iShares

®

MSCI

USA

Momentum

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

 — 

5

.2

%

Axon

Enterprise,

Inc.

(a)

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

101,972

$

62,539,428

General

Electric

Co.

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

1,316,860

265,399,964

HEICO

Corp.

(b)

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

52,874

13,258,684

HEICO

Corp.

,

Class

A

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

89,167

17,916,325

Howmet

Aerospace,

Inc.

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

915,141

126,820,240

RTX

Corp.

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

1,397,059

176,211,052

TransDigm

Group,

Inc.

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

60,975

86,161,943

748,307,636

a

Air

Freight

&

Logistics

 — 

0

.1

%

CH

Robinson

Worldwide,

Inc.

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

152,037

13,564,741

a

Automobiles

 — 

4

.0

%

Tesla,

Inc.

(a)

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

2,036,944

574,744,119

a

Banks

 — 

6

.7

%

Citizens

Financial

Group,

Inc.

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

571,830

21,094,809

JPMorgan

Chase

&

Co.

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

2,868,084

701,590,708

M&T

Bank

Corp.

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

242,763

41,211,447

Wells

Fargo

&

Co.

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

2,978,908

211,532,257

975,429,221

a

Biotechnology

 — 

0

.6

%

Alnylam

Pharmaceuticals,

Inc.

(a)

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

187,836

49,445,949

Incyte

Corp.

(a)

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

239,453

15,004,125

Natera,

Inc.

(a)

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

34,641

5,228,366

United

Therapeutics

Corp.

(a)

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

78,714

23,857,426

93,535,866

a

Broadline

Retail

 — 

0

.0

%

eBay,

Inc.

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

90,025

6,136,104

a

Building

Products

 — 

0

.8

%

Lennox

International,

Inc.

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

42,006

22,966,781

Trane

Technologies

PLC

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

254,843

97,683,870

120,650,651

a

Capital

Markets

 — 

8

.0

%

Ares

Management

Corp.

,

Class

A

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

33,381

5,091,604

Bank

of

New

York

Mellon

Corp.

(The)

...........

1,292,647

103,941,745

BlackRock,

Inc.

(c)

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

161,806

147,932,754

Blackstone,

Inc.

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

750,582

98,859,155

Goldman

Sachs

Group,

Inc.

(The)

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

426,110

233,316,530

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

24,829

4,266,864

Intercontinental

Exchange,

Inc.

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

536,039

90,038,471

KKR

&

Co.,

Inc.

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

1,009,191

115,320,256

LPL

Financial

Holdings,

Inc.

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

15,769

5,042,768

Moody's

Corp.

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

162,463

73,615,235

Morgan

Stanley

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

1,683,687

194,331,153

Nasdaq,

Inc.

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

557,738

42,505,213

Raymond

James

Financial,

Inc.

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

40,466

5,545,461

Robinhood

Markets,

Inc.

,

Class

A

(a)

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

735,705

36,130,472

SEI

Investments

Co.

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

70,579

5,525,630

1,161,463,311

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

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

390,531

82,667,602

a

Communications

Equipment

 — 

1

.7

%

Arista

Networks,

Inc.

(a)

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

1,377,437

113,321,742

F5,

Inc.

(a)

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

97,679

25,859,538

Motorola

Solutions,

Inc.

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

247,020

108,785,138

247,966,418

a

Security

Shares

Value

a

Construction

&

Engineering

 — 

0

.6

%

EMCOR

Group,

Inc.

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

86,279

$

34,571,995

Quanta

Services,

Inc.

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

188,904

55,290,312

89,862,307

a

Consumer

Finance

 — 

1

.9

%

American

Express

Co.

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

737,575

196,497,356

Discover

Financial

Services

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

295,207

53,925,463

Synchrony

Financial

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

579,950

30,128,402

280,551,221

a

Consumer

Staples

Distribution

&

Retail

 — 

8

.4

%

Costco

Wholesale

Corp.

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

465,518

462,957,651

Walmart,

Inc.

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

7,714,995

750,283,264

1,213,240,915

a

Containers

&

Packaging

 — 

0

.5

%

International

Paper

Co.

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

662,392

30,258,066

Packaging

Corp.

of

America

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

137,464

25,514,693

Smurfit

WestRock

PLC

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

511,533

21,494,617

77,267,376

a

Diversified

Telecommunication

Services

 — 

1

.6

%

AT&T,

Inc.

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

8,305,675

230,067,198

a

Electric

Utilities

 — 

1

.8

%

Alliant

Energy

Corp.

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

256,799

15,675,011

Constellation

Energy

Corp.

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

571,461

127,687,246

Entergy

Corp.

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

956,497

79,551,856

NRG

Energy,

Inc.

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

322,771

35,369,246

258,283,359

a

Electrical

Equipment

 — 

2

.1

%

GE

Vernova,

Inc.

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

709,972

263,271,817

Vertiv

Holdings

Co.

,

Class

A

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

420,923

35,938,406

299,210,223

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.2

%

Amphenol

Corp.

,

Class

A

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

1,377,086

105,966,768

Corning,

Inc.

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

1,448,006

64,262,506

170,229,274

a

Entertainment

 — 

3

.5

%

Live

Nation

Entertainment,

Inc.

(a)

(b)

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

38,387

5,084,358

Netflix,

Inc.

(a)

(b)

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

437,283

494,881,917

ROBLOX

Corp.

,

Class

A

(a)

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

89,451

5,997,689

505,963,964

a

Financial

Services

 — 

5

.7

%

Apollo

Global

Management,

Inc.

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

588,703

80,346,186

Equitable

Holdings,

Inc.

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

91,173

4,508,505

Fiserv,

Inc.

(a)

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

930,820

171,801,447

Toast,

Inc.

,

Class

A

(a)

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

138,707

4,935,195

Visa,

Inc.

,

Class

A

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

1,632,966

564,189,753

825,781,086

a

Food

Products

 — 

0

.3

%

Kellanova

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

529,007

43,785,909

a

Health

Care

Equipment

&

Supplies

 — 

3

.1

%

Boston

Scientific

Corp.

(a)

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

2,223,398

228,720,952

Intuitive

Surgical,

Inc.

(a)

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

415,960

214,552,168

443,273,120

a

Health

Care

Providers

&

Services

 — 

0

.0

%

DaVita,

Inc.

(a)

(b)

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

42,210

5,974,826

a

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

iShares

®

MSCI

USA

Momentum

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

Security

Shares

Value

a

Health

Care

REITs

 — 

1

.3

%

Ventas,

Inc.

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

724,023

$

50,739,532

Welltower,

Inc.

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

926,538

141,380,433

192,119,965

a

Hotels,

Restaurants

&

Leisure

 — 

2

.0

%

Booking

Holdings,

Inc.

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

35,257

179,785,315

DoorDash,

Inc.

,

Class

A

(a)

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

67,140

12,950,635

Flutter

Entertainment

PLC

(a)

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

19,451

4,687,496

Royal

Caribbean

Cruises

Ltd.

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

400,735

86,121,959

283,545,405

a

Household

Durables

 — 

0

.4

%

Garmin

Ltd.

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

316,986

59,235,174

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.8

%

Vistra

Corp.

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

921,479

119,451,323

a

Industrial

Conglomerates

 — 

0

.8

%

3M

Co.

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

812,992

112,932,719

a

Insurance

 — 

2

.5

%

Aflac,

Inc.

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

640,090

69,564,981

Arthur

J

Gallagher

&

Co.

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

195,867

62,812,588

Brown

&

Brown,

Inc.

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

363,251

40,175,561

Progressive

Corp.

(The)

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

648,709

182,767,274

355,320,404

a

Interactive

Media

&

Services

 — 

3

.8

%

Meta

Platforms,

Inc.

,

Class

A

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

1,006,329

552,474,621

Reddit,

Inc.

,

Class

A

(a)

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

31,151

3,631,272

556,105,893

a

IT

Services

 — 

1

.8

%

GoDaddy,

Inc.

,

Class

A

(a)

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

295,319

55,617,427

International

Business

Machines

Corp.

..........

823,961

199,250,249

Twilio,

Inc.

,

Class

A

(a)

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

46,848

4,530,670

259,398,346

a

Machinery

 — 

0

.6

%

Cummins,

Inc.

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

16,680

4,901,251

Parker-Hannifin

Corp.

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

33,004

19,969,400

Pentair

PLC

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

232,049

21,053,806

Westinghouse

Air

Brake

Technologies

Corp.

.......

255,031

47,114,427

93,038,884

a

Media

 — 

0

.2

%

Fox

Corp.

,

Class

A

,

NVS

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

343,657

17,110,682

Fox

Corp.

,

Class

B

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

209,821

9,702,123

26,812,805

Multi-Utilities

 — 

0

.6

%

NiSource,

Inc.

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

633,592

24,779,783

Public

Service

Enterprise

Group,

Inc.

...........

759,360

60,695,645

85,475,428

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.3

%

Kinder

Morgan,

Inc.

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

3,195,367

84,038,152

Targa

Resources

Corp.

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

431,328

73,713,955

Texas

Pacific

Land

Corp.

(b)

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

42,185

54,370,981

Williams

Companies,

Inc.

(The)

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

2,003,513

117,345,757

329,468,845

a

Passenger

Airlines

 — 

0

.1

%

Delta

Air

Lines,

Inc.

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

101,030

4,205,879

United

Airlines

Holdings,

Inc.

(a)

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

61,279

4,217,221

8,423,100

a

Security

Shares

Value

a

Professional

Services

 — 

0

.2

%

TransUnion

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

328,305

$

27,236,183

a

Real

Estate

Management

&

Development

 — 

0

.5

%

CBRE

Group,

Inc.

,

Class

A

(a)

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

564,847

69,013,006

a

Residential

REITs

 — 

0

.3

%

AvalonBay

Communities,

Inc.

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

147,244

30,918,295

Mid-America

Apartment

Communities,

Inc.

........

104,766

16,725,892

47,644,187

a

Semiconductors

&

Semiconductor

Equipment

 — 

8

.7

%

Broadcom,

Inc.

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

3,507,231

675,036,751

Marvell

Technology,

Inc.

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

247,090

14,422,643

NVIDIA

Corp.

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

5,183,901

564,630,497

1,254,089,891

a

Software

 — 

8

.4

%

AppLovin

Corp.

,

Class

A

(a)

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

538,514

145,027,205

Fair

Isaac

Corp.

(a)

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

35,936

71,501,141

Fortinet,

Inc.

(a)

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

170,556

17,696,891

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

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

490,855

186,578,894

Oracle

Corp.

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

1,803,932

253,849,311

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

4,212,398

498,916,419

Samsara,

Inc.

,

Class

A

(a)

(b)

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

324,434

12,867,052

Tyler

Technologies,

Inc.

(a)

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

55,018

29,891,279

1,216,328,192

a

Specialized

REITs

 — 

0

.3

%

Iron

Mountain,

Inc.

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

507,479

45,505,642

a

Specialty

Retail

 — 

1

.5

%

Carvana

Co.

,

Class

A

(a)

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

305,867

74,738,601

TJX

Companies,

Inc.

(The)

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

1,112,562

143,164,478

Williams-Sonoma,

Inc.

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

27,099

4,185,983

222,089,062

a

Tobacco

 — 

2

.8

%

Altria

Group,

Inc.

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

1,799,592

106,445,867

Philip

Morris

International,

Inc.

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

1,699,109

291,159,318

397,605,185

a

Wireless

Telecommunication

Services

 — 

1

.4

%

T-Mobile

U.S.,

Inc.

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

799,139

197,347,376

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

13,423,017,362

)

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

14,426,143,462

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.7

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.46

%

(c)

(d)

(e)

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

216,487,528

216,574,123

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.30

%

(c)

(d)

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

28,319,111

28,319,111

a

Total

Short-Term

Securities — 1.7%

(Cost:

$

244,886,517

)

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

244,893,234

Total

Investments

—

101.4%

(Cost:

$

13,667,903,879

)

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

14,671,036,696

Liabilities

in

Excess

of

Other

Assets

—

(

1

.4

)

%

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

(

207,273,031

)

Net

Assets

—

100.0%

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

$

14,463,763,665

iShares

®

MSCI

USA

Momentum

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

3

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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. 

(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

$

102,738,839

$

113,839,940

(a)

$

—

$

(

5,317

)

$

661

$

216,574,123

216,487,528

$

278,303

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

29,569,896

—

(

1,250,785

)

(a)

—

—

28,319,111

28,319,111

861,846

—

BlackRock,

Inc.

....

—

234,772,949

(

65,906,021

)

(

2,421,484

)

(

18,512,690

)

147,932,754

161,806

1,800,548

—

$

(

2,426,801

)

$

(

18,512,029

)

$

392,825,988

$

2,940,697

$

—

(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

S&P

500

Index

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

130

06/20/25

$

36,316

$

(

27,715

)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

iShares

®

MSCI

USA

Momentum

Factor

ETF

4

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

14,426,143,462

$

—

$

—

$

14,426,143,462

Short-Term

Securities

Money

Market

Funds

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

244,893,234

—

—

244,893,234

$

14,671,036,696

$

—

$

—

$

14,671,036,696

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

27,715

)

$

—

$

—

$

(

27,715

)

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

Fair

Value

Hierarchy

as

of

Period

End

(continued)