Schedule
of
Investments
(unaudited)
April
30,
2026
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.4%
Cadre
Holdings,
Inc.
...................
5,358
$
158,865
Ducommun,
Inc.
(a)
....................
6,590
935,319
Huntington
Ingalls
Industries,
Inc.
..........
3,106
1,131,485
Leonardo
DRS,
Inc.
...................
9,578
389,154
Mercury
Systems,
Inc.
(a)
................
1,805
142,432
National
Presto
Industries,
Inc.
............
2,497
349,180
Woodward,
Inc.
......................
2,292
831,973
3,938,408
Automobile
Components
—
0.8%
Dorman
Products,
Inc.
(a)
................
1,687
189,804
Gentex
Corp.
.......................
86,534
1,999,801
Visteon
Corp.
.......................
1,660
185,439
2,375,044
Beverages
—
1.3%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
.......
3,757
890,559
Coca-Cola
Consolidated,
Inc.
.............
5,036
1,032,733
Molson
Coors
Beverage
Co.
,
Class
B
.......
23,198
991,483
National
Beverage
Corp.
(a)
...............
13,065
447,084
Primo
Brands
Corp.
,
Class
A
.............
13,545
276,047
3,637,906
Biotechnology
—
6.4%
(a)
ACADIA
Pharmaceuticals,
Inc.
............
13,145
295,105
ADMA
Biologics,
Inc.
..................
8,936
91,594
Alkermes
plc
........................
37,796
1,274,103
AnaptysBio,
Inc.
.....................
2,657
174,645
Arbutus
Biopharma
Corp.
(b)
..............
66,759
280,388
ArriVent
Biopharma,
Inc.
................
7,033
218,656
Aurinia
Pharmaceuticals,
Inc.
.............
51,967
799,512
BioMarin
Pharmaceutical,
Inc.
............
30,208
1,628,513
Catalyst
Pharmaceuticals,
Inc.
............
22,519
633,460
Exelixis,
Inc.
........................
26,376
1,172,677
First
Tracks
Biotherapeutics,
Inc.
(b)
.........
2,657
61,828
Halozyme
Therapeutics,
Inc.
.............
10,419
663,274
Ideaya
Biosciences,
Inc.
(b)
...............
4,633
134,820
Inhibrx
Biosciences,
Inc.
................
2,174
280,903
Ionis
Pharmaceuticals,
Inc.
..............
17,241
1,288,937
Kiniksa
Pharmaceuticals
International
plc
,
Class
A
.............................
16,768
901,783
Krystal
Biotech,
Inc.
(b)
..................
3,193
837,396
Madrigal
Pharmaceuticals,
Inc.
............
496
256,626
Mirum
Pharmaceuticals,
Inc.
.............
8,139
792,006
Nuvalent,
Inc.
,
Class
A
(b)
................
2,654
266,143
Palvella
Therapeutics,
Inc.
...............
1,782
228,666
Protagonist
Therapeutics,
Inc.
............
12,990
1,285,620
Roivant
Sciences
Ltd.
..................
72,042
2,055,358
Soleno
Therapeutics,
Inc.
...............
3,703
195,593
Vaxcyte,
Inc.
........................
6,242
357,292
Viridian
Therapeutics,
Inc.
...............
8,864
119,487
Xenon
Pharmaceuticals,
Inc.
.............
26,899
1,507,420
Zymeworks,
Inc.
.....................
17,396
479,086
18,280,891
Broadline
Retail
—
0.1%
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.......
3,620
313,166
Building
Products
—
0.9%
A
O
Smith
Corp.
.....................
30,049
1,858,230
Armstrong
World
Industries,
Inc.
...........
2,731
465,335
Zurn
Elkay
Water
Solutions
Corp.
..........
5,181
269,205
2,592,770
Security
Shares
Shares
Value
Capital
Markets
—
0.6%
MarketAxess
Holdings,
Inc.
..............
10,010
$
1,573,472
Chemicals
—
0.4%
Balchem
Corp.
......................
4,085
660,218
NewMarket
Corp.
.....................
294
198,632
Sensient
Technologies
Corp.
.............
2,629
298,760
1,157,610
Commercial
Services
&
Supplies
—
3.5%
Brady
Corp.
,
Class
A,
NVS
..............
20,253
1,657,101
Brink's
Co.
(The)
.....................
6,364
679,357
Casella
Waste
Systems,
Inc.
,
Class
A
(a)
(b)
.....
22,049
1,747,383
Clean
Harbors,
Inc.
(a)
..................
3,849
1,203,505
CoreCivic,
Inc.
(a)
.....................
8,334
170,514
Healthcare
Services
Group,
Inc.
(a)
..........
7,920
169,567
MSA
Safety,
Inc.
.....................
7,547
1,255,745
OPENLANE,
Inc.
(a)
....................
19,908
625,908
Tetra
Tech,
Inc.
......................
43,084
1,392,475
UniFirst
Corp.
.......................
3,904
997,511
9,899,066
Communications
Equipment
—
0.6%
(a)
Calix,
Inc.
..........................
5,602
244,023
NetScout
Systems,
Inc.
.................
27,110
913,607
Viavi
Solutions,
Inc.
...................
7,962
417,209
1,574,839
Construction
&
Engineering
—
0.7%
API
Group
Corp.
(a)
....................
18,035
824,560
Granite
Construction,
Inc.
...............
8,349
1,144,398
1,968,958
Consumer
Finance
—
1.6%
EZCORP,
Inc.
,
Class
A,
NVS
(a)
............
26,883
881,225
FirstCash
Holdings,
Inc.
................
16,143
3,522,725
4,403,950
Consumer
Staples
Distribution
&
Retail
—
1.6%
Albertsons
Cos.,
Inc.
,
Class
A
............
62,510
1,053,293
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........
23,340
2,191,393
Ingles
Markets,
Inc.
,
Class
A
.............
6,762
618,520
Maplebear,
Inc.
(a)
.....................
8,451
357,900
Weis
Markets,
Inc.
....................
5,675
398,272
4,619,378
Containers
&
Packaging
—
0.7%
AptarGroup,
Inc.
.....................
9,631
1,191,162
Crown
Holdings,
Inc.
..................
8,256
811,647
2,002,809
Diversified
Consumer
Services
—
2.6%
ADT,
Inc.
..........................
84,343
635,103
Bright
Horizons
Family
Solutions,
Inc.
(a)
......
2,099
170,250
Covista,
Inc.
(a)
.......................
1,491
171,793
Frontdoor,
Inc.
(a)
......................
2,743
188,252
Graham
Holdings
Co.
,
Class
B
............
133
149,294
Grand
Canyon
Education,
Inc.
(a)
...........
4,004
676,956
H&R
Block,
Inc.
......................
12,178
386,408
Laureate
Education,
Inc.
(a)
...............
28,972
871,912
Perdoceo
Education
Corp.
...............
12,483
423,673
Service
Corp.
International
..............
39,384
3,191,286
Strategic
Education,
Inc.
................
1,878
147,235
Stride,
Inc.
(a)
........................
3,184
309,357
7,321,519
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
REITs
—
0.3%
Broadstone
Net
Lease,
Inc.
..............
33,085
$
655,083
Essential
Properties
Realty
Trust,
Inc.
.......
9,273
291,450
946,533
Diversified
Telecommunication
Services
—
0.8%
GCI
Liberty,
Inc.
,
Class
C,
NVS
(a)
..........
10,102
345,993
Liberty
Global
Ltd.
,
Class
A
(a)
.............
76,766
888,950
Liberty
Global
Ltd.
,
Class
C,
NVS
(a)
.........
62,392
707,526
Shenandoah
Telecommunications
Co.
.......
21,672
340,901
2,283,370
Electric
Utilities
—
5.2%
IDACORP,
Inc.
......................
25,084
3,705,910
OGE
Energy
Corp.
....................
74,464
3,633,843
Pinnacle
West
Capital
Corp.
.............
43,460
4,507,671
Portland
General
Electric
Co.
.............
31,722
1,647,324
TXNM
Energy,
Inc.
....................
19,568
1,155,686
14,650,434
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Arrow
Electronics,
Inc.
(a)
................
1,358
255,073
Avnet,
Inc.
.........................
6,522
538,130
Badger
Meter,
Inc.
....................
906
109,545
Itron,
Inc.
(a)
.........................
3,674
307,881
PC
Connection,
Inc.
...................
5,294
337,440
TD
SYNNEX
Corp.
....................
8,240
1,880,203
3,428,272
Entertainment
—
2.6%
Atlanta
Braves
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
3,098
163,946
Atlanta
Braves
Holdings,
Inc.
,
Class
C,
NVS
(a)
.
21,583
1,066,416
Cinemark
Holdings,
Inc.
................
38,443
1,134,837
IMAX
Corp.
(a)
.......................
21,206
806,252
Madison
Square
Garden
Sports
Corp.
(a)
......
7,251
2,483,178
TKO
Group
Holdings,
Inc.
,
Class
A
.........
8,722
1,623,077
7,277,706
Financial
Services
—
0.2%
Cantaloupe,
Inc.
(a)
....................
25,156
274,703
Enact
Holdings,
Inc.
...................
5,309
226,854
Essent
Group
Ltd.
....................
2,781
168,306
669,863
Food
Products
—
4.9%
Cal-Maine
Foods,
Inc.
..................
14,025
1,083,571
Campbell's
Co.
(The)
..................
32,067
666,673
Conagra
Brands,
Inc.
..................
92,320
1,324,792
Fresh
Del
Monte
Produce,
Inc.
............
18,834
788,956
Ingredion,
Inc.
.......................
25,371
2,834,955
J
&
J
Snack
Foods
Corp.
................
7,056
622,763
J
M
Smucker
Co.
(The)
.................
12,400
1,215,572
Marzetti
Co.
(The)
....................
5,525
719,797
Mission
Produce,
Inc.
(a)
(b)
................
20,010
277,339
Pilgrim's
Pride
Corp.
...................
22,050
729,855
Post
Holdings,
Inc.
(a)
...................
20,169
2,112,703
Seaboard
Corp.
......................
134
761,915
Seneca
Foods
Corp.
,
Class
A
(a)
...........
1,662
232,447
Simply
Good
Foods
Co.
(The)
(a)
...........
9,197
122,964
Tootsie
Roll
Industries,
Inc.
..............
8,959
378,249
Vital
Farms,
Inc.
(a)
(b)
...................
5,052
68,960
13,941,511
Gas
Utilities
—
1.0%
Chesapeake
Utilities
Corp.
..............
4,863
613,321
National
Fuel
Gas
Co.
.................
6,768
571,084
New
Jersey
Resources
Corp.
.............
14,954
842,060
ONE
Gas,
Inc.
.......................
4,402
392,746
Security
Shares
Shares
Value
Gas
Utilities
(continued)
Spire,
Inc.
..........................
3,176
$
289,588
2,708,799
Ground
Transportation
—
2.2%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
.............................
11,737
761,731
Landstar
System,
Inc.
..................
12,880
2,370,822
Marten
Transport
Ltd.
..................
28,257
426,116
Schneider
National,
Inc.
,
Class
B
..........
25,695
798,857
U-Haul
Holding
Co.
,
NVS
...............
29,758
1,419,159
U-Haul
Holding
Co.
(a)
..................
3,665
188,234
Werner
Enterprises,
Inc.
................
10,971
404,501
6,369,420
Health
Care
Equipment
&
Supplies
—
1.6%
iRadimed
Corp.
......................
3,053
254,742
Lantheus
Holdings,
Inc.
(a)
...............
6,580
556,800
LivaNova
plc
(a)
.......................
3,234
194,364
Merit
Medical
Systems,
Inc.
(a)
.............
19,500
1,329,510
Penumbra,
Inc.
(a)
.....................
3,656
1,193,611
Teleflex,
Inc.
........................
8,640
1,070,582
4,599,609
Health
Care
Providers
&
Services
—
5.6%
Addus
HomeCare
Corp.
(a)
...............
8,568
830,154
Alignment
Healthcare,
Inc.
(a)
.............
46,426
1,046,442
Brookdale
Senior
Living,
Inc.
(a)
............
17,588
252,564
Chemed
Corp.
.......................
6,574
2,793,819
DaVita,
Inc.
(a)
(b)
......................
1,139
176,704
Encompass
Health
Corp.
...............
19,584
1,958,400
Ensign
Group,
Inc.
(The)
................
14,310
2,671,534
Fulgent
Genetics,
Inc.
(a)
(b)
...............
9,253
140,553
Guardian
Pharmacy
Services,
Inc.
,
Class
A
(a)
..
6,449
239,258
HealthEquity,
Inc.
(a)
....................
7,177
588,729
Henry
Schein,
Inc.
(a)
...................
19,850
1,480,611
LifeStance
Health
Group,
Inc.
(a)
...........
20,262
153,383
Molina
Healthcare,
Inc.
(a)
................
5,464
1,063,404
National
HealthCare
Corp.
...............
1,377
238,620
OPKO
Health,
Inc.
(a)
...................
195,138
219,530
Option
Care
Health,
Inc.
(a)
...............
51,212
1,041,140
Privia
Health
Group,
Inc.
(a)
...............
29,693
737,871
Progyny,
Inc.
(a)
.......................
7,003
130,116
15,762,832
Health
Care
REITs
—
5.5%
American
Healthcare
REIT,
Inc.
...........
24,992
1,269,094
CareTrust
REIT,
Inc.
...................
94,003
3,708,418
Healthcare
Realty
Trust,
Inc.
,
Class
A
.......
78,115
1,460,750
LTC
Properties,
Inc.
...................
22,071
843,554
National
Health
Investors,
Inc.
............
15,937
1,225,715
Omega
Healthcare
Investors,
Inc.
..........
85,284
4,005,789
Sabra
Health
Care
REIT,
Inc.
.............
109,527
2,262,828
Sila
Realty
Trust,
Inc.
..................
22,979
699,251
15,475,399
Health
Care
Technology
—
0.2%
HealthStream,
Inc.
....................
11,068
229,772
Waystar
Holding
Corp.
(a)
(b)
...............
9,293
198,638
428,410
Hotels,
Restaurants
&
Leisure
—
1.8%
Accel
Entertainment,
Inc.
,
Class
A
(a)
........
13,050
162,995
Aramark
...........................
18,118
827,812
Choice
Hotels
International,
Inc.
(b)
..........
2,253
223,227
Churchill
Downs,
Inc.
..................
7,270
734,197
Life
Time
Group
Holdings,
Inc.
(a)
...........
4,909
131,610
Monarch
Casino
&
Resort,
Inc.
............
5,929
703,713
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Planet
Fitness,
Inc.
,
Class
A
(a)
............
11,977
$
798,507
Texas
Roadhouse,
Inc.
,
Class
A
...........
9,871
1,589,132
5,171,193
Household
Products
—
0.4%
Reynolds
Consumer
Products,
Inc.
.........
29,299
614,400
WD-40
Co.
.........................
2,650
556,394
1,170,794
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Clearway
Energy,
Inc.
,
Class
C
...........
6,429
259,474
Insurance
—
8.7%
AMERISAFE,
Inc.
....................
8,837
267,761
Assured
Guaranty
Ltd.
.................
3,293
269,697
Axis
Capital
Holdings
Ltd.
...............
21,738
2,182,713
Bowhead
Specialty
Holdings,
Inc.
(a)
.........
8,079
192,119
Donegal
Group,
Inc.
,
Class
A
.............
7,869
132,357
Employers
Holdings,
Inc.
................
9,872
415,809
Hagerty,
Inc.
,
Class
A
(a)
.................
18,566
188,631
Hamilton
Insurance
Group
Ltd.
,
Class
B
.....
18,924
620,139
Hanover
Insurance
Group,
Inc.
(The)
.......
16,515
3,099,700
HCI
Group,
Inc.
......................
3,829
588,020
Horace
Mann
Educators
Corp.
............
18,882
857,998
Kinsale
Capital
Group,
Inc.
(b)
.............
379
122,648
Old
Republic
International
Corp.
...........
79,450
3,174,027
Palomar
Holdings,
Inc.
(a)
................
5,084
612,012
ProAssurance
Corp.
(a)
..................
22,573
557,553
RenaissanceRe
Holdings
Ltd.
............
11,994
3,681,798
RLI
Corp.
..........................
38,362
1,986,001
Ryan
Specialty
Holdings,
Inc.
,
Class
A
.......
4,673
162,480
Safety
Insurance
Group,
Inc.
.............
6,919
520,032
Selective
Insurance
Group,
Inc.
...........
25,212
2,116,547
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....
4,907
223,023
White
Mountains
Insurance
Group
Ltd.
......
1,181
2,635,980
24,607,045
Interactive
Media
&
Services
—
0.4%
Grindr,
Inc.
(a)
........................
13,689
183,022
Match
Group,
Inc.
....................
4,725
176,809
Yelp,
Inc.
,
Class
A
(a)
...................
27,113
748,319
1,108,150
IT
Services
—
0.3%
Akamai
Technologies,
Inc.
(a)
(b)
.............
6,834
703,765
Hackett
Group,
Inc.
(The)
...............
11,245
145,173
848,938
Leisure
Products
—
0.1%
Sturm
Ruger
&
Co.,
Inc.
................
6,677
289,648
Machinery
—
1.2%
Donaldson
Co.,
Inc.
...................
15,269
1,346,268
ESCO
Technologies,
Inc.
...............
642
207,976
Mueller
Industries,
Inc.
.................
1,200
162,516
RBC
Bearings,
Inc.
(a)
..................
2,287
1,370,119
Watts
Water
Technologies,
Inc.
,
Class
A
......
1,032
309,765
3,396,644
Marine
Transportation
—
0.1%
Genco
Shipping
&
Trading
Ltd.
............
15,052
364,861
Media
—
1.6%
New
York
Times
Co.
(The)
,
Class
C
........
51,311
4,055,108
Paramount
Skydance
Corp.
,
Class
B,
NVS
(b)
..
17,273
176,875
Versant
Media
Group,
Inc.
...............
5,540
222,653
4,454,636
Security
Shares
Shares
Value
Metals
&
Mining
—
1.3%
McEwen,
Inc.
(a)
......................
9,271
$
200,995
Royal
Gold,
Inc.
......................
15,400
3,594,052
3,795,047
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.7%
AGNC
Investment
Corp.
................
271,218
2,988,822
ARMOUR
Residential
REIT,
Inc.
...........
27,541
483,069
Dynex
Capital,
Inc.
....................
68,143
928,108
Orchid
Island
Capital,
Inc.
...............
71,894
505,415
4,905,414
Multi-Utilities
—
0.6%
Avista
Corp.
........................
16,265
668,492
Northwestern
Energy
Group,
Inc.
..........
15,966
1,154,980
1,823,472
Office
REITs
—
0.1%
COPT
Defense
Properties
...............
6,840
213,750
Oil,
Gas
&
Consumable
Fuels
—
4.0%
Antero
Midstream
Corp.
................
72,002
1,573,964
CNX
Resources
Corp.
(a)
................
18,883
734,737
DT
Midstream,
Inc.
....................
14,306
2,117,145
Gulfport
Energy
Corp.
(a)
................
2,243
431,867
Hess
Midstream
LP
,
Class
A
.............
35,510
1,388,441
International
Seaways,
Inc.
..............
13,983
1,159,890
Kimbell
Royalty
Partners
LP
.............
10,219
157,373
Par
Pacific
Holdings,
Inc.
(a)
..............
5,537
363,615
Plains
GP
Holdings
LP
,
Class
A
...........
84,807
2,073,531
Sunococorp
LLC
.....................
19,105
1,273,921
Viper
Energy,
Inc.
,
Class
A
..............
4,174
206,112
11,480,596
Pharmaceuticals
—
2.7%
(a)
Alumis,
Inc.
.........................
5,733
141,548
Amneal
Pharmaceuticals,
Inc.
,
Class
A
......
9,390
120,849
ANI
Pharmaceuticals,
Inc.
...............
6,658
528,978
Axsome
Therapeutics,
Inc.
..............
3,461
719,023
Collegium
Pharmaceutical,
Inc.
(b)
..........
9,167
309,203
Harmony
Biosciences
Holdings,
Inc.
........
4,626
144,609
Indivior
Pharmaceuticals,
Inc.
............
16,668
613,049
Innoviva,
Inc.
.......................
32,967
757,911
Jazz
Pharmaceuticals
plc
...............
4,716
957,442
Ligand
Pharmaceuticals,
Inc.
.............
948
217,519
Pacira
BioSciences,
Inc.
................
12,350
314,802
Prestige
Consumer
Healthcare,
Inc.
........
22,317
1,256,893
Supernus
Pharmaceuticals,
Inc.
...........
21,710
1,042,080
Tarsus
Pharmaceuticals,
Inc.
.............
4,405
280,202
Theravance
Biopharma,
Inc.
.............
17,734
296,867
7,700,975
Professional
Services
—
4.9%
Barrett
Business
Services,
Inc.
............
11,933
376,248
CACI
International,
Inc.
,
Class
A
(a)
.........
2,592
1,346,648
CSG
Systems
International,
Inc.
...........
12,615
1,014,372
ExlService
Holdings,
Inc.
(a)
..............
21,808
695,239
Exponent,
Inc.
.......................
10,625
710,706
FTI
Consulting,
Inc.
(a)
..................
14,330
2,569,369
Genpact
Ltd.
........................
26,962
936,930
Huron
Consulting
Group,
Inc.
(a)
............
7,187
939,089
ICF
International,
Inc.
..................
7,238
518,675
KBR,
Inc.
..........................
11,761
440,920
Maximus,
Inc.
.......................
20,534
1,347,441
Parsons
Corp.
(a)
......................
10,166
512,468
Science
Applications
International
Corp.
.....
4,319
417,950
TIC
Solutions,
Inc.
(a)
...................
15,260
139,476
UL
Solutions,
Inc.
,
Class
A
...............
16,138
1,460,328
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Verra
Mobility
Corp.
,
Class
A
(a)
............
41,122
$
609,839
14,035,698
Residential
REITs
—
1.1%
American
Homes
4
Rent
,
Class
A
..........
11,677
371,796
Equity
LifeStyle
Properties,
Inc.
...........
44,547
2,819,379
3,191,175
Retail
REITs
—
4.0%
Agree
Realty
Corp.
...................
53,344
4,113,356
Curbline
Properties
Corp.
...............
9,604
265,070
Getty
Realty
Corp.
....................
25,429
842,209
InvenTrust
Properties
Corp.
..............
26,824
861,587
Kite
Realty
Group
Trust
.................
13,201
345,338
NETSTREIT
Corp.
....................
38,783
797,766
NNN
REIT,
Inc.
......................
52,403
2,294,727
Phillips
Edison
&
Co.,
Inc.
...............
47,211
1,896,230
11,416,283
Semiconductors
&
Semiconductor
Equipment
—
0.1%
(a)
Cirrus
Logic,
Inc.
.....................
1,215
198,142
MACOM
Technology
Solutions
Holdings,
Inc.
..
598
168,403
366,545
Software
—
6.4%
A10
Networks,
Inc.
....................
33,290
888,177
ACI
Worldwide,
Inc.
(a)
..................
7,601
328,515
Alarm.com
Holdings,
Inc.
(a)
..............
11,937
530,122
Appfolio,
Inc.
,
Class
A
(a)
................
6,700
1,119,503
AvePoint,
Inc.
,
Class
A
(a)
................
15,208
148,278
Bentley
Systems,
Inc.
,
Class
B
............
27,684
903,052
Blackbaud,
Inc.
(a)
.....................
17,763
660,251
BlackLine,
Inc.
(a)
.....................
3,821
119,406
Box,
Inc.
,
Class
A
(a)
...................
66,475
1,608,695
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
.....
193,959
1,016,345
Clear
Secure,
Inc.
,
Class
A
..............
16,253
867,748
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
..
36,269
877,710
Daily
Journal
Corp.
(a)
..................
418
221,022
Dolby
Laboratories,
Inc.
,
Class
A
..........
28,243
1,811,506
Dropbox,
Inc.
,
Class
A
(a)
................
81,001
1,967,514
Dynatrace,
Inc.
(a)
.....................
34,158
1,236,861
Guidewire
Software,
Inc.
(a)
...............
6,611
914,896
I3
Verticals,
Inc.
,
Class
A
(a)
(b)
.............
10,622
239,526
InterDigital,
Inc.
......................
3,954
1,172,598
N-able,
Inc.
(a)
........................
34,859
180,570
nCino,
Inc.
(a)
........................
10,205
178,383
Progress
Software
Corp.
(a)
...............
17,281
481,276
Qualys,
Inc.
(a)
.......................
1,373
119,355
Sprinklr,
Inc.
,
Class
A
(a)
.................
53,192
261,705
Vertex,
Inc.
,
Class
A
(a)
..................
11,559
142,985
Yext,
Inc.
(a)
(b)
........................
32,137
124,049
18,120,048
Specialized
REITs
—
0.4%
Four
Corners
Property
Trust,
Inc.
..........
41,525
1,061,794
Specialty
Retail
—
1.2%
GameStop
Corp.
,
Class
A
(a)
(b)
.............
7,497
187,050
Murphy
USA,
Inc.
....................
4,178
2,456,664
Valvoline,
Inc.
(a)
......................
21,613
718,200
3,361,914
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Diebold
Nixdorf,
Inc.
(a)
..................
3,528
270,986
GPGI,
Inc.
,
Class
A
...................
11,207
172,924
443,910
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
0.4%
GATX
Corp.
........................
3,226
$
632,038
McGrath
RentCorp
....................
3,578
395,548
1,027,586
Water
Utilities
—
1.1%
American
States
Water
Co.
..............
12,565
946,019
California
Water
Service
Group
...........
27,658
1,168,274
Essential
Utilities,
Inc.
..................
26,468
1,011,077
3,125,370
Wireless
Telecommunication
Services
—
0.2%
Array
Digital
Infrastructure,
Inc.
...........
7,462
370,787
Telephone
&
Data
Systems,
Inc.
...........
4,739
213,539
584,326
Total
Common
Stocks
—
99
.6
%
(Cost:
$
253,508,425
)
..............................
282,527,230
Rights
Biotechnology
—
0.0%
Contra
Chinook
Therape,
CVR
(a)
(c)
.........
72,502
12,325
Total
Rights
—
0.0
%
(Cost:
$
—
)
.....................................
12,325
Total
Long-Term
Investments
—
99.6%
(Cost:
$
253,508,425
)
..............................
282,539,555
Short-Term
Securities
Money
Market
Funds
—
1.8%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.83
%
(f)
...................
4,119,132
4,120,368
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
....................
1,006,994
1,006,994
Total
Short-Term
Securities
—
1
.8
%
(Cost:
$
5,123,144
)
...............................
5,127,362
Total
Investments
—
101
.4
%
(Cost:
$
258,631,569
)
..............................
287,666,917
Liabilities
in
Excess
of
Other
Assets
—
(
1.4
)
%
.............
(
3,895,104
)
Net
Assets
—
100.0%
...............................
$
283,771,813
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
5
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
Sales
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
..............
$
16,270,725
$
—
$
(
12,150,537
)
(a)
$
4,122
$
(
3,942
)
$
4,120,368
4,119,132
$
127,783
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
501,409
505,585
(a)
—
—
—
1,006,994
1,006,994
18,567
—
$
4,122
$
(
3,942
)
$
5,127,362
$
146,350
$
—
—
—
(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
Dow
Jones
U.S.
Real
Estate
Index
..............................................
18
06/18/26
$
701
$
6,188
Equity
Swap
Contracts
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Long
contracts
(a)
Axis
Capital
Holdings
Ltd.
.....
Merrill
Lynch
International
&
Co.
USD
10,302‌
02/15/28
0.00%
1D
OBFR01
Monthly
$
141‌
Employers
Holdings,
Inc.
......
JPMorgan
Chase
Bank
NA
27,161‌
02/09/27
0.40%
1D
OBFR01
Monthly
(
36‌
)
MarketAxess
Holdings,
Inc.
....
Merrill
Lynch
International
&
Co.
7,920‌
02/15/28
0.00%
1D
OBFR01
Monthly
(
375‌
)
SiriusPoint
Ltd.
............
Goldman
Sachs
Bank
USA
332,458‌
08/18/26
0.20%
1D
FEDL01
Monthly
9,421‌
SiriusPoint
Ltd.
............
JPMorgan
Chase
Bank
NA
313,879‌
02/09/27
0.40%
1D
OBFR01
Monthly
2,296‌
Total
long
positions
of
equity
swaps
11,447‌
Net
dividends
and
financing
fees
(
1,285‌
)
Total
equity
swap
contracts
including
dividends
and
financing
fees
$
10,162‌
(a)
The
Fund
receives
the
total
return
on
a
reference
entity
and
pays
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
position.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
MSCI
USA
Small-Cap
Min
Vol
Factor
ETF
6
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
.........................................
$
282,527,230
$
—
$
—
$
282,527,230
Rights
................................................
—
—
12,325
12,325
Short-Term
Securities
Money
Market
Funds
......................................
5,127,362
—
—
5,127,362
$
287,654,592
$
—
$
12,325
$
287,666,917
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
6,188
$
11,858
$
—
$
18,046
Liabilities
Equity
contracts
...........................................
—
(
1,696
)
—
(
1,696
)
$
6,188
$
10,162
$
—
$
16,350
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
FEDL01
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
NVS
Non-Voting
Shares
OBFR01
USD
-
1D
Overnight
Bank
Funding
Rate
REIT
Real
Estate
Investment
Trust