Schedule of Investments (unaudited) 
June 30, 2026
iShares® Russell Top 200 Value ETF
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.3%
Boeing Co. (The)(a)
40,335
$  8,731,318
General Dynamics Corp.
38,540
13,652,410
Honeywell Aerospace, Inc.(a)
47,555
10,513,459
Northrop Grumman Corp.
20,139
10,256,994
RTX Corp.
203,136
38,540,993
TransDigm Group, Inc.
4,192
5,583,912
 
87,279,086
Air Freight & Logistics — 0.6%
FedEx Corp.
32,959
10,320,452
United Parcel Service, Inc., Class B
112,445
12,087,837
 
22,408,289
Automobiles — 0.3%
General Motors Co.
135,755
10,463,995
Banks — 7.6%
Bank of America Corp.
928,053
52,880,460
Citigroup, Inc.
216,754
30,336,890
JPMorgan Chase & Co.
402,615
131,787,968
PNC Financial Services Group, Inc. (The)
60,469
14,888,677
Truist Financial Corp.
187,674
9,349,919
U.S. Bancorp
234,328
14,153,411
Wells Fargo & Co.
461,303
38,122,080
 
291,519,405
Beverages — 1.9%
Coca-Cola Co. (The)
518,084
42,104,687
Monster Beverage Corp.(a)
57,376
5,514,981
PepsiCo, Inc.
181,244
24,540,437
 
72,160,105
Biotechnology — 3.2%
AbbVie, Inc.
245,361
61,742,642
Amgen, Inc.
23,803
8,619,542
Gilead Sciences, Inc.
187,090
23,636,951
Regeneron Pharmaceuticals, Inc.
15,226
9,494,020
Vertex Pharmaceuticals, Inc.(a)
38,311
19,030,223
 
122,523,378
Broadline Retail — 8.3%
Amazon.com, Inc.(a)
1,338,645
319,052,649
Building Products — 0.5%
Carrier Global Corp.
117,567
8,623,540
Johnson Controls International PLC
86,257
12,603,010
 
21,226,550
Capital Markets — 5.1%
Bank of New York Mellon Corp. (The)
96,875
14,009,094
BlackRock, Inc.(b)
23,020
22,135,111
Blackstone, Inc., Class A
23,312
2,743,123
Brookfield Asset Management Ltd., Class A
3,792
170,071
Charles Schwab Corp. (The)
227,648
21,005,081
CME Group, Inc., Class A
54,430
12,019,777
Goldman Sachs Group, Inc. (The)
43,447
43,940,992
Interactive Brokers Group, Inc., Class A
39,109
3,404,047
Intercontinental Exchange, Inc.
84,623
10,417,938
KKR & Co., Inc., Class A
80,675
7,404,352
Moody’s Corp.
12,159
5,507,054
Morgan Stanley
168,793
35,284,489
S&P Global, Inc.
44,777
18,235,881
 
196,277,010
Chemicals — 1.7%
Air Products & Chemicals, Inc.
32,968
9,665,558
Security
 
 
Shares
Value
Chemicals (continued)
Ecolab, Inc.
37,339
$  10,403,019
Linde PLC
69,425
36,027,409
Sherwin-Williams Co. (The)
25,665
8,836,973
 
64,932,959
Commercial Services & Supplies — 0.4%
Republic Services, Inc.
29,954
6,382,598
Waste Management, Inc.
40,951
9,127,159
 
15,509,757
Communications Equipment — 2.0%
Cisco Systems, Inc.
594,936
69,881,183
Motorola Solutions, Inc.
15,483
6,429,935
 
76,311,118
Construction Materials — 0.3%
CRH PLC
100,662
10,770,834
Consumer Finance — 1.0%
American Express Co.
56,685
19,173,701
Capital One Financial Corp.
93,891
18,836,413
 
38,010,114
Consumer Staples Distribution & Retail — 2.9%
Costco Wholesale Corp.
37,622
35,194,253
Target Corp.
68,359
8,928,369
Walmart, Inc.
604,228
68,434,863
 
112,557,485
Diversified Telecommunication Services — 1.6%
AT&T Inc.
1,020,113
21,116,339
Comcast Corp., Class A
533,813
13,105,109
Space Exploration Technologies Corp., Class A(a)(c)
7,717
1,318,527
Verizon Communications, Inc.
630,477
26,694,396
 
62,234,371
Electric Utilities — 2.1%
American Electric Power Co., Inc.
82,053
11,225,671
Constellation Energy Corp.
45,079
11,196,271
Duke Energy Corp.
117,323
14,850,745
NextEra Energy, Inc.
314,350
27,590,500
Southern Co. (The)
169,933
16,264,287
 
81,127,474
Electrical Equipment — 0.9%
Eaton Corp. PLC
49,477
21,083,139
Emerson Electric Co.
84,601
12,110,633
 
33,193,772
Energy Equipment & Services — 0.3%
SLB Ltd.
225,152
10,467,316
Entertainment — 0.7%
Walt Disney Co. (The)
267,137
25,711,936
Financial Services — 3.8%
Apollo Global Management, Inc.
63,234
7,481,215
Berkshire Hathaway, Inc., Class B(a)
280,442
140,330,372
 
147,811,587
Food Products — 0.3%
Mondelez International, Inc., Class A
193,306
11,180,819
Ground Transportation — 1.7%
CSX Corp.
279,658
13,292,145
Norfolk Southern Corp.
33,849
10,648,557
Uber Technologies, Inc.(a)
265,932
19,189,653
Union Pacific Corp.
83,305
22,658,960
 
65,789,315
1
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Russell Top 200 Value ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories
260,941
$  23,677,786
Boston Scientific Corp.(a)
223,265
9,528,950
Medtronic PLC
193,153
15,110,359
Stryker Corp.
52,052
16,388,052
 
64,705,147
Health Care Providers & Services — 2.9%
Cigna Group (The)
39,320
10,839,738
CVS Health Corp.
193,259
19,992,644
Elevance Health, Inc.
32,699
12,645,684
HCA Healthcare, Inc.
22,496
8,770,965
McKesson Corp.
1,187
896,897
UnitedHealth Group, Inc.
136,001
56,526,096
 
109,672,024
Health Care REITs — 0.6%
Welltower, Inc.
106,465
24,164,361
Hotels, Restaurants & Leisure — 1.0%
Marriott International, Inc., Class A
8,238
3,052,920
McDonald’s Corp.
106,958
28,911,817
Starbucks Corp.
77,382
7,907,667
 
39,872,404
Household Products — 1.5%
Colgate-Palmolive Co.
68,206
6,253,126
Procter & Gamble Co. (The)
351,166
51,494,982
 
57,748,108
Industrial Conglomerates — 0.6%
3M Co.
67,674
10,957,097
Honeywell International, Inc.
47,555
10,647,565
 
21,604,662
Industrial REITs — 0.5%
Prologis, Inc.
140,372
19,016,195
Insurance — 2.4%
Aflac, Inc.
68,561
8,038,777
Aon PLC, Class A
31,337
10,394,170
Arthur J. Gallagher & Co.
38,409
8,817,554
Chubb Ltd.
53,002
18,059,902
Marsh & McLennan Cos., Inc.
72,642
12,107,242
MetLife, Inc.
81,389
6,886,323
Progressive Corp. (The)
87,979
19,219,013
Travelers Cos., Inc. (The)
31,936
10,542,712
 
94,065,693
Interactive Media & Services — 0.9%
Meta Platforms, Inc., Class A
60,216
33,919,071
IT Services — 1.3%
Accenture PLC, Class A
92,434
11,502,487
International Business Machines Corp.
141,660
39,836,209
 
51,338,696
Life Sciences Tools & Services — 1.2%
Danaher Corp.
95,179
18,129,696
Thermo Fisher Scientific, Inc.
55,994
28,073,152
 
46,202,848
Machinery — 1.8%
Cummins, Inc.
11,392
8,124,888
Deere & Co.
37,175
23,581,218
Illinois Tool Works, Inc.
30,714
8,307,216
PACCAR, Inc.
77,801
9,345,456
Parker-Hannifin Corp.
19,003
18,587,214
 
67,945,992
Security
 
 
Shares
Value
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.
215,468
$  13,550,782
Newmont Corp.
160,694
15,008,820
Southern Copper Corp.
10,765
1,875,909
 
30,435,511
Multi-Utilities — 0.5%
Dominion Energy, Inc.
132,512
9,049,244
Sempra
98,450
9,127,300
 
18,176,544
Oil, Gas & Consumable Fuels — 4.8%
Chevron Corp.
279,368
46,308,040
ConocoPhillips
183,648
19,092,046
EOG Resources, Inc.
80,651
10,462,854
Exxon Mobil Corp.
626,804
85,696,643
Valero Energy Corp.
39,205
10,210,550
Williams Cos., Inc. (The)
183,603
13,649,047
 
185,419,180
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.
307,526
17,719,648
Johnson & Johnson
362,859
92,155,300
Merck & Co., Inc.
372,535
47,870,748
Pfizer, Inc.
857,410
20,646,433
 
178,392,129
Professional Services — 0.2%
Automatic Data Processing, Inc.
38,159
8,545,708
Semiconductors & Semiconductor Equipment — 3.9%
Analog Devices, Inc.
68,308
27,129,888
Intel Corp.(a)
660,355
92,205,369
QUALCOMM, Inc.
158,871
29,357,772
 
148,693,029
Software — 6.7%
Adobe, Inc.(a)
18,373
3,766,833
Intuit, Inc.
27,906
7,283,466
Microsoft Corp.
559,354
208,650,229
Salesforce, Inc.
119,682
18,749,382
Strategy, Inc., Class A(a)
49,114
4,269,480
Synopsys, Inc.(a)
28,027
12,502,004
 
255,221,394
Specialized REITs — 0.7%
American Tower Corp.
24,709
4,041,651
Equinix, Inc.
14,811
15,438,838
Public Storage
21,099
6,716,023
 
26,196,512
Specialty Retail — 1.7%
AutoZone, Inc.(a)
2,146
6,858,487
Home Depot, Inc. (The)
39,054
13,773,565
Lowe’s Cos., Inc.
84,438
18,617,734
O’Reilly Automotive, Inc.(a)
124,953
11,506,922
Ross Stores, Inc.
6,115
1,301,578
TJX Cos., Inc. (The)
90,536
13,716,204
 
65,774,490
Technology Hardware, Storage & Peripherals — 8.0%
Apple Inc.
997,677
288,687,817
Dell Technologies, Inc., Class C
39,971
17,245,887
 
305,933,704
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B
177,725
7,295,611
2
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Russell Top 200 Value ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Tobacco — 1.6%
Altria Group, Inc.
251,677
$  18,108,160
Philip Morris International, Inc.
234,824
42,482,010
 
60,590,170
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.
73,396
12,310,711
Total Long-Term Investments — 99.9%
(Cost: $3,516,210,728)
3,831,759,218
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.82%(b)(d)(e)
1,171,647
1,171,999
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.62%(b)(d)
1,833,151
1,833,151
Total Short-Term Securities — 0.1%
(Cost: $3,005,150)
3,005,150
Total Investments — 100.0%
(Cost: $3,519,215,878)
3,834,764,368
Other Assets Less Liabilities — 0.0%
1,027,995
Net Assets — 100.0%
$  3,835,792,363
 
(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 June 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
03/31/26
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional,
SL Agency Shares
$  —
 
$  1,171,999
(a)
$  —
$  —
$  —
$  1,171,999
1,171,647
$  22
(b)
$  —
BlackRock Cash Funds: Treasury, SL
Agency Shares
6,213,401
 
—
(4,380,250
)(a)
—
—
1,833,151
1,833,151
50,189
—
BlackRock, Inc.
24,359,153
 
5,822,268
(8,245,287
)
253,817
(54,840
)
22,135,111
23,020
132,472
—
 
$  253,817
$  (54,840
)
$  25,140,261
$  182,683
$  —
 
(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.
3
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Russell Top 200 Value ETF
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
 
 
Russell 1000 Value E-Mini Index
26
09/18/26
$  3,121
$  (7,625
)
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 
$  3,831,759,218
$  —
$  —
$  3,831,759,218
Short-Term Securities
Money Market Funds
3,005,150
—
—
3,005,150
 
$  3,834,764,368
$  —
$  —
$  3,834,764,368
Derivative Financial Instruments(a)
Liabilities
Equity Contracts
$  (7,625
)
$  —
$  —
$  (7,625
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
 
Portfolio Abbreviation 
REIT
Real Estate Investment Trust
4