Schedule

Investments

(unaudited)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Aerospace

Defense

—

0.6%

AeroVironment,

Inc.

(a)

(b)

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

7,112

1,077,610‌

BWX

Technologies,

Inc.

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

18,915

2,064,005‌

Curtiss-Wright

Corp.

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

11,502

3,966,925‌

Hexcel

Corp.

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

4,233

205,174‌

Intuitive

Machines,

Inc.

Class

(b)

..........

24,295

199,219‌

Loar

Holdings,

Inc.

(a)

(b)

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

6,412

606,447‌

Moog,

Inc.

Class

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

2,269

379,490‌

Rocket

Lab

USA,

Inc.

(b)

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

76,762

1,672,644‌

10,171,514‌

Automobile

Components

—

0.7%

Autoliv,

Inc.

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

26,470

2,467,798‌

BorgWarner,

Inc.

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

29,414

834,769‌

Dana,

Inc.

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

42,218

580,075‌

Mobileye

Global,

Inc.

Class

(a)

(b)

..........

18,637

271,728‌

Modine

Manufacturing

Co.

(b)

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

38,293

3,126,241‌

Phinia,

Inc.

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

56,696

2,276,344‌

Visteon

Corp.

(b)

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

14,934

1,182,624‌

10,739,579‌

Automobiles

—

0.3%

Harley-Davidson,

Inc.

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

96,202

2,156,849‌

Thor

Industries,

Inc.

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

21,303

1,542,763‌

Winnebago

Industries,

Inc.

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

15,876

505,174‌

4,204,786‌

Banks

—

6.3%

1st

Source

Corp.

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

43,366

2,599,792‌

Associated

Banc-Corp.

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

64,639

1,425,936‌

Axos

Financial,

Inc.

(b)

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

53,366

3,387,674‌

BancFirst

Corp.

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

20,302

2,391,982‌

Bancorp,

Inc.

(The)

(a)

(b)

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

68,772

3,322,375‌

Bank

Hawaii

Corp.

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

21,741

1,437,298‌

Bank

Butterfield

Son

Ltd.

(The)

......

34,179

1,373,312‌

Bank

OZK

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

30,068

1,280,897‌

BankUnited,

Inc.

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

109,154

3,570,427‌

Capitol

Federal

Financial,

Inc.

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

56,997

323,173‌

City

Holding

Co.

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

3,289

381,096‌

Comerica,

Inc.

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

58,339

3,135,721‌

Commerce

Bancshares,

Inc.

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

63,622

3,864,400‌

Community

Trust

Bancorp,

Inc.

...........

17,732

868,159‌

Cullen/Frost

Bankers,

Inc.

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

33,331

3,882,062‌

Customers

Bancorp,

Inc.

(b)

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

31,285

1,564,250‌

CVB

Financial

Corp.

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

38,954

722,207‌

Eagle

Bancorp,

Inc.

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

38,480

690,716‌

East

West

Bancorp,

Inc.

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

69,236

5,923,140‌

First

Bancorp

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

178,787

3,511,377‌

First

Citizens

BancShares,

Inc.

Class

(a)

....

2,692

4,789,445‌

First

Financial

Bankshares,

Inc.

...........

20,303

680,354‌

First

Hawaiian,

Inc.

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

53,147

1,214,940‌

First

Horizon

Corp.

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

63,036

1,139,691‌

Flagstar

Financial,

Inc.

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

83,010

972,047‌

Fulton

Financial

Corp.

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

64,387

1,073,975‌

Hancock

Whitney

Corp.

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

23,614

1,230,053‌

Hilltop

Holdings,

Inc.

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

62,902

1,857,496‌

HomeStreet,

Inc.

(b)

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

18,293

207,808‌

International

Bancshares

Corp.

...........

27,784

1,695,935‌

Kearny

Financial

Corp.

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

43,203

270,451‌

Metropolitan

Bank

Holding

Corp.

(b)

.........

29,797

1,845,328‌

NBT

Bancorp,

Inc.

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

15,855

671,301‌

OFG

Bancorp

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

117,765

4,634,053‌

Pathward

Financial,

Inc.

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

43,275

3,434,737‌

Pinnacle

Financial

Partners,

Inc.

...........

14,436

1,447,065‌

Security

Value

Banks

(continued)

Popular,

Inc.

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

97,705

9,323,011‌

Preferred

Bank

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

19,322

1,543,055‌

ServisFirst

Bancshares,

Inc.

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

26,013

1,852,646‌

SouthState

Corp.

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

2,716

235,694‌

Synovus

Financial

Corp.

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

15,260

661,063‌

Texas

Capital

Bancshares,

Inc.

(b)

..........

6,736

459,058‌

Trustmark

Corp.

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

52,709

1,768,387‌

UMB

Financial

Corp.

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

20,089

1,899,817‌

WaFd,

Inc.

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

62,923

1,795,193‌

Webster

Financial

Corp.

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

15,632

739,394‌

Western

Alliance

Bancorp

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

20,633

1,438,326‌

Wintrust

Financial

Corp.

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

3,048

338,846‌

Zions

Bancorp

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

74,881

3,367,399‌

98,242,562‌

Beverages

—

0.7%

Celsius

Holdings,

Inc.

(b)

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

7,453

260,557‌

Coca-Cola

Consolidated,

Inc.

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

3,359

4,554,166‌

Vita

Coco

Co.,

Inc.

(The)

(a)

(b)

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

201,740

6,667,507‌

11,482,230‌

Biotechnology

—

5.2%

(b)

ACADIA

Pharmaceuticals,

Inc.

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

119,106

1,738,948‌

ADMA

Biologics,

Inc.

(a)

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

67,722

1,611,784‌

Akero

Therapeutics,

Inc.

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

14,334

653,774‌

Alkermes

plc

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

192,185

5,529,162‌

Amicus

Therapeutics,

Inc.

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

81,535

626,189‌

Anavex

Life

Sciences

Corp.

(a)

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

35,905

341,097‌

Apellis

Pharmaceuticals,

Inc.

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

10,022

192,523‌

Apogee

Therapeutics,

Inc.

(a)

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

5,372

210,851‌

Arcellx,

Inc.

(a)

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

29,540

1,918,623‌

Arcturus

Therapeutics

Holdings,

Inc.

........

19,890

254,791‌

Arcus

Biosciences,

Inc.

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

51,254

448,472‌

Arrowhead

Pharmaceuticals,

Inc.

..........

16,387

227,615‌

ARS

Pharmaceuticals,

Inc.

(a)

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

100,918

1,409,824‌

Beam

Therapeutics,

Inc.

(a)

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

10,537

210,002‌

BioCryst

Pharmaceuticals,

Inc.

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

295,918

2,618,874‌

Biohaven

Ltd.

(a)

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

21,488

475,315‌

Blueprint

Medicines

Corp.

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

30,036

2,688,222‌

Bridgebio

Pharma,

Inc.

(a)

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

25,754

987,923‌

Catalyst

Pharmaceuticals,

Inc.

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

198,818

4,829,289‌

CRISPR

Therapeutics

(a)

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

8,964

346,638‌

Cullinan

Therapeutics,

Inc.

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

65,468

542,075‌

Cytokinetics,

Inc.

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

36,228

1,552,008‌

Day

One

Biopharmaceuticals,

Inc.

.........

48,021

373,603‌

Denali

Therapeutics,

Inc.

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

129,352

2,153,711‌

Dynavax

Technologies

Corp.

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

128,213

1,506,503‌

Dyne

Therapeutics,

Inc.

(a)

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

16,314

192,342‌

Erasca,

Inc.

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

104,097

151,982‌

Exact

Sciences

Corp.

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

50,677

2,312,898‌

Exelixis,

Inc.

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

126,194

4,940,495‌

Halozyme

Therapeutics,

Inc.

(a)

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

82,009

5,036,993‌

Insmed,

Inc.

(a)

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

31,588

2,274,336‌

Ionis

Pharmaceuticals,

Inc.

(a)

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

67,966

2,087,236‌

Janux

Therapeutics,

Inc.

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

10,540

349,928‌

Madrigal

Pharmaceuticals,

Inc.

(a)

..........

6,033

2,014,479‌

MiMedx

Group,

Inc.

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

104,744

720,639‌

Natera,

Inc.

(a)

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

48,620

7,338,217‌

Nurix

Therapeutics,

Inc.

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

16,879

194,615‌

Nuvalent,

Inc.

Class

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

37,743

2,896,775‌

PTC

Therapeutics,

Inc.

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

27,830

1,387,047‌

Revolution

Medicines,

Inc.

(a)

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

11,570

467,197‌

Rhythm

Pharmaceuticals,

Inc.

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

4,063

264,867‌

Sana

Biotechnology,

Inc.

(a)

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

448,361

851,886‌

Sarepta

Therapeutics,

Inc.

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

28,942

1,805,981‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Biotechnology

(continued)

Syndax

Pharmaceuticals,

Inc.

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

12,105

171,286‌

Therapeutics,

Inc.

(a)

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

45,767

2,082,856‌

United

Therapeutics

Corp.

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

18,147

5,500,174‌

Vanda

Pharmaceuticals,

Inc.

(a)

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

98,195

442,859‌

Vaxcyte,

Inc.

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

17,123

613,688‌

Vera

Therapeutics,

Inc.

Class

...........

34,941

816,571‌

Veracyte,

Inc.

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

71,552

2,182,336‌

Viking

Therapeutics,

Inc.

(a)

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

20,048

578,786‌

Xencor,

Inc.

(a)

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

98,733

1,088,038‌

82,212,323‌

Broadline

Retail

—

0.8%

Dillard's,

Inc.

Class

(a)

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

13,239

4,589,432‌

Etsy,

Inc.

(b)

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

77,925

3,388,179‌

Global-e

Online

Ltd.

(b)

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

20,281

728,291‌

Kohl's

Corp.

(a)

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

133,383

893,666‌

Macy's,

Inc.

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

219,810

2,510,230‌

QVC

Group,

Inc.

(a)

(b)

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

903,822

135,573‌

12,245,371‌

Building

Products

—

1.9%

Smith

Corp.

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

7,127

483,638‌

Advanced

Drainage

Systems,

Inc.

.........

14,640

1,661,494‌

Allegion

plc

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

20,261

2,820,331‌

Apogee

Enterprises,

Inc.

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

36,591

1,451,565‌

AZEK

Co.,

Inc.

(The)

Class

(b)

...........

25,095

1,243,708‌

Carlisle

Cos.,

Inc.

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

16,531

6,273,184‌

CSW

Industrials,

Inc.

(a)

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

3,785

1,182,737‌

Griffon

Corp.

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

38,017

2,589,338‌

JELD-WEN

Holding,

Inc.

(b)

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

107,168

591,567‌

Masterbrand,

Inc.

(b)

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

11,585

140,758‌

Owens

Corning

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

19,574

2,846,255‌

Quanex

Building

Products

Corp.

...........

17,363

285,448‌

Simpson

Manufacturing

Co.,

Inc.

..........

14,451

2,220,974‌

Trex

Co.,

Inc.

(a)

(b)

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

61,227

3,540,145‌

UFP

Industries,

Inc.

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

31,970

3,160,235‌

30,491,377‌

Capital

Markets

—

3.4%

Acadian

Asset

Management,

Inc.

..........

8,900

239,766‌

Affiliated

Managers

Group,

Inc.

...........

22,605

3,744,066‌

Cohen

Steers,

Inc.

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

6,024

459,752‌

Donnelley

Financial

Solutions,

Inc.

(b)

........

33,033

1,592,191‌

Evercore,

Inc.

Class

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

37,566

7,711,924‌

Federated

Hermes,

Inc.

Class

..........

46,871

1,903,431‌

Houlihan

Lokey,

Inc.

Class

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

17,444

2,827,324‌

Interactive

Brokers

Group,

Inc.

Class

......

49,755

8,550,397‌

Invesco

Ltd.

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

99,153

1,381,201‌

Janus

Henderson

Group

plc

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

122,335

4,062,745‌

Jefferies

Financial

Group,

Inc.

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

89,780

4,195,419‌

Lazard,

Inc.

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

35,678

1,387,874‌

Moelis

Co.

Class

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

3,800

203,604‌

Piper

Sandler

Cos.

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

15,408

3,715,177‌

Stifel

Financial

Corp.

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

27,674

2,371,385‌

StoneX

Group,

Inc.

(b)

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

14,588

1,291,986‌

TPG,

Inc.

Class

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

38,808

1,802,632‌

Virtu

Financial,

Inc.

Class

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

31,130

1,218,740‌

XP,

Inc.

Class

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

308,671

4,969,603‌

53,629,217‌

Chemicals

—

1.6%

Ashland,

Inc.

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

30,634

1,666,183‌

Avient

Corp.

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

65,754

2,190,266‌

Axalta

Coating

Systems

Ltd.

(b)

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

51,394

1,670,305‌

Balchem

Corp.

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

4,556

713,242‌

Cabot

Corp.

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

20,845

1,637,166‌

Security

Value

Chemicals

(continued)

Element

Solutions,

Inc.

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

99,973

2,040,449‌

FMC

Corp.

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

32,628

1,367,766‌

Hawkins,

Inc.

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

8,390

1,021,734‌

Huntsman

Corp.

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

94,429

1,256,850‌

Ingevity

Corp.

(b)

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

12,619

416,175‌

Innospec,

Inc.

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

6,665

596,384‌

Mativ

Holdings,

Inc.

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

104,394

533,453‌

Mosaic

Co.

(The)

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

65,390

1,987,856‌

Olin

Corp.

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

41,608

899,565‌

Perimeter

Solutions,

Inc.

(b)

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

100,075

1,013,760‌

RPM

International,

Inc.

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

29,530

3,152,328‌

Scotts

Miracle-Gro

Co.

(The)

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

45,938

2,314,356‌

24,477,838‌

Commercial

Services

Supplies

—

1.3%

ACCO

Brands

Corp.

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

399,028

1,540,248‌

Brady

Corp.

Class

NVS

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

41,621

2,925,540‌

Brink's

Co.

(The)

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

11,828

1,055,531‌

Cimpress

plc

(b)

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

24,799

1,042,054‌

Clean

Harbors,

Inc.

(b)

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

4,763

1,018,996‌

CoreCivic,

Inc.

(b)

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

97,206

2,200,744‌

Deluxe

Corp.

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

62,999

919,785‌

GEO

Group,

Inc.

(The)

(b)

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

64,908

2,030,322‌

HNI

Corp.

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

10,685

451,976‌

Interface,

Inc.

(a)

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

58,095

1,092,186‌

MSA

Safety,

Inc.

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

2,059

324,128‌

Steelcase,

Inc.

Class

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

107,565

1,067,045‌

Tetra

Tech,

Inc.

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

129,373

4,035,144‌

19,703,699‌

Communications

Equipment

—

0.5%

(b)

Ciena

Corp.

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

26,705

1,793,508‌

Extreme

Networks,

Inc.

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

197,383

2,597,560‌

NETGEAR,

Inc.

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

18,861

454,927‌

NetScout

Systems,

Inc.

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

85,914

1,805,912‌

Viavi

Solutions,

Inc.

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

47,627

503,894‌

7,155,801‌

Construction

Engineering

—

2.5%

AECOM

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

32,840

3,239,666‌

API

Group

Corp.

(a)

(b)

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

44,368

1,678,442‌

Arcosa,

Inc.

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

7,906

633,033‌

Argan,

Inc.

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

21,515

3,294,592‌

Comfort

Systems

USA,

Inc.

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

18,063

7,180,946‌

Dycom

Industries,

Inc.

(b)

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

2,168

363,248‌

EMCOR

Group,

Inc.

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

34,050

13,643,835‌

Everus

Construction

Group,

Inc.

(b)

..........

15,707

632,050‌

Fluor

Corp.

(b)

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

27,753

968,302‌

IES

Holdings,

Inc.

(b)

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

4,343

854,181‌

Sterling

Infrastructure,

Inc.

(b)

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

29,306

4,379,196‌

Valmont

Industries,

Inc.

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

5,878

1,723,547‌

WillScot

Holdings

Corp.

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

44,661

1,121,884‌

39,712,922‌

Construction

Materials

—

0.1%

Knife

River

Corp.

(a)

(b)

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

14,013

1,308,534‌

Consumer

Finance

—

1.0%

Bread

Financial

Holdings,

Inc.

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

4,515

214,237‌

Credit

Acceptance

Corp.

(b)

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

3,340

1,627,983‌

Green

Dot

Corp.

Class

(b)

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

43,433

363,534‌

LendingTree,

Inc.

(b)

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

10,336

533,234‌

Navient

Corp.

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

230,758

2,856,784‌

OneMain

Holdings,

Inc.

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

54,463

2,563,573‌

PROG

Holdings,

Inc.

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

65,380

1,723,417‌

SLM

Corp.

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

120,517

3,484,147‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Consumer

Finance

(continued)

SoFi

Technologies,

Inc.

(a)

(b)

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

233,604

2,922,386‌

16,289,295‌

Consumer

Staples

Distribution

Retail

—

1.8%

Albertsons

Cos.,

Inc.

Class

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

142,279

3,127,292‌

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

.......

14,679

1,725,663‌

Casey's

General

Stores,

Inc.

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

3,551

1,642,657‌

Ingles

Markets,

Inc.

Class

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

61,135

3,771,418‌

Sprouts

Farmers

Market,

Inc.

(a)

(b)

..........

62,722

10,725,462‌

United

Natural

Foods,

Inc.

(b)

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

21,808

582,492‌

Foods

Holding

Corp.

(b)

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

49,700

3,263,302‌

Walgreens

Boots

Alliance,

Inc.

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

305,345

3,349,635‌

28,187,921‌

Containers

Packaging

—

0.4%

Amcor

plc

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

205

1,881‌

Graphic

Packaging

Holding

Co.

...........

168,765

4,271,442‌

Greif,

Inc.

Class

NVS

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

3,341

175,336‌

O-I

Glass,

Inc.

(b)

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

47,204

597,603‌

Sealed

Air

Corp.

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

11,520

317,491‌

Sonoco

Products

Co.

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

34,433

1,411,753‌

6,775,506‌

Diversified

Consumer

Services

—

2.0%

ADT,

Inc.

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

58,180

466,604‌

Adtalem

Global

Education,

Inc.

(b)

..........

9,626

1,022,281‌

Coursera,

Inc.

(b)

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

239,735

2,018,569‌

Duolingo,

Inc.

Class

(b)

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

22,592

8,799,132‌

Frontdoor,

Inc.

(b)

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

8,499

349,394‌

H&R

Block,

Inc.

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

123,587

7,460,947‌

Perdoceo

Education

Corp.

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

183,949

4,620,799‌

Service

Corp.

International

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

24,305

1,941,970‌

Stride,

Inc.

(b)

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

29,245

4,160,101‌

Udemy,

Inc.

(b)

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

68,104

467,874‌

31,307,671‌

Diversified

Telecommunication

Services

—

0.7%

AST

SpaceMobile,

Inc.

Class

(a)

(b)

.........

29,040

674,018‌

Bandwidth,

Inc.

Class

(b)

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

86,975

1,080,229‌

Frontier

Communications

Parent,

Inc.

(b)

......

63,995

2,319,819‌

IDT

Corp.

Class

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

13,106

658,577‌

IHS

Holding

Ltd.

(b)

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

134,713

660,094‌

Liberty

Global

Ltd.

Class

(b)

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

147,875

1,619,231‌

Liberty

Global

Ltd.

Class

NVS

(b)

.........

105,459

1,195,905‌

Liberty

Latin

America

Ltd.

Class

(b)

........

212,374

1,151,067‌

Liberty

Latin

America

Ltd.

Class

NVS

(b)

....

45,053

247,792‌

Lumen

Technologies,

Inc.

(a)

(b)

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

512,810

1,815,347‌

11,422,079‌

Electric

Utilities

—

1.0%

Hawaiian

Electric

Industries,

Inc.

(b)

.........

122,113

1,282,187‌

IDACORP,

Inc.

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

63,926

7,549,021‌

OGE

Energy

Corp.

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

53,465

2,426,242‌

Oklo,

Inc.

(a)

(b)

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

17,733

420,981‌

Otter

Tail

Corp.

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

14,640

1,162,123‌

Portland

General

Electric

Co.

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

27,077

1,140,483‌

TXNM

Energy,

Inc.

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

43,035

2,289,462‌

16,270,499‌

Electrical

Equipment

—

1.5%

Acuity,

Inc.

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

21,154

5,153,326‌

American

Superconductor

Corp.

(b)

.........

25,720

510,542‌

Array

Technologies,

Inc.

(a)

(b)

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

174,493

834,077‌

Atkore,

Inc.

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

22,003

1,405,332‌

EnerSys

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

7,405

641,273‌

Fluence

Energy,

Inc.

Class

(a)

(b)

..........

81,647

333,936‌

Generac

Holdings,

Inc.

(b)

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

11,212

1,282,429‌

Security

Value

Electrical

Equipment

(continued)

NEXTracker,

Inc.

Class

(b)

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

5,863

238,096‌

nVent

Electric

plc

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

122,163

6,707,970‌

Powell

Industries,

Inc.

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

22,855

4,184,979‌

Regal

Rexnord

Corp.

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

12,774

1,352,000‌

Thermon

Group

Holdings,

Inc.

(b)

...........

31,529

827,006‌

23,470,966‌

Electronic

Equipment,

Instruments

Components

—

2.6%

Advanced

Energy

Industries,

Inc.

..........

2,508

244,304‌

Arlo

Technologies,

Inc.

(b)

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

81,469

800,840‌

Arrow

Electronics,

Inc.

(b)

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

27,998

3,117,857‌

Badger

Meter,

Inc.

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

13,105

2,893,846‌

Belden,

Inc.

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

12,906

1,330,738‌

Coherent

Corp.

(b)

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

5,855

376,594‌

Crane

NXT

Co.

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

28,269

1,326,381‌

ePlus,

Inc.

(b)

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

16,229

1,012,040‌

Fabrinet

(b)

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

4,269

875,401‌

Flex

Ltd.

(b)

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

151,991

5,219,371‌

Insight

Enterprises,

Inc.

(b)

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

7,147

988,287‌

Itron,

Inc.

(b)

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

16,764

1,865,666‌

Jabil,

Inc.

(a)

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

65,851

9,651,123‌

Knowles

Corp.

(b)

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

79,849

1,256,823‌

Littelfuse,

Inc.

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

3,839

699,888‌

Mirion

Technologies,

Inc.

Class

(b)

........

71,188

1,123,347‌

Napco

Security

Technologies,

Inc.

.........

40,821

932,760‌

Novanta,

Inc.

(b)

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

14,836

1,763,407‌

OSI

Systems,

Inc.

(a)

(b)

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

1,850

378,769‌

Sanmina

Corp.

(b)

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

33,869

2,600,801‌

Vishay

Intertechnology,

Inc.

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

97,998

1,272,994‌

Vontier

Corp.

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

24,054

765,158‌

40,496,395‌

Energy

Equipment

Services

—

0.9%

Archrock,

Inc.

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

92,374

2,173,560‌

ChampionX

Corp.

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

67,169

1,620,788‌

Helmerich

Payne,

Inc.

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

51,334

969,699‌

Nabors

Industries

Ltd.

(b)

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

17,207

461,836‌

NOV,

Inc.

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

139,433

1,618,817‌

Oceaneering

International,

Inc.

(b)

..........

73,004

1,295,821‌

Oil

States

International,

Inc.

(b)

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

39,432

138,407‌

Patterson-UTI

Energy,

Inc.

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

242,019

1,364,987‌

Select

Water

Solutions,

Inc.

Class

........

80,260

683,815‌

Transocean

Ltd.

(a)

(b)

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

151,196

322,048‌

Weatherford

International

plc

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

76,348

3,160,807‌

13,810,585‌

Entertainment

—

0.0%

Roku,

Inc.

Class

(b)

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

11,467

781,820‌

Financial

Services

—

2.2%

Affirm

Holdings,

Inc.

Class

(b)

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

48,913

2,433,911‌

AvidXchange

Holdings,

Inc.

(b)

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

95,345

775,155‌

Banco

Latinoamericano

Comercio

Exterior

Class

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

109,853

4,207,370‌

Euronet

Worldwide,

Inc.

(a)

(b)

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

15,361

1,522,275‌

EVERTEC,

Inc.

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

13,364

453,574‌

Federal

Agricultural

Mortgage

Corp.

Class

NVS

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

8,905

1,561,314‌

Flywire

Corp.

(b)

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

33,715

317,258‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

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

43,782

1,093,674‌

Jackson

Financial,

Inc.

Class

...........

10,246

798,266‌

MGIC

Investment

Corp.

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

69,336

1,727,160‌

Cooper

Group,

Inc.

(b)

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

76,797

9,139,611‌

NCR

Atleos

Corp.

(b)

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

6,370

177,850‌

PennyMac

Financial

Services,

Inc.

.........

6,890

671,362‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Financial

Services

(continued)

Radian

Group,

Inc.

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

32,070

1,024,316‌

Rocket

Cos.,

Inc.

Class

(a)

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

23,014

297,111‌

StoneCo

Ltd.

Class

(b)

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

96,621

1,358,491‌

Toast,

Inc.

Class

(b)

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

109,356

3,890,886‌

Voya

Financial,

Inc.

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

37,252

2,205,318‌

Walker

Dunlop,

Inc.

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

3,905

298,889‌

WEX,

Inc.

(b)

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

9,761

1,272,542‌

35,226,333‌

Food

Products

—

0.7%

Adecoagro

(a)

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

141,346

1,320,172‌

B&G

Foods,

Inc.

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

62,675

431,831‌

Cal-Maine

Foods,

Inc.

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

4,398

410,641‌

Flowers

Foods,

Inc.

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

51,325

902,807‌

Hain

Celestial

Group,

Inc.

(The)

(b)

..........

130,795

397,617‌

John

Sanfilippo

Son,

Inc.

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

38,171

2,529,592‌

Lancaster

Colony

Corp.

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

2,384

388,068‌

Pilgrim's

Pride

Corp.

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

33,199

1,812,001‌

Post

Holdings,

Inc.

(b)

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

5,747

650,388‌

Tootsie

Roll

Industries,

Inc.

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

6,411

205,152‌

TreeHouse

Foods,

Inc.

(a)

(b)

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

13,035

303,585‌

Utz

Brands,

Inc.

Class

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

27,519

365,727‌

Vital

Farms,

Inc.

(b)

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

28,989

992,583‌

Kellogg

Co.

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

62,778

1,125,610‌

11,835,774‌

Gas

Utilities

—

1.0%

MDU

Resources

Group,

Inc.

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

38,806

665,135‌

National

Fuel

Gas

Co.

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

39,016

2,995,648‌

New

Jersey

Resources

Corp.

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

54,044

2,644,913‌

Northwest

Natural

Holding

Co.

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

4,785

206,234‌

ONE

Gas,

Inc.

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

32,069

2,517,737‌

Southwest

Gas

Holdings,

Inc.

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

2,802

202,332‌

Spire,

Inc.

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

32,451

2,483,800‌

UGI

Corp.

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

127,238

4,172,134‌

15,887,933‌

Ground

Transportation

—

0.8%

Avis

Budget

Group,

Inc.

(b)

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

22,539

2,087,788‌

Landstar

System,

Inc.

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

9,626

1,291,328‌

Lyft,

Inc.

Class

(b)

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

146,157

1,812,347‌

Ryder

System,

Inc.

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

31,229

4,299,296‌

Saia,

Inc.

(b)

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

2,560

624,640‌

XPO,

Inc.

(a)

(b)

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

25,225

2,676,877‌

12,792,276‌

Health

Care

Equipment

Supplies

—

2.3%

AtriCure,

Inc.

(b)

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

16,910

505,778‌

Cerus

Corp.

(b)

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

491,640

648,965‌

CONMED

Corp.

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

16,834

826,718‌

Dentsply

Sirona,

Inc.

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

299,975

4,169,652‌

Embecta

Corp.

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

20,664

251,894‌

Envista

Holdings

Corp.

(a)

(b)

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

61,024

981,266‌

Glaukos

Corp.

(b)

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

12,592

1,186,796‌

Globus

Medical,

Inc.

Class

(a)

(b)

..........

5,950

427,031‌

Haemonetics

Corp.

(b)

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

36,242

2,283,971‌

Inmode

Ltd.

(b)

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

43,908

619,103‌

Inspire

Medical

Systems,

Inc.

(b)

...........

10,770

1,705,753‌

Integer

Holdings

Corp.

(b)

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

6,250

789,438‌

iRhythm

Technologies,

Inc.

(a)

(b)

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

10,930

1,168,308‌

Lantheus

Holdings,

Inc.

(b)

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

33,409

3,485,895‌

LeMaitre

Vascular,

Inc.

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

4,231

383,921‌

LivaNova

plc

(b)

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

68,387

2,530,319‌

Masimo

Corp.

(b)

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

9,195

1,480,027‌

Merit

Medical

Systems,

Inc.

(a)

(b)

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

24,737

2,336,410‌

OraSure

Technologies,

Inc.

(b)

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

103,556

309,632‌

Security

Value

Health

Care

Equipment

Supplies

(continued)

Orthofix

Medical,

Inc.

(b)

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

27,259

379,173‌

Penumbra,

Inc.

(b)

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

5,262

1,540,924‌

Sight

Sciences,

Inc.

(b)

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

59,228

180,645‌

Solventum

Corp.

(a)

(b)

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

82,259

5,438,965‌

Teleflex,

Inc.

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

16,659

2,283,116‌

35,913,700‌

Health

Care

Providers

Services

—

1.8%

Alignment

Healthcare,

Inc.

(b)

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

37,021

656,012‌

AMN

Healthcare

Services,

Inc.

(b)

...........

25,237

515,592‌

Brookdale

Senior

Living,

Inc.

(b)

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

238,946

1,567,486‌

Chemed

Corp.

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

9,477

5,510,970‌

Encompass

Health

Corp.

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

8,709

1,018,866‌

Ensign

Group,

Inc.

(The)

(a)

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

17,535

2,261,840‌

Guardant

Health,

Inc.

(a)

(b)

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

88,904

4,198,936‌

HealthEquity,

Inc.

(b)

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

2,273

194,841‌

Henry

Schein,

Inc.

(b)

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

9,999

649,635‌

Hims

Hers

Health,

Inc.

Class

(b)

.........

81,450

2,695,995‌

Joint

Corp.

(The)

(b)

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

16,383

163,994‌

Nano-X

Imaging

Ltd.

(a)

(b)

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

48,726

245,092‌

National

Research

Corp.

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

33,720

383,059‌

Option

Care

Health,

Inc.

(b)

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

62,588

2,022,218‌

Owens

Minor,

Inc.

(b)

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

63,822

450,583‌

PACS

Group,

Inc.

(b)

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

51,009

491,217‌

Tenet

Healthcare

Corp.

(b)

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

35,328

5,050,138‌

28,076,474‌

Health

Care

REITs

—

0.3%

Medical

Properties

Trust,

Inc.

(a)

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

287,593

1,587,513‌

National

Health

Investors,

Inc.

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

10,241

774,936‌

Omega

Healthcare

Investors,

Inc.

..........

42,491

1,659,274‌

4,021,723‌

Health

Care

Technology

—

0.5%

Claritev

Corp.

(a)

(b)

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

7,967

178,700‌

Definitive

Healthcare

Corp.

Class

(b)

.......

266,991

726,215‌

Doximity,

Inc.

Class

(b)

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

52,084

2,962,538‌

Evolent

Health,

Inc.

Class

(a)

(b)

...........

24,002

236,660‌

Health

Catalyst,

Inc.

(b)

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

35,893

141,777‌

HealthStream,

Inc.

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

29,425

989,563‌

Teladoc

Health,

Inc.

(a)

(b)

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

301,222

2,165,786‌

Waystar

Holding

Corp.

(b)

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

11,692

434,592‌

7,835,831‌

Hotel

Resort

REITs

—

0.2%

Park

Hotels

Resorts,

Inc.

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

65,257

648,654‌

Pebblebrook

Hotel

Trust

(a)

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

14,319

129,587‌

RLJ

Lodging

Trust

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

41,064

287,859‌

Ryman

Hospitality

Properties,

Inc.

.........

2,161

190,060‌

Service

Properties

Trust

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

337,586

607,655‌

Sunstone

Hotel

Investors,

Inc.

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

28,526

237,907‌

Xenia

Hotels

Resorts,

Inc.

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

36,591

390,792‌

2,492,514‌

Hotels,

Restaurants

Leisure

—

2.8%

Arcos

Dorados

Holdings,

Inc.

Class

.......

164,684

1,259,833‌

Bloomin'

Brands,

Inc.

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

132,328

1,061,271‌

Boyd

Gaming

Corp.

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

3,435

237,496‌

Brinker

International,

Inc.

(b)

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

9,355

1,256,376‌

Cava

Group,

Inc.

(b)

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

45,378

4,194,289‌

Cheesecake

Factory,

Inc.

(The)

...........

8,284

417,265‌

Churchill

Downs,

Inc.

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

4,700

424,927‌

Despegar.com

Corp.

(b)

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

64,605

1,257,213‌

Dine

Brands

Global,

Inc.

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

20,179

401,764‌

International

Game

Technology

plc

.........

125,773

2,062,677‌

Jack

the

Box,

Inc.

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

34,394

895,620‌

Life

Time

Group

Holdings,

Inc.

(b)

...........

20,682

634,110‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Hotels,

Restaurants

Leisure

(continued)

Light

Wonder,

Inc.

Class

(b)

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

33,338

2,846,398‌

MakeMyTrip

Ltd.

(b)

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

29,446

3,086,530‌

Marriott

Vacations

Worldwide

Corp.

.........

13,497

739,771‌

Papa

John's

International,

Inc.

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

17,732

612,286‌

Planet

Fitness,

Inc.

Class

(b)

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

15,831

1,497,454‌

PlayAGS,

Inc.

(b)

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

61,185

741,562‌

Six

Flags

Entertainment

Corp.

(a)

...........

23,503

808,738‌

Super

Group

SGHC

Ltd.

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

83,573

678,613‌

Sweetgreen,

Inc.

Class

(a)

(b)

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

12,404

241,630‌

Texas

Roadhouse,

Inc.

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

6,729

1,116,745‌

Travel

Leisure

Co.

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

54,740

2,404,728‌

United

Parks

Resorts,

Inc.

(a)

(b)

...........

53,890

2,352,298‌

Vail

Resorts,

Inc.

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

11,705

1,629,336‌

Wendy's

Co.

(The)

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

122,467

1,530,837‌

Wingstop,

Inc.

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

19,855

5,239,536‌

Wyndham

Hotels

Resorts,

Inc.

..........

23,295

1,987,064‌

Wynn

Resorts

Ltd.

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

29,964

2,406,409‌

44,022,776‌

Household

Durables

—

1.6%

Cavco

Industries,

Inc.

(b)

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

1,458

720,033‌

Champion

Homes,

Inc.

(b)

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

8,187

708,176‌

Helen

Troy

Ltd.

(b)

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

7,718

215,023‌

Hovnanian

Enterprises,

Inc.

Class

(b)

.......

7,218

698,702‌

Installed

Building

Products,

Inc.

...........

6,615

1,096,965‌

Home

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

17,219

930,343‌

Lovesac

Co.

(The)

(b)

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

51,142

994,712‌

Newell

Brands,

Inc.

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

196,293

938,281‌

SharkNinja,

Inc.

(b)

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

48,779

3,926,709‌

Somnigroup

International,

Inc.

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

78,162

4,772,572‌

Sonos,

Inc.

(b)

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

63,246

582,496‌

Taylor

Morrison

Home

Corp.

(b)

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

24,231

1,389,648‌

Toll

Brothers,

Inc.

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

26,191

2,641,886‌

TopBuild

Corp.

(b)

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

10,795

3,192,729‌

TRI

Pointe

Homes,

Inc.

(b)

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

62,758

1,929,809‌

Whirlpool

Corp.

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

7,855

599,179‌

25,337,263‌

Household

Products

—

0.1%

Central

Garden

Pet

Co.

Class

NVS

(b)

....

31,094

919,450‌

Energizer

Holdings,

Inc.

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

6,824

184,521‌

Spectrum

Brands

Holdings,

Inc.

...........

19,721

1,244,395‌

2,348,366‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

AES

Corp.

(The)

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

212,741

2,127,410‌

Clearway

Energy,

Inc.

Class

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

95,640

2,615,754‌

Talen

Energy

Corp.

(a)

(b)

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

12,655

2,721,837‌

7,465,001‌

Industrial

REITs

—

0.6%

EastGroup

Properties,

Inc.

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

9,721

1,588,606‌

First

Industrial

Realty

Trust,

Inc.

...........

109,506

5,210,295‌

Industrial

Logistics

Properties

Trust

.........

289,880

759,486‌

LXP

Industrial

Trust

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

134,018

1,057,402‌

STAG

Industrial,

Inc.

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

18,992

627,306‌

9,243,095‌

Insurance

—

3.1%

Ambac

Financial

Group,

Inc.

(b)

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

111,233

887,639‌

Assurant,

Inc.

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

14,613

2,816,510‌

Assured

Guaranty

Ltd.

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

52,882

4,639,338‌

Axis

Capital

Holdings

Ltd.

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

2,650

255,248‌

CNO

Financial

Group,

Inc.

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

76,327

2,895,846‌

Employers

Holdings,

Inc.

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

6,767

328,809‌

First

American

Financial

Corp.

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

41,370

2,515,710‌

Genworth

Financial,

Inc.

Class

(b)

.........

239,970

1,646,194‌

Security

Value

Insurance

(continued)

Hamilton

Insurance

Group

Ltd.

Class

(b)

....

112,172

2,075,182‌

Kinsale

Capital

Group,

Inc.

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

6,288

2,736,915‌

Lemonade,

Inc.

(a)

(b)

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

20,382

595,562‌

Mercury

General

Corp.

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

18,105

1,003,379‌

Old

Republic

International

Corp.

...........

202,104

7,599,110‌

Oscar

Health,

Inc.

Class

(a)

(b)

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

125,779

1,636,385‌

Primerica,

Inc.

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

17,192

4,505,508‌

RenaissanceRe

Holdings

Ltd.

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

14,914

3,608,144‌

RLI

Corp.

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

6,931

512,963‌

Ryan

Specialty

Holdings,

Inc.

Class

.......

30,565

2,002,313‌

Universal

Insurance

Holdings,

Inc.

.........

27,431

664,928‌

Unum

Group

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

47,385

3,679,919‌

White

Mountains

Insurance

Group

Ltd.

(a)

.....

1,496

2,644,105‌

49,249,707‌

Interactive

Media

Services

—

0.9%

Angi,

Inc.

(b)

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

52,175

597,925‌

Bumble,

Inc.

Class

(b)

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

241,294

1,018,261‌

Cargurus,

Inc.

Class

(b)

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

56,825

1,588,827‌

Cars.com,

Inc.

(b)

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

73,866

859,800‌

IAC,

Inc.

(b)

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

14,103

492,759‌

Match

Group,

Inc.

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

58,702

1,741,101‌

Reddit,

Inc.

Class

(b)

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

33,402

3,893,671‌

Shutterstock,

Inc.

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

63,321

1,010,603‌

Vimeo,

Inc.

(b)

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

351,304

1,770,572‌

Yelp,

Inc.

(b)

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

23,483

823,784‌

ZipRecruiter,

Inc.

Class

(a)

(b)

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

97,454

502,863‌

14,300,166‌

Services

—

0.8%

(b)

ASGN,

Inc.

(a)

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

2,742

138,142‌

Couchbase,

Inc.

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

113,371

1,999,865‌

DXC

Technology

Co.

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

18,289

283,845‌

Kyndryl

Holdings,

Inc.

(a)

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

41,822

1,355,869‌

Rackspace

Technology,

Inc.

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

105,112

142,952‌

Wix.com

Ltd.

(a)

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

47,166

7,998,882‌

11,919,555‌

Leisure

Products

—

0.7%

Acushnet

Holdings

Corp.

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

35,357

2,341,341‌

Brunswick

Corp.

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

20,896

962,261‌

Hasbro,

Inc.

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

65,688

4,066,087‌

Latham

Group,

Inc.

(a)

(b)

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

77,293

422,406‌

Mattel,

Inc.

(b)

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

112,934

1,794,521‌

Polaris,

Inc.

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

3,584

121,713‌

YETI

Holdings,

Inc.

(a)

(b)

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

37,547

1,071,967‌

10,780,296‌

Life

Sciences

Tools

Services

—

0.7%

Bruker

Corp.

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

38,690

1,549,921‌

Charles

River

Laboratories

International,

Inc.

(b)

3,737

443,283‌

Medpace

Holdings,

Inc.

(b)

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

21,005

6,477,732‌

Mesa

Laboratories,

Inc.

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

2,644

304,721‌

Repligen

Corp.

(b)

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

10,136

1,398,667‌

Tempus

AI,

Inc.

(a)

(b)

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

23,344

1,206,184‌

11,380,508‌

Machinery

—

4.3%

AGCO

Corp.

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

39,668

3,365,037‌

Allison

Transmission

Holdings,

Inc.

.........

73,745

6,802,239‌

Crane

Co.

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

37,344

6,011,637‌

Donaldson

Co.,

Inc.

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

43,606

2,866,222‌

Enerpac

Tool

Group

Corp.

Class

.........

35,206

1,421,266‌

Esab

Corp.

(a)

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

25,614

3,076,754‌

Federal

Signal

Corp.

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

4,234

344,775‌

Gates

Industrial

Corp.

plc

(b)

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

33,800

639,496‌

Graco,

Inc.

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

62,702

5,117,110‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Machinery

(continued)

Hillenbrand,

Inc.

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

22,244

449,996‌

ITT,

Inc.

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

37,656

5,159,625‌

Kadant,

Inc.

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

3,321

979,695‌

Lincoln

Electric

Holdings,

Inc.

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

4,785

843,117‌

Manitowoc

Co.,

Inc.

(The)

(b)

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

35,490

279,661‌

Middleby

Corp.

(The)

(a)

(b)

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

11,317

1,509,122‌

Mueller

Industries,

Inc.

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

97,806

7,194,609‌

Nordson

Corp.

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

10,615

2,012,286‌

REV

Group,

Inc.

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

45,320

1,481,964‌

SPX

Technologies,

Inc.

(b)

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

33,399

4,480,476‌

Tennant

Co.

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

12,027

867,868‌

Terex

Corp.

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

64,507

2,270,646‌

Timken

Co.

(The)

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

40,863

2,625,448‌

Toro

Co.

(The)

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

25,822

1,763,126‌

Trinity

Industries,

Inc.

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

28,012

703,101‌

Wabash

National

Corp.

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

103,049

712,069‌

Watts

Water

Technologies,

Inc.

Class

......

10,732

2,229,573‌

Worthington

Enterprises,

Inc.

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

36,161

1,830,831‌

67,037,749‌

Marine

Transportation

—

0.2%

Matson,

Inc.

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

23,202

2,531,106‌

ZIM

Integrated

Shipping

Services

Ltd.

.......

46,698

716,814‌

3,247,920‌

Media

—

1.3%

AMC

Networks,

Inc.

Class

(b)

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

193,011

1,235,271‌

EchoStar

Corp.

Class

(a)

(b)

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

89,330

2,008,138‌

John

Wiley

Sons,

Inc.

Class

..........

24,144

1,053,644‌

Liberty

Broadband

Corp.

Class

(b)

.........

82,876

7,380,108‌

New

York

Times

Co.

(The)

Class

.........

40,851

2,126,703‌

Nexstar

Media

Group,

Inc.

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

8,327

1,246,219‌

Paramount

Global

Class

NVS

..........

178,572

2,096,435‌

Sinclair,

Inc.

Class

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

11,091

159,710‌

Sirius

Holdings,

Inc.

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

68,522

1,467,741‌

TEGNA,

Inc.

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

92,717

1,504,797‌

20,278,766‌

Metals

Mining

—

1.8%

Alcoa

Corp.

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

59,939

1,470,304‌

Algoma

Steel

Group,

Inc.

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

27,382

140,059‌

Alpha

Metallurgical

Resources,

Inc.

(b)

.......

10,460

1,269,321‌

ATI,

Inc.

(b)

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

44,200

2,403,596‌

Carpenter

Technology

Corp.

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

15,763

3,083,400‌

Commercial

Metals

Co.

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

42,916

1,911,479‌

Kaiser

Aluminum

Corp.

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

3,127

201,566‌

Materion

Corp.

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

4,060

337,021‌

Nexa

Resources

(b)

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

36,577

213,610‌

Reliance,

Inc.

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

29,076

8,380,575‌

Royal

Gold,

Inc.

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

17,712

3,236,160‌

Ryerson

Holding

Corp.

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

22,271

520,696‌

United

States

Steel

Corp.

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

50,028

2,186,724‌

Warrior

Met

Coal,

Inc.

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

11,609

555,142‌

Worthington

Steel,

Inc.

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

86,252

2,213,226‌

28,122,879‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.7%

AGNC

Investment

Corp.

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

311,538

2,750,881‌

BrightSpire

Capital,

Inc.

Class

..........

91,818

460,008‌

Franklin

BSP

Realty

Trust,

Inc.

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

12,079

137,459‌

Granite

Point

Mortgage

Trust,

Inc.

.........

295,711

582,551‌

Invesco

Mortgage

Capital,

Inc.

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

74,860

548,724‌

KKR

Real

Estate

Finance

Trust,

Inc.

........

61,542

569,263‌

Ladder

Capital

Corp.

Class

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

140,664

1,468,532‌

MFA

Financial,

Inc.

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

248,224

2,437,560‌

Starwood

Property

Trust,

Inc.

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

54,302

1,042,055‌

Security

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Two

Harbors

Investment

Corp.

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

36,215

429,872‌

10,426,905‌

Multi-Utilities

—

0.0%

Black

Hills

Corp.

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

3,152

191,957‌

Unitil

Corp.

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

3,404

199,678‌

391,635‌

Office

REITs

—

1.9%

Brandywine

Realty

Trust

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

466,260

1,846,390‌

COPT

Defense

Properties

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

18,956

494,941‌

Cousins

Properties,

Inc.

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

49,398

1,360,421‌

Douglas

Emmett,

Inc.

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

88,190

1,219,668‌

Equity

Commonwealth

(c)

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

118,058

1‌

Highwoods

Properties,

Inc.

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

103,527

2,944,308‌

Hudson

Pacific

Properties,

Inc.

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

247,650

507,682‌

JBG

SMITH

Properties

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

147,374

2,060,288‌

Kilroy

Realty

Corp.

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

57,161

1,801,143‌

Office

Properties

Income

Trust

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

408,443

167,462‌

Paramount

Group,

Inc.

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

646,357

2,772,872‌

Piedmont

Office

Realty

Trust,

Inc.

Class

....

322,817

1,907,848‌

Green

Realty

Corp.

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

117,262

6,169,154‌

Vornado

Realty

Trust

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

177,523

6,263,011‌

29,515,189‌

Oil,

Gas

Consumable

Fuels

—

3.0%

Antero

Midstream

Corp.

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

453,357

7,503,058‌

Antero

Resources

Corp.

(b)

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

127,911

4,455,140‌

APA

Corp.

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

177,501

2,758,365‌

Berry

Corp.

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

71,822

178,119‌

California

Resources

Corp.

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

30,417

1,049,691‌

Chord

Energy

Corp.

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

3,855

347,837‌

CNX

Resources

Corp.

(a)

(b)

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

86,891

2,557,202‌

Core

Natural

Resources,

Inc.

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

4,793

346,102‌

CVR

Energy,

Inc.

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

85,922

1,620,489‌

Delek

Holdings,

Inc.

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

91,587

1,192,463‌

Dorian

LPG

Ltd.

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

26,137

559,855‌

Midstream,

Inc.

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

36,813

3,578,224‌

Expand

Energy

Corp.

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

69,163

7,186,036‌

Gulfport

Energy

Corp.

(b)

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

4,269

736,402‌

Sinclair

Corp.

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

5,371

161,506‌

Kosmos

Energy

Ltd.

(b)

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

227,397

350,191‌

Murphy

Oil

Corp.

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

105,224

2,160,249‌

Ovintiv,

Inc.

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

101,627

3,412,635‌

PBF

Energy,

Inc.

Class

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

13,346

229,284‌

Permian

Resources

Corp.

Class

.........

24,791

292,534‌

Range

Resources

Corp.

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

106,182

3,602,755‌

Sable

Offshore

Corp.

Class

(b)

...........

23,615

440,656‌

SFL

Corp.

Ltd.

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

106,342

874,131‌

Energy

Co.

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

41,580

947,608‌

W&T

Offshore,

Inc.

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

104,158

119,782‌

46,660,314‌

Paper

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

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

58,560

5,054,313‌

Mercer

International,

Inc.

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

145,634

650,984‌

Sylvamo

Corp.

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

3,551

211,711‌

5,917,008‌

Passenger

Airlines

—

0.1%

Copa

Holdings

Class

NVS

..........

5,271

483,667‌

SkyWest,

Inc.

(b)

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

10,895

971,507‌

1,455,174‌

Personal

Care

Products

—

0.5%

BellRing

Brands,

Inc.

(b)

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

14,520

1,120,073‌

Coty,

Inc.

Class

(b)

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

135,309

683,310‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Personal

Care

Products

(continued)

Edgewell

Personal

Care

Co.

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

5,397

164,878‌

elf

Beauty,

Inc.

(b)

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

29,334

1,814,895‌

Herbalife

Ltd.

(b)

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

101,338

729,634‌

Interparfums,

Inc.

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

10,877

1,187,768‌

Medifast,

Inc.

(b)

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

63,992

840,855‌

Skin

Enterprises,

Inc.

Class

..........

104,961

664,403‌

Olaplex

Holdings,

Inc.

(a)

(b)

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

362,627

475,041‌

USANA

Health

Sciences,

Inc.

(b)

...........

11,564

324,833‌

8,005,690‌

Pharmaceuticals

—

1.5%

Amneal

Pharmaceuticals,

Inc.

Class

(b)

.....

133,163

1,020,029‌

Amphastar

Pharmaceuticals,

Inc.

(b)

.........

27,433

669,640‌

Amylyx

Pharmaceuticals,

Inc.

(a)

(b)

..........

230,850

1,179,643‌

Axsome

Therapeutics,

Inc.

(b)

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

41,874

4,702,031‌

Corcept

Therapeutics,

Inc.

(a)

(b)

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

64,273

4,619,943‌

Elanco

Animal

Health,

Inc.

(b)

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

103,096

977,350‌

EyePoint

Pharmaceuticals,

Inc.

(b)

..........

79,366

541,276‌

Harrow,

Inc.

(b)

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

16,906

418,762‌

Innoviva,

Inc.

(b)

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

88,312

1,650,551‌

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

...........

14,171

1,556,826‌

Perrigo

Co.

plc

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

63,478

1,632,654‌

Prestige

Consumer

Healthcare,

Inc.

(b)

.......

19,429

1,578,218‌

Supernus

Pharmaceuticals,

Inc.

(b)

..........

13,645

443,190‌

Tarsus

Pharmaceuticals,

Inc.

(b)

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

33,024

1,714,276‌

Tilray

Brands,

Inc.

Class

(a)

(b)

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

324,104

157,223‌

22,861,612‌

Professional

Services

—

2.3%

Alight,

Inc.

Class

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

214,726

1,097,250‌

Amentum

Holdings,

Inc.

(b)

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

120,156

2,621,804‌

CACI

International,

Inc.

Class

(b)

.........

586

268,312‌

Clarivate

plc

(a)

(b)

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

95,348

410,950‌

Conduent,

Inc.

(b)

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

51,072

107,762‌

CRA

International,

Inc.

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

3,207

520,176‌

Dun

Bradstreet

Holdings,

Inc.

...........

42,026

376,973‌

ExlService

Holdings,

Inc.

(b)

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

65,991

3,199,244‌

Exponent,

Inc.

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

9,293

731,173‌

Fiverr

International

Ltd.

(a)

(b)

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

50,732

1,291,129‌

FTI

Consulting,

Inc.

(b)

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

3,465

576,160‌

Heidrick

Struggles

International,

Inc.

......

119,503

4,663,007‌

Huron

Consulting

Group,

Inc.

(a)

(b)

..........

38,048

5,128,490‌

ICF

International,

Inc.

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

12,320

1,046,707‌

Insperity,

Inc.

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

27,639

1,796,811‌

KBR,

Inc.

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

31,857

1,682,368‌

Kforce,

Inc.

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

50,576

1,932,003‌

Korn

Ferry

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

4,372

269,752‌

Legalzoom.com,

Inc.

(b)

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

207,554

1,519,295‌

ManpowerGroup,

Inc.

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

10,738

462,486‌

Maximus,

Inc.

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

9,847

659,355‌

Paylocity

Holding

Corp.

(b)

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

12,695

2,438,710‌

Robert

Half,

Inc.

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

41,508

1,838,804‌

TriNet

Group,

Inc.

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

12,929

1,012,729‌

Solutions,

Inc.

Class

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

6,411

366,645‌

Upwork,

Inc.

(a)

(b)

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

17,878

235,096‌

36,253,191‌

Real

Estate

Management

Development

—

0.4%

Anywhere

Real

Estate,

Inc.

(b)

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

237,426

821,494‌

Compass,

Inc.

Class

(b)

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

46,702

360,540‌

Cushman

Wakefield

plc

(b)

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

6,946

65,084‌

eXp

World

Holdings,

Inc.

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

130,614

1,196,424‌

Kennedy-Wilson

Holdings,

Inc.

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

160,171

1,025,094‌

Redfin

Corp.

(a)

(b)

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

34,180

325,052‌

Security

Value

Real

Estate

Management

Development

(continued)

St.

Joe

Co.

(The)

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

54,678

2,313,973‌

6,107,661‌

Residential

REITs

—

0.3%

American

Homes

Rent

Class

..........

119,697

4,475,471‌

Apartment

Investment

Management

Co.

Class

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

63,145

499,477‌

4,974,948‌

Retail

REITs

—

1.6%

Alexander's,

Inc.

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

8,448

1,743,667‌

Brixmor

Property

Group,

Inc.

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

237,042

5,904,716‌

Federal

Realty

Investment

Trust

...........

9,280

872,506‌

InvenTrust

Properties

Corp.

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

78,468

2,186,118‌

Kimco

Realty

Corp.

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

114,633

2,290,367‌

Kite

Realty

Group

Trust

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

116,290

2,517,679‌

Macerich

Co.

(The)

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

243,405

3,568,317‌

NNN

REIT,

Inc.

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

42,780

1,758,686‌

Tanger,

Inc.

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

123,621

3,895,298‌

24,737,354‌

Semiconductors

Semiconductor

Equipment

—

2.2%

Astera

Labs,

Inc.

(a)

(b)

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

28,089

1,834,493‌

Axcelis

Technologies,

Inc.

(b)

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

27,973

1,370,118‌

Cirrus

Logic,

Inc.

(b)

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

26,043

2,501,170‌

Credo

Technology

Group

Holding

Ltd.

(b)

......

42,568

1,832,552‌

Enphase

Energy,

Inc.

(b)

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

51,682

2,304,500‌

Entegris,

Inc.

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

40,889

3,235,138‌

Impinj,

Inc.

(b)

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

15,883

1,463,301‌

Kulicke

Soffa

Industries,

Inc.

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

41,393

1,334,096‌

Lattice

Semiconductor

Corp.

(a)

(b)

...........

61,419

3,005,232‌

MACOM

Technology

Solutions

Holdings,

Inc.

(b)

12,421

1,288,679‌

MKS

Instruments,

Inc.

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

12,960

909,014‌

Onto

Innovation,

Inc.

(b)

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

16,786

2,047,388‌

Penguin

Solutions,

Inc.

(a)

(b)

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

28,012

478,165‌

Power

Integrations,

Inc.

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

3,090

151,781‌

Qorvo,

Inc.

(b)

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

25,205

1,806,442‌

Rambus,

Inc.

(b)

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

82,080

4,004,683‌

Rigetti

Computing,

Inc.

(a)

(b)

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

17,752

157,460‌

Semtech

Corp.

(a)

(b)

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

38,992

1,218,500‌

Silicon

Laboratories,

Inc.

(b)

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

5,404

549,911‌

Synaptics,

Inc.

(b)

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

24,298

1,352,427‌

Universal

Display

Corp.

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

3,888

488,449‌

Veeco

Instruments,

Inc.

(b)

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

65,100

1,217,370‌

34,550,869‌

Software

—

7.6%

A10

Networks,

Inc.

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

37,663

620,686‌

Adeia,

Inc.

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

94,260

1,160,341‌

Agilysys,

Inc.

(a)

(b)

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

6,390

475,096‌

Alarm.com

Holdings,

Inc.

(b)

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

8,073

432,713‌

Amplitude,

Inc.

Class

(b)

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

123,767

1,137,419‌

Appfolio,

Inc.

Class

(a)

(b)

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

4,999

1,032,393‌

Asana,

Inc.

Class

(b)

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

57,678

930,923‌

Aurora

Innovation,

Inc.

Class

(b)

..........

127,573

923,629‌

Bentley

Systems,

Inc.

Class

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

40,845

1,755,927‌

Blackbaud,

Inc.

(b)

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

27,499

1,664,789‌

BlackLine,

Inc.

(a)

(b)

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

47,542

2,245,409‌

Box,

Inc.

Class

(b)

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

43,581

1,360,599‌

Braze,

Inc.

Class

(b)

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

42,988

1,338,216‌

Cellebrite

Ltd.

(a)

(b)

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

114,464

2,265,243‌

Clear

Secure,

Inc.

Class

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

157,139

3,878,190‌

Cognyte

Software

Ltd.

(a)

(b)

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

169,415

1,660,267‌

Commvault

Systems,

Inc.

(b)

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

21,336

3,565,886‌

Core

Scientific,

Inc.

(a)

(b)

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

62,279

504,460‌

CyberArk

Software

Ltd.

(b)

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

6,798

2,393,984‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Security

Value

Software

(continued)

D-Wave

Quantum,

Inc.

(a)

(b)

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

40,293

278,425‌

Elastic

(b)

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

52,943

4,563,687‌

Five9,

Inc.

(b)

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

10,259

257,911‌

Gitlab,

Inc.

Class

(a)

(b)

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

112,044

5,229,093‌

Guidewire

Software,

Inc.

(b)

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

14,454

2,959,746‌

Intapp,

Inc.

(b)

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

67,058

3,638,567‌

InterDigital,

Inc.

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

9,167

1,842,567‌

JFrog

Ltd.

(a)

(b)

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

92,463

3,122,475‌

Klaviyo,

Inc.

Class

(a)

(b)

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

11,465

348,995‌

Life360,

Inc.

(a)

(b)

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

24,958

1,070,698‌

LiveRamp

Holdings,

Inc.

(b)

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

11,537

301,808‌

Manhattan

Associates,

Inc.

(b)

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

32,102

5,694,574‌

Monday.com

Ltd.

(b)

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

32,822

9,222,654‌

Nutanix,

Inc.

Class

(a)

(b)

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

145,300

9,982,110‌

OneSpan,

Inc.

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

10,929

162,514‌

PagerDuty,

Inc.

(b)

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

73,936

1,146,747‌

Pegasystems,

Inc.

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

20,115

1,852,189‌

Porch

Group,

Inc.

(b)

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

36,309

210,592‌

Procore

Technologies,

Inc.

(a)

(b)

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

107,637

6,898,455‌

Progress

Software

Corp.

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

47,739

2,862,430‌

PROS

Holdings,

Inc.

(b)

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

13,890

237,241‌

Holdings,

Inc.

(b)

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

12,487

989,595‌

Qualys,

Inc.

(b)

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

16,318

2,051,336‌

RADCOM

Ltd.

(b)

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

75,141

905,449‌

Rapid7,

Inc.

(b)

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

15,281

360,937‌

RingCentral,

Inc.

Class

(b)

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

92,511

2,359,030‌

Rubrik,

Inc.

Class

(b)

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

23,096

1,628,961‌

Samsara,

Inc.

Class

(a)

(b)

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

147,115

5,834,581‌

SentinelOne,

Inc.

Class

(b)

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

42,778

791,393‌

SimilarWeb

Ltd.

(b)

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

55,795

420,694‌

SoundHound

AI,

Inc.

Class

(a)

(b)

..........

52,088

483,898‌

Sprout

Social,

Inc.

Class

(b)

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

62,617

1,309,321‌

SPS

Commerce,

Inc.

(b)

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

2,876

412,735‌

Tenable

Holdings,

Inc.

(b)

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

14,384

439,719‌

UiPath,

Inc.

Class

(a)

(b)

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

73,146

873,363‌

Unity

Software,

Inc.

(a)

(b)

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

32,302

680,603‌

Varonis

Systems,

Inc.

(b)

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

36,388

1,558,862‌

Workiva,

Inc.

Class

(b)

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

65,571

4,935,529‌

Yext,

Inc.

(b)

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

328,422

2,233,270‌

Zeta

Global

Holdings

Corp.

Class

(b)

.......

11,214

146,455‌

119,645,379‌

Specialized

REITs

—

0.9%

CubeSmart

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

42,451

1,726,482‌

EPR

Properties

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

24,874

1,231,014‌

Gaming

Leisure

Properties,

Inc.

.........

68,312

3,269,412‌

Lamar

Advertising

Co.

Class

(a)

..........

47,305

5,383,782‌

Outfront

Media,

Inc.

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

36,784

556,542‌

Rayonier,

Inc.

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

37,966

928,649‌

Uniti

Group,

Inc.

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

259,101

1,274,777‌

14,370,658‌

Specialty

Retail

—

4.2%

Abercrombie

Fitch

Co.

Class

(b)

.........

50,187

3,483,982‌

Academy

Sports

Outdoors,

Inc.

..........

20,282

764,226‌

American

Eagle

Outfitters,

Inc.

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

48,560

511,337‌

Asbury

Automotive

Group,

Inc.

(b)

...........

5,364

1,170,103‌

AutoNation,

Inc.

(b)

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

22,449

3,909,493‌

Bath

Body

Works,

Inc.

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

117,513

3,585,322‌

Buckle,

Inc.

(The)

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

46,084

1,601,880‌

Caleres,

Inc.

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

48,257

735,437‌

Carvana

Co.

Class

(b)

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

45,095

11,018,963‌

Chewy,

Inc.

Class

(b)

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

17,354

650,775‌

Designer

Brands,

Inc.

Class

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

78,208

218,200‌

Dick's

Sporting

Goods,

Inc.

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

35,297

6,626,659‌

Security

Value

Specialty

Retail

(continued)

Foot

Locker,

Inc.

(b)

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

10,153

124,577‌

GameStop

Corp.

Class

(a)

(b)

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

106,898

2,978,178‌

Gap,

Inc.

(The)

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

207,056

4,534,526‌

Genesco,

Inc.

(b)

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

48,831

947,322‌

Group

Automotive,

Inc.

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

8,180

3,301,693‌

Guess?,

Inc.

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

177,667

1,998,754‌

ODP

Corp.

(The)

(b)

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

81,571

1,115,891‌

Petco

Health

Wellness

Co.,

Inc.

(a)

(b)

.......

64,638

190,682‌

RealReal,

Inc.

(The)

(b)

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

69,859

405,182‌

Signet

Jewelers

Ltd.

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

48,527

2,877,651‌

Sleep

Number

Corp.

(b)

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

32,624

254,141‌

Sonic

Automotive,

Inc.

Class

...........

4,093

248,527‌

Stitch

Fix,

Inc.

Class

(b)

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

50,874

166,358‌

Upbound

Group,

Inc.

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

52,000

1,034,800‌

Wayfair,

Inc.

Class

(a)

(b)

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

77,405

2,334,535‌

Williams-Sonoma,

Inc.

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

58,551

9,044,373‌

65,833,567‌

Technology

Hardware,

Storage

Peripherals

—

0.5%

Pure

Storage,

Inc.

Class

(b)

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

107,258

4,865,223‌

Xerox

Holdings

Corp.

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

679,432

2,996,295‌

7,861,518‌

Textiles,

Apparel

Luxury

Goods

—

1.8%

Crocs,

Inc.

(b)

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

28,221

2,721,069‌

Deckers

Outdoor

Corp.

(b)

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

64,415

7,139,114‌

Holding

Class

(a)

(b)

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

51,189

2,462,703‌

Oxford

Industries,

Inc.

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

13,224

642,686‌

PVH

Corp.

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

29,459

2,032,082‌

Ralph

Lauren

Corp.

Class

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

18,439

4,147,853‌

Tapestry,

Inc.

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

93,866

6,631,633‌

Under

Armour,

Inc.

Class

NVS

(a)

(b)

.......

350,479

1,906,606‌

Corp.

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

78,713

935,110‌

28,618,856‌

Tobacco

—

0.1%

Turning

Point

Brands,

Inc.

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

12,411

761,787‌

Universal

Corp.

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

21,823

1,271,626‌

2,033,413‌

Trading

Companies

Distributors

—

2.1%

Applied

Industrial

Technologies,

Inc.

........

8,407

2,045,255‌

Boise

Cascade

Co.

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

27,264

2,543,186‌

Core

Main,

Inc.

Class

(a)

(b)

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

156,879

8,264,386‌

DNOW,

Inc.

(b)

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

66,492

1,055,228‌

FTAI

Aviation

Ltd.

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

29,358

3,144,535‌

GATX

Corp.

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

17,526

2,558,095‌

GMS,

Inc.

(b)

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

14,649

1,073,186‌

H&E

Equipment

Services,

Inc.

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

26,996

2,424,511‌

MRC

Global,

Inc.

(b)

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

118,519

1,380,746‌

MSC

Industrial

Direct

Co.,

Inc.

Class

......

3,281

250,931‌

Rush

Enterprises,

Inc.

Class

...........

17,650

899,973‌

SiteOne

Landscape

Supply,

Inc.

(b)

..........

6,144

705,393‌

Watsco,

Inc.

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

10,798

4,965,352‌

WESCO

International,

Inc.

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

14,197

2,313,543‌

33,624,320‌

Water

Utilities

—

0.1%

American

States

Water

Co.

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

25,813

2,093,692‌

Wireless

Telecommunication

Services

—

0.1%

Telephone

Data

Systems,

Inc.

...........

26,387

989,249‌

Total

Long-Term

Investments

—

(Cost:

1,573,456,445

)

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

1,560,335,297‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

April

30,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Short-Term

Securities

Money

Market

Funds

—

7.4%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

Agency

4.46

(f)

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

106,762,871

106,805,577‌

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

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

9,496,672

9,496,672‌

Total

Short-Term

Securities

—

(Cost:

116,280,927

)

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

116,302,249‌

Total

Investments

—

106

(Cost:

1,689,737,372

)

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

1,676,637,546‌

Liabilities

Excess

Other

Assets

—

(

6.7

)

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

(

105,693,857‌

)

Net

Assets

—

100.0%

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

1,570,943,689‌

(a)

All

portion

this

security

loan.

(b)

Non-income

producing

security.

(c)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(d)

Affiliate

the

Fund.

(e)

Annualized

7-day

yield

period

end.

(f)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

04/30/25

Held

04/30/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

78,375,936

28,429,987

(a)

—

(

2,018

)

1,672

106,805,577

106,762,871

232,239

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

6,946,192

2,550,480

(a)

—

9,496,672

433,087

—

(

2,018

)

1,672

116,302,249

665,326

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

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

179

06/20/25

1,763

110,282

S&P

Midcap

400

E-Mini

Index

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

06/20/25

1,143

38,933

149,215

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

(a)

The

Fund

receives

the

total

return

portfolio

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

portfolio

short

positions

underlying

the

total

return

swap.

addition,

the

Fund

pays

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

minus

range)

used

determining

the

variable

rate

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

1,925,980

38,155

(c)

1,965,271

Monthly

HSBC

Bank

plc

(d)

02/09/28

2,286,633

196,474

(e)

2,481,241

Monthly

JPMorgan

Chase

Bank

(f)

05/09/25

3,144,995

314,566

(g)

3,464,709

549,195

7,911,221

(b)

(d)

(f)

Range:

basis

points

basis

points

basis

points

Benchmarks:

USD

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

USD

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(1,136)

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$1,866

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$(5,148)

net

dividends

and

financing

fees.

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

The

following

table

represents

the

individual

long

positions

and

values

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

period

end,

termination

date

August

19,

2026:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

–

Banks

First

Bancorp

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

2,108‌

41,401‌

.1‌

Fulton

Financial

Corp.

......

862‌

14,378‌

.7‌

OFG

Bancorp

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

1,323‌

52,060‌

.7‌

Preferred

Bank

...........

14,645‌

1,169,550‌

.5‌

WaFd,

Inc.

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

775‌

22,111‌

.1‌

1,299,500‌

Consumer

Finance

Bread

Financial

Holdings,

Inc.

1,090‌

51,720‌

.6‌

Containers

Packaging

Sealed

Air

Corp.

..........

1,489‌

41,037‌

.1‌

Financial

Services

Jackson

Financial,

Inc.

Class

615‌

47,915‌

.4‌

Insurance

Ambac

Financial

Group,

Inc.

2,100‌

16,758‌

.9‌

Employers

Holdings,

Inc.

....

1,325‌

64,382‌

.3‌

Genworth

Financial,

Inc.

Class

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

37,674‌

258,444‌

.2‌

339,584‌

Office

REITs

Douglas

Emmett,

Inc.

......

13,414‌

185,515‌

.4‌

Total

Reference

Entity

—

Long

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

1,965,271‌

Net

Value

Reference

Entity

—

Goldman

Sachs

Bank

USA

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

1,965,271‌

The

following

table

represents

the

individual

long

positions

and

values

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

period

end,

termination

date

February

2028:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

–

Banks

Bank

Hawaii

Corp.

.......

89‌

5,884‌

.2‌

Fulton

Financial

Corp.

......

4,314‌

71,957‌

.9‌

Preferred

Bank

...........

12,424‌

992,181‌

.0‌

1,070,022‌

Capital

Markets

Moelis

Co.

Class

......

2,438‌

130,628‌

.3‌

Consumer

Finance

Bread

Financial

Holdings,

Inc.

3,122‌

148,139‌

.0‌

Containers

Packaging

Sealed

Air

Corp.

..........

2,166‌

59,695‌

.4‌

Financial

Services

Jackson

Financial,

Inc.

Class

12,683‌

988,132‌

.8‌

Value

Basket

Value

Insurance

Employers

Holdings,

Inc.

....

939‌

45,626‌

.8‌

Genworth

Financial,

Inc.

Class

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

5,685‌

38,999‌

.6‌

84,625‌

Total

Reference

Entity

—

Long

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

2,481,241‌

Net

Value

Reference

Entity

—

HSBC

Bank

plc

2,481,241‌

The

following

table

represents

the

individual

long

positions

and

values

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

period

end,

termination

date

May

2025:

Value

Basket

Value

Reference

Entity

—

Long

Common

Stocks

–

Banks

Fulton

Financial

Corp.

......

3,333‌

55,595‌

.6‌

Consumer

Finance

Bread

Financial

Holdings,

Inc.

509‌

24,152‌

.7‌

Containers

Packaging

Sealed

Air

Corp.

..........

1,252‌

34,505‌

.0‌

Financial

Services

Jackson

Financial,

Inc.

Class

40,325‌

3,141,721‌

.7‌

Office

REITs

Douglas

Emmett,

Inc.

......

15,093‌

208,736‌

.0‌

Total

Reference

Entity

—

Long

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

3,464,709‌

Net

Value

Reference

Entity

—

JPMorgan

Chase

Bank

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

3,464,709‌

Schedule

Investments

(unaudited)

(continued)

April

30,

2025

iShares

U.S.

Small-Cap

Equity

Factor

ETF

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for

the

asset

liability

(including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds,

that

may

not have

secondary

market,

and/

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major