBear.ai

Holdings,

Inc.

(b)

...............

225,678

1,137,417‌

DXC

Technology

Co.

..................

32,435

468,037‌

Kyndryl

Holdings,

Inc.

..................

70,950

1,631,850‌

Rackspace

Technology,

Inc.

..............

268,367

164,133‌

Wix.com

Ltd.

........................

79,329

6,888,931‌

10,650,362‌

Leisure

Products

—

0.9%

Acushnet

Holdings

Corp.

................

43,205

4,188,293‌

Brunswick

Corp.

.....................

25,575

2,051,627‌

Hasbro,

Inc.

........................

152,869

13,652,730‌

Latham

Group,

Inc.

(a)

..................

56,521

355,517‌

Mattel,

Inc.

(a)

........................

190,323

3,975,847‌

Peloton

Interactive,

Inc.

,

Class

A

(a)

.........

201,063

1,123,942‌

YETI

Holdings,

Inc.

(a)

..................

63,384

2,897,283‌

28,245,239‌

Life

Sciences

Tools

&

Services

—

1.0%

Adaptive

Biotechnologies

Corp.

(a)

..........

117,525

2,174,212‌

Azenta,

Inc.

(a)

.......................

10,669

414,811‌

Bio-Techne

Corp.

.....................

41,195

2,640,188‌

Bruker

Corp.

........................

24,234

1,073,324‌

Charles

River

Laboratories

International,

Inc.

(a)

.

14,348

3,019,967‌

Fortrea

Holdings,

Inc.

(a)

.................

68,115

1,145,013‌

Medpace

Holdings,

Inc.

(a)

...............

27,251

15,873,162‌

Mesa

Laboratories,

Inc.

................

8,368

659,064‌

Repligen

Corp.

(a)

.....................

14,345

2,142,713‌

Tempus

AI,

Inc.

(a)

(b)

....................

68,744

4,112,266‌

33,254,720‌

Machinery

—

4.3%

AGCO

Corp.

........................

63,557

7,207,999‌

Allison

Transmission

Holdings,

Inc.

.........

93,458

10,158,885‌

Crane

Co.

..........................

62,690

11,449,702‌

Donaldson

Co.,

Inc.

...................

73,328

7,475,056‌

Enerpac

Tool

Group

Corp.

,

Class

A

.........

59,202

2,389,393‌

Esab

Corp.

.........................

43,059

5,214,445‌

Federal

Signal

Corp.

..................

35,817

3,871,459‌

Flowserve

Corp.

.....................

28,993

2,265,803‌

Gates

Industrial

Corp.

plc

(a)

..............

58,106

1,337,600‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Graco,

Inc.

.........................

5,734

$

500,750‌

ITT,

Inc.

...........................

63,221

11,525,188‌

Kadant,

Inc.

........................

5,393

1,731,369‌

Lincoln

Electric

Holdings,

Inc.

............

7,984

2,118,554‌

Middleby

Corp.

(The)

(a)

.................

18,930

2,785,928‌

Mueller

Industries,

Inc.

.................

176,440

24,020,542‌

Mueller

Water

Products,

Inc.

,

Class

A

.......

205,305

5,557,606‌

Nordson

Corp.

.......................

16,958

4,655,480‌

REV

Group,

Inc.

.....................

108,553

6,936,537‌

SPX

Technologies,

Inc.

(a)

................

56,143

11,700,763‌

Tennant

Co.

........................

20,106

1,529,865‌

Terex

Corp.

.........................

108,344

6,175,608‌

Trinity

Industries,

Inc.

..................

47,123

1,354,315‌

Watts

Water

Technologies,

Inc.

,

Class

A

......

18,116

5,422,300‌

Worthington

Enterprises,

Inc.

.............

92,887

5,161,731‌

142,546,878‌

Marine

Transportation

—

0.2%

Matson,

Inc.

........................

32,996

5,289,259‌

ZIM

Integrated

Shipping

Services

Ltd.

(b)

......

106,063

2,336,568‌

7,625,827‌

Media

—

1.0%

Advantage

Solutions,

Inc.

,

Class

A

(a)

(b)

.......

358,780

387,482‌

AMC

Networks,

Inc.

,

Class

A

(a)

............

309,113

2,383,261‌

EchoStar

Corp.

,

Class

A

(a)

(b)

..............

70,566

7,989,482‌

John

Wiley

&

Sons,

Inc.

,

Class

A

..........

153,381

4,790,089‌

Magnite,

Inc.

(a)

.......................

37,461

542,061‌

New

York

Times

Co.

(The)

,

Class

A

.........

68,642

5,032,145‌

Nexstar

Media

Group,

Inc.

...............

14,009

2,975,231‌

Paramount

Skydance

Corp.

,

Class

B,

NVS

....

298,618

3,347,508‌

Sinclair,

Inc.

,

Class

A

..................

23,041

334,325‌

Sirius

XM

Holdings,

Inc.

................

166,439

3,387,034‌

TEGNA,

Inc.

........................

116,306

2,228,423‌

33,397,041‌

Metals

&

Mining

—

2.0%

Alcoa

Corp.

.........................

100,201

5,692,419‌

Algoma

Steel

Group,

Inc.

...............

74,935

313,228‌

Alpha

Metallurgical

Resources,

Inc.

(a)

.......

17,687

3,710,733‌

Coeur

Mining,

Inc.

(a)

...................

167,695

3,427,686‌

Commercial

Metals

Co.

.................

72,009

5,535,332‌

Hecla

Mining

Co.

.....................

309,931

6,979,646‌

Kaiser

Aluminum

Corp.

.................

5,560

681,767‌

Lithium

Americas

Corp.

(a)

(b)

..............

62,658

305,144‌

Materion

Corp.

......................

3,020

417,606‌

MP

Materials

Corp.

,

Class

A

(a)

(b)

...........

5,592

328,642‌

Nexa

Resources

SA

...................

141,724

1,787,140‌

Reliance,

Inc.

.......................

48,791

16,076,634‌

Royal

Gold,

Inc.

......................

57,203

15,062,122‌

Ryerson

Holding

Corp.

.................

37,879

1,068,945‌

Warrior

Met

Coal,

Inc.

..................

13,413

1,197,781‌

Worthington

Steel,

Inc.

.................

68,540

2,757,364‌

65,342,189‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.6%

AGNC

Investment

Corp.

................

520,724

5,936,254‌

BrightSpire

Capital,

Inc.

,

Class

A

..........

156,788

937,592‌

Franklin

BSP

Realty

Trust,

Inc.

............

31,096

319,045‌

Granite

Point

Mortgage

Trust,

Inc.

.........

299,646

638,246‌

Invesco

Mortgage

Capital,

Inc.

............

63,058

541,668‌

Ladder

Capital

Corp.

,

Class

A

............

236,544

2,594,888‌

MFA

Financial,

Inc.

....................

416,873

4,018,656‌

Rithm

Capital

Corp.

...................

74,240

812,186‌

Starwood

Property

Trust,

Inc.

.............

92,153

1,652,303‌

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Two

Harbors

Investment

Corp.

............

62,341

$

715,051‌

18,165,889‌

Multi-Utilities

—

0.0%

Black

Hills

Corp.

.....................

5,645

411,972‌

Office

REITs

—

1.2%

Brandywine

Realty

Trust

................

954,591

2,701,493‌

COPT

Defense

Properties

...............

32,105

989,155‌

Cousins

Properties,

Inc.

................

83,370

2,104,259‌

Douglas

Emmett,

Inc.

..................

115,526

1,219,955‌

Highwoods

Properties,

Inc.

..............

174,012

4,498,210‌

Hudson

Pacific

Properties,

Inc.

(a)

..........

58,504

504,304‌

JBG

SMITH

Properties

.................

247,837

4,173,575‌

Kilroy

Realty

Corp.

....................

96,224

3,317,803‌

Piedmont

Realty

Trust,

Inc.

,

Class

A

........

97,807

823,535‌

SL

Green

Realty

Corp.

.................

197,204

8,830,795‌

Vornado

Realty

Trust

..................

298,351

9,511,430‌

38,674,514‌

Oil,

Gas

&

Consumable

Fuels

—

2.8%

Antero

Midstream

Corp.

................

566,560

10,662,659‌

Antero

Resources

Corp.

(a)

...............

214,949

7,817,695‌

APA

Corp.

.........................

297,167

7,848,180‌

California

Resources

Corp.

..............

51,481

2,754,234‌

Chord

Energy

Corp.

...................

6,498

651,360‌

CNX

Resources

Corp.

(a)

................

146,099

5,668,641‌

Core

Natural

Resources,

Inc.

.............

8,171

779,350‌

CVR

Energy,

Inc.

(a)

....................

86,931

1,976,811‌

Delek

US

Holdings,

Inc.

................

103,772

3,062,312‌

Dorian

LPG

Ltd.

......................

43,930

1,297,253‌

DT

Midstream,

Inc.

....................

61,709

7,776,568‌

Expand

Energy

Corp.

..................

116,113

13,052,262‌

Gulfport

Energy

Corp.

(a)

................

7,304

1,491,258‌

HF

Sinclair

Corp.

.....................

14,408

749,072‌

Kosmos

Energy

Ltd.

(a)

(b)

.................

312,845

494,295‌

Murphy

Oil

Corp.

.....................

177,308

5,335,198‌

Nordic

American

Tankers

Ltd.

............

114,928

478,100‌

Ovintiv,

Inc.

.........................

170,411

7,407,766‌

PBF

Energy,

Inc.

,

Class

A

...............

21,926

733,644‌

Peabody

Energy

Corp.

.................

72,712

2,563,825‌

Permian

Resources

Corp.

,

Class

A

.........

40,631

655,378‌

Range

Resources

Corp.

................

178,675

6,762,849‌

SFL

Corp.

Ltd.

.......................

178,442

1,580,996‌

SM

Energy

Co.

......................

70,008

1,363,056‌

Teekay

Tankers

Ltd.

,

Class

A

.............

7,588

489,578‌

93,452,340‌

Paper

&

Forest

Products

—

0.2%

Louisiana-Pacific

Corp.

.................

69,353

5,807,620‌

Mercer

International,

Inc.

................

329,034

667,939‌

Sylvamo

Corp.

......................

7,070

346,006‌

6,821,565‌

Passenger

Airlines

—

0.2%

Copa

Holdings

SA

,

Class

A,

NVS

..........

9,038

1,232,783‌

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

............

138,061

1,459,305‌

SkyWest,

Inc.

(a)

......................

35,585

3,434,664‌

6,126,752‌

Personal

Care

Products

—

0.4%

BellRing

Brands,

Inc.

(a)

.................

24,352

605,634‌

Coty,

Inc.

,

Class

A

(a)

...................

227,970

722,665‌

elf

Beauty,

Inc.

(a)

.....................

36,157

3,072,983‌

Herbalife

Ltd.

(a)

......................

172,026

2,965,728‌

Medifast,

Inc.

(a)

(b)

.....................

104,481

1,195,263‌

Nu

Skin

Enterprises,

Inc.

,

Class

A

..........

179,417

1,903,614‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Care

Products

(continued)

Olaplex

Holdings,

Inc.

(a)

................

595,610

$

941,064‌

USANA

Health

Sciences,

Inc.

(a)

...........

19,158

415,729‌

11,822,680‌

Pharmaceuticals

—

1.5%

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

.....

303,539

4,152,413‌

Amphastar

Pharmaceuticals,

Inc.

(a)

.........

39,144

1,036,925‌

Amylyx

Pharmaceuticals,

Inc.

(a)

...........

75,211

1,074,765‌

Axsome

Therapeutics,

Inc.

(a)

.............

70,410

12,973,042‌

Corcept

Therapeutics,

Inc.

(a)

.............

69,100

2,755,017‌

Elanco

Animal

Health,

Inc.

(a)

..............

211,311

5,088,369‌

Harrow,

Inc.

(a)

(b)

......................

28,636

1,172,358‌

Innoviva,

Inc.

(a)

......................

148,264

2,965,280‌

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

...........

23,681

4,549,120‌

Liquidia

Corp.

(a)

......................

99,584

4,221,366‌

Nuvation

Bio,

Inc.

,

Class

A

(a)

.............

41,361

216,732‌

Perrigo

Co.

plc

......................

165,056

2,345,446‌

Prestige

Consumer

Healthcare,

Inc.

(a)

.......

32,768

2,112,553‌

Supernus

Pharmaceuticals,

Inc.

(a)

..........

23,390

1,126,462‌

Tarsus

Pharmaceuticals,

Inc.

(a)

............

55,823

3,602,816‌

Tilray

Brands,

Inc.

(a)

(b)

..................

73,795

550,511‌

49,943,175‌

Professional

Services

—

2.0%

Alight,

Inc.

,

Class

A

...................

2,131,332

3,260,938‌

Amentum

Holdings,

Inc.

(a)

...............

61,512

2,200,899‌

CACI

International,

Inc.

,

Class

A

(a)

.........

4,569

2,835,430‌

Clarivate

plc

(a)

(b)

......................

156,394

414,444‌

Concentrix

Corp.

.....................

8,336

311,350‌

Conduent,

Inc.

(a)

.....................

474,092

658,988‌

CRA

International,

Inc.

.................

27,315

5,160,896‌

ExlService

Holdings,

Inc.

(a)

..............

111,222

4,354,341‌

Exponent,

Inc.

.......................

4,408

316,803‌

Fiverr

International

Ltd.

(a)

................

84,614

1,417,285‌

FTI

Consulting,

Inc.

(a)

..................

5,778

1,009,243‌

Huron

Consulting

Group,

Inc.

(a)

............

69,408

11,729,952‌

ICF

International,

Inc.

..................

20,894

1,948,366‌

Innodata,

Inc.

(a)

(b)

.....................

45,258

2,509,104‌

Insperity,

Inc.

........................

45,247

1,933,404‌

KBR,

Inc.

..........................

44,550

1,907,186‌

Kforce,

Inc.

.........................

26,928

951,366‌

Korn

Ferry

.........................

7,311

507,895‌

Legalzoom.com,

Inc.

(a)

(b)

................

347,617

3,090,315‌

ManpowerGroup,

Inc.

..................

18,393

668,218‌

Maximus,

Inc.

.......................

22,039

2,081,363‌

Paylocity

Holding

Corp.

(a)

...............

21,346

2,881,283‌

Planet

Labs

PBC

,

Class

A

(a)

(b)

.............

269,117

6,719,851‌

Robert

Half,

Inc.

.....................

70,199

2,429,587‌

UL

Solutions,

Inc.

,

Class

A

...............

13,185

925,983‌

Upwork,

Inc.

(a)

(b)

......................

141,129

2,826,814‌

65,051,304‌

Real

Estate

Management

&

Development

—

0.3%

Compass,

Inc.

,

Class

A

(a)

................

239,211

2,994,922‌

Cushman

&

Wakefield

Ltd.

(a)

.............

6,946

114,192‌

eXp

World

Holdings,

Inc.

................

91,170

824,177‌

Kennedy-Wilson

Holdings,

Inc.

............

168,628

1,660,986‌

Opendoor

Technologies,

Inc.

,

Class

A

(a)

......

303,322

1,562,108‌

St.

Joe

Co.

(The)

.....................

39,789

2,633,634‌

9,790,019‌

Residential

REITs

—

0.2%

American

Homes

4

Rent

,

Class

A

..........

201,053

6,296,980‌

Retail

REITs

—

1.3%

Alexander's,

Inc.

.....................

14,090

3,450,641‌

Brixmor

Property

Group,

Inc.

.............

398,314

10,670,832‌

Security

Shares

Shares

Value

Retail

REITs

(continued)

Federal

Realty

Investment

Trust

...........

15,487

$

1,566,665‌

Kimco

Realty

Corp.

...................

192,577

4,059,523‌

Kite

Realty

Group

Trust

.................

196,108

4,606,577‌

Macerich

Co.

(The)

...................

408,253

7,728,229‌

NNN

REIT,

Inc.

......................

72,526

3,022,159‌

Saul

Centers,

Inc.

....................

39,627

1,257,365‌

Tanger,

Inc.

.........................

207,967

6,804,680‌

43,166,671‌

Semiconductors

&

Semiconductor

Equipment

—

3.2%

Astera

Labs,

Inc.

(a)

....................

83,821

12,625,119‌

Axcelis

Technologies,

Inc.

(a)

(b)

.............

46,616

4,105,471‌

Cirrus

Logic,

Inc.

(a)

....................

58,005

7,560,372‌

Credo

Technology

Group

Holding

Ltd.

(a)

......

79,210

9,923,429‌

Enphase

Energy,

Inc.

(a)

.................

54,837

2,027,872‌

Entegris,

Inc.

........................

66,209

7,817,297‌

Impinj,

Inc.

(a)

........................

26,648

3,680,089‌

Kulicke

&

Soffa

Industries,

Inc.

............

69,434

3,980,651‌

Lattice

Semiconductor

Corp.

(a)

(b)

...........

51,141

4,117,873‌

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

.

18,373

4,024,789‌

MKS,

Inc.

..........................

21,610

5,087,210‌

Onto

Innovation,

Inc.

(a)

.................

27,370

5,530,108‌

Penguin

Solutions,

Inc.

(a)

................

46,166

886,849‌

Qorvo,

Inc.

(a)

........................

59,941

4,681,991‌

Rambus,

Inc.

(a)

......................

125,191

14,250,492‌

Rigetti

Computing,

Inc.

(a)

(b)

...............

114,574

2,081,810‌

Semtech

Corp.

(a)

.....................

66,070

5,269,082‌

Silicon

Laboratories,

Inc.

(a)

...............

9,177

1,307,264‌

Synaptics,

Inc.

(a)

.....................

33,461

2,760,867‌

Veeco

Instruments,

Inc.

(a)

...............

110,264

3,443,545‌

105,162,180‌

Software

—

5.6%

A10

Networks,

Inc.

....................

63,432

1,106,254‌

ACI

Worldwide,

Inc.

(a)

..................

20,214

876,479‌

Adeia,

Inc.

.........................

160,517

2,903,753‌

Amplitude,

Inc.

,

Class

A

(a)

...............

211,747

1,941,720‌

Appfolio,

Inc.

,

Class

A

(a)

................

8,426

1,599,929‌

Appian

Corp.

,

Class

A

(a)

................

20,956

584,672‌

Asana,

Inc.

,

Class

A

(a)

(b)

.................

94,667

970,337‌

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.........

315,570

1,325,394‌

Bentley

Systems,

Inc.

,

Class

B

............

69,108

2,427,073‌

Blackbaud,

Inc.

(a)

.....................

61,084

3,280,211‌

BlackLine,

Inc.

(a)

.....................

75,655

3,515,688‌

Box,

Inc.

,

Class

A

(a)

(b)

..................

73,846

1,871,996‌

Braze,

Inc.

,

Class

A

(a)

..................

71,779

1,494,439‌

Cellebrite

DI

Ltd.

(a)

(b)

...................

191,890

2,822,702‌

Cerence,

Inc.

(a)

......................

116,565

1,320,681‌

Clear

Secure,

Inc.

,

Class

A

..............

253,174

8,258,536‌

Cognyte

Software

Ltd.

(a)

(b)

...............

305,996

2,763,144‌

Commvault

Systems,

Inc.

(a)

..............

36,797

3,153,503‌

Core

Scientific,

Inc.

(a)

(b)

.................

106,110

1,908,919‌

CyberArk

Software

Ltd.

(a)

................

16,099

6,935,932‌

D-Wave

Quantum,

Inc.

(a)

(b)

...............

150,118

3,185,504‌

Elastic

NV

(a)

........................

89,273

5,885,769‌

Five9,

Inc.

(a)

........................

18,584

328,193‌

Gitlab,

Inc.

,

Class

A

(a)

(b)

.................

187,849

6,570,958‌

Guidewire

Software,

Inc.

(a)

...............

24,334

3,425,254‌

Intapp,

Inc.

(a)

........................

112,961

3,835,026‌

InterDigital,

Inc.

......................

18,564

6,060,032‌

JFrog

Ltd.

(a)

(b)

.......................

115,289

6,317,837‌

Klaviyo,

Inc.

,

Class

A

(a)

.................

76,837

1,706,550‌

Life360,

Inc.

(a)

(b)

......................

52,805

3,025,198‌

Manhattan

Associates,

Inc.

(a)

.............

47,330

7,147,303‌

Monday.com

Ltd.

(a)

(b)

...................

58,868

6,755,103‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Nutanix,

Inc.

,

Class

A

(a)

.................

229,312

$

9,018,841‌

OneSpan,

Inc.

.......................

203,416

2,396,240‌

PagerDuty,

Inc.

(a)

.....................

124,992

1,324,915‌

Pegasystems,

Inc.

....................

67,031

2,928,584‌

Porch

Group,

Inc.

(a)

(b)

..................

63,274

499,232‌

Procore

Technologies,

Inc.

(a)

.............

180,825

10,214,804‌

Progress

Software

Corp.

(a)

...............

80,137

3,279,206‌

Q2

Holdings,

Inc.

(a)

....................

20,967

1,284,229‌

Qualys,

Inc.

(a)

.......................

27,489

3,625,799‌

RADCOM

Ltd.

(a)

......................

78,772

987,801‌

RingCentral,

Inc.

,

Class

A

(a)

..............

155,116

4,014,402‌

Rubrik,

Inc.

,

Class

A

(a)

..................

93,467

5,229,479‌

Samsara,

Inc.

,

Class

A

(a)

................

246,624

6,917,803‌

SentinelOne,

Inc.

,

Class

A

(a)

..............

74,028

1,034,911‌

ServiceTitan,

Inc.

,

Class

A

(a)

(b)

............

56,787

4,448,694‌

SimilarWeb

Ltd.

(a)

(b)

....................

95,441

497,248‌

SoundHound

AI,

Inc.

,

Class

A

(a)

(b)

..........

190,424

1,610,987‌

Sprout

Social,

Inc.

,

Class

A

(a)

.............

65,834

595,798‌

Tenable

Holdings,

Inc.

(a)

................

11,995

264,610‌

UiPath,

Inc.

,

Class

A

(a)

(b)

................

212,960

2,681,166‌

Unity

Software,

Inc.

(a)

..................

162,785

4,737,044‌

Varonis

Systems,

Inc.

(a)

.................

61,239

1,827,372‌

Workiva,

Inc.

,

Class

A

(a)

.................

95,414

7,348,786‌

Yext,

Inc.

(a)

.........................

235,239

1,684,311‌

183,756,351‌

Specialized

REITs

—

0.8%

CubeSmart

.........................

71,140

2,669,884‌

EPR

Properties

......................

47,950

2,600,808‌

Gaming

&

Leisure

Properties,

Inc.

.........

114,696

5,132,646‌

Lamar

Advertising

Co.

,

Class

A

...........

76,302

9,790,310‌

Millrose

Properties,

Inc.

,

Class

A

...........

68,325

2,036,085‌

Outfront

Media,

Inc.

...................

62,194

1,512,558‌

Rayonier,

Inc.

.......................

62,830

1,428,754‌

25,171,045‌

Specialty

Retail

—

3.1%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

.........

73,837

7,208,706‌

Academy

Sports

&

Outdoors,

Inc.

..........

8,382

461,094‌

American

Eagle

Outfitters,

Inc.

............

162,706

3,792,677‌

Asbury

Automotive

Group,

Inc.

(a)

(b)

..........

3,087

723,932‌

AutoNation,

Inc.

(a)

.....................

7,595

1,556,823‌

Bath

&

Body

Works,

Inc.

................

197,751

4,310,972‌

Buckle,

Inc.

(The)

....................

29,568

1,398,566‌

Caleres,

Inc.

........................

79,277

968,765‌

Chewy,

Inc.

,

Class

A

(a)

.................

38,645

1,124,956‌

Designer

Brands,

Inc.

,

Class

A

............

132,470

839,860‌

Dick's

Sporting

Goods,

Inc.

..............

57,860

11,687,720‌

GameStop

Corp.

,

Class

A

(a)

(b)

.............

193,111

4,611,491‌

Gap,

Inc.

(The)

......................

435,765

12,192,705‌

Genesco,

Inc.

(a)

......................

81,179

2,348,509‌

Group

1

Automotive,

Inc.

................

10,521

3,727,169‌

RealReal,

Inc.

(The)

(a)

..................

189,233

2,776,048‌

Signet

Jewelers

Ltd.

...................

81,620

7,531,077‌

Sleep

Number

Corp.

(a)

(b)

................

53,414

621,739‌

Stitch

Fix,

Inc.

,

Class

A

(a)

................

105,259

505,243‌

Upbound

Group,

Inc.

..................

87,793

1,659,288‌

Urban

Outfitters,

Inc.

(a)

.................

19,919

1,411,261‌

Wayfair,

Inc.

,

Class

A

(a)

(b)

................

91,708

9,490,861‌

Williams-Sonoma,

Inc.

.................

93,487

19,132,115‌

100,081,577‌

Technology

Hardware,

Storage

&

Peripherals

—

2.2%

IonQ,

Inc.

(a)

(b)

........................

128,645

5,143,227‌

Pure

Storage,

Inc.

,

Class

A

(a)

.............

180,455

12,548,841‌

Quantum

Computing,

Inc.

(a)

(b)

.............

233,520

2,164,730‌

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Sandisk

Corp.

(a)

......................

84,515

$

48,701,769‌

Xerox

Holdings

Corp.

..................

1,135,008

2,485,667‌

71,044,234‌

Textiles,

Apparel

&

Luxury

Goods

—

1.9%

Capri

Holdings

Ltd.

(a)

..................

24,449

551,814‌

Crocs,

Inc.

(a)

........................

47,401

3,977,892‌

Deckers

Outdoor

Corp.

(a)

................

108,212

12,914,020‌

Kontoor

Brands,

Inc.

...................

7,259

433,580‌

On

Holding

AG

,

Class

A

(a)

...............

85,924

3,888,061‌

Oxford

Industries,

Inc.

.................

23,013

848,029‌

PVH

Corp.

.........................

49,565

3,090,873‌

Ralph

Lauren

Corp.

,

Class

A

.............

30,910

10,923,903‌

Tapestry,

Inc.

........................

155,720

19,762,425‌

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

(b)

.......

329,097

1,997,619‌

VF

Corp.

..........................

133,406

2,613,424‌

61,001,640‌

Tobacco

—

0.1%

Turning

Point

Brands,

Inc.

...............

20,899

2,531,914‌

Universal

Corp.

......................

36,944

2,090,661‌

4,622,575‌

Trading

Companies

&

Distributors

—

1.9%

Applied

Industrial

Technologies,

Inc.

........

14,056

3,660,323‌

Boise

Cascade

Co.

...................

16,184

1,307,829‌

Core

&

Main,

Inc.

,

Class

A

(a)

..............

263,131

14,040,670‌

DNOW,

Inc.

(a)

.......................

113,492

1,723,944‌

DXP

Enterprises,

Inc.

(a)

.................

4,546

591,207‌

FTAI

Aviation

Ltd.

.....................

48,081

13,093,418‌

GATX

Corp.

........................

29,611

5,386,537‌

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......

5,736

483,774‌

NPK

International,

Inc.

(a)

................

69,913

965,499‌

QXO,

Inc.

(a)

(b)

........................

124,605

2,763,739‌

Rush

Enterprises,

Inc.

,

Class

A

...........

29,524

1,895,146‌

SiteOne

Landscape

Supply,

Inc.

(a)

..........

7,769

1,115,162‌

Watsco,

Inc.

........................

18,134

7,007,884‌

WESCO

International,

Inc.

...............

23,949

6,931,559‌

Xometry,

Inc.

,

Class

A

(a)

................

24,362

1,391,801‌

62,358,492‌

Water

Utilities

—

0.1%

American

States

Water

Co.

..............

43,180

3,150,413‌

Wireless

Telecommunication

Services

—

0.0%

Telephone

&

Data

Systems,

Inc.

...........

9,083

409,916‌

Total

Common

Stocks

—

99

.1

%

(Cost:

$

2,830,991,033

)

............................

3,253,540,500‌

Rights

Biotechnology

—

0.0%

Akero

Therapeutics,

Inc.,

CVR

(a)

(b)

(c)

........

21,375

13,894‌

Total

Rights

—

0.0

%

(Cost:

$

13,894

)

.................................

13,894‌

Total

Long-Term

Investments

—

99.1%

(Cost:

$

2,831,004,927

)

............................

3,253,554,394‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.4%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(f)

...................

178,648,385

$

178,737,709‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

....................

29,895,699

29,895,699‌

Total

Short-Term

Securities

—

6

.4

%

(Cost:

$

208,598,233

)

..............................

208,633,408‌

Total

Investments

—

105

.5

%

(Cost:

$

3,039,603,160

)

............................

3,462,187,802‌

Liabilities

in

Excess

of

Other

Assets

—

(

5.5

)

%

.............

(

179,650,299‌

)

Net

Assets

—

100.0%

...............................

$

3,282,537,503‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

145,862,055

$

32,868,207

(a)

$

—

$

(

5,213

)

$

12,660

$

178,737,709

178,648,385

$

648,749

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

11,038,907

18,856,792

(a)

—

—

—

29,895,699

29,895,699

340,120

—

$

(

5,213

)

$

12,660

$

208,633,408

$

988,869

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

................................................

125

03/20/26

$

1,640

$

(

19,758

)

S&P

Midcap

400

E-Mini

Index

.................................................

3

03/20/26

1,034

(

5,896

)

$

(

25,654

)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

24

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

Axis

Capital

Holdings

Ltd.

......

Goldman

Sachs

Bank

USA

USD

145,393

08/18/26

0.40%

1D

FEDL01

Monthly

$

4,115

Axos

Financial,

Inc.

..........

BNP

Paribas

SA

9,945

08/13/27

0.20%

1D

OBFR01

Monthly

548

Bancorp,

Inc.

(The)

..........

BNP

Paribas

SA

6,617

08/13/27

0.20%

1D

OBFR01

Monthly

(

1,029

)

Bank

of

Hawaii

Corp.

.........

HSBC

Bank

plc

377,918

02/09/28

0.40%

1D

OBFR01

Monthly

8,022

BankUnited,

Inc.

............

Goldman

Sachs

Bank

USA

768,741

08/18/26

0.40%

1D

FEDL01

Monthly

(

819

)

Bread

Financial

Holdings,

Inc.

...

Goldman

Sachs

Bank

USA

334,356

08/18/26

0.40%

1D

FEDL01

Monthly

7,815

Bread

Financial

Holdings,

Inc.

...

HSBC

Bank

plc

410,978

02/09/28

0.40%

1D

OBFR01

Monthly

(

36,381

)

Bread

Financial

Holdings,

Inc.

...

JPMorgan

Chase

Bank

NA

15,194

02/09/26

0.40%

1D

OBFR01

Monthly

(

1,629

)

Douglas

Emmett,

Inc.

.........

Goldman

Sachs

Bank

USA

347,926

08/19/26

0.40%

1D

FEDL01

Monthly

(

11,971

)

Douglas

Emmett,

Inc.

.........

JPMorgan

Chase

Bank

NA

375,926

02/09/26

0.40%

1D

OBFR01

Monthly

(

12,799

)

First

Bancorp

..............

HSBC

Bank

plc

7,330

02/09/28

0.40%

1D

OBFR01

Monthly

390

Fulton

Financial

Corp.

.........

HSBC

Bank

plc

2,619

02/09/28

0.40%

1D

OBFR01

Monthly

148

Genworth

Financial,

Inc.

.......

BNP

Paribas

SA

394,358

08/13/27

0.20%

1D

OBFR01

Monthly

1,133

Jackson

Financial,

Inc.

........

Goldman

Sachs

Bank

USA

1,907,320

08/18/26

0.40%

1D

FEDL01

Monthly

61,758

Jackson

Financial,

Inc.

........

HSBC

Bank

plc

3,973,328

02/09/28

0.40%

1D

OBFR01

Monthly

51,163

Jackson

Financial,

Inc.

........

JPMorgan

Chase

Bank

NA

5,475,569

02/09/26

0.40%

1D

OBFR01

Monthly

76,568

OFG

Bancorp

..............

Goldman

Sachs

Bank

USA

553,665

08/18/26

0.40%

1D

FEDL01

Monthly

5,255

Pathward

Financial,

Inc.

.......

BNP

Paribas

SA

457,118

08/13/27

0.20%

1D

OBFR01

Monthly

2,188

Perdoceo

Education

Corp.

......

BNP

Paribas

SA

933,967

08/13/27

0.20%

1D

OBFR01

Monthly

3,840

Pitney

Bowes,

Inc.

...........

Goldman

Sachs

Bank

USA

104,386

08/18/26

0.40%

1D

FEDL01

Monthly

(

1,525

)

Pitney

Bowes,

Inc.

...........

HSBC

Bank

plc

225,609

02/09/28

0.40%

1D

OBFR01

Monthly

315

Pitney

Bowes,

Inc.

...........

JPMorgan

Chase

Bank

NA

1,503,094

02/09/26

0.40%

1D

OBFR01

Monthly

(

5,743

)

Preferred

Bank

.............

Goldman

Sachs

Bank

USA

2,561,491

08/19/26

0.40%

1D

FEDL01

Monthly

(

289,443

)

Preferred

Bank

.............

HSBC

Bank

plc

2,596,651

02/09/28

0.40%

1D

OBFR01

Monthly

(

273,227

)

Sealed

Air

Corp.

............

BNP

Paribas

SA

92,958

08/13/27

0.20%

1D

OBFR01

Monthly

267

WaFd,

Inc.

................

BNP

Paribas

SA

528,462

08/13/27

0.20%

1D

OBFR01

Monthly

(

8,042

)

Western

Union

Co.

(The)

......

JPMorgan

Chase

Bank

NA

2,506,516

02/09/26

0.40%

1D

OBFR01

Monthly

(

82,769

)

Total

long

positions

of

equity

swaps

(

501,852

)

Net

dividends

and

financing

fees

4,471

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

(

497,381

)

(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.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

227,996

$

(

725,377

)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

Schedule

of

Investments

25

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

$

—

$

—

$

227,996

$

—

$

—

$

—

$

227,996

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

25,654

—

—

—

25,654

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

725,377

—

—

—

725,377

$

—

$

—

$

751,031

$

—

$

—

$

—

$

751,031

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

.......................

$

—

$

—

$

342,457

$

—

$

—

$

—

$

342,457

Swaps

..............................

—

—

2,511,221

—

—

—

2,511,221

$

—

$

—

$

2,853,678

$

—

$

—

$

—

$

2,853,678

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

(

8,281

)

$

—

$

—

$

—

$

(

8,281

)

Swaps

..............................

—

—

(

416,911

)

—

—

—

(

416,911

)

$

—

$

—

$

(

425,192

)

$

—

$

—

$

—

$

(

425,192

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,453,626

Equity

Swaps:

Average

notional

value

-

long

...........................................................................................

$

19,881,132

Average

notional

value

-

short

..........................................................................................

$

—

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

81,326

Swaps

—

OTC

(a)

.....................................................................................

223,525

725,377

Total

d

erivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

223,525

$

806,703

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(

81,326

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

223,525

$

725,377

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Small-Cap

Equity

Factor

ETF

26

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

tables

present

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:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

BNP

Paribas

SA

................................

$

7,976

$

(

7,976

)

$

—

$

—

$

—

Goldman

Sachs

Bank

USA

.........................

78,943

(

78,943

)

—

—

—

HSBC

Bank

plc

.................................

60,038

(

60,038

)

—

—

—

JPMorgan

Chase

Bank

NA

.........................

76,568

(

76,568

)

—

—

—

$

223,525

$

(

223,525

)

$

—

$

—

$

—

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)

BNP

Paribas

SA

................................

$

9,071

$

(

7,976

)

$

—

$

—

$

1,095

Goldman

Sachs

Bank

USA

.........................

303,758

(

78,943

)

—

—

224,815

HSBC

Bank

plc

.................................

309,608

(

60,038

)

—

(

249,570

)

—

JPMorgan

Chase

Bank

NA

.........................

102,940

(

76,568

)

—

(

26,372

)

—

$

725,377

$

(

223,525

)

$

—

(

275,942

)

$

225,910

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,253,540,500

$

—

$

—

$

3,253,540,500

Rights

................................................

—

—

13,894

13,894

Short-Term

Securities

Money

Market

Funds

......................................

208,633,408

—

—

208,633,408

$

3,462,173,908

$

—

$

13,894

$

3,462,187,802

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

—

$

227,996

$

—

$

227,996

Liabilities

Equity

contracts

...........................................

(

25,654

)

(

725,377

)

—

(

751,031

)

$

(

25,654

)

$

(

497,381

)

$

—

$

(

523,035

)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

January

31,

2026

iShares

®

U.S.

Tech

Breakthrough

Multisector

ETF

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Biotechnology

—

6.5%

Arcellx,

Inc.

(a)

.......................

4,280

$

292,367‌

Arcus

Biosciences,

Inc.

(a)

................

7,414

155,991‌

Caris

Life

Sciences,

Inc.

(a)

...............

11,571

267,984‌

Corvus

Pharmaceuticals,

Inc.

(a)

(b)

..........

5,669

117,348‌

CytomX

Therapeutics,

Inc.

(a)

.............

12,655

72,007‌

Exelixis,

Inc.

(a)

.......................

25,801

1,067,129‌

Ideaya

Biosciences,

Inc.

(a)

(b)

..............

8,293

266,952‌

ImmunityBio,

Inc.

(a)

(b)

...................

32,739

204,619‌

Incyte

Corp.

(a)

.......................

19,283

1,929,650‌

Intellia

Therapeutics,

Inc.

(a)

(b)

.............

10,878

143,046‌

Iovance

Biotherapeutics,

Inc.

(a)

(b)

...........

32,959

84,045‌

Janux

Therapeutics,

Inc.

(a)

...............

5,325

73,006‌

Kura

Oncology,

Inc.

(a)

..................

8,351

67,810‌

Moderna,

Inc.

(a)

(b)

.....................

35,573

1,567,702‌

Novavax,

Inc.

(a)

(b)

.....................

14,679

129,836‌

Regeneron

Pharmaceuticals,

Inc.

..........

10,046

7,448,607‌

Revolution

Medicines,

Inc.

(a)

..............

16,415

1,591,434‌

Rigel

Pharmaceuticals,

Inc.

(a)

.............

1,749

60,970‌

Twist

Bioscience

Corp.

(a)

................

5,768

236,892‌

Verastem,

Inc.

(a)

......................

6,453

39,363‌

Vertex

Pharmaceuticals,

Inc.

(a)

............

25,125

11,806,237‌

Vir

Biotechnology,

Inc.

(a)

................

9,299

69,185‌

Xencor,

Inc.

(a)

.......................

6,639

80,265‌

27,772,445‌

Broadline

Retail

—

6.1%

Amazon.com,

Inc.

(a)

...................

77,451

18,534,024‌

Coupang,

Inc.

,

Class

A

(a)

................

58,352

1,176,376‌

eBay,

Inc.

..........................

19,673

1,794,571‌

Etsy,

Inc.

(a)

.........................

4,239

224,498‌

MercadoLibre,

Inc.

(a)

...................

2,045

4,392,231‌

26,121,700‌

Capital

Markets

—

0.4%

Coinbase

Global,

Inc.

,

Class

A

(a)

...........

5,705

1,110,992‌

Donnelley

Financial

Solutions,

Inc.

(a)

........

677

35,035‌

MarketAxess

Holdings,

Inc.

..............

840

142,153‌

Tradeweb

Markets,

Inc.

,

Class

A

...........

3,036

312,920‌

Virtu

Financial,

Inc.

,

Class

A

..............

2,074

86,092‌

1,687,192‌

Communications

Equipment

—

0.1%

Calix,

Inc.

(a)

.........................

6,287

280,840‌

Consumer

Finance

—

0.3%

Atlanticus

Holdings

Corp.

(a)

..............

243

12,546‌

Enova

International,

Inc.

(a)

...............

603

99,598‌

Green

Dot

Corp.

,

Class

A

(a)

..............

1,260

15,347‌

LendingTree,

Inc.

(a)

....................

483

27,367‌

Nelnet,

Inc.

,

Class

A

...................

421

55,530‌

OneMain

Holdings,

Inc.

.................

3,019

197,865‌

SoFi

Technologies,

Inc.

(a)

................

30,973

706,494‌

Upstart

Holdings,

Inc.

(a)

(b)

................

2,184

85,722‌

World

Acceptance

Corp.

(a)

...............

113

13,701‌

1,214,170‌

Diversified

Telecommunication

Services

—

0.0%

IDT

Corp.

,

Class

B

....................

572

27,816‌

Electrical

Equipment

—

0.6%

Allient,

Inc.

.........................

735

44,842‌

AMETEK,

Inc.

.......................

11,770

2,636,245‌

2,681,087‌

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Cognex

Corp.

.......................

8,555

$

331,421‌

Energy

Equipment

&

Services

—

0.7%

Baker

Hughes

Co.

,

Class

A

..............

50,606

2,835,960‌

Entertainment

—

3.5%

Netflix,

Inc.

(a)

........................

177,348

14,806,784‌

Financial

Services

—

7.5%

Affirm

Holdings,

Inc.

,

Class

A

(a)

............

7,192

433,678‌

Block,

Inc.

,

Class

A

(a)

..................

13,792

833,451‌

Cantaloupe,

Inc.

(a)

....................

1,974

21,201‌

Chime

Financial,

Inc.

,

Class

A

(a)

(b)

..........

4,797

121,940‌

Corpay,

Inc.

(a)

.......................

1,757

552,805‌

Euronet

Worldwide,

Inc.

(a)

...............

1,010

73,185‌

Fidelity

National

Information

Services,

Inc.

....

13,427

741,842‌

Fiserv,

Inc.

(a)

........................

13,839

881,960‌

Flywire

Corp.

(a)

......................

2,919

36,779‌

Global

Payments,

Inc.

.................

6,057

434,529‌

Jack

Henry

&

Associates,

Inc.

............

1,859

333,151‌

Marqeta,

Inc.

,

Class

A

(a)

................

9,510

39,276‌

Mastercard,

Inc.

,

Class

A

................

21,230

11,438,512‌

Paymentus

Holdings,

Inc.

,

Class

A

(a)

........

1,305

34,883‌

Payoneer

Global,

Inc.

(a)

.................

6,434

41,113‌

PayPal

Holdings,

Inc.

..................

24,218

1,276,046‌

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..........

1,694

100,014‌

Toast,

Inc.

,

Class

A

(a)

..................

12,222

380,226‌

Visa,

Inc.

,

Class

A

....................

43,627

14,040,477‌

WEX,

Inc.

(a)

.........................

876

134,816‌

31,949,884‌

Health

Care

Equipment

&

Supplies

—

2.1%

Intuitive

Surgical,

Inc.

(a)

.................

18,090

9,121,340‌

Hotels,

Restaurants

&

Leisure

—

0.0%

Navan,

Inc.

,

Class

A

(a)

(b)

.................

2,247

25,795‌

Interactive

Media

&

Services

—

9.4%

Alphabet,

Inc.

,

Class

A

.................

55,335

18,703,230‌

fuboTV,

Inc.

(a)

.......................

17,133

38,206‌

Meta

Platforms,

Inc.

,

Class

A

.............

26,398

18,914,167‌

Pinterest,

Inc.

,

Class

A

(a)

................

30,423

673,261‌

Reddit,

Inc.

,

Class

A

(a)

..................

6,836

1,232,326‌

Rumble,

Inc.

,

Class

A

(a)

(b)

................

5,583

31,767‌

Snap,

Inc.

,

Class

A,

NVS

(a)

..............

57,074

395,523‌

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

...

8,224

105,103‌

40,093,583‌

IT

Services

—

5.2%

Akamai

Technologies,

Inc.

(a)

..............

14,761

1,434,031‌

CoreWeave,

Inc.

,

Class

A

(a)

(b)

.............

13,966

1,301,492‌

DigitalOcean

Holdings,

Inc.

(a)

(b)

............

2,915

161,054‌

Fastly,

Inc.

,

Class

A

(a)

..................

5,946

55,000‌

GoDaddy,

Inc.

,

Class

A

(a)

................

6,905

694,091‌

International

Business

Machines

Corp.

......

40,754

12,499,252‌

MongoDB,

Inc.

,

Class

A

(a)

...............

3,428

1,272,919‌

Okta,

Inc.

,

Class

A

(a)

...................

17,659

1,491,832‌

Snowflake,

Inc.

,

Class

A

(a)

...............

14,263

2,748,480‌

Twilio,

Inc.

,

Class

A

(a)

..................

6,330

762,512‌

22,420,663‌

Leisure

Products

—

0.0%

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

........

20,018

111,901‌

Life

Sciences

Tools

&

Services

—

0.0%

(a)

OmniAb,

Inc.,

12.50

Earnout

Shares

(c)

.......

934

—‌

OmniAb,

Inc.,

15.00

Earnout

Shares

(c)

.......

934

—‌

Pacific

Biosciences

of

California,

Inc.

.......

26,806

60,581‌

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Tech

Breakthrough

Multisector

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Personalis,

Inc.

(b)

.....................

5,253

$

49,221‌

109,802‌

Machinery

—

0.0%

(a)

Proto

Labs,

Inc.

......................

1,195

62,917‌

Richtech

Robotics,

Inc.

,

Class

B

(b)

..........

7,881

28,214‌

Symbotic,

Inc.

,

Class

A

.................

2,460

133,750‌

224,881‌

Media

—

0.2%

Paramount

Skydance

Corp.

,

Class

B,

NVS

....

43,693

489,799‌

Sirius

XM

Holdings,

Inc.

................

16,881

343,528‌

833,327‌

Pharmaceuticals

—

4.6%

Merck

&

Co.,

Inc.

.....................

178,272

19,658,054‌

Nuvation

Bio,

Inc.

,

Class

A

(a)

.............

23,676

124,062‌

19,782,116‌

Professional

Services

—

0.9%

Booz

Allen

Hamilton

Holding

Corp.

.........

12,582

1,112,501‌

Broadridge

Financial

Solutions,

Inc.

........

3,020

595,272‌

CACI

International,

Inc.

,

Class

A

(a)

.........

2,286

1,418,646‌

Science

Applications

International

Corp.

.....

4,769

485,293‌

SS&C

Technologies

Holdings,

Inc.

.........

5,446

445,973‌

4,057,685‌

Semiconductors

&

Semiconductor

Equipment

—

18.0%

Advanced

Micro

Devices,

Inc.

(a)

...........

81,559

19,307,462‌

Analog

Devices,

Inc.

...................

25,065

7,792,207‌

CEVA,

Inc.

(a)

........................

1,328

28,008‌

Intel

Corp.

(a)

........................

217,267

10,096,398‌

Lattice

Semiconductor

Corp.

(a)

............

6,950

559,614‌

Microchip

Technology,

Inc.

...............

27,160

2,061,987‌

NVIDIA

Corp.

.......................

97,458

18,627,148‌

QUALCOMM,

Inc.

....................

54,943

8,328,809‌

Silicon

Laboratories,

Inc.

(a)

...............

1,644

234,188‌

Texas

Instruments,

Inc.

.................

46,579

10,040,103‌

77,075,924‌

Software

—

25.8%

A10

Networks,

Inc.

....................

7,234

126,161‌

ACI

Worldwide,

Inc.

(a)

..................

2,618

113,516‌

Adobe,

Inc.

(a)

........................

21,414

6,279,656‌

Alarm.com

Holdings,

Inc.

(a)

..............

4,920

239,998‌

Alkami

Technology,

Inc.

(a)

...............

1,719

36,426‌

Appian

Corp.

,

Class

A

(a)

................

1,665

46,453‌

Atlassian

Corp.

,

Class

A

(a)

...............

7,259

857,869‌

Autodesk,

Inc.

(a)

......................

10,848

2,743,134‌

AvePoint,

Inc.

,

Class

A

(a)

................

6,037

70,210‌

Bentley

Systems,

Inc.

,

Class

B

............

6,139

215,602‌

BILL

Holdings,

Inc.

(a)

...................

2,290

98,859‌

BlackLine,

Inc.

(a)

.....................

1,244

57,809‌

Blend

Labs,

Inc.

,

Class

A

(a)

(b)

.............

5,000

11,900‌

C3.ai,

Inc.

,

Class

A

(a)

(b)

.................

5,479

60,324‌

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

.....

15,572

118,036‌

Circle

Internet

Group,

Inc.

,

Class

A

(a)

(b)

.......

3,457

221,006‌

Clear

Secure,

Inc.

,

Class

A

..............

9,263

302,159‌

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

..

7,139

171,979‌

Commvault

Systems,

Inc.

(a)

..............

1,891

162,059‌

Confluent,

Inc.

,

Class

A

(a)

...............

12,762

389,751‌

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

........

25,529

11,268,628‌

Dropbox,

Inc.

,

Class

A

(a)

(b)

...............

7,073

180,220‌

Fortinet,

Inc.

(a)

.......................

64,761

5,262,479‌

Freshworks,

Inc.

,

Class

A

(a)

..............

8,446

91,048‌

Gitlab,

Inc.

,

Class

A

(a)

..................

6,126

214,287‌

Guidewire

Software,

Inc.

(a)

...............

2,205

310,376‌

Security

Shares

Shares

Value

Software

(continued)

HubSpot,

Inc.

(a)

......................

2,207

$

617,960‌

Intapp,

Inc.

(a)

........................

1,905

64,675‌

Intuit,

Inc.

..........................

7,039

3,511,898‌

Life360,

Inc.

(a)

.......................

3,692

211,515‌

Microsoft

Corp.

......................

36,794

15,832,090‌

N-able,

Inc.

(a)

........................

2,914

17,688‌

nCino,

Inc.

(a)

........................

2,833

60,485‌

NCR

Voyix

Corp.

(a)

....................

3,548

35,196‌

Netskope,

Inc.

,

Class

A

(a)

(b)

..............

5,547

82,373‌

Nutanix,

Inc.

,

Class

A

(a)

.................

11,583

455,559‌

Onestream,

Inc.

(a)

.....................

2,215

52,296‌

Oracle

Corp.

........................

73,563

12,106,999‌

Palantir

Technologies,

Inc.

,

Class

A

(a)

.......

97,807

14,337,528‌

Palo

Alto

Networks,

Inc.

(a)

...............

72,356

12,804,841‌

Pegasystems,

Inc.

....................

3,978

173,799‌

Progress

Software

Corp.

(a)

...............

1,829

74,843‌

Q2

Holdings,

Inc.

(a)

....................

1,547

94,754‌

Qualys,

Inc.

(a)

.......................

3,726

491,459‌

Rapid7,

Inc.

(a)

.......................

6,533

77,873‌

Red

Violet,

Inc.

(a)

.....................

494

22,467‌

Rubrik,

Inc.

,

Class

A

(a)

..................

5,610

313,879‌

SailPoint,

Inc.

(a)

(b)

.....................

5,677

89,072‌

Salesforce,

Inc.

......................

40,456

8,588,404‌

SentinelOne,

Inc.

,

Class

A

(a)

..............

31,784

444,340‌

ServiceNow,

Inc.

(a)

....................

45,095

5,276,566‌

ServiceTitan,

Inc.

,

Class

A

(a)

..............

2,111

165,376‌

Sprinklr,

Inc.

,

Class

A

(a)

.................

4,767

30,413‌

Strategy,

Inc.

,

Class

A

(a)

................

11,659

1,745,469‌

Tenable

Holdings,

Inc.

(a)

................

12,219

269,551‌

Teradata

Corp.

(a)

.....................

3,961

112,968‌

Varonis

Systems,

Inc.

(a)

.................

11,761

350,948‌

Vertex,

Inc.

,

Class

A

(a)

..................

1,875

34,781‌

Workiva,

Inc.

,

Class

A

(a)

.................

1,288

99,202‌

Zscaler,

Inc.

(a)

.......................

10,730

2,146,107‌

110,443,319‌

Specialized

REITs

—

1.7%

Digital

Realty

Trust,

Inc.

................

14,965

2,483,442‌

Equinix,

Inc.

........................

4,262

3,498,803‌

Iron

Mountain,

Inc.

....................

12,812

1,180,370‌

7,162,615‌

Technology

Hardware,

Storage

&

Peripherals

—

6.1%

Apple,

Inc.

.........................

63,768

16,546,521‌

HP,

Inc.

...........................

40,741

792,005‌

NetApp,

Inc.

........................

8,614

829,959‌

Pure

Storage,

Inc.

,

Class

A

(a)

.............

13,593

945,257‌

Sandisk

Corp.

(a)

......................

6,024

3,471,330‌

Western

Digital

Corp.

..................

14,792

3,701,402‌

26,286,474‌

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

321,714,392

)

..............................

427,458,724‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Tech

Breakthrough

Multisector

ETF

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.3%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(f)

...................

4,890,241

$

4,892,685‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

....................

616,890

616,890‌

Total

Short-Term

Securities

—

1

.3

%

(Cost:

$

5,508,351

)

...............................

5,509,575‌

Total

Investments

—

101

.1

%

(Cost:

$

327,222,743

)

..............................

432,968,299‌

Liabilities

in

Excess

of

Other

Assets

—

(

1.1

)

%

.............

(

4,901,358‌

)

Net

Assets

—

100.0%

...............................

$

428,066,941‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

10,803,279

$

—

$

(

5,909,092

)

(a)

$

(

1,878

)

$

376

$

4,892,685

4,890,241

$

68,930

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

530,167

86,723

(a)

—

—

—

616,890

616,890

10,285

—

$

(

1,878

)

$

376

$

5,509,575

$

79,215

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

............................................

1

03/20/26

$

291

$

(

2,263

)

Russell

2000

E-Mini

Index

....................................................

1

03/20/26

131

3,918

$

1,655

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Tech

Breakthrough

Multisector

ETF

30

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

3,918

$

—

$

—

$

—

$

3,918

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

2,263

—

—

—

2,263

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

c

ontracts

.......................

$

—

$

—

$

96,178

$

—

$

—

$

—

$

96,178

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

c

ontracts

.......................

$

—

$

—

$

165

$

—

$

—

$

—

$

165

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

335,730

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

iShares

®

U.S.

Tech

Breakthrough

Multisector

ETF

Schedule

of

Investments

31

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

.........................................

$

427,458,724

$

—

$

—

$

427,458,724

Short-Term

Securities

Money

Market

Funds

......................................

5,509,575

—

—

5,509,575

$

432,968,299

$

—

$

—

$

432,968,299

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

3,918

$

—

$

—

$

3,918

Liabilities

Equity

contracts

...........................................

(

2,263

)

—

—

(

2,263

)

$

1,655

$

—

$

—

$

1,655

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2026

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

32

See

notes

to

financial

statements.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

286,267,192‌

$

3,141,418,284‌

$

3,253,554,394‌

$

427,458,724‌

Investments,

at

value

—

affiliated

(c)

............................................

9,085,944‌

43,531,289‌

208,633,408‌

5,509,575‌

Cash

...............................................................

3,798‌

236,680‌

17,775‌

—‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................

—‌

—‌

780,000‌

—‌

Futures

contracts

......................................................

33,000‌

471,000‌

198,000‌

33,000‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

......................................................

36,207‌

—‌

5,192,802‌

—‌

Securities

lending

income

—

affiliated

........................................

2,080‌

4,658‌

53,451‌

1,974‌

Dividends

—

unaffiliated

.................................................

296,495‌

2,067,915‌

892,342‌

84,742‌

Dividends

—

affiliated

...................................................

1,679‌

11,481‌

74,878‌

1,669‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

OTC

swaps

..........................................................

—‌

—‌

227,996‌

—‌

Total

a

ssets

...........................................................

295,726,395‌

3,187,741,307‌

3,469,625,046‌

433,089,684‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

8,722,766‌

31,948,897‌

178,734,714‌

4,902,869‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

—‌

804,577‌

7,157,741‌

—‌

Swaps  

............................................................

—‌

—‌

1,161‌

—‌

Investment

advisory

fees

.................................................

50,396‌

209,191‌

387,224‌

111,835‌

Variation

margin

on

futures

contracts

.........................................

743‌

29,912‌

81,326‌

8,039‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

OTC

swaps

..........................................................

—‌

—‌

725,377‌

—‌

Total

li

abilities

..........................................................

8,773,905‌

32,992,577‌

187,087,543‌

5,022,743‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

286,952,490‌

$

3,154,748,730‌

$

3,282,537,503‌

$

428,066,941‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

356,248,463‌

$

2,350,969,067‌

$

2,937,292,037‌

$

323,428,036‌

Accumulated

earnings

(loss)

................................................

(

69,295,973‌

)

803,779,663‌

345,245,466‌

104,638,905‌

NET

ASSETS

..........................................................

$

286,952,490‌

$

3,154,748,730‌

$

3,282,537,503‌

$

428,066,941‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

6,500,000‌

45,300,000‌

42,200,000‌

7,150,000‌

Net

asset

value

.........................................................

$

44.15‌

$

69.64‌

$

77.79‌

$

59.87‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

257,602,602‌

$

2,275,353,630‌

$

2,831,004,927‌

$

321,714,392‌

(b)

  Securities

loaned,

at

value

............................................

$

8,446,498‌

$

28,827,687‌

$

167,785,203‌

$

4,532,788‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

9,079,224‌

$

41,354,021‌

$

208,598,233‌

$

5,508,351‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2026

33

Statements

of

Operations

See

notes

to

financial

statements.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

...........................................

$

3,694,806‌

$

18,967,783‌

$

18,168,772‌

$

1,361,828‌

Dividends

—

affiliated

.............................................

10,719‌

130,296‌

340,120‌

10,285‌

Interest

—

unaffiliated

.............................................

4,056‌

6,719‌

17,726‌

1,351‌

Securities

lending

income

—

affiliated

—

net

.............................

122,747‌

36,632‌

648,749‌

68,930‌

Foreign

taxes

withheld

............................................

—‌

—‌

(

52,472‌

)

—‌

Total

investment

income

.............................................

3,832,328‌

19,141,430‌

19,122,895‌

1,442,394‌

EXPENSES

Investment

advisory

..............................................

308,523‌

1,188,416‌

1,926,083‌

675,494‌

Interest

expense

................................................

—‌

—‌

1,692‌

—‌

Total

expenses

...................................................

308,523‌

1,188,416‌

1,927,775‌

675,494‌

Net

investment

income

..............................................

3,523,805‌

17,953,014‌

17,195,120‌

766,900‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

19,124,654‌

$

176,475,812‌

$

269,873,198‌

$

17,534,278‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.......................................

(

6,890,956‌

)

(

3,827,455‌

)

22,350,441‌

(

8,488,499‌

)

Investments

—

affiliated

.........................................

2,601‌

(

17,354‌

)

(

5,213‌

)

(

1,878‌

)

Foreign

currency

transactions

.....................................

—‌

(

140‌

)

—‌

—‌

Futures

contracts

..............................................

32,072‌

509,875‌

342,457‌

96,178‌

In-kind

redemptions

—

unaffiliated

(a)

.................................

10,249,825‌

42,918,907‌

21,844,746‌

35,401,172‌

In-kind

redemptions

—

affiliated

(a)

...................................

—‌

6,292‌

—‌

—‌

Swaps  

....................................................

—‌

—‌

2,511,221‌

—‌

3,393,542‌

39,590,125‌

47,043,652‌

27,006,973‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.......................................

15,729,580‌

136,882,327‌

223,242,076‌

(

9,473,234‌

)

Investments

—

affiliated

.........................................

(

1,441‌

)

88,367‌

12,660‌

376‌

Futures

contracts

..............................................

2,973‌

(

85,004‌

)

(

8,281‌

)

165‌

Swaps  

....................................................

—‌

—‌

(

416,911‌

)

—‌

15,731,112‌

136,885,690‌

222,829,544‌

(9,472,693‌)

Net

realized

and

unrealized

gain

.......................................

19,124,654‌

176,475,815‌

269,873,196‌

17,534,280‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

22,648,459‌

$

194,428,829‌

$

287,068,316‌

$

18,301,180‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

34

See

notes

to

financial

statements.

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

iShares

U.S.

Equity

Factor

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

3,523,805‌

$

5,618,078‌

$

17,953,014‌

$

30,305,972‌

Net

realized

gain

................................................

3,393,542‌

126,485,779‌

39,590,125‌

77,667,781‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

15,731,112‌

(

131,333,298‌

)

136,885,690‌

276,194,263‌

Net

increase

in

net

assets

resulting

from

operations

...........................

22,648,459‌

770,559‌

194,428,829‌

384,168,016‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(2,836,453‌)

(b)

(6,621,361‌)

(19,369,717‌)

(b)

(29,630,368‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(58,360,853‌)

(502,313,634‌)

279,839,245‌

294,287,203‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

38,548,847‌

)

(

508,164,436‌

)

454,898,357‌

648,824,851‌

Beginning

of

period

................................................

325,501,337‌

833,665,773‌

2,699,850,373‌

2,051,025,522‌

End

of

period

....................................................

$

286,952,490‌

$

325,501,337‌

$

3,154,748,730‌

$

2,699,850,373‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

35

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

U.S.

Small-Cap

Equity

Factor

ETF

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

17,195,120‌

$

21,735,907‌

$

766,900‌

$

1,511,880‌

Net

realized

gain

................................................

47,043,652‌

47,249,742‌

27,006,973‌

39,612,264‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

222,829,544‌

24,658,132‌

(

9,472,693‌

)

30,301,448‌

Net

increase

in

net

assets

resulting

from

operations

...........................

287,068,316‌

93,643,781‌

18,301,180‌

71,425,592‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(16,450,870‌)

(b)

(21,630,975‌)

(914,054‌)

(b)

(1,589,134‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

1,075,940,003‌

636,716,051‌

(28,480,119‌)

(40,399,047‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

1,346,557,449‌

708,728,857‌

(

11,092,993‌

)

29,437,411‌

Beginning

of

period

................................................

1,935,980,054‌

1,227,251,197‌

439,159,934‌

409,722,523‌

End

of

period

....................................................

$

3,282,537,503‌

$

1,935,980,054‌

$

428,066,941‌

$

439,159,934‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

36

iShares

MSCI

USA

Small-Cap

Min

Vol

Factor

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

................

$

41.47

‌

$

39.98

‌

$

35.17

‌

$

35.91

‌

$

37.96

‌

$

29.91

‌

Net

investment

income

(a)

........................

0

.50

‌

0

.73

‌

0

.55

‌

0

.68

‌

0

.47

‌

0

.40

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

2.57

‌

1.65

‌

4.81

‌

(0.76

)

(2.04

)

8.09

‌

Net

increase

(decrease)

from

investment

operations

.......

3.07

‌

2.38

‌

5.36

‌

(0.08

)

(1.57

)

8.49

‌

Distributions

from

net

investment

income

(c)

...........

(0.39

)

(d)

(0.89

)

(0.55

)

(0.66

)

(0.48

)

(0.44

)

Net

asset

value,

end

of

period

.....................

$

44.15

‌

$

41.47

‌

$

39.98

‌

$

35.17

‌

$

35.91

‌

$

37.96

‌

Total

Return

(e)

Based

on

net

asset

value

.........................

7.43

%

(f)

5.95

%

15.49

%

(0.12

)%

(4.17

)%

28.66

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

................................

0.20

%

(h)

0.20

%

0.20

%

0.20

%

0.20

%

0.20

%

Net

investment

income

...........................

2.28

%

(h)

1.75

%

1.54

%

1.96

%

1.27

%

1.16

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

286,952

‌

$

325,501

‌

$

833,666

‌

$

828,286

‌

$

770,168

‌

$

872,986

‌

Portfolio

turnover

rate

(i)

...........................

26

%

43

%

44

%

58

%

51

%

50

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

37

Financial

Highlights

iShares

U.S.

Equity

Factor

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.................

$

65.53

‌

$

56.50

‌

$

46.09

‌

$

41.49

‌

$

43.64

‌

$

32.57

‌

Net

investment

income

(a)

.........................

0

.42

‌

0

.79

‌

0

.73

‌

0

.72

‌

0

.65

‌

0

.46

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

4.14

‌

9.01

‌

10.39

‌

4.59

‌

(2.19

)

11.03

‌

Net

increase

(decrease)

from

investment

operations

........

4.56

‌

9.80

‌

11.12

‌

5.31

‌

(1.54

)

11.49

‌

Distributions

from

net

investment

income

(c)

............

(0.45

)

(d)

(0.77

)

(0.71

)

(0.71

)

(0.61

)

(0.42

)

Net

asset

value,

end

of

period

......................

$

69.64

‌

$

65.53

‌

$

56.50

‌

$

46.09

‌

$

41.49

‌

$

43.64

‌

Total

Return

(e)

Based

on

net

asset

value

..........................

6.97

%

(f)

17.48

%

24.38

%

13.09

%

(3.58

)%

35.53

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.................................

0.08

%

(h)

0.08

%

0.08

%

0.08

%

0.16

%

0.20

%

Net

investment

income

............................

1.21

%

(h)

1.31

%

1.46

%

1.75

%

1.50

%

1.20

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

3,154,749

‌

$

2,699,850

‌

$

2,051,026

‌

$

1,431,011

‌

$

1,171,976

‌

$

1,095,476

‌

Portfolio

turnover

rate

(i)

............................

11

%

20

%

21

%

21

%

95

%

43

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

38

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.................

$

69.27

‌

$

65.63

‌

$

56.59

‌

$

51.72

‌

$

54.65

‌

$

37.38

‌

Net

investment

income

(a)

.........................

0

.50

‌

0

.93

‌

0

.80

‌

0

.81

‌

0

.56

‌

0

.42

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

8.50

‌

3.65

‌

8.83

‌

4.87

‌

(2.84

)

17.43

‌

Net

increase

(decrease)

from

investment

operations

........

9.00

‌

4.58

‌

9.63

‌

5.68

‌

(2.28

)

17.85

‌

Distributions

from

net

investment

income

(c)

............

(0.48

)

(d)

(0.94

)

(0.59

)

(0.81

)

(0.65

)

(0.58

)

Net

asset

value,

end

of

period

......................

$

77.79

‌

$

69.27

‌

$

65.63

‌

$

56.59

‌

$

51.72

‌

$

54.65

‌

Total

Return

(e)

Based

on

net

asset

value

..........................

13.03

%

(f)

7.03

%

17.19

%

11.23

%

(4.23

)%

48.13

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.................................

0.15

%

(h)

0.15

%

0.15

%

0.21

%

0.30

%

0.30

%

Net

investment

income

............................

1.34

%

(h)

1.40

%

1.39

%

1.58

%

1.04

%

0.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

3,282,538

‌

$

1,935,980

‌

$

1,227,251

‌

$

814,868

‌

$

990,459

‌

$

1,016,441

‌

Portfolio

turnover

rate

(i)

............................

13

%

24

%

23

%

108

%

46

%

46

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

39

Financial

Highlights

iShares

U.S.

Tech

Breakthrough

Multisector

ETF

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

.................

$

57.78

‌

$

49.07

‌

$

39.40

‌

$

30.87

‌

$

41.17

‌

$

30.72

‌

Net

investment

income

(a)

.........................

0

.10

‌

0

.19

‌

0

.14

‌

0

.15

‌

0

.15

‌

0

.15

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

2.11

‌

8.72

‌

9.64

‌

8.53

‌

(10.29

)

10.48

‌

Net

increase

(decrease)

from

investment

operations

........

2.21

‌

8.91

‌

9.78

‌

8.68

‌

(10.14

)

10.63

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

......................

(

0

.12

)

(d)

(

0

.20

)

(

0

.11

)

(

0

.15

)

(

0

.16

)

(

0

.15

)

From

net

realized

gain

...........................

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.03

)

Total

distributions

...............................

(0.12

)

(0.20

)

(0.11

)

(0.15

)

(0.16

)

(0.18

)

Net

asset

value,

end

of

period

......................

$

59.87

‌

$

57.78

‌

$

49.07

‌

$

39.40

‌

$

30.87

‌

$

41.17

‌

Total

Return

(e)

Based

on

net

asset

value

..........................

3.82

%

(f)

18.20

%

24.84

%

28.28

%

(24.71

)%

34.72

%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.................................

0.30

%

(h)

0.30

%

0.39

%

0.40

%

0.40

%

0.40

%

Total

expenses

after

fees

waived

.....................

0.30

%

(h)

0.30

%

0.30

%

0.30

%

0.30

%

0.30

%

Net

investment

income

............................

0.34

%

(h)

0.36

%

0.31

%

0.47

%

0.41

%

0.43

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

428,067

‌

$

439,160

‌

$

409,723

‌

$

317,190

‌

$

345,719

‌

$

432,317

‌

Portfolio

turnover

rate

(i)

............................

11

%

15

%

15

%

21

%

10

%

11

%

(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.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

40

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

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 

January

31,

2026

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

iShares

ETF

Diversification

Classification

MSCI

USA

Small-Cap

Min

Vol

Factor

.......................................................................................

Diversified

U.S.

Equity

Factor

....................................................................................................

Diversified

U.S.

Small-Cap

Equity

Factor

............................................................................................

Diversified

U.S.

Tech

Breakthrough

Multisector

........................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

41

Notes

to

Financial

Statements

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund has

a

single

investment

strategy

as

disclosed

in 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

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

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

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the entire

fair

value

measurement

for

the

asset

or

liability

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

42

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

tables are

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

MSCI

USA

Small-Cap

Min

Vol

Factor

Barclays

Bank

PLC

.....................................

$

579,131‌

$

(

579,131‌

)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

2,361,803‌

(

2,361,803‌

)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,490,496‌

(

1,490,496‌

)

–‌

–‌

HSBC

Bank

PLC

......................................

252,247‌

(

252,247‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,057,051‌

(

1,057,051‌

)

–‌

–‌

Morgan

Stanley

.......................................

356,316‌

(

356,316‌

)

–‌

–‌

National

Financial

Services

LLC

............................

765,967‌

(

765,967‌

)

–‌

–‌

Pershing

LLC

.........................................

20,000‌

(

20,000‌

)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,524‌

(

4,524‌

)

–‌

–‌

UBS

AG

............................................

974,435‌

(

974,435‌

)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

584,528‌

(

584,528‌

)

–‌

–‌

$

8,446,498‌

$

(

8,446,498‌

)

$

–‌

$

–‌

U.S.

Equity

Factor

Barclays

Bank

PLC

.....................................

$

6,405,157‌

$

(

6,405,157‌

)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

354,200‌

(

354,200‌

)

–‌

–‌

BofA

Securities,

Inc.

....................................

3,831,423‌

(

3,655,807‌

)

–‌

175,616‌

(b)

Citigroup

Global

Markets,

Inc.

..............................

10,549,407‌

(

10,549,407‌

)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

913,753‌

(

913,753‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

125,318‌

(

125,318‌

)

–‌

–‌

Morgan

Stanley

.......................................

1,024,545‌

(

1,024,545‌

)

–‌

–‌

TD

Securities

(USA)

LLC

.................................

732,829‌

(

721,282‌

)

–‌

11,547‌

(b)

Wells

Fargo

Securities

LLC

...............................

4,891,055‌

(

4,891,055‌

)

–‌

–‌

$

28,827,687‌

$

(

28,640,524‌

)

$

–‌

$

187,163‌

U.S.

Small-Cap

Equity

Factor

Barclays

Bank

PLC

.....................................

$

6,216,325‌

$

(

6,216,325‌

)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

1,206‌

(

1,206‌

)

–‌

–‌

BNP

Paribas

SA

.......................................

10,330,388‌

(

10,330,388‌

)

–‌

–‌

BofA

Securities,

Inc.

....................................

12,810,849‌

(

12,810,849‌

)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

419,588‌

(

419,588‌

)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

1,876,729‌

(

1,846,899‌

)

–‌

29,830‌

(b)

Goldman

Sachs

&

Co.

LLC

...............................

30,498,044‌

(

30,498,044‌

)

–‌

–‌

HSBC

Bank

PLC

......................................

2,923,311‌

(

2,923,311‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

35,346,221‌

(

35,346,221‌

)

–‌

–‌

Jefferies

LLC

.........................................

737,026‌

(

737,026‌

)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

2,574‌

(

2,574‌

)

–‌

–‌

Morgan

Stanley

.......................................

21,373,948‌

(

21,373,948‌

)

–‌

–‌

National

Bank

Financial,

Inc.

..............................

630,105‌

(

630,105‌

)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

43

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

("OTC")

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

U.S.

Small-Cap

Equity

Factor

(continued)

National

Financial

Services

LLC

............................

6,663,513‌

(

6,663,513‌

)

–‌

–‌

Natixis

SA

...........................................

404,292‌

(

404,292‌

)

–‌

–‌

Pershing

LLC

.........................................

62,380‌

(

62,380‌

)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

135,718‌

(

135,718‌

)

–‌

–‌

SG

Americas

Securities

LLC

..............................

3,963,996‌

(

3,963,996‌

)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

340,517‌

(

340,517‌

)

–‌

–‌

TD

Securities

(USA)

LLC

.................................

10,057‌

(

10,057‌

)

–‌

–‌

UBS

AG

............................................

20,722,934‌

(

20,722,934‌

)

–‌

–‌

UBS

Securities

LLC

....................................

121,474‌

(

121,474‌

)

–‌

–‌

Virtu

Americas

LLC

.....................................

605,592‌

(

605,592‌

)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

9,111,738‌

(

9,111,738‌

)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

2,476,678‌

(

2,476,678‌

)

–‌

–‌

$

167,785,203‌

$

(

167,755,373‌

)

$

–‌

$

29,830‌

U.S.

Tech

Breakthrough

Multisector

Barclays

Bank

PLC

.....................................

$

157,869‌

$

(

157,869‌

)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

17,042‌

(

17,042‌

)

–‌

–‌

BNP

Paribas

SA

.......................................

2,434‌

(

2,434‌

)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,387,849‌

(

1,387,849‌

)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

41,427‌

(

41,427‌

)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,065,391‌

(

2,065,391‌

)

–‌

–‌

Morgan

Stanley

.......................................

205,445‌

(

205,445‌

)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

10,881‌

(

10,881‌

)

–‌

–‌

TD

Securities

(USA)

LLC

.................................

12,449‌

(

12,449‌

)

–‌

–‌

UBS

AG

............................................

338,082‌

(

338,082‌

)

–‌

–‌

UBS

Securities

LLC

....................................

14,313‌

(

14,313‌

)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

15,700‌

(

15,700‌

)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

263,906‌

(

263,906‌

)

–‌

–‌

$

4,532,788‌

$

(

4,532,788‌

)

$

–‌

$

–‌

(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

each

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

January

31,

2026.

Additional

collateral

is

delivered

to

each

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)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

44

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Equity

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Equity

swaps

are

designed

to

function

as

direct

economic

investments

in

long

or

short

equity

positions.

This

means

that

the

Fund

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid.

Equity

swaps

incur

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

value

of

the

position.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

spread.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock,

Inc.

(“BlackRock”). Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

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.

iShares

ETF

Investment

Advisory

Fees

MSCI

USA

Small-Cap

Min

Vol

Factor

....................................................................................

0

.20‌

%

U.S.

Equity

Factor

.................................................................................................

0

.08‌

U.S.

Small-Cap

Equity

Factor

.........................................................................................

0

.15‌

U.S.

Tech

Breakthrough

Multisector

.....................................................................................

0

.30‌

Notes

to

Financial

Statements

(unaudited)

(continued)

45

Notes

to

Financial

Statements

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

securities

lending

agreement

effective

as

of

January

1,

2026,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

in

that

calendar

year

exceeds

a

specific

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

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

to

the

securities

lending

agreement

effective

as

of

January

1,

2025,

identical

securities

lending

agreements

were

in

place

for

each

Fund

for

the

calendar

year

ended

December

31,

2025.

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

January

31,

2026,

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 January

31,

2026,

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

January

31,

2026,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

MSCI

USA

Small-Cap

Min

Vol

Factor

...........................................................................................

$

30,608‌

U.S.

Equity

Factor

........................................................................................................

14,525‌

U.S.

Small-Cap

Equity

Factor

................................................................................................

185,117‌

U.S.

Tech

Breakthrough

Multisector

............................................................................................

18,075‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

USA

Small-Cap

Min

Vol

Factor

........................................................

$

18,524,764‌

$

8,113,028‌

$

(

1,675,596‌

)

U.S.

Equity

Factor

.....................................................................

211,057,116‌

145,099,922‌

(

5,131,115‌

)

U.S.

Small-Cap

Equity

Factor

.............................................................

119,619,692‌

118,702,918‌

11,409,065‌

U.S.

Tech

Breakthrough

Multisector

.........................................................

27,987,704‌

26,779,120‌

(

5,794,423‌

)

iShares

ETF

Purchases

Sales

MSCI

USA

Small-Cap

Min

Vol

Factor

........................................................................

$

77,924,993‌

$

78,499,977‌

U.S.

Equity

Factor

.....................................................................................

315,337,103‌

317,305,455‌

U.S.

Small-Cap

Equity

Factor

.............................................................................

345,801,316‌

332,961,432‌

U.S.

Tech

Breakthrough

Multisector

.........................................................................

47,518,465‌

47,046,972‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

46

For

the six

months ended

January

31,

2026,

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

January

31,

2026, 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

July

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows:

As

of

January

31,

2026

,

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

iShares

ETF

In-kind

Purchases

In-kind

Sales

MSCI

USA

Small-Cap

Min

Vol

Factor

........................................................................

$

—‌

$

56,863,182‌

U.S.

Equity

Factor

.....................................................................................

389,830,029‌

110,298,498‌

U.S.

Small-Cap

Equity

Factor

.............................................................................

1,101,941,917‌

52,992,044‌

U.S.

Tech

Breakthrough

Multisector

.........................................................................

38,664,099‌

67,735,883‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Qualified

 Late-Year

Ordinary

Losses

(b)

MSCI

USA

Small-Cap

Min

Vol

Factor

.........................................................................

$

(

101,157,890‌

)

$

(

49,804‌

)

U.S.

Equity

Factor

......................................................................................

(

103,340,342‌

)

—‌

U.S.

Small-Cap

Equity

Factor

..............................................................................

(

109,535,747‌

)

—‌

U.S.

Tech

Breakthrough

Multisector

..........................................................................

(

27,400,601‌

)

—‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

USA

Small-Cap

Min

Vol

Factor

....................................

$

267,525,282‌

$

43,680,569‌

$

(

15,854,424‌

)

$

27,826,145‌

U.S.

Equity

Factor

.................................................

2,319,857,777‌

939,981,480‌

(

74,875,317‌

)

865,106,163‌

U.S.

Small-Cap

Equity

Factor

.........................................

3,056,002,057‌

590,998,039‌

(

185,335,329‌

)

405,662,710‌

U.S.

Tech

Breakthrough

Multisector

.....................................

327,967,926‌

122,480,201‌

(

17,478,173‌

)

105,002,028‌

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

48

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

01/31/26

Year

Ended

07/31/25

iShares

ETF

Shares

Amount

Shares

Amount

MSCI

USA

Small-Cap

Min

Vol

Factor

Shares

sold

—‌

$

—‌

1,050,000‌

$

43,336,860‌

Shares

redeemed

(

1,350,000‌

)

(

58,360,853‌

)

(

14,050,000‌

)

(

545,650,494‌

)

(

1,350,000‌

)

$

(

58,360,853‌

)

(

13,000,000‌

)

$

(

502,313,634‌

)

U.S.

Equity

Factor

Shares

sold

5,700,000‌

$

390,887,068‌

9,000,000‌

$

538,944,189‌

Shares

redeemed

(

1,600,000‌

)

(

111,047,823‌

)

(

4,100,000‌

)

(

244,656,986‌

)

4,100,000‌

$

279,839,245‌

4,900,000‌

$

294,287,203‌

U.S.

Small-Cap

Equity

Factor

Shares

sold

14,950,000‌

$

1,130,536,712‌

13,300,000‌

$

880,619,247‌

Shares

redeemed

(

700,000‌

)

(

54,596,709‌

)

(

4,050,000‌

)

(

243,903,196‌

)

14,250,000‌

$

1,075,940,003‌

9,250,000‌

$

636,716,051‌

U.S.

Tech

Breakthrough

Multisector

Shares

sold

650,000‌

$

38,715,487‌

1,050,000‌

$

55,102,966‌

Shares

redeemed

(

1,100,000‌

)

(

67,195,606‌

)

(

1,800,000‌

)

(

95,502,013‌

)

(

450,000‌

)

$

(

28,480,119‌

)

(

750,000‌

)

$

(

40,399,047‌

)

Additional

Information

49

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust's

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Glossary

of

Terms

Used

in

these

Financial

Statements

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

50

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CVR

Contingent

Value

Rights

FEDL01

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

NVS

Non-Voting

Shares

OBFR01

USD

-

1D

Overnight

Bank

Funding

Rate

REIT

Real

Estate

Investment

Trust

Currency

Abbreviation

USD

United

States

Dollar

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 MSCI,

Inc.,

STOXX

Ltd.,

or

ICE

Data

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.

©2026

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 (the “Exchange Act”).

(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: March 23, 2026

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: March 23, 2026

By:     /s/ Trent Walker                      

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: March 23, 2026