NPORT-EX 2 iShares_US_EF_ETF.htm PART F
Schedule
of
Investments
(unaudited)
April
30,
2025
iShares
®
U.S.
Equity
Factor
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.8%
GE
Aerospace
.......................
59,382
$
11,967,848
General
Dynamics
Corp.
................
4,642
1,263,181
Howmet
Aerospace,
Inc.
................
2,599
360,169
Lockheed
Martin
Corp.
.................
8,758
4,184,135
Northrop
Grumman
Corp.
...............
2,550
1,240,575
19,015,908
Automobiles
—
1.6%
Ford
Motor
Co.
......................
387,701
3,880,887
General
Motors
Co.
...................
231,819
10,487,492
Tesla,
Inc.
(a)
.........................
82,453
23,264,938
37,633,317
Banks
—
3.1%
Bank
of
America
Corp.
.................
202,134
8,061,104
Citigroup,
Inc.
.......................
44,356
3,033,063
JPMorgan
Chase
&
Co.
................
153,941
37,657,048
NU
Holdings
Ltd.
,
Class
A
(a)
..............
689,884
8,575,258
Wells
Fargo
&
Co.
....................
191,180
13,575,692
70,902,165
Beverages
—
1.7%
Coca-Cola
Co.
(The)
..................
235,647
17,096,190
Coca-Cola
Consolidated,
Inc.
.............
1,132
1,534,777
Molson
Coors
Beverage
Co.
,
Class
B
.......
58,580
3,370,107
PepsiCo,
Inc.
.......................
127,005
17,219,338
39,220,412
Biotechnology
—
2.1%
AbbVie,
Inc.
........................
122,613
23,921,797
Alnylam
Pharmaceuticals,
Inc.
(a)
...........
5,455
1,435,974
Amgen,
Inc.
........................
34,824
10,130,998
Blueprint
Medicines
Corp.
(a)
(b)
.............
4,828
432,106
Gilead
Sciences,
Inc.
..................
97,167
10,352,172
Moderna,
Inc.
(a)
......................
16,541
472,080
Vertex
Pharmaceuticals,
Inc.
(a)
............
4,112
2,095,064
48,840,191
Broadline
Retail
—
4.0%
Amazon.com,
Inc.
(a)
...................
354,009
65,286,340
Coupang,
Inc.
,
Class
A
(a)
................
123,401
2,883,881
eBay,
Inc.
..........................
141,093
9,616,899
Etsy,
Inc.
(a)
.........................
97,668
4,246,605
MercadoLibre,
Inc.
(a)
...................
3,856
8,987,757
91,021,482
Building
Products
—
0.8%
Builders
FirstSource,
Inc.
(a)
(b)
.............
63,772
7,629,045
Carrier
Global
Corp.
...................
14,345
897,136
Lennox
International,
Inc.
...............
3,393
1,855,123
Masco
Corp.
........................
17,371
1,052,856
Trane
Technologies
plc
.................
19,581
7,505,593
18,939,753
Capital
Markets
—
4.1%
Affiliated
Managers
Group,
Inc.
...........
26,599
4,405,592
Ameriprise
Financial,
Inc.
...............
16,826
7,925,383
Bank
of
New
York
Mellon
Corp.
(The)
.......
199,788
16,064,953
BlackRock,
Inc.
(c)
.....................
5,659
5,173,797
CME
Group,
Inc.
,
Class
A
...............
8,010
2,219,411
Evercore,
Inc.
,
Class
A
.................
3,154
647,485
Goldman
Sachs
Group,
Inc.
(The)
.........
21,411
11,723,593
Interactive
Brokers
Group,
Inc.
,
Class
A
......
45,996
7,904,413
Janus
Henderson
Group
plc
.............
146,728
4,872,837
Morgan
Stanley
......................
20,845
2,405,930
MSCI,
Inc.
.........................
13,783
7,513,251
Security
Shares
Shares
Value
Capital
Markets
(continued)
Nasdaq,
Inc.
........................
56,497
$
4,305,636
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........
12,756
626,447
S&P
Global,
Inc.
.....................
20,325
10,163,516
State
Street
Corp.
....................
62,243
5,483,608
XP,
Inc.
,
Class
A
.....................
202,638
3,262,472
94,698,324
Chemicals
—
1.2%
Ecolab,
Inc.
........................
12,528
3,149,915
Linde
plc
..........................
48,818
22,125,782
Sherwin-Williams
Co.
(The)
..............
4,894
1,727,191
27,002,888
Commercial
Services
&
Supplies
—
0.4%
Cintas
Corp.
........................
35,270
7,465,954
Tetra
Tech,
Inc.
......................
46,169
1,440,011
8,905,965
Communications
Equipment
—
0.9%
Arista
Networks,
Inc.
(a)
.................
76,498
6,293,490
Cisco
Systems,
Inc.
...................
161,947
9,349,200
Motorola
Solutions,
Inc.
................
12,089
5,323,875
20,966,565
Construction
&
Engineering
—
0.3%
EMCOR
Group,
Inc.
...................
15,374
6,160,362
Construction
Materials
—
0.4%
CRH
plc
...........................
94,755
9,041,522
Consumer
Finance
—
1.0%
Ally
Financial,
Inc.
....................
98,211
3,207,571
American
Express
Co.
.................
26,020
6,931,988
Capital
One
Financial
Corp.
..............
30,514
5,500,454
SLM
Corp.
.........................
50,263
1,453,104
Synchrony
Financial
...................
112,736
5,856,635
22,949,752
Consumer
Staples
Distribution
&
Retail
—
2.7%
Albertsons
Cos.,
Inc.
,
Class
A
............
98,924
2,174,349
Costco
Wholesale
Corp.
................
13,644
13,568,958
Kroger
Co.
(The)
.....................
122,417
8,839,732
Sprouts
Farmers
Market,
Inc.
(a)
............
14,848
2,539,008
Target
Corp.
........................
70,961
6,861,929
Walmart,
Inc.
........................
295,986
28,784,638
62,768,614
Diversified
Consumer
Services
—
0.7%
Duolingo,
Inc.
,
Class
A
(a)
................
20,626
8,033,414
H&R
Block,
Inc.
......................
122,267
7,381,259
15,414,673
Diversified
Telecommunication
Services
—
1.3%
AT&T,
Inc.
..........................
722,922
20,024,939
Verizon
Communications,
Inc.
............
202,976
8,943,123
28,968,062
Electric
Utilities
—
1.0%
Constellation
Energy
Corp.
..............
12,483
2,789,201
Duke
Energy
Corp.
...................
46,449
5,667,707
Entergy
Corp.
.......................
10,815
899,484
Exelon
Corp.
........................
100,328
4,705,383
NextEra
Energy,
Inc.
..................
40,809
2,729,306
NRG
Energy,
Inc.
.....................
22,781
2,496,342
Southern
Co.
(The)
...................
33,002
3,032,554
22,319,977
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
U.S.
Equity
Factor
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
—
1.0%
Acuity,
Inc.
.........................
27,592
$
6,721,687
Eaton
Corp.
plc
......................
32,568
9,587,042
Emerson
Electric
Co.
..................
49,985
5,253,924
nVent
Electric
plc
.....................
19,289
1,059,159
22,621,812
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Jabil,
Inc.
..........................
22,866
3,351,241
TE
Connectivity
plc
...................
55,690
8,151,902
11,503,143
Energy
Equipment
&
Services
—
0.0%
TechnipFMC
plc
......................
14,355
404,380
Entertainment
—
1.0%
(a)
Netflix,
Inc.
.........................
11,708
13,250,178
Spotify
Technology
SA
.................
16,100
9,885,078
23,135,256
Financial
Services
—
3.7%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
........
27,601
14,718,233
Fiserv,
Inc.
(a)
........................
13,183
2,433,186
Mastercard,
Inc.
,
Class
A
................
34,946
19,152,505
MGIC
Investment
Corp.
................
232,506
5,791,725
Mr
Cooper
Group,
Inc.
(a)
................
39,136
4,657,575
PayPal
Holdings,
Inc.
(a)
.................
13,338
878,174
Visa,
Inc.
,
Class
A
....................
101,424
35,041,992
Voya
Financial,
Inc.
...................
39,808
2,356,634
85,030,024
Food
Products
—
0.4%
General
Mills,
Inc.
....................
86,410
4,902,903
Hershey
Co.
(The)
....................
5,445
910,350
J
M
Smucker
Co.
(The)
.................
2,790
324,393
Kraft
Heinz
Co.
(The)
..................
34,754
1,011,342
Mondelez
International,
Inc.
,
Class
A
........
44,525
3,033,488
10,182,476
Gas
Utilities
—
0.2%
UGI
Corp.
..........................
108,090
3,544,271
Ground
Transportation
—
0.6%
Ryder
System,
Inc.
....................
25,716
3,540,322
Uber
Technologies,
Inc.
(a)
...............
120,962
9,799,131
13,339,453
Health
Care
Equipment
&
Supplies
—
2.1%
Abbott
Laboratories
...................
111,505
14,579,279
Becton
Dickinson
&
Co.
................
17,367
3,596,532
Boston
Scientific
Corp.
(a)
................
9,583
985,803
GE
HealthCare
Technologies,
Inc.
.........
148,382
10,435,706
Hologic,
Inc.
(a)
.......................
101,459
5,904,914
Lantheus
Holdings,
Inc.
(a)
...............
7,877
821,886
Medtronic
plc
.......................
83,163
7,048,896
Solventum
Corp.
(a)
....................
7,655
506,148
Stryker
Corp.
.......................
10,580
3,956,074
Zimmer
Biomet
Holdings,
Inc.
............
6,027
621,082
48,456,320
Health
Care
Providers
&
Services
—
2.4%
Cardinal
Health,
Inc.
...................
3,014
425,848
Cigna
Group
(The)
....................
17,072
5,805,163
CVS
Health
Corp.
....................
71,703
4,783,307
DaVita,
Inc.
(a)
(b)
......................
36,162
5,118,731
Elevance
Health,
Inc.
..................
13,399
5,635,351
Humana,
Inc.
.......................
6,490
1,701,938
McKesson
Corp.
.....................
16,499
11,760,322
Molina
Healthcare,
Inc.
(a)
................
12,847
4,201,098
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................
35,162
$
14,467,053
53,898,811
Health
Care
Technology
—
0.1%
(a)
Doximity,
Inc.
,
Class
A
.................
5,464
310,792
Veeva
Systems,
Inc.
,
Class
A
.............
8,823
2,061,847
2,372,639
Hotels,
Restaurants
&
Leisure
—
2.8%
Airbnb,
Inc.
,
Class
A
(a)
(b)
.................
35,281
4,301,460
Booking
Holdings,
Inc.
.................
5,219
26,613,142
Brinker
International,
Inc.
(a)
..............
17,405
2,337,492
Cava
Group,
Inc.
(a)
....................
3,417
315,833
Expedia
Group,
Inc.
...................
3,266
512,533
McDonald's
Corp.
....................
42,795
13,679,422
MGM
Resorts
International
(a)
.............
46,587
1,465,627
Starbucks
Corp.
......................
28,352
2,269,578
Wingstop,
Inc.
.......................
19,499
5,145,591
Yum!
Brands,
Inc.
....................
51,341
7,723,740
64,364,418
Household
Durables
—
0.2%
SharkNinja,
Inc.
(a)
.....................
59,415
4,782,907
Household
Products
—
1.3%
Colgate-Palmolive
Co.
.................
3,365
310,219
Procter
&
Gamble
Co.
(The)
.............
183,810
29,881,992
30,192,211
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Vistra
Corp.
........................
66,600
8,633,358
Industrial
Conglomerates
—
0.1%
3M
Co.
............................
20,174
2,802,370
Industrial
REITs
—
0.0%
Prologis,
Inc.
........................
6,645
679,119
Insurance
—
2.2%
Aflac,
Inc.
..........................
85,724
9,316,484
American
International
Group,
Inc.
.........
123,430
10,062,014
Arch
Capital
Group
Ltd.
................
19,346
1,754,295
Chubb
Ltd.
.........................
8,577
2,453,708
Everest
Group
Ltd.
....................
4,206
1,509,239
Fidelity
National
Financial,
Inc.
,
Class
A
......
8,399
537,956
Globe
Life,
Inc.
......................
15,863
1,956,543
Hartford
Insurance
Group,
Inc.
(The)
........
5,480
672,232
MetLife,
Inc.
........................
46,520
3,506,212
Principal
Financial
Group,
Inc.
............
14,534
1,077,696
Prudential
Financial,
Inc.
................
19,303
1,982,611
Reinsurance
Group
of
America,
Inc.
........
23,580
4,416,770
Travelers
Cos.,
Inc.
(The)
...............
28,031
7,403,828
Unum
Group
........................
34,874
2,708,315
49,357,903
Interactive
Media
&
Services
—
3.9%
Alphabet,
Inc.
,
Class
C,
NVS
.............
232,173
37,354,314
Meta
Platforms,
Inc.
,
Class
A
.............
92,673
50,877,477
88,231,791
IT
Services
—
1.3%
Accenture
plc
,
Class
A
.................
2,080
622,232
Gartner,
Inc.
(a)
.......................
16,391
6,901,922
International
Business
Machines
Corp.
......
39,547
9,563,256
Okta,
Inc.
,
Class
A
(a)
...................
29,732
3,334,741
Wix.com
Ltd.
(a)
.......................
48,346
8,198,998
28,621,149
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
U.S.
Equity
Factor
ETF
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
0.7%
Medpace
Holdings,
Inc.
(a)
...............
21,644
$
6,674,793
Mettler-Toledo
International,
Inc.
(a)
.........
4,477
4,792,942
Thermo
Fisher
Scientific,
Inc.
.............
10,048
4,310,592
15,778,327
Machinery
—
1.5%
AGCO
Corp.
........................
8,093
686,529
Caterpillar,
Inc.
......................
18,067
5,587,581
Crane
Co.
..........................
43,849
7,058,812
Deere
&
Co.
........................
1,678
777,854
Illinois
Tool
Works,
Inc.
.................
3,999
959,400
Mueller
Industries,
Inc.
.................
73,124
5,379,001
Otis
Worldwide
Corp.
..................
46,706
4,496,387
PACCAR,
Inc.
.......................
49,389
4,455,382
Parker-Hannifin
Corp.
..................
3,823
2,313,144
Watts
Water
Technologies,
Inc.
,
Class
A
......
7,665
1,592,404
33,306,494
Media
—
0.7%
Charter
Communications,
Inc.
,
Class
A
(a)
.....
4,471
1,752,006
Comcast
Corp.
,
Class
A
................
227,042
7,764,836
Fox
Corp.
,
Class
A,
NVS
................
89,260
4,444,255
Omnicom
Group,
Inc.
..................
34,884
2,656,766
16,617,863
Metals
&
Mining
—
0.6%
Carpenter
Technology
Corp.
(b)
............
1,834
358,749
Commercial
Metals
Co.
.................
12,591
560,803
Nucor
Corp.
........................
31,702
3,784,268
Reliance,
Inc.
.......................
19,337
5,573,503
Steel
Dynamics,
Inc.
...................
25,422
3,297,488
13,574,811
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Starwood
Property
Trust,
Inc.
.............
70,621
1,355,217
Multi-Utilities
—
0.9%
Consolidated
Edison,
Inc.
...............
122,032
13,759,108
DTE
Energy
Co.
.....................
3,588
491,556
WEC
Energy
Group,
Inc.
................
49,144
5,382,251
19,632,915
Office
REITs
—
0.2%
BXP,
Inc.
..........................
13,190
840,599
Vornado
Realty
Trust
..................
94,389
3,330,044
4,170,643
Oil,
Gas
&
Consumable
Fuels
—
3.0%
APA
Corp.
.........................
92,607
1,439,113
Chevron
Corp.
.......................
83,012
11,294,613
ConocoPhillips
......................
49,579
4,418,481
EOG
Resources,
Inc.
..................
2,307
254,531
Expand
Energy
Corp.
..................
16,376
1,701,466
Exxon
Mobil
Corp.
....................
194,938
20,591,301
Kinder
Morgan,
Inc.
...................
187,632
4,934,722
Marathon
Petroleum
Corp.
..............
100,620
13,826,194
Phillips
66
..........................
13,331
1,387,224
Range
Resources
Corp.
................
41,779
1,417,561
Valero
Energy
Corp.
...................
66,643
7,736,586
69,001,792
Passenger
Airlines
—
0.1%
United
Airlines
Holdings,
Inc.
(a)
............
16,357
1,125,689
Pharmaceuticals
—
3.7%
Bristol-Myers
Squibb
Co.
................
261,614
13,133,023
Eli
Lilly
&
Co.
.......................
33,619
30,221,800
Johnson
&
Johnson
...................
155,310
24,276,506
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
.....................
140,113
$
11,937,628
Pfizer,
Inc.
.........................
195,642
4,775,621
84,344,578
Professional
Services
—
0.9%
Automatic
Data
Processing,
Inc.
...........
22,249
6,688,049
Booz
Allen
Hamilton
Holding
Corp.
.........
26,071
3,129,042
Paychex,
Inc.
.......................
52,310
7,695,847
Robert
Half,
Inc.
.....................
92,431
4,094,693
21,607,631
Residential
REITs
—
0.5%
AvalonBay
Communities,
Inc.
............
23,402
4,913,952
Equity
Residential
....................
96,356
6,769,972
11,683,924
Retail
REITs
—
0.7%
Brixmor
Property
Group,
Inc.
.............
273,580
6,814,878
Simon
Property
Group,
Inc.
..............
52,829
8,314,228
15,129,106
Semiconductors
&
Semiconductor
Equipment
—
9.1%
Advanced
Micro
Devices,
Inc.
(a)
...........
4,231
411,888
Analog
Devices,
Inc.
...................
2,845
554,547
Applied
Materials,
Inc.
.................
59,987
9,040,641
Broadcom,
Inc.
......................
236,451
45,509,724
Cirrus
Logic,
Inc.
(a)
....................
37,210
3,573,648
KLA
Corp.
..........................
14,866
10,446,190
Lam
Research
Corp.
..................
76,244
5,464,407
Microchip
Technology,
Inc.
...............
29,397
1,354,614
NVIDIA
Corp.
.......................
1,089,809
118,701,996
QUALCOMM,
Inc.
....................
83,169
12,347,270
Rambus,
Inc.
(a)
......................
19,781
965,115
Texas
Instruments,
Inc.
.................
1,091
174,615
208,544,655
Software
—
11.9%
Adobe,
Inc.
(a)
........................
13,088
4,907,738
AppLovin
Corp.
,
Class
A
(a)
...............
31,498
8,482,726
Atlassian
Corp.
,
Class
A
(a)
...............
41,340
9,438,335
Cadence
Design
Systems,
Inc.
(a)
..........
11,739
3,495,170
Commvault
Systems,
Inc.
(a)
..............
36,753
6,142,529
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
........
15,166
6,504,242
DocuSign,
Inc.
(a)
.....................
84,648
6,919,974
Elastic
NV
(a)
........................
44,118
3,802,972
Fair
Isaac
Corp.
(a)
.....................
5,447
10,837,787
Fortinet,
Inc.
(a)
.......................
108,595
11,267,817
Gitlab,
Inc.
,
Class
A
(a)
(b)
.................
114,251
5,332,094
HubSpot,
Inc.
(a)
......................
5,031
3,076,457
Intuit,
Inc.
..........................
10,513
6,596,592
Manhattan
Associates,
Inc.
(a)
.............
27,337
4,849,311
Microsoft
Corp.
......................
314,213
124,195,830
Monday.com
Ltd.
(a)
....................
39,599
11,126,923
Nutanix,
Inc.
,
Class
A
(a)
.................
148,363
10,192,538
Oracle
Corp.
........................
33,500
4,714,120
Palantir
Technologies,
Inc.
,
Class
A
(a)
.......
24,086
2,852,746
Palo
Alto
Networks,
Inc.
(a)
...............
13,041
2,437,754
Procore
Technologies,
Inc.
(a)
(b)
............
85,553
5,483,092
Qualys,
Inc.
(a)
.......................
16,271
2,045,427
Salesforce,
Inc.
......................
30,246
8,127,403
Samsara,
Inc.
,
Class
A
(a)
(b)
...............
112,001
4,441,960
ServiceNow,
Inc.
(a)
....................
1,022
976,020
Synopsys,
Inc.
(a)
.....................
3,199
1,468,373
Zscaler,
Inc.
(a)
(b)
......................
12,639
2,858,563
272,574,493
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
U.S.
Equity
Factor
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
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:
Security
Shares
Shares
Value
Specialized
REITs
—
0.7%
American
Tower
Corp.
.................
22,118
$
4,985,619
Iron
Mountain,
Inc.
....................
3,460
310,258
Public
Storage
.......................
11,054
3,320,953
Weyerhaeuser
Co.
....................
259,556
6,725,096
15,341,926
Specialty
Retail
—
2.3%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
(b)
........
45,665
3,170,064
AutoZone,
Inc.
(a)
.....................
1,648
6,200,765
Bath
&
Body
Works,
Inc.
................
123,891
3,779,914
Best
Buy
Co.,
Inc.
....................
92,378
6,160,689
Carvana
Co.
,
Class
A
(a)
.................
16,888
4,126,583
Dick's
Sporting
Goods,
Inc.
..............
21,586
4,052,556
Home
Depot,
Inc.
(The)
................
21,354
7,697,903
Lowe's
Cos.,
Inc.
.....................
26,733
5,976,429
Murphy
USA,
Inc.
....................
3,110
1,550,553
Ulta
Beauty,
Inc.
(a)
(b)
...................
2,029
802,754
Williams-Sonoma,
Inc.
.................
59,015
9,116,047
52,634,257
Technology
Hardware,
Storage
&
Peripherals
—
7.1%
Apple,
Inc.
.........................
678,980
144,283,250
Dell
Technologies,
Inc.
,
Class
C
...........
63,809
5,855,114
Hewlett
Packard
Enterprise
Co.
...........
524,923
8,514,251
HP,
Inc.
...........................
127,367
3,256,774
NetApp,
Inc.
........................
3,381
303,445
Seagate
Technology
Holdings
plc
..........
9,048
823,639
163,036,473
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Deckers
Outdoor
Corp.
(a)
................
40,507
4,489,391
Ralph
Lauren
Corp.
,
Class
A
.............
20,333
4,573,908
Tapestry,
Inc.
........................
80,273
5,671,288
14,734,587
Tobacco
—
1.2%
Altria
Group,
Inc.
.....................
244,955
14,489,088
Philip
Morris
International,
Inc.
............
76,980
13,191,293
27,680,381
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
0.6%
Core
&
Main,
Inc.
,
Class
A
(a)
..............
170,862
$
9,001,010
Ferguson
Enterprises,
Inc.
...............
17,286
2,932,743
WW
Grainger,
Inc.
....................
2,031
2,080,373
14,014,126
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
...........
45,930
6,752,169
Total
Long-Term
Investments
—
99
.7
%
(Cost:
$
1,851,246,781
)
............................
2,279,565,800
Short-Term
Securities
Money
Market
Funds
—
1.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(e)
...................
29,980,693
29,992,685
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
3,589,176
3,589,176
Total
Short-Term
Securities
—
1
.5
%
(Cost:
$
33,579,048
)
...............................
33,581,861
Total
Investments
—
101
.2
%
(Cost:
$
1,884,825,829
)
............................
2,313,147,661
Liabilities
in
Excess
of
Other
Assets
—
(
1.2
)
%
.............
(
28,157,326
)
Net
Assets
—
100.0%
...............................
$
2,284,990,335
(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.
Affiliated
Issuer
Value
at
07/31/24
Purchases
at
Cost
Proceeds
from
Sales
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
..............
$
13,300,639
$
16,702,709
(a)
$
—
$
(
11,070
)
$
407
$
29,992,685
29,980,693
$
23,251
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
5,356,059
—
(
1,766,883
)
(a)
—
—
3,589,176
3,589,176
155,079
—
BlackRock,
Inc.
..........
4,530,628
1,080,953
(
620,705
)
53,085
129,836
5,173,797
5,659
83,224
—
$
42,015
$
130,243
$
38,755,658
$
261,554
$
—
—
—
(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
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
U.S.
Equity
Factor
ETF
5
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.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
16
06/20/25
$
4,470
$
(
5,232
)
S&P
Midcap
400
E-Mini
Index
.................................................
2
06/20/25
572
22,433
$
17,201
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,279,565,800
$
—
$
—
$
2,279,565,800
Short-Term
Securities
Money
Market
Funds
......................................
33,581,861
—
—
33,581,861
$
2,313,147,661
$
—
$
—
$
2,313,147,661
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
22,433
$
—
$
—
$
22,433
Liabilities
Equity
contracts
...........................................
(
5,232
)
—
—
(
5,232
)
$
17,201
$
—
$
—
$
17,201
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust