iShares
®
ESG
Aware
MSCI
USA
Growth
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
 — 
1
.2
%
Axon
Enterprise,
Inc.
(a)
.....................
146
$
109,552
General
Electric
Co.
.......................
636
156,399
Howmet
Aerospace,
Inc.
....................
153
25,993
291,944
a
Automobiles
 — 
3
.7
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
..............
1,711
24,861
Tesla,
Inc.
(a)
.............................
2,598
900,103
924,964
a
Biotechnology
 — 
1
.5
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
113
34,415
Gilead
Sciences,
Inc.
......................
1,870
205,850
Vertex
Pharmaceuticals,
Inc.
(a)
................
273
120,680
360,945
a
Broadline
Retail
 — 
7
.3
%
Amazon.com,
Inc.
(a)
.......................
8,348
1,711,423
MercadoLibre,
Inc.
(a)
.......................
44
112,785
1,824,208
a
Building
Products
 — 
1
.4
%
Lennox
International,
Inc.
...................
146
82,410
Trane
Technologies
PLC
....................
630
271,070
353,480
a
Capital
Markets
 — 
2
.0
%
Charles
Schwab
Corp.
(The)
.................
744
65,725
LPL
Financial
Holdings,
Inc.
..................
68
26,327
Moody's
Corp.
...........................
359
172,076
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
633
41,873
S&P
Global,
Inc.
.........................
363
186,168
492,169
a
Chemicals
 — 
0
.7
%
Ecolab,
Inc.
............................
652
173,184
a
Commercial
Services
&
Supplies
 — 
0
.7
%
Veralto
Corp.
............................
1,698
171,549
a
Communications
Equipment
 — 
1
.0
%
Arista
Networks,
Inc.
(a)
.....................
1,119
96,950
F5,
Inc.
(a)
..............................
238
67,921
Motorola
Solutions,
Inc.
....................
203
84,322
249,193
a
Construction
&
Engineering
 — 
0
.3
%
EMCOR
Group,
Inc.
.......................
143
67,476
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.5
%
Costco
Wholesale
Corp.
....................
349
363,023
a
Electric
Utilities
 — 
0
.1
%
Constellation
Energy
Corp.
..................
86
26,329
a
Electrical
Equipment
 — 
0
.5
%
GE
Vernova,
Inc.
.........................
277
131,015
a
Entertainment
 — 
1
.6
%
Netflix,
Inc.
(a)
............................
309
373,034
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
2,846
28,375
401,409
a
Security
Shares
Value
a
Financial
Services
 — 
4
.7
%
Equitable
Holdings,
Inc.
....................
177
$
9,358
Mastercard,
Inc.
,
Class
A
....................
963
563,933
Visa,
Inc.
,
Class
A
........................
1,645
600,737
1,174,028
a
Ground
Transportation
 — 
0
.5
%
Uber
Technologies,
Inc.
(a)
...................
1,381
116,225
a
Health
Care
Equipment
&
Supplies
 — 
1
.7
%
Edwards
Lifesciences
Corp.
(a)
................
1,538
120,303
IDEXX
Laboratories,
Inc.
(a)
...................
278
142,714
Insulet
Corp.
(a)
...........................
76
24,702
Intuitive
Surgical,
Inc.
(a)
.....................
226
124,829
412,548
a
Health
Care
Providers
&
Services
 — 
0
.3
%
McKesson
Corp.
.........................
121
87,061
a
Health
Care
Technology
 — 
0
.3
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
280
78,316
a
Hotels,
Restaurants
&
Leisure
 — 
1
.5
%
Booking
Holdings,
Inc.
.....................
34
187,644
DoorDash,
Inc.
,
Class
A
(a)
...................
122
25,455
Flutter
Entertainment
PLC
(a)
..................
504
127,361
Royal
Caribbean
Cruises
Ltd.
................
117
30,065
370,525
a
Insurance
 — 
0
.4
%
Progressive
Corp.
(The)
....................
333
94,882
a
Interactive
Media
&
Services
 — 
6
.3
%
Alphabet,
Inc.
,
Class
A
.....................
5,010
860,418
Alphabet,
Inc.
,
Class
C
,
NVS
.................
4,071
703,672
1,564,090
IT
Services
 — 
0
.8
%
Gartner,
Inc.
(a)
...........................
98
42,769
GoDaddy,
Inc.
,
Class
A
(a)
....................
332
60,474
MongoDB,
Inc.
,
Class
A
(a)
...................
161
30,402
Okta,
Inc.
,
Class
A
(a)
.......................
262
27,030
Snowflake,
Inc.
,
Class
A
(a)
...................
193
39,694
200,369
a
Life
Sciences
Tools
&
Services
 — 
0
.6
%
Mettler-Toledo
International,
Inc.
(a)
.............
65
75,109
Waters
Corp.
(a)
..........................
141
49,243
West
Pharmaceutical
Services,
Inc.
............
116
24,458
148,810
a
Oil,
Gas
&
Consumable
Fuels
 — 
1
.4
%
Cheniere
Energy,
Inc.
......................
637
150,963
EQT
Corp.
.............................
596
32,857
Hess
Corp.
.............................
627
82,883
Targa
Resources
Corp.
.....................
544
85,914
352,617
a
Passenger
Airlines
 — 
0
.2
%
Delta
Air
Lines,
Inc.
.......................
1,140
55,165
a
Pharmaceuticals
 — 
2
.6
%
Eli
Lilly
&
Co.
...........................
704
519,319
Zoetis,
Inc.
,
Class
A
.......................
779
131,363
650,682
a
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Professional
Services
 — 
1
.8
%
Automatic
Data
Processing,
Inc.
...............
803
$
261,401
Broadridge
Financial
Solutions,
Inc.
............
739
179,451
440,852
a
Real
Estate
Management
&
Development
 — 
0
.3
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
529
66,136
a
Semiconductors
&
Semiconductor
Equipment
 — 
17
.9
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,741
192,781
Broadcom,
Inc.
..........................
4,118
996,844
KLA
Corp.
..............................
81
61,307
Marvell
Technology,
Inc.
....................
1,126
67,774
NVIDIA
Corp.
...........................
23,143
3,127,314
4,446,020
a
Software
 — 
21
.5
%
Adobe,
Inc.
(a)
............................
581
241,167
ANSYS,
Inc.
(a)
...........................
534
176,658
AppLovin
Corp.
,
Class
A
(a)
...................
146
57,378
Atlassian
Corp.
,
Class
A
(a)
...................
290
60,213
Autodesk,
Inc.
(a)
..........................
817
241,930
Cadence
Design
Systems,
Inc.
(a)
..............
346
99,326
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
61
28,754
DocuSign,
Inc.
(a)
.........................
279
24,722
Dynatrace,
Inc.
(a)
.........................
626
33,810
Fair
Isaac
Corp.
(a)
.........................
22
37,978
HubSpot,
Inc.
(a)
..........................
97
57,220
Intuit,
Inc.
..............................
456
343,582
Microsoft
Corp.
..........................
6,148
2,830,293
MicroStrategy,
Inc.
,
Class
A
(a)
.................
207
76,395
Nutanix,
Inc.
,
Class
A
(a)
.....................
539
41,336
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
1,566
206,368
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
754
145,085
PTC,
Inc.
(a)
.............................
303
51,001
Samsara,
Inc.
,
Class
A
(a)
....................
535
24,899
ServiceNow,
Inc.
(a)
........................
324
327,593
Synopsys,
Inc.
(a)
.........................
209
96,972
Workday,
Inc.
,
Class
A
(a)
....................
325
80,506
Zscaler,
Inc.
(a)
...........................
260
71,682
5,354,868
a
Security
Shares
Value
a
Specialized
REITs
 — 
0
.9
%
Equinix,
Inc.
............................
231
$
205,317
SBA
Communications
Corp.
,
Class
A
............
120
27,827
233,144
a
Specialty
Retail
 — 
0
.5
%
Burlington
Stores,
Inc.
(a)
....................
151
34,469
Carvana
Co.
,
Class
A
(a)
.....................
108
35,333
Ulta
Beauty,
Inc.
(a)
........................
118
55,632
125,434
a
Technology
Hardware,
Storage
&
Peripherals
 — 
10
.7
%
Apple,
Inc.
.............................
13,108
2,632,742
Pure
Storage,
Inc.
,
Class
A
(a)
.................
434
23,258
2,656,000
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.4
%
Deckers
Outdoor
Corp.
(a)
....................
690
72,809
Lululemon
Athletica,
Inc.
(a)
...................
77
24,383
97,192
a
Trading
Companies
&
Distributors
 — 
0
.9
%
WW
Grainger,
Inc.
........................
213
231,650
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
23,805,001
)
.................................
24,787,502
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
125,465
125,515
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
44,315
44,315
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
169,830
)
...................................
169,830
Total
Investments
—
100.4%
(Cost:
$
23,974,831
)
.................................
24,957,332
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
110,556
)
Net
Assets
—
100.0%
.................................
$
24,846,776
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
iShares
®
ESG
Aware
MSCI
USA
Growth
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
3
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
...
$
46,714
$
79,127
(a)
$
—
$
(
326
)
$
—
$
125,515
125,465
$
115
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
10,722
33,593
(a)
—
—
—
44,315
44,315
750
—
$
(
326
)
$
—
$
169,830
$
865
$
—
(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
Micro
E-Mini
Russell
2000
Index
............................................................
5
06/20/25
$
52
$
687
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
24,787,502
$
—
$
—
$
24,787,502
Short-Term
Securities
Money
Market
Funds
......................................
169,830
—
—
169,830
$
24,957,332
$
—
$
—
$
24,957,332
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Growth
ETF
4
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
687
$
—
$
—
$
687
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)