iShares
®
MSCI
USA
Momentum
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
 — 6.2%
Curtiss-Wright
Corp.
.......................
33,268
$
23,959,614
FTAI
Aviation
Ltd.
.........................
119,031
29,718,470
General
Electric
Co.
.......................
1,586,337
459,926,686
HEICO
Corp.
...........................
70,114
18,925,171
HEICO
Corp.,
Class
A
......................
105,572
22,066,659
Howmet
Aerospace,
Inc.
....................
951,815
231,329,118
L3Harris
Technologies,
Inc.
..................
247,610
79,371,385
Lockheed
Martin
Corp.
.....................
352,059
182,356,000
Northrop
Grumman
Corp.
...................
137,922
79,923,041
Rocket
Lab
Corp.
(a)(b)
......................
350,917
28,954,162
RTX
Corp.
.............................
2,010,163
353,929,399
1,510,459,705
a
Air
Freight
&
Logistics
 — 0.5%
CH
Robinson
Worldwide,
Inc.
................
111,595
20,289,087
Expeditors
International
of
Washington,
Inc.
.......
75,503
11,166,139
FedEx
Corp.
............................
217,505
87,721,941
119,177,167
a
Automobiles
 — 0.4%
General
Motors
Co.
.......................
1,318,747
101,398,457
a
Banks
 — 5.3%
Citigroup,
Inc.
...........................
2,133,144
272,999,769
JPMorgan
Chase
&
Co.
....................
2,216,968
694,420,887
Wells
Fargo
&
Co.
........................
3,706,500
304,785,495
1,272,206,151
a
Beverages
 — 0.4%
Monster
Beverage
Corp.
(a)
...................
1,105,880
85,230,172
a
Biotechnology
 — 1.3%
Biogen,
Inc.
(a)
...........................
56,837
10,758,107
Gilead
Sciences,
Inc.
......................
1,912,842
250,276,247
Insmed
,
Inc.
(a)
...........................
115,932
15,805,010
Natera
,
Inc.
(a)
...........................
52,580
10,839,893
Revolution
Medicines,
Inc.
(a)
..................
112,068
16,151,240
United
Therapeutics
Corp.
(a)
..................
23,036
13,161,619
316,992,116
a
Broadline
Retail
 — 0.2%
eBay,
Inc.
..............................
554,920
57,423,122
a
Building
Products
 — 0.5%
Johnson
Controls
International
PLC
............
826,149
120,642,538
a
Capital
Markets
 — 4.9%
Bank
of
New
York
Mellon
Corp.
(The)
...........
1,593,692
214,144,394
Cboe
Global
Markets,
Inc.
...................
46,578
13,977,592
Goldman
Sachs
Group,
Inc.
(The)
.............
442,765
409,013,024
Interactive
Brokers
Group,
Inc.,
Class
A
..........
267,189
21,241,526
Morgan
Stanley
..........................
1,671,603
318,590,816
Nasdaq,
Inc.
............................
690,306
63,446,024
Robinhood
Markets,
Inc.,
Class
A
(a)
.............
1,876,990
136,813,801
1,177,227,177
a
Chemicals
 — 0.0%
DuPont
de
Nemours,
Inc.
...................
218,245
9,965,067
a
Commercial
Services
&
Supplies
 — 0.1%
Rollins,
Inc.
.............................
210,231
11,716,174
a
Security
Shares
Value
a
Communications
Equipment
 — 2.0%
Arista
Networks,
Inc.
(a)
.....................
1,147,868
$
198,248,282
Ciena
Corp.
(a)
...........................
299,454
157,985,941
Lumentum
Holdings,
Inc.
(a)
..................
150,702
135,981,429
492,215,652
a
Construction
&
Engineering
 — 0.9%
Comfort
Systems
USA,
Inc.
..................
51,484
94,743,431
EMCOR
Group,
Inc.
.......................
20,967
18,695,645
Quanta
Services,
Inc.
(b)
.....................
151,853
110,514,058
223,953,134
a
Consumer
Finance
 — 0.1%
SoFi
Technologies,
Inc.
(a)(b)
..................
750,995
12,091,019
a
Consumer
Staples
Distribution
&
Retail
 — 2.9%
Dollar
General
Corp.
......................
172,015
19,933,098
Dollar
Tree,
Inc.
(a)
.........................
114,600
11,128,806
Walmart,
Inc.
............................
5,051,311
666,419,460
697,481,364
a
Diversified
Telecommunication
Services
 — 0.1%
AST
SpaceMobile
,
Inc.
(a)(b)
...................
267,717
19,784,286
a
Electric
Utilities
 — 1.2%
Alliant
Energy
Corp.
.......................
319,768
23,480,564
American
Electric
Power
Co.,
Inc.
..............
300,154
41,154,115
Entergy
Corp.
...........................
1,193,747
140,754,709
Evergy
,
Inc.
.............................
157,882
13,078,945
NRG
Energy,
Inc.
.........................
405,188
63,039,149
Oklo
,
Inc.,
Class
A
(a)(b)
......................
164,021
11,891,522
293,399,004
a
Electrical
Equipment
 — 3.5%
Bloom
Energy
Corp.,
Class
A
(a)
................
431,918
122,388,284
GE
Vernova
,
Inc.
.........................
565,659
612,868,900
Rockwell
Automation,
Inc.
...................
72,722
29,736,753
Vertiv
Holdings
Co.,
Class
A
(b)
................
255,301
83,863,826
848,857,763
a
Electronic
Equipment,
Instruments
&
Components
 — 3.4%
Amphenol
Corp.,
Class
A
...................
2,547,955
375,237,333
Coherent
Corp.
(a)
.........................
137,956
44,105,913
Corning,
Inc.
............................
1,798,591
295,400,586
Flex
Ltd.
(a)
..............................
193,460
17,711,263
Jabil,
Inc.
..............................
56,873
19,194,069
TE
Connectivity
PLC
......................
362,487
76,723,998
828,373,162
a
Entertainment
 — 0.9%
Electronic
Arts,
Inc.
.......................
297,573
60,219,848
Take-Two
Interactive
Software,
Inc.
(a)
............
207,622
44,381,279
Warner
Bros
Discovery,
Inc.
(a)
................
3,979,404
107,642,878
212,244,005
a
Food
Products
 — 0.1%
Bunge
Global
SA
.........................
92,920
11,807,344
a
Gas
Utilities
 — 0.1%
Atmos
Energy
Corp.
.......................
69,458
13,195,631
a
Health
Care
Equipment
&
Supplies
 — 0.1%
IDEXX
Laboratories,
Inc.
(a)
...................
62,387
34,986,630
a
Health
Care
Providers
&
Services
 — 1.6%
Cardinal
Health,
Inc.
.......................
363,054
70,025,856
Cencora
,
Inc.
...........................
217,712
67,057,473
HCA
Healthcare,
Inc.
......................
211,663
91,956,990
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Momentum
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
McKesson
Corp.
.........................
190,154
$
155,013,541
384,053,860
a
Health
Care
REITs
 — 1.4%
Ventas,
Inc.
............................
898,015
78,899,598
Welltower,
Inc.
...........................
1,158,297
251,744,270
330,643,868
a
Hotels,
Restaurants
&
Leisure
 — 0.6%
Expedia
Group,
Inc.
.......................
56,251
13,971,061
Royal
Caribbean
Cruises
Ltd.
................
497,097
131,114,305
145,085,366
a
Insurance
 — 0.1%
Hartford
Insurance
Group,
Inc.
(The)
............
91,847
12,565,588
Markel
Group,
Inc.
(a)
.......................
5,874
10,411,489
W
R
Berkley
Corp.
........................
161,335
10,782,018
33,759,095
a
Interactive
Media
&
Services
 — 5.3%
Alphabet,
Inc.,
Class
A
.....................
1,851,175
712,332,140
Alphabet,
Inc.,
Class
C,
NVS
.................
1,513,705
578,144,488
1,290,476,628
IT
Services
 — 1.2%
International
Business
Machines
Corp.
..........
1,254,018
289,653,078
a
Machinery
 — 3.9%
Caterpillar,
Inc.
..........................
872,154
776,312,997
Cummins,
Inc.
...........................
241,329
161,934,172
938,247,169
a
Media
 — 0.3%
EchoStar
Corp.,
Class
A
(a)(b)
..................
174,912
21,538,664
Fox
Corp.,
Class
A,
NVS
....................
405,971
25,775,099
Fox
Corp.,
Class
B
........................
270,904
15,446,946
62,760,709
a
Metals
&
Mining
 — 1.6%
Freeport-McMoRan,
Inc.
....................
1,651,622
95,430,719
Newmont
Corp.
..........................
2,554,175
283,743,301
Steel
Dynamics,
Inc.
.......................
58,996
13,490,025
392,664,045
a
Multi-Utilities
 — 0.3%
Ameren
Corp.
...........................
116,584
13,249,772
CenterPoint
Energy,
Inc.
....................
308,485
13,465,370
NiSource,
Inc.
...........................
775,139
37,423,711
WEC
Energy
Group,
Inc.
....................
109,980
12,971,041
77,109,894
a
Oil,
Gas
&
Consumable
Fuels
 — 3.5%
EQT
Corp.
.............................
200,389
12,039,371
Exxon
Mobil
Corp.
........................
5,384,994
831,066,124
843,105,495
a
Pharmaceuticals
 — 3.8%
Johnson
&
Johnson
.......................
3,955,554
909,184,087
Royalty
Pharma
PLC,
Class
A
................
307,507
15,403,025
924,587,112
a
Real
Estate
Management
&
Development
 — 0.4%
CBRE
Group,
Inc.,
Class
A
(a)
.................
704,895
100,609,663
a
Semiconductors
&
Semiconductor
Equipment
 — 33.0%
Advanced
Micro
Devices,
Inc.
(a)
...............
2,753,444
976,068,364
Analog
Devices,
Inc.
.......................
611,629
246,033,882
Applied
Materials,
Inc.
.....................
1,445,996
570,430,962
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Astera
Labs,
Inc.
(a)(b)
.......................
91,259
$
17,771,778
Broadcom,
Inc.
..........................
3,130,266
1,306,666,936
Credo
Technology
Group
Holding
Ltd.
(a)
..........
165,039
28,718,436
First
Solar,
Inc.
(a)(b)
........................
49,242
9,941,467
Intel
Corp.
(a)
............................
9,812,680
927,102,006
KLA
Corp.
..............................
222,078
388,714,227
Lam
Research
Corp.
......................
3,391,772
874,602,328
Micron
Technology,
Inc.
.....................
2,603,778
1,346,569,831
Monolithic
Power
Systems,
Inc.
...............
46,709
75,407,477
NVIDIA
Corp.
...........................
5,627,611
1,123,102,327
Teradyne,
Inc.
...........................
274,312
94,217,943
7,985,347,964
a
Software
 — 2.4%
AppLovin
Corp.,
Class
A
(a)
...................
472,090
210,717,371
IREN
Ltd.
(a)(b)
............................
271,480
12,355,055
Palantir
Technologies,
Inc.,
Class
A
(a)
...........
2,647,608
368,308,749
591,381,175
a
Specialty
Retail
 — 2.2%
Carvana
Co.,
Class
A
(a)(b)
....................
377,744
149,511,075
O'Reilly
Automotive,
Inc.
(a)
...................
979,847
97,396,792
Ross
Stores,
Inc.
.........................
332,836
75,816,712
TJX
Companies,
Inc.
(The)
..................
1,390,680
217,989,090
540,713,669
a
Technology
Hardware,
Storage
&
Peripherals
 — 3.1%
Everpure
,
Inc.,
Class
A
(a)
....................
152,822
10,919,132
Seagate
Technology
Holdings
PLC
.............
540,883
364,360,424
Western
Digital
Corp.
(b)
.....................
855,966
371,934,346
747,213,902
a
Textiles,
Apparel
&
Luxury
Goods
 — 0.1%
Tapestry,
Inc.
............................
158,707
23,018,863
a
a
Total
Long-Term
Investments — 99.9%
(Cost:
$17,943,386,319)
..............................
24,171,258,395
a
Short-Term
Securities
Money
Market
Funds
 — 
0.6%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.83%
(c)(d)(e)
......................
116,289,822
116,324,709
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
3.61%
(c)(d)
............................
30,969,859
30,969,859
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
147,289,342)
................................
147,294,568
Total
Investments
—
100.5%
(Cost:
$18,090,675,661)
..............................
24,318,552,963
Liabilities
in
Excess
of
Other
Assets
—
(0.5)%
...............
(112,125,111)
Net
Assets
—
100.0%
.................................
$
24,206,427,852
(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
®
MSCI
USA
Momentum
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. 
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
..
$
93,523,650
$
22,781,735
(a)
$
—
$
16,709
$
2,615
$
116,324,709
116,289,822
$
179,785
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
20,165,528
10,804,331
(a)
—
—
—
30,969,859
30,969,859
660,471
—
$
—
$
16,709
$
2,615
$
147,294,568
$
840,256
$
—
(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
...................................................................
82
06/18/26
$
29,699
$
1,544,119
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
24,171,258,395
$
—
$
—
$
24,171,258,395
Short-Term
Securities
Money
Market
Funds
......................................
147,294,568
—
—
147,294,568
$
24,318,552,963
$
—
$
—
$
24,318,552,963
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Momentum
Factor
ETF
4
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
1,544,119
$
—
$
—
$
1,544,119
(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)