Schedule of Investments (unaudited) 
June 30, 2025
iShares® Russell Top 200 Growth ETF
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.4%
Boeing Co. (The)(a)
61,191
$  12,821,350
General Electric Co.
630,014
162,159,303
Lockheed Martin Corp.
34,992
16,206,195
TransDigm Group, Inc.
5,765
8,766,490
 
199,953,338
Automobiles — 3.5%
Tesla, Inc.(a)
1,528,583
485,569,676
Banks — 0.4%
Bank of America Corp.
328,181
15,529,525
Citigroup, Inc.
197,345
16,798,006
NU Holdings Ltd., Class A(a)
1,915,745
26,284,022
 
58,611,553
Beverages — 0.9%
Coca-Cola Co. (The)
1,138,456
80,545,762
Monster Beverage Corp.(a)
418,523
26,216,281
PepsiCo, Inc.
111,987
14,786,763
 
121,548,806
Biotechnology — 2.5%
AbbVie, Inc.
1,061,380
197,013,356
Amgen, Inc.
237,701
66,368,496
Gilead Sciences, Inc.
201,332
22,321,679
Vertex Pharmaceuticals, Inc.(a)(b)
154,075
68,594,190
 
354,297,721
Broadline Retail — 5.5%
Amazon.com, Inc.(a)
3,520,600
772,384,434
Building Products — 0.4%
Trane Technologies PLC
133,560
58,420,480
Capital Markets — 1.0%
Blackstone, Inc., Class A, NVS
438,508
65,592,027
Brookfield Asset Management Ltd., Class A(b)
78,729
4,352,139
Charles Schwab Corp. (The)
88,992
8,119,630
Goldman Sachs Group, Inc. (The)
9,775
6,918,256
Interactive Brokers Group, Inc., Class A
13,500
748,035
KKR & Co., Inc., Class A
100,883
13,420,466
Moody’s Corp.
93,131
46,713,578
 
145,864,131
Chemicals — 0.4%
Ecolab, Inc.
36,490
9,831,865
Sherwin-Williams Co. (The)
126,669
43,493,068
 
53,324,933
Commercial Services & Supplies — 0.9%
Cintas Corp.
205,979
45,906,540
Copart, Inc.(a)
494,392
24,259,815
Waste Management, Inc.
221,642
50,716,123
 
120,882,478
Communications Equipment — 0.6%
Arista Networks, Inc.(a)
618,051
63,232,798
Motorola Solutions, Inc.
42,211
17,748,037
 
80,980,835
Consumer Finance — 0.3%
American Express Co.
107,910
34,421,132
Consumer Staples Distribution & Retail — 2.1%
Costco Wholesale Corp.
265,924
263,248,805
Walmart, Inc.
260,840
25,504,935
 
288,753,740
Security
 
 
Shares
Value
Electrical Equipment — 0.6%
GE Vernova, Inc.
163,794
$  86,671,595
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A
722,396
71,336,605
Entertainment — 2.9%
Netflix, Inc.(a)
253,911
340,019,838
Spotify Technology SA(a)
92,157
70,715,752
 
410,735,590
Financial Services — 4.8%
Apollo Global Management, Inc.
172,302
24,444,485
Fiserv, Inc.(a)
91,755
15,819,479
Mastercard, Inc., Class A
487,421
273,901,357
Visa, Inc., Class A
1,020,438
362,306,512
 
676,471,833
Ground Transportation — 0.9%
Uber Technologies, Inc.(a)
1,206,202
112,538,646
Union Pacific Corp.
28,172
6,481,814
 
119,020,460
Health Care Equipment & Supplies — 1.1%
Boston Scientific Corp.(a)
151,843
16,309,457
Intuitive Surgical, Inc.(a)
213,815
116,189,209
Stryker Corp.
53,176
21,038,021
 
153,536,687
Health Care Providers & Services — 0.5%
Cigna Group (The)
12,691
4,195,391
HCA Healthcare, Inc.
22,075
8,456,932
McKesson Corp.
69,402
50,856,398
 
63,508,721
Hotels, Restaurants & Leisure — 2.0%
Airbnb, Inc., Class A(a)
254,805
33,720,894
Booking Holdings, Inc.
18,305
105,972,038
Chipotle Mexican Grill, Inc.(a)
803,630
45,123,824
DoorDash, Inc., Class A(a)
214,956
52,988,803
Marriott International, Inc., Class A
104,737
28,615,196
McDonald’s Corp.
24,121
7,047,433
Starbucks Corp.
89,778
8,226,358
 
281,694,546
Household Products — 0.2%
Colgate-Palmolive Co.
228,932
20,809,919
Kimberly-Clark Corp.
71,417
9,207,079
 
30,016,998
Industrial Conglomerates — 0.1%
3M Co.
51,739
7,876,745
Insurance — 0.4%
Aon PLC, Class A
116,200
41,455,512
Arthur J. Gallagher & Co.
9,211
2,948,625
Marsh & McLennan Cos., Inc.
34,920
7,634,909
Progressive Corp. (The)
17,542
4,681,258
 
56,720,304
Interactive Media & Services — 9.3%
Alphabet, Inc., Class A
1,904,857
335,692,949
Alphabet, Inc., Class C, NVS
1,551,016
275,134,728
Meta Platforms, Inc., Class A
931,768
687,728,643
 
1,298,556,320
IT Services — 0.3%
Snowflake, Inc., Class A(a)
187,259
41,902,946
1
Schedule of Investments (unaudited) (continued)
June 30, 2025
iShares® Russell Top 200 Growth ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Machinery — 0.2%
Caterpillar, Inc.
34,012
$  13,203,799
Illinois Tool Works, Inc.
57,809
14,293,275
 
27,497,074
Oil, Gas & Consumable Fuels — 0.0%
Williams Cos., Inc. (The)
38,540
2,420,697
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.
233,980
10,830,934
Eli Lilly & Co.
479,973
374,153,353
Zoetis, Inc., Class A
213,318
33,266,942
 
418,251,229
Professional Services — 0.5%
Automatic Data Processing, Inc.
226,340
69,803,256
Semiconductors & Semiconductor Equipment — 19.3%
Advanced Micro Devices, Inc.(a)
564,380
80,085,522
Applied Materials, Inc.
138,198
25,299,908
Broadcom, Inc.
2,355,771
649,368,276
KLA Corp.
79,729
71,416,454
Lam Research Corp.
766,061
74,568,378
Marvell Technology, Inc.
36,000
2,786,400
NVIDIA Corp.
10,896,353
1,721,514,811
QUALCOMM, Inc.
150,847
24,023,893
Texas Instruments, Inc.
222,774
46,252,338
 
2,695,315,980
Software — 20.8%
Adobe, Inc.(a)
254,981
98,647,049
AppLovin Corp., Class A(a)
142,838
50,004,727
Atlassian Corp., Class A(a)
97,108
19,721,664
Autodesk, Inc.(a)
127,639
39,513,205
Cadence Design Systems, Inc.(a)
163,470
50,373,280
Crowdstrike Holdings, Inc., Class A(a)
146,322
74,523,258
Fortinet, Inc.(a)
381,204
40,300,887
Intuit, Inc.
163,582
128,842,091
Microsoft Corp.
3,442,723
1,712,444,847
MicroStrategy, Inc., Class A(a)
8,255
3,336,919
Oracle Corp.
992,044
216,890,580
Palantir Technologies, Inc., Class A(a)
1,308,672
178,398,167
Palo Alto Networks, Inc.(a)
393,544
80,534,844
Salesforce, Inc.
62,405
17,017,219
ServiceNow, Inc.(a)
123,824
127,300,978
Synopsys, Inc.(a)
81,139
41,598,343
Workday, Inc., Class A(a)
128,983
30,955,920
 
2,910,403,978
Security
 
 
Shares
Value
Specialized REITs — 0.5%
American Tower Corp.
280,240
$  61,938,645
Public Storage
12,405
3,639,875
 
65,578,520
Specialty Retail — 1.8%
AutoZone, Inc.(a)
1,561
5,794,791
Home Depot, Inc. (The)
454,604
166,676,011
O’Reilly Automotive, Inc.(a)
469,253
42,293,773
TJX Cos., Inc. (The)
335,064
41,377,053
 
256,141,628
Technology Hardware, Storage & Peripherals — 10.2%
Apple Inc.
6,943,362
1,424,569,581
Dell Technologies, Inc., Class C
25,938
3,179,999
 
1,427,749,580
Total Long-Term Investments — 99.8%
(Cost: $10,376,772,060)
13,946,224,549
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)(e)
10,179,668
10,183,740
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.30%(c)(d)
72,529,440
72,529,440
Total Short-Term Securities — 0.6%
(Cost: $82,713,180)
82,713,180
Total Investments — 100.4%
(Cost: $10,459,485,240)
14,028,937,729
Liabilities in Excess of Other Assets — (0.4)%
(60,128,822
)
Net Assets — 100.0%
$  13,968,808,907
 
(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.
 
2
Schedule of Investments (unaudited) (continued)
June 30, 2025
iShares® Russell Top 200 Growth ETF
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 Sales
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
BlackRock Cash
Funds: Institutional, SL
Agency Shares
$  75,782,792
 
$  —
$  (65,586,815
)(a)
$  (12,237
)
$  —
$  10,183,740
10,179,668
$  31,308
(b)
$  —
BlackRock Cash
Funds: Treasury, SL Agency
Shares
16,726,822
 
55,802,618
(a)
—
—
—
72,529,440
72,529,440
220,031
—
 
$  (12,237
)
$  —
$  82,713,180
$  251,339
$  —
 
(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.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
Russell 1000 Growth E-Mini Index
99
09/19/25
$  21,369
$  794,613
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. 
3
Schedule of Investments (unaudited) (continued)
June 30, 2025
iShares® Russell Top 200 Growth ETF
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Common Stocks 
$  13,946,224,549
$  —
$  —
$  13,946,224,549
Short-Term Securities
Money Market Funds
82,713,180
—
—
82,713,180
 
$  14,028,937,729
$  —
$  —
$  14,028,937,729
Derivative Financial Instruments(a)
Assets
Equity Contracts
$  794,613
$  —
$  —
$  794,613
 
(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
4