| Schedule of Investments (unaudited) | iShares® MSCI USA Value Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 4.3% | ||||||||
| General Dynamics Corp. | 309,657 | $ | 73,243,170 | |||||
| Huntington Ingalls Industries Inc. | 65,500 | 13,934,470 | ||||||
| L3Harris Technologies Inc. | 335,651 | 77,958,301 | ||||||
| Northrop Grumman Corp. | 193,940 | 85,217,236 | ||||||
| Raytheon Technologies Corp. | 2,525,090 | 239,656,292 | ||||||
| Textron Inc. | 354,828 | 24,571,839 | ||||||
| 514,581,308 | ||||||||
| Air Freight & Logistics — 0.8% | ||||||||
| FedEx Corp. | 498,574 | 99,086,597 | ||||||
| Auto Components — 0.6% | ||||||||
| BorgWarner Inc. | 1,124,712 | 41,423,143 | ||||||
| Lear Corp. | 271,574 | 34,745,178 | ||||||
| 76,168,321 | ||||||||
| Automobiles — 5.0% | ||||||||
| Ford Motor Co. | 21,525,205 | 304,796,903 | ||||||
| General Motors Co.(a) | 7,756,343 | 294,042,963 | ||||||
| 598,839,866 | ||||||||
| Banks — 3.8% | ||||||||
| Citigroup Inc. | 4,123,018 | 198,770,698 | ||||||
| Citizens Financial Group Inc. | 661,099 | 26,047,301 | ||||||
| Fifth Third Bancorp. | 656,285 | 24,630,376 | ||||||
| Regions Financial Corp. | 1,082,598 | 22,431,430 | ||||||
| Wells Fargo & Co. | 4,296,357 | 187,450,056 | ||||||
| 459,329,861 | ||||||||
| Beverages — 0.5% | ||||||||
| Molson Coors Beverage Co., Class B | 1,003,258 | 54,316,388 | ||||||
| Biotechnology — 3.6% | ||||||||
| AbbVie Inc. | 2,031,106 | 298,328,849 | ||||||
| Biogen Inc.(a) | 174,488 | 36,195,791 | ||||||
| Gilead Sciences Inc. | 1,663,625 | 98,719,507 | ||||||
| Novavax Inc.(a)(b) | 64,066 | 2,887,455 | ||||||
| 436,131,602 | ||||||||
| Building Products — 0.7% | ||||||||
| Johnson Controls International PLC | 1,001,889 | 59,983,094 | ||||||
| Owens Corning | 272,222 | 24,753,147 | ||||||
| 84,736,241 | ||||||||
| Capital Markets — 1.6% | ||||||||
| Bank of New York Mellon Corp. (The) | 859,925 | 36,168,446 | ||||||
| Franklin Resources Inc. | 343,375 | 8,443,591 | ||||||
| Goldman Sachs Group Inc. (The) | 437,913 | 133,778,042 | ||||||
| Invesco Ltd. | 585,337 | 10,758,494 | ||||||
| 189,148,573 | ||||||||
| Chemicals — 1.9% | ||||||||
| Corteva Inc. | 880,956 | 50,822,352 | ||||||
| Dow Inc. | 544,948 | 36,239,042 | ||||||
| DuPont de Nemours Inc. | 506,464 | 33,391,172 | ||||||
| Eastman Chemical Co. | 151,533 | 15,557,893 | ||||||
| LyondellBasell Industries NV, Class A | 446,502 | 47,342,607 | ||||||
| Mosaic Co. (The) | 653,339 | 40,781,420 | ||||||
| 224,134,486 | ||||||||
| Communications Equipment — 3.8% | ||||||||
| Cisco Systems Inc. | 8,218,813 | 402,557,461 | ||||||
| F5 Inc.(a) | 127,471 | 21,339,920 | ||||||
| Juniper Networks Inc. | 1,099,139 | 34,644,861 | ||||||
| 458,542,242 | ||||||||
| Security | Shares | Value | ||||||
| Consumer Finance — 0.9% | ||||||||
| Ally Financial Inc. | 614,600 | $ | 24,559,416 | |||||
| Capital One Financial Corp. | 669,912 | 83,484,433 | ||||||
| 108,043,849 | ||||||||
| Containers & Packaging — 0.4% | ||||||||
| International Paper Co. | 473,572 | 21,916,912 | ||||||
| Westrock Co. | 404,077 | 20,013,934 | ||||||
| 41,930,846 | ||||||||
| Distributors — 0.4% | ||||||||
| LKQ Corp. | 854,974 | 42,432,360 | ||||||
| Diversified Financial Services — 0.2% | ||||||||
| Equitable Holdings Inc. | 778,980 | 22,457,993 | ||||||
| Diversified Telecommunication Services — 7.0% | ||||||||
| AT&T Inc. | 38,434,326 | 724,871,388 | ||||||
| Liberty Global PLC, Class A(a)(b) | 630,400 | 14,347,904 | ||||||
| Liberty Global PLC, Class C, NVS(a) | 1,785,474 | 42,315,734 | ||||||
| Lumen Technologies Inc. | 5,863,726 | 58,989,084 | ||||||
| 840,524,110 | ||||||||
| Electric Utilities — 2.1% | ||||||||
| Constellation Energy Corp. | 565,150 | 33,462,532 | ||||||
| Edison International | 422,670 | 29,075,469 | ||||||
| Evergy Inc. | 287,298 | 19,493,169 | ||||||
| Exelon Corp. | 1,694,468 | 79,267,213 | ||||||
| NRG Energy Inc. | 517,384 | 18,574,086 | ||||||
| PG&E Corp.(a)(b) | 2,758,002 | 34,888,725 | ||||||
| PPL Corp. | 1,230,729 | 34,841,938 | ||||||
| 249,603,132 | ||||||||
| Electrical Equipment — 0.1% | ||||||||
| Sensata Technologies Holding PLC(a)(b) | 229,304 | 10,412,695 | ||||||
| Electronic Equipment, Instruments & Components — 1.6% | ||||||||
| Arrow Electronics Inc.(a)(b) | 353,781 | 41,696,629 | ||||||
| Corning Inc. | 2,127,962 | 74,882,983 | ||||||
| TE Connectivity Ltd. | 587,275 | 73,280,174 | ||||||
| 189,859,786 | ||||||||
| Entertainment — 1.8% | ||||||||
| Warner Bros. Discovery Inc.(a) | 12,062,862 | 218,940,945 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 1.9% | ||||||||
| Iron Mountain Inc. | 502,329 | 26,990,137 | ||||||
| Public Storage. | 222,645 | 82,712,617 | ||||||
| Simon Property Group Inc. | 465,697 | 54,952,246 | ||||||
| Ventas Inc. | 304,425 | 16,910,809 | ||||||
| Weyerhaeuser Co. | 977,013 | 40,272,476 | ||||||
| 221,838,285 | ||||||||
| Food & Staples Retailing — 1.9% | ||||||||
| Kroger Co. (The) | 2,093,764 | 112,979,505 | ||||||
| Walgreens Boots Alliance Inc. | 2,775,552 | 117,683,405 | ||||||
| 230,662,910 | ||||||||
| Food Products — 2.5% | ||||||||
| Conagra Brands Inc. | 1,150,643 | 40,191,960 | ||||||
| JM Smucker Co. (The) | 316,162 | 43,292,062 | ||||||
| Kraft Heinz Co. (The) | 2,879,163 | 122,738,719 | ||||||
| Tyson Foods Inc., Class A | 995,305 | 92,722,614 | ||||||
| 298,945,355 | ||||||||
| Gas Utilities — 0.2% | ||||||||
| Atmos Energy Corp. | 91,504 | 10,376,554 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Value Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Gas Utilities (continued) | ||||||||
| UGI Corp. | 314,308 | $ | 10,780,764 | |||||
| 21,157,318 | ||||||||
| Health Care Providers & Services — 5.9% | ||||||||
| Anthem Inc. | 271,837 | 136,443,145 | ||||||
| Cardinal Health Inc. | 389,284 | 22,597,936 | ||||||
| Centene Corp.(a) | 933,720 | 75,211,146 | ||||||
| Cigna Corp. | 611,265 | 150,847,977 | ||||||
| CVS Health Corp. | 2,308,962 | 221,960,517 | ||||||
| DaVita Inc.(a)(b) | 72,429 | 7,849,131 | ||||||
| McKesson Corp. | 175,907 | 54,462,566 | ||||||
| Quest Diagnostics Inc. | 112,884 | 15,108,395 | ||||||
| Universal Health Services Inc., Class B | 129,872 | 15,913,216 | ||||||
| 700,394,029 | ||||||||
| Household Durables — 3.4% | ||||||||
| DR Horton Inc. | 1,442,694 | 100,397,075 | ||||||
| Lennar Corp., Class A | 1,540,925 | 117,865,353 | ||||||
| Mohawk Industries Inc.(a)(b) | 293,809 | 41,444,698 | ||||||
| Newell Brands Inc. | 1,479,818 | 34,257,787 | ||||||
| PulteGroup Inc. | 1,492,472 | 62,325,631 | ||||||
| Whirlpool Corp. | 257,300 | 46,705,096 | ||||||
| 402,995,640 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
| Vistra Corp. | 1,166,802 | 29,193,386 | ||||||
| Insurance — 2.8% | ||||||||
| Alleghany Corp.(a)(b) | 11,298 | 9,450,777 | ||||||
| American International Group Inc. | 1,394,701 | 81,603,956 | ||||||
| Everest Re Group Ltd. | 57,129 | 15,693,908 | ||||||
| Hartford Financial Services Group Inc. (The) | 323,623 | 22,630,956 | ||||||
| Lincoln National Corp. | 396,275 | 23,835,941 | ||||||
| Loews Corp. | 310,974 | 19,541,606 | ||||||
| MetLife Inc. | 1,119,377 | 73,520,681 | ||||||
| Principal Financial Group Inc. | 319,084 | 21,742,384 | ||||||
| Prudential Financial Inc. | 611,866 | 66,393,580 | ||||||
| 334,413,789 | ||||||||
| IT Services — 7.2% | ||||||||
| Cognizant Technology Solutions Corp., Class A | 1,109,397 | 89,750,217 | ||||||
| Fidelity National Information Services Inc. | 1,676,504 | 166,225,372 | ||||||
| Fiserv Inc.(a) | 1,190,529 | 116,576,600 | ||||||
| Global Payments Inc. | 630,434 | 86,356,849 | ||||||
| International Business Machines Corp. | 2,719,703 | 359,571,934 | ||||||
| SS&C Technologies Holdings Inc. | 473,835 | 30,638,171 | ||||||
| Western Union Co. (The) | 953,340 | 15,977,978 | ||||||
| 865,097,121 | ||||||||
| Machinery — 1.4% | ||||||||
| Cummins Inc. | 234,168 | 44,302,244 | ||||||
| PACCAR Inc. | 658,272 | 54,669,490 | ||||||
| Snap-on Inc. | 91,013 | 19,339,352 | ||||||
| Stanley Black & Decker Inc. | 150,638 | 18,099,156 | ||||||
| Westinghouse Air Brake Technologies Corp. | 375,819 | 33,789,886 | ||||||
| 170,200,128 | ||||||||
| Media — 1.4% | ||||||||
| DISH Network Corp., Class A(a)(b) | 930,753 | 26,535,768 | ||||||
| Fox Corp., Class A, NVS | 1,032,839 | 37,016,950 | ||||||
| Fox Corp., Class B. | 508,612 | 16,906,263 | ||||||
| Paramount Global, Class B, NVS | 2,870,290 | 83,582,845 | ||||||
| 164,041,826 | ||||||||
| Security | Shares | Value | ||||||
| Metals & Mining — 0.9% | ||||||||
| Nucor Corp. | 479,104 | $ | 74,155,717 | |||||
| Steel Dynamics Inc. | 362,233 | 31,061,480 | ||||||
| 105,217,197 | ||||||||
| Mortgage Real Estate Investment — 0.2% | ||||||||
| AGNC Investment Corp. | 1,064,230 | 11,685,245 | ||||||
| Annaly Capital Management Inc. | 2,426,371 | 15,577,302 | ||||||
| 27,262,547 | ||||||||
| Multi-Utilities — 0.2% | ||||||||
| Consolidated Edison Inc. | 291,049 | 26,991,884 | ||||||
| Oil, Gas & Consumable Fuels — 3.5% | ||||||||
| Coterra Energy Inc. | 789,603 | 22,732,670 | ||||||
| Devon Energy Corp. | 1,174,143 | 68,299,898 | ||||||
| Diamondback Energy Inc. | 283,891 | 35,835,561 | ||||||
| EOG Resources Inc. | 1,256,256 | 146,680,451 | ||||||
| Kinder Morgan Inc. | 4,723,413 | 85,729,946 | ||||||
| Pioneer Natural Resources Co. | 237,589 | 55,232,315 | ||||||
| 414,510,841 | ||||||||
| Pharmaceuticals — 5.1% | ||||||||
| Bristol-Myers Squibb Co. | 3,373,510 | 253,924,098 | ||||||
| Jazz Pharmaceuticals PLC(a) | 104,021 | 16,666,244 | ||||||
| Pfizer Inc. | 6,179,083 | 303,207,603 | ||||||
| Viatris Inc. | 3,025,482 | 31,253,229 | ||||||
| 605,051,174 | ||||||||
| Professional Services — 0.2% | ||||||||
| Clarivate PLC(a)(b) | 442,306 | 6,935,358 | ||||||
| Leidos Holdings Inc. | 200,198 | 20,722,495 | ||||||
| 27,657,853 | ||||||||
| Real Estate Management & Development — 0.8% | ||||||||
| CBRE Group Inc., Class A(a) | 1,155,854 | 95,982,116 | ||||||
| Road & Rail — 0.3% | ||||||||
| AMERCO | 17,726 | 9,491,918 | ||||||
| Knight-Swift Transportation Holdings Inc. | 450,441 | 21,571,620 | ||||||
| 31,063,538 | ||||||||
| Semiconductors & Semiconductor Equipment — 12.2% | ||||||||
| Applied Materials Inc. | 1,685,337 | 185,976,938 | ||||||
| Intel Corp. | 15,977,093 | 696,441,484 | ||||||
| Micron Technology Inc. | 5,661,947 | 386,088,166 | ||||||
| NXP Semiconductors NV | 461,044 | 78,792,419 | ||||||
| ON Semiconductor Corp.(a)(b) | 892,928 | 46,530,478 | ||||||
| Qorvo Inc.(a) | 295,977 | 33,676,263 | ||||||
| Skyworks Solutions Inc. | 331,489 | 37,557,704 | ||||||
| 1,465,063,452 | ||||||||
| Software — 0.3% | ||||||||
| VMware Inc., Class A | 318,772 | 34,440,127 | ||||||
| Specialty Retail — 0.5% | ||||||||
| Best Buy Co. Inc. | 677,609 | 60,937,377 | ||||||
| Technology Hardware, Storage & Peripherals — 3.7% | ||||||||
| Dell Technologies Inc., Class C | 658,554 | 30,958,623 | ||||||
| Hewlett Packard Enterprise Co. | 6,669,863 | 102,782,589 | ||||||
| HP Inc. | 4,302,363 | 157,595,557 | ||||||
| NetApp Inc. | 406,692 | 29,790,189 | ||||||
| Seagate Technology Holdings PLC | 573,823 | 47,076,439 | ||||||
| Western Digital Corp.(a) | 1,404,237 | 74,522,858 | ||||||
| 442,726,255 | ||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Value Factor ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Tobacco — 1.7% | ||||||||
| Altria Group Inc. | 3,617,808 | $ | 201,041,591 | |||||
| Trading Companies & Distributors — 0.3% | ||||||||
| United Rentals Inc.(a)(b) | 128,033 | 40,525,005 | ||||||
| Total Common Stocks — 99.8% | ||||||||
| (Cost: $12,114,562,531) | 11,936,631,945 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(c)(d)(e) | 63,475,858 | 63,475,858 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(c)(d) | 17,187,000 | 17,187,000 | ||||||
| 80,662,858 | ||||||||
| Total Short-Term Investments — 0.7% | ||||||||
| (Cost: $80,646,527) | 80,662,858 | |||||||
| Total Investments in Securities — 100.5% | ||||||||
| (Cost: $12,195,209,058) | 12,017,294,803 | |||||||
| Other Assets, Less Liabilities — (0.5)% | (55,940,357 | ) | ||||||
| Net Assets — 100.0% | $ | 11,961,354,446 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 | $ | 16,321,859 | $ | 47,185,370 | (a) | $ | — | $ | (47,061 | ) | $ | 15,690 | $ | 63,475,858 | 63,475,858 | $ | 137,042 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 25,377,000 | — | (8,190,000 | )(a) | — | — | 17,187,000 | 17,187,000 | 11,852 | — | ||||||||||||||||||||||||||
| $ | (47,061 | ) | $ | 15,690 | $ | 80,662,858 | $ | 148,894 | $ | — | ||||||||||||||||||||||||||
| (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 | ||||||||||||||
| Russell 2000 E-Mini Index | 102 | 06/17/22 | $ | 9,493 | $ | (609,926 | ) | |||||||
| S&P 500 E-Mini Index | 68 | 06/17/22 | 14,033 | (371,782 | ) | |||||||||
| $ | (981,708 | ) | ||||||||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI USA Value Factor ETF |
| April 30, 2022 |
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.
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 | $ | 11,936,631,945 | $ | — | $ | — | $ | 11,936,631,945 | ||||||||
| Money Market Funds | 80,662,858 | — | — | 80,662,858 | ||||||||||||
| $ | 12,017,294,803 | $ | — | $ | — | $ | 12,017,294,803 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (981,708 | ) | $ | — | $ | — | $ | (981,708 | ) | ||||||
| (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 |
4