iShares

®

MSCI

USA

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

April

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.6

%

L3Harris

Technologies,

Inc.

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

136,661

$

30,068,153

RTX

Corp.

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

915,858

115,517,169

Textron,

Inc.

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

207,264

14,585,168

160,170,490

a

Air

Freight

&

Logistics

 — 

0

.9

%

FedEx

Corp.

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

263,143

55,346,867

a

Automobile

Components

 — 

0

.3

%

Aptiv

PLC

(a)

(b)

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

362,224

20,668,501

a

Automobiles

 — 

5

.2

%

Ford

Motor

Co.

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

12,120,977

121,330,980

General

Motors

Co.

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

4,441,366

200,927,398

322,258,378

a

Banks

 — 

8

.1

%

Bank

of

America

Corp.

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

3,427,179

136,675,899

Citigroup,

Inc.

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

1,798,231

122,963,036

Citizens

Financial

Group,

Inc.

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

335,798

12,387,588

Fifth

Third

Bancorp

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

275,126

9,888,028

First

Citizens

BancShares,

Inc.

,

Class

A

..........

4,634

8,244,535

Huntington

Bancshares,

Inc.

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

691,513

10,047,684

KeyCorp

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

470,440

6,981,330

M&T

Bank

Corp.

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

84,648

14,369,844

Regions

Financial

Corp.

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

478,366

9,763,450

Truist

Financial

Corp.

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

813,530

31,190,740

U.S.

Bancorp

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

672,182

27,115,822

Wells

Fargo

&

Co.

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

1,615,105

114,688,606

504,316,562

a

Beverages

 — 

0

.5

%

Molson

Coors

Beverage

Co.

,

Class

B

...........

556,759

32,030,345

a

Biotechnology

 — 

0

.2

%

United

Therapeutics

Corp.

(a)

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

40,913

12,400,321

a

Building

Products

 — 

1

.2

%

Builders

FirstSource,

Inc.

(a)

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

116,519

13,939,168

Fortune

Brands

Innovations,

Inc.

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

94,481

5,084,967

Johnson

Controls

International

PLC

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

426,548

35,787,377

Owens

Corning

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

120,265

17,487,734

72,299,246

a

Capital

Markets

 — 

2

.0

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

345,333

27,768,227

Franklin

Resources,

Inc.

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

220,484

4,136,280

Goldman

Sachs

Group,

Inc.

(The)

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

144,034

78,865,817

State

Street

Corp.

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

171,105

15,074,350

125,844,674

a

Chemicals

 — 

0

.8

%

CF

Industries

Holdings,

Inc.

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

137,338

10,763,179

Dow,

Inc.

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

447,240

13,681,072

Eastman

Chemical

Co.

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

81,111

6,245,547

LyondellBasell

Industries

N.V.

,

Class

A

..........

233,911

13,615,959

Westlake

Corp.

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

29,728

2,747,759

47,053,516

a

Communications

Equipment

 — 

7

.3

%

Cisco

Systems,

Inc.

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

7,014,265

404,933,519

F5,

Inc.

(a)

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

101,872

26,969,593

Juniper

Networks,

Inc.

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

610,560

22,175,539

454,078,651

a

Security

Shares

Value

a

Consumer

Finance

 — 

0

.9

%

Ally

Financial,

Inc.

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

206,183

$

6,733,936

Capital

One

Financial

Corp.

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

217,511

39,208,533

Synchrony

Financial

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

225,283

11,703,452

57,645,921

a

Consumer

Staples

Distribution

&

Retail

 — 

2

.0

%

Albertsons

Companies,

Inc.

,

Class

A

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

631,969

13,890,679

Kroger

Co.

(The)

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

1,136,963

82,100,098

Walgreens

Boots

Alliance,

Inc.

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

2,435,126

26,713,332

122,704,109

a

Containers

&

Packaging

 — 

0

.2

%

Smurfit

WestRock

PLC

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

338,319

14,216,164

a

Distributors

 — 

0

.3

%

LKQ

Corp.

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

492,460

18,816,897

a

Diversified

Telecommunication

Services

 — 

9

.0

%

AT&T,

Inc.

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

12,708,154

352,015,866

Verizon

Communications,

Inc.

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

4,709,747

207,511,453

559,527,319

a

Electric

Utilities

 — 

1

.1

%

Evergy,

Inc.

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

224,501

15,513,019

Eversource

Energy

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

217,174

12,917,510

PG&E

Corp.

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

1,539,434

25,431,450

PPL

Corp.

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

449,513

16,407,224

70,269,203

a

Electronic

Equipment,

Instruments

&

Components

 — 

2

.6

%

Corning,

Inc.

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

1,426,251

63,297,019

Jabil,

Inc.

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

181,537

26,606,063

TE

Connectivity

PLC

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

484,462

70,915,548

160,818,630

a

Entertainment

 — 

0

.4

%

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

3,163,350

27,426,244

a

Financial

Services

 — 

0

.3

%

Equitable

Holdings,

Inc.

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

142,990

7,070,856

Global

Payments,

Inc.

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

151,588

11,567,680

18,638,536

a

Food

Products

 — 

3

.6

%

Archer-Daniels-Midland

Co.

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

1,116,589

53,317,125

Bunge

Global

SA

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

307,185

24,181,603

Conagra

Brands,

Inc.

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

839,639

20,747,480

J

M

Smucker

Co.

(The)

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

183,327

21,315,430

Kraft

Heinz

Co.

(The)

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

2,266,081

65,942,957

Tyson

Foods,

Inc.

,

Class

A

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

568,738

34,829,515

220,334,110

a

Gas

Utilities

 — 

0

.3

%

Atmos

Energy

Corp.

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

120,841

19,410,690

a

Ground

Transportation

 — 

0

.1

%

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

104,036

5,701,173

a

Health

Care

Equipment

&

Supplies

 — 

0

.2

%

Solventum

Corp.

(a)

(b)

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

139,067

9,195,110

a

Health

Care

Providers

&

Services

 — 

6

.8

%

Centene

Corp.

(a)

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

849,112

50,819,353

Cigna

Group

(The)

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

310,303

105,515,432

CVS

Health

Corp.

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

2,054,413

137,049,891

DaVita,

Inc.

(a)

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

32,359

4,580,417

Elevance

Health,

Inc.

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

200,430

84,296,849

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

iShares

®

MSCI

USA

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Labcorp

Holdings,

Inc.

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

66,707

$

16,077,054

Quest

Diagnostics,

Inc.

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

79,908

14,241,204

Universal

Health

Services,

Inc.

,

Class

B

.........

60,642

10,737,879

423,318,079

a

Hotel

&

Resort

REITs

 — 

0

.3

%

Host

Hotels

&

Resorts,

Inc.

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

1,231,123

17,383,457

a

Hotels,

Restaurants

&

Leisure

 — 

0

.5

%

Expedia

Group,

Inc.

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

187,928

29,491,541

a

Household

Durables

 — 

3

.1

%

DR

Horton,

Inc.

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

615,725

77,790,696

Lennar

Corp.

,

Class

A

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

614,888

66,782,986

PulteGroup,

Inc.

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

484,764

49,727,091

194,300,773

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.5

%

Vistra

Corp.

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

238,280

30,888,236

a

Insurance

 — 

2

.1

%

American

International

Group,

Inc.

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

393,598

32,086,109

Everest

Group

Ltd.

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

38,088

13,667,117

Fidelity

National

Financial,

Inc.

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

94,874

6,076,680

Hartford

Insurance

Group,

Inc.

(The)

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

123,757

15,181,271

Loews

Corp.

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

112,225

9,744,497

MetLife,

Inc.

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

367,064

27,665,613

Prudential

Financial,

Inc.

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

255,451

26,237,372

130,658,659

a

IT

Services

 — 

6

.5

%

Akamai

Technologies,

Inc.

(a)

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

169,300

13,642,194

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

969,668

71,338,475

International

Business

Machines

Corp.

..........

1,221,137

295,295,349

Twilio,

Inc.

,

Class

A

(a)

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

263,449

25,478,153

405,754,171

a

Life

Sciences

Tools

&

Services

 — 

0

.1

%

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

12,102

2,953,856

a

Machinery

 — 

2

.1

%

CNH

Industrial

N.V.

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

1,120,323

12,962,137

Cummins,

Inc.

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

113,602

33,380,812

PACCAR,

Inc.

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

487,941

44,017,157

Snap-on,

Inc.

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

42,338

13,286,088

Stanley

Black

&

Decker,

Inc.

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

123,534

7,414,511

Westinghouse

Air

Brake

Technologies

Corp.

.......

97,863

18,079,210

129,139,915

a

Media

 — 

1

.6

%

Comcast

Corp.

,

Class

A

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

2,139,514

73,171,379

Fox

Corp.

,

Class

A

,

NVS

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

330,427

16,451,960

Fox

Corp.

,

Class

B

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

202,571

9,366,883

98,990,222

a

Metals

&

Mining

 — 

0

.8

%

Nucor

Corp.

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

244,046

29,131,771

Steel

Dynamics,

Inc.

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

145,884

18,922,614

48,054,385

a

Mortgage

REITs

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

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

423,565

8,301,874

a

Multi-Utilities

 — 

0

.4

%

Dominion

Energy,

Inc.

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

455,494

24,769,764

a

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.7

%

Coterra

Energy,

Inc.

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

949,457

$

23,318,664

Devon

Energy

Corp.

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

387,061

11,770,525

Diamondback

Energy,

Inc.

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

217,347

28,691,978

EQT

Corp.

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

542,712

26,831,681

Expand

Energy

Corp.

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

197,728

20,543,939

Ovintiv,

Inc.

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

525,529

17,647,264

Valero

Energy

Corp.

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

351,193

40,769,995

169,574,046

a

Passenger

Airlines

 — 

0

.3

%

Delta

Air

Lines,

Inc.

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

264,386

11,006,389

Southwest

Airlines

Co.

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

241,166

6,743,002

17,749,391

a

Pharmaceuticals

 — 

4

.4

%

Bristol-Myers

Squibb

Co.

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

1,903,565

95,558,963

Pfizer,

Inc.

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

5,723,148

139,702,043

Royalty

Pharma

PLC

,

Class

A

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

587,453

19,280,207

Viatris,

Inc.

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

2,487,478

20,944,565

275,485,778

a

Professional

Services

 — 

0

.4

%

Leidos

Holdings,

Inc.

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

69,331

10,204,137

SS&C

Technologies

Holdings,

Inc.

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

217,477

16,441,261

26,645,398

a

Residential

REITs

 — 

0

.5

%

Camden

Property

Trust

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

98,894

11,254,137

Mid-America

Apartment

Communities,

Inc.

........

108,844

17,376,945

28,631,082

a

Retail

REITs

 — 

1

.1

%

Simon

Property

Group,

Inc.

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

424,037

66,734,943

a

Semiconductors

&

Semiconductor

Equipment

 — 

9

.8

%

Applied

Materials,

Inc.

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

1,006,143

151,635,812

First

Solar,

Inc.

(a)

(b)

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

170,771

21,486,407

Intel

Corp.

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

11,734,994

235,873,379

Micron

Technology,

Inc.

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

1,079,271

83,049,904

NXP

Semiconductors

N.V.

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

346,742

63,908,018

ON

Semiconductor

Corp.

(a)

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

699,404

27,766,339

Skyworks

Solutions,

Inc.

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

394,398

25,351,903

609,071,762

a

Software

 — 

1

.0

%

Gen

Digital,

Inc.

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

998,111

25,821,132

Zoom

Communications,

Inc.

,

Class

A

(a)

(b)

.........

484,493

37,567,587

63,388,719

a

Specialized

REITs

 — 

0

.4

%

Weyerhaeuser

Co.

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

923,964

23,939,907

a

Specialty

Retail

 — 

0

.3

%

Best

Buy

Co.,

Inc.

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

281,632

18,782,038

a

Technology

Hardware,

Storage

&

Peripherals

 — 

3

.4

%

Dell

Technologies,

Inc.

,

Class

C

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

458,811

42,100,497

Hewlett

Packard

Enterprise

Co.

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

4,642,488

75,301,155

HP,

Inc.

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

2,120,308

54,216,276

NetApp,

Inc.

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

291,906

26,198,564

Western

Digital

Corp.

(a)

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

328,237

14,396,475

212,212,967

a

iShares

®

MSCI

USA

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Trading

Companies

&

Distributors

 — 

0

.5

%

United

Rentals,

Inc.

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

51,833

$

32,729,948

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

6,803,137,548

)

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

6,200,122,568

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.46

%

(c)

(d)

(e)

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

26,607,355

$

26,617,999

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.30

%

(c)

(d)

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

8,385,399

8,385,399

a

Total

Short-Term

Securities — 0.6%

(Cost:

$

34,999,987

)

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

35,003,398

Total

Investments

—

100.4%

(Cost:

$

6,838,137,535

)

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

6,235,125,966

Liabilities

in

Excess

of

Other

Assets

—

(

0

.4

)

%

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

(

23,844,866

)

Net

Assets

—

100.0%

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

$

6,211,281,100

(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,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/24

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/25

  Shares

Held

at

04/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...

$

32,237,897

‌

$

—

‌

$

(

5,613,930

)

(a)

$

(

5,043

)

$

(

925

)

$

26,617,999

‌

26,607,355

‌

$

45,908

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

11,054,743

‌

—

‌

(

2,669,344

)

(a)

—

‌

—

‌

8,385,399

‌

8,385,399

‌

413,147

‌

—

‌

$

(

5,043

)

$

(

925

)

$

35,003,398

‌

$

459,055

‌

$

—

‌

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

2000

Index

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

48

06/20/25

$

4,728

$

279,359

E-Mini

S&P

500

Index

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

22

06/20/25

6,146

302,485

$

581,844

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

iShares

®

MSCI

USA

Value

Factor

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.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that may

not have

a

secondary

market

and/or may

have a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

6,200,122,568

$

—

$

—

$

6,200,122,568

Short-Term

Securities

Money

Market

Funds

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

35,003,398

—

—

35,003,398

$

6,235,125,966

$

—

$

—

$

6,235,125,966

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

581,844

$

—

$

—

$

581,844

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust