iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(unaudited)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.0
%
General
Dynamics
Corp.
....................
45,534
$
12,390,712
Lockheed
Martin
Corp.
.....................
365,665
174,696,454
Northrop
Grumman
Corp.
...................
532,811
259,212,551
RTX
Corp.
.............................
170,862
21,550,824
467,850,541
a
Air
Freight
&
Logistics
 — 
0
.0
%
CH
Robinson
Worldwide,
Inc.
................
107,275
9,571,076
a
Banks
 — 
0
.4
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
52,988
94,273,070
a
Beverages
 — 
1
.8
%
Coca-Cola
Co.
(The)
......................
784,509
56,916,128
Keurig
Dr
Pepper,
Inc.
.....................
4,456,568
154,152,687
PepsiCo,
Inc.
...........................
1,530,005
207,438,077
418,506,892
a
Biotechnology
 — 
5
.0
%
AbbVie,
Inc.
............................
1,477,675
288,294,392
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
..............
217,828
57,341,043
Amgen,
Inc.
............................
319,062
92,821,517
BioMarin
Pharmaceutical,
Inc.
(a)
(b)
..............
847,602
53,983,771
Gilead
Sciences,
Inc.
......................
1,917,192
204,257,636
Incyte
Corp.
(a)
...........................
1,496,310
93,758,785
Neurocrine
Biosciences,
Inc.
(a)
................
640,829
69,010,875
Regeneron
Pharmaceuticals,
Inc.
..............
187,756
112,420,782
United
Therapeutics
Corp.
(a)
(b)
................
89,729
27,195,963
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
...............
363,368
185,135,996
1,184,220,760
a
Broadline
Retail
 — 
0
.6
%
Amazon.com,
Inc.
(a)
.......................
158,621
29,252,885
MercadoLibre,
Inc.
(a)
(b)
......................
49,999
116,540,169
145,793,054
a
Capital
Markets
 — 
2
.0
%
Cboe
Global
Markets,
Inc.
...................
956,834
212,225,781
CME
Group,
Inc.
,
Class
A
...................
550,259
152,465,764
Intercontinental
Exchange,
Inc.
...............
422,181
70,913,742
Tradeweb
Markets,
Inc.
,
Class
A
...............
343,243
47,470,507
483,075,794
a
Chemicals
 — 
0
.6
%
Corteva,
Inc.
............................
1,524,795
94,522,042
Linde
PLC
.............................
90,860
41,180,478
135,702,520
a
Commercial
Services
&
Supplies
 — 
5
.3
%
Republic
Services,
Inc.
.....................
1,678,967
421,000,975
Rollins,
Inc.
.............................
1,734,319
99,081,644
Waste
Connections,
Inc.
....................
1,922,349
379,913,833
Waste
Management,
Inc.
....................
1,514,746
353,481,127
1,253,477,579
a
Communications
Equipment
 — 
4
.1
%
Arista
Networks,
Inc.
(a)
.....................
720,086
59,241,475
Cisco
Systems,
Inc.
.......................
6,084,904
351,281,508
F5,
Inc.
(a)
..............................
533,048
141,119,128
Juniper
Networks,
Inc.
.....................
3,008,111
109,254,591
Motorola
Solutions,
Inc.
....................
725,671
319,578,252
980,474,954
a
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
 — 
2
.5
%
Kroger
Co.
(The)
.........................
2,470,236
$
178,375,742
Walmart,
Inc.
............................
4,215,686
409,975,463
588,351,205
a
Containers
&
Packaging
 — 
0
.1
%
Packaging
Corp.
of
America
.................
197,264
36,614,171
a
Diversified
Telecommunication
Services
 — 
2
.4
%
AT&T,
Inc.
..............................
8,312,162
230,246,887
Verizon
Communications,
Inc.
................
7,611,625
335,368,198
565,615,085
a
Electric
Utilities
 — 
4
.2
%
Alliant
Energy
Corp.
.......................
375,215
22,903,123
American
Electric
Power
Co.,
Inc.
..............
954,126
103,370,011
Duke
Energy
Corp.
.......................
3,107,484
379,175,198
NextEra
Energy,
Inc.
......................
161,376
10,792,827
PG&E
Corp.
............................
3,155,828
52,134,278
Southern
Co.
(The)
.......................
3,619,958
332,637,941
Xcel
Energy,
Inc.
.........................
1,567,110
110,794,677
1,011,808,055
a
Electrical
Equipment
 — 
0
.1
%
GE
Vernova,
Inc.
.........................
35,950
13,330,979
a
Electronic
Equipment,
Instruments
&
Components
 — 
2
.7
%
Amphenol
Corp.
,
Class
A
...................
4,088,363
314,599,533
CDW
Corp.
.............................
480,526
77,153,255
Corning,
Inc.
............................
1,566,201
69,508,000
TE
Connectivity
PLC
......................
107,092
15,676,127
Teledyne
Technologies,
Inc.
(a)
.................
354,993
165,437,388
642,374,303
a
Entertainment
 — 
1
.2
%
Electronic
Arts,
Inc.
.......................
1,265,609
183,627,210
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
(b)
.............................
915,431
81,171,267
Netflix,
Inc.
(a)
(b)
...........................
20,300
22,973,916
287,772,393
a
Financial
Services
 — 
4
.5
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
770,007
410,606,233
Fiserv,
Inc.
(a)
............................
762,431
140,721,889
Mastercard,
Inc.
,
Class
A
....................
545,699
299,075,794
Visa,
Inc.
,
Class
A
........................
678,408
234,389,964
1,084,793,880
a
Food
Products
 — 
3
.5
%
General
Mills,
Inc.
........................
2,474,726
140,415,953
Hershey
Co.
(The)
........................
410,391
68,613,271
Hormel
Foods
Corp.
.......................
1,019,351
30,478,595
Kellanova
..............................
2,189,461
181,221,687
Kraft
Heinz
Co.
(The)
......................
2,897,442
84,315,562
Mondelez
International,
Inc.
,
Class
A
............
1,632,595
111,228,698
The
Campbell's
Company
...................
1,771,596
64,592,390
Tyson
Foods,
Inc.
,
Class
A
..................
2,613,402
160,044,739
840,910,895
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.......................
90,970
14,612,511
a
Ground
Transportation
 — 
0
.5
%
Uber
Technologies,
Inc.
(a)
(b)
..................
1,520,020
123,136,820
a
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
 — 
1
.8
%
Abbott
Laboratories
.......................
940,405
$
122,957,954
Becton
Dickinson
&
Co.
....................
594,810
123,179,203
Boston
Scientific
Corp.
(a)
....................
1,269,622
130,606,015
Hologic,
Inc.
(a)
(b)
..........................
487,743
28,386,643
Medtronic
PLC
..........................
372,074
31,536,992
436,666,807
a
Health
Care
Providers
&
Services
 — 
4
.5
%
Cardinal
Health,
Inc.
.......................
95,593
13,506,335
Cencora,
Inc.
...........................
653,129
191,151,264
Cigna
Group
(The)
........................
151,499
51,515,720
Elevance
Health,
Inc.
......................
310,363
130,532,471
Humana,
Inc.
...........................
252,666
66,259,132
McKesson
Corp.
.........................
519,955
370,618,724
Quest
Diagnostics,
Inc.
.....................
157,445
28,059,848
UnitedHealth
Group,
Inc.
....................
549,044
225,898,663
1,077,542,157
a
Health
Care
REITs
 — 
0
.6
%
Welltower,
Inc.
...........................
867,120
132,313,841
a
Hotels,
Restaurants
&
Leisure
 — 
2
.7
%
Domino's
Pizza,
Inc.
.......................
100,538
49,300,819
DoorDash,
Inc.
,
Class
A
(a)
(b)
..................
202,065
38,976,318
McDonald's
Corp.
........................
1,012,742
323,722,980
Yum!
Brands,
Inc.
........................
1,621,251
243,901,001
655,901,118
a
Household
Durables
 — 
0
.2
%
Garmin
Ltd.
.............................
267,152
49,922,694
a
Household
Products
 — 
2
.7
%
Church
&
Dwight
Co.,
Inc.
...................
844,140
83,856,867
Colgate-Palmolive
Co.
.....................
2,346,862
216,357,208
Kimberly-Clark
Corp.
......................
365,656
48,186,148
Procter
&
Gamble
Co.
(The)
.................
1,793,810
291,619,692
640,019,915
a
Industrial
Conglomerates
 — 
0
.1
%
Honeywell
International,
Inc.
.................
152,983
32,202,921
a
Insurance
 — 
9
.8
%
Allstate
Corp.
(The)
.......................
1,112,547
220,718,199
Aon
PLC
,
Class
A
........................
331,089
117,467,066
Arch
Capital
Group
Ltd.
....................
1,682,029
152,526,390
Arthur
J
Gallagher
&
Co.
....................
735,636
235,911,109
Chubb
Ltd.
.............................
1,223,998
350,161,348
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
107,457
38,536,229
Hartford
Insurance
Group,
Inc.
(The)
............
243,859
29,914,184
Loews
Corp.
............................
797,753
69,268,893
Markel
Group,
Inc.
(a)
(b)
......................
35,640
64,814,904
Marsh
&
McLennan
Companies,
Inc.
............
1,188,451
267,960,047
Progressive
Corp.
(The)
....................
1,379,044
388,531,857
Travelers
Companies,
Inc.
(The)
...............
854,229
225,627,506
W
R
Berkley
Corp.
........................
1,205,258
86,404,946
Willis
Towers
Watson
PLC
...................
288,493
88,798,145
2,336,640,823
a
Interactive
Media
&
Services
 — 
0
.3
%
Alphabet,
Inc.
,
Class
C
,
NVS
.................
264,906
42,620,726
Meta
Platforms,
Inc.
,
Class
A
.................
34,267
18,812,583
61,433,309
a
IT
Services
 — 
6
.1
%
Accenture
PLC
,
Class
A
....................
859,875
257,231,606
Akamai
Technologies,
Inc.
(a)
..................
1,069,424
86,174,186
Security
Shares
Value
a
IT
Services
(continued)
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
2,343,014
$
172,375,540
Gartner,
Inc.
(a)
...........................
279,175
117,555,009
GoDaddy,
Inc.
,
Class
A
(a)
....................
1,289,138
242,783,360
International
Business
Machines
Corp.
..........
1,509,657
365,065,256
VeriSign,
Inc.
(a)
..........................
803,411
226,658,311
1,467,843,268
a
Machinery
 — 
0
.1
%
Otis
Worldwide
Corp.
......................
154,769
14,899,612
a
Media
 — 
0
.3
%
Comcast
Corp.
,
Class
A
....................
2,170,722
74,238,692
a
Metals
&
Mining
 — 
0
.3
%
Newmont
Corp.
..........................
1,505,312
79,299,836
a
Multi-Utilities
 — 
3
.0
%
Ameren
Corp.
...........................
624,497
61,975,082
CMS
Energy
Corp.
........................
668,345
49,223,609
Consolidated
Edison,
Inc.
...................
2,750,206
310,085,727
Dominion
Energy,
Inc.
......................
936,238
50,912,622
DTE
Energy
Co.
.........................
384,920
52,734,040
WEC
Energy
Group,
Inc.
....................
1,851,355
202,760,400
727,691,480
a
Oil,
Gas
&
Consumable
Fuels
 — 
2
.6
%
Chevron
Corp.
...........................
501,875
68,285,112
Diamondback
Energy,
Inc.
...................
722,492
95,376,169
EOG
Resources,
Inc.
......................
299,562
33,050,675
Exxon
Mobil
Corp.
........................
1,644,463
173,704,627
Marathon
Petroleum
Corp.
..................
808,837
111,142,292
Occidental
Petroleum
Corp.
..................
584,794
23,046,732
Phillips
66
..............................
102,278
10,643,049
Targa
Resources
Corp.
.....................
195,109
33,344,128
Williams
Companies,
Inc.
(The)
...............
1,230,835
72,090,006
620,682,790
a
Pharmaceuticals
 — 
4
.1
%
Bristol-Myers
Squibb
Co.
....................
1,776,529
89,181,756
Eli
Lilly
&
Co.
...........................
261,445
235,025,983
Johnson
&
Johnson
.......................
1,818,979
284,324,607
Merck
&
Co.,
Inc.
.........................
3,659,299
311,772,275
Pfizer,
Inc.
.............................
1,920,422
46,877,501
967,182,122
a
Professional
Services
 — 
0
.9
%
Automatic
Data
Processing,
Inc.
...............
70,986
21,338,392
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
663,126
79,588,383
Broadridge
Financial
Solutions,
Inc.
............
53,821
13,046,210
Verisk
Analytics,
Inc.
.......................
353,005
104,641,272
218,614,257
a
Semiconductors
&
Semiconductor
Equipment
 — 
1
.4
%
Analog
Devices,
Inc.
.......................
255,834
49,867,163
First
Solar,
Inc.
(a)
(b)
........................
74,116
9,325,275
NVIDIA
Corp.
...........................
1,074,412
117,024,955
Texas
Instruments,
Inc.
.....................
991,493
158,688,455
334,905,848
a
Software
 — 
9
.2
%
Adobe,
Inc.
(a)
............................
129,657
48,618,782
Cadence
Design
Systems,
Inc.
(a)
(b)
.............
139,843
41,636,855
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
101,492
43,526,874
Datadog,
Inc.
,
Class
A
(a)
....................
93,271
9,528,565
DocuSign,
Inc.
(a)
(b)
........................
278,926
22,802,201
Dynatrace,
Inc.
(a)
.........................
1,128,750
53,017,388
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Software
(continued)
Fair
Isaac
Corp.
(a)
.........................
77,845
$
154,886,640
Fortinet,
Inc.
(a)
...........................
1,230,753
127,702,931
Gen
Digital,
Inc.
..........................
2,446,153
63,281,978
HubSpot,
Inc.
(a)
(b)
.........................
84,236
51,510,314
Intuit,
Inc.
..............................
16,962
10,643,146
Manhattan
Associates,
Inc.
(a)
.................
138,780
24,618,184
Microsoft
Corp.
..........................
847,696
335,060,321
Nutanix,
Inc.
,
Class
A
(a)
.....................
714,298
49,072,273
Oracle
Corp.
............................
804,113
113,154,781
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
127,838
23,896,757
PTC,
Inc.
(a)
.............................
644,195
99,830,899
Roper
Technologies,
Inc.
....................
559,763
313,512,061
Salesforce,
Inc.
..........................
222,370
59,753,043
ServiceNow,
Inc.
(a)
........................
209,019
199,615,235
Synopsys,
Inc.
(a)
.........................
80,569
36,981,977
Tyler
Technologies,
Inc.
(a)
(b)
..................
213,458
115,971,731
Workday,
Inc.
,
Class
A
(a)
....................
392,399
96,137,755
Zoom
Communications,
Inc.
,
Class
A
(a)
(b)
.........
1,180,042
91,500,457
2,186,261,148
a
Specialty
Retail
 — 
2
.9
%
AutoZone,
Inc.
(a)
.........................
74,558
280,531,931
Home
Depot,
Inc.
(The)
....................
171,254
61,735,354
O'Reilly
Automotive,
Inc.
(a)
...................
133,105
188,370,196
TJX
Companies,
Inc.
(The)
..................
1,282,207
164,994,397
695,631,878
a
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.1
%
Apple,
Inc.
.............................
1,023,920
$
217,583,000
NetApp,
Inc.
............................
421,103
37,793,994
255,376,994
a
Wireless
Telecommunication
Services
 — 
1
.5
%
T-Mobile
U.S.,
Inc.
........................
1,496,354
369,524,620
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
21,252,350,052
)
..............................
23,817,062,667
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
107,237,680
107,280,575
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
45,984,305
45,984,305
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
153,257,723
)
................................
153,264,880
Total
Investments
—
100.5%
(Cost:
$
21,405,607,775
)
..............................
23,970,327,547
Liabilities
in
Excess
of
Other
Assets
—
(
0
.5
)
%
...............
(
113,488,997
)
Net
Assets
—
100.0%
.................................
$
23,856,838,550
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
  Shares
Held
at
04/30/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
3,513,795
‌
$
103,812,732
(a)
$
—
‌
$
(
48,192
)
$
2,240
‌
$
107,280,575
‌
107,237,680
‌
$
146,597
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
33,167,263
‌
12,817,042
(a)
—
‌
—
‌
—
‌
45,984,305
‌
45,984,305
‌
1,363,542
‌
—
‌
$
(
48,192
)
$
2,240
‌
$
153,264,880
‌
$
1,510,139
‌
$
—
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
4
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
–
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that may
not have
a
secondary
market
and/or may
have a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
316
06/20/25
$
11,348
$
312,354
E-Mini
S&P
500
Index
...................................................................
94
06/20/25
26,259
541,062
$
853,416
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
23,817,062,667
$
—
$
—
$
23,817,062,667
Short-Term
Securities
Money
Market
Funds
......................................
153,264,880
—
—
153,264,880
$
23,970,327,547
$
—
$
—
$
23,970,327,547
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
853,416
$
—
$
—
$
853,416
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust