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      <invstOrSec>
        <name>Louisiana-Pacific Corp.</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana-Pacific Corp.</title>
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          <isin value="US5463471053"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp.</title>
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          <isin value="US91913Y1001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CRH plc</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH plc</title>
        <cusip>N/A</cusip>
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          <isin value="IE0001827041"/>
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        <balance>157076.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Venture Global, Inc.</name>
        <lei>2549007XC91CAB3E0N98</lei>
        <title>Venture Global, Inc., Class A</title>
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          <isin value="US92333F1012"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Permian Resources Corp.</name>
        <lei>529900NXUJPOKU7OJ511</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aris Mining Corp.</name>
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          <isin value="CA04040Y1097"/>
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        <balance>47155.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ovintiv, Inc.</name>
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          <isin value="US69047Q1022"/>
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        <balance>65068.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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        <balance>46935.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Crescent Energy, Inc.</name>
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          <isin value="US44952J1043"/>
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        <balance>56942.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hudbay Minerals, Inc.</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>Hudbay Minerals, Inc.</title>
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        <balance>92993.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TechnipFMC plc</name>
        <lei>549300D5I93QWCJTCK36</lei>
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        <cusip>N/A</cusip>
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          <isin value="GB00BDSFG982"/>
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        <balance>94796.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
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          <isin value="US7185461040"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kodiak Gas Services, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Comstock Resources, Inc.</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>Comstock Resources, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cactus, Inc.</name>
        <lei>549300J3T8C9F8QFKV08</lei>
        <title>Cactus, Inc., Class A</title>
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        <name>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>Expand Energy Corp.</title>
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        <name>West Fraser Timber Co. Ltd.</name>
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        <title>West Fraser Timber Co. Ltd.</title>
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        <name>Devon Energy Corp.</name>
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        <title>Devon Energy Corp.</title>
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        <name>Texas Pacific Land Corp.</name>
        <lei>N/A</lei>
        <title>Texas Pacific Land Corp.</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>E-Mini Energy Select Sector Index</title>
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      <invstOrSec>
        <name>Energy Fuels, Inc.</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>Energy Fuels, Inc.</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>Alamos Gold, Inc., Class A</title>
        <cusip>011532108</cusip>
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        <balance>98400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BlackRock Funds III</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cheniere Energy, Inc.</name>
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      <invstOrSec>
        <name>Pembina Pipeline Corp.</name>
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        <name>Viper Energy, Inc.</name>
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      <invstOrSec>
        <name>Uranium Energy Corp.</name>
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        <name>Wheaton Precious Metals Corp.</name>
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        <name>Range Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chord Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HF Sinclair Corp.</name>
        <lei>2549009G116AM01XHN24</lei>
        <title>HF Sinclair Corp.</title>
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        <name>Transocean Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Suncor Energy, Inc.</name>
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        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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        <name>B2Gold Corp.</name>
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        <name>Greif, Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Barrick Mining Corp.</name>
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        <name>South Bow Corp.</name>
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        <name>Franco-Nevada Corp.</name>
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        <name>First Majestic Silver Corp.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <title>Freeport-McMoRan, Inc.</title>
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        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
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      <invstOrSec>
        <name>APA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tidewater, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Teck Resources Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>International Paper Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
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      <invstOrSec>
        <name>Peabody Energy Corp.</name>
        <lei>EJCO258LNNVSKAR2JX59</lei>
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        <name>Orla Mining Ltd.</name>
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        <name>Sonoco Products Co.</name>
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        <name>IAMGOLD Corp.</name>
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        <name>Coeur Mining, Inc.</name>
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        <name>Murphy Oil Corp.</name>
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        <name>Knife River Corp.</name>
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        <name>Antero Resources Corp.</name>
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        <name>Eagle Materials, Inc.</name>
        <lei>529900KRXRGXL61SG039</lei>
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        <name>International Seaways, Inc.</name>
        <lei>549300YUFDGFRNGBWF46</lei>
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        <invCountry>MH</invCountry>

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        <name>Fortuna Mining Corp.</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>Fortuna Mining Corp.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Antero Midstream Corp.</name>
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        <name>NexGen Energy Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Materion Corp.</name>
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        <name>CNX Resources Corp.</name>
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        <name>Ball Corp.</name>
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        <name>NOV, Inc.</name>
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        <name>SLB Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kinetik Holdings, Inc.</name>
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        <name>CVR Energy, Inc.</name>
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        <name>EQT Corp.</name>
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        <name>Chevron Corp.</name>
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      <invstOrSec>
        <name>World Kinect Corp.</name>
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        <name>TC Energy Corp.</name>
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        <name>N/A</name>
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        <name>Halliburton Co.</name>
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        <name>ConocoPhillips</name>
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        <name>Seabridge Gold, Inc.</name>
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        <name>Avery Dennison Corp.</name>
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        <name>California Resources Corp.</name>
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        <title>California Resources Corp.</title>
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        <name>Baytex Energy Corp.</name>
        <lei>549300R5LTV2H7I1I079</lei>
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        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
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      <invstOrSec>
        <name>Cenovus Energy, Inc.</name>
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        <name>PBF Energy, Inc.</name>
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      <invstOrSec>
        <name>Endeavour Silver Corp.</name>
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        <name>Novagold Resources, Inc.</name>
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        <name>O-I Glass, Inc.</name>
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        <name>Alcoa Corp.</name>
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        <name>ONEOK, Inc.</name>
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        <name>OR Royalties, Inc.</name>
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        <name>SSR Mining, Inc.</name>
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        <name>Centrus Energy Corp.</name>
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        <name>Martin Marietta Materials, Inc.</name>
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        <name>Northern Oil &amp; Gas, Inc.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>Amrize Ltd.</name>
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        <title>Amrize Ltd.</title>
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        <name>BlackRock Funds III</name>
        <lei>5493005PQV5UQG4OSI49</lei>
        <title>BlackRock Cash Funds: Treasury, SL Agency Shares</title>
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        <name>Oceaneering International, Inc.</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International, Inc.</title>
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        <name>Sealed Air Corp.</name>
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        <name>United States Lime &amp; Minerals, Inc.</name>
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        <name>Marathon Petroleum Corp.</name>
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        <title>Marathon Petroleum Corp.</title>
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        <name>Baker Hughes Co.</name>
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        <name>Sylvamo Corp.</name>
        <lei>5493001AOYU1ZOWOC971</lei>
        <title>Sylvamo Corp.</title>
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        <name>Century Aluminum Co.</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>Century Aluminum Co.</title>
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        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
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      <invstOrSec>
        <name>Equinox Gold Corp.</name>
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      <invstOrSec>
        <name>Helmerich &amp; Payne, Inc.</name>
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      <invstOrSec>
        <name>Cameco Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ERO Copper Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Triple Flag Precious Metals Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crown Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Patterson-UTI Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hecla Mining Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Weatherford International plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DT Midstream, Inc.</name>
        <lei>N/A</lei>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>Targa Resources Corp.</title>
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        <name>Archrock, Inc.</name>
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        <title>Archrock, Inc.</title>
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        <name>Silgan Holdings, Inc.</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
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        <name>Liberty Energy, Inc.</name>
        <lei>254900PKFJW6RILDCM60</lei>
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        <name>MP Materials Corp.</name>
        <lei>89450063PHPS61USMT84</lei>
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        <name>Core Natural Resources, Inc.</name>
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        <name>Pan American Silver Corp.</name>
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        <name>Packaging Corp. of America</name>
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        <name>Perpetua Resources Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Perpetua Resources Corp.</title>
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        <name>Valaris Ltd.</name>
        <lei>5299008BQ9IREYWBTS30</lei>
        <title>Valaris Ltd.</title>
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        <invCountry>BM</invCountry>

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        <name>Noble Corp. plc</name>
        <lei>549300I3HBUNXO0OG954</lei>
        <title>Noble Corp. plc</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Smurfit Westrock plc</name>
        <lei>635400EGSEOPDW2EXS14</lei>
        <title>Smurfit Westrock plc</title>
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        <identifiers>
          <isin value="IE00028FXN24"/>
          <other otherDesc="Inhouse Asset ID" value="SBRK49M55"/>
        </identifiers>
        <balance>122420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4878437.00000000</valUSD>
        <pctVal>0.532778624239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
          <other otherDesc="Inhouse Asset ID" value="284902509"/>
        </identifiers>
        <balance>47085.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1616428.05000000</valUSD>
        <pctVal>0.176531604827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1572725.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amcor plc</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BV7DQ550"/>
          <other otherDesc="Inhouse Asset ID" value="SBV7DQ550"/>
        </identifiers>
        <balance>108282.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4304209.50000000</valUSD>
        <pctVal>0.470066706989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
