iShares
®
ESG
Aware
MSCI
USA
Small-Cap
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
 — 
2
.4
%
AAR
Corp.
(a)
............................
14,691
$
902,174
AeroVironment,
Inc.
(a)
(b)
.....................
11,691
2,081,349
Archer
Aviation,
Inc.
,
Class
A
(a)
(b)
...............
143,987
1,452,829
ATI,
Inc.
(a)
..............................
53,709
4,277,385
Curtiss-Wright
Corp.
.......................
11,870
5,224,106
Ducommun,
Inc.
(a)
........................
15,626
1,099,758
Hexcel
Corp.
............................
33,332
1,762,929
Huntington
Ingalls
Industries,
Inc.
..............
15,026
3,351,700
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
......
64,220
2,369,076
Leonardo
DRS,
Inc.
.......................
66,407
2,809,016
Loar
Holdings,
Inc.
(a)
.......................
10,877
946,843
Mercury
Systems,
Inc.
(a)
(b)
...................
35,505
1,748,621
Moog,
Inc.
,
Class
A
.......................
16,941
3,139,337
Rocket
Lab
Corp.
(a)
(b)
......................
140,755
3,770,826
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
......
33,371
1,247,408
Triumph
Group,
Inc.
(a)
......................
37,149
958,073
V2X,
Inc.
(a)
.............................
18,884
855,067
Woodward,
Inc.
..........................
22,444
4,855,310
42,851,807
a
Air
Freight
&
Logistics
 — 
0
.1
%
GXO
Logistics,
Inc.
(a)
......................
45,800
1,884,212
a
Automobile
Components
 — 
1
.0
%
BorgWarner,
Inc.
.........................
101,724
3,366,047
Dana,
Inc.
..............................
55,852
928,819
Dorman
Products,
Inc.
(a)
....................
6,854
886,291
Gentherm,
Inc.
(a)
.........................
33,018
903,538
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
............
131,815
1,504,009
LCI
Industries
...........................
16,121
1,404,784
Lear
Corp.
.............................
28,817
2,605,633
Modine
Manufacturing
Co.
(a)
(b)
................
23,188
2,105,470
Standard
Motor
Products,
Inc.
................
30,325
918,848
Visteon
Corp.
(a)
..........................
20,349
1,717,964
XPEL,
Inc.
(a)
............................
24,097
866,769
17,208,172
a
Automobiles
 — 
0
.4
%
Harley-Davidson,
Inc.
......................
124,986
3,025,911
Lucid
Group,
Inc.
(a)
(b)
.......................
591,020
1,317,975
Thor
Industries,
Inc.
.......................
20,510
1,665,207
Winnebago
Industries,
Inc.
..................
38,879
1,319,164
7,328,257
a
Banks
 — 
6
.8
%
Amalgamated
Financial
Corp.
................
41,809
1,263,468
Ameris
Bancorp
..........................
25,401
1,561,399
Associated
Banc-Corp.
.....................
96,462
2,235,025
Atlantic
Union
Bankshares
Corp.
..............
40,050
1,202,301
Banc
of
California,
Inc.
.....................
83,510
1,145,757
Bancorp,
Inc.
(The)
(a)
......................
24,995
1,277,245
Bank
of
Hawaii
Corp.
......................
21,776
1,448,322
Bank
OZK
.............................
39,566
1,753,961
BankUnited,
Inc.
.........................
38,015
1,291,750
Banner
Corp.
...........................
44,177
2,723,512
Berkshire
Hills
Bancorp,
Inc.
.................
136,883
3,389,223
Cadence
Bank
..........................
73,268
2,220,020
Camden
National
Corp.
....................
44,919
1,767,113
Central
Pacific
Financial
Corp.
................
87,208
2,328,454
Columbia
Banking
System,
Inc.
...............
80,107
1,872,902
Comerica,
Inc.
...........................
53,974
3,081,376
Commerce
Bancshares,
Inc.
.................
39,157
2,467,283
Community
Financial
System,
Inc.
.............
23,039
1,295,713
Security
Shares
Value
a
Banks
(continued)
Cullen/Frost
Bankers,
Inc.
...................
15,093
$
1,916,509
Customers
Bancorp,
Inc.
(a)
...................
17,135
873,200
CVB
Financial
Corp.
.......................
88,791
1,664,831
East
West
Bancorp,
Inc.
....................
58,485
5,333,832
Enterprise
Financial
Services
Corp.
............
29,265
1,549,289
First
BanCorp
...........................
121,234
2,422,255
First
Busey
Corp.
.........................
42,314
935,986
First
Financial
Bancorp
.....................
36,353
878,289
First
Financial
Bankshares,
Inc.
...............
30,089
1,060,938
First
Horizon
Corp.
........................
175,973
3,498,343
First
Interstate
BancSystem,
Inc.
,
Class
A
........
57,288
1,555,369
Flagstar
Financial,
Inc.
.....................
89,929
1,035,982
Fulton
Financial
Corp.
......................
123,137
2,124,113
Glacier
Bancorp,
Inc.
......................
76,057
3,154,084
Hancock
Whitney
Corp.
....................
23,510
1,285,292
Hanmi
Financial
Corp.
.....................
41,793
957,896
Heritage
Commerce
Corp.
...................
101,261
937,677
Horizon
Bancorp,
Inc.
......................
60,295
894,778
Independent
Bank
Corp.
....................
83,907
3,307,595
Mercantile
Bank
Corp.
.....................
21,045
929,347
NBT
Bancorp,
Inc.
........................
21,817
913,041
Old
National
Bancorp
......................
140,968
2,940,593
Pacific
Premier
Bancorp,
Inc.
.................
55,392
1,174,310
Pathward
Financial,
Inc.
....................
12,525
977,576
Pinnacle
Financial
Partners,
Inc.
...............
32,108
3,412,438
Popular,
Inc.
............................
13,031
1,349,099
Provident
Financial
Services,
Inc.
..............
76,872
1,283,762
Renasant
Corp.
..........................
45,234
1,585,452
S&T
Bancorp,
Inc.
........................
24,624
902,716
ServisFirst
Bancshares,
Inc.
.................
11,842
881,400
Southside
Bancshares,
Inc.
..................
31,470
887,139
SouthState
Corp.
.........................
45,715
4,013,777
Synovus
Financial
Corp.
....................
87,554
4,187,708
Texas
Capital
Bancshares,
Inc.
(a)
..............
12,870
922,650
UMB
Financial
Corp.
......................
28,690
2,958,513
United
Bankshares,
Inc.
....................
107,153
3,872,509
United
Community
Banks,
Inc.
................
68,438
1,966,908
Valley
National
Bancorp
....................
264,699
2,324,057
WaFd,
Inc.
.............................
31,396
892,274
Washington
Trust
Bancorp,
Inc.
...............
30,368
839,979
Webster
Financial
Corp.
....................
78,440
4,038,091
Western
Alliance
Bancorp
...................
46,502
3,367,210
Wintrust
Financial
Corp.
....................
8,478
1,012,358
Zions
Bancorp
NA
........................
71,846
3,402,627
120,746,616
a
Beverages
 — 
0
.3
%
Celsius
Holdings,
Inc.
(a)
.....................
49,206
1,863,923
Primo
Brands
Corp.
,
Class
A
.................
107,468
3,553,967
5,417,890
a
Biotechnology
 — 
4
.2
%
89bio,
Inc.
(a)
............................
100,316
987,109
ADMA
Biologics,
Inc.
(a)
.....................
71,274
1,414,076
Akero
Therapeutics,
Inc.
(a)
...................
18,968
941,761
Alkermes
PLC
(a)
..........................
79,723
2,440,321
Arbutus
Biopharma
Corp.
(a)
..................
281,427
945,595
Arcellx,
Inc.
(a)
...........................
14,956
928,169
Arcutis
Biotherapeutics,
Inc.
(a)
................
62,242
811,636
Arrowhead
Pharmaceuticals,
Inc.
(a)
.............
55,137
886,052
Avidity
Biosciences,
Inc.
(a)
...................
30,312
939,066
Biohaven
Ltd.
(a)
..........................
55,563
822,888
Blueprint
Medicines
Corp.
(a)
..................
14,734
1,493,291
Bridgebio
Pharma,
Inc.
(a)
(b)
...................
40,927
1,401,750
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Biotechnology
(continued)
CareDx,
Inc.
(a)
(b)
..........................
50,993
$
866,371
Catalyst
Pharmaceuticals,
Inc.
(a)
(b)
..............
59,190
1,477,382
Celldex
Therapeutics,
Inc.
(a)
(b)
.................
43,884
868,026
Crinetics
Pharmaceuticals,
Inc.
(a)
..............
53,943
1,645,801
CRISPR
Therapeutics
AG
(a)
(b)
.................
24,405
885,657
Cytokinetics,
Inc.
(a)
(b)
.......................
59,219
1,836,973
Denali
Therapeutics,
Inc.
(a)
(b)
.................
63,126
835,788
Exact
Sciences
Corp.
(a)
.....................
70,868
3,988,451
Exelixis,
Inc.
(a)
...........................
67,506
2,905,458
Geron
Corp.
(a)
...........................
647,654
984,434
Halozyme
Therapeutics,
Inc.
(a)
................
40,792
2,287,207
Ideaya
Biosciences,
Inc.
(a)
...................
48,580
966,256
Insmed,
Inc.
(a)
...........................
66,227
4,618,009
Ionis
Pharmaceuticals,
Inc.
(a)
.................
35,860
1,201,669
Kymera
Therapeutics,
Inc.
(a)
(b)
................
28,707
850,876
Madrigal
Pharmaceuticals,
Inc.
(a)
(b)
.............
4,019
1,106,270
MannKind
Corp.
(a)
........................
207,155
859,693
Merus
N.V.
(a)
(b)
...........................
26,277
1,473,351
Moderna,
Inc.
(a)
..........................
140,421
3,729,582
MoonLake
Immunotherapeutics
,
Class
A
(a)
(b)
.......
22,650
883,577
Nurix
Therapeutics,
Inc.
(a)
...................
88,853
944,507
Protagonist
Therapeutics,
Inc.
(a)
...............
26,184
1,242,955
Prothena
Corp.
PLC
(a)
......................
123,656
567,581
PTC
Therapeutics,
Inc.
(a)
....................
19,215
932,312
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
......
198,165
828,330
Revolution
Medicines,
Inc.
(a)
..................
39,049
1,538,531
Rhythm
Pharmaceuticals,
Inc.
(a)
...............
14,091
864,201
Rocket
Pharmaceuticals,
Inc.
(a)
................
131,354
329,699
Roivant
Sciences
Ltd.
(a)
(b)
...................
101,798
1,118,760
Sarepta
Therapeutics,
Inc.
(a)
.................
32,881
1,236,326
Savara,
Inc.
(a)
(b)
..........................
289,383
659,793
Scholar
Rock
Holding
Corp.
(a)
................
28,668
831,659
Soleno
Therapeutics,
Inc.
(a)
..................
14,714
1,079,272
SpringWorks
Therapeutics,
Inc.
(a)
..............
19,489
910,331
Syndax
Pharmaceuticals,
Inc.
(a)
...............
85,078
896,722
TG
Therapeutics,
Inc.
(a)
.....................
35,930
1,261,502
Twist
Bioscience
Corp.
(a)
....................
29,192
855,326
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
25,811
878,348
Vaxcyte,
Inc.
(a)
...........................
62,955
2,045,408
Vera
Therapeutics,
Inc.
,
Class
A
(a)
(b)
.............
42,454
804,503
Veracyte,
Inc.
(a)
..........................
56,653
1,507,536
Viking
Therapeutics,
Inc.
(a)
(b)
..................
40,230
1,078,164
Viridian
Therapeutics,
Inc.
(a)
..................
65,245
908,210
Xenon
Pharmaceuticals,
Inc.
(a)
................
58,007
1,673,502
Zymeworks,
Inc.
(a)
........................
72,451
828,115
74,104,138
a
Broadline
Retail
 — 
0
.4
%
Etsy,
Inc.
(a)
.............................
32,274
1,786,366
Kohl's
Corp.
............................
109,259
888,276
Macy's,
Inc.
............................
155,043
1,843,461
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
...........
22,976
2,560,675
7,078,778
a
Building
Products
 — 
1
.8
%
AAON,
Inc.
.............................
33,200
3,196,828
Advanced
Drainage
Systems,
Inc.
.............
34,764
3,822,650
Armstrong
World
Industries,
Inc.
...............
23,378
3,638,318
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...............
36,611
1,812,611
AZZ,
Inc.
..............................
20,412
1,851,164
Fortune
Brands
Innovations,
Inc.
..............
60,133
3,030,703
Gibraltar
Industries,
Inc.
(a)
...................
16,825
985,609
Griffon
Corp.
............................
12,809
880,619
Hayward
Holdings,
Inc.
(a)
....................
79,774
1,112,847
JELD-WEN
Holding,
Inc.
(a)
...................
233,875
853,644
Security
Shares
Value
a
Building
Products
(continued)
Quanex
Building
Products
Corp.
...............
49,608
$
829,942
Resideo
Technologies,
Inc.
(a)
.................
135,079
2,796,135
Simpson
Manufacturing
Co.,
Inc.
..............
8,363
1,302,119
Trex
Co.,
Inc.
(a)
..........................
21,928
1,225,117
Zurn
Elkay
Water
Solutions
Corp.
..............
138,311
5,005,475
32,343,781
a
Capital
Markets
 — 
2
.7
%
Affiliated
Managers
Group,
Inc.
...............
14,794
2,603,744
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
...
61,990
2,498,197
BGC
Group,
Inc.
,
Class
A
...................
92,105
854,734
Blue
Owl
Capital,
Inc.
,
Class
A
................
100,240
1,872,483
Donnelley
Financial
Solutions,
Inc.
(a)
............
23,408
1,275,268
Evercore,
Inc.
,
Class
A
.....................
7,640
1,768,584
Franklin
Resources,
Inc.
....................
85,705
1,854,656
Freedom
Holding
Corp.
N.V.
(a)
(b)
...............
6,388
1,059,705
Hamilton
Lane,
Inc.
,
Class
A
.................
5,266
784,634
Invesco
Ltd.
............................
255,324
3,691,985
Janus
Henderson
Group
PLC
................
189,657
6,890,239
Jefferies
Financial
Group,
Inc.
................
31,576
1,534,594
Lazard,
Inc.
............................
63,975
2,776,515
MarketAxess
Holdings,
Inc.
..................
17,740
3,839,113
Morningstar,
Inc.
.........................
11,314
3,489,464
Piper
Sandler
Companies
...................
6,258
1,573,574
PJT
Partners,
Inc.
,
Class
A
..................
11,641
1,753,833
Stifel
Financial
Corp.
......................
39,139
3,687,677
TPG,
Inc.
,
Class
A
........................
18,062
869,324
Victory
Capital
Holdings,
Inc.
,
Class
A
...........
28,582
1,772,370
Virtu
Financial,
Inc.
,
Class
A
..................
25,990
1,044,538
WisdomTree,
Inc.
.........................
94,834
895,233
48,390,464
a
Chemicals
 — 
1
.8
%
Albemarle
Corp.
.........................
41,119
2,292,795
Avient
Corp.
............................
31,727
1,146,296
Axalta
Coating
Systems
Ltd.
(a)
................
111,717
3,440,884
Balchem
Corp.
..........................
13,268
2,211,776
Cabot
Corp.
............................
17,265
1,289,523
Celanese
Corp.
(b)
.........................
35,233
1,861,359
Chemours
Co.
(The)
.......................
81,023
820,763
Eastman
Chemical
Co.
.....................
10,906
854,703
Element
Solutions,
Inc.
.....................
64,076
1,369,945
FMC
Corp.
.............................
51,955
2,107,295
Hawkins,
Inc.
...........................
10,434
1,392,835
HB
Fuller
Co.
...........................
36,822
2,055,404
Innospec,
Inc.
...........................
10,157
864,158
Koppers
Holdings,
Inc.
.....................
29,118
894,505
Minerals
Technologies,
Inc.
..................
24,090
1,367,830
Mosaic
Co.
(The)
.........................
114,362
4,133,043
Sensient
Technologies
Corp.
.................
21,876
2,067,938
Stepan
Co.
.............................
16,265
883,027
Tronox
Holdings
PLC
......................
171,081
971,740
32,025,819
a
Commercial
Services
&
Supplies
 — 
1
.0
%
ABM
Industries,
Inc.
.......................
24,974
1,314,881
ACV
Auctions,
Inc.
,
Class
A
(a)
.................
54,008
884,651
Brady
Corp.
,
Class
A
,
NVS
..................
33,603
2,344,481
CECO
Environmental
Corp.
(a)
(b)
...............
32,551
875,296
Clean
Harbors,
Inc.
(a)
......................
4,415
1,001,278
HNI
Corp.
..............................
43,149
2,007,723
Interface,
Inc.
...........................
43,350
870,901
MillerKnoll,
Inc.
..........................
52,879
892,069
OPENLANE,
Inc.
(a)
........................
57,478
1,317,971
Pitney
Bowes,
Inc.
........................
94,016
968,365
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Commercial
Services
&
Supplies
(continued)
Steelcase,
Inc.
,
Class
A
....................
88,865
$
916,198
Tetra
Tech,
Inc.
..........................
81,792
2,857,812
VSE
Corp.
.............................
10,584
1,376,873
17,628,499
a
Communications
Equipment
 — 
0
.7
%
Calix,
Inc.
(a)
.............................
30,053
1,389,651
Ciena
Corp.
(a)
...........................
54,485
4,362,069
CommScope
Holding
Co.,
Inc.
(a)
...............
155,862
941,406
Digi
International,
Inc.
(a)
.....................
27,618
895,099
Extreme
Networks,
Inc.
(a)
....................
62,162
974,079
Harmonic,
Inc.
(a)
(b)
........................
97,208
876,816
Lumentum
Holdings,
Inc.
(a)
..................
25,456
1,839,960
NETGEAR,
Inc.
(a)
.........................
36,153
1,060,367
Ribbon
Communications,
Inc.
(a)
...............
250,460
846,555
13,186,002
a
Construction
&
Engineering
 — 
2
.1
%
API
Group
Corp.
(a)
........................
44,846
2,092,963
Arcosa,
Inc.
............................
31,109
2,683,773
Argan,
Inc.
.............................
5,221
1,097,976
Comfort
Systems
USA,
Inc.
..................
14,659
7,010,374
Dycom
Industries,
Inc.
(a)
....................
10,722
2,465,202
Everus
Construction
Group,
Inc.
(a)
..............
20,796
1,204,296
Fluor
Corp.
(a)
............................
32,360
1,345,529
Granite
Construction,
Inc.
...................
23,784
2,127,479
IES
Holdings,
Inc.
(a)
(b)
......................
3,750
973,725
Limbach
Holdings,
Inc.
(a)
....................
7,027
901,002
MasTec,
Inc.
(a)
...........................
20,704
3,228,375
MYR
Group,
Inc.
(a)
........................
11,646
1,826,675
Primoris
Services
Corp.
....................
26,508
1,911,492
Sterling
Infrastructure,
Inc.
(a)
(b)
................
11,232
2,111,728
Tutor
Perini
Corp.
(a)
.......................
24,808
914,919
Valmont
Industries,
Inc.
.....................
9,386
2,985,124
WillScot
Holdings
Corp.
,
Class
A
..............
89,043
2,399,709
37,280,341
a
Construction
Materials
 — 
0
.2
%
Eagle
Materials,
Inc.
.......................
5,078
1,026,823
Knife
River
Corp.
(a)
(b)
.......................
25,313
2,381,953
3,408,776
a
Consumer
Finance
 — 
1
.0
%
Ally
Financial,
Inc.
........................
84,736
2,965,760
Dave,
Inc.
,
Class
A
(a)
......................
4,612
926,182
Encore
Capital
Group,
Inc.
(a)
.................
35,788
1,356,365
OneMain
Holdings,
Inc.
.....................
63,511
3,292,410
PRA
Group,
Inc.
(a)
........................
61,208
868,541
SLM
Corp.
.............................
101,371
3,281,379
SoFi
Technologies,
Inc.
(a)
....................
335,282
4,459,251
Upstart
Holdings,
Inc.
(a)
.....................
28,634
1,350,666
18,500,554
a
Consumer
Staples
Distribution
&
Retail
 — 
2
.4
%
Andersons,
Inc.
(The)
......................
70,774
2,513,185
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
54,070
6,121,265
Casey's
General
Stores,
Inc.
.................
20,405
8,932,493
Grocery
Outlet
Holding
Corp.
(a)
................
64,677
878,314
Maplebear,
Inc.
(a)
.........................
47,072
2,149,778
Sprouts
Farmers
Market,
Inc.
(a)
................
45,070
7,790,800
U.S.
Foods
Holding
Corp.
(a)
..................
137,363
10,868,160
United
Natural
Foods,
Inc.
(a)
..................
35,747
1,092,786
Walgreens
Boots
Alliance,
Inc.
................
250,860
2,822,175
43,168,956
a
Security
Shares
Value
a
Containers
&
Packaging
 — 
0
.8
%
AptarGroup,
Inc.
.........................
23,365
$
3,701,016
Graphic
Packaging
Holding
Co.
...............
108,959
2,421,069
Greif,
Inc.
,
Class
A
,
NVS
....................
18,773
1,043,779
Greif,
Inc.
,
Class
B
........................
22,625
1,363,156
O-I
Glass,
Inc.
(a)
..........................
67,073
879,327
Sealed
Air
Corp.
.........................
68,536
2,206,859
Sonoco
Products
Co.
......................
40,528
1,845,645
13,460,851
a
Diversified
Consumer
Services
 — 
1
.9
%
ADT,
Inc.
..............................
385,966
3,211,237
Adtalem
Global
Education,
Inc.
(a)
..............
11,366
1,500,653
Bright
Horizons
Family
Solutions,
Inc.
(a)
(b)
.........
34,838
4,501,070
Coursera,
Inc.
(a)
..........................
104,174
921,940
Duolingo,
Inc.
,
Class
A
(a)
....................
12,328
6,405,752
Frontdoor,
Inc.
(a)
..........................
52,430
2,884,174
Grand
Canyon
Education,
Inc.
(a)
...............
4,531
896,436
H&R
Block,
Inc.
..........................
44,352
2,525,846
KinderCare
Learning
Companies,
Inc.
(a)
..........
76,616
940,078
Service
Corp.
International
..................
69,777
5,442,606
Stride,
Inc.
(a)
............................
19,754
2,990,558
Universal
Technical
Institute,
Inc.
(a)
.............
25,592
909,284
33,129,634
a
Diversified
REITs
 — 
0
.3
%
Broadstone
Net
Lease,
Inc.
..................
65,686
1,045,064
Essential
Properties
Realty
Trust,
Inc.
...........
124,239
4,037,768
5,082,832
a
Diversified
Telecommunication
Services
 — 
0
.5
%
AST
SpaceMobile,
Inc.
,
Class
A
(a)
(b)
.............
66,055
1,523,889
Cogent
Communications
Holdings,
Inc.
..........
32,136
1,468,937
Frontier
Communications
Parent,
Inc.
(a)
..........
75,615
2,739,531
Iridium
Communications,
Inc.
.................
61,889
1,571,981
Lumen
Technologies,
Inc.
(a)
..................
402,306
1,577,039
8,881,377
a
Electric
Utilities
 — 
0
.1
%
Hawaiian
Electric
Industries,
Inc.
(a)
.............
83,183
888,394
Oklo,
Inc.
,
Class
A
(a)
(b)
......................
24,423
1,287,581
2,175,975
a
Electrical
Equipment
 — 
1
.3
%
Acuity,
Inc.
.............................
14,882
3,867,683
American
Superconductor
Corp.
(a)
(b)
............
36,578
1,033,694
Atkore,
Inc.
.............................
19,565
1,273,681
Bloom
Energy
Corp.
,
Class
A
(a)
(b)
..............
79,725
1,472,521
Generac
Holdings,
Inc.
(a)
(b)
...................
20,886
2,550,807
NEXTracker,
Inc.
,
Class
A
(a)
..................
51,912
2,942,891
NuScale
Power
Corp.
,
Class
A
(a)
(b)
..............
38,449
1,229,984
nVent
Electric
PLC
........................
57,463
3,781,065
Powell
Industries,
Inc.
......................
4,986
845,576
Regal
Rexnord
Corp.
......................
11,761
1,569,388
Sensata
Technologies
Holding
PLC
............
54,764
1,427,150
Sunrun,
Inc.
(a)
...........................
91,520
685,485
22,679,925
a
Electronic
Equipment,
Instruments
&
Components
 — 
3
.2
%
Advanced
Energy
Industries,
Inc.
..............
23,074
2,648,434
Arlo
Technologies,
Inc.
(a)
....................
66,265
948,915
Arrow
Electronics,
Inc.
(a)
....................
22,641
2,680,241
Avnet,
Inc.
.............................
69,599
3,480,646
Badger
Meter,
Inc.
........................
19,116
4,744,973
Belden,
Inc.
............................
28,592
3,036,470
Benchmark
Electronics,
Inc.
.................
35,100
1,281,852
Cognex
Corp.
...........................
29,954
897,721
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Coherent
Corp.
(a)
.........................
55,455
$
4,194,062
CTS
Corp.
.............................
21,578
878,009
ePlus,
Inc.
(a)
............................
14,500
1,034,865
Fabrinet
(a)
..............................
12,579
2,929,272
Flex
Ltd.
(a)
..............................
129,619
5,482,884
Insight
Enterprises,
Inc.
(a)
(b)
..................
13,038
1,700,025
Itron,
Inc.
(a)
.............................
26,927
3,112,761
Knowles
Corp.
(a)
.........................
52,073
854,518
Littelfuse,
Inc.
...........................
9,957
2,041,782
Mirion
Technologies,
Inc.
,
Class
A
(a)
............
99,930
1,908,663
Novanta,
Inc.
(a)
..........................
19,201
2,377,468
OSI
Systems,
Inc.
(a)
.......................
4,001
876,659
PAR
Technology
Corp.
(a)
(b)
...................
20,414
1,338,342
Plexus
Corp.
(a)
...........................
16,901
2,218,425
Rogers
Corp.
(a)
..........................
19,288
1,284,002
TD
SYNNEX
Corp.
........................
18,487
2,243,213
Vontier
Corp.
............................
51,868
1,854,281
56,048,483
a
Energy
Equipment
&
Services
 — 
1
.0
%
Archrock,
Inc.
...........................
77,996
1,942,101
Cactus,
Inc.
,
Class
A
......................
22,301
914,341
ChampionX
Corp.
........................
111,273
2,678,341
Core
Laboratories,
Inc.
.....................
79,178
851,164
Expro
Group
Holdings
N.V.
(a)
.................
110,875
922,480
Innovex
International,
Inc.
(a)
..................
66,464
917,203
NOV,
Inc.
..............................
189,288
2,271,456
TechnipFMC
PLC
........................
210,482
6,556,514
Weatherford
International
PLC
................
36,104
1,574,134
18,627,734
a
Entertainment
 — 
0
.6
%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
300,176
1,068,627
Cinemark
Holdings,
Inc.
....................
59,032
1,993,511
IMAX
Corp.
(a)
...........................
44,693
1,244,700
Roku,
Inc.
,
Class
A
(a)
......................
37,822
2,740,582
TKO
Group
Holdings,
Inc.
,
Class
A
(b)
............
23,050
3,637,520
10,684,940
a
Financial
Services
 — 
2
.0
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
88,754
4,606,332
AvidXchange
Holdings,
Inc.
(a)
.................
98,047
959,880
Burford
Capital,
Ltd.
.......................
150,974
1,941,525
Flywire
Corp.
(a)
..........................
76,869
826,342
HA
Sustainable
Infrastructure
Capital,
Inc.
........
66,187
1,657,984
Jackson
Financial,
Inc.
,
Class
A
...............
26,955
2,207,884
Marqeta,
Inc.
,
Class
A
(a)
....................
173,866
935,399
MGIC
Investment
Corp.
....................
127,271
3,366,318
Mr
Cooper
Group,
Inc.
(a)
....................
19,615
2,540,731
NMI
Holdings,
Inc.
(a)
.......................
43,499
1,727,780
Payoneer
Global,
Inc.
(a)
.....................
123,933
843,984
PennyMac
Financial
Services,
Inc.
.............
14,522
1,394,112
Radian
Group,
Inc.
........................
44,718
1,527,120
Remitly
Global,
Inc.
(a)
......................
40,116
856,878
Rocket
Companies,
Inc.
,
Class
A
(b)
.............
76,080
970,020
Sezzle,
Inc.
(a)
...........................
9,146
975,970
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
13,744
1,302,794
Voya
Financial,
Inc.
.......................
34,638
2,304,120
Walker
&
Dunlop,
Inc.
......................
15,861
1,086,320
Western
Union
Co.
(The)
...................
107,787
1,000,263
WEX,
Inc.
(a)
(b)
............................
18,828
2,502,806
35,534,562
a
Security
Shares
Value
a
Food
Products
 — 
1
.1
%
Cal-Maine
Foods,
Inc.
......................
12,141
$
1,164,686
Darling
Ingredients,
Inc.
(a)
...................
78,020
2,431,103
Freshpet,
Inc.
(a)
..........................
26,833
2,150,933
Ingredion,
Inc.
...........................
45,632
6,348,324
Lamb
Weston
Holdings,
Inc.
.................
65,602
3,659,280
Post
Holdings,
Inc.
(a)
.......................
9,226
1,020,303
Simply
Good
Foods
Co.
(The)
(a)
...............
26,703
921,520
TreeHouse
Foods,
Inc.
(a)
....................
38,450
863,587
Vital
Farms,
Inc.
(a)
........................
28,771
916,069
WK
Kellogg
Co.
..........................
50,529
854,951
20,330,756
a
Gas
Utilities
 — 
1
.9
%
Chesapeake
Utilities
Corp.
..................
26,939
3,291,677
National
Fuel
Gas
Co.
.....................
61,436
5,070,928
New
Jersey
Resources
Corp.
.................
91,351
4,192,097
Northwest
Natural
Holding
Co.
................
41,861
1,715,045
ONE
Gas,
Inc.
...........................
81,622
6,102,061
Southwest
Gas
Holdings,
Inc.
................
43,865
3,150,823
Spire,
Inc.
..............................
61,851
4,656,143
UGI
Corp.
..............................
152,036
5,482,418
33,661,192
a
Ground
Transportation
 — 
1
.4
%
ArcBest
Corp.
...........................
13,904
871,642
Avis
Budget
Group,
Inc.
(a)
...................
8,188
997,217
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
23,922
1,060,223
Landstar
System,
Inc.
......................
21,396
2,935,959
Lyft,
Inc.
,
Class
A
(a)
........................
118,369
1,803,944
RXO,
Inc.
(a)
(b)
............................
69,282
1,075,949
Ryder
System,
Inc.
........................
29,642
4,361,227
Saia,
Inc.
(a)
(b)
............................
9,684
2,560,546
Schneider
National,
Inc.
,
Class
B
..............
118,659
2,749,329
Werner
Enterprises,
Inc.
....................
39,767
1,031,954
XPO,
Inc.
(a)
.............................
43,397
4,939,881
24,387,871
a
Health
Care
Equipment
&
Supplies
 — 
2
.3
%
Alphatec
Holdings,
Inc.
(a)
....................
69,498
863,860
Artivion,
Inc.
(a)
...........................
32,570
963,421
AtriCure,
Inc.
(a)
..........................
26,681
922,362
CONMED
Corp.
..........................
15,143
859,365
DENTSPLY
SIRONA,
Inc.
...................
54,504
870,974
Embecta
Corp.
..........................
73,344
772,312
Enovis
Corp.
(a)
...........................
27,191
851,078
Envista
Holdings
Corp.
(a)
....................
59,320
1,083,776
Glaukos
Corp.
(a)
(b)
.........................
32,057
3,022,655
Globus
Medical,
Inc.
,
Class
A
(a)
(b)
..............
26,955
1,595,197
Haemonetics
Corp.
(a)
......................
20,509
1,388,664
ICU
Medical,
Inc.
(a)
........................
10,445
1,408,613
Inspire
Medical
Systems,
Inc.
(a)
...............
8,966
1,239,101
Integer
Holdings
Corp.
(a)
....................
9,925
1,178,693
Integra
LifeSciences
Holdings
Corp.
(a)
...........
67,846
858,930
iRhythm
Technologies,
Inc.
(a)
(b)
................
10,416
1,463,448
Lantheus
Holdings,
Inc.
(a)
(b)
..................
22,593
1,707,127
LivaNova
PLC
(a)
..........................
20,219
874,472
Masimo
Corp.
(a)
(b)
.........................
11,838
1,923,675
Merit
Medical
Systems,
Inc.
(a)
.................
31,577
3,000,762
Novocure
Ltd.
(a)
..........................
50,050
956,456
Omnicell,
Inc.
(a)
..........................
31,428
954,468
Penumbra,
Inc.
(a)
.........................
13,980
3,732,241
PROCEPT
BioRobotics
Corp.
(a)
...............
19,980
1,158,840
QuidelOrtho
Corp.
(a)
.......................
27,899
855,662
RxSight,
Inc.
(a)
...........................
54,206
828,810
STAAR
Surgical
Co.
(a)
......................
47,038
837,747
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Tandem
Diabetes
Care,
Inc.
(a)
................
38,314
$
759,383
Teleflex,
Inc.
............................
15,234
1,862,661
TransMedics
Group,
Inc.
(a)
(b)
..................
10,371
1,318,362
UFP
Technologies,
Inc.
(a)
....................
3,783
885,979
40,999,094
a
Health
Care
Providers
&
Services
 — 
2
.8
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
45,700
1,034,648
Addus
HomeCare
Corp.
(a)
...................
8,371
928,428
Alignment
Healthcare,
Inc.
(a)
.................
57,640
885,927
Amedisys,
Inc.
(a)
.........................
21,688
2,040,190
AMN
Healthcare
Services,
Inc.
(a)
...............
39,585
835,639
BrightSpring
Health
Services,
Inc.
(a)
(b)
...........
38,091
906,947
Castle
Biosciences,
Inc.
(a)
...................
54,792
875,028
Chemed
Corp.
...........................
6,316
3,630,689
CorVel
Corp.
(a)
...........................
16,659
1,853,647
Encompass
Health
Corp.
...................
45,887
5,547,738
Ensign
Group,
Inc.
(The)
....................
20,952
3,085,392
GeneDx
Holdings
Corp.
,
Class
A
(a)
.............
12,540
893,099
Guardant
Health,
Inc.
(a)
.....................
45,343
1,841,833
HealthEquity,
Inc.
(a)
(b)
......................
31,427
3,161,871
Henry
Schein,
Inc.
(a)
(b)
......................
30,560
2,138,894
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
(b)
...........
65,697
3,715,822
NeoGenomics,
Inc.
(a)
......................
113,050
823,004
Option
Care
Health,
Inc.
(a)
...................
91,227
2,981,298
Pediatrix
Medical
Group,
Inc.
(a)
................
59,806
846,255
Pennant
Group,
Inc.
(The)
(a)
..................
37,100
1,065,141
Premier,
Inc.
,
Class
A
......................
97,412
2,238,528
Privia
Health
Group,
Inc.
(a)
...................
76,715
1,746,033
Progyny,
Inc.
(a)
...........................
41,268
887,262
RadNet,
Inc.
(a)
...........................
21,980
1,263,630
Select
Medical
Holdings
Corp.
................
60,141
919,556
Tenet
Healthcare
Corp.
(a)
....................
25,396
4,286,083
50,432,582
a
Health
Care
REITs
 — 
0
.7
%
American
Healthcare
REIT,
Inc.
...............
25,904
905,086
CareTrust
REIT,
Inc.
.......................
84,586
2,432,693
Community
Healthcare
Trust,
Inc.
..............
54,300
887,262
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
59,942
869,159
Medical
Properties
Trust,
Inc.
.................
206,506
943,733
Omega
Healthcare
Investors,
Inc.
..............
96,159
3,557,883
Sabra
Health
Care
REIT,
Inc.
.................
119,640
2,091,307
11,687,123
a
Health
Care
Technology
 — 
0
.3
%
Certara,
Inc.
(a)
...........................
77,285
877,958
Doximity,
Inc.
,
Class
A
(a)
....................
35,652
1,857,113
Teladoc
Health,
Inc.
(a)
......................
123,082
851,727
Waystar
Holding
Corp.
(a)
....................
22,883
914,862
4,501,660
a
Hotel
&
Resort
REITs
 — 
0
.5
%
Host
Hotels
&
Resorts,
Inc.
..................
224,978
3,484,909
Park
Hotels
&
Resorts,
Inc.
..................
89,229
924,412
Pebblebrook
Hotel
Trust
....................
104,317
957,630
Ryman
Hospitality
Properties,
Inc.
.............
32,952
3,199,969
Xenia
Hotels
&
Resorts,
Inc.
.................
76,907
940,573
9,507,493
a
Hotels,
Restaurants
&
Leisure
 — 
3
.4
%
Aramark
...............................
113,086
4,579,983
Boyd
Gaming
Corp.
.......................
17,222
1,291,133
Brinker
International,
Inc.
(a)
..................
19,156
3,306,900
Caesars
Entertainment,
Inc.
(a)
(b)
...............
87,018
2,339,044
Cava
Group,
Inc.
(a)
........................
28,096
2,283,362
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Choice
Hotels
International,
Inc.
(b)
..............
20,921
$
2,650,272
Churchill
Downs,
Inc.
......................
14,920
1,424,412
Dutch
Bros,
Inc.
,
Class
A
(a)
..................
33,291
2,403,610
Everi
Holdings,
Inc.
(a)
......................
91,360
1,289,090
Global
Business
Travel
Group
I
,
Class
A
(a)
........
367,851
2,299,069
Hilton
Grand
Vacations,
Inc.
(a)
(b)
...............
34,823
1,329,194
Life
Time
Group
Holdings,
Inc.
(a)
...............
41,457
1,185,670
Light
&
Wonder,
Inc.
(a)
(b)
.....................
33,110
2,983,873
Marriott
Vacations
Worldwide
Corp.
.............
13,330
877,914
MGM
Resorts
International
(a)
.................
53,723
1,700,333
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
166,392
2,936,819
Planet
Fitness,
Inc.
,
Class
A
(a)
................
38,520
3,961,012
Playa
Hotels
&
Resorts
N.V.
(a)
................
145,054
1,952,427
Pursuit
Attractions
and
Hospitality,
Inc.
(a)
.........
31,615
881,742
Shake
Shack,
Inc.
,
Class
A
(a)
(b)
................
13,118
1,702,585
Six
Flags
Entertainment
Corp.
(a)
(b)
..............
25,566
857,995
Texas
Roadhouse,
Inc.
.....................
6,145
1,199,566
Travel
+
Leisure
Co.
.......................
44,177
2,145,677
United
Parks
&
Resorts,
Inc.
(a)
................
18,908
846,889
Vail
Resorts,
Inc.
.........................
20,443
3,274,355
Wendy's
Co.
(The)
........................
103,654
1,181,656
Wingstop,
Inc.
...........................
9,174
3,134,756
Wyndham
Hotels
&
Resorts,
Inc.
..............
31,370
2,596,809
Wynn
Resorts
Ltd.
........................
17,517
1,585,989
60,202,136
a
Household
Durables
 — 
1
.6
%
Century
Communities,
Inc.
..................
16,589
860,472
Champion
Homes,
Inc.
(a)
....................
12,356
808,082
Helen
of
Troy
Ltd.
(a)
.......................
29,025
780,482
Installed
Building
Products,
Inc.
...............
8,929
1,423,997
KB
Home
..............................
43,123
2,224,284
La-Z-Boy,
Inc.
...........................
20,816
871,982
Leggett
&
Platt,
Inc.
.......................
97,996
887,844
M/I
Homes,
Inc.
(a)
.........................
8,303
885,183
Meritage
Homes
Corp.
.....................
29,840
1,898,122
Newell
Brands,
Inc.
.......................
215,101
1,140,035
Somnigroup
International,
Inc.
................
48,000
3,122,880
Sonos,
Inc.
(a)
............................
86,704
891,317
Taylor
Morrison
Home
Corp.
(a)
................
35,842
2,017,188
Toll
Brothers,
Inc.
.........................
25,571
2,665,777
TopBuild
Corp.
(a)
.........................
11,768
3,329,050
Tri
Pointe
Homes,
Inc.
(a)
....................
37,313
1,099,987
Whirlpool
Corp.
..........................
33,605
2,624,215
27,530,897
a
Household
Products
 — 
0
.1
%
WD-40
Co.
.............................
7,699
1,875,707
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.3
%
Clearway
Energy,
Inc.
,
Class
A
................
40,673
1,173,416
Clearway
Energy,
Inc.
,
Class
C
...............
36,834
1,133,382
Ormat
Technologies,
Inc.
....................
29,245
2,173,781
XPLR
Infrastructure,
LP
....................
94,753
835,722
5,316,301
a
Industrial
REITs
 — 
0
.7
%
Americold
Realty
Trust,
Inc.
..................
52,168
864,424
EastGroup
Properties,
Inc.
..................
19,723
3,344,035
First
Industrial
Realty
Trust,
Inc.
...............
19,103
944,261
Rexford
Industrial
Realty,
Inc.
................
146,634
5,167,382
Terreno
Realty
Corp.
......................
44,978
2,537,659
12,857,761
a
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
Security
Shares
Value
a
Insurance
 — 
3
.7
%
Assurant,
Inc.
...........................
28,072
$
5,698,055
Assured
Guaranty
Ltd.
.....................
11,534
975,200
Axis
Capital
Holdings
Ltd.
...................
53,652
5,569,078
Baldwin
Insurance
Group,
Inc.
(The)
,
Class
A
(a)
.....
38,494
1,483,174
CNO
Financial
Group,
Inc.
...................
104,505
3,967,010
First
American
Financial
Corp.
................
24,247
1,353,225
Globe
Life,
Inc.
..........................
27,151
3,308,892
Goosehead
Insurance,
Inc.
,
Class
A
............
8,352
904,187
Hanover
Insurance
Group,
Inc.
(The)
...........
9,734
1,712,989
Kinsale
Capital
Group,
Inc.
..................
8,222
3,880,702
Lincoln
National
Corp.
.....................
46,766
1,549,825
Oscar
Health,
Inc.
,
Class
A
(a)
.................
54,939
758,158
Palomar
Holdings,
Inc.
(a)
....................
15,185
2,603,772
Primerica,
Inc.
...........................
11,741
3,177,115
Reinsurance
Group
of
America,
Inc.
............
26,205
5,327,214
RenaissanceRe
Holdings
Ltd.
................
15,751
3,928,614
RLI
Corp.
..............................
33,708
2,591,134
Ryan
Specialty
Holdings,
Inc.
,
Class
A
...........
39,922
2,857,218
Selective
Insurance
Group,
Inc.
...............
48,948
4,308,403
Stewart
Information
Services
Corp.
.............
31,286
1,887,797
Unum
Group
............................
87,438
7,144,559
White
Mountains
Insurance
Group
Ltd.
(b)
.........
498
888,830
65,875,151
a
Interactive
Media
&
Services
 — 
0
.5
%
fuboTV,
Inc.
(a)
...........................
272,502
997,357
Match
Group,
Inc.
........................
48,540
1,453,288
Trump
Media
&
Technology
Group
Corp.
(a)
(b)
.......
39,521
842,983
Vimeo,
Inc.
(a)
............................
198,610
865,940
Yelp,
Inc.
(a)
.............................
43,797
1,671,731
Ziff
Davis,
Inc.
(a)
..........................
28,155
913,348
ZoomInfo
Technologies,
Inc.
(a)
................
129,653
1,238,186
7,982,833
a
IT
Services
 — 
0
.6
%
Applied
Digital
Corp.
(a)
(b)
....................
134,493
918,587
ASGN,
Inc.
(a)
............................
16,429
867,616
Couchbase,
Inc.
(a)
........................
48,992
885,286
DXC
Technology
Co.
(a)
.....................
62,105
943,996
EPAM
Systems,
Inc.
(a)
......................
18,739
3,269,768
Kyndryl
Holdings,
Inc.
(a)
.....................
78,761
3,074,829
9,960,082
a
Leisure
Products
 — 
0
.5
%
Hasbro,
Inc.
............................
50,158
3,346,040
Mattel,
Inc.
(a)
............................
105,574
1,999,571
Peloton
Interactive,
Inc.
,
Class
A
(a)
.............
134,308
953,587
Topgolf
Callaway
Brands
Corp.
(a)
..............
133,047
843,518
YETI
Holdings,
Inc.
(a)
......................
62,519
1,910,581
9,053,297
a
Life
Sciences
Tools
&
Services
 — 
0
.9
%
Azenta,
Inc.
(a)
...........................
38,406
1,026,208
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
4,522
1,026,177
Bio-Techne
Corp.
.........................
66,949
3,240,332
Bruker
Corp.
............................
38,311
1,406,014
Charles
River
Laboratories
International,
Inc.
(a)
(b)
....
21,107
2,862,742
Medpace
Holdings,
Inc.
(a)
...................
8,721
2,571,823
Repligen
Corp.
(a)
.........................
24,323
2,871,817
Sotera
Health
Co.
(a)
.......................
70,483
862,712
15,867,825
a
Machinery
 — 
4
.5
%
AGCO
Corp.
............................
30,738
3,011,709
Alamo
Group,
Inc.
........................
11,926
2,361,825
Allison
Transmission
Holdings,
Inc.
.............
35,612
3,686,554
Security
Shares
Value
a
Machinery
(continued)
Astec
Industries,
Inc.
......................
21,978
$
863,516
Chart
Industries,
Inc.
(a)
.....................
14,927
2,341,449
Crane
Co.
..............................
19,531
3,347,613
Donaldson
Co.,
Inc.
.......................
51,308
3,568,471
Douglas
Dynamics,
Inc.
....................
31,726
872,148
Energy
Recovery,
Inc.
(a)
....................
102,744
1,295,602
Enerpac
Tool
Group
Corp.
,
Class
A
(b)
............
51,231
2,196,785
Enpro,
Inc.
.............................
9,148
1,693,661
ESCO
Technologies,
Inc.
...................
16,948
3,071,656
Federal
Signal
Corp.
......................
19,707
1,853,838
Flowserve
Corp.
.........................
65,739
3,281,034
Franklin
Electric
Co.,
Inc.
...................
18,742
1,619,121
Gates
Industrial
Corp.
PLC
(a)
.................
135,128
2,857,957
Greenbrier
Companies,
Inc.
(The)
..............
19,793
892,071
Hillenbrand,
Inc.
.........................
44,178
863,238
ITT,
Inc.
...............................
34,751
5,231,416
JBT
Marel
Corp.
.........................
17,536
2,013,308
Lincoln
Electric
Holdings,
Inc.
................
17,227
3,334,975
Lindsay
Corp.
...........................
9,041
1,260,315
Middleby
Corp.
(The)
(a)
(b)
....................
8,836
1,291,205
Mueller
Water
Products,
Inc.
,
Series
A
...........
147,496
3,618,077
Oshkosh
Corp.
..........................
45,010
4,464,542
REV
Group,
Inc.
.........................
23,786
891,737
SPX
Technologies,
Inc.
(a)
....................
20,571
3,128,643
Stanley
Black
&
Decker,
Inc.
.................
33,557
2,195,635
Symbotic,
Inc.
,
Class
A
(a)
....................
31,926
915,318
Tennant
Co.
............................
11,726
872,649
Terex
Corp.
.............................
33,184
1,493,612
Toro
Co.
(The)
...........................
31,812
2,410,713
Trinity
Industries,
Inc.
......................
54,745
1,409,136
Wabash
National
Corp.
.....................
92,797
804,550
Watts
Water
Technologies,
Inc.
,
Class
A
..........
17,203
4,165,190
79,179,269
a
Media
 — 
1
.3
%
Cable
One,
Inc.
..........................
6,281
919,099
DoubleVerify
Holdings,
Inc.
(a)
.................
104,464
1,435,335
EchoStar
Corp.
,
Class
A
(a)
(b)
..................
40,869
724,607
Interpublic
Group
of
Companies,
Inc.
(The)
.......
186,534
4,469,355
Liberty
Broadband
Corp.
,
Series
A
(a)
............
21,132
1,963,163
Liberty
Broadband
Corp.
,
Series
C
,
NVS
(a)
........
20,001
1,876,094
Magnite,
Inc.
(a)
...........................
56,557
925,272
New
York
Times
Co.
(The)
,
Class
A
.............
59,148
3,378,534
Nexstar
Media
Group,
Inc.
...................
7,010
1,194,644
Paramount
Global
,
Class
B
,
NVS
..............
253,480
3,067,108
Sirius
XM
Holdings,
Inc.
....................
72,117
1,563,496
TEGNA,
Inc.
............................
136,569
2,283,434
23,800,141
a
Metals
&
Mining
 — 
1
.6
%
Alcoa
Corp.
.............................
91,552
2,450,847
Carpenter
Technology
Corp.
.................
18,820
4,422,700
Cleveland-Cliffs,
Inc.
(a)
.....................
142,246
829,294
Coeur
Mining,
Inc.
(a)
.......................
190,939
1,542,787
Commercial
Metals
Co.
.....................
59,732
2,782,914
Compass
Minerals
International,
Inc.
(a)
...........
45,885
881,451
Constellium
SE
,
Class
A
(a)
...................
75,217
913,134
Hecla
Mining
Co.
.........................
193,793
996,096
Materion
Corp.
..........................
11,224
869,074
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
44,029
959,392
Radius
Recycling,
Inc.
,
Class
A
...............
36,199
1,071,853
Royal
Gold,
Inc.
..........................
32,487
5,786,585
United
States
Steel
Corp.
...................
75,333
4,054,422
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Metals
&
Mining
(continued)
Warrior
Met
Coal,
Inc.
......................
18,751
$
852,233
28,412,782
a
Mortgage
REITs
 — 
0
.4
%
AGNC
Investment
Corp.
....................
406,056
3,630,141
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
.........
46,402
876,534
Invesco
Mortgage
Capital,
Inc.
................
125,628
927,135
KKR
Real
Estate
Finance
Trust,
Inc.
............
122,734
1,096,014
Starwood
Property
Trust,
Inc.
.................
73,242
1,446,529
7,976,353
a
Multi-Utilities
 — 
0
.3
%
Avista
Corp.
............................
125,737
4,842,132
Unitil
Corp.
.............................
17,547
962,102
5,804,234
a
Office
REITs
 — 
0
.9
%
Brandywine
Realty
Trust
....................
264,291
1,117,951
COPT
Defense
Properties
...................
109,514
3,006,159
Cousins
Properties,
Inc.
....................
66,465
1,865,673
Easterly
Government
Properties,
Inc.
...........
63,943
1,389,481
Empire
State
Realty
Trust,
Inc.
,
Class
A
..........
191,142
1,464,148
Highwoods
Properties,
Inc.
..................
33,699
1,000,860
JBG
SMITH
Properties
.....................
71,425
1,221,368
Kilroy
Realty
Corp.
........................
33,012
1,062,986
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
........
135,747
966,519
SL
Green
Realty
Corp.
.....................
26,013
1,476,758
Vornado
Realty
Trust
......................
41,272
1,554,716
16,126,619
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.0
%
Antero
Midstream
Corp.
....................
145,024
2,723,551
Antero
Resources
Corp.
(a)
...................
135,630
5,079,343
APA
Corp.
.............................
131,235
2,232,307
BKV
Corp.
(a)
............................
40,734
875,781
California
Resources
Corp.
..................
31,894
1,408,758
Civitas
Resources,
Inc.
.....................
31,828
871,132
CNX
Resources
Corp.
(a)
....................
71,021
2,292,558
Delek
U.S.
Holdings,
Inc.
...................
53,441
1,028,739
DT
Midstream,
Inc.
........................
45,521
4,767,870
Excelerate
Energy,
Inc.
,
Class
A
...............
38,344
1,078,617
Hess
Midstream,
LP
,
Class
A
.................
81,158
3,002,846
HF
Sinclair
Corp.
.........................
66,242
2,393,323
Kinetik
Holdings,
Inc.
,
Class
A
................
50,827
2,263,835
Kosmos
Energy
Ltd.
(a)
......................
827,319
1,373,350
Murphy
Oil
Corp.
.........................
101,939
2,133,583
Ovintiv,
Inc.
.............................
173,407
6,211,439
PBF
Energy,
Inc.
,
Class
A
...................
42,501
809,644
Permian
Resources
Corp.
,
Class
A
.............
198,191
2,499,188
Range
Resources
Corp.
....................
125,083
4,758,157
SM
Energy
Co.
..........................
38,973
912,748
Talos
Energy,
Inc.
(a)
.......................
118,381
951,783
Uranium
Energy
Corp.
(a)
(b)
...................
194,230
1,151,784
Viper
Energy,
Inc.
,
Class
A
..................
31,246
1,240,154
World
Kinect
Corp.
........................
33,404
914,936
52,975,426
a
Paper
&
Forest
Products
 — 
0
.1
%
Louisiana-Pacific
Corp.
.....................
24,380
2,195,907
a
Passenger
Airlines
 — 
0
.1
%
Alaska
Air
Group,
Inc.
(a)
.....................
33,428
1,702,488
JetBlue
Airways
Corp.
(a)
....................
176,469
891,168
2,593,656
a
Security
Shares
Value
a
Personal
Care
Products
 — 
0
.3
%
BellRing
Brands,
Inc.
(a)
.....................
27,267
$
1,716,458
Coty,
Inc.
,
Class
A
(a)
.......................
180,420
889,471
Edgewell
Personal
Care
Co.
.................
49,242
1,360,064
elf
Beauty,
Inc.
(a)
.........................
19,668
2,212,453
6,178,446
a
Pharmaceuticals
 — 
1
.1
%
Avadel
Pharmaceuticals
PLC
(a)
................
96,508
879,188
Axsome
Therapeutics,
Inc.
(a)
(b)
................
10,535
1,107,861
Corcept
Therapeutics,
Inc.
(a)
.................
29,995
2,326,412
Elanco
Animal
Health,
Inc.
(a)
(b)
................
242,533
3,259,643
Enliven
Therapeutics,
Inc.
(a)
(b)
.................
51,877
921,854
Jazz
Pharmaceuticals
PLC
(a)
.................
23,024
2,488,204
Liquidia
Corp.
(a)
..........................
52,855
788,597
Organon
&
Co.
..........................
112,817
1,040,173
Perrigo
Co.
PLC
.........................
41,500
1,110,955
Phibro
Animal
Health
Corp.
,
Class
A
............
37,394
913,161
Tarsus
Pharmaceuticals,
Inc.
(a)
................
20,111
863,767
Viatris,
Inc.
.............................
359,562
3,160,550
18,860,365
a
Professional
Services
 — 
2
.9
%
CACI
International,
Inc.
,
Class
A
(a)
(b)
............
8,585
3,674,380
CBIZ,
Inc.
(a)
(b)
............................
14,167
1,023,424
Clarivate
PLC
(a)
(b)
.........................
223,181
941,824
Concentrix
Corp.
.........................
16,171
905,010
CSG
Systems
International,
Inc.
...............
30,137
1,990,850
Dayforce,
Inc.
(a)
..........................
66,608
3,935,201
ExlService
Holdings,
Inc.
(a)
..................
106,969
4,919,504
Exponent,
Inc.
...........................
11,341
865,772
First
Advantage
Corp.
(a)
.....................
71,661
1,226,836
FTI
Consulting,
Inc.
(a)
......................
20,067
3,294,199
Genpact
Ltd.
............................
70,367
3,029,299
Heidrick
&
Struggles
International,
Inc.
..........
22,826
996,583
Huron
Consulting
Group,
Inc.
(a)
................
11,671
1,666,969
ICF
International,
Inc.
......................
10,250
880,680
KBR,
Inc.
..............................
95,047
4,960,503
Korn
Ferry
.............................
15,269
1,038,445
Maximus,
Inc.
...........................
14,571
1,056,543
Parsons
Corp.
(a)
..........................
21,885
1,419,023
Paylocity
Holding
Corp.
(a)
...................
16,902
3,226,592
Planet
Labs
PBC
,
Class
A
(a)
(b)
.................
233,949
898,364
Robert
Half,
Inc.
.........................
56,933
2,606,962
Science
Applications
International
Corp.
.........
8,726
1,008,202
TriNet
Group,
Inc.
........................
16,452
1,368,971
UL
Solutions,
Inc.
,
Class
A
...................
23,297
1,665,736
Upwork,
Inc.
(a)
...........................
56,284
871,839
Verra
Mobility
Corp.
,
Class
A
(a)
................
41,912
991,219
WNS
Holdings
Ltd.
(a)
......................
17,532
1,016,681
51,479,611
a
Real
Estate
Management
&
Development
 — 
0
.7
%
Compass,
Inc.
,
Class
A
(a)
....................
155,841
921,020
Cushman
&
Wakefield
PLC
(a)
.................
92,390
926,672
Howard
Hughes
Holdings,
Inc.
(a)
...............
41,108
2,808,088
Jones
Lang
LaSalle,
Inc.
(a)
...................
23,058
5,135,017
Kennedy-Wilson
Holdings,
Inc.
................
136,439
869,116
Marcus
&
Millichap,
Inc.
....................
31,277
901,090
11,561,003
a
Residential
REITs
 — 
0
.1
%
Elme
Communities
........................
64,080
1,029,125
Veris
Residential,
Inc.
......................
88,021
1,337,919
2,367,044
a
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
Security
Shares
Value
a
Retail
REITs
 — 
1
.1
%
Acadia
Realty
Trust
.......................
67,843
$
1,306,656
Agree
Realty
Corp.
.......................
19,927
1,500,503
Brixmor
Property
Group,
Inc.
.................
150,070
3,813,279
Federal
Realty
Investment
Trust
...............
54,949
5,246,531
Macerich
Co.
(The)
.......................
128,030
2,071,526
NETSTREIT
Corp.
........................
71,443
1,150,232
Phillips
Edison
&
Co.,
Inc.
...................
94,657
3,356,537
Tanger,
Inc.
.............................
29,934
892,033
19,337,297
a
Semiconductors
&
Semiconductor
Equipment
 — 
2
.5
%
Allegro
MicroSystems,
Inc.
(a)
.................
33,026
837,209
Astera
Labs,
Inc.
(a)
........................
41,573
3,771,503
Cirrus
Logic,
Inc.
(a)
........................
25,746
2,532,376
Credo
Technology
Group
Holding
Ltd.
(a)
..........
58,823
3,585,850
Enphase
Energy,
Inc.
(a)
.....................
51,959
2,150,583
Ichor
Holdings
Ltd.
(a)
.......................
50,818
801,908
Impinj,
Inc.
(a)
............................
7,808
890,815
Kulicke
&
Soffa
Industries,
Inc.
................
47,538
1,528,347
Lattice
Semiconductor
Corp.
(a)
................
58,688
2,637,439
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
.....
18,931
2,302,199
MKS,
Inc.
..............................
17,680
1,453,119
Onto
Innovation,
Inc.
(a)
.....................
25,636
2,356,974
PDF
Solutions,
Inc.
(a)
......................
46,469
822,501
Power
Integrations,
Inc.
....................
18,223
906,230
Qorvo,
Inc.
(a)
............................
29,899
2,272,922
Rambus,
Inc.
(a)
..........................
47,448
2,537,045
Rigetti
Computing,
Inc.
(a)
....................
89,975
1,089,597
Semtech
Corp.
(a)
.........................
27,735
1,035,347
Silicon
Laboratories,
Inc.
(a)
...................
15,362
1,851,582
SiTime
Corp.
(a)
...........................
5,426
1,063,876
Skyworks
Solutions,
Inc.
....................
45,809
3,162,195
SolarEdge
Technologies,
Inc.
(a)
................
43,593
778,571
Universal
Display
Corp.
....................
10,979
1,573,840
Veeco
Instruments,
Inc.
(a)
...................
90,852
1,754,352
43,696,380
a
Software
 — 
6
.4
%
A10
Networks,
Inc.
........................
51,649
891,462
ACI
Worldwide,
Inc.
(a)
......................
63,328
2,929,553
Adeia,
Inc.
.............................
67,753
869,949
Agilysys,
Inc.
(a)
..........................
11,459
1,213,623
Alarm.com
Holdings,
Inc.
(a)
..................
20,711
1,188,811
Alkami
Technology,
Inc.
(a)
...................
29,560
846,598
Appfolio,
Inc.
,
Class
A
(a)
....................
8,777
1,853,439
Asana,
Inc.
,
Class
A
(a)
......................
50,689
907,840
Aurora
Innovation,
Inc.
,
Class
A
(a)
(b)
.............
362,476
2,196,605
AvePoint,
Inc.
,
Class
A
(a)
....................
49,210
917,767
BILL
Holdings,
Inc.
(a)
.......................
34,980
1,527,926
Blackbaud,
Inc.
(a)
.........................
29,160
1,814,627
BlackLine,
Inc.
(a)
.........................
23,116
1,292,878
Box,
Inc.
,
Class
A
(a)
.......................
64,060
2,422,749
Braze,
Inc.
,
Class
A
(a)
......................
25,689
945,355
C3.ai,
Inc.
,
Class
A
(a)
(b)
.....................
39,058
1,038,552
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
151,749
1,332,356
Cleanspark,
Inc.
(a)
........................
93,620
807,941
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
......
81,497
1,882,581
Commvault
Systems,
Inc.
(a)
..................
22,214
4,068,494
Confluent,
Inc.
,
Class
A
(a)
...................
111,024
2,556,883
Core
Scientific,
Inc.
(a)
......................
82,887
882,747
Dolby
Laboratories,
Inc.
,
Class
A
..............
30,166
2,240,127
Dropbox,
Inc.
,
Class
A
(a)
(b)
...................
96,413
2,782,479
D-Wave
Quantum,
Inc.
(a)
....................
104,700
1,709,751
E2open
Parent
Holdings,
Inc.
,
Class
A
(a)
.........
334,496
1,073,732
Elastic
N.V.
(a)
............................
36,796
2,975,693
Security
Shares
Value
a
Software
(continued)
Five9,
Inc.
(a)
(b)
...........................
34,036
$
902,294
Freshworks,
Inc.
,
Class
A
(a)
..................
61,257
935,394
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
51,284
2,333,935
Guidewire
Software,
Inc.
(a)
...................
34,468
7,411,309
Hut
8
Corp.
(a)
(b)
..........................
54,089
825,939
Informatica,
Inc.
,
Class
A
(a)
..................
48,537
1,165,373
Intapp,
Inc.
(a)
............................
27,538
1,517,895
InterDigital,
Inc.
..........................
15,128
3,286,709
JFrog
Ltd.
(a)
(b)
...........................
38,801
1,666,115
Klaviyo,
Inc.
,
Series
A
(a)
.....................
31,837
1,082,458
Life360,
Inc.
(a)
...........................
20,750
1,318,663
Manhattan
Associates,
Inc.
(a)
.................
22,799
4,303,995
MARA
Holdings,
Inc.
(a)
(b)
....................
106,103
1,498,174
MeridianLink,
Inc.
(a)
.......................
54,499
909,588
N-able,
Inc.
(a)
............................
112,765
878,439
nCino,
Inc.
(a)
(b)
...........................
35,056
921,973
NCR
Voyix
Corp.
(a)
........................
85,735
950,801
NextNav,
Inc.
(a)
..........................
67,798
850,865
PagerDuty,
Inc.
(a)
.........................
55,777
795,380
Pegasystems,
Inc.
(b)
.......................
22,164
2,175,397
Procore
Technologies,
Inc.
(a)
(b)
................
47,707
3,204,479
Progress
Software
Corp.
....................
48,684
2,996,987
PROS
Holdings,
Inc.
(a)
.....................
49,876
877,319
Q2
Holdings,
Inc.
(a)
........................
28,244
2,471,915
RingCentral,
Inc.
,
Class
A
(a)
..................
33,253
862,250
Riot
Platforms,
Inc.
(a)
......................
101,732
820,977
Rubrik,
Inc.
,
Class
A
(a)
......................
31,664
3,019,162
SentinelOne,
Inc.
,
Class
A
(a)
..................
89,574
1,577,398
SoundHound
AI,
Inc.
,
Class
A
(a)
(b)
..............
110,151
1,113,627
SPS
Commerce,
Inc.
(a)
(b)
....................
18,721
2,635,168
Tenable
Holdings,
Inc.
(a)
....................
52,761
1,699,959
Teradata
Corp.
(a)
.........................
51,881
1,139,307
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
167,176
2,225,113
Unity
Software,
Inc.
(a)
(b)
.....................
107,175
2,795,124
Varonis
Systems,
Inc.
(a)
.....................
22,386
1,067,364
Verint
Systems,
Inc.
(a)
......................
51,829
909,081
Vertex,
Inc.
,
Class
A
(a)
......................
23,307
922,258
Workiva,
Inc.
,
Class
A
(a)
.....................
36,923
2,484,549
113,723,251
a
Specialized
REITs
 — 
0
.7
%
CubeSmart
.............................
84,961
3,632,932
EPR
Properties
..........................
20,247
1,127,555
Outfront
Media,
Inc.
.......................
71,558
1,182,138
PotlatchDeltic
Corp.
.......................
95,716
3,765,468
Rayonier,
Inc.
...........................
72,195
1,711,022
Uniti
Group,
Inc.
.........................
296,893
1,276,640
12,695,755
a
Specialty
Retail
 — 
3
.2
%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
.............
22,287
1,749,307
Advance
Auto
Parts,
Inc.
....................
29,314
1,405,020
American
Eagle
Outfitters,
Inc.
................
80,092
877,808
Arko
Corp.
.............................
180,226
771,367
Asbury
Automotive
Group,
Inc.
(a)
...............
7,243
1,650,752
AutoNation,
Inc.
(a)
.........................
11,610
2,134,499
Bath
&
Body
Works,
Inc.
....................
71,526
2,011,311
Boot
Barn
Holdings,
Inc.
(a)
...................
10,703
1,715,798
CarMax,
Inc.
(a)
...........................
58,982
3,801,980
Chewy,
Inc.
,
Class
A
(a)
.....................
59,977
2,713,959
Five
Below,
Inc.
(a)
.........................
21,179
2,468,836
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
35,860
2,570,803
Foot
Locker,
Inc.
(a)
........................
38,836
922,743
GameStop
Corp.
,
Class
A
(a)
(b)
.................
156,463
4,662,597
Gap,
Inc.
(The)
..........................
98,472
2,196,910
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Specialty
Retail
(continued)
Group
1
Automotive,
Inc.
....................
6,842
$
2,900,461
Lithia
Motors,
Inc.
,
Class
A
..................
13,014
4,124,267
MarineMax,
Inc.
(a)
.........................
39,182
830,658
Murphy
USA,
Inc.
(b)
.......................
11,624
4,961,007
National
Vision
Holdings,
Inc.
(a)
...............
72,232
1,430,916
RealReal,
Inc.
(The)
(a)
......................
169,875
959,794
RH
(a)
.................................
4,351
788,010
Signet
Jewelers
Ltd.
.......................
19,445
1,294,454
Upbound
Group,
Inc.
......................
40,043
918,586
Urban
Outfitters,
Inc.
(a)
.....................
19,062
1,332,434
Valvoline,
Inc.
(a)
..........................
72,160
2,496,014
Victoria's
Secret
&
Co.
(a)
....................
38,528
817,179
Warby
Parker,
Inc.
,
Class
A
(a)
.................
44,527
942,637
Wayfair,
Inc.
,
Class
A
(a)
.....................
25,763
1,062,466
56,512,573
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.3
%
IonQ,
Inc.
(a)
(b)
............................
76,090
3,069,471
Sandisk
Corp.
(a)
..........................
32,054
1,208,115
Xerox
Holdings
Corp.
......................
168,438
823,662
5,101,248
a
Textiles,
Apparel
&
Luxury
Goods
 — 
1
.5
%
Capri
Holdings
Ltd.
(a)
......................
61,673
1,117,515
Carter's,
Inc.
............................
24,743
776,188
Columbia
Sportswear
Co.
...................
13,796
879,909
Crocs,
Inc.
(a)
............................
23,566
2,403,732
Hanesbrands,
Inc.
(a)
.......................
168,942
836,263
Kontoor
Brands,
Inc.
.......................
25,000
1,715,000
Levi
Strauss
&
Co.
,
Class
A
..................
67,264
1,167,030
PVH
Corp.
.............................
24,485
2,051,108
Ralph
Lauren
Corp.
,
Class
A
.................
10,445
2,891,280
Skechers
USA,
Inc.
,
Class
A
(a)
................
14,827
919,867
Steven
Madden
Ltd.
.......................
44,961
1,108,289
Tapestry,
Inc.
............................
83,496
6,558,611
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...............
135,304
907,890
VF
Corp.
..............................
150,029
1,869,361
Wolverine
World
Wide,
Inc.
..................
52,249
891,368
26,093,411
a
Trading
Companies
&
Distributors
 — 
2
.0
%
Air
Lease
Corp.
,
Class
A
....................
37,971
2,187,509
Applied
Industrial
Technologies,
Inc.
............
14,112
3,196,650
Boise
Cascade
Co.
.......................
15,088
1,310,846
Core
&
Main,
Inc.
,
Class
A
(a)
..................
78,682
4,312,560
DNOW,
Inc.
(a)
...........................
60,091
866,512
FTAI
Aviation
Ltd.
.........................
35,102
4,112,199
GATX
Corp.
............................
18,474
2,941,800
H&E
Equipment
Services,
Inc.
................
9,424
891,887
Herc
Holdings,
Inc.
........................
16,439
2,038,436
McGrath
RentCorp
........................
15,223
1,710,761
MRC
Global,
Inc.
(a)
(b)
.......................
75,511
937,092
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
QXO,
Inc.
(b)
.............................
124,254
$
2,112,318
Rush
Enterprises,
Inc.
,
Class
A
...............
18,107
899,012
Rush
Enterprises,
Inc.
,
Class
B
...............
18,604
971,408
SiteOne
Landscape
Supply,
Inc.
(a)
..............
24,067
2,811,266
WESCO
International,
Inc.
...................
25,141
4,220,923
35,521,179
a
Water
Utilities
 — 
0
.2
%
American
States
Water
Co.
..................
12,010
947,229
California
Water
Service
Group
...............
25,449
1,202,465
H2O
America
...........................
18,763
984,682
3,134,376
a
Wireless
Telecommunication
Services
 — 
0
.1
%
Gogo,
Inc.
(a)
............................
90,316
958,253
Telephone
and
Data
Systems,
Inc.
.............
36,268
1,246,168
2,204,421
a
Total
Common
Stocks — 99.6%
(Cost:
$
1,612,103,827
)
...............................
1,768,419,883
a
Rights
Biotechnology
 — 
0
.0
%
Chinook
Therapeutics,
Inc.
,
CVR
(Expires
01/01/26)
(a)
(c)
30,052
4,808
a
Total
Rights — 0.0%
(Cost:
$
–
)
........................................
4,808
Total
Long-Term
Investments — 99.6%
(Cost:
$
1,612,103,827
)
...............................
1,768,424,691
a
Short-Term
Securities
Money
Market
Funds
 — 
7
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(d)
(e)
(f)
......................
119,316,273
119,363,999
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(d)
(e)
............................
6,417,689
6,417,689
a
Total
Short-Term
Securities — 7.1%
(Cost:
$
125,735,125
)
................................
125,781,688
Total
Investments
—
106.7%
(Cost:
$
1,737,838,952
)
...............................
1,894,206,379
Liabilities
in
Excess
of
Other
Assets
—
(
6
.7
)
%
...............
(
119,379,171
)
Net
Assets
—
100.0%
.................................
$
1,774,827,208
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
10
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
$
94,867,934
$
24,526,772
(a)
$
—
$
(
14,418
)
$
(
16,289
)
$
119,363,999
119,316,273
$
417,465
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
6,966,077
—
(
548,388
)
(a)
—
—
6,417,689
6,417,689
166,847
—
$
(
14,418
)
$
(
16,289
)
$
125,781,688
$
584,312
$
—
(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
Russell
2000
Index
................................................................
34
06/20/25
$
3,516
$
71,307
E-Mini
S&P
MidCap
400
Index
.............................................................
10
06/20/25
3,004
46,851
$
118,158
iShares
®
ESG
Aware
MSCI
USA
Small-Cap
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
11
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,768,419,883
$
—
$
—
$
1,768,419,883
Rights
................................................
—
—
4,808
4,808
Short-Term
Securities
Money
Market
Funds
......................................
125,781,688
—
—
125,781,688
$
1,894,201,571
$
—
$
4,808
$
1,894,206,379
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
118,158
$
—
$
—
$
118,158
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Fair
Value
Hierarchy
as
of
Period
End
(continued)