iShares
®
MSCI
USA
Min
Vol
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
 — 
1
.8
%
General
Dynamics
Corp.
....................
43,286
$
14,903,370
Lockheed
Martin
Corp.
.....................
349,027
180,785,515
Northrop
Grumman
Corp.
...................
334,346
193,746,820
RTX
Corp.
.............................
162,767
28,658,386
418,094,091
a
Banks
 — 
0
.3
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
36,499
72,407,446
a
Beverages
 — 
3
.5
%
Coca-Cola
Co.
(The)
......................
3,460,633
272,559,455
Keurig
Dr
Pepper,
Inc.
.....................
4,254,381
125,078,801
Monster
Beverage
Corp.
(a)
...................
2,137,612
164,745,757
PepsiCo,
Inc.
...........................
1,460,756
231,515,219
793,899,232
a
Biotechnology
 — 
4
.6
%
AbbVie,
Inc.
............................
677,506
143,170,568
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
..............
226,607
70,132,600
Amgen,
Inc.
............................
204,377
70,765,536
Gilead
Sciences,
Inc.
......................
1,431,881
187,347,310
Incyte
Corp.
(a)
...........................
1,295,947
123,464,871
Neurocrine
Biosciences,
Inc.
(a)
................
529,143
69,672,259
Regeneron
Pharmaceuticals,
Inc.
..............
22,519
15,922,284
United
Therapeutics
Corp.
(a)
..................
85,108
48,626,456
Vertex
Pharmaceuticals,
Inc.
(a)
................
724,932
309,821,438
1,038,923,322
a
Broadline
Retail
 — 
0
.5
%
Amazon.com,
Inc.
(a)
.......................
125,032
33,140,982
MercadoLibre,
Inc.
(a)
.......................
43,095
77,253,390
110,394,372
a
Capital
Markets
 — 
2
.4
%
Cboe
Global
Markets,
Inc.
...................
804,927
241,550,544
CME
Group,
Inc.
,
Class
A
...................
744,820
214,374,092
Intercontinental
Exchange,
Inc.
...............
403,822
63,840,220
Tradeweb
Markets,
Inc.
,
Class
A
...............
327,019
37,034,902
556,799,758
a
Chemicals
 — 
1
.0
%
Corteva,
Inc.
............................
822,012
66,591,192
Linde
PLC
.............................
314,069
157,392,539
223,983,731
a
Commercial
Services
&
Supplies
 — 
4
.4
%
Republic
Services,
Inc.
,
Class
A
...............
1,376,541
287,999,908
Rollins,
Inc.
.............................
1,656,216
92,300,918
Waste
Connections,
Inc.
....................
1,770,904
291,703,307
Waste
Management,
Inc.
....................
1,446,020
336,271,951
1,008,276,084
a
Communications
Equipment
 — 
4
.7
%
Arista
Networks,
Inc.
(a)
.....................
685,444
118,383,033
Ciena
Corp.
(a)
...........................
141,723
74,770,220
Cisco
Systems,
Inc.
.......................
4,502,587
411,986,711
F5,
Inc.
(a)
(b)
.............................
442,022
143,170,926
Motorola
Solutions,
Inc.
....................
755,907
331,865,850
1,080,176,740
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.9
%
Costco
Wholesale
Corp.
....................
71,938
72,983,259
Kroger
Co.
(The)
.........................
2,356,716
160,421,658
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
............................
1,512,071
$
199,487,527
432,892,444
a
Diversified
Telecommunication
Services
 — 
2
.5
%
AT&T,
Inc.
..............................
8,646,881
225,943,001
Verizon
Communications,
Inc.
................
7,071,813
339,659,178
565,602,179
a
Electric
Utilities
 — 
4
.4
%
Alliant
Energy
Corp.
.......................
162,061
11,900,139
American
Electric
Power
Co.,
Inc.
..............
910,841
124,885,410
Duke
Energy
Corp.
.......................
2,730,833
353,779,415
NextEra
Energy,
Inc.
......................
303,267
29,683,774
PPL
Corp.
.............................
331,663
12,417,463
Southern
Co.
(The)
.......................
3,613,116
349,388,317
Xcel
Energy,
Inc.
.........................
1,495,996
124,092,868
1,006,147,386
a
Electrical
Equipment
 — 
0
.2
%
GE
Vernova,
Inc.
.........................
41,116
44,547,541
a
Electronic
Equipment,
Instruments
&
Components
 — 
3
.8
%
Amphenol
Corp.
,
Class
A
...................
2,329,027
342,995,806
CDW
Corp.
.............................
92,074
12,605,851
Corning,
Inc.
............................
944,953
155,199,081
TE
Connectivity
PLC
......................
633,757
134,141,007
Teledyne
Technologies,
Inc.
(a)
(b)
...............
338,992
218,937,983
863,879,728
a
Entertainment
 — 
1
.6
%
Electronic
Arts,
Inc.
.......................
959,830
194,240,797
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
1,497,606
128,719,236
Netflix,
Inc.
(a)
(b)
...........................
568,104
53,180,215
376,140,248
a
Financial
Services
 — 
3
.5
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
682,370
323,170,432
Mastercard,
Inc.
,
Class
A
....................
520,934
261,988,127
Visa,
Inc.
,
Class
A
........................
647,120
213,446,061
798,604,620
a
Food
Products
 — 
1
.3
%
General
Mills,
Inc.
........................
975,643
34,449,954
Hershey
Co.
(The)
........................
287,628
53,424,025
Mondelez
International,
Inc.
,
Class
A
............
2,751,294
169,039,503
Tyson
Foods,
Inc.
,
Class
A
..................
678,442
43,467,779
300,381,261
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.......................
86,597
16,451,698
a
Ground
Transportation
 — 
0
.3
%
Uber
Technologies,
Inc.
(a)
(b)
..................
894,806
66,761,476
a
Health
Care
Equipment
&
Supplies
 — 
1
.1
%
Abbott
Laboratories
.......................
1,676,356
152,196,361
Boston
Scientific
Corp.
(a)
....................
1,208,622
69,628,714
Insulet
Corp.
(a)
(b)
..........................
56,509
9,727,459
Medtronic
PLC
..........................
355,643
28,796,414
260,348,948
a
Health
Care
Providers
&
Services
 — 
3
.7
%
Cardinal
Health,
Inc.
.......................
92,158
17,775,435
Cencora,
Inc.
...........................
949,304
292,395,125
Cigna
Group
(The)
........................
145,086
42,159,090
Elevance
Health,
Inc.
......................
181,555
68,340,933
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
HCA
Healthcare,
Inc.
......................
89,745
$
38,989,715
McKesson
Corp.
.........................
365,596
298,033,859
UnitedHealth
Group,
Inc.
....................
241,766
89,569,468
847,263,625
a
Health
Care
REITs
 — 
1
.0
%
Ventas,
Inc.
............................
449,296
39,475,147
Welltower,
Inc.
...........................
832,480
180,931,203
220,406,350
a
Hotels,
Restaurants
&
Leisure
 — 
2
.4
%
DoorDash,
Inc.
,
Class
A
(a)
...................
271,357
45,764,358
McDonald's
Corp.
........................
966,797
283,841,931
Yum!
Brands,
Inc.
........................
1,399,291
223,396,808
553,003,097
a
Household
Products
 — 
2
.7
%
Church
&
Dwight
Co.,
Inc.
...................
1,385,193
134,446,833
Colgate-Palmolive
Co.
.....................
2,387,054
203,758,929
Kimberly-Clark
Corp.
......................
348,365
34,289,567
Procter
&
Gamble
Co.
(The)
.................
1,712,425
251,880,593
624,375,922
a
Insurance
 — 
7
.5
%
Allstate
Corp.
(The)
.......................
530,209
115,193,207
Aon
PLC
,
Class
A
........................
315,875
98,442,444
Arch
Capital
Group
Ltd.
(a)
...................
1,195,639
112,940,060
Arthur
J
Gallagher
&
Co.
....................
321,096
66,274,214
Chubb
Ltd.
.............................
1,042,585
340,925,295
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
80,949
17,722,165
Hartford
Insurance
Group,
Inc.
(The)
............
234,157
32,035,019
Loews
Corp.
............................
762,490
85,863,999
Marsh
&
McLennan
Companies,
Inc.
............
1,134,884
190,331,396
Progressive
Corp.
(The)
....................
1,215,384
244,632,491
Travelers
Companies,
Inc.
(The)
...............
815,470
248,832,516
W
R
Berkley
Corp.
........................
1,149,172
76,799,165
Willis
Towers
Watson
PLC
...................
275,726
70,641,001
1,700,632,972
a
Interactive
Media
&
Services
 — 
0
.5
%
Alphabet,
Inc.
,
Class
C
,
NVS
.................
269,415
102,900,365
Meta
Platforms,
Inc.
,
Class
A
.................
32,843
20,096,960
122,997,325
a
IT
Services
 — 
3
.8
%
Accenture
PLC
,
Class
A
....................
953,408
170,383,544
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
2,235,598
118,263,134
GoDaddy,
Inc.
,
Class
A
(a)
....................
1,050,334
91,158,488
International
Business
Machines
Corp.
..........
1,095,292
252,990,546
Snowflake,
Inc.
,
Class
A
(a)
...................
407,603
55,625,581
VeriSign,
Inc.
...........................
647,588
173,980,992
862,402,285
a
Metals
&
Mining
 — 
1
.2
%
Newmont
Corp.
..........................
2,419,532
268,785,810
a
Multi-Utilities
 — 
3
.1
%
Ameren
Corp.
...........................
595,473
67,675,506
CMS
Energy
Corp.
........................
640,026
49,115,595
Consolidated
Edison,
Inc.
...................
2,753,187
306,952,819
Dominion
Energy,
Inc.
......................
894,115
57,670,418
DTE
Energy
Co.
.........................
86,620
13,139,388
WEC
Energy
Group,
Inc.
....................
1,767,996
208,517,448
703,071,174
a
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.5
%
Cheniere
Energy,
Inc.
......................
176,030
$
48,399,449
Chevron
Corp.
...........................
478,233
92,447,221
Coterra
Energy,
Inc.
.......................
1,194,060
42,878,695
EOG
Resources,
Inc.
......................
284,817
40,036,726
Expand
Energy
Corp.
......................
920,229
94,001,392
Exxon
Mobil
Corp.
........................
2,366,948
365,291,085
Williams
Companies,
Inc.
(The)
...............
1,457,101
111,191,377
794,245,945
a
Pharmaceuticals
 — 
3
.3
%
Eli
Lilly
&
Co.
...........................
161,385
150,830,421
Johnson
&
Johnson
.......................
1,422,035
326,854,745
Merck
&
Co.,
Inc.
.........................
2,451,139
267,615,356
745,300,522
a
Professional
Services
 — 
0
.2
%
Automatic
Data
Processing,
Inc.
...............
68,075
14,427,815
Verisk
Analytics,
Inc.
,
Class
A
.................
160,950
29,693,666
44,121,481
a
Residential
REITs
 — 
0
.5
%
Sun
Communities,
Inc.
.....................
960,482
122,788,019
a
Retail
REITs
 — 
0
.7
%
Realty
Income
Corp.
.......................
2,554,331
164,090,223
a
Semiconductors
&
Semiconductor
Equipment
 — 
5
.4
%
Advanced
Micro
Devices,
Inc.
(a)
...............
341,496
121,056,917
Analog
Devices,
Inc.
.......................
244,597
98,391,589
Applied
Materials,
Inc.
.....................
72,022
28,411,959
Astera
Labs,
Inc.
(a)
........................
109,272
21,279,629
Broadcom,
Inc.
..........................
273,361
114,109,082
Credo
Technology
Group
Holding
Ltd.
(a)
(b)
.........
104,219
18,135,148
First
Solar,
Inc.
(a)
.........................
427,240
86,255,484
Marvell
Technology,
Inc.
....................
355,539
58,717,266
Micron
Technology,
Inc.
.....................
184,757
95,548,930
NVIDIA
Corp.
...........................
1,870,701
373,335,799
QUALCOMM,
Inc.
........................
255,084
45,807,985
Texas
Instruments,
Inc.
.....................
629,730
177,004,508
1,238,054,296
a
Software
 — 
10
.8
%
Adobe,
Inc.
(a)
............................
525,546
129,336,871
AppLovin
Corp.
,
Class
A
(a)
...................
56,769
25,338,843
Autodesk,
Inc.
(a)
..........................
645,947
153,089,439
Cadence
Design
Systems,
Inc.
(a)
..............
135,216
44,565,841
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
67,006
29,867,924
Datadog,
Inc.
,
Class
A
(a)
....................
99,199
13,113,116
Fair
Isaac
Corp.
(a)
(b)
.......................
58,779
60,248,475
Fortinet,
Inc.
(a)
...........................
1,175,274
99,087,351
Gen
Digital,
Inc.
..........................
2,335,921
45,059,916
HubSpot,
Inc.
(a)
..........................
46,591
10,332,020
Intuit,
Inc.
..............................
408,687
158,774,899
Microsoft
Corp.
..........................
871,905
355,545,421
Oracle
Corp.
............................
415,845
67,113,225
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
812,906
113,083,354
Palo
Alto
Networks,
Inc.
(a)
...................
675,512
121,132,812
PTC,
Inc.
(a)
.............................
921,756
125,635,343
Roper
Technologies,
Inc.
....................
600,534
213,075,469
Salesforce,
Inc.
..........................
1,141,031
201,426,202
ServiceNow,
Inc.
(a)
........................
1,795,822
158,589,041
Synopsys,
Inc.
(a)
.........................
190,382
91,878,353
Tyler
Technologies,
Inc.
(a)
(b)
..................
307,850
105,019,949
Workday,
Inc.
,
Class
A
(a)
....................
708,656
86,739,494
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Software
(continued)
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
598,324
$
58,127,177
2,466,180,535
a
Specialty
Retail
 — 
3
.0
%
AutoZone,
Inc.
(a)
.........................
58,296
215,930,133
Home
Depot,
Inc.
(The)
....................
54,714
17,989,963
O'Reilly
Automotive,
Inc.
(a)
...................
1,903,473
189,205,216
TJX
Companies,
Inc.
(The)
..................
1,671,727
262,043,208
685,168,520
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.8
%
Apple,
Inc.
.............................
686,818
186,368,064
a
Tobacco
 — 
0
.5
%
Philip
Morris
International,
Inc.
................
717,676
118,466,777
a
Water
Utilities
 — 
0
.1
%
American
Water
Works
Co.,
Inc.
...............
87,883
11,285,935
a
Wireless
Telecommunication
Services
 — 
1
.2
%
T-Mobile
U.S.,
Inc.
........................
1,359,591
265,800,040
a
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
20,931,896,748
)
..............................
22,779,521,222
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.83
%
(c)
(d)
(e)
......................
82,440,590
$
82,465,323
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
(c)
(d)
............................
41,271,985
41,271,985
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
123,733,302
)
................................
123,737,308
Total
Investments
—
100.4%
(Cost:
$
21,055,630,050
)
..............................
22,903,258,530
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
87,379,512
)
Net
Assets
—
100.0%
.................................
$
22,815,879,018
(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.
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
$
80,707,654
‌
$
1,751,129
(a)
$
—
‌
$
9,690
‌
$
(
3,150
)
$
82,465,323
‌
82,440,590
‌
$
119,160
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
34,025,602
‌
7,246,383
(a)
—
‌
—
‌
—
‌
41,271,985
‌
41,271,985
‌
1,175,408
‌
—
‌
$
—
‌
$
9,690
‌
$
(
3,150
)
$
123,737,308
‌
$
1,294,568
‌
$
—
‌
(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
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
358
06/18/26
$
13,951
$
640,690
E-Mini
S&P
500
Index
...................................................................
56
06/18/26
20,283
1,453,828
$
2,094,518
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
4
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. 
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
22,779,521,222
$
—
$
—
$
22,779,521,222
Short-Term
Securities
Money
Market
Funds
......................................
123,737,308
—
—
123,737,308
$
22,903,258,530
$
—
$
—
$
22,903,258,530
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,094,518
$
—
$
—
$
2,094,518
(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