Schedule of Investments (unaudited) 
June 30, 2026
iShares® Preferred and Income Securities ETF
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Corporate Bonds
Textiles, Apparel & Luxury Goods — 0.0%
Fossil Group, Inc., 7.50%, 06/30/29
USD  
1,175
$  868,270
Total Corporate Bonds — 0.0%
(Cost: $845,453)
868,270
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 98.3%
Aerospace & Defense — 3.9%
Boeing Co. (The), 6.00%(a)
7,071,861
475,936,244
VSE Corp., 5.75%(a)
566,275
32,657,079
 
508,593,323
Automobiles — 0.8%
Ford Motor Co.
6.00%
1,969,534
38,464,999
6.50%, NVS
1,477,165
31,360,213
6.20%
1,846,469
37,427,927
 
107,253,139
Banks — 22.4%
Associated Banc-Corp
6.63%
738,555
17,954,272
Series E, 5.88%, NVS(b)
246,187
4,936,049
Series F, 5.63%, NVS(b)
246,187
4,748,947
Atlantic Union Bankshares Corp., Series A, 6.88%,
NVS(b)
422,004
10,216,717
Banc of California, Inc., Series F, 7.75%, NVS(b)
1,255,656
31,491,852
Bank of America Corp.
Series 02, (3-mo. CME Term SOFR + 0.912%),
4.57%, NVS(b)(c)
531,398
9,830,863
Series 4, (3-mo. CME Term SOFR + 1.012%),
4.67%, NVS(b)(c)
363,029
7,293,253
Series 5, (3-mo. CME Term SOFR + 0.762%),
4.40%, NVS(b)(c)(d)
722,173
13,764,617
Series E, (3-mo. CME Term SOFR + 0.612%),
4.26%, NVS(b)(c)
550,005
10,395,095
Series GG, 6.00%(b)
2,579,853
64,522,124
Series HH, 5.88%, NVS(b)(d)
1,532,963
37,756,879
Series K*, 6.45%
2,003,249
51,363,304
Series KK, 5.38%, NVS(b)
2,636,321
56,601,812
Series L, 7.25%, NVS(a)(b)
146,889
184,272,251
Series LL, 5.00%, NVS(b)
2,343,779
47,063,082
Series NN, 4.38%, NVS(b)
2,032,284
36,154,332
Series PP, 4.13%, NVS(b)
1,633,418
27,457,757
Series QQ, 4.25%, NVS(b)
2,458,430
42,088,322
Series SS, 4.75%, NVS(b)
1,287,515
24,758,913
Bank of Hawaii Corp.
8.00%(b)
403,664
10,608,290
Series A, 4.38%, NVS(b)
440,402
6,782,191
Bank OZK, Series A, 4.63%, NVS(b)
856,274
13,614,757
Citigroup, Inc., Series II, 6.25%(b)
1,969,534
49,553,475
Citizens Financial Group, Inc.
Series E, 5.00%, NVS(b)
1,107,860
20,251,681
Series H, 7.38%, NVS(b)
984,796
25,200,930
Series I, 6.50%, NVS(b)
984,796
24,403,245
ConnectOne Bancorp, Inc., Series A, 5.25%, NVS(b)
283,137
7,035,954
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS(b)
369,305
6,071,374
Dime Commercial Bancshares, Inc., 5.50%, NVS(b)
326,164
5,698,085
Fifth Third Bancorp
6.88%(b)(d)
984,796
25,506,216
Security
 
 
Shares
Value
Banks (continued)
Fifth Third Bancorp
Series A, 6.00%, NVS(b)
492,369
$  11,383,571
Series I, (3-mo. CME Term SOFR + 3.972%),
7.67%, NVS(b)(c)
1,107,861
27,929,176
Series K, 4.95%, NVS(b)
615,491
11,017,289
First Busey Corp., Series B, 8.25%, NVS(b)
529,324
13,683,025
First Citizens BancShares, Inc.
Series A, 5.38%, NVS(b)
849,358
16,919,211
Series C, 5.63%, NVS(b)(d)
492,369
10,068,946
Series E, 6.63%, NVS(b)
984,796
25,161,538
First Horizon Corp.
Series E, 6.50%, NVS(b)
369,305
8,671,281
Series F, 4.70%(b)
369,305
6,292,957
Series H, 6.75%(b)
984,796
24,600,204
Flagstar Bank N.A., Series A., 6.38%, NVS(b)
1,267,875
29,224,519
Fulton Financial Corp., Series A, 5.13%, NVS(b)
489,291
8,660,451
Hancock Whitney Corp., 6.25%
424,650
9,236,138
Huntington Bancshares, Inc.
Series C, 5.70%, NVS(b)
430,837
8,901,092
Series H, 4.50%, NVS(b)
1,230,924
20,187,154
Series J, 6.88%, NVS(b)
800,521
20,069,061
Series L, 5.50%, NVS(b)
424,650
8,361,359
JPMorgan Chase & Co.
Series DD, 5.75%, NVS(b)
4,176,001
100,265,784
Series EE, 6.00%, NVS(b)
4,554,559
115,184,797
Series GG, 4.75%, NVS(b)
2,215,720
42,785,553
Series JJ, 4.55%, NVS(b)
3,692,827
68,058,802
Series LL, 4.63%, NVS(b)
4,554,559
85,261,344
Series MM, 4.20%, NVS(b)
4,923,863
84,542,728
KeyCorp
6.20%, NVS(b)
1,477,165
36,840,495
Series E, 6.13%, NVS(b)
1,230,925
30,625,414
Series F, 5.65%, NVS(b)
1,046,328
21,836,865
Series G, 5.63%, NVS(b)
1,107,861
22,788,701
Live Oak Bancshares, Inc., Series A, 8.38%, NVS(b)
246,186
6,176,807
M&T Bank Corp.
Series H, 5.63%, NVS(b)
615,492
15,374,990
Series J, 7.50%, NVS(b)
1,846,469
48,008,194
Series K, 6.35%, NVS(b)
1,107,700
27,127,573
Midland States Bancorp, Inc., 7.75%, NVS(b)
283,138
7,050,136
Old National Bancorp
Series A, 7.00%, NVS(b)
265,904
6,589,101
Series C, 7.00%, NVS(b)
301,586
7,455,206
Pinnacle Financial Partners, Inc.
Series A, (3-mo. CME Term SOFR + 3.614%),
7.35%, NVS(b)(c)
492,369
12,456,936
Series B, 8.40%, NVS(b)
861,674
23,161,797
Series C, 6.75%, NVS(b)(d)
553,901
13,542,879
Popular Capital Trust II, 6.13%
248,729
6,218,225
Regions Financial Corp.
6.95%(b)
1,230,924
31,056,213
Series C, 5.70%, NVS(b)
1,230,924
30,096,092
Series E, 4.45%, NVS(b)
984,796
15,865,064
Texas Capital Bancshares, Inc., Series B, 5.75%,
NVS(b)(d)
738,555
15,103,450
Truist Financial Corp.
Series I, (3-mo. CME Term SOFR + 0.792%),
4.53%, NVS(b)(c)
424,708
7,606,520
Series O, 5.25%, NVS(b)
1,415,633
29,048,789
Series R, 4.75%, NVS(b)
2,277,306
42,130,161
1
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Banks (continued)
U.S. Bancorp
Series A, (3-mo. CME Term SOFR + 1.282%),
4.96%, NVS(b)(c)
35,335
$  27,098,412
Series B*, (3-mo. CME Term SOFR + 0.862%),
4.54%, NVS(b)(c)
2,461,903
45,225,158
Series K, 5.50%, NVS(b)
1,415,633
30,209,608
Series L, 3.75%, NVS(b)
1,230,924
17,959,181
Series M, 4.00%, NVS(b)
1,846,469
28,380,229
Series O, 4.50%, NVS(b)
1,107,860
19,310,000
UMB Financial Corp., 7.75%, NVS(b)
738,555
19,475,695
Valley National Bancorp
Series A, (3-mo. CME Term SOFR + 4.112%),
7.85%, NVS(b)(c)(d)
283,137
6,956,676
Series B, (3-mo. CME Term SOFR + 3.840%),
7.57%, NVS(b)(c)
246,186
6,130,031
Series C, 8.25%(b)
369,305
9,380,347
WaFd, Inc., Series A, 4.88%, NVS(b)
733,965
11,824,176
Webster Financial Corp.
Series F, 5.25%, NVS(b)
369,305
7,692,623
Series G, 6.50%(b)
332,354
7,730,554
Wells Fargo & Co.
Series AA, 4.70%, NVS(b)
2,880,424
52,855,780
Series CC, 4.38%, NVS(b)
2,585,025
44,333,179
Series DD, 4.25%, NVS(b)
3,077,394
51,577,123
Series L, 7.50%, NVS(a)(b)
244,091
282,413,287
Series Y, 5.63%, NVS(b)
1,698,770
38,426,177
Series Z, 4.75%, NVS(b)(d)
4,954,573
92,551,424
WesBanco, Inc., Series B, 7.38%(b)
562,711
14,163,436
Western Alliance Bancorp, Series A, 4.25%, NVS(b)
738,555
17,666,236
Wintrust Financial Corp., Series F, 7.88%(b)
1,046,550
27,409,145
 
2,948,790,704
Capital Markets — 9.7%
Affiliated Managers Group, Inc.
4.20%
492,369
7,119,656
4.75%
677,023
10,947,462
5.88%
738,498
14,570,566
6.75%
1,107,860
25,414,308
Ares Management Corp., Series B, 6.75%, NVS(a)
1,845,717
67,645,528
Bank of New York Mellon Corp. (The), Series K,
6.15%, NVS(b)
1,230,916
31,031,392
BRC Group Holdings, Inc.
6.50%
411,694
10,259,414
6.00%
538,808
11,002,459
5.25%(d)
938,530
17,193,870
5.00%(d)
466,287
11,316,785
Brookfield Oaktree Holdings LLC
Series A, 6.63%, NVS(b)
443,157
9,248,687
Series B, 6.55%, NVS(b)
578,537
12,050,926
Carlyle Finance LLC, 4.63%, NVS
1,230,924
20,076,370
Charles Schwab Corp. (The)
Series D, 5.95%, NVS(b)(d)
1,846,470
44,666,109
Series J, 4.45%, NVS(b)
1,477,165
25,820,844
CION Investment Corp.
7.50%
424,638
10,548,008
7.50%
305,829
7,449,994
DigitalBridge Group, Inc.
Series H, 7.13%, NVS(b)
516,715
7,704,221
Series I, 7.15%, NVS(b)
791,930
11,823,515
Series J, 7.13%, NVS(b)
714,410
10,830,456
Gladstone Investment Corp.
4.88%
331,255
7,880,556
7.88%
311,417
7,934,905
Security
 
 
Shares
Value
Capital Markets (continued)
Gladstone Investment Corp.
7.13%
246,025
$  6,130,943
Goldman Sachs Group, Inc. (The)
Series A, (3-mo. CME Term SOFR + 1.012%),
4.66%, NVS(b)(c)
1,846,412
35,340,326
Series C, (3-mo. CME Term SOFR + 1.012%),
4.66%, NVS(b)(c)
492,369
9,478,103
Series D, (3-mo. CME Term SOFR + 0.932%),
4.58%, NVS(b)(c)
3,323,519
62,714,804
KKR & Co., Inc.
Series D, 6.25%(a)
3,185,130
126,927,430
Series T, 6.88%
1,452,530
35,238,378
Morgan Stanley
Series A, (3-mo. CME Term SOFR + 0.962%),
4.64%(b)(c)
2,708,090
50,912,092
Series E, 7.13%, NVS(b)
2,123,420
53,552,652
Series F, 6.88%, NVS(b)
2,092,598
52,524,210
Series I, 6.38%, NVS(b)
2,461,903
61,350,623
Series K, 5.85%, NVS(b)
2,461,903
58,002,435
Series L, 4.88%, NVS(b)
1,230,924
24,039,946
Series O, 4.25%, NVS(b)
3,200,458
54,311,772
Series P, 6.50%, NVS(b)
2,461,903
62,015,337
Series Q, 6.63%, NVS(b)
2,461,903
62,532,336
New Mountain Finance Corp., 8.25%
283,137
7,163,366
Northern Trust Corp., Series E, 4.70%, NVS(b)
984,796
18,484,621
PennantPark Floating Rate Capital Ltd., 7.38%
247,675
6,300,852
Prospect Capital Corp., Series A, 5.35%(b)
323,158
5,303,023
Runway Growth Finance Corp., 7.25%
246,025
5,990,709
Saratoga Investment Corp.
7.50%
246,025
6,039,914
Series 2027, 6.00%
259,717
6,472,148
State Street Corp., Series G, 5.35%, NVS(b)(c)(d)
1,230,925
26,452,578
Stifel Financial Corp.
5.20%
553,902
11,061,423
Series B, 6.25%, NVS(b)
393,940
8,903,044
Series C, 6.13%, NVS(b)
553,901
12,130,432
Series D, 4.50%, NVS(b)
738,555
11,875,964
Trinity Capital, Inc.
7.88%, NVS
287,129
7,221,294
7.88%
293,432
7,362,209
 
1,278,368,995
Chemicals — 1.2%
Albemarle Corp., 7.25%, NVS(a)
2,831,207
156,707,307
EIDP, Inc., Series B, 4.50%, NVS(b)
102,996
6,881,163
 
163,588,470
Commercial Services & Supplies — 0.1%
Pitney Bowes, Inc., 6.70%
854,538
16,817,308
Consumer Finance — 2.2%
Atlanticus Holdings Corp.
6.13%
364,854
9,161,484
9.25%, NVS
411,685
10,469,150
Bread Financial Holdings, Inc., Series B, 8.88%,
NVS(b)
327,310
8,189,296
Capital One Financial Corp.
Series I, 5.00%, NVS(b)
3,692,827
67,504,878
Series J, 4.80%, NVS(b)
3,077,394
53,885,169
Series K, 4.63%, NVS(b)
316,598
5,394,830
Series L, 4.38%, NVS(b)
1,661,761
26,438,617
Series N, 4.25%, NVS(b)
1,046,328
16,333,180
Navient Corp., 6.00%
738,555
13,323,532
2
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Consumer Finance (continued)
SLM Corp., Series B, (3-mo. CME Term SOFR +
1.962%), 5.63%(b)(c)
153,551
$  11,347,419
Synchrony Financial
Series A, 5.63%, NVS(b)
1,847,063
34,299,960
Series B, 8.25%, NVS(b)
1,230,924
31,844,004
 
288,191,519
Diversified REITs — 0.5%
AH Realty Trust, Inc., Series A, 6.75%, NVS(b)
421,239
9,111,400
Braemar Hotels & Resorts, Inc., Series B, 5.50%,
NVS(a)(b)
189,449
2,606,818
CTO Realty Growth, Inc., Series A, 6.38%, NVS(b)
290,077
6,062,609
EPR Properties, Series E, 9.00%, NVS(a)(b)
212,121
6,739,084
Global Net Lease, Inc.
Series A, 7.25%, NVS(b)
418,464
9,587,010
Series B, 6.88%(b)
288,981
6,239,100
Series D, 7.50%, NVS(b)
488,320
11,421,805
RLJ Lodging Trust, Series A, 1.95%(a)(b)
792,740
19,437,985
 
71,205,811
Diversified Telecommunication Services — 1.7%
AT&T Inc.
5.35%
3,255,915
66,681,139
Series A, 5.00%, NVS(b)
2,954,329
55,866,361
Series C, 4.75%, NVS(b)
4,308,372
76,861,357
Liberty Latin America Ltd., Series A, 9.00%, NVS(b)
917,442
19,899,317
 
219,308,174
Electric Utilities — 9.2%
BIP Bermuda Holdings I Ltd., 5.13%(b)
738,555
11,779,952
Brookfield BRP Holdings Canada, Inc.
4.63%, NVS(b)
861,669
12,451,117
4.88%(b)
640,068
9,671,427
7.25%(b)
369,305
9,280,635
Brookfield Infrastructure Finance ULC
5.00%
615,491
9,490,871
7.25%
388,968
9,724,200
Duke Energy Corp.
5.63%
1,230,924
28,532,818
Series A, 5.75%, NVS(b)
2,461,903
60,464,338
Entergy Arkansas LLC, 4.88%(d)
1,009,373
20,157,179
Entergy Louisiana LLC, 4.88%
664,704
13,280,786
Entergy Mississippi LLC, 4.90%
640,068
12,782,158
Georgia Power Co., Series 2017, 5.00%
664,704
14,071,784
NextEra Energy Capital Holdings, Inc.
Series N, 5.65%
1,692,583
37,236,826
Series U, 6.50%
2,154,250
52,412,903
NextEra Energy, Inc.
7.30%(a)
2,461,903
130,825,525
7.23%(a)
1,846,469
91,769,509
7.38%(a)
2,831,207
135,728,064
Pacific Gas & Electric Co., Series A, 6.00%(b)
259,196
5,660,841
PG&E Corp., Series A, 6.00%, NVS(a)
1,981,853
81,989,259
PPL Corp., 7.00%, NVS(a)
1,415,633
69,465,111
SCE Trust II, 5.10%, NVS(b)
541,639
9,088,702
SCE Trust VI, 5.00%, NVS(b)
1,169,392
19,353,438
SCE Trust VII, Series M, 7.50%(b)
1,354,043
32,429,330
SCE Trust VIII, Series N, 6.95%, NVS(b)
861,674
19,551,383
Southern Co. (The)
5.25%
1,107,860
22,622,501
6.50%
1,390,997
34,802,745
Series 2020, 4.95%
2,461,903
47,367,014
Series A, 7.13%(a)
2,461,903
122,455,055
Security
 
 
Shares
Value
Electric Utilities (continued)
Southern Co. (The)
Series C, 4.20%
1,846,469
$  31,242,255
Xcel Energy, Inc., 6.25%
2,215,400
52,061,900
 
1,207,749,626
Electrical Equipment — 0.4%
Babcock & Wilcox Enterprises, Inc., Series A,
7.75%, NVS(b)(d)
472,011
10,393,682
NextEra Energy Capital Holdings, Inc., Series .Z,
6.50%
1,477,165
36,958,668
 
47,352,350
Electronic Equipment, Instruments & Components — 0.4%
Novanta, Inc., 6.50%(a)
778,573
52,475,820
Financial Services — 5.0%
Apollo Global Management, Inc.
6.75%(a)
1,769,497
107,797,757
7.63%(d)
1,477,165
37,682,479
Brookfield Finance I UK PLC, 4.50%(b)
566,275
8,307,254
Brookfield Finance, Inc., Series 50, 4.63%, NVS
984,796
14,968,899
Citigroup Capital XIII, (3-mo. CME Term SOFR +
6.632%), 10.30%, NVS(c)
5,529,465
158,972,119
Compass Diversified Holdings
Series A, 7.25%, NVS(b)
287,882
5,642,487
Series B, 7.88%, NVS(b)
463,105
10,257,776
Series C, 7.88%, NVS(b)
486,645
10,725,656
Corebridge Financial, Inc., 6.38%
1,477,165
33,886,165
Equitable Holdings, Inc.
Series A, 5.25%, NVS(b)
1,957,222
37,656,951
Series C, 4.30%(b)
733,956
11,963,483
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS(b)
252,268
5,320,332
Series F, 5.25%, NVS(b)
298,936
5,655,869
Series G, 4.88%, NVS(b)
314,837
5,575,763
Series H, 6.50%(b)
246,185
5,819,813
Series I, 6.88%(b)
246,186
5,839,532
Flagstar Bank N.A., 6.00%, NVS(a)
178,522
7,324,758
Jackson Financial, Inc., 8.00%(b)
1,345,565
33,948,605
KKR Group Finance Co. IX LLC, 4.63%, NVS
1,231,354
19,935,621
LXP Industrial Trust, Series C, 6.50%, NVS(a)(b)
119,131
5,421,652
Merchants Bancorp
8.25%, NVS(b)
350,856
8,806,486
7.63%, NVS(b)
566,275
13,800,122
Series C, 6.00%, NVS(b)
483,000
9,466,800
National Rural Utilities Cooperative Finance Corp.,
Series US, 5.50%(d)
615,491
13,965,491
Shift4 Payments, Inc., 6.00%, NVS(a)
615,491
38,326,625
TPG Operating Group II LP, 6.95%
984,796
23,054,074
Voya Financial, Inc., Series B, 5.35%, NVS(b)
738,555
17,215,717
 
657,338,286
Food Products — 1.1%
CHS, Inc.
8.00%, NVS(b)
755,268
20,165,655
Series 1, 7.88%, NVS(b)
1,320,791
33,944,329
Series 2, 7.10%, NVS(b)(c)(d)
1,034,008
25,550,338
Series 3, 6.75%, NVS(b)(c)
1,213,007
29,281,989
Series 4, 7.50%(b)
1,274,008
32,168,702
 
141,111,013
Gas Utilities — 0.1%
Spire, Inc., 6.38%
492,369
11,698,687
Health Care Equipment & Supplies — 0.1%
Strive, Inc., Series A, 12.50%, NVS(b)(d)
204,372
18,608,071
3
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Providers & Services — 0.8%
BrightSpring Health Services, Inc., 6.75%(a)(d)
492,369
$  112,727,883
Health Care REITs — 0.2%
Diversified Healthcare Trust
6.25%, NVS
615,492
11,306,588
5.63%
861,674
15,355,031
 
26,661,619
Hotel & Resort REITs — 0.4%
Chatham Lodging Trust, Series A, 6.63%, NVS(b)
293,564
5,768,533
Pebblebrook Hotel Trust
Series E, 6.38%, NVS(b)
260,875
5,081,845
Series F, 6.30%, NVS(b)
360,272
6,996,482
Series G, 6.38%, NVS(b)
555,711
10,930,835
Series H, 5.70%, NVS(b)(d)
478,762
8,397,486
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS(b)
393,940
6,882,132
Series F, 5.88%, NVS(b)
246,187
4,049,776
Sunstone Hotel Investors, Inc., Series H, 6.13%(b)
279,408
6,077,124
 
54,184,213
Household Durables — 0.2%
Whirlpool Corp., Series A, 8.50%, NVS(a)
707,787
24,857,479
Independent Power and Renewable Electricity Producers — 0.4%
Brookfield Renewable Partners LP, Series 17,
5.25%, NVS(b)
492,000
7,945,800
El Paso Energy Capital Trust I, 4.75%(a)
271,458
13,705,915
Tennessee Valley Authority
Series A, (30-yr. CMT + 0.840%), 2.22%(c)(d)
512,958
12,110,938
Series D, (30-yr. CMT + 0.940%), 2.13%(c)
631,394
15,065,061
 
48,827,714
Industrial REITs — 0.0%
Innovative Industrial Properties, Inc., Series A,
9.00%, NVS(b)
93,843
2,330,122
Insurance — 7.7%
AEGON Funding Co. LLC, 5.10%, NVS(d)
2,277,306
42,813,353
Allstate Corp. (The)
(3-mo. CME Term SOFR + 3.427%), 7.10%,
NVS(c)
1,230,924
31,708,602
Series H, 5.10%, NVS(b)
2,831,207
56,284,395
Series I, 4.75%, NVS(b)
738,555
13,759,280
Series J, 7.38%(b)
1,477,165
38,435,833
American Financial Group, Inc.
5.88%
307,773
6,220,092
4.50%
492,369
7,818,820
5.63%
369,303
7,160,785
5.13%
492,369
8,739,550
American National Group, Inc., 7.38%, NVS(b)
738,555
17,333,886
Arch Capital Group Ltd.
Series F, 5.45%, NVS(b)(d)
812,403
15,541,269
Series G, 4.55%(b)
1,230,924
20,064,061
Aspen Insurance Holdings Ltd.
5.63%, NVS(b)
425,395
7,937,871
5.63%, NVS(b)
615,054
11,360,047
7.00%, NVS(b)
553,901
12,894,815
Assurant, Inc., 5.25%
611,657
11,621,483
Athene Holding Ltd.
7.25%
1,415,633
34,966,135
Series A, 6.35%, NVS(b)
2,123,420
51,344,296
Series B, 5.63%, NVS(b)(d)
849,358
15,789,565
Series D, 4.88%(b)
1,415,633
22,437,783
Series E, 7.75%, NVS(b)
1,230,924
30,785,409
Axis Capital Holdings Ltd., Series E, 5.50%, NVS(b)
1,345,565
25,310,078
Security
 
 
Shares
Value
Insurance (continued)
Brighthouse Financial, Inc.
6.25%
923,206
$  14,475,870
Series A, 6.60%, NVS(b)
1,046,328
15,391,485
Series B, 6.75%, NVS(b)
990,925
14,853,966
Series C, 5.38%(b)
1,415,633
16,945,127
Series D, 4.63%, NVS(b)
861,674
9,030,344
CNO Financial Group, Inc., 5.13%
366,983
6,080,908
F&G Annuities & Life, Inc.
7.95%
844,066
20,713,380
7.30%
917,428
18,834,797
Globe Life, Inc., 4.25%, NVS
800,142
12,162,158
Hartford Insurance Group, Inc. (The), Series G,
6.00%, NVS(b)
849,363
21,064,202
Kemper Corp., 5.88%
366,983
8,668,138
Lincoln National Corp., Series D, 9.00%(b)
1,223,256
31,853,586
Maiden Holdings Ltd., 6.63%
284,033
3,172,649
Maiden Holdings North America Ltd., 7.75%
375,437
4,411,385
MetLife, Inc.
Series A, (3-mo. CME Term SOFR + 1.262%),
4.93%, NVS(b)(c)
1,477,165
31,330,670
Series E, 5.63%, NVS(b)
1,981,795
44,689,477
Series F, 4.75%, NVS(b)
2,461,903
45,889,872
Prudential Financial, Inc.
5.95%
738,556
16,573,197
5.63%
1,390,998
30,588,046
4.13%, NVS
1,230,925
20,199,479
Reinsurance Group of America, Inc., 7.13%
1,723,358
44,186,899
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS(b)
611,658
12,545,106
Series G, 4.20%, NVS(b)
1,223,257
18,348,855
Selective Insurance Group, Inc., Series B, 4.60%(b)
492,369
7,759,735
Unum Group, 6.25%
738,555
16,056,186
W R Berkley Corp.
5.70%
455,468
9,592,156
5.10%
738,555
13,744,509
4.13%
738,555
11,034,012
4.25%
615,491
9,558,575
 
1,020,082,177
Interactive Media & Services — 4.6%
Alphabet, Inc.
Series A, 6.25%, NVS(a)
6,040,500
307,401,045
Series B, 6.25%, NVS(a)
6,040,500
303,837,150
 
611,238,195
Leisure Products — 0.1%
Brunswick Corp., 6.38%
529,324
12,862,573
Life Sciences Tools & Services — 0.6%
Bruker Corp., 6.38%(a)
169,905
76,102,149
Marine Transportation — 0.0%
Global Ship Lease, Inc., 8.75%, NVS(b)
268,279
7,149,635
Media — 0.1%
Liberty Broadband Corp., Series A, 7.00%(b)
442,115
9,562,947
Mortgage Real Estate Investment Trusts (REITs) — 5.4%
ACRES Commercial Realty Corp.
Series C, (3-mo. CME Term SOFR + 5.927%),
9.66%(b)(c)
294,925
7,443,907
Series D, 7.88%, NVS(b)
277,472
6,059,988
Adamas Trust, Inc.
9.88%
283,138
7,120,921
Series D, 8.00%, NVS(b)
378,385
8,861,777
Series E, 11.28%, NVS(b)(c)
458,944
11,611,283
4
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Adamas Trust, Inc.
Series F, 6.88%, NVS(b)
357,279
$  8,689,025
AGNC Investment Corp.
Series C, (3-mo. CME Term SOFR + 5.373%),
9.11%, NVS(b)(c)
800,142
20,499,638
Series D, (3-mo. CME Term SOFR + 4.594%),
8.27%, NVS(b)(c)
578,537
14,463,425
Series E, (3-mo. CME Term SOFR + 5.255%),
8.99%, NVS(b)(c)
990,925
25,169,495
Series F, (3-mo. CME Term SOFR + 4.959%),
8.63%, NVS(b)(c)
1,415,633
35,320,043
Series G, 7.75%, NVS(b)
369,305
9,251,090
Series H, 8.75%, NVS(b)
849,358
21,531,225
Annaly Capital Management, Inc.
Series F, (3-mo. CME Term SOFR + 5.255%),
8.99%, NVS(b)(c)
1,772,564
45,076,303
Series G, (3-mo. CME Term SOFR + 4.434%),
8.17%, NVS(b)(c)
1,046,328
25,750,132
Series I, (3-mo. CME Term SOFR + 5.251%),
8.98%, NVS(b)(c)
1,089,426
27,758,575
Series J, 8.88%, NVS(b)
677,024
17,176,099
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS(b)
562,708
8,980,820
Series E, 6.25%, NVS(b)
351,709
5,574,588
Series F, 6.25%, NVS(b)
693,698
15,476,402
ARMOUR Residential REIT, Inc., Series C, 7.00%(b)
452,641
9,387,774
Chimera Investment Corp.
8.88%
294,914
7,375,799
Series A, 8.00%, NVS(b)
356,990
7,393,263
Series B, (3-mo. CME Term SOFR + 6.053%),
9.79%, NVS(b)(c)
800,145
18,531,358
Series C, (3-mo. CME Term SOFR + 5.005%),
8.74%, NVS(b)(c)
640,069
14,491,162
Series D, (3-mo. CME Term SOFR + 5.600%),
9.33%, NVS(b)(c)
492,369
11,472,198
Dynex Capital, Inc., Series C, (3-mo. CME Term
SOFR + 5.723%), 9.46%, NVS(b)(c)
274,521
7,099,113
Ellington Financial, Inc.
Series B, 6.25%, NVS(b)
296,672
7,191,329
Series C, 8.63%(b)
246,187
6,147,289
Franklin BSP Realty Trust, Inc., Series E, 7.50%,
NVS(b)
635,730
12,155,158
Granite Point Mortgage Trust, Inc., Series A, 7.00%,
NVS(b)
506,537
8,823,875
Invesco Mortgage Capital, Inc., Series C, 7.50%,
NVS(b)
419,328
10,349,015
KKR Real Estate Finance Trust, Inc., Series A,
6.50%, NVS(b)
806,853
14,297,435
MFA Financial, Inc.
8.88%
282,725
7,087,916
Series B, 7.50%, NVS(b)
492,369
9,901,541
Series C, (3-mo. CME Term SOFR + 5.607%),
9.34%, NVS(b)(c)
677,024
15,246,580
PennyMac Mortgage Investment Trust
9.00%, NVS
424,651
10,675,726
9.00%
258,503
6,457,405
Series A, 8.13%, NVS(b)(c)
283,138
6,231,867
Series B, 8.00%, NVS(b)(c)
480,108
10,677,602
Series C, 6.75%, NVS(b)
615,492
10,820,349
Ready Capital Corp.
9.00%
320,035
7,184,786
Series E, 6.50%, NVS(b)
283,140
3,312,738
Security
 
 
Shares
Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Redwood Trust, Inc.
9.50%
246,187
$  6,056,200
9.75%
307,772
7,648,134
Rithm Capital Corp.
Series A, (3-mo. CME Term SOFR + 6.064%),
9.80%, NVS(b)(c)
259,139
6,608,045
Series B, (3-mo. CME Term SOFR + 5.902%),
9.64%(b)(c)
693,042
17,284,468
Series C, (3-mo. CME Term SOFR + 5.231%),
8.96%, NVS(b)(c)
978,783
23,520,156
Series D, 7.00%, NVS(b)
1,144,757
28,538,792
Series E, 8.75%(b)
467,734
11,436,096
Series F, 8.75%(b)
615,492
15,171,878
TPG RE Finance Trust, Inc., Series C, 6.25%,
NVS(b)
495,436
8,793,989
Two Harbors Investment Corp.
9.38%
283,138
7,163,391
Series A, 8.13%, NVS(b)
310,839
7,581,363
Series B, 7.63%, NVS(b)
625,265
15,031,371
Series C, (3-mo. CME Term SOFR + 5.273%),
9.01%, NVS(b)(c)
594,671
14,837,041
 
713,796,938
Multi-Utilities — 1.7%
Algonquin Power & Utilities Corp., Series 19-A,
8.86%, NVS(c)
861,674
21,964,070
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS(b)
492,369
8,055,157
Series 14, 5.00%, NVS(b)
492,369
7,759,735
CMS Energy Corp.
5.88%
1,551,013
33,967,185
5.88%, NVS
689,339
14,917,296
5.63%
492,369
10,285,588
Series C, 4.20%, NVS(b)
566,275
9,660,652
DTE Energy Co.
4.38%
689,339
11,732,550
Series E, 5.25%
984,796
20,129,230
Series G, 4.38%
566,275
9,405,828
Series H, 6.25%
1,477,165
35,097,440
Sempra, 5.75%
1,864,918
38,902,190
 
221,876,921
Office REITs — 0.6%
Hudson Pacific Properties, Inc., Series C, 4.75%,
NVS(b)(d)
1,046,328
14,543,959
SL Green Realty Corp., Series I, 6.50%, NVS(b)
566,275
11,937,077
Vornado Realty Trust
Series L, 5.40%, NVS(b)
738,556
13,190,610
Series M, 5.25%, NVS(b)(d)
786,553
14,118,627
Series N, 5.25%, NVS(b)
738,556
13,072,441
Series O, 4.45%, NVS(b)
738,556
10,709,062
 
77,571,776
Oil, Gas & Consumable Fuels — 0.5%
Entergy New Orleans LLC, 5.50%
270,764
5,775,396
NGL Energy Partners LP, Series B, (3-mo. CME
Term SOFR + 7.475%), 11.21%, NVS(b)(c)
773,484
19,298,426
Seapeak LLC
9.00%, NVS(b)
303,553
7,649,536
Series B, 8.50%, NVS(b)
405,970
10,210,145
TransCanada PipeLines Ltd., 6.25%
910,890
20,986,906
 
63,920,409
5
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Real Estate Management & Development — 0.4%
Brookfield Property Partners LP
Series A, 5.75%, NVS(b)
707,788
$  9,194,166
Series A-1, 6.50%, NVS(b)
452,989
6,867,313
Series A2, 6.38%, NVS(b)
615,492
8,900,014
Brookfield Property Preferred LP, 6.25%
1,652,219
25,609,395
 
50,570,888
Residential REITs — 0.2%
American Homes 4 Rent
Series G, 5.88%, NVS(b)
283,138
6,370,605
Series H, 6.25%, NVS(b)
283,138
6,585,790
UMH Properties, Inc., Series D, 6.38%, NVS(b)
798,989
16,818,718
 
29,775,113
Retail REITs — 0.4%
Agree Realty Corp., Series A, 4.25%, NVS(b)
430,837
7,328,537
Federal Realty Investment Trust, Series C, 5.00%,
NVS(b)
369,305
7,260,536
Kimco Realty Corp.
Series L, 5.13%, NVS(b)
547,888
10,639,985
Series M, 5.25%, NVS(b)
644,115
12,721,271
Regency Centers Corp.
Series A, 6.25%, NVS(b)
283,138
6,398,919
Series B, 5.88%, NVS(b)
283,138
6,101,624
Saul Centers, Inc., Series E, 6.00%, NVS(b)(d)
270,764
5,824,134
 
56,275,006
Semiconductors & Semiconductor Equipment — 1.1%
Microchip Technology, Inc., 7.50%(a)
1,827,373
140,177,783
Software — 6.9%
Oracle Corp., Series D, 6.50%, NVS(a)
6,154,150
276,629,042
Soluna Holdings, Inc., Series A, 9.00%, NVS(b)
304,338
3,229,026
Strategy, Inc.
8.00%, NVS(a)(b)
730,348
42,959,069
10.00%, NVS(b)
673,755
62,457,089
Series A, 10.00%, NVS(b)
732,473
41,223,580
Series A., 12.00%, NVS(b)(e)
5,635,646
478,240,920
 
904,738,726
Specialized REITs — 2.0%
Digital Realty Trust, Inc.
Series J, 5.25%, NVS(b)(d)
492,369
9,837,533
Series K, 5.85%, NVS(b)
517,005
11,410,300
Series L, 5.20%, NVS(b)
849,358
16,706,872
EPR Properties
Series C, 5.75%, NVS(a)(b)
331,891
8,503,047
Series G, 5.75%, NVS(b)
369,305
7,541,208
Gladstone Land Corp., Series B, 6.00%(b)
357,263
7,202,422
National Storage Affiliates Trust
6.00%, NVS(b)
349,369
8,038,981
Series A, 6.00%, NVS(b)
556,157
12,418,986
Public Storage
Series F, 5.15%, NVS(b)(d)
689,339
13,697,166
Series G, 5.05%, NVS(b)(d)
738,555
14,416,594
Series H, 5.60%(b)(d)
701,658
15,169,846
Series I, 4.88%, NVS(b)
778,573
14,598,244
Series J, 4.70%, NVS(b)
637,060
11,441,598
Series K, 4.75%, NVS(b)
566,275
10,413,797
Series L, 4.63%, NVS(b)
1,390,966
24,745,285
Series M, 4.13%, NVS(b)
566,275
8,952,808
Series N, 3.88%, NVS(b)
695,472
10,418,170
Series O, 3.90%, NVS(b)
427,006
6,409,360
Series P, 4.00%, NVS(b)(d)
1,486,360
22,815,626
Series Q, 3.95%, NVS(b)
362,341
5,522,077
Security
 
 
Shares
Value
Specialized REITs (continued)
Public Storage
Series R, 4.00%, NVS(b)
1,070,963
$  16,428,572
Series S, 4.10%, NVS(b)(d)
615,719
9,629,845
 
266,318,337
Specialty Retail — 0.1%
Dillard’s Capital Trust I, 7.50%(d)
492,369
12,831,136
Technology Hardware, Storage & Peripherals — 3.2%
Hewlett Packard Enterprise Co., 7.63%(a)
1,846,469
213,562,604
Super Micro Computer, Inc., 7.00%, NVS(a)
4,042,684
210,057,861
 
423,620,465
Trading Companies & Distributors — 0.7%
QXO, Inc., 5.50%, NVS(a)
703,359
34,281,718
Triton International Ltd.
8.00%, NVS(b)
353,923
8,869,311
7.38%, NVS(b)
430,837
10,460,722
6.88%, NVS(b)
369,305
8,357,372
7.63%(b)
369,675
8,960,922
Series E, 5.75%, NVS(b)
430,837
7,884,317
Series G, 7.50%, NVS(b)
430,846
10,211,050
 
89,025,412
Wireless Telecommunication Services — 1.2%
Array Digital Infrastructure, Inc.
6.25%
260,527
4,897,908
5.50%
257,403
4,303,778
Qwest Corp.
6.75%
933,396
15,979,740
6.50%, NVS
1,260,689
21,154,361
Telephone & Data Systems, Inc.
Series UU, 6.63%, NVS(b)
1,034,008
20,969,682
Series VV, 6.00%, NVS(b)
1,698,770
31,512,184
T-Mobile U.S.A., Inc.
6.25%
968,719
22,503,342
5.50%
986,713
20,119,078
5.50%
971,844
19,961,676
 
161,401,749
Total Preferred Securities — 98.3%
(Cost: $14,385,609,564)
12,956,938,661
Total Long-Term Investments — 98.3%
(Cost: $14,386,455,017)
12,957,806,931
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.82%(f)(g)(h)
44,595,891
44,609,270
BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.62%(f)(g)
146,430,561
146,430,561
Total Short-Term Securities — 1.5%
(Cost: $191,022,389)
191,039,831
Total Investments — 99.8%
(Cost: $14,577,477,406)
13,148,846,762
Other Assets Less Liabilities — 0.2%
30,084,516
Net Assets — 100.0%
$  13,178,931,278
 
(a)
Convertible security.
(b)
Perpetual security with no stated maturity date.
(c)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(d)
All or a portion of this security is on loan.
6
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
(e)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
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
$  184,303,814
 
$  —
$  (139,711,375
)(a)
$  (8,290
)
$  25,121
$  44,609,270
44,595,891
$  639,149
(b)
$  —
BlackRock Cash
Funds: Treasury, SL
Agency Shares
171,344,718
 
—
(24,914,157
)(a)
—
—
146,430,561
146,430,561
758,732
—
 
$  (8,290
)
$  25,121
$  191,039,831
$  1,397,881
$  —
 
(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.
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
Corporate Bonds 
$  —
$  868,270
$  —
$  868,270
Preferred Securities 
Preferred Stocks
12,548,383,599
408,555,062
—
12,956,938,661
Short-Term Securities
Money Market Funds
191,039,831
—
—
191,039,831
 
$  12,739,423,430
$  409,423,332
$  —
$  13,148,846,762
7
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® Preferred and Income Securities ETF
 
Currency Abbreviation 
USD
United States Dollar
 
Portfolio Abbreviation 
CME
Chicago Mercantile Exchange
CMT
Constant Maturity Treasury
LP
Limited Partnership
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
8