| Schedule of Investments (unaudited) | iShares® MSCI USA Small-Cap Min Vol Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 0.6% | ||||||||
| Aerojet Rocketdyne Holdings Inc.(a) | 33,229 | $ | 1,328,495 | |||||
| BWX Technologies Inc. | 40,253 | 2,089,936 | ||||||
| National Presto Industries Inc. | 8,398 | 597,350 | ||||||
| Parsons Corp.(a) | 11,694 | 431,859 | ||||||
| 4,447,640 | ||||||||
| Air Freight & Logistics — 0.7% | ||||||||
| Air Transport Services Group Inc.(a)(b) | 29,305 | 917,246 | ||||||
| Atlas Air Worldwide Holdings Inc.(a) | 6,768 | 466,586 | ||||||
| Forward Air Corp. | 15,679 | 1,520,393 | ||||||
| Hub Group Inc., Class A(a) | 33,319 | 2,237,704 | ||||||
| 5,141,929 | ||||||||
| Auto Components — 1.1% | ||||||||
| Dorman Products Inc.(a) | 45,407 | 4,482,579 | ||||||
| Gentex Corp. | 98,019 | 2,876,857 | ||||||
| Standard Motor Products Inc. | 18,851 | 804,561 | ||||||
| 8,163,997 | ||||||||
| Automobiles — 0.0% | ||||||||
| Electric Last Mile Solutions Inc.(a)(b) | 87,725 | 80,707 | ||||||
| Banks — 3.6% | ||||||||
| Bank First Corp. | 11,070 | 782,649 | ||||||
| Bank OZK | 11,703 | 449,629 | ||||||
| CBTX Inc. | 26,964 | 769,013 | ||||||
| Commerce Bancshares Inc. | 51,475 | 3,519,346 | ||||||
| Community Bank System Inc. | 4,977 | 320,519 | ||||||
| Eastern Bankshares Inc. | 266,361 | 5,103,477 | ||||||
| First Hawaiian Inc. | 19,481 | 459,946 | ||||||
| First Interstate BancSystem Inc., Class A | 14,925 | 485,361 | ||||||
| German American Bancorp. Inc. | 40,149 | 1,409,230 | ||||||
| HarborOne Bancorp Inc. | 78,918 | 1,056,712 | ||||||
| Nicolet Bankshares Inc.(a)(b) | 15,921 | 1,295,651 | ||||||
| Northwest Bancshares Inc. | 177,639 | 2,252,463 | ||||||
| Origin Bancorp Inc. | 35,486 | 1,337,112 | ||||||
| Park National Corp. | 24,561 | 2,894,514 | ||||||
| Renasant Corp. | 13,881 | 413,515 | ||||||
| UMB Financial Corp. | 18,710 | 1,687,268 | ||||||
| Westamerica Bancorp | 43,144 | 2,542,044 | ||||||
| 26,778,449 | ||||||||
| Biotechnology — 6.6% | ||||||||
| 2seventy bio Inc.(a) | 35,487 | 477,655 | ||||||
| Akero Therapeutics Inc.(a) | 24,659 | 258,673 | ||||||
| Alkermes PLC(a) | 255,588 | 7,373,714 | ||||||
| Allakos Inc.(a) | 18,947 | 71,430 | ||||||
| Allogene Therapeutics Inc.(a) | 23,163 | 193,411 | ||||||
| AnaptysBio Inc.(a) | 28,335 | 663,039 | ||||||
| Annexon Inc.(a) | 29,105 | 74,218 | ||||||
| Arcutis Biotherapeutics Inc.(a) | 39,667 | 800,877 | ||||||
| Blueprint Medicines Corp.(a) | 22,645 | 1,321,336 | ||||||
| Celldex Therapeutics Inc.(a) | 9,900 | 302,445 | ||||||
| Coherus Biosciences Inc.(a) | 23,030 | 208,191 | ||||||
| Dyne Therapeutics Inc.(a) | 36,268 | 289,419 | ||||||
| Eagle Pharmaceuticals Inc./DE(a) | 17,779 | 784,587 | ||||||
| Enanta Pharmaceuticals Inc.(a) | 28,853 | 1,858,133 | ||||||
| Essa Pharma Inc.(a)(b) | 32,540 | 184,502 | ||||||
| Exelixis Inc.(a) | 153,345 | 3,425,727 | ||||||
| Forma Therapeutics Holdings Inc.(a) | 26,017 | 196,688 | ||||||
| Geron Corp.(a)(b) | 388,931 | 548,393 | ||||||
| Halozyme Therapeutics Inc.(a)(b) | 99,189 | 3,957,641 | ||||||
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
| Heron Therapeutics Inc.(a)(b) | 40,147 | $ | 181,464 | |||||
| Humacyte Inc.(a)(b) | 42,170 | 298,564 | ||||||
| IGM Biosciences Inc.(a) | 9,178 | 153,640 | ||||||
| Ionis Pharmaceuticals Inc.(a) | 96,042 | 3,530,504 | ||||||
| Ironwood Pharmaceuticals Inc.(a) | 245,128 | 2,941,536 | ||||||
| MacroGenics Inc.(a) | 29,837 | 213,335 | ||||||
| Madrigal Pharmaceuticals Inc.(a) | 15,655 | 1,095,850 | ||||||
| MannKind Corp.(a) | 90,527 | 283,349 | ||||||
| Mirati Therapeutics Inc.(a) | 9,524 | 588,488 | ||||||
| Myovant Sciences Ltd.(a)(b) | 47,782 | 444,850 | ||||||
| Point Biopharma Global Inc.(a)(b) | 56,660 | 482,177 | ||||||
| Prothena Corp. PLC(a) | 15,149 | 441,745 | ||||||
| PTC Therapeutics Inc.(a) | 49,739 | 1,757,279 | ||||||
| Repare Therapeutics Inc.(a)(b) | 15,856 | 174,416 | ||||||
| Rhythm Pharmaceuticals Inc.(a) | 42,175 | 264,015 | ||||||
| Sarepta Therapeutics Inc.(a) | 11,297 | 816,999 | ||||||
| Scholar Rock Holding Corp.(a) | 34,897 | 246,722 | ||||||
| Sorrento Therapeutics Inc.(a) | 73,032 | 110,278 | ||||||
| Syndax Pharmaceuticals Inc.(a) | 30,327 | 508,584 | ||||||
| United Therapeutics Corp.(a) | 46,220 | 8,206,823 | ||||||
| Vanda Pharmaceuticals Inc.(a) | 88,025 | 873,208 | ||||||
| Vaxart Inc.(a)(b) | 95,310 | 331,679 | ||||||
| Viking Therapeutics Inc.(a) | 72,824 | 173,321 | ||||||
| Vir Biotechnology Inc.(a) | 52,411 | 1,066,564 | ||||||
| Xencor Inc.(a) | 48,250 | 1,205,285 | ||||||
| 49,380,754 | ||||||||
| Building Products — 0.9% | ||||||||
| AAON Inc. | 19,272 | 939,317 | ||||||
| Carlisle Companies Inc. | 12,974 | 3,364,937 | ||||||
| CSW Industrials Inc. | 23,732 | 2,503,963 | ||||||
| 6,808,217 | ||||||||
| Capital Markets — 2.5% | ||||||||
| Diamond Hill Investment Group Inc. | 4,893 | 823,835 | ||||||
| Freedom Holding Corp./NV(a)(b) | 28,467 | 1,335,956 | ||||||
| Houlihan Lokey Inc. | 63,991 | 5,329,810 | ||||||
| Interactive Brokers Group Inc., Class A | 67,005 | 3,990,818 | ||||||
| Morningstar Inc. | 12,269 | 3,106,879 | ||||||
| Virtu Financial Inc., Class A | 139,425 | 4,026,594 | ||||||
| 18,613,892 | ||||||||
| Chemicals — 2.5% | ||||||||
| Ashland Global Holdings Inc. | 16,084 | 1,688,337 | ||||||
| Balchem Corp. | 38,569 | 4,751,701 | ||||||
| NewMarket Corp. | 13,845 | 4,494,225 | ||||||
| Sensient Technologies Corp. | 66,912 | 5,660,755 | ||||||
| Stepan Co. | 18,869 | 1,926,714 | ||||||
| 18,521,732 | ||||||||
| Commercial Services & Supplies — 1.0% | ||||||||
| Brady Corp., Class A, NVS | 36,692 | 1,641,967 | ||||||
| Casella Waste Systems Inc., Class A(a) | 30,110 | 2,476,247 | ||||||
| Ennis Inc. | 41,057 | 708,233 | ||||||
| Healthcare Services Group Inc. | 25,258 | 431,659 | ||||||
| Stericycle Inc.(a) | 17,907 | 898,752 | ||||||
| UniFirst Corp./MA | 9,216 | 1,587,917 | ||||||
| 7,744,775 | ||||||||
| Communications Equipment — 1.3% | ||||||||
| Ciena Corp.(a) | 51,946 | 2,865,861 | ||||||
| Lumentum Holdings Inc.(a) | 4,740 | 384,935 | ||||||
| NETGEAR Inc.(a) | 35,590 | 772,303 | ||||||
| NetScout Systems Inc.(a) | 45,928 | 1,414,582 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Small-Cap Min Vol Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Communications Equipment (continued) | ||||||||
| Viavi Solutions Inc.(a) | 274,120 | $ | 3,930,881 | |||||
| 9,368,562 | ||||||||
| Construction & Engineering — 0.1% | ||||||||
| Argan Inc. | 25,113 | 923,656 | ||||||
| Consumer Finance — 0.1% | ||||||||
| FirstCash Holdings Inc. | 6,218 | 496,072 | ||||||
| Containers & Packaging — 3.0% | ||||||||
| AptarGroup Inc. | 83,587 | 9,598,295 | ||||||
| Berry Global Group Inc.(a) | 25,723 | 1,449,491 | ||||||
| Ranpak Holdings Corp.(a) | 13,539 | 204,168 | ||||||
| Silgan Holdings Inc. | 140,367 | 6,228,084 | ||||||
| Sonoco Products Co. | 53,534 | 3,314,290 | ||||||
| TriMas Corp. | 67,458 | 1,992,709 | ||||||
| 22,787,037 | ||||||||
| Diversified Consumer Services — 3.8% | ||||||||
| American Public Education Inc.(a) | 29,364 | 570,836 | ||||||
| Carriage Services Inc. | 26,848 | 1,151,511 | ||||||
| Chegg Inc.(a) | 19,010 | 470,307 | ||||||
| frontdoor Inc.(a) | 92,205 | 2,850,057 | ||||||
| Graham Holdings Co., Class B | 2,487 | 1,473,224 | ||||||
| Grand Canyon Education Inc.(a) | 36,028 | 3,457,607 | ||||||
| H&R Block Inc. | 72,656 | 1,894,142 | ||||||
| Service Corp. International | 174,713 | 11,462,920 | ||||||
| Terminix Global Holdings Inc.(a) | 112,812 | 5,176,943 | ||||||
| 28,507,547 | ||||||||
| Diversified Financial Services — 0.2% | ||||||||
| A-Mark Precious Metals Inc. | 10,818 | 852,458 | ||||||
| Cannae Holdings Inc.(a) | 40,815 | 914,256 | ||||||
| 1,766,714 | ||||||||
| Diversified Telecommunication Services — 1.3% | ||||||||
| Anterix Inc.(a) | 18,853 | 977,340 | ||||||
| ATN International Inc. | 17,455 | 689,472 | ||||||
| Bandwidth Inc., Class A(a) | 13,567 | 300,102 | ||||||
| Cogent Communications Holdings Inc. | 68,323 | 3,996,895 | ||||||
| EchoStar Corp., Class A(a)(b) | 27,612 | 644,740 | ||||||
| Frontier Communications Parent Inc.(a) | 121,471 | 3,205,620 | ||||||
| 9,814,169 | ||||||||
| Electric Utilities — 3.4% | ||||||||
| ALLETE Inc. | 45,872 | 2,722,045 | ||||||
| Hawaiian Electric Industries Inc. | 118,961 | 4,890,487 | ||||||
| IDACORP Inc. | 81,207 | 8,541,352 | ||||||
| MGE Energy Inc. | 33,616 | 2,617,678 | ||||||
| Portland General Electric Co. | 144,065 | 6,818,596 | ||||||
| 25,590,158 | ||||||||
| Electrical Equipment — 0.1% | ||||||||
| Vertiv Holdings Co.(b) | 62,713 | 785,794 | ||||||
| Electronic Equipment, Instruments & Components — 0.8% | ||||||||
| Badger Meter Inc. | 11,721 | 945,768 | ||||||
| National Instruments Corp. | 18,751 | 677,661 | ||||||
| OSI Systems Inc.(a) | 27,002 | 2,135,858 | ||||||
| Vontier Corp. | 75,889 | 1,944,276 | ||||||
| 5,703,563 | ||||||||
| Entertainment — 2.7% | ||||||||
| IMAX Corp.(a) | 79,518 | 1,257,975 | ||||||
| Liberty Media Corp.-Liberty Braves, Class C, NVS(a) | 55,129 | 1,384,289 | ||||||
| Lions Gate Entertainment Corp., Class A(a)(b) | 60,906 | 821,622 | ||||||
| Security | Shares | Value | ||||||
| Entertainment (continued) | ||||||||
| Madison Square Garden Entertainment Corp.(a)(b) | 7,903 | $ | 578,895 | |||||
| Madison Square Garden Sports Corp.(a) | 23,317 | 3,779,919 | ||||||
| World Wrestling Entertainment Inc., Class A. | 53,047 | 3,097,414 | ||||||
| Zynga Inc., Class A(a) | 1,086,259 | 8,983,362 | ||||||
| 19,903,476 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 7.9% | ||||||||
| Agree Realty Corp. | 24,541 | 1,666,825 | ||||||
| American Homes 4 Rent, Class A | 240,460 | 9,524,621 | ||||||
| Americold Realty Trust | 136,105 | 3,590,450 | ||||||
| Broadstone Net Lease Inc. | 251,640 | 5,206,432 | ||||||
| CubeSmart | 166,114 | 7,892,076 | ||||||
| Easterly Government Properties Inc. | 143,506 | 2,733,789 | ||||||
| EastGroup Properties Inc. | 2,517 | 471,938 | ||||||
| Equity Commonwealth(a) | 194,252 | 5,087,460 | ||||||
| First Industrial Realty Trust Inc. | 12,976 | 752,608 | ||||||
| Gladstone Land Corp. | 47,277 | 1,720,883 | ||||||
| Healthcare Realty Trust Inc. | 137,431 | 3,721,631 | ||||||
| Healthcare Trust of America Inc., Class A | 120,359 | 3,666,135 | ||||||
| JBG SMITH Properties | 45,165 | 1,190,549 | ||||||
| Life Storage Inc. | 48,311 | 6,400,724 | ||||||
| PS Business Parks Inc. | 9,997 | 1,871,438 | ||||||
| Rexford Industrial Realty Inc. | 15,795 | 1,232,642 | ||||||
| Terreno Realty Corp. | 27,713 | 2,016,121 | ||||||
| 58,746,322 | ||||||||
| Food & Staples Retailing — 3.7% | ||||||||
| BJ's Wholesale Club Holdings Inc.(a) | 147,374 | 9,483,517 | ||||||
| Casey's General Stores Inc. | 13,872 | 2,792,433 | ||||||
| Grocery Outlet Holding Corp.(a) | 82,522 | 2,778,516 | ||||||
| Ingles Markets Inc., Class A | 22,706 | 2,114,383 | ||||||
| Rite Aid Corp.(a)(b) | 47,337 | 301,536 | ||||||
| SpartanNash Co. | 56,975 | 1,953,103 | ||||||
| Sprouts Farmers Market Inc.(a)(b) | 181,236 | 5,400,833 | ||||||
| United Natural Foods Inc.(a) | 22,831 | 980,135 | ||||||
| Weis Markets Inc. | 27,749 | 2,216,590 | ||||||
| 28,021,046 | ||||||||
| Food Products — 4.8% | ||||||||
| B&G Foods Inc. | 47,924 | 1,290,593 | ||||||
| Cal-Maine Foods Inc. | 59,667 | 3,205,908 | ||||||
| Flowers Foods Inc. | 319,672 | 8,477,701 | ||||||
| Hain Celestial Group Inc. (The)(a)(b) | 147,458 | 4,945,741 | ||||||
| Hostess Brands Inc.(a) | 207,445 | 4,706,927 | ||||||
| John B Sanfilippo & Son Inc. | 14,141 | 1,097,907 | ||||||
| Lancaster Colony Corp. | 30,727 | 4,768,216 | ||||||
| Post Holdings Inc.(a) | 20,273 | 1,508,109 | ||||||
| Sanderson Farms Inc. | 10,896 | 2,063,376 | ||||||
| Tootsie Roll Industries Inc. | 26,339 | 922,655 | ||||||
| TreeHouse Foods Inc.(a) | 88,293 | 2,781,230 | ||||||
| 35,768,363 | ||||||||
| Gas Utilities — 2.0% | ||||||||
| Chesapeake Utilities Corp. | 9,724 | 1,217,153 | ||||||
| National Fuel Gas Co. | 44,565 | 3,125,343 | ||||||
| New Jersey Resources Corp. | 16,074 | 693,754 | ||||||
| Northwest Natural Holding Co. | 50,167 | 2,399,488 | ||||||
| ONE Gas Inc. | 53,224 | 4,490,509 | ||||||
| Spire Inc. | 32,452 | 2,360,883 | ||||||
| Star Group LP | 57,110 | 609,935 | ||||||
| 14,897,065 | ||||||||
| Health Care Equipment & Supplies — 3.2% | ||||||||
| Atrion Corp. | 2,282 | 1,429,947 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Small-Cap Min Vol Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
| Globus Medical Inc., Class A(a) | 49,523 | $ | 3,279,413 | |||||
| Heska Corp.(a) | 10,868 | 1,193,741 | ||||||
| ICU Medical Inc.(a)(b) | 23,689 | 5,069,209 | ||||||
| Integra LifeSciences Holdings Corp.(a)(b) | 21,984 | 1,344,542 | ||||||
| Meridian Bioscience Inc.(a) | 47,158 | 1,206,773 | ||||||
| Mesa Laboratories Inc. | 8,261 | 1,764,797 | ||||||
| Natus Medical Inc.(a) | 40,809 | 1,357,715 | ||||||
| Neogen Corp.(a) | 103,228 | 2,725,219 | ||||||
| Omnicell Inc.(a) | 3,839 | 419,104 | ||||||
| OraSure Technologies Inc.(a) | 79,735 | 489,573 | ||||||
| Ortho Clinical Diagnostics Holdings PLC(a)(b) | 77,891 | 1,371,661 | ||||||
| Quidel Corp.(a) | 17,050 | 1,715,571 | ||||||
| Tandem Diabetes Care Inc.(a) | 3,157 | 304,587 | ||||||
| 23,671,852 | ||||||||
| Health Care Providers & Services — 3.3% | ||||||||
| AMN Healthcare Services Inc.(a) | 41,765 | 4,082,529 | ||||||
| Chemed Corp. | 3,653 | 1,795,048 | ||||||
| Contra Zogenix Inc., NVS(b) | 43,886 | 29,842 | ||||||
| CorVel Corp.(a) | 15,592 | 2,418,007 | ||||||
| Guardant Health Inc.(a) | 4,189 | 258,461 | ||||||
| LHC Group Inc.(a) | 22,623 | 3,752,025 | ||||||
| ModivCare Inc.(a) | 19,951 | 2,074,305 | ||||||
| National HealthCare Corp. | 20,689 | 1,408,093 | ||||||
| OPKO Health Inc.(a) | 171,568 | 463,234 | ||||||
| Owens & Minor Inc. | 18,335 | 650,709 | ||||||
| Patterson Companies Inc. | 16,042 | 493,612 | ||||||
| Premier Inc., Class A | 195,012 | 7,061,385 | ||||||
| Sema4 Holdings Corp.(a) | 59,652 | 128,252 | ||||||
| 24,615,502 | ||||||||
| Health Care Technology — 0.2% | ||||||||
| Computer Programs & Systems Inc.(a) | 22,084 | 704,921 | ||||||
| Health Catalyst Inc.(a) | 13,003 | 216,370 | ||||||
| HealthStream Inc.(a) | 40,253 | 768,832 | ||||||
| 1,690,123 | ||||||||
| Hotels, Restaurants & Leisure — 0.5% | ||||||||
| El Pollo Loco Holdings Inc.(a) | 31,628 | 336,838 | ||||||
| Papa John's International Inc. | 36,427 | 3,316,679 | ||||||
| 3,653,517 | ||||||||
| Household Durables — 0.5% | ||||||||
| Helen of Troy Ltd.(a) | 17,949 | 3,850,240 | ||||||
| Household Products — 0.9% | ||||||||
| Reynolds Consumer Products Inc. | 99,950 | 2,957,520 | ||||||
| WD-40 Co. | 21,774 | 4,005,981 | ||||||
| 6,963,501 | ||||||||
| Insurance — 4.6% | ||||||||
| AMERISAFE Inc. | 30,903 | 1,432,354 | ||||||
| Axis Capital Holdings Ltd. | 82,104 | 4,707,022 | ||||||
| Employers Holdings Inc. | 44,651 | 1,756,570 | ||||||
| Enstar Group Ltd.(a) | 15,560 | 3,668,270 | ||||||
| Hanover Insurance Group Inc. (The) | 56,747 | 8,331,595 | ||||||
| HCI Group Inc. | 10,642 | 682,046 | ||||||
| Mercury General Corp. | 43,965 | 2,217,155 | ||||||
| ProAssurance Corp. | 58,737 | 1,443,168 | ||||||
| Safety Insurance Group Inc. | 23,566 | 2,027,619 | ||||||
| Selective Insurance Group Inc. | 33,133 | 2,728,834 | ||||||
| White Mountains Insurance Group Ltd. | 4,947 | 5,184,555 | ||||||
| 34,179,188 | ||||||||
| Security | Shares | Value | ||||||
| Interactive Media & Services — 0.5% | ||||||||
| Angi Inc.(a) | 54,778 | $ | 241,571 | |||||
| fuboTV Inc.(a) | 35,206 | 133,431 | ||||||
| TrueCar Inc.(a) | 112,331 | 402,145 | ||||||
| Ziff Davis Inc.(a) | 34,676 | 3,063,971 | ||||||
| 3,841,118 | ||||||||
| Internet & Direct Marketing Retail — 0.4% | ||||||||
| Shutterstock Inc. | 37,811 | 2,863,049 | ||||||
| IT Services — 3.2% | ||||||||
| Cass Information Systems Inc. | 11,718 | 453,604 | ||||||
| CSG Systems International Inc. | 52,233 | 3,210,763 | ||||||
| EVERTEC Inc. | 64,394 | 2,537,124 | ||||||
| ExlService Holdings Inc.(a) | 4,730 | 643,989 | ||||||
| International Money Express Inc.(a) | 30,156 | 599,200 | ||||||
| Kyndryl Holdings Inc.(a) | 282,741 | 3,361,790 | ||||||
| Maximus Inc. | 97,506 | 7,106,237 | ||||||
| Payoneer Global Inc.(a) | 48,462 | 202,571 | ||||||
| Switch Inc., Class A | 163,260 | 4,874,944 | ||||||
| Tucows Inc., Class A(a) | 14,337 | 826,098 | ||||||
| 23,816,320 | ||||||||
| Leisure Products — 1.4% | ||||||||
| Acushnet Holdings Corp. | 58,571 | 2,386,183 | ||||||
| Clarus Corp. | 17,421 | 389,359 | ||||||
| Johnson Outdoors Inc., Class A | 9,050 | 692,144 | ||||||
| Mattel Inc.(a) | 133,876 | 3,254,526 | ||||||
| Smith & Wesson Brands Inc. | 75,970 | 1,043,068 | ||||||
| Sturm Ruger & Co. Inc. | 27,847 | 1,897,773 | ||||||
| Vinco Ventures Inc.(a)(b) | 113,005 | 280,252 | ||||||
| Vista Outdoor Inc.(a) | 17,672 | 622,585 | ||||||
| 10,565,890 | ||||||||
| Life Sciences Tools & Services — 0.3% | ||||||||
| Repligen Corp.(a) | 13,948 | 2,193,184 | ||||||
| Machinery — 1.5% | ||||||||
| ESCO Technologies Inc. | 8,900 | 555,805 | ||||||
| Graco Inc. | 75,102 | 4,657,826 | ||||||
| Helios Technologies Inc. | 32,902 | 2,210,356 | ||||||
| Toro Co. (The) | 47,097 | 3,773,883 | ||||||
| 11,197,870 | ||||||||
| Media — 0.9% | ||||||||
| Advantage Solutions Inc.(a) | 100,065 | 503,327 | ||||||
| Boston Omaha Corp., Class A(a) | 23,572 | 491,240 | ||||||
| John Wiley & Sons Inc., Class A | 37,390 | 1,902,777 | ||||||
| New York Times Co. (The), Class A | 94,337 | 3,614,994 | ||||||
| 6,512,338 | ||||||||
| Metals & Mining — 2.2% | ||||||||
| McEwen Mining Inc.(a) | 619,233 | 415,010 | ||||||
| Royal Gold Inc. | 104,141 | 13,588,318 | ||||||
| Warrior Met Coal Inc. | 81,438 | 2,774,592 | ||||||
| 16,777,920 | ||||||||
| Multi-Utilities — 1.2% | ||||||||
| Avista Corp. | 111,315 | 4,516,050 | ||||||
| NorthWestern Corp. | 73,761 | 4,181,511 | ||||||
| 8,697,561 | ||||||||
| Oil, Gas & Consumable Fuels — 0.4% | ||||||||
| Arch Resources Inc. | 15,813 | 2,630,967 | ||||||
| Personal Products — 0.1% | ||||||||
| BellRing Brands Inc.(a) | 25,453 | 545,458 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Small-Cap Min Vol Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Pharmaceuticals — 2.3% | ||||||||
| Aerie Pharmaceuticals Inc.(a) | 70,709 | $ | 502,741 | |||||
| Amphastar Pharmaceuticals Inc.(a) | 61,108 | 2,167,501 | ||||||
| Corcept Therapeutics Inc.(a) | 107,570 | 2,313,831 | ||||||
| Nektar Therapeutics(a) | 276,178 | 1,140,615 | ||||||
| Organon & Co. | 13,362 | 431,993 | ||||||
| Pacira BioSciences Inc.(a)(b) | 22,832 | 1,702,582 | ||||||
| Perrigo Co. PLC | 78,871 | 2,705,275 | ||||||
| Phibro Animal Health Corp., Class A | 19,326 | 347,675 | ||||||
| Prestige Consumer Healthcare Inc.(a) | 58,762 | 3,211,931 | ||||||
| SIGA Technologies Inc.(a) | 71,802 | 493,280 | ||||||
| Supernus Pharmaceuticals Inc.(a) | 46,519 | 1,297,880 | ||||||
| Theravance Biopharma Inc.(a)(b) | 75,749 | 730,978 | ||||||
| 17,046,282 | ||||||||
| Professional Services — 3.4% | ||||||||
| CACI International Inc., Class A(a) | 11,804 | 3,131,601 | ||||||
| CBIZ Inc.(a) | 75,575 | 3,165,837 | ||||||
| Dun & Bradstreet Holdings Inc.(a) | 127,416 | 2,011,899 | ||||||
| Exponent Inc. | 11,155 | 1,068,760 | ||||||
| FTI Consulting Inc.(a) | 54,579 | 8,607,654 | ||||||
| Heidrick & Struggles International Inc. | 11,991 | 383,232 | ||||||
| Nielsen Holdings PLC | 205,315 | 5,504,495 | ||||||
| Skillsoft Corp.(a) | 76,796 | 410,859 | ||||||
| TrueBlue Inc.(a) | 39,940 | 1,021,266 | ||||||
| 25,305,603 | ||||||||
| Real Estate Management & Development — 0.2% | ||||||||
| FRP Holdings Inc.(a) | 9,634 | 544,417 | ||||||
| Tejon Ranch Co.(a) | 34,290 | 627,850 | ||||||
| 1,172,267 | ||||||||
| Road & Rail — 2.3% | ||||||||
| Heartland Express Inc. | 81,312 | 1,122,106 | ||||||
| Landstar System Inc. | 60,671 | 9,397,938 | ||||||
| Marten Transport Ltd. | 32,692 | 568,187 | ||||||
| Schneider National Inc., Class B | 89,899 | 2,124,313 | ||||||
| Werner Enterprises Inc. | 96,843 | 3,837,888 | ||||||
| 17,050,432 | ||||||||
| Semiconductors & Semiconductor Equipment — 0.0% | ||||||||
| Rockley Photonics Holdings Ltd.(a)(b) | 130,026 | 378,376 | ||||||
| Software — 5.6% | ||||||||
| Blackbaud Inc.(a) | 29,441 | 1,707,872 | ||||||
| Blackline Inc.(a) | 15,860 | 1,063,413 | ||||||
| Box Inc., Class A(a)(b) | 31,145 | 953,660 | ||||||
| CDK Global Inc. | 191,965 | 10,444,816 | ||||||
| CommVault Systems Inc.(a) | 19,717 | 1,202,737 | ||||||
| Consensus Cloud Solutions Inc.(a) | 11,458 | 604,066 | ||||||
| Dolby Laboratories Inc., Class A | 80,388 | 6,227,658 | ||||||
| Everbridge Inc.(a)(b) | 38,570 | 1,662,367 | ||||||
| Five9 Inc.(a) | 35,949 | 3,957,985 | ||||||
| InterDigital Inc. | 26,139 | 1,486,002 | ||||||
| Mimecast Ltd.(a) | 9,308 | 741,661 | ||||||
| Progress Software Corp. | 25,254 | 1,211,687 | ||||||
| Qualys Inc.(a) | 17,189 | 2,342,517 | ||||||
| Rapid7 Inc.(a) | 5,932 | 566,625 | ||||||
| SPS Commerce Inc.(a) | 30,464 | 3,644,408 | ||||||
| Teradata Corp.(a) | 25,939 | 1,072,578 | ||||||
| Verint Systems Inc.(a) | 61,043 | 3,330,506 | ||||||
| 42,220,558 | ||||||||
| Specialty Retail — 1.7% | ||||||||
| Arko Corp. | 78,676 | 729,327 | ||||||
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
| Monro Inc. | 29,388 | $ | 1,343,913 | |||||
| Murphy USA Inc. | 38,905 | 9,088,208 | ||||||
| Sportsman's Warehouse Holdings Inc.(a) | 68,957 | 662,677 | ||||||
| Winmark Corp. | 4,577 | 930,046 | ||||||
| 12,754,171 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| Columbia Sportswear Co. | 39,916 | 3,279,499 | ||||||
| Thrifts & Mortgage Finance — 1.0% | ||||||||
| Capitol Federal Financial Inc. | 146,472 | 1,410,526 | ||||||
| Columbia Financial Inc.(a)(b) | 76,440 | 1,448,538 | ||||||
| Hingham Institution For Savings (The) | 2,356 | 761,153 | ||||||
| Kearny Financial Corp./MD. | 109,877 | 1,303,141 | ||||||
| Northfield Bancorp. Inc. | 73,589 | 963,280 | ||||||
| TFS Financial Corp. | 87,879 | 1,317,306 | ||||||
| Waterstone Financial Inc. | 34,985 | 561,859 | ||||||
| 7,765,803 | ||||||||
| Trading Companies & Distributors — 1.0% | ||||||||
| McGrath RentCorp. | 5,825 | 486,155 | ||||||
| Watsco Inc. | 25,525 | 6,809,559 | ||||||
| 7,295,714 | ||||||||
| Water Utilities — 1.3% | ||||||||
| American States Water Co. | 60,037 | 4,722,511 | ||||||
| California Water Service Group | 83,467 | 4,329,433 | ||||||
| SJW Group. | 17,675 | 1,042,825 | ||||||
| 10,094,769 | ||||||||
| Wireless Telecommunication Services — 0.5% | ||||||||
| Shenandoah Telecommunications Co. | 75,787 | 1,530,897 | ||||||
| Telephone and Data Systems Inc. | 88,408 | 1,619,635 | ||||||
| United States Cellular Corp.(a) | 21,355 | 614,597 | ||||||
| 3,765,129 | ||||||||
| Total Common Stocks — 99.7% | ||||||||
| (Cost: $733,454,432) | 745,155,837 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 2.9% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(c)(d)(e) | 19,819,604 | 19,819,604 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(c)(d) | 1,710,000 | 1,710,000 | ||||||
| 21,529,604 | ||||||||
| Total Short-Term Investments — 2.9% | ||||||||
| (Cost: $21,524,039) | 21,529,604 | |||||||
| Total Investments in Securities — 102.6% | ||||||||
| (Cost: $754,978,471) | 766,685,441 | |||||||
| Other Assets, Less Liabilities — (2.6)%. | (19,611,225 | ) | ||||||
| Net Assets — 100.0% | $ | 747,074,216 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Small-Cap Min Vol Factor ETF |
| April 30, 2022 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 21,934,459 | $ | — | $ | (2,102,463 | )(a) | $ | (9,759 | ) | $ | (2,633 | ) | $ | 19,819,604 | 19,819,604 | $ | 448,438 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,550,000 | 160,000 | (a) | — | — | — | 1,710,000 | 1,710,000 | 754 | — | ||||||||||||||||||||||||||
| $ | (9,759 | ) | $ | (2,633 | ) | $ | 21,529,604 | $ | 449,192 | $ | — | |||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
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 | 12 | 06/17/22 | $ | 482 | $ | (16,398 | ) | |||||||
| Russell 2000 E-Mini Index | 1 | 06/17/22 | 93 | (7,288 | ) | |||||||||
| S&P Mid 400 E-Mini Index | 5 | 06/17/22 | 1,248 | (44,881 | ) | |||||||||
| $ | (68,567 | ) | ||||||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
5
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Small-Cap Min Vol Factor ETF |
| April 30, 2022 |
Fair Value Measurements (continued)
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.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 745,125,995 | $ | 29,842 | $ | — | $ | 745,155,837 | ||||||||
| Money Market Funds | 21,529,604 | — | — | 21,529,604 | ||||||||||||
| $ | 766,655,599 | $ | 29,842 | $ | — | $ | 766,685,441 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (68,567 | ) | $ | — | $ | — | $ | (68,567 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviations - Equity
| NVS | Non-Voting Shares |
6