iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(unaudited)
April
30,
2026
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.9%
Lockheed
Martin
Corp.
.....................
850,044
$
440,297,291
a
Air
Freight
&
Logistics
 — 0.2%
Expeditors
International
of
Washington,
Inc.
.......
547,370
80,950,549
a
Beverages
 — 1.4%
Coca-Cola
Co.
(The)
......................
4,744,601
373,684,775
Monster
Beverage
Corp.
(a)
...................
1,047,837
80,756,798
PepsiCo,
Inc.
...........................
1,442,862
228,679,198
683,120,771
a
Biotechnology
 — 0.5%
United
Therapeutics
Corp.
(a)
..................
77,857
44,483,597
Vertex
Pharmaceuticals,
Inc.
(a)
................
487,125
208,187,482
252,671,079
a
Building
Products
 — 1.1%
Carlisle
Companies,
Inc.
....................
136,331
48,432,951
Lennox
International,
Inc.
...................
181,089
96,862,695
Trane
Technologies
PLC
....................
844,042
415,724,447
561,020,093
a
Capital
Markets
 — 2.3%
Ameriprise
Financial,
Inc.
...................
197,658
93,846,042
BlackRock,
Inc.
(b)
.........................
268,849
286,485,494
Cboe
Global
Markets,
Inc.
...................
206,257
61,895,663
CME
Group,
Inc.,
Class
A
...................
692,826
199,409,179
Moody's
Corp.
...........................
349,078
161,221,674
Raymond
James
Financial,
Inc.
...............
339,195
53,701,352
S&P
Global,
Inc.
.........................
524,694
226,263,794
T
Rowe
Price
Group,
Inc.
...................
456,728
46,988,177
Tradeweb
Markets,
Inc.,
Class
A
...............
212,986
24,120,665
1,153,932,040
a
Chemicals
 — 1.3%
Linde
PLC
.............................
876,250
439,123,925
PPG
Industries,
Inc.
.......................
356,585
38,689,472
RPM
International,
Inc.
.....................
214,312
21,836,250
Sherwin-Williams
Co.
(The)
..................
417,443
134,253,843
633,903,490
a
Commercial
Services
&
Supplies
 — 0.7%
Cintas
Corp.
............................
1,523,089
266,098,879
Rollins,
Inc.
.............................
1,134,125
63,204,786
329,303,665
a
Communications
Equipment
 — 2.1%
Arista
Networks,
Inc.
(a)
.....................
4,308,831
744,178,202
F5,
Inc.
(a)
..............................
196,601
63,679,064
Motorola
Solutions,
Inc.
....................
548,876
240,973,030
1,048,830,296
a
Construction
&
Engineering
 — 0.9%
Comfort
Systems
USA,
Inc.
..................
147,218
270,917,924
EMCOR
Group,
Inc.
.......................
195,025
173,897,942
444,815,866
a
Consumer
Staples
Distribution
&
Retail
 — 2.5%
Costco
Wholesale
Corp.
....................
647,208
656,611,932
Walmart,
Inc.
............................
4,675,550
616,845,312
1,273,457,244
a
Containers
&
Packaging
 — 0.2%
Avery
Dennison
Corp.
......................
138,296
22,670,863
Ball
Corp.
..............................
1,017,401
62,142,853
Security
Shares
Value
a
Containers
&
Packaging
(continued)
Packaging
Corp.
of
America
.................
153,981
$
32,867,245
117,680,961
a
Electric
Utilities
 — 0.7%
Oklo
,
Inc.,
Class
A
(a)(c)
......................
4,874,441
353,396,973
a
Energy
Equipment
&
Services
 — 2.2%
Halliburton
Co.
..........................
7,045,426
298,021,520
SLB
Ltd.
...............................
13,744,352
781,778,742
1,079,800,262
a
Entertainment
 — 2.2%
Electronic
Arts,
Inc.
.......................
459,256
92,939,637
Netflix,
Inc.
(a)
............................
10,668,906
998,716,290
1,091,655,927
a
Financial
Services
 — 7.7%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
............
2,234,831
1,058,415,962
Jack
Henry
&
Associates,
Inc.
................
160,500
24,676,875
Mastercard,
Inc.,
Class
A
....................
2,287,938
1,150,649,779
PayPal
Holdings,
Inc.
......................
1,723,253
86,403,905
Visa,
Inc.,
Class
A
........................
4,684,285
1,545,064,564
3,865,211,085
a
Food
Products
 — 0.1%
Hershey
Co.
(The)
........................
163,346
30,339,886
a
Gas
Utilities
 — 1.2%
Atmos
Energy
Corp.
.......................
3,180,165
604,167,747
a
Ground
Transportation
 — 0.3%
Old
Dominion
Freight
Line,
Inc.
...............
692,352
147,076,335
a
Health
Care
Equipment
&
Supplies
 — 1.1%
Abbott
Laboratories
.......................
3,038,773
275,890,201
Edwards
Lifesciences
Corp.
(a)
................
988,744
82,560,124
IDEXX
Laboratories,
Inc.
(a)
...................
250,492
140,475,913
ResMed,
Inc.
...........................
277,527
59,338,048
558,264,286
a
Health
Care
Providers
&
Services
 — 1.0%
UnitedHealth
Group,
Inc.
....................
1,386,204
513,560,858
a
Health
Care
Technology
 — 0.1%
Veeva
Systems,
Inc.,
Class
A
(a)
...............
251,251
39,187,618
a
Hotels,
Restaurants
&
Leisure
 — 1.0%
Chipotle
Mexican
Grill,
Inc.,
Class
A
(a)
...........
14,998,206
509,789,022
a
Household
Durables
 — 2.6%
DR
Horton,
Inc.
..........................
2,462,271
378,845,016
Garmin
Ltd.
.............................
1,745,268
438,306,605
NVR,
Inc.
(a)
.............................
33,321
210,451,104
PulteGroup,
Inc.
.........................
2,053,899
251,315,082
1,278,917,807
a
Household
Products
 — 0.9%
Procter
&
Gamble
Co.
(The)
.................
3,167,010
465,835,501
a
Industrial
REITs
 — 0.6%
Prologis,
Inc.
............................
2,024,346
287,497,619
a
Insurance
 — 1.5%
Aflac,
Inc.
..............................
822,595
93,504,374
Arch
Capital
Group
Ltd.
(a)
...................
610,682
57,685,022
Erie
Indemnity
Co.,
Class
A,
NVS
..............
61,365
13,434,639
Hartford
Insurance
Group,
Inc.
(The)
............
530,350
72,557,183
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Quality
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Insurance
(continued)
Marsh
&
McLennan
Companies,
Inc.
............
769,776
$
129,099,133
Progressive
Corp.
(The)
....................
998,080
200,893,542
Travelers
Companies,
Inc.
(The)
...............
407,271
124,274,673
W
R
Berkley
Corp.
........................
552,808
36,944,159
Willis
Towers
Watson
PLC
...................
167,698
42,964,228
771,356,953
a
Interactive
Media
&
Services
 — 8.1%
Alphabet,
Inc.,
Class
A
.....................
3,299,015
1,269,460,972
Alphabet,
Inc.,
Class
C,
NVS
.................
2,771,580
1,058,577,265
Meta
Platforms,
Inc.,
Class
A
.................
2,861,191
1,750,791,385
4,078,829,622
a
IT
Services
 — 0.9%
Accenture
PLC,
Class
A
....................
2,320,091
414,623,463
Gartner,
Inc.
(a)(c)
..........................
339,515
50,414,582
465,038,045
a
Life
Sciences
Tools
&
Services
 — 0.1%
Waters
Corp.
(a)
..........................
102,051
31,557,231
West
Pharmaceutical
Services,
Inc.
............
112,983
33,622,611
65,179,842
a
Machinery
 — 3.4%
Caterpillar,
Inc.
..........................
1,416,215
1,260,587,134
Graco,
Inc.
.............................
547,099
43,915,637
Illinois
Tool
Works,
Inc.
.....................
1,503,120
387,819,991
1,692,322,762
a
Media
 — 0.1%
Omnicom
Group,
Inc.
......................
328,606
25,210,652
a
Metals
&
Mining
 — 0.4%
Newmont
Corp.
..........................
1,914,850
212,720,687
a
Oil,
Gas
&
Consumable
Fuels
 — 1.9%
Devon
Energy
Corp.
.......................
4,989,670
256,319,348
Diamondback
Energy,
Inc.
...................
1,598,630
328,726,287
Texas
Pacific
Land
Corp.
(c)
..................
796,855
353,540,658
938,586,293
a
Pharmaceuticals
 — 6.1%
Eli
Lilly
&
Co.
...........................
1,564,007
1,461,720,942
Johnson
&
Johnson
.......................
4,187,270
962,444,010
Merck
&
Co.,
Inc.
.........................
4,947,770
540,197,529
Zoetis,
Inc.,
Class
A
.......................
968,259
111,320,737
3,075,683,218
a
Professional
Services
 — 1.1%
Automatic
Data
Processing,
Inc.
...............
2,080,022
440,839,863
Paychex,
Inc.
...........................
1,185,791
109,839,820
550,679,683
a
Real
Estate
Management
&
Development
 — 0.3%
CBRE
Group,
Inc.,
Class
A
(a)
.................
679,579
96,996,311
CoStar
Group,
Inc.
(a)
.......................
1,030,850
35,677,718
132,674,029
a
Residential
REITs
 — 0.2%
AvalonBay
Communities,
Inc.
................
338,727
61,987,041
Equity
Residential
........................
814,991
53,284,112
115,271,153
a
Retail
REITs
 — 0.4%
Simon
Property
Group,
Inc.
..................
885,592
180,403,946
a
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
 — 17.1%
Applied
Materials,
Inc.
.....................
3,106,314
$
1,225,409,810
KLA
Corp.
..............................
797,059
1,395,132,221
Lam
Research
Corp.
......................
6,264,335
1,615,321,423
Monolithic
Power
Systems,
Inc.
...............
217,308
350,824,208
NVIDIA
Corp.
...........................
16,332,973
3,259,571,421
QUALCOMM,
Inc.
........................
3,944,800
708,407,184
8,554,666,267
a
Software
 — 8.6%
Adobe,
Inc.
(a)
............................
2,419,631
595,471,189
AppLovin
Corp.,
Class
A
(a)
...................
747,648
333,712,685
Autodesk,
Inc.
(a)
..........................
770,733
182,663,721
Cadence
Design
Systems,
Inc.
(a)
..............
862,236
284,184,363
Fortinet,
Inc.
(a)(c)
..........................
4,488,861
378,455,871
Microsoft
Corp.
..........................
6,192,683
2,525,252,274
4,299,740,103
a
Specialized
REITs
 — 0.4%
Public
Storage
...........................
416,720
126,036,964
VICI
Properties,
Inc.
.......................
2,365,025
69,058,730
195,095,694
a
Specialty
Retail
 — 4.5%
Best
Buy
Co.,
Inc.
........................
2,229,490
134,861,850
TJX
Companies,
Inc.
(The)
..................
10,193,769
1,597,873,291
Ulta
Beauty,
Inc.
(a)
........................
464,997
249,926,588
Williams-Sonoma,
Inc.
.....................
1,639,607
297,113,184
2,279,774,913
a
Technology
Hardware,
Storage
&
Peripherals
 — 6.4%
Apple,
Inc.
.............................
11,574,690
3,140,792,132
NetApp,
Inc.
............................
759,160
84,092,153
3,224,884,285
a
Textiles,
Apparel
&
Luxury
Goods
 — 1.7%
Deckers
Outdoor
Corp.
(a)
....................
1,993,027
203,687,360
Lululemon
Athletica,
Inc.
(a)
...................
1,393,783
191,923,919
NIKE,
Inc.,
Class
B
.......................
10,498,187
465,699,575
861,310,854
a
Trading
Companies
&
Distributors
 — 0.9%
Fastenal
Co.
............................
4,884,321
219,452,542
WW
Grainger,
Inc.
........................
210,211
244,128,545
463,581,087
a
Total
Long-Term
Investments — 99.9%
(Cost:
$39,848,721,102)
..............................
50,027,694,359
a
Short-Term
Securities
Money
Market
Funds
 — 
0.4%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.83%
(b)(d)(e)
.....................
153,500,577
153,546,627
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
3.61%
(b)(d)
............................
64,673,311
64,673,311
a
Total
Short-Term
Securities — 0.4%
(Cost:
$218,202,360)
................................
218,219,938
Total
Investments
—
100.3%
(Cost:
$40,066,923,462)
..............................
50,245,914,297
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
...............
(135,822,957)
Net
Assets
—
100.0%
.................................
$
50,110,091,340
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
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. 
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
  Shares
Held
at
04/30/26
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
242,533,069
$
—
$
(88,976,981
)
(a)
$
(11,504
)
$
2,043
$
153,546,627
153,500,577
$
414,804
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
70,056,275
—
(5,382,964
)
(a)
—
—
64,673,311
64,673,311
2,101,651
—
BlackRock,
Inc.
...
476,631,691
54,954,069
(223,195,081
)
69,989,845
(91,895,030
)
286,485,494
268,849
5,218,340
—
$
—
$
69,978,341
$
(91,892,987
)
$
504,705,432
$
7,734,795
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
206
06/18/26
$
74,611
$
4,710,009
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Quality
Factor
ETF
4
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
50,027,694,359
‌
$
—
‌
$
—
‌
$
50,027,694,359
‌
Short-Term
Securities
Money
Market
Funds
......................................
218,219,938
‌
—
‌
—
‌
218,219,938
‌
$
50,245,914,297
‌
$
—
‌
$
—
‌
$
50,245,914,297
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
4,710,009
‌
$
—
‌
$
—
‌
$
4,710,009
‌
(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)