iShares
®
MSCI
USA
Value
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
%
L3Harris
Technologies,
Inc.
..................
223,727
$
71,715,690
Textron,
Inc.
............................
381,447
36,603,654
108,319,344
a
Air
Freight
&
Logistics
 — 
2
.5
%
FedEx
Corp.
............................
506,848
204,416,867
United
Parcel
Service,
Inc.
,
Class
B
............
921,592
100,269,209
304,686,076
a
Automobile
Components
 — 
0
.3
%
Aptiv
PLC
(a)
.............................
625,129
37,670,274
a
Automobiles
 — 
4
.7
%
Ford
Motor
Co.
..........................
14,996,381
181,156,283
General
Motors
Co.
.......................
4,937,827
379,669,518
560,825,801
a
Banks
 — 
7
.6
%
Bank
of
America
Corp.
.....................
4,231,288
226,204,657
Citigroup,
Inc.
...........................
1,824,731
233,529,073
Citizens
Financial
Group,
Inc.
................
413,010
26,866,301
Fifth
Third
Bancorp
.......................
423,690
21,506,504
First
Citizens
BancShares,
Inc.
,
Class
A
..........
7,015
13,916,497
Huntington
Bancshares,
Inc.
.................
1,159,796
19,438,181
KeyCorp
...............................
717,586
15,865,826
M&T
Bank
Corp.
.........................
122,110
26,696,909
PNC
Financial
Services
Group,
Inc.
(The)
........
245,088
54,654,624
Regions
Financial
Corp.
....................
696,156
19,875,254
Truist
Financial
Corp.
......................
1,139,204
58,669,006
U.S.
Bancorp
...........................
1,110,044
62,895,093
Wells
Fargo
&
Co.
........................
1,631,421
134,151,749
914,269,674
a
Biotechnology
 — 
0
.5
%
Biogen,
Inc.
(a)
...........................
172,461
32,643,418
United
Therapeutics
Corp.
(a)
..................
38,675
22,096,961
54,740,379
a
Building
Products
 — 
0
.1
%
Builders
FirstSource,
Inc.
(a)
(b)
.................
209,119
16,539,222
a
Capital
Markets
 — 
0
.3
%
State
Street
Corp.
........................
202,446
30,941,847
a
Chemicals
 — 
0
.4
%
CF
Industries
Holdings,
Inc.
..................
118,695
14,741,919
DuPont
de
Nemours,
Inc.
...................
169,426
7,735,991
International
Flavors
&
Fragrances,
Inc.
..........
96,598
6,781,180
LyondellBasell
Industries
N.V.
,
Class
A
..........
251,146
18,735,491
47,994,581
a
Communications
Equipment
 — 
5
.2
%
Cisco
Systems,
Inc.
.......................
6,454,679
590,603,128
F5,
Inc.
(a)
..............................
120,163
38,920,796
629,523,924
a
Consumer
Finance
 — 
0
.8
%
Capital
One
Financial
Corp.
..................
388,524
74,324,641
Synchrony
Financial
.......................
289,188
22,036,126
96,360,767
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.5
%
Dollar
Tree,
Inc.
(a)
.........................
210,703
20,461,368
Kroger
Co.
(The)
.........................
1,232,109
83,869,660
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Target
Corp.
............................
563,681
$
73,137,610
177,468,638
a
Containers
&
Packaging
 — 
0
.2
%
Amcor
PLC
.............................
188,707
7,178,414
International
Paper
Co.
.....................
248,412
7,556,693
Smurfit
Westrock
PLC
.....................
381,164
14,632,886
29,367,993
a
Diversified
REITs
 — 
0
.3
%
WP
Carey,
Inc.
..........................
409,374
29,855,646
a
Diversified
Telecommunication
Services
 — 
6
.7
%
AT&T,
Inc.
..............................
11,677,544
305,134,225
Comcast
Corp.
,
Class
A
....................
6,685,239
180,768,863
Verizon
Communications,
Inc.
................
6,680,842
320,880,841
806,783,929
a
Electric
Utilities
 — 
1
.4
%
Edison
International
.......................
522,714
36,323,396
Evergy,
Inc.
.............................
231,856
19,206,951
Eversource
Energy
.......................
325,400
23,005,780
Exelon
Corp.
............................
715,204
32,892,232
PG&E
Corp.
............................
3,608,555
59,974,184
171,402,543
a
Electronic
Equipment,
Instruments
&
Components
 — 
2
.1
%
Flex
Ltd.
(a)
..............................
326,644
29,904,258
Jabil,
Inc.
..............................
201,655
68,056,546
TE
Connectivity
PLC
......................
526,334
111,403,855
Teledyne
Technologies,
Inc.
(a)
.................
50,140
32,382,919
Zebra
Technologies
Corp.
,
Class
A
(a)
............
36,024
8,150,790
249,898,368
a
Energy
Equipment
&
Services
 — 
0
.2
%
Halliburton
Co.
..........................
689,691
29,173,929
a
Entertainment
 — 
1
.1
%
Walt
Disney
Co.
(The)
.....................
1,268,352
131,591,520
a
Financial
Services
 — 
0
.4
%
Corebridge
Financial,
Inc.
...................
76,281
2,100,779
Equitable
Holdings,
Inc.
....................
104,955
4,429,101
Fiserv,
Inc.
(a)
............................
382,155
23,942,011
Global
Payments,
Inc.
.....................
294,947
21,224,386
51,696,277
a
Food
Products
 — 
2
.5
%
Archer-Daniels-Midland
Co.
..................
1,414,605
105,444,657
Bunge
Global
SA
.........................
490,680
62,350,707
Hormel
Foods
Corp.
.......................
250,104
5,369,733
Kraft
Heinz
Co.
(The)
......................
3,475,540
78,755,736
Tyson
Foods,
Inc.
,
Class
A
..................
812,670
52,067,767
303,988,600
a
Ground
Transportation
 — 
0
.8
%
CSX
Corp.
.............................
1,704,246
77,423,896
JB
Hunt
Transport
Services,
Inc.
..............
73,025
18,367,978
95,791,874
a
Health
Care
Equipment
&
Supplies
 — 
0
.3
%
Becton
Dickinson
&
Co.
....................
125,524
18,708,097
Solventum
Corp.
(a)
........................
119,268
8,033,892
Zimmer
Biomet
Holdings,
Inc.
................
143,481
11,827,139
38,569,128
a
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Health
Care
Providers
&
Services
 — 
3
.3
%
Centene
Corp.
(a)
.........................
685,397
$
36,798,965
Cigna
Group
(The)
........................
346,745
100,757,162
CVS
Health
Corp.
........................
1,604,950
133,676,285
Elevance
Health,
Inc.
......................
202,406
76,189,667
Humana,
Inc.
...........................
69,558
16,446,294
Labcorp
Holdings,
Inc.
.....................
59,048
15,163,526
Universal
Health
Services,
Inc.
,
Class
B
.........
71,663
12,058,733
391,090,632
a
Hotels,
Restaurants
&
Leisure
 — 
0
.8
%
Carnival
Corp.
...........................
1,494,949
39,631,098
Expedia
Group,
Inc.
.......................
246,859
61,312,370
100,943,468
a
Household
Durables
 — 
2
.0
%
DR
Horton,
Inc.
..........................
685,214
105,427,026
Lennar
Corp.
,
Class
A
......................
656,838
59,312,471
PulteGroup,
Inc.
.........................
581,044
71,096,544
235,836,041
a
Insurance
 — 
1
.7
%
American
International
Group,
Inc.
.............
437,690
32,739,212
Arch
Capital
Group
Ltd.
(a)
...................
167,471
15,819,311
Everest
Group
Ltd.
........................
50,820
18,130,543
Fidelity
National
Financial,
Inc.
................
144,082
7,535,489
Hartford
Insurance
Group,
Inc.
(The)
............
156,378
21,394,074
Loews
Corp.
............................
126,014
14,190,436
MetLife,
Inc.
............................
471,742
37,786,534
Principal
Financial
Group,
Inc.
................
155,705
15,712,192
Prudential
Financial,
Inc.
....................
417,628
40,973,483
204,281,274
a
IT
Services
 — 
1
.6
%
Accenture
PLC
,
Class
A
....................
439,756
78,588,795
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
1,176,841
62,254,889
Okta,
Inc.
,
Class
A
(a)
.......................
113,722
8,375,625
Twilio,
Inc.
,
Class
A
(a)
......................
282,141
41,773,796
190,993,105
a
Life
Sciences
Tools
&
Services
 — 
0
.1
%
Waters
Corp.
(a)
..........................
17,565
5,431,625
a
Machinery
 — 
1
.9
%
CNH
Industrial
N.V.
.......................
1,773,989
18,999,422
Fortive
Corp.
(b)
...........................
418,800
25,040,052
PACCAR,
Inc.
...........................
916,749
108,909,781
Snap-on,
Inc.
...........................
78,486
30,091,532
Westinghouse
Air
Brake
Technologies
Corp.
.......
185,939
50,183,077
233,223,864
a
Media
 — 
0
.5
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
119,971
19,815,610
Fox
Corp.
,
Class
A
,
NVS
....................
288,382
18,309,373
Fox
Corp.
,
Class
B
........................
206,317
11,764,196
Omnicom
Group,
Inc.
......................
190,259
14,596,670
64,485,849
a
Metals
&
Mining
 — 
1
.2
%
Newmont
Corp.
..........................
695,238
77,233,989
Nucor
Corp.
............................
204,012
45,961,864
Steel
Dynamics,
Inc.
.......................
91,340
20,885,804
144,081,657
a
Mortgage
REITs
 — 
0
.1
%
Annaly
Capital
Management,
Inc.
..............
624,447
14,299,836
a
Security
Shares
Value
a
Multi-Utilities
 — 
0
.5
%
Consolidated
Edison,
Inc.
...................
191,016
$
21,296,374
Dominion
Energy,
Inc.
......................
644,182
41,549,739
62,846,113
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.0
%
Coterra
Energy,
Inc.
.......................
1,312,679
47,138,303
Devon
Energy
Corp.
.......................
1,143,713
58,752,537
Diamondback
Energy,
Inc.
...................
268,652
55,242,911
EOG
Resources,
Inc.
......................
566,756
79,668,891
Occidental
Petroleum
Corp.
..................
523,177
31,694,062
Valero
Energy
Corp.
.......................
335,241
84,675,172
357,171,876
a
Passenger
Airlines
 — 
0
.4
%
Delta
Air
Lines,
Inc.
.......................
506,381
34,428,844
United
Airlines
Holdings,
Inc.
(a)
................
199,028
17,912,520
52,341,364
a
Pharmaceuticals
 — 
4
.4
%
Bristol-Myers
Squibb
Co.
....................
2,144,701
129,947,434
Merck
&
Co.,
Inc.
.........................
1,736,069
189,544,013
Pfizer,
Inc.
.............................
6,715,606
179,306,680
Royalty
Pharma
PLC
,
Class
A
................
587,645
29,435,138
528,233,265
a
Professional
Services
 — 
0
.4
%
Leidos
Holdings,
Inc.
......................
147,051
21,942,950
SS&C
Technologies
Holdings,
Inc.
.............
368,514
25,538,020
47,480,970
a
Residential
REITs
 — 
0
.1
%
Mid-America
Apartment
Communities,
Inc.
........
117,953
15,237,169
a
Retail
REITs
 — 
1
.0
%
Realty
Income
Corp.
.......................
667,314
42,868,251
Simon
Property
Group,
Inc.
..................
369,570
75,285,105
118,153,356
a
Semiconductors
&
Semiconductor
Equipment
 — 
28
.6
%
Applied
Materials,
Inc.
.....................
1,119,434
441,605,519
First
Solar,
Inc.
(a)
.........................
277,922
56,109,672
Intel
Corp.
(a)
............................
11,835,660
1,118,233,157
Micron
Technology,
Inc.
.....................
2,706,689
1,399,791,283
NXP
Semiconductors
N.V.
...................
408,469
119,922,414
ON
Semiconductor
Corp.
(a)
(b)
.................
931,251
93,879,413
QUALCOMM,
Inc.
........................
1,206,715
216,701,880
3,446,243,338
a
Software
 — 
1
.2
%
Gen
Digital,
Inc.
..........................
1,253,699
24,183,854
Roper
Technologies,
Inc.
....................
70,289
24,939,240
Strategy,
Inc.
,
Class
A
(a)
(b)
...................
216,205
35,771,117
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
662,350
64,347,303
149,241,514
a
Specialized
REITs
 — 
0
.3
%
Gaming
and
Leisure
Properties,
Inc.
............
248,760
12,054,910
VICI
Properties,
Inc.
.......................
821,212
23,979,390
36,034,300
a
Specialty
Retail
 — 
0
.2
%
Best
Buy
Co.,
Inc.
........................
410,206
24,813,361
a
Technology
Hardware,
Storage
&
Peripherals
 — 
4
.9
%
Dell
Technologies,
Inc.
,
Class
C
...............
497,495
103,951,580
Hewlett
Packard
Enterprise
Co.
...............
5,430,573
156,237,585
HP,
Inc.
...............................
2,664,734
55,586,351
iShares
®
MSCI
USA
Value
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
Technology
Hardware,
Storage
&
Peripherals
(continued)
NetApp,
Inc.
............................
387,354
$
42,907,203
Super
Micro
Computer,
Inc.
(a)
.................
339,017
9,289,066
Western
Digital
Corp.
......................
523,213
227,346,513
595,318,298
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.1
%
Deckers
Outdoor
Corp.
(a)
....................
98,694
10,086,527
a
Trading
Companies
&
Distributors
 — 
0
.7
%
United
Rentals,
Inc.
.......................
86,663
83,182,614
a
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
9,096,203,175
)
...............................
12,028,511,750
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.83
%
(c)
(d)
(e)
......................
55,149,510
$
55,166,055
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
(c)
(d)
............................
15,969,170
15,969,170
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
71,130,382
)
.................................
71,135,225
Total
Investments
—
100.4%
(Cost:
$
9,167,333,557
)
...............................
12,099,646,975
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
51,969,324
)
Net
Assets
—
100.0%
.................................
$
12,047,677,651
(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
$
12,311,305
‌
$
42,860,458
(a)
$
—
‌
$
(
7,517
)
$
1,809
‌
$
55,166,055
‌
55,149,510
‌
$
169,988
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
8,415,860
‌
7,553,310
(a)
—
‌
—
‌
—
‌
15,969,170
‌
15,969,170
‌
319,757
‌
—
‌
$
—
‌
$
(
7,517
)
$
1,809
‌
$
71,135,225
‌
$
489,745
‌
$
—
‌
(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
Russell
2000
Index
................................................................
33
06/18/26
$
4,633
$
496,319
E-Mini
S&P
500
Index
...................................................................
22
06/18/26
7,968
679,153
$
1,175,472
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Value
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
.........................................
$
12,028,511,750
$
—
$
—
$
12,028,511,750
Short-Term
Securities
Money
Market
Funds
......................................
71,135,225
—
—
71,135,225
$
12,099,646,975
$
—
$
—
$
12,099,646,975
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
1,175,472
$
—
$
—
$
1,175,472
(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