Schedule of Investments (unaudited) 
June 30, 2026
iShares® MSCI USA Quality GARP ETF
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 3.6%
Axon Enterprise, Inc.(a)
5,300
$  2,971,233
FTAI Aviation Ltd.
2,316
626,548
General Electric Co.
143,980
53,809,646
HEICO Corp.
13,817
4,921,477
HEICO Corp., Class A
24,510
6,321,374
Howmet Aerospace, Inc.
64,726
17,402,232
Rocket Lab Corp.(a)
59,979
6,096,865
 
92,149,375
Automobiles — 0.1%
Ford Motor Co.
257,118
3,573,940
Banks — 0.9%
Citigroup, Inc.
111,939
15,666,982
Citizens Financial Group, Inc.
83,643
5,860,865
 
21,527,847
Biotechnology — 0.2%
Alnylam Pharmaceuticals, Inc.(a)
4,347
1,308,577
Incyte Corp.(a)
11,096
1,257,843
Natera, Inc.(a)
4,409
1,196,823
Neurocrine Biosciences, Inc.(a)
6,247
1,052,838
 
4,816,081
Broadline Retail — 2.9%
Amazon.com, Inc.(a)
158,164
37,696,808
MercadoLibre, Inc.(a)
20,874
35,431,319
 
73,128,127
Capital Markets — 0.6%
Ares Management Corp., Class A
13,750
1,530,512
KKR & Co., Inc., Class A
40,961
3,759,401
LPL Financial Holdings, Inc.
15,797
4,449,699
Robinhood Markets, Inc., Class A(a)
49,236
4,937,386
 
14,676,998
Communications Equipment — 1.4%
Arista Networks, Inc.(a)
189,032
32,112,756
Ciena Corp.(a)
8,390
4,115,799
 
36,228,555
Construction & Engineering — 2.3%
Comfort Systems U.S.A., Inc.
5,667
11,231,711
EMCOR Group, Inc.
14,354
11,912,098
MasTec, Inc.(a)
2,835
1,179,530
Quanta Services, Inc.
48,258
34,747,690
 
59,071,029
Consumer Finance — 0.2%
SoFi Technologies, Inc.(a)(b)
251,067
4,501,631
Electric Utilities — 0.8%
Constellation Energy Corp.
30,292
7,523,624
NRG Energy, Inc.
93,638
13,676,766
 
21,200,390
Electrical Equipment — 0.7%
Bloom Energy Corp., Class A(a)
6,218
1,882,188
GE Vernova, Inc.
6,208
7,293,531
Vertiv Holdings Co., Class A
25,139
8,417,040
 
17,592,759
Electronic Equipment, Instruments & Components — 2.4%
Amphenol Corp., Class A
217,608
38,368,642
Coherent Corp.(a)
10,991
4,335,620
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
Fabrinet(a)
6,349
$  3,568,646
Jabil, Inc.
37,486
14,450,103
 
60,723,011
Energy Equipment & Services — 0.1%
TechnipFMC PLC
39,358
2,609,435
Entertainment — 2.9%
Live Nation Entertainment, Inc.(a)
5,397
988,245
Netflix, Inc.(a)
1,008,623
72,015,682
 
73,003,927
Financial Services — 5.7%
Affirm Holdings, Inc., Class A(a)(b)
9,120
743,736
Block, Inc., Class A(a)
33,615
2,554,740
Corpay, Inc.(a)
12,360
4,119,217
Mastercard, Inc., Class A
80,284
41,233,862
Rocket Cos., Inc., Class A(a)
58,928
928,116
Toast, Inc., Class A(a)
46,431
1,291,711
Visa, Inc., Class A
274,709
94,249,911
 
145,121,293
Ground Transportation — 0.8%
Uber Technologies, Inc.(a)
246,530
17,789,605
XPO, Inc.(a)
5,295
1,087,010
 
18,876,615
Health Care Equipment & Supplies — 1.0%
Boston Scientific Corp.(a)
97,518
4,162,068
Dexcom, Inc.(a)
75,782
5,103,918
IDEXX Laboratories, Inc.(a)
18,252
9,608,583
Insulet Corp.(a)
4,527
689,236
ResMed, Inc.
28,688
5,590,717
 
25,154,522
Health Care Providers & Services — 0.3%
Centene Corp.(a)
32,286
2,072,438
McKesson Corp.
8,033
6,069,735
 
8,142,173
Hotels, Restaurants & Leisure — 5.3%
Airbnb, Inc., Class A(a)
194,546
27,839,533
Booking Holdings, Inc.
51,400
9,161,536
Carnival Corp. Ltd.
83,900
2,397,023
Chipotle Mexican Grill, Inc.(a)
299,127
10,170,318
DoorDash, Inc., Class A(a)
84,730
15,635,227
Expedia Group, Inc.
53,762
13,756,620
Flutter Entertainment PLC(a)
64,021
6,541,026
Hilton Worldwide Holdings, Inc.
7,496
2,477,128
Las Vegas Sands Corp.
137,181
6,336,390
Marriott International, Inc., Class A
7,184
2,662,319
Royal Caribbean Cruises Ltd.
116,572
37,015,107
 
133,992,227
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
22,205
3,522,379
Insurance — 0.1%
Everest Group Ltd.
7,885
2,816,759
Interactive Media & Services — 7.2%
Alphabet, Inc., Class A
203,547
72,741,592
Alphabet, Inc., Class C, NVS
64,900
22,931,117
Meta Platforms, Inc., Class A
150,287
84,655,164
Reddit, Inc., Class A(a)
3,938
683,558
 
181,011,431
IT Services — 0.7%
Cloudflare, Inc., Class A(a)
18,377
4,507,511
1
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® MSCI USA Quality GARP ETF
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
IT Services (continued)
MongoDB, Inc., Class A(a)
4,660
$  1,565,294
Okta, Inc., Class A(a)
20,057
2,736,778
Snowflake, Inc., Class A(a)
19,464
4,953,588
Twilio, Inc., Class A(a)
17,059
3,519,783
 
17,282,954
Metals & Mining — 1.0%
Coeur Mining, Inc.
475,187
7,755,052
Freeport-McMoRan, Inc.
235,788
14,828,707
Newmont Corp.
35,441
3,310,190
 
25,893,949
Oil, Gas & Consumable Fuels — 2.5%
Cheniere Energy, Inc.
47,066
11,249,244
EQT Corp.
116,876
6,214,297
Marathon Petroleum Corp.
9,673
2,473,096
Phillips 66
131,578
22,243,261
Targa Resources Corp.
34,355
9,211,950
Texas Pacific Land Corp.
13,461
5,891,072
Valero Energy Corp.
19,618
5,109,312
 
62,392,232
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
22,718
2,127,768
United Airlines Holdings, Inc.(a)
11,213
1,524,856
 
3,652,624
Pharmaceuticals — 3.7%
Eli Lilly & Co.
78,725
94,425,127
Professional Services — 0.2%
Jacobs Solutions, Inc.
37,916
4,777,416
Semiconductors & Semiconductor Equipment — 28.4%
Advanced Micro Devices, Inc.(a)
96,195
55,880,637
Astera Labs, Inc.(a)
8,058
3,892,175
Broadcom, Inc.
265,382
100,248,051
Credo Technology Group Holding Ltd.(a)
9,831
2,673,540
First Solar, Inc.(a)
12,104
2,856,060
KLA Corp.
541,324
163,322,864
Lam Research Corp.
221,049
95,787,163
Marvell Technology, Inc.
50,482
15,038,083
Microchip Technology, Inc.
32,038
2,921,866
Micron Technology, Inc.
133,069
153,600,216
Monolithic Power Systems, Inc.
2,785
3,849,873
NVIDIA Corp.
525,859
105,219,127
Teradyne, Inc.
27,802
13,451,720
 
718,741,375
Software — 17.2%
Adobe, Inc.(a)
333,883
68,452,693
AppLovin Corp., Class A(a)
40,811
21,027,052
Atlassian Corp., Class A(a)
20,102
1,563,735
Autodesk, Inc.(a)
74,970
14,575,667
Cadence Design Systems, Inc.(a)
49,057
18,412,073
Circle Internet Group, Inc., Class A(a)
8,781
549,954
Security
 
 
Shares
Value
Software (continued)
Crowdstrike Holdings, Inc., Class A(a)
14,628
$  11,163,212
Datadog, Inc., Class A(a)
18,494
4,815,098
Fair Isaac Corp.(a)(b)
1,360
1,624,901
Fortinet, Inc.(a)
519,482
79,802,825
IREN Ltd.(a)(b)
38,395
1,755,803
Microsoft Corp.
277,903
103,663,377
Oracle Corp.
203,615
29,839,778
Palantir Technologies, Inc., Class A(a)
385,481
44,974,068
Palo Alto Networks, Inc.(a)
48,019
16,375,439
Samsara, Inc., Class A(a)
20,738
672,533
ServiceNow, Inc.(a)
123,902
12,300,991
Workday, Inc., Class A(a)
24,954
3,054,869
Zscaler, Inc.(a)
6,186
873,154
 
435,497,222
Specialty Retail — 0.6%
Burlington Stores, Inc.(a)
14,450
4,577,760
Carvana Co., Class A(a)
147,782
9,727,011
 
14,304,771
Technology Hardware, Storage & Peripherals — 5.7%
Apple Inc.
388,027
112,279,492
Dell Technologies, Inc., Class C
35,674
15,391,904
IonQ, Inc.(a)(b)
20,326
1,082,563
Seagate Technology Holdings PLC
12,933
12,480,345
Super Micro Computer, Inc.(a)
60,478
1,773,820
 
143,008,124
Textiles, Apparel & Luxury Goods — 0.2%
Lululemon Athletica, Inc.(a)
45,696
5,217,569
Total Long-Term Investments — 99.9%
(Cost: $2,159,938,997)
2,528,633,867
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.82%(c)(d)(e)
9,117,673
9,120,409
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.62%(c)(d)
1,962,824
1,962,824
Total Short-Term Securities — 0.5%
(Cost: $11,082,889)
11,083,233
Total Investments — 100.4%
(Cost: $2,171,021,886)
2,539,717,100
Liabilities in Excess of Other Assets — (0.4)%
(8,908,893
)
Net Assets — 100.0%
$  2,530,808,207
 
(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.
 
2
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® MSCI USA Quality GARP ETF
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
$  5,820,926
 
$  3,298,226
(a)
$  —
$  511
$  746
$  9,120,409
9,117,673
$  3,428
(b)
$  —
BlackRock Cash Funds: Treasury, SL
Agency Shares
2,218,187
 
—
(255,363
)(a)
—
—
1,962,824
1,962,824
18,442
—
 
$  511
$  746
$  11,083,233
$  21,870
$  —
 
(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
 
 
Micro E-Mini Nasdaq 100 Index
25
09/18/26
$  1,526
$  38,411
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. 
3
Schedule of Investments (unaudited) (continued)
June 30, 2026
iShares® MSCI USA Quality GARP ETF
Fair Value Hierarchy as of Period End (continued)
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 
$  2,528,633,867
$  —
$  —
$  2,528,633,867
Short-Term Securities
Money Market Funds
11,083,233
—
—
11,083,233
 
$  2,539,717,100
$  —
$  —
$  2,539,717,100
Derivative Financial Instruments(a)
Assets
Equity Contracts
$  38,411
$  —
$  —
$  38,411
 
(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
4