iShares
®
ESG
Advanced
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
0
.6
%
Axon
Enterprise,
Inc.
(a)
.....................
4,246
$
3,186,029
Howmet
Aerospace,
Inc.
....................
22,444
3,813,011
6,999,040
a
Air
Freight
&
Logistics
 — 
0
.1
%
CH
Robinson
Worldwide,
Inc.
................
6,896
661,809
Expeditors
International
of
Washington,
Inc.
.......
8,035
905,786
1,567,595
a
Banks
 — 
1
.5
%
Fifth
Third
Bancorp
.......................
38,970
1,488,264
Huntington
Bancshares,
Inc.
.................
85,206
1,331,770
KeyCorp
...............................
54,326
861,610
M&T
Bank
Corp.
.........................
9,482
1,731,792
PNC
Financial
Services
Group,
Inc.
(The)
........
23,084
4,012,230
Regions
Financial
Corp.
....................
52,816
1,132,375
Truist
Financial
Corp.
......................
76,385
3,017,208
U.S.
Bancorp
...........................
90,879
3,961,416
17,536,665
a
Beverages
 — 
0
.2
%
Keurig
Dr
Pepper,
Inc.
.....................
75,182
2,531,378
a
Biotechnology
 — 
1
.4
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
7,588
2,311,001
Biogen,
Inc.
(a)
...........................
8,538
1,108,147
BioMarin
Pharmaceutical,
Inc.
(a)
...............
11,185
649,513
Incyte
Corp.
(a)
...........................
9,595
624,251
Neurocrine
Biosciences,
Inc.
(a)
................
5,710
702,444
Regeneron
Pharmaceuticals,
Inc.
..............
6,238
3,058,366
United
Therapeutics
Corp.
(a)
..................
2,489
793,618
Vertex
Pharmaceuticals,
Inc.
(a)
................
14,996
6,628,982
15,876,322
a
Broadline
Retail
 — 
0
.8
%
eBay,
Inc.
..............................
27,073
1,980,931
MercadoLibre,
Inc.
(a)
.......................
2,661
6,820,915
8,801,846
a
Building
Products
 — 
0
.9
%
Allegion
PLC
............................
5,033
718,209
Builders
FirstSource,
Inc.
(a)
..................
6,635
714,457
Carlisle
Companies,
Inc.
....................
2,575
978,963
Lennox
International,
Inc.
...................
1,862
1,051,006
Masco
Corp.
............................
12,348
770,762
Owens
Corning
..........................
4,990
668,411
Trane
Technologies
PLC
....................
13,083
5,629,222
10,531,030
a
Capital
Markets
 — 
5
.6
%
Ameriprise
Financial,
Inc.
...................
5,589
2,846,142
Ares
Management
Corp.
,
Class
A
..............
11,890
1,967,795
Bank
of
New
York
Mellon
Corp.
(The)
...........
41,879
3,710,898
BlackRock,
Inc.
(b)
.........................
8,590
8,417,255
Carlyle
Group,
Inc.
(The)
....................
13,695
619,014
Cboe
Global
Markets,
Inc.
...................
6,107
1,399,236
Charles
Schwab
Corp.
(The)
.................
100,496
8,877,817
CME
Group,
Inc.
,
Class
A
...................
21,021
6,075,069
FactSet
Research
Systems,
Inc.
...............
2,213
1,014,129
Intercontinental
Exchange,
Inc.
...............
33,510
6,025,098
LPL
Financial
Holdings,
Inc.
..................
4,665
1,806,102
Moody's
Corp.
...........................
9,444
4,526,698
Nasdaq,
Inc.
............................
25,161
2,101,950
Northern
Trust
Corp.
.......................
11,373
1,213,954
Security
Shares
Value
a
Capital
Markets
(continued)
Raymond
James
Financial,
Inc.
...............
11,355
$
1,668,958
S&P
Global,
Inc.
.........................
18,306
9,388,415
State
Street
Corp.
........................
16,833
1,620,681
T
Rowe
Price
Group,
Inc.
...................
12,963
1,213,207
64,492,418
a
Chemicals
 — 
2
.2
%
Air
Products
and
Chemicals,
Inc.
..............
12,977
3,619,415
CF
Industries
Holdings,
Inc.
..................
9,798
888,777
International
Flavors
&
Fragrances,
Inc.
..........
14,917
1,142,046
Linde
PLC
.............................
27,585
12,898,194
PPG
Industries,
Inc.
.......................
13,239
1,466,881
RPM
International,
Inc.
.....................
7,491
852,775
Sherwin-Williams
Co.
(The)
..................
13,937
5,000,735
25,868,823
a
Commercial
Services
&
Supplies
 — 
1
.9
%
Cintas
Corp.
............................
21,198
4,801,347
Copart,
Inc.
(a)
...........................
53,535
2,755,982
Republic
Services,
Inc.
.....................
12,758
3,282,506
Rollins,
Inc.
.............................
16,977
971,933
Veralto
Corp.
............................
14,469
1,461,803
Waste
Connections,
Inc.
....................
15,070
2,970,146
Waste
Management,
Inc.
....................
23,468
5,655,084
21,898,801
a
Communications
Equipment
 — 
1
.0
%
Arista
Networks,
Inc.
(a)
.....................
62,527
5,417,339
F5,
Inc.
(a)
..............................
3,368
961,160
Juniper
Networks,
Inc.
.....................
19,435
698,300
Motorola
Solutions,
Inc.
....................
9,734
4,043,309
11,120,108
a
Construction
&
Engineering
 — 
0
.4
%
EMCOR
Group,
Inc.
.......................
2,652
1,251,373
Quanta
Services,
Inc.
......................
8,644
2,961,088
4,212,461
a
Construction
Materials
 — 
0
.7
%
CRH
PLC
..............................
39,536
3,604,102
Martin
Marietta
Materials,
Inc.
................
3,557
1,947,635
Vulcan
Materials
Co.
......................
7,705
2,042,364
7,594,101
a
Consumer
Finance
 — 
1
.5
%
American
Express
Co.
.....................
32,717
9,620,434
Capital
One
Financial
Corp.
..................
37,296
7,054,538
Synchrony
Financial
.......................
22,676
1,307,272
17,982,244
a
Consumer
Staples
Distribution
&
Retail
 — 
0
.3
%
Dollar
General
Corp.
......................
12,830
1,247,718
Sysco
Corp.
............................
28,537
2,083,201
3,330,919
a
Containers
&
Packaging
 — 
0
.3
%
Avery
Dennison
Corp.
......................
4,615
820,224
Ball
Corp.
..............................
15,648
838,420
Crown
Holdings,
Inc.
......................
6,845
674,233
International
Paper
Co.
.....................
29,251
1,398,490
3,731,367
a
Distributors
 — 
0
.2
%
Genuine
Parts
Co.
........................
8,095
1,024,179
LKQ
Corp.
.............................
15,081
610,328
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Advanced
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Distributors
(continued)
Pool
Corp.
.............................
2,200
$
661,298
2,295,805
a
Diversified
REITs
 — 
0
.1
%
WP
Carey,
Inc.
..........................
12,773
801,633
a
Diversified
Telecommunication
Services
 — 
0
.9
%
Verizon
Communications,
Inc.
................
246,153
10,820,886
a
Electrical
Equipment
 — 
1
.8
%
AMETEK,
Inc.
...........................
13,459
2,405,662
Eaton
Corp.
PLC
.........................
22,852
7,317,210
GE
Vernova,
Inc.
.........................
15,944
7,541,193
Hubbell,
Inc.
............................
3,125
1,217,437
Rockwell
Automation,
Inc.
...................
6,596
2,081,368
20,562,870
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.5
%
Amphenol
Corp.
,
Class
A
...................
70,683
6,356,522
CDW
Corp.
.............................
7,686
1,386,247
Corning,
Inc.
............................
47,477
2,354,385
Jabil,
Inc.
..............................
6,295
1,057,623
Keysight
Technologies,
Inc.
(a)
.................
10,080
1,582,963
TE
Connectivity
PLC
......................
17,403
2,785,698
Trimble,
Inc.
(a)
...........................
14,337
1,021,798
Zebra
Technologies
Corp.
,
Class
A
(a)
............
2,983
864,384
17,409,620
a
Entertainment
 — 
0
.5
%
Electronic
Arts,
Inc.
.......................
14,442
2,076,471
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
12,348
1,191,952
Live
Nation
Entertainment,
Inc.
(a)
..............
9,437
1,294,662
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
137,084
1,366,728
5,929,813
a
Financial
Services
 — 
4
.7
%
Apollo
Global
Management,
Inc.
...............
23,293
3,044,162
Fidelity
National
Information
Services,
Inc.
........
30,897
2,459,710
Fiserv,
Inc.
(a)
............................
32,582
5,304,024
Global
Payments,
Inc.
.....................
14,357
1,085,533
Jack
Henry
&
Associates,
Inc.
................
4,252
770,335
PayPal
Holdings,
Inc.
(a)
.....................
54,817
3,852,539
Toast,
Inc.
,
Class
A
(a)
......................
25,934
1,093,896
Visa,
Inc.
,
Class
A
........................
100,524
36,710,359
54,320,558
a
Food
Products
 — 
0
.6
%
Conagra
Brands,
Inc.
......................
27,845
637,372
General
Mills,
Inc.
........................
31,942
1,733,173
Hormel
Foods
Corp.
.......................
17,642
541,257
J
M
Smucker
Co.
(The)
.....................
6,207
698,970
Kellanova
..............................
16,109
1,331,087
McCormick
&
Co.,
Inc.
,
NVS
.................
14,739
1,071,967
The
Campbell's
Company
...................
11,366
386,899
6,400,725
a
Ground
Transportation
 — 
0
.2
%
JB
Hunt
Transport
Services,
Inc.
..............
4,667
648,013
Old
Dominion
Freight
Line,
Inc.
...............
11,158
1,787,177
2,435,190
a
Health
Care
Equipment
&
Supplies
 — 
2
.0
%
Align
Technology,
Inc.
(a)
.....................
4,057
734,073
Dexcom,
Inc.
(a)
..........................
22,872
1,962,418
Edwards
Lifesciences
Corp.
(a)
................
34,167
2,672,543
GE
HealthCare
Technologies,
Inc.
.............
26,706
1,883,841
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Hologic,
Inc.
(a)
...........................
13,089
$
813,743
IDEXX
Laboratories,
Inc.
(a)
...................
4,727
2,426,653
Insulet
Corp.
(a)
...........................
4,096
1,331,323
ResMed,
Inc.
...........................
8,567
2,097,116
Stryker
Corp.
...........................
20,038
7,667,340
Zimmer
Biomet
Holdings,
Inc.
................
11,540
1,063,642
22,652,692
a
Health
Care
Providers
&
Services
 — 
1
.1
%
DaVita,
Inc.
(a)
............................
2,516
342,830
Elevance
Health,
Inc.
......................
13,205
5,068,607
HCA
Healthcare,
Inc.
......................
10,771
4,107,952
Humana,
Inc.
...........................
7,040
1,641,235
Molina
Healthcare,
Inc.
(a)
....................
3,191
973,383
Quest
Diagnostics,
Inc.
.....................
6,510
1,128,443
13,262,450
a
Health
Care
REITs
 — 
0
.8
%
Alexandria
Real
Estate
Equities,
Inc.
............
9,087
637,816
Healthpeak
Properties,
Inc.
..................
40,749
709,440
Ventas,
Inc.
............................
25,531
1,641,133
Welltower,
Inc.
...........................
37,822
5,835,178
8,823,567
a
Health
Care
Technology
 — 
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
9,016
2,521,775
a
Hotels,
Restaurants
&
Leisure
 — 
2
.3
%
Booking
Holdings,
Inc.
.....................
1,914
10,563,232
Darden
Restaurants,
Inc.
...................
6,826
1,462,197
Domino's
Pizza,
Inc.
.......................
1,901
900,732
DoorDash,
Inc.
,
Class
A
(a)
...................
20,901
4,360,994
Hilton
Worldwide
Holdings,
Inc.
...............
13,977
3,472,446
Royal
Caribbean
Cruises
Ltd.
................
14,913
3,832,194
Yum!
Brands,
Inc.
........................
16,245
2,338,305
26,930,100
a
Household
Durables
 — 
0
.5
%
DR
Horton,
Inc.
..........................
16,543
1,953,066
Garmin
Ltd.
.............................
8,978
1,822,265
NVR,
Inc.
(a)
.............................
173
1,231,056
PulteGroup,
Inc.
.........................
11,758
1,152,637
6,159,024
a
Household
Products
 — 
0
.4
%
Church
&
Dwight
Co.,
Inc.
...................
14,356
1,411,338
Clorox
Co.
(The)
.........................
7,186
947,690
Kimberly-Clark
Corp.
......................
19,345
2,781,037
5,140,065
a
Industrial
REITs
 — 
0
.5
%
Prologis,
Inc.
............................
54,071
5,872,111
a
Insurance
 — 
4
.9
%
Aflac,
Inc.
..............................
30,246
3,131,671
American
International
Group,
Inc.
.............
34,052
2,882,161
Aon
PLC
,
Class
A
........................
11,339
4,219,015
Arch
Capital
Group
Ltd.
....................
21,916
2,082,897
Arthur
J
Gallagher
&
Co.
....................
14,917
5,182,762
Brown
&
Brown,
Inc.
.......................
14,211
1,604,422
Chubb
Ltd.
.............................
22,203
6,598,732
Cincinnati
Financial
Corp.
...................
9,132
1,377,288
Everest
Group
Ltd.
........................
2,488
863,809
Hartford
Insurance
Group,
Inc.
(The)
............
16,647
2,161,447
Markel
Group,
Inc.
(a)
.......................
741
1,438,800
Marsh
&
McLennan
Companies,
Inc.
............
28,741
6,715,622
iShares
®
ESG
Advanced
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Insurance
(continued)
Principal
Financial
Group,
Inc.
................
13,123
$
1,022,150
Progressive
Corp.
(The)
....................
34,195
9,743,181
Prudential
Financial,
Inc.
....................
20,673
2,147,718
Travelers
Companies,
Inc.
(The)
...............
13,216
3,643,651
Willis
Towers
Watson
PLC
...................
5,796
1,834,724
56,650,050
a
IT
Services
 — 
2
.3
%
Accenture
PLC
,
Class
A
....................
36,516
11,568,999
Akamai
Technologies,
Inc.
(a)
..................
8,454
641,912
Cloudflare,
Inc.
,
Class
A
(a)
...................
18,009
2,987,513
Gartner,
Inc.
(a)
...........................
4,481
1,955,598
GoDaddy,
Inc.
,
Class
A
(a)
....................
8,245
1,501,827
MongoDB,
Inc.
,
Class
A
(a)
...................
4,736
894,299
Okta,
Inc.
,
Class
A
(a)
.......................
9,672
997,860
Snowflake,
Inc.
,
Class
A
(a)
...................
18,514
3,807,774
Twilio,
Inc.
,
Class
A
(a)
......................
8,492
999,509
VeriSign,
Inc.
...........................
4,941
1,346,274
26,701,565
a
Life
Sciences
Tools
&
Services
 — 
1
.4
%
Agilent
Technologies,
Inc.
...................
16,630
1,861,230
Avantor,
Inc.
(a)
...........................
39,747
513,134
Danaher
Corp.
..........................
37,559
7,132,454
Illumina,
Inc.
(a)
...........................
9,231
759,157
IQVIA
Holdings,
Inc.
(a)
......................
10,281
1,442,733
Mettler-Toledo
International,
Inc.
(a)
.............
1,216
1,405,112
Revvity,
Inc.
............................
7,008
633,663
Waters
Corp.
(a)
..........................
3,470
1,211,863
West
Pharmaceutical
Services,
Inc.
............
4,217
889,155
15,848,501
a
Machinery
 — 
3
.2
%
CNH
Industrial
N.V.
.......................
50,959
637,497
Cummins,
Inc.
...........................
8,035
2,583,092
Deere
&
Co.
............................
15,040
7,614,150
Dover
Corp.
............................
7,995
1,421,111
Fortive
Corp.
............................
19,849
1,393,201
IDEX
Corp.
.............................
4,406
797,090
Illinois
Tool
Works,
Inc.
.....................
16,261
3,985,246
Ingersoll
Rand,
Inc.
.......................
23,512
1,919,520
Nordson
Corp.
...........................
3,154
668,616
Otis
Worldwide
Corp.
......................
23,077
2,200,392
PACCAR,
Inc.
...........................
30,619
2,873,593
Parker-Hannifin
Corp.
......................
7,511
4,992,562
Pentair
PLC
............................
9,623
954,409
Snap-on,
Inc.
...........................
3,058
980,854
Westinghouse
Air
Brake
Technologies
Corp.
.......
9,972
2,017,535
Xylem,
Inc.
.............................
14,195
1,789,138
36,828,006
a
Media
 — 
0
.9
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
5,384
2,133,518
Comcast
Corp.
,
Class
A
....................
219,996
7,605,262
Omnicom
Group,
Inc.
......................
11,381
835,820
10,574,600
a
Metals
&
Mining
 — 
0
.5
%
Newmont
Corp.
..........................
65,753
3,466,498
Reliance,
Inc.
...........................
3,085
903,350
Steel
Dynamics,
Inc.
.......................
8,306
1,022,219
5,392,067
a
Mortgage
REITs
 — 
0
.1
%
Annaly
Capital
Management,
Inc.
..............
34,855
660,502
a
Security
Shares
Value
a
Office
REITs
 — 
0
.1
%
BXP,
Inc.
..............................
8,773
$
590,686
a
Personal
Care
Products
 — 
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
13,659
914,333
Kenvue,
Inc.
............................
111,917
2,671,459
3,585,792
a
Pharmaceuticals
 — 
0
.4
%
Royalty
Pharma
PLC
,
Class
A
................
21,310
700,673
Zoetis,
Inc.
,
Class
A
.......................
26,019
4,387,584
5,088,257
a
Professional
Services
 — 
1
.7
%
Automatic
Data
Processing,
Inc.
...............
23,732
7,725,478
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
7,387
784,869
Broadridge
Financial
Solutions,
Inc.
............
6,826
1,657,558
Equifax,
Inc.
............................
7,280
1,923,303
Jacobs
Solutions,
Inc.
......................
7,148
902,793
Paychex,
Inc.
...........................
18,909
2,985,920
Paycom
Software,
Inc.
.....................
3,037
786,856
TransUnion
.............................
11,383
974,726
Verisk
Analytics,
Inc.
.......................
8,163
2,564,325
20,305,828
a
Real
Estate
Management
&
Development
 — 
0
.3
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
17,491
2,186,725
CoStar
Group,
Inc.
(a)
.......................
24,601
1,809,649
3,996,374
a
Residential
REITs
 — 
0
.4
%
American
Homes
4
Rent
,
Class
A
..............
19,399
734,252
AvalonBay
Communities,
Inc.
................
8,304
1,717,018
Equity
Residential
........................
19,933
1,398,101
Invitation
Homes,
Inc.
......................
33,962
1,144,519
4,993,890
a
Retail
REITs
 — 
0
.4
%
Kimco
Realty
Corp.
.......................
39,635
842,640
Regency
Centers
Corp.
....................
10,059
725,757
Simon
Property
Group,
Inc.
..................
19,030
3,103,222
4,671,619
a
Semiconductors
&
Semiconductor
Equipment
 — 
28
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
94,765
10,493,328
Analog
Devices,
Inc.
.......................
28,930
6,190,441
Applied
Materials,
Inc.
.....................
47,390
7,428,383
Broadcom,
Inc.
..........................
260,552
63,071,823
Entegris,
Inc.
............................
8,827
606,768
First
Solar,
Inc.
(a)
.........................
5,943
939,469
Intel
Corp.
.............................
254,353
4,972,601
KLA
Corp.
..............................
7,751
5,866,577
Lam
Research
Corp.
......................
74,876
6,049,232
Marvell
Technology,
Inc.
....................
50,518
3,040,678
Microchip
Technology,
Inc.
...................
31,371
1,820,773
Micron
Technology,
Inc.
.....................
65,188
6,157,659
Monolithic
Power
Systems,
Inc.
...............
2,792
1,848,025
NVIDIA
Corp.
...........................
1,423,253
192,324,177
NXP
Semiconductors
N.V.
...................
14,794
2,827,577
ON
Semiconductor
Corp.
(a)
..................
24,618
1,034,448
QUALCOMM,
Inc.
........................
64,513
9,367,288
Teradyne,
Inc.
...........................
9,423
740,648
Texas
Instruments,
Inc.
.....................
53,076
9,704,947
334,484,842
a
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Advanced
MSCI
USA
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
Security
Shares
Value
a
Software
 — 
7
.7
%
Adobe,
Inc.
(a)
............................
24,860
$
10,319,137
ANSYS,
Inc.
(a)
...........................
5,113
1,691,483
Atlassian
Corp.
,
Class
A
(a)
...................
9,566
1,986,189
Autodesk,
Inc.
(a)
..........................
12,424
3,678,995
Bentley
Systems,
Inc.
,
Class
B
................
9,413
449,282
Cadence
Design
Systems,
Inc.
(a)
..............
16,001
4,593,407
Datadog,
Inc.
,
Class
A
(a)
....................
16,756
1,975,197
DocuSign,
Inc.
(a)
.........................
11,811
1,046,573
Dynatrace,
Inc.
(a)
.........................
17,461
943,069
Fair
Isaac
Corp.
(a)
.........................
1,424
2,458,223
Fortinet,
Inc.
(a)
...........................
38,134
3,881,279
Gen
Digital,
Inc.
..........................
30,557
870,263
HubSpot,
Inc.
(a)
..........................
2,890
1,704,811
Intuit,
Inc.
..............................
16,307
12,286,835
MicroStrategy,
Inc.
,
Class
A
(a)
.................
14,437
5,328,119
Nutanix,
Inc.
,
Class
A
(a)
.....................
14,777
1,133,248
Palo
Alto
Networks,
Inc.
(a)
(c)
..................
38,620
7,431,260
PTC,
Inc.
(a)
.............................
7,018
1,181,270
Roper
Technologies,
Inc.
....................
6,264
3,572,171
Samsara,
Inc.
,
Class
A
(a)
(c)
...................
16,609
772,983
ServiceNow,
Inc.
(a)
........................
12,074
12,207,901
Synopsys,
Inc.
(a)
.........................
9,019
4,184,636
Tyler
Technologies,
Inc.
(a)
...................
2,514
1,450,553
Workday,
Inc.
,
Class
A
(a)
....................
12,558
3,110,742
Zscaler,
Inc.
(a)
...........................
5,866
1,617,256
89,874,882
a
Specialized
REITs
 — 
2
.0
%
American
Tower
Corp.
.....................
27,305
5,861,018
Crown
Castle,
Inc.
........................
25,399
2,548,790
Digital
Realty
Trust,
Inc.
....................
19,643
3,369,167
Equinix,
Inc.
............................
5,706
5,071,607
Iron
Mountain,
Inc.
........................
17,134
1,691,297
Public
Storage
...........................
9,209
2,840,148
SBA
Communications
Corp.
,
Class
A
............
6,301
1,461,139
22,843,166
a
Specialty
Retail
 — 
4
.8
%
AutoZone,
Inc.
(a)
.........................
976
3,643,447
Best
Buy
Co.,
Inc.
........................
11,713
776,338
Carvana
Co.
,
Class
A
(a)
.....................
7,053
2,307,459
Dick's
Sporting
Goods,
Inc.
..................
3,307
593,077
Home
Depot,
Inc.
(The)
....................
57,976
21,351,981
Lowe's
Companies,
Inc.
....................
32,648
7,369,633
O'Reilly
Automotive,
Inc.
(a)
...................
3,339
4,566,083
Ross
Stores,
Inc.
.........................
19,181
2,687,066
TJX
Companies,
Inc.
(The)
..................
65,161
8,268,931
Tractor
Supply
Co.
........................
31,009
1,500,836
Ulta
Beauty,
Inc.
(a)
........................
2,643
1,246,069
Security
Shares
Value
a
Specialty
Retail
(continued)
Williams-Sonoma,
Inc.
.....................
7,204
$
1,165,319
55,476,239
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.5
%
Hewlett
Packard
Enterprise
Co.
...............
76,621
1,324,011
NetApp,
Inc.
............................
12,038
1,193,688
Pure
Storage,
Inc.
,
Class
A
(a)
.................
18,066
968,157
Seagate
Technology
Holdings
PLC
.............
12,349
1,456,441
Western
Digital
Corp.
(a)
.....................
20,165
1,039,506
5,981,803
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.3
%
Deckers
Outdoor
Corp.
(a)
....................
8,853
934,168
Lululemon
Athletica,
Inc.
(a)
...................
6,401
2,027,005
2,961,173
a
Trading
Companies
&
Distributors
 — 
1
.0
%
Fastenal
Co.
............................
66,899
2,765,605
Ferguson
Enterprises,
Inc.
...................
11,590
2,113,320
United
Rentals,
Inc.
.......................
3,811
2,699,636
Watsco,
Inc.
............................
2,030
900,447
WW
Grainger,
Inc.
........................
2,669
2,902,698
11,381,706
a
Water
Utilities
 — 
0
.1
%
American
Water
Works
Co.,
Inc.
...............
11,375
1,626,284
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
943,622,272
)
................................
1,156,931,834
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(b)
(d)
(e)
.....................
2,494,106
2,495,104
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(b)
(d)
............................
2,317,148
2,317,148
a
Total
Short-Term
Securities — 0.4%
(Cost:
$
4,811,385
)
..................................
4,812,252
Total
Investments
—
100.2%
(Cost:
$
948,433,657
)
................................
1,161,744,086
Liabilities
in
Excess
of
Other
Assets
—
(
0
.2
)
%
...............
(
1,967,714
)
Net
Assets
—
100.0%
.................................
$
1,159,776,372
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(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.
iShares
®
ESG
Advanced
MSCI
USA
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
5
Schedule
of
Investments
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. 
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
May
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/24
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
05/31/25
  Shares
Held
at
05/31/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
9,738,373
$
—
$
(
7,238,143
)
(a)
$
(
3,263
)
$
(
1,863
)
$
2,495,104
2,494,106
$
22,175
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,860,375
456,773
(a)
—
—
—
2,317,148
2,317,148
65,504
—
BlackRock,
Inc.
...
7,774,504
1,701,796
(
1,678,977
)
400,185
219,747
8,417,255
8,590
143,335
—
$
396,922
$
217,884
$
13,229,507
$
231,014
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
5
06/20/25
$
1,479
$
69,566
E-Mini
Technology
Select
Sector
Index
.......................................................
5
06/20/25
1,165
93,674
$
163,240
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Advanced
MSCI
USA
ETF
6
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,156,931,834
$
—
$
—
$
1,156,931,834
Short-Term
Securities
Money
Market
Funds
......................................
4,812,252
—
—
4,812,252
$
1,161,744,086
$
—
$
—
$
1,161,744,086
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
163,240
$
—
$
—
$
163,240
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
Fair
Value
Hierarchy
as
of
Period
End
(continued)