iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(unaudited)
June
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
0
.6
%
ATI,
Inc.
(a)
...............................
176,189
$
15,212,158
a
Aluminum
 — 
1
.1
%
Century
Aluminum
Co.
(a)
.....................
757,797
13,655,502
Kaiser
Aluminum
Corp.
......................
189,341
15,128,346
28,783,848
a
Automotive
Parts
&
Equipment
 — 
0
.5
%
XPEL,
Inc.
(a)
.............................
400,535
14,379,207
a
Building
Products
 — 
5
.1
%
Advanced
Drainage
Systems,
Inc.
..............
128,839
14,798,448
Apogee
Enterprises,
Inc.
.....................
376,490
15,285,494
Armstrong
World
Industries,
Inc.
................
95,605
15,530,076
Builders
FirstSource,
Inc.
(a)
...................
132,577
15,470,410
Carlisle
Companies,
Inc.
.....................
39,156
14,620,850
Insteel
Industries,
Inc.
.......................
412,251
15,339,860
Owens
Corning
...........................
109,353
15,038,225
Simpson
Manufacturing
Co.,
Inc.
...............
94,392
14,660,021
Trex
Co.,
Inc.
(a)
(b)
..........................
261,248
14,206,666
134,950,050
a
Commodity
Chemicals
 — 
3
.4
%
AdvanSix,
Inc.
............................
620,017
14,725,404
Hawkins,
Inc.
............................
109,361
15,540,198
Koppers
Holdings,
Inc.
......................
459,764
14,781,413
LyondellBasell
Industries
N.V.
,
Class
A
...........
261,758
15,145,318
Olin
Corp.
...............................
741,472
14,896,172
Westlake
Corp.
...........................
201,194
15,276,660
90,365,165
a
Construction
&
Engineering
 — 
13
.5
%
AECOM
................................
132,913
15,000,561
API
Group
Corp.
(a)
(b)
........................
303,646
15,501,128
Argan,
Inc.
..............................
60,876
13,421,940
Bowman
Consulting
Group
Ltd.
(a)
(b)
..............
548,139
15,758,996
Comfort
Systems
USA,
Inc.
...................
28,990
15,544,728
Construction
Partners,
Inc.
,
Class
A
(a)
............
134,105
14,252,679
EMCOR
Group,
Inc.
........................
30,277
16,194,865
Everus
Construction
Group,
Inc.
(a)
(b)
.............
241,865
15,365,683
Fluor
Corp.
(a)
.............................
333,104
17,078,242
Granite
Construction,
Inc.
....................
161,025
15,057,448
Great
Lakes
Dredge
&
Dock
Corp.
(a)
.............
1,262,778
15,393,264
IES
Holdings,
Inc.
(a)
(b)
.......................
52,858
15,658,125
Limbach
Holdings,
Inc.
(a)
.....................
109,441
15,332,684
MasTec,
Inc.
(a)
(b)
...........................
90,406
15,407,895
Matrix
Service
Co.
(a)
(b)
.......................
1,187,783
16,046,948
MYR
Group,
Inc.
(a)
.........................
89,388
16,219,453
NWPX
Infrastructure,
Inc.
(a)
...................
373,919
15,334,418
Primoris
Services
Corp.
.....................
194,939
15,193,546
Quanta
Services,
Inc.
(b)
......................
40,957
15,485,023
Stantec,
Inc.
.............................
139,254
15,134,125
Sterling
Infrastructure,
Inc.
(a)
..................
71,846
16,577,028
Tutor
Perini
Corp.
(a)
........................
364,617
17,056,783
Valmont
Industries,
Inc.
......................
45,453
14,843,586
356,859,148
a
Construction
Machinery
&
Heavy
Transportation
Equipment
 — 
3
.4
%
Astec
Industries,
Inc.
.......................
369,440
15,401,954
Caterpillar,
Inc.
...........................
41,885
16,260,176
Greenbrier
Companies,
Inc.
(The)
...............
322,927
14,870,788
Oshkosh
Corp.
...........................
135,355
15,368,207
Terex
Corp.
..............................
318,753
14,882,577
Security
Shares
Value
a
Construction
Machinery
&
Heavy
Transportation
Equipment
(continued)
Trinity
Industries,
Inc.
.......................
566,390
$
15,298,194
92,081,896
a
Construction
Materials
 — 
3
.2
%
CRH
PLC
...............................
159,929
14,681,482
Eagle
Materials,
Inc.
........................
73,876
14,931,079
Knife
River
Corp.
(a)
(b)
........................
160,379
13,093,342
Martin
Marietta
Materials,
Inc.
.................
26,845
14,736,831
United
States
Lime
&
Minerals,
Inc.
..............
139,424
13,914,515
Vulcan
Materials
Co.
.......................
55,889
14,576,969
85,934,218
a
Copper
 — 
1
.1
%
MAC
Copper
Ltd.
(a)
.........................
1,192,567
14,418,135
Taseko
Mines
Ltd.
(a)
(b)
.......................
4,836,528
15,235,063
29,653,198
a
Distributors
 — 
0
.5
%
Pool
Corp.
..............................
49,817
14,520,659
a
Diversified
Chemicals
 — 
0
.6
%
LSB
Industries,
Inc.
(a)
.......................
1,927,015
15,030,717
a
Diversified
Metals
&
Mining
 — 
0
.6
%
Compass
Minerals
International,
Inc.
(a)
............
743,708
14,941,094
a
Electric
Utilities
 — 
18
.9
%
ALLETE,
Inc.
............................
305,810
19,593,247
Alliant
Energy
Corp.
........................
329,982
19,954,012
American
Electric
Power
Co.,
Inc.
...............
196,063
20,343,497
Constellation
Energy
Corp.
...................
66,792
21,557,786
Duke
Energy
Corp.
........................
173,195
20,437,010
Edison
International
........................
371,229
19,155,416
Entergy
Corp.
............................
242,936
20,192,840
Evergy,
Inc.
..............................
305,907
21,086,169
Eversource
Energy
........................
304,736
19,387,304
Exelon
Corp.
.............................
468,259
20,331,806
FirstEnergy
Corp.
.........................
490,952
19,765,728
Fortis,
Inc.
..............................
420,065
20,049,702
Hawaiian
Electric
Industries,
Inc.
(a)
..............
1,907,960
20,281,615
IDACORP,
Inc.
...........................
173,330
20,010,948
MGE
Energy,
Inc.
..........................
226,452
20,027,415
NextEra
Energy,
Inc.
.......................
276,568
19,199,351
NRG
Energy,
Inc.
..........................
127,980
20,551,028
OGE
Energy
Corp.
.........................
455,750
20,226,185
PG&E
Corp.
.............................
1,276,039
17,787,984
Pinnacle
West
Capital
Corp.
..................
224,013
20,042,443
Portland
General
Electric
Co.
..................
487,119
19,791,645
PPL
Corp.
..............................
586,287
19,869,266
Southern
Co.
(The)
........................
226,120
20,764,600
TXNM
Energy,
Inc.
.........................
351,671
19,806,111
Xcel
Energy,
Inc.
..........................
291,304
19,837,802
500,050,910
a
Environmental
&
Facilities
Services
 — 
0
.6
%
Tetra
Tech,
Inc.
...........................
415,841
14,953,642
a
Forest
Products
 — 
1
.1
%
Louisiana-Pacific
Corp.
......................
161,376
13,876,722
West
Fraser
Timber
Co.
Ltd.
(b)
.................
197,806
14,499,180
28,375,902
a
Gas
Utilities
 — 
5
.9
%
Atmos
Energy
Corp.
........................
131,142
20,210,294
Chesapeake
Utilities
Corp.
...................
168,131
20,212,709
MDU
Resources
Group,
Inc.
..................
1,187,932
19,802,826
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
U.S.
Infrastructure
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Gas
Utilities
(continued)
New
Jersey
Resources
Corp.
..................
446,271
$
20,001,866
Northwest
Natural
Holding
Co.
.................
502,701
19,967,284
ONE
Gas,
Inc.
............................
271,749
19,527,883
Southwest
Gas
Holdings,
Inc.
.................
208,183
15,486,733
Spire,
Inc.
...............................
271,047
19,783,721
154,993,316
a
Industrial
Machinery
&
Supplies
&
Components
 — 
1
.7
%
Kornit
Digital
Ltd.
(a)
(b)
........................
656,599
13,072,886
Luxfer
Holdings
PLC
.......................
1,251,036
15,237,618
Mueller
Industries,
Inc.
......................
191,163
15,191,724
43,502,228
a
Multi-Utilities
 — 
11
.3
%
Algonquin
Power
&
Utilities
Corp.
...............
3,411,500
19,547,895
Ameren
Corp.
............................
207,802
19,957,304
Avista
Corp.
.............................
534,904
20,299,607
Black
Hills
Corp.
..........................
349,085
19,583,669
CenterPoint
Energy,
Inc.
.....................
545,130
20,028,076
CMS
Energy
Corp.
.........................
285,103
19,751,936
Consolidated
Edison,
Inc.
....................
196,409
19,709,643
Dominion
Energy,
Inc.
.......................
357,848
20,225,569
DTE
Energy
Co.
..........................
149,103
19,750,183
NiSource,
Inc.
............................
508,076
20,495,786
Northwestern
Energy
Group,
Inc.
...............
380,647
19,527,191
Public
Service
Enterprise
Group,
Inc.
............
248,844
20,947,688
Sempra
................................
259,692
19,676,863
Unitil
Corp.
..............................
376,908
19,655,752
WEC
Energy
Group,
Inc.
.....................
188,991
19,692,862
298,850,024
a
Oil
&
Gas
Equipment
&
Services
 — 
0
.6
%
Atlas
Energy
Solutions,
Inc.
...................
1,128,032
15,081,788
a
Oil
&
Gas
Storage
&
Transportation
 — 
6
.2
%
Antero
Midstream
Corp.
.....................
1,063,819
20,159,370
DT
Midstream,
Inc.
.........................
184,671
20,297,190
Kinder
Morgan,
Inc.
........................
709,214
20,850,891
Kinetik
Holdings,
Inc.
,
Class
A
.................
452,853
19,948,175
New
Fortress
Energy,
Inc.
,
Class
A
(b)
.............
6,719,619
22,309,135
ONEOK,
Inc.
.............................
244,217
19,935,434
TC
Energy
Corp.
..........................
393,323
19,190,229
Williams
Companies,
Inc.
(The)
................
329,544
20,698,659
163,389,083
a
Rail
Transportation
 — 
2
.3
%
CSX
Corp.
..............................
619,214
20,204,953
Norfolk
Southern
Corp.
......................
79,582
20,370,604
Union
Pacific
Corp.
........................
89,321
20,550,976
61,126,533
a
Research
&
Consulting
Services
 — 
1
.1
%
Jacobs
Solutions,
Inc.
.......................
115,922
15,237,947
NV5
Global,
Inc.
(a)
.........................
666,056
15,379,233
30,617,180
a
Specialty
Chemicals
 — 
1
.7
%
Eastman
Chemical
Co.
......................
187,742
14,016,818
Ecovyst,
Inc.
(a)
............................
1,852,288
15,244,330
Ingevity
Corp.
(a)
...........................
351,956
15,165,784
44,426,932
a
Steel
 — 
6
.4
%
Algoma
Steel
Group,
Inc.
....................
2,516,966
17,341,896
Carpenter
Technology
Corp.
..................
59,499
16,444,334
Cleveland-Cliffs,
Inc.
(a)
......................
1,947,337
14,799,761
Security
Shares
Value
a
Steel
(continued)
Commercial
Metals
Co.
......................
296,411
$
14,497,462
Metallus,
Inc.
(a)
(b)
..........................
1,052,615
16,220,797
Nucor
Corp.
.............................
121,737
15,769,811
Olympic
Steel,
Inc.
.........................
468,197
15,258,540
Reliance,
Inc.
............................
47,773
14,995,945
Ryerson
Holding
Corp.
......................
676,096
14,583,391
Steel
Dynamics,
Inc.
........................
110,809
14,184,660
Worthington
Steel,
Inc.
......................
570,098
17,006,023
171,102,620
a
Trading
Companies
&
Distributors
 — 
1
.8
%
BlueLinx
Holdings,
Inc.
(a)
(b)
....................
219,679
16,339,724
Boise
Cascade
Co.
........................
170,503
14,803,071
United
Rentals,
Inc.
........................
20,943
15,778,456
46,921,251
a
Water
Utilities
 — 
6
.6
%
American
States
Water
Co.
...................
260,300
19,954,598
American
Water
Works
Co.,
Inc.
................
142,502
19,823,453
Artesian
Resources
Corp.
,
Class
A
,
NVS
(c)
.........
603,303
20,246,849
California
Water
Service
Group
................
437,467
19,895,999
Consolidated
Water
Co.
Ltd.
..................
543,709
16,322,144
Essential
Utilities,
Inc.
.......................
530,075
19,686,985
H2O
America
............................
389,030
20,217,889
Middlesex
Water
Co.
.......................
355,999
19,288,026
York
Water
Co.
(The)
.......................
625,816
19,775,786
175,211,729
a
Total
Long-Term Investments
— 99.8%
(Cost:
$
2,502,525,758
)
...............................
2,641,314,496
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.47
%
(c)
(d)
(e)
............................
48,965,397
48,984,983
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
.............................
3,779,045
3,779,045
a
Total
Short-Term
Securities — 2.0%
(Cost:
$
52,759,122
)
.................................
52,764,028
Total
Investments
—
101.8%
(Cost:
$
2,555,284,880
)
...............................
2,694,078,524
Liabilities
in
Excess
of
Other
Assets
—
(
1
.8
)
%
...............
(
48,258,462
)
Net
Assets
—
100.0%
.................................
$
2,645,820,062
(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
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(unaudited)
(continued)
June
30,
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
June
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/25
  Shares
Held
at
06/30/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
Artesian
Resources
Corp.
........
$
16,970,491
‌
$
3,279,783
‌
$
(
444,083
)
$
(
18,569
)
$
459,227
‌
$
20,246,849
‌
603,303
‌
$
161,298
‌
$
—
‌
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
25,497,070
‌
23,489,379
(a)
—
‌
(
3,440
)
1,974
‌
48,984,983
‌
48,965,397
‌
50,736
(b)
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
4,467,101
‌
—
‌
(
688,056
)
(a)
—
‌
—
‌
3,779,045
‌
3,779,045
‌
40,205
‌
—
‌
$
(
22,009
)
$
461,201
‌
$
73,010,877
‌
$
252,239
‌
$
—
‌
(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
Energy
Select
Sector
Index
.........................................................
4
09/19/25
$
358
$
(
7,056
)
E-Mini
S&P
MidCap
400
Index
............................................................
9
09/19/25
2,813
65,859
E-Mini
Utilities
Select
Sector
Index
.........................................................
16
09/19/25
1,329
2,543
$
61,346
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2025
iShares
®
U.S.
Infrastructure
ETF
4
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,641,314,496
‌
$
—
‌
$
—
‌
$
2,641,314,496
‌
Short-Term
Securities
Money
Market
Funds
......................................
52,764,028
‌
—
‌
—
‌
52,764,028
‌
$
2,694,078,524
‌
$
—
‌
$
—
‌
$
2,694,078,524
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
68,402
‌
$
—
‌
$
—
‌
$
68,402
‌
Liabilities
Equity
Contracts
...........................................
(
7,056
)
—
‌
—
‌
(
7,056
)
$
61,346
‌
$
—
‌
$
—
‌
$
61,346
‌
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
Fair
Value
Hierarchy
as
of
Period
End
(continued)