iShares
®
MSCI
USA
Quality
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
.1
%
Lockheed
Martin
Corp.
.....................
1,072,290
$
512,286,547
a
Air
Freight
&
Logistics
 — 
0
.1
%
Expeditors
International
of
Washington,
Inc.
.......
455,158
50,026,416
a
Beverages
 — 
2
.2
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
267,771
9,329,142
Coca-Cola
Co.
(The)
......................
8,532,522
619,034,471
Monster
Beverage
Corp.
(a)
...................
1,673,339
100,601,141
PepsiCo,
Inc.
...........................
2,426,709
329,013,206
1,057,977,960
a
Biotechnology
 — 
0
.6
%
United
Therapeutics
Corp.
(a)
(b)
................
87,944
26,654,947
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
...............
516,604
263,209,738
289,864,685
a
Building
Products
 — 
0
.6
%
A
O
Smith
Corp.
.........................
370,781
25,161,199
Trane
Technologies
PLC
....................
709,688
272,030,507
297,191,706
a
Capital
Markets
 — 
3
.1
%
Ameriprise
Financial,
Inc.
...................
454,120
213,899,602
BlackRock,
Inc.
(c)
.........................
473,118
432,552,863
Cboe
Global
Markets,
Inc.
...................
353,755
78,462,859
CME
Group,
Inc.
,
Class
A
...................
1,132,856
313,891,741
FactSet
Research
Systems,
Inc.
...............
131,778
56,957,087
LPL
Financial
Holdings,
Inc.
..................
218,495
69,872,516
Moody's
Corp.
...........................
533,837
241,892,221
SEI
Investments
Co.
.......................
413,386
32,363,990
T
Rowe
Price
Group,
Inc.
...................
772,082
68,367,861
1,508,260,740
a
Chemicals
 — 
2
.1
%
Air
Products
and
Chemicals,
Inc.
..............
437,436
118,584,525
Ecolab,
Inc.
............................
472,329
118,757,681
Linde
PLC
.............................
1,045,430
473,820,239
PPG
Industries,
Inc.
.......................
483,026
52,582,210
RPM
International,
Inc.
.....................
249,740
26,659,745
Sherwin-Williams
Co.
(The)
..................
571,802
201,800,362
992,204,762
a
Commercial
Services
&
Supplies
 — 
0
.9
%
Cintas
Corp.
............................
1,336,066
282,818,451
Rollins,
Inc.
.............................
1,063,063
60,732,789
Veralto
Corp.
............................
739,991
70,965,137
414,516,377
a
Communications
Equipment
 — 
0
.7
%
Arista
Networks,
Inc.
(a)
.....................
4,350,748
357,936,038
a
Construction
&
Engineering
 — 
0
.1
%
EMCOR
Group,
Inc.
(b)
......................
168,707
67,600,895
a
Consumer
Staples
Distribution
&
Retail
 — 
2
.1
%
Costco
Wholesale
Corp.
....................
1,000,982
995,476,599
a
Containers
&
Packaging
 — 
0
.1
%
Avery
Dennison
Corp.
......................
168,086
28,761,196
Packaging
Corp.
of
America
.................
159,558
29,615,560
58,376,756
a
Security
Shares
Value
a
Distributors
 — 
0
.2
%
Pool
Corp.
.............................
330,436
$
96,864,009
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
Amphenol
Corp.
,
Class
A
...................
4,069,917
313,180,113
a
Energy
Equipment
&
Services
 — 
0
.7
%
Schlumberger
N.V.
........................
10,615,350
352,960,387
a
Entertainment
 — 
2
.7
%
Electronic
Arts,
Inc.
.......................
557,493
80,886,659
Netflix,
Inc.
(a)
(b)
...........................
1,072,715
1,214,013,020
1,294,899,679
a
Financial
Services
 — 
10
.4
%
Jack
Henry
&
Associates,
Inc.
................
268,490
46,564,221
Mastercard,
Inc.
,
Class
A
....................
4,233,091
2,319,987,853
Visa,
Inc.
,
Class
A
........................
7,688,061
2,656,225,076
5,022,777,150
a
Food
Products
 — 
0
.1
%
Hershey
Co.
(The)
........................
326,365
54,564,964
a
Gas
Utilities
 — 
0
.4
%
Atmos
Energy
Corp.
.......................
1,149,843
184,699,281
a
Ground
Transportation
 — 
0
.2
%
Old
Dominion
Freight
Line,
Inc.
...............
734,166
112,532,964
a
Health
Care
Equipment
&
Supplies
 — 
0
.6
%
Edwards
Lifesciences
Corp.
(a)
................
1,288,595
97,276,037
IDEXX
Laboratories,
Inc.
(a)
(b)
.................
253,270
109,577,265
ResMed,
Inc.
...........................
313,880
74,260,869
Solventum
Corp.
(a)
(b)
.......................
420,132
27,779,128
308,893,299
a
Health
Care
Providers
&
Services
 — 
1
.9
%
Molina
Healthcare,
Inc.
(a)
(b)
...................
114,824
37,548,596
UnitedHealth
Group,
Inc.
....................
2,092,088
860,768,687
898,317,283
a
Health
Care
Technology
 — 
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
298,312
69,712,531
a
Hotels,
Restaurants
&
Leisure
 — 
1
.3
%
Chipotle
Mexican
Grill,
Inc.
(a)
(b)
................
12,414,177
627,164,222
a
Household
Durables
 — 
2
.2
%
DR
Horton,
Inc.
..........................
2,576,255
325,484,057
Garmin
Ltd.
.............................
1,451,127
271,172,103
NVR,
Inc.
(a)
(b)
............................
34,251
244,064,063
PulteGroup,
Inc.
.........................
2,004,990
205,671,874
1,046,392,097
a
Household
Products
 — 
1
.6
%
Procter
&
Gamble
Co.
(The)
.................
4,686,083
761,816,513
a
Industrial
Conglomerates
 — 
0
.6
%
3M
Co.
................................
2,178,728
302,647,106
a
Insurance
 — 
1
.5
%
Aflac,
Inc.
..............................
1,746,735
189,835,160
American
Financial
Group,
Inc.
...............
223,747
28,339,795
Arch
Capital
Group
Ltd.
....................
1,240,393
112,478,837
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
103,590
37,149,446
Marsh
&
McLennan
Companies,
Inc.
............
1,530,805
345,150,603
712,953,841
a
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Quality
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Interactive
Media
&
Services
 — 
7
.0
%
Alphabet,
Inc.
,
Class
A
.....................
5,495,118
$
872,624,739
Alphabet,
Inc.
,
Class
C
,
NVS
.................
4,714,326
758,487,910
Meta
Platforms,
Inc.
,
Class
A
.................
3,161,808
1,735,832,592
3,366,945,241
a
IT
Services
 — 
1
.6
%
Accenture
PLC
,
Class
A
....................
2,619,119
783,509,449
a
Life
Sciences
Tools
&
Services
 — 
0
.3
%
Agilent
Technologies,
Inc.
...................
609,327
65,563,585
Waters
Corp.
(a)
(b)
.........................
108,691
37,795,122
West
Pharmaceutical
Services,
Inc.
............
147,031
31,066,180
134,424,887
a
Machinery
 — 
1
.9
%
Caterpillar,
Inc.
..........................
1,669,324
516,271,834
Graco,
Inc.
.............................
544,920
44,470,921
Illinois
Tool
Works,
Inc.
.....................
1,440,263
345,533,496
906,276,251
a
Media
 — 
0
.1
%
Interpublic
Group
of
Companies,
Inc.
(The)
.......
794,826
19,966,029
Omnicom
Group,
Inc.
......................
415,932
31,677,381
51,643,410
a
Metals
&
Mining
 — 
0
.1
%
Reliance,
Inc.
...........................
89,491
25,793,991
a
Multi-Utilities
 — 
1
.5
%
Consolidated
Edison,
Inc.
...................
2,092,334
235,910,658
Public
Service
Enterprise
Group,
Inc.
...........
2,631,974
210,373,682
Sempra
...............................
4,019,973
298,563,395
744,847,735
a
Oil,
Gas
&
Consumable
Fuels
 — 
2
.3
%
ConocoPhillips
..........................
7,303,137
650,855,570
Expand
Energy
Corp.
......................
1,774,938
184,416,058
Texas
Pacific
Land
Corp.
(b)
..................
215,892
278,256,722
1,113,528,350
a
Pharmaceuticals
 — 
7
.2
%
Eli
Lilly
&
Co.
...........................
2,091,877
1,880,492,829
Johnson
&
Johnson
.......................
5,385,532
841,812,507
Merck
&
Co.,
Inc.
.........................
6,840,998
582,853,030
Zoetis,
Inc.
,
Class
A
.......................
1,139,983
178,293,341
3,483,451,707
a
Professional
Services
 — 
2
.4
%
Automatic
Data
Processing,
Inc.
...............
2,887,308
867,924,785
Paychex,
Inc.
...........................
1,553,185
228,504,577
Paycom
Software,
Inc.
.....................
202,952
45,946,303
1,142,375,665
a
Real
Estate
Management
&
Development
 — 
0
.7
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
1,476,162
180,357,473
CoStar
Group,
Inc.
(a)
(b)
......................
1,988,486
147,486,007
327,843,480
a
Residential
REITs
 — 
0
.5
%
AvalonBay
Communities,
Inc.
................
610,376
128,166,753
Equity
Residential
........................
1,461,686
102,698,058
230,864,811
a
Retail
REITs
 — 
0
.5
%
Simon
Property
Group,
Inc.
..................
1,543,956
242,987,795
a
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
 — 
10
.5
%
Applied
Materials,
Inc.
.....................
3,715,131
$
559,907,393
KLA
Corp.
..............................
776,764
545,824,295
Lam
Research
Corp.
......................
5,841,650
418,671,056
Monolithic
Power
Systems,
Inc.
...............
166,572
98,793,853
NVIDIA
Corp.
...........................
21,459,270
2,337,343,688
QUALCOMM,
Inc.
........................
3,919,734
581,923,710
Texas
Instruments,
Inc.
.....................
3,214,586
514,494,489
5,056,958,484
a
Software
 — 
9
.6
%
Adobe,
Inc.
(a)
............................
2,058,811
772,012,949
AppLovin
Corp.
,
Class
A
(a)
(b)
..................
818,286
220,372,603
Cadence
Design
Systems,
Inc.
(a)
..............
1,007,761
300,050,760
DocuSign,
Inc.
(a)
(b)
........................
988,489
80,808,976
Manhattan
Associates,
Inc.
(a)
(b)
................
486,069
86,223,780
Microsoft
Corp.
..........................
7,389,227
2,920,665,864
Synopsys,
Inc.
(a)
.........................
546,052
250,643,328
4,630,778,260
a
Specialized
REITs
 — 
0
.6
%
Public
Storage
...........................
893,251
268,359,398
a
Specialty
Retail
 — 
4
.1
%
Best
Buy
Co.,
Inc.
........................
2,000,714
133,427,617
TJX
Companies,
Inc.
(The)
..................
9,425,299
1,212,847,475
Tractor
Supply
Co.
........................
4,479,556
226,755,125
Ulta
Beauty,
Inc.
(a)
(b)
.......................
453,087
179,259,341
Williams-Sonoma,
Inc.
.....................
1,393,475
215,250,083
1,967,539,641
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.4
%
Apple,
Inc.
.............................
13,956,563
2,965,769,638
NetApp,
Inc.
............................
1,128,143
101,250,834
3,067,020,472
a
Textiles,
Apparel
&
Luxury
Goods
 — 
2
.4
%
Deckers
Outdoor
Corp.
(a)
(b)
...................
1,764,093
195,514,427
Lululemon
Athletica,
Inc.
(a)
(b)
..................
1,257,963
340,618,641
NIKE,
Inc.
,
Class
B
.......................
11,431,077
644,712,743
1,180,845,811
a
Trading
Companies
&
Distributors
 — 
0
.8
%
Fastenal
Co.
............................
2,270,158
183,814,693
WW
Grainger,
Inc.
........................
208,982
214,062,353
397,877,046
a
Water
Utilities
 — 
0
.5
%
American
Water
Works
Co.,
Inc.
...............
1,169,797
171,971,857
Essential
Utilities,
Inc.
......................
1,531,724
62,999,808
234,971,665
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
41,706,009,854
)
..............................
48,120,938,469
iShares
®
MSCI
USA
Quality
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
Short-Term
Securities
Money
Market
Funds
 — 
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
199,091,828
$
199,171,465
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
66,413,369
66,413,369
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
265,567,383
)
................................
265,584,834
Total
Investments
—
100.4%
(Cost:
$
41,971,577,237
)
..............................
48,386,523,303
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
172,654,714
)
Net
Assets
—
100.0%
.................................
$
48,213,868,589
(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
..
$
63,556,751
$
135,676,895
(a)
$
—
$
(
70,666
)
$
8,485
$
199,171,465
199,091,828
$
297,165
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
70,928,644
—
(
4,515,275
)
(a)
—
—
66,413,369
66,413,369
2,618,583
—
BlackRock,
Inc.
....
409,291,316
99,220,109
(
95,043,829
)
18,565,140
520,127
432,552,863
473,118
7,216,877
—
$
18,494,474
$
528,612
$
698,137,697
$
10,132,625
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
..................................................................
300
06/20/25
$
83,805
$
(
516,227
)
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Quality
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
.........................................
$
48,120,938,469
‌
$
—
‌
$
—
‌
$
48,120,938,469
‌
Short-Term
Securities
Money
Market
Funds
......................................
265,584,834
‌
—
‌
—
‌
265,584,834
‌
$
48,386,523,303
‌
$
—
‌
$
—
‌
$
48,386,523,303
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
516,227
)
$
—
‌
$
—
‌
$
(
516,227
)
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