iShares
®
ESG
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
 — 
1
.8
%
Northrop
Grumman
Corp.
...................
230
$
111,895
RTX
Corp.
.............................
317
39,983
151,878
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
393
35,063
Expeditors
International
of
Washington,
Inc.
.......
166
18,245
53,308
a
Banks
 — 
0
.1
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
5
8,896
a
Beverages
 — 
2
.0
%
Coca-Cola
Co.
(The)
......................
1,092
79,225
Keurig
Dr
Pepper,
Inc.
.....................
438
15,150
PepsiCo,
Inc.
...........................
561
76,060
170,435
a
Biotechnology
 — 
4
.6
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
105
27,640
Amgen,
Inc.
............................
99
28,801
Gilead
Sciences,
Inc.
......................
1,280
136,372
Incyte
Corp.
(a)
...........................
320
20,051
Regeneron
Pharmaceuticals,
Inc.
..............
75
44,907
Vertex
Pharmaceuticals,
Inc.
(a)
................
266
135,527
393,298
a
Broadline
Retail
 — 
0
.6
%
MercadoLibre,
Inc.
(a)
.......................
20
46,617
a
Building
Products
 — 
1
.2
%
Johnson
Controls
International
PLC
............
51
4,279
Trane
Technologies
PLC
....................
258
98,894
103,173
a
Capital
Markets
 — 
2
.6
%
Cboe
Global
Markets,
Inc.
...................
351
77,852
CME
Group,
Inc.
,
Class
A
...................
164
45,441
Intercontinental
Exchange,
Inc.
...............
28
4,703
S&P
Global,
Inc.
.........................
184
92,009
220,005
a
Chemicals
 — 
0
.8
%
Ecolab,
Inc.
............................
237
59,589
Linde
PLC
.............................
20
9,064
68,653
a
Commercial
Services
&
Supplies
 — 
2
.6
%
Republic
Services,
Inc.
.....................
72
18,054
Veralto
Corp.
............................
829
79,501
Waste
Management,
Inc.
....................
509
118,780
216,335
a
Communications
Equipment
 — 
3
.5
%
Cisco
Systems,
Inc.
.......................
2,234
128,969
F5,
Inc.
(a)
..............................
45
11,913
Juniper
Networks,
Inc.
.....................
1,105
40,133
Motorola
Solutions,
Inc.
....................
266
117,144
298,159
a
Construction
Materials
 — 
0
.7
%
CRH
PLC
..............................
656
62,596
a
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.4
%
Kroger
Co.
(The)
.........................
1,625
$
117,341
a
Containers
&
Packaging
 — 
0
.3
%
Amcor
PLC
.............................
2,888
26,570
a
Distributors
 — 
0
.3
%
LKQ
Corp.
.............................
686
26,212
a
Diversified
Telecommunication
Services
 — 
1
.9
%
AT&T,
Inc.
..............................
1,537
42,575
Verizon
Communications,
Inc.
................
2,630
115,878
158,453
a
Electric
Utilities
 — 
0
.9
%
Eversource
Energy
.......................
561
33,368
Exelon
Corp.
............................
116
5,440
NextEra
Energy,
Inc.
......................
560
37,453
76,261
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.2
%
Keysight
Technologies,
Inc.
(a)
.................
143
20,792
a
Entertainment
 — 
1
.2
%
Electronic
Arts,
Inc.
.......................
683
99,096
a
Financial
Services
 — 
3
.2
%
Fiserv,
Inc.
(a)
............................
136
25,102
Jack
Henry
&
Associates,
Inc.
................
66
11,446
Mastercard,
Inc.
,
Class
A
....................
234
128,246
Visa,
Inc.
,
Class
A
........................
314
108,487
273,281
a
Food
Products
 — 
3
.5
%
General
Mills,
Inc.
........................
1,862
105,650
Hormel
Foods
Corp.
.......................
1,012
30,259
Kellanova
..............................
925
76,562
Kraft
Heinz
Co.
(The)
......................
952
27,703
McCormick
&
Co.,
Inc.
,
NVS
.................
142
10,886
The
Campbell's
Company
...................
647
23,590
Tyson
Foods,
Inc.
,
Class
A
..................
315
19,290
293,940
a
Ground
Transportation
 — 
0
.5
%
Old
Dominion
Freight
Line,
Inc.
...............
19
2,913
Uber
Technologies,
Inc.
(a)
...................
526
42,611
45,524
a
Health
Care
Equipment
&
Supplies
 — 
0
.5
%
Hologic,
Inc.
(a)
...........................
566
32,941
Solventum
Corp.
(a)
........................
108
7,141
40,082
a
Health
Care
Providers
&
Services
 — 
6
.3
%
Cardinal
Health,
Inc.
.......................
94
13,281
Cencora,
Inc.
...........................
336
98,337
Cigna
Group
(The)
........................
117
39,785
Elevance
Health,
Inc.
......................
169
71,078
Humana,
Inc.
...........................
95
24,913
McKesson
Corp.
.........................
194
138,281
Quest
Diagnostics,
Inc.
.....................
373
66,476
UnitedHealth
Group,
Inc.
....................
204
83,934
536,085
a
Health
Care
REITs
 — 
1
.3
%
Welltower,
Inc.
...........................
713
108,797
a
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
 — 
1
.9
%
Flutter
Entertainment
PLC
(a)
..................
95
$
22,894
McDonald's
Corp.
........................
304
97,174
Yum!
Brands,
Inc.
........................
257
38,663
158,731
a
Household
Products
 — 
3
.7
%
Church
&
Dwight
Co.,
Inc.
...................
553
54,935
Clorox
Co.
(The)
.........................
177
25,187
Colgate-Palmolive
Co.
.....................
1,118
103,069
Kimberly-Clark
Corp.
......................
353
46,518
Procter
&
Gamble
Co.
(The)
.................
540
87,788
317,497
a
Industrial
Conglomerates
 — 
0
.7
%
Honeywell
International,
Inc.
.................
262
55,151
a
Insurance
 — 
5
.3
%
Aon
PLC
,
Class
A
........................
14
4,967
Arthur
J
Gallagher
&
Co.
....................
73
23,410
Assurant,
Inc.
...........................
75
14,456
Marsh
&
McLennan
Companies,
Inc.
............
549
123,783
Progressive
Corp.
(The)
....................
506
142,560
Travelers
Companies,
Inc.
(The)
...............
488
128,895
Willis
Towers
Watson
PLC
...................
47
14,467
452,538
a
IT
Services
 — 
5
.5
%
Accenture
PLC
,
Class
A
....................
326
97,523
Akamai
Technologies,
Inc.
(a)
..................
295
23,771
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
335
24,646
Gartner,
Inc.
(a)
...........................
120
50,529
GoDaddy,
Inc.
,
Class
A
(a)
....................
393
74,014
International
Business
Machines
Corp.
..........
627
151,621
VeriSign,
Inc.
(a)
..........................
158
44,575
466,679
a
Machinery
 — 
0
.5
%
CNH
Industrial
N.V.
.......................
1,660
19,206
Xylem,
Inc.
.............................
178
21,462
40,668
a
Metals
&
Mining
 — 
0
.9
%
Newmont
Corp.
..........................
1,479
77,914
a
Multi-Utilities
 — 
4
.2
%
CMS
Energy
Corp.
........................
731
53,838
Consolidated
Edison,
Inc.
...................
1,131
127,520
Dominion
Energy,
Inc.
......................
204
11,094
NiSource,
Inc.
...........................
122
4,771
Public
Service
Enterprise
Group,
Inc.
...........
1,519
121,414
Sempra
...............................
495
36,764
355,401
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.4
%
Cheniere
Energy,
Inc.
......................
63
14,560
Chevron
Corp.
...........................
186
25,307
Hess
Corp.
.............................
769
99,239
Kinder
Morgan,
Inc.
.......................
3,156
83,003
ONEOK,
Inc.
............................
956
78,545
Phillips
66
..............................
131
13,632
Targa
Resources
Corp.
.....................
350
59,815
374,101
a
Pharmaceuticals
 — 
4
.5
%
Bristol-Myers
Squibb
Co.
....................
396
19,879
Eli
Lilly
&
Co.
...........................
122
109,672
Johnson
&
Johnson
.......................
553
86,440
Security
Shares
Value
a
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
.........................
1,342
$
114,338
Zoetis,
Inc.
,
Class
A
.......................
313
48,953
379,282
a
Professional
Services
 — 
2
.2
%
Automatic
Data
Processing,
Inc.
...............
418
125,651
Broadridge
Financial
Solutions,
Inc.
............
195
47,268
Leidos
Holdings,
Inc.
......................
62
9,125
182,044
a
Semiconductors
&
Semiconductor
Equipment
 — 
2
.6
%
First
Solar,
Inc.
(a)
.........................
86
10,820
NVIDIA
Corp.
...........................
850
92,582
NXP
Semiconductors
N.V.
...................
125
23,039
Texas
Instruments,
Inc.
.....................
598
95,710
222,151
a
Software
 — 
11
.8
%
Adobe,
Inc.
(a)
............................
162
60,747
ANSYS,
Inc.
(a)
...........................
105
33,797
Atlassian
Corp.
,
Class
A
(a)
...................
50
11,416
Autodesk,
Inc.
(a)
..........................
83
22,763
Cadence
Design
Systems,
Inc.
(a)
..............
219
65,205
Dynatrace,
Inc.
(a)
.........................
274
12,870
Fair
Isaac
Corp.
(a)
.........................
20
39,794
Gen
Digital,
Inc.
..........................
991
25,637
HubSpot,
Inc.
(a)
..........................
85
51,977
Intuit,
Inc.
..............................
87
54,590
Microsoft
Corp.
..........................
281
111,068
Nutanix,
Inc.
,
Class
A
(a)
.....................
333
22,877
Oracle
Corp.
............................
329
46,297
PTC,
Inc.
(a)
.............................
358
55,479
Roper
Technologies,
Inc.
....................
208
116,497
Salesforce,
Inc.
..........................
200
53,742
ServiceNow,
Inc.
(a)
........................
126
120,331
Synopsys,
Inc.
(a)
.........................
54
24,787
Tyler
Technologies,
Inc.
(a)
...................
15
8,149
Workday,
Inc.
,
Class
A
(a)
....................
257
62,965
1,000,988
a
Specialized
REITs
 — 
1
.6
%
American
Tower
Corp.
.....................
350
78,894
Equinix,
Inc.
............................
67
57,670
136,564
a
Specialty
Retail
 — 
2
.9
%
AutoZone,
Inc.
(a)
.........................
11
41,389
Home
Depot,
Inc.
(The)
....................
298
107,426
Lowe's
Companies,
Inc.
....................
280
62,597
TJX
Companies,
Inc.
(The)
..................
40
5,147
Tractor
Supply
Co.
........................
534
27,031
243,590
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.7
%
Apple,
Inc.
.............................
198
42,075
Hewlett
Packard
Enterprise
Co.
...............
393
6,375
NetApp,
Inc.
............................
107
9,603
58,053
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.3
%
Deckers
Outdoor
Corp.
(a)
....................
199
22,055
a
Trading
Companies
&
Distributors
 — 
1
.8
%
Ferguson
Enterprises,
Inc.
...................
214
36,307
WW
Grainger,
Inc.
........................
110
112,674
148,981
a
iShares
®
ESG
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
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Wireless
Telecommunication
Services
 — 
1
.6
%
T-Mobile
U.S.,
Inc.
........................
549
$
135,576
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
8,094,077
)
..................................
8,443,751
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.2
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(b)
(c)
............................
20,148
$
20,148
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
20,148
)
....................................
20,148
Total
Investments
—
99.9%
(Cost:
$
8,114,225
)
..................................
8,463,899
Other
Assets
Less
Liabilities
—
0
.1
%
.....................
11,386
Net
Assets
—
100.0%
.................................
$
8,475,285
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
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
(a)
$
58,612
‌
$
—
‌
$
(
58,593
)
(b)
$
(
18
)
$
(
1
)
$
—
‌
—
‌
$
65
(c)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
18,866
‌
1,282
(b)
—
‌
—
‌
—
‌
20,148
‌
20,148
‌
766
‌
—
‌
$
(
18
)
$
(
1
)
$
20,148
‌
$
831
‌
$
—
‌
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Micro
E-Mini
Russell
2000
Index
...........................................................
2
06/20/25
$
20
$
(
327
)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
4
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. 
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
8,443,751
$
—
$
—
$
8,443,751
Short-Term
Securities
Money
Market
Funds
......................................
20,148
—
—
20,148
$
8,463,899
$
—
$
—
$
8,463,899
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
327
)
$
—
$
—
$
(
327
)
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