UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-09729
Name of Fund: iShares Trust
Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San
Francisco, CA 94105
Name and address of agent for
service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
Registrant’s telephone number,
including area code: (415) 670-2000
Date of fiscal year end: 03/31/2025
Date of reporting period: 03/31/2025
Item
1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
(b) Not Applicable
Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period
covered by this report, applicable to the registrant’s principal executive
officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions. During the period covered by
this report, the registrant has not amended the code of ethics and there have
been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon
request, without charge, by calling 1-800-474-2737.
Item 3 – Audit Committee Financial Expert – The
registrant’s board of trustees (the “board of trustees”), has determined that
(i) the registrant has the following audit committee financial experts serving
on its audit committee and (ii) each audit committee financial expert is
independent:
Richard L. Fagnani
Laura F. Fergerson
Laura F. Fergerson
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item
4 – Principal Accountant Fees and Services
The
principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g)
are for the nineteen series of the registrant for which the fiscal year-end is March
31, 2025 (the “Funds”), and whose annual financial statements are reported in
Item 1.
(a)
Audit Fees – The aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant for the
audit of the Funds’ annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings
or engagements for those fiscal years were $242,050 for the fiscal year ended March
31, 2024 and $254,050 for the fiscal year ended March 31, 2025.
(b)
Audit-Related Fees – There were no fees billed for the fiscal years
ended March 31, 2024 and March 31, 2025 for assurance and related services by
the principal accountant that were reasonably related to the performance of the
audit of the Funds financial statements and are not reported under (a) of this
Item.
(c)
Tax Fees – The aggregate fees billed in each of the last two fiscal
years for professional services rendered by the principal accountant for tax
compliance, tax advice and tax planning for the Funds were $174,600 for the
fiscal year ended March 31, 2024 and $184,300 for the fiscal year ended March
31, 2025. These services related to the review of the Funds’ tax returns and
excise tax calculations.
(d)
All Other Fees – There were no other fees billed in each of the fiscal years
ended March 31, 2024 and March 31, 2025 for products and services provided by
the principal accountant, other than the services reported in (a) through (c)
of this Item.
(e)(1)
Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit
committee charter, as amended, provides that the audit committee is responsible
for the approval, prior to appointment, of the engagement of the principal
accountant to annually audit and provide their opinion on the registrant’s
financial statements. The audit committee must also approve, prior to
appointment, the engagement of the principal accountant to provide non-audit
services to the registrant or to any entity controlling, controlled by or under
common control with the registrant’s investment adviser (“Adviser Affiliate”)
that provides ongoing services to the registrant, if the engagement relates
directly to the operations and financial reporting of the registrant.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $174,600 for the fiscal year ended March 31, 2024 and $184,300 for the fiscal year ended March 31, 2025.
(h)
The registrant’s audit committee has considered whether the provision of
non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X,
if any, is compatible with maintaining the principal accountant’s independence,
and has determined that the provision of these services, if any, does not
compromise the principal accountant’s independence.
(i) Not
Applicable
(j) Not Applicable
Item
5 – Audit Committee of Listed Registrant
(a)
The following individuals are
members of the registrant’s separately designated standing Committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Richard L. Fagnani
Richard L. Fagnani
Laura
F. Fergerson
Cecilia
H. Herbert
John
E. Martinez
(b)
Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7
– Financial Statements and Financial Highlights for Open-End Management
Investment Companies
(a) The registrant’s Financial
Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
March
31,
2025
2025
Annual
Financial
Statements
and
Additional
Information
iShares
Trust
iShares
U.S.
Aerospace
&
Defense
ETF
|
ITA
|
Cboe
BZX
Exchange
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
|
IAI
|
NYSE
Arca
iShares
U.S.
Healthcare
Providers
ETF
|
IHF
|
NYSE
Arca
iShares
U.S.
Home
Construction
ETF
|
ITB
|
Cboe
BZX
Exchange
iShares
U.S.
Infrastructure
ETF
|
IFRA
|
Cboe
BZX
Exchange
iShares
U.S.
Insurance
ETF
|
IAK
|
NYSE
Arca
iShares
U.S.
Manufacturing
ETF
|
MADE
|
NYSE
Arca
iShares
U.S.
Medical
Devices
ETF
|
IHI
|
NYSE
Arca
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
|
IEO
|
Cboe
BZX
Exchange
iShares
U.S.
Oil
Equipment
&
Services
ETF
|
IEZ
|
NYSE
Arca
iShares
U.S.
Pharmaceuticals
ETF
|
IHE
|
NYSE
Arca
iShares
U.S.
Real
Estate
ETF
|
IYR
|
NYSE
Arca
iShares
U.S.
Regional
Banks
ETF
|
IAT
|
NYSE
Arca
iShares
U.S.
Telecommunications
ETF
|
IYZ
|
Cboe
BZX
Exchange
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
46
Statements
of
Operations
.................................................................................................
50
Statements
of
Changes
in
Net
Assets
..........................................................................................
54
Financial
Highlights
.....................................................................................................
61
Notes
to
Financial
Statements
...............................................................................................
75
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
89
Important
Tax
Information
(unaudited)
.................................................................................................
90
Additional
Information
....................................................................................................
91
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
93
iShares
®
U.S.
Aerospace
&
Defense
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
99
.6
%
AAR
Corp.
(a)
(b)
............................
416,862
$
23,340,103
AeroVironment,
Inc.
(a)
(b)
......................
330,887
39,438,422
Archer
Aviation,
Inc.
,
Class
A
(a)
(b)
................
4,807,262
34,179,633
Axon
Enterprise,
Inc.
(a)
(b)
.....................
494,253
259,952,365
Boeing
Co.
(The)
(a)
(b)
........................
3,482,747
593,982,501
BWX
Technologies,
Inc.
.....................
1,080,514
106,592,706
Cadre
Holdings,
Inc.
........................
307,253
9,097,761
Curtiss-Wright
Corp.
........................
444,984
141,180,074
Ducommun,
Inc.
(a)
.........................
160,744
9,327,974
General
Dynamics
Corp.
.....................
1,060,491
289,068,637
General
Electric
Co.
(b)
.......................
6,230,089
1,246,952,313
HEICO
Corp.
(b)
...........................
442,770
118,303,716
HEICO
Corp.
,
Class
A
.......................
822,681
173,561,011
Hexcel
Corp.
.............................
958,667
52,496,605
Howmet
Aerospace,
Inc.
(b)
....................
2,155,383
279,617,837
Huntington
Ingalls
Industries,
Inc.
...............
462,366
94,341,159
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
.......
1,806,012
53,620,496
L3Harris
Technologies,
Inc.
...................
1,319,636
276,213,011
Leonardo
DRS,
Inc.
........................
874,762
28,762,175
Loar
Holdings,
Inc.
(a)
(b)
.......................
210,150
14,847,098
Lockheed
Martin
Corp.
......................
597,482
266,901,184
Mercury
Systems,
Inc.
(a)
(b)
....................
599,418
25,828,922
Moog,
Inc.
,
Class
A
........................
334,987
58,069,996
National
Presto
Industries,
Inc.
.................
60,434
5,312,753
Northrop
Grumman
Corp.
....................
580,379
297,159,852
Rocket
Lab
USA,
Inc.
,
Class
A
(a)
(b)
...............
4,134,909
73,932,173
RTX
Corp.
..............................
7,732,522
1,024,249,864
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
1,385,631
47,748,844
Standardaero,
Inc.
(a)
(b)
.......................
1,203,021
32,048,479
Textron,
Inc.
.............................
2,157,306
155,865,359
TransDigm
Group,
Inc.
......................
208,047
287,789,335
Security
Shares
Value
a
Aerospace
&
Defense
(continued)
Triumph
Group,
Inc.
(a)
.......................
914,662
$
23,177,535
V2X,
Inc.
(a)
(b)
.............................
167,902
8,235,593
Woodward,
Inc.
...........................
701,405
127,999,398
6,279,194,884
a
Leisure
Products
—
0
.2
%
Smith
&
Wesson
Brands,
Inc.
..................
520,222
4,848,469
Sturm
Ruger
&
Co.,
Inc.
.....................
198,510
7,799,458
12,647,927
a
Total
Long-Term Investments
— 99.8%
(Cost:
$
5,020,044,556
)
...............................
6,291,842,811
a
Short-Term
Securities
Money
Market
Funds
—
6
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
368,489,641
368,673,886
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
8,308,939
8,308,939
a
Total
Short-Term
Securities — 6.0%
(Cost:
$
376,934,432
)
................................
376,982,825
Total
Investments
—
105.8%
(Cost:
$
5,396,978,988
)
...............................
6,668,825,636
Liabilities
in
Excess
of
Other
Assets
—
(
5
.8
)
%
...............
(
367,704,320
)
Net
Assets
—
100.0%
.................................
$
6,301,121,316
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
82,394,881
$
286,275,478
(a)
$
—
$
1,146
$
2,381
$
368,673,886
368,489,641
$
820,304
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
6,847,592
1,461,347
(a)
—
—
—
8,308,939
8,308,939
350,332
—
$
1,146
$
2,381
$
376,982,825
$
1,170,636
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Aerospace
&
Defense
ETF
4
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Select
Sector
Index
........................................................
70
06/20/25
$
9,327
$
(
64,641
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
64,641
$
—
$
—
$
—
$
64,641
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
372,845
$
—
$
—
$
—
$
372,845
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
350,786
)
$
—
$
—
$
—
$
(
350,786
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
7,537,590
a
iShares
®
U.S.
Aerospace
&
Defense
ETF
Schedule
of
Investments
(continued)
March
31,
2025
5
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
6,291,842,811
$
—
$
—
$
6,291,842,811
Short-Term
Securities
Money
Market
Funds
......................................
376,982,825
—
—
376,982,825
$
6,668,825,636
$
—
$
—
$
6,668,825,636
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
64,641
)
$
—
$
—
$
(
64,641
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Financial
Exchanges
&
Data
—
48
.2
%
Cboe
Global
Markets,
Inc.
....................
168,446
$
38,117,645
CME
Group,
Inc.
,
Class
A
....................
224,478
59,551,769
Coinbase
Global,
Inc.
,
Class
A
(a)
................
300,564
51,766,138
Donnelley
Financial
Solutions,
Inc.
(a)
.............
43,480
1,900,511
FactSet
Research
Systems,
Inc.
................
61,274
27,857,611
Intercontinental
Exchange,
Inc.
................
340,876
58,801,110
MarketAxess
Holdings,
Inc.
...................
60,787
13,151,267
Moody's
Corp.
............................
130,343
60,699,432
Morningstar,
Inc.
..........................
43,561
13,062,637
MSCI,
Inc.
..............................
105,701
59,773,915
Nasdaq,
Inc.
.............................
666,051
50,526,629
Open
Lending
Corp.
(a)
(b)
......................
180,225
497,421
S&P
Global,
Inc.
..........................
340,468
172,991,791
Tradeweb
Markets,
Inc.
,
Class
A
................
187,076
27,773,303
636,471,179
a
Investment
Banking
&
Brokerage
—
51
.7
%
BGC
Group,
Inc.
,
Class
A
....................
618,291
5,669,728
Charles
Schwab
Corp.
(The)
..................
1,080,790
84,604,241
Evercore,
Inc.
,
Class
A
......................
56,966
11,377,250
Goldman
Sachs
Group,
Inc.
(The)
..............
337,239
184,230,293
Houlihan
Lokey,
Inc.
,
Class
A
..................
87,587
14,145,300
Interactive
Brokers
Group,
Inc.
,
Class
A
...........
175,192
29,010,043
Jefferies
Financial
Group,
Inc.
.................
262,477
14,060,893
Lazard,
Inc.
.............................
182,452
7,900,172
LPL
Financial
Holdings,
Inc.
...................
120,121
39,296,384
Moelis
&
Co.
,
Class
A
.......................
103,594
6,045,746
Morgan
Stanley
...........................
1,337,325
156,025,708
Perella
Weinberg
Partners
,
Class
A
..............
97,099
1,786,622
Piper
Sandler
Companies
....................
26,207
6,490,426
Security
Shares
Value
a
Investment
Banking
&
Brokerage
(continued)
PJT
Partners,
Inc.
,
Class
A
...................
38,603
$
5,322,582
Raymond
James
Financial,
Inc.
................
296,745
41,220,848
Robinhood
Markets,
Inc.
,
Class
A
(a)
..............
1,144,933
47,652,111
Stifel
Financial
Corp.
.......................
165,454
15,595,694
StoneX
Group,
Inc.
(a)
.......................
69,276
5,291,301
Virtu
Financial,
Inc.
,
Class
A
...................
130,732
4,983,504
680,708,846
a
Total
Long-Term Investments
— 99.9%
(Cost:
$
1,249,362,461
)
...............................
1,317,180,025
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
345,784
345,956
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
1,172,453
1,172,453
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
1,518,340
)
..................................
1,518,409
Total
Investments
—
100.0%
(Cost:
$
1,250,880,801
)
...............................
1,318,698,434
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
618,211
)
Net
Assets
—
100.0%
.................................
$
1,318,080,223
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
666,874
$
—
$
(
330,418
)
(a)
$
9,440
$
60
$
345,956
345,784
$
98,523
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
630,036
542,417
(a)
—
—
—
1,172,453
1,172,453
119,384
—
$
9,440
$
60
$
1,518,409
$
217,907
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Schedule
of
Investments
(continued)
March
31,
2025
7
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
........................................................
3
06/20/25
$
465
$
17,309
E-Mini
Russell
2000
Index
...............................................................
4
06/20/25
405
(
4,521
)
$
12,788
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
17,309
$
—
$
—
$
—
$
17,309
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
4,521
$
—
$
—
$
—
$
4,521
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
127,301
)
$
—
$
—
$
—
$
(
127,301
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
2,875
$
—
$
—
$
—
$
2,875
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,198,026
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
8
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,317,180,025
$
—
$
—
$
1,317,180,025
Short-Term
Securities
Money
Market
Funds
......................................
1,518,409
—
—
1,518,409
$
1,318,698,434
$
—
$
—
$
1,318,698,434
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
17,309
$
—
$
—
$
17,309
Liabilities
Equity
Contracts
...........................................
(
4,521
)
—
—
(
4,521
)
$
12,788
$
—
$
—
$
12,788
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Healthcare
Providers
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Health
Care
Facilities
—
13
.2
%
Acadia
Healthcare
Co.,
Inc.
(a)
..................
97,278
$
2,949,469
Brookdale
Senior
Living,
Inc.
(a)
.................
216,015
1,352,254
Community
Health
Systems,
Inc.
(a)
..............
125,166
337,948
Concentra
Group
Holdings
Parent,
Inc.
...........
113,364
2,459,999
Encompass
Health
Corp.
....................
105,520
10,687,066
Ensign
Group,
Inc.
(The)
.....................
59,724
7,728,286
HCA
Healthcare,
Inc.
.......................
92,182
31,853,490
National
HealthCare
Corp.
....................
12,934
1,200,275
PACS
Group,
Inc.
(a)
........................
39,239
441,046
Select
Medical
Holdings
Corp.
.................
109,436
1,827,581
Surgery
Partners,
Inc.
(a)
(b)
....................
78,102
1,854,922
Tenet
Healthcare
Corp.
(a)
.....................
99,596
13,395,662
U.S.
Physical
Therapy,
Inc.
...................
15,810
1,144,012
Universal
Health
Services,
Inc.
,
Class
B
(b)
.........
61,498
11,555,474
88,787,484
a
Health
Care
Services
—
30
.5
%
Accolade,
Inc.
(a)
...........................
77,853
543,414
Addus
HomeCare
Corp.
(a)
(b)
...................
18,777
1,856,858
agilon
health,
Inc.
(a)
(b)
.......................
319,340
1,382,742
Amedisys,
Inc.
(a)
..........................
34,296
3,176,838
AMN
Healthcare
Services,
Inc.
(a)
................
39,883
975,538
Astrana
Health,
Inc.
(a)
(b)
......................
43,533
1,349,958
BrightSpring
Health
Services,
Inc.
(a)
.............
56,532
1,022,664
Castle
Biosciences,
Inc.
(a)
....................
29,427
589,129
Chemed
Corp.
............................
15,686
9,651,909
Cigna
Group
(The)
.........................
214,471
70,560,959
CorVel
Corp.
(a)
............................
28,507
3,191,929
Cross
Country
Healthcare,
Inc.
(a)
...............
32,589
485,250
CVS
Health
Corp.
.........................
444,843
30,138,112
DaVita,
Inc.
(a)
.............................
46,080
7,048,858
DocGo,
Inc.
(a)
............................
92,235
243,500
Fulgent
Genetics,
Inc.
(a)
.....................
20,979
354,545
GeneDx
Holdings
Corp.
,
Class
A
(a)
..............
21,289
1,885,460
Guardant
Health,
Inc.
(a)
(b)
.....................
129,414
5,513,036
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
(b)
............
200,252
5,917,447
Labcorp
Holdings,
Inc.
......................
87,344
20,328,443
LifeStance
Health
Group,
Inc.
(a)
................
136,265
907,525
NeoGenomics,
Inc.
(a)
(b)
......................
134,444
1,275,874
OPKO
Health,
Inc.
(a)
(b)
.......................
358,102
594,449
Option
Care
Health,
Inc.
(a)
....................
178,242
6,229,558
Pediatrix
Medical
Group,
Inc.
(a)
.................
88,529
1,282,785
Pennant
Group,
Inc.
(The)
(a)
...................
35,976
904,796
Premier,
Inc.
,
Class
A
.......................
95,632
1,843,785
Privia
Health
Group,
Inc.
(a)
....................
108,088
2,426,576
Quest
Diagnostics,
Inc.
......................
116,257
19,670,684
RadNet,
Inc.
(a)
............................
68,223
3,392,048
204,744,669
a
Security
Shares
Value
a
Health
Care
Technology
—
7
.0
%
Certara,
Inc.
(a)
(b)
...........................
114,652
$
1,135,055
Doximity,
Inc.
,
Class
A
(a)
.....................
139,830
8,114,335
Evolent
Health,
Inc.
,
Class
A
(a)
.................
112,325
1,063,718
GoodRx
Holdings,
Inc.
,
Class
A
(a)
(b)
..............
96,391
425,084
Health
Catalyst,
Inc.
(a)
.......................
63,215
286,364
HealthStream,
Inc.
.........................
25,169
809,938
Phreesia,
Inc.
(a)
(b)
..........................
57,831
1,478,160
Schrodinger,
Inc.
(a)
(b)
........................
58,034
1,145,591
Simulations
Plus,
Inc.
(b)
......................
16,892
414,192
Teladoc
Health,
Inc.
(a)
.......................
180,324
1,435,379
Veeva
Systems,
Inc.
,
Class
A
(a)
................
123,550
28,617,887
Waystar
Holding
Corp.
(a)
.....................
70,288
2,625,960
47,551,663
a
Managed
Health
Care
—
49
.2
%
Alignment
Healthcare,
Inc.
(a)
..................
106,416
1,981,466
Centene
Corp.
(a)
..........................
493,470
29,958,564
Clover
Health
Investments
Corp.
,
Class
A
(a)
........
431,588
1,549,401
Elevance
Health,
Inc.
.......................
188,565
82,018,232
HealthEquity,
Inc.
(a)
.........................
90,767
8,021,080
Humana,
Inc.
............................
115,786
30,636,976
Molina
Healthcare,
Inc.
(a)
.....................
58,128
19,146,782
Progyny,
Inc.
(a)
............................
77,596
1,733,495
UnitedHealth
Group,
Inc.
.....................
299,750
156,994,062
332,040,058
a
Total
Long-Term Investments
— 99.9%
(Cost:
$
732,531,354
)
................................
673,123,874
a
Short-Term
Securities
Money
Market
Funds
—
1
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
11,904,428
11,910,381
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
640,202
640,202
a
Total
Short-Term
Securities — 1.9%
(Cost:
$
12,545,023
)
.................................
12,550,583
Total
Investments
—
101.8%
(Cost:
$
745,076,377
)
................................
685,674,457
Liabilities
in
Excess
of
Other
Assets
—
(
1
.8
)
%
...............
(
12,016,719
)
Net
Assets
—
100.0%
.................................
$
673,657,738
(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.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Healthcare
Providers
ETF
10
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
22,956,555
$
—
$
(
11,053,496
)
(a)
$
21,984
$
(
14,662
)
$
11,910,381
11,904,428
$
68,157
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
573,173
67,029
(a)
—
—
—
640,202
640,202
39,588
—
$
21,984
$
(
14,662
)
$
12,550,583
$
107,745
$
—
(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
fees
and
collateral
investment
expenses,
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
Health
Care
Select
Sector
Index
.......................................................
3
06/20/25
$
446
$
6,754
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
6,754
$
—
$
—
$
—
$
6,754
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
52,316
)
$
—
$
—
$
—
$
(
52,316
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
3,339
$
—
$
—
$
—
$
3,339
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
835,475
a
iShares
®
U.S.
Healthcare
Providers
ETF
Schedule
of
Investments
(continued)
March
31,
2025
11
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
673,123,874
$
—
$
—
$
673,123,874
Short-Term
Securities
Money
Market
Funds
......................................
12,550,583
—
—
12,550,583
$
685,674,457
$
—
$
—
$
685,674,457
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
6,754
$
—
$
—
$
6,754
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Home
Construction
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Building
Products
—
16
.4
%
American
Woodmark
Corp.
(a)
..................
57,526
$
3,384,255
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
................
549,016
26,841,392
Builders
FirstSource,
Inc.
(a)
...................
439,776
54,945,613
Fortune
Brands
Innovations,
Inc.
...............
474,707
28,900,162
Gibraltar
Industries,
Inc.
(a)
....................
115,942
6,801,158
Griffon
Corp.
.............................
150,751
10,778,696
Hayward
Holdings,
Inc.
(a)
.....................
543,317
7,562,973
JELD-WEN
Holding,
Inc.
(a)
(b)
...................
323,360
1,930,459
Lennox
International,
Inc.
....................
122,367
68,627,085
Masco
Corp.
.............................
810,055
56,331,225
Masterbrand,
Inc.
(a)
........................
485,701
6,343,255
Owens
Corning
...........................
327,808
46,817,539
Quanex
Building
Products
Corp.
................
181,297
3,370,311
Simpson
Manufacturing
Co.,
Inc.
(b)
..............
161,122
25,309,044
Trex
Co.,
Inc.
(a)
(b)
..........................
409,432
23,787,999
UFP
Industries,
Inc.
........................
232,049
24,838,525
396,569,691
a
Construction
Materials
—
1
.2
%
Eagle
Materials,
Inc.
(b)
.......................
127,204
28,230,384
a
Home
Furnishings
—
1
.5
%
Ethan
Allen
Interiors,
Inc.
....................
86,487
2,395,690
La-Z-Boy,
Inc.
............................
158,512
6,196,234
Leggett
&
Platt,
Inc.
........................
513,585
4,062,457
Mohawk
Industries,
Inc.
(a)
....................
200,201
22,858,950
35,513,331
a
Home
Improvement
Retail
—
10
.5
%
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
409,764
32,973,709
Home
Depot,
Inc.
(The)
.....................
300,602
110,167,627
Lowe's
Companies,
Inc.
.....................
480,178
111,991,915
255,133,251
a
Homebuilding
—
64
.4
%
Beazer
Homes
USA,
Inc.
(a)
...................
267,711
5,458,627
Cavco
Industries,
Inc.
(a)
(b)
.....................
74,774
38,854,814
Century
Communities,
Inc.
...................
254,246
17,059,907
Champion
Homes,
Inc.
(a)
(b)
....................
491,716
46,595,008
DR
Horton,
Inc.
...........................
2,646,519
336,451,960
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(b)
...........
255,685
5,768,254
Green
Brick
Partners,
Inc.
(a)
...................
286,512
16,706,515
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
............
43,144
4,517,608
Installed
Building
Products,
Inc.
................
216,694
37,154,353
Security
Shares
Value
a
Homebuilding
(continued)
KB
Home
...............................
647,596
$
37,638,280
Lennar
Corp.
,
Class
A
.......................
2,179,028
250,108,834
Lennar
Corp.
,
Class
B
......................
101,555
11,076,604
LGI
Homes,
Inc.
(a)
(b)
........................
193,083
12,834,227
M/I
Homes,
Inc.
(a)
..........................
253,864
28,986,192
Meritage
Homes
Corp.
......................
675,221
47,859,664
NVR,
Inc.
(a)
..............................
27,901
202,125,725
PulteGroup,
Inc.
..........................
1,889,246
194,214,489
Taylor
Morrison
Home
Corp.
(a)
.................
965,610
57,975,224
Toll
Brothers,
Inc.
..........................
932,119
98,422,445
TopBuild
Corp.
(a)
..........................
273,610
83,437,370
Tri
Pointe
Homes,
Inc.
(a)
.....................
873,339
27,876,981
1,561,123,081
a
Homefurnishing
Retail
—
0
.1
%
Arhaus,
Inc.
,
Class
A
(a)
......................
204,112
1,775,774
a
Specialty
Chemicals
—
4
.5
%
Sherwin-Williams
Co.
(The)
...................
313,406
109,438,241
a
Trading
Companies
&
Distributors
—
1
.2
%
Beacon
Roofing
Supply,
Inc.
(a)
.................
236,493
29,254,184
a
Total
Long-Term Investments
— 99.8%
(Cost:
$
3,064,795,052
)
...............................
2,417,037,937
a
Short-Term
Securities
Money
Market
Funds
—
2
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
53,111,792
53,138,348
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
4,921,347
4,921,347
a
Total
Short-Term
Securities — 2.4%
(Cost:
$
58,052,408
)
.................................
58,059,695
Total
Investments
—
102.2%
(Cost:
$
3,122,847,460
)
...............................
2,475,097,632
Liabilities
in
Excess
of
Other
Assets
—
(
2
.2
)
%
...............
(
52,896,985
)
Net
Assets
—
100.0%
.................................
$
2,422,200,647
(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
®
U.S.
Home
Construction
ETF
Schedule
of
Investments
(continued)
March
31,
2025
13
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
80,575,229
$
—
$
(
27,437,675
)
(a)
$
11,842
$
(
11,048
)
$
53,138,348
53,111,792
$
97,122
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,583,253
1,338,094
(a)
—
—
—
4,921,347
4,921,347
219,665
—
$
11,842
$
(
11,048
)
$
58,059,695
$
316,787
$
—
(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
fees
and
collateral
investment
expenses,
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
MidCap
400
Index
............................................................
117
06/20/25
$
34,382
$
(
410
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
410
$
—
$
—
$
—
$
410
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
603,674
$
—
$
—
$
—
$
603,674
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
137,004
)
$
—
$
—
$
—
$
(
137,004
)
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Home
Construction
ETF
14
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
11,214,043
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,417,037,937
$
—
$
—
$
2,417,037,937
Short-Term
Securities
Money
Market
Funds
......................................
58,059,695
—
—
58,059,695
$
2,475,097,632
$
—
$
—
$
2,475,097,632
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
410
)
$
—
$
—
$
(
410
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aluminum
— 1.0%
Century
Aluminum
Co.
(a)
.....................
673,914
$
12,507,844
Kaiser
Aluminum
Corp.
......................
183,012
11,094,188
23,602,032
a
Automotive
Parts
&
Equipment
— 0.5%
XPEL,
Inc.
(a)
.............................
408,500
12,001,730
a
Building
Products
— 5.5%
Advanced
Drainage
Systems,
Inc.
..............
109,759
11,925,315
Apogee
Enterprises,
Inc.
.....................
262,718
12,171,725
Armstrong
World
Industries,
Inc.
................
84,163
11,856,883
AZEK
Co.,
Inc.
(The),
Class
A
(a)
................
290,903
14,222,248
Builders
FirstSource
,
Inc.
(a)
...................
93,540
11,686,888
Carlisle
Companies,
Inc.
.....................
37,488
12,764,664
Insteel
Industries,
Inc.
(b)
.....................
436,992
11,492,890
Owens
Corning
...........................
87,147
12,446,335
Simpson
Manufacturing
Co.,
Inc.
...............
76,289
11,983,476
Trex
Co.,
Inc.
(a)
...........................
223,935
13,010,623
123,561,047
a
Commodity
Chemicals
— 3.1%
AdvanSix
,
Inc.
............................
478,767
10,844,073
Hawkins,
Inc.
............................
121,261
12,843,965
Koppers
Holdings,
Inc.
......................
421,233
11,794,524
LyondellBasell
Industries
N.V.,
Class
A
...........
162,331
11,428,102
Olin
Corp.
...............................
515,669
12,499,817
Westlake
Corp.
...........................
112,468
11,250,174
70,660,655
a
Construction
&
Engineering
— 12.8%
AECOM
................................
129,649
12,022,352
API
Group
Corp.
(a)
.........................
346,811
12,401,961
Argan
,
Inc.
..............................
110,566
14,502,942
Bowman
Consulting
Group
Ltd.
(a)(b)
..............
664,966
14,516,208
Comfort
Systems
USA,
Inc.
...................
38,822
12,513,495
Construction
Partners,
Inc.,
Class
A
(a)
............
181,261
13,027,228
EMCOR
Group,
Inc.
........................
33,567
12,407,370
Everus
Construction
Group,
Inc.
(a)
...............
314,787
11,675,450
Fluor
Corp.
(a)
.............................
348,140
12,470,375
Granite
Construction,
Inc.
....................
169,893
12,809,932
Great
Lakes
Dredge
&
Dock
Corp.
(a)
.............
1,588,617
13,820,968
IES
Holdings,
Inc.
(a)
........................
74,901
12,366,904
Limbach
Holdings,
Inc.
(a)
.....................
173,087
12,889,789
MasTec
,
Inc.
(a)
............................
109,141
12,737,846
Matrix
Service
Co.
(a)
........................
1,068,085
13,276,297
MYR
Group,
Inc.
(a)(b)
........................
111,670
12,628,760
Northwest
Pipe
Co.
(a)
.......................
308,068
12,723,208
Primoris
Services
Corp.
.....................
198,747
11,410,065
Quanta
Services,
Inc.
(b)
......................
51,149
13,001,053
Stantec
,
Inc.
.............................
152,580
12,639,727
Sterling
Infrastructure,
Inc.
(a)
..................
106,627
12,071,243
Tutor
Perini
Corp.
(a)
........................
473,379
10,972,925
Valmont
Industries,
Inc.
......................
38,434
10,967,911
289,854,009
a
Construction
Machinery
&
Heavy
Transportation
Equipment
— 3.1%
Astec
Industries,
Inc.
.......................
349,894
12,053,848
Caterpillar,
Inc.
...........................
35,930
11,849,714
Greenbrier
Companies,
Inc.
(The)
...............
226,295
11,590,830
Oshkosh
Corp.
...........................
127,935
12,036,125
Terex
Corp.
..............................
307,089
11,601,822
Trinity
Industries,
Inc.
.......................
421,775
11,835,007
70,967,346
a
Security
Shares
Value
a
Construction
Materials
— 3.4%
CRH
PLC
...............................
129,021
$
11,349,977
Eagle
Materials,
Inc.
........................
58,920
13,076,116
Knife
River
Corp.
(a)(b)
........................
142,831
12,884,784
Martin
Marietta
Materials,
Inc.
.................
27,369
13,085,940
United
States
Lime
&
Minerals,
Inc.
..............
139,400
12,320,172
Vulcan
Materials
Co.
.......................
56,973
13,291,801
76,008,790
a
Copper
— 1.1%
MAC
Copper
Ltd.
(a)
.........................
1,318,857
12,581,896
Taseko
Mines
Ltd.
(a)
........................
6,020,039
13,484,887
26,066,783
a
Distributors
— 0.5%
Pool
Corp.
..............................
34,593
11,012,681
a
Diversified
Chemicals
— 0.5%
LSB
Industries,
Inc.
(a)
.......................
1,784,665
11,760,942
a
Diversified
Metals
&
Mining
— 0.5%
Compass
Minerals
International,
Inc.
.............
1,208,617
11,228,052
a
Electric
Utilities
— 19.5%
ALLETE,
Inc.
............................
263,198
17,292,109
Alliant
Energy
Corp.
........................
274,561
17,668,000
American
Electric
Power
Co.,
Inc.
...............
163,994
17,919,624
Constellation
Energy
Corp.
...................
80,823
16,296,342
Duke
Energy
Corp.
........................
147,159
17,948,983
Edison
International
........................
304,586
17,946,207
Entergy
Corp.
............................
210,970
18,035,825
Evergy
,
Inc.
..............................
261,078
18,001,328
Eversource
Energy
........................
281,370
17,475,891
Exelon
Corp.
.............................
398,001
18,339,886
FirstEnergy
Corp.
.........................
445,511
18,007,555
Fortis,
Inc.
..............................
384,260
17,514,571
Hawaiian
Electric
Industries,
Inc.
(a)
..............
1,497,123
16,393,497
IDACORP,
Inc.
...........................
151,592
17,618,022
MGE
Energy,
Inc.
..........................
190,737
17,730,912
NextEra
Energy,
Inc.
.......................
235,896
16,722,667
NRG
Energy,
Inc.
..........................
194,785
18,594,176
OGE
Energy
Corp.
.........................
391,223
17,980,609
PG&E
Corp.
.............................
1,074,338
18,457,127
Pinnacle
West
Capital
Corp.
..................
186,739
17,786,890
Portland
General
Electric
Co.
..................
385,128
17,176,709
PPL
Corp.
..............................
503,602
18,185,068
Southern
Co.
(The)
........................
187,732
17,261,957
TXNM
Energy,
Inc.
.........................
359,512
19,226,702
Xcel
Energy,
Inc.
..........................
252,319
17,861,662
443,442,319
a
Environmental
&
Facilities
Services
— 0.5%
Tetra
Tech,
Inc.
...........................
419,133
12,259,640
a
Forest
Products
— 1.1%
Louisiana-Pacific
Corp.
......................
135,548
12,467,705
West
Fraser
Timber
Co.
Ltd.
(b)
.................
161,568
12,431,042
24,898,747
a
Gas
Utilities
— 5.9%
Atmos
Energy
Corp.
........................
115,468
17,849,043
Chesapeake
Utilities
Corp.
...................
131,611
16,902,801
MDU
Resources
Group,
Inc.
..................
1,033,084
17,469,450
New
Jersey
Resources
Corp.
..................
359,016
17,613,325
Northwest
Natural
Holding
Co.
.................
409,196
17,480,853
ONE
Gas,
Inc.
............................
229,916
17,379,350
Southwest
Gas
Holdings,
Inc.
.................
173,202
12,435,904
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Infrastructure
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Gas
Utilities
(continued)
Spire,
Inc.
...............................
224,573
$
17,572,837
134,703,563
a
Industrial
Machinery
&
Supplies
&
Components
— 1.6%
Kornit
Digital
Ltd.
(a)
.........................
585,739
11,175,900
Luxfer
Holdings
PLC
.......................
1,036,917
12,297,836
Mueller
Industries,
Inc.
......................
153,602
11,695,256
35,168,992
a
Multi-Utilities
— 11.8%
Algonquin
Power
&
Utilities
Corp.
...............
3,574,398
18,372,406
Ameren
Corp.
............................
174,257
17,495,403
Avista
Corp.
.............................
432,187
18,095,670
Black
Hills
Corp.
..........................
285,577
17,320,245
CenterPoint
Energy,
Inc.
.....................
501,439
18,167,135
CMS
Energy
Corp.
.........................
235,068
17,655,957
Consolidated
Edison,
Inc.
....................
165,564
18,309,723
Dominion
Energy,
Inc.
.......................
310,711
17,421,566
DTE
Energy
Co.
..........................
130,314
18,018,517
NiSource,
Inc.
............................
446,213
17,888,679
Northwestern
Energy
Group,
Inc.
...............
305,622
17,686,345
Public
Service
Enterprise
Group,
Inc.
............
216,947
17,854,738
Sempra
................................
247,898
17,690,001
Unitil
Corp.
..............................
308,539
17,799,615
WEC
Energy
Group,
Inc.
.....................
160,603
17,502,515
267,278,515
a
Oil
&
Gas
Equipment
&
Services
— 0.6%
Atlas
Energy
Solutions,
Inc.
...................
710,858
12,681,707
a
Oil
&
Gas
Storage
&
Transportation
— 6.3%
Antero
Midstream
Corp.
.....................
1,043,618
18,785,124
DT
Midstream,
Inc.
.........................
194,700
18,784,656
Kinder
Morgan,
Inc.
........................
657,144
18,748,318
Kinetik
Holdings,
Inc.,
Class
A
.................
335,159
17,408,159
New
Fortress
Energy,
Inc.,
Class
A
..............
1,738,313
14,445,381
ONEOK,
Inc.
.............................
191,764
19,026,824
TC
Energy
Corp.
..........................
373,968
17,655,029
Williams
Companies,
Inc.
(The)
................
315,520
18,855,475
143,708,966
a
Rail
Transportation
— 2.2%
CSX
Corp.
..............................
548,870
16,153,244
Norfolk
Southern
Corp.
......................
70,913
16,795,744
Union
Pacific
Corp.
........................
68,898
16,276,464
49,225,452
a
Research
&
Consulting
Services
— 1.1%
Jacobs
Solutions,
Inc.
.......................
101,202
12,234,310
NV5
Global,
Inc.
(a)
.........................
690,173
13,299,633
25,533,943
a
Specialty
Chemicals
— 1.5%
Eastman
Chemical
Co.
......................
127,377
11,223,187
Ecovyst
,
Inc.
(a)
............................
1,803,455
11,181,421
Ingevity
Corp.
(a)
...........................
265,662
10,517,559
32,922,167
a
Steel
— 7.0%
Algoma
Steel
Group,
Inc.
(b)
...................
1,972,070
10,688,619
ATI,
Inc.
(a)
...............................
228,104
11,868,251
Carpenter
Technology
Corp.
(b)
.................
69,898
12,664,120
Cleveland-Cliffs,
Inc.
(a)(b)
.....................
1,282,562
10,542,660
Commercial
Metals
Co.
......................
274,366
12,623,580
Metallus
,
Inc.
(a)
...........................
878,020
11,730,347
Nucor
Corp.
.............................
94,111
11,325,318
Security
Shares
Value
a
Steel
(continued)
Olympic
Steel,
Inc.
.........................
389,523
$
12,277,765
Reliance,
Inc.
............................
43,612
12,592,965
Ryerson
Holding
Corp.
......................
525,121
12,056,778
Steel
Dynamics,
Inc.
........................
100,630
12,586,800
United
States
Steel
Corp.
....................
347,800
14,698,028
Worthington
Steel,
Inc.
......................
481,989
12,208,781
157,864,012
a
Trading
Companies
&
Distributors
— 2.2%
BlueLinx
Holdings,
Inc.
(a)(b)
....................
160,568
12,039,389
Boise
Cascade
Co.
........................
123,810
12,144,523
H&E
Equipment
Services,
Inc.
.................
133,643
12,668,020
United
Rentals,
Inc.
........................
20,015
12,543,400
49,395,332
a
Water
Utilities
— 6.5%
American
States
Water
Co.
...................
216,060
16,999,601
American
Water
Works
Co.,
Inc.
................
118,147
17,429,045
Artesian
Resources
Corp.,
Class
A,
NVS
(c)
.........
519,770
16,970,491
California
Water
Service
Group
................
358,184
17,357,597
Consolidated
Water
Co.
Ltd.
..................
452,279
11,076,313
Essential
Utilities,
Inc.
.......................
431,547
17,059,053
Middlesex
Water
Co.
.......................
255,928
16,404,985
SJW
Group
..............................
309,285
16,914,797
York
Water
Co.
(The)
.......................
497,612
17,257,184
147,469,066
a
Total
Long-Term Investments
— 99.8%
(Cost:
$2,225,064,348)
...............................
2,263,276,488
a
Short-Term
Securities
Money
Market
Funds
—
1.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.50%
(c)(d)(e)
............................
25,484,328
25,497,070
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.31%
(c)(d)
.............................
4,467,101
4,467,101
a
Total
Short-Term
Securities — 1.3%
(Cost:
$29,961,239)
.................................
29,964,171
Total
Investments
—
101.1%
(Cost:
$2,255,025,587)
...............................
2,293,240,659
Liabilities
in
Excess
of
Other
Assets
—
(1.1)%
...............
(24,381,912)
Net
Assets
—
100.0%
.................................
$
2,268,858,747
(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
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(continued)
March
31,
2025
17
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
Artesian
Resources
Corp.
(a)
........
N/A
$
12,847,699
$
(10,424,937
)
$
(1,365,551
)
$
(1,298,746
)
$
16,970,491
519,770
$
692,620
$
—
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
42,165,349
—
(16,666,813
)
(b)
8,376
(9,842
)
25,497,070
25,484,328
176,152
(c)
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
4,277,258
189,843
(b)
—
—
—
4,467,101
4,467,101
266,747
—
Luxfer
Holdings
PLC
(d)
N/A
4,033,169
(3,513,882
)
(546,226
)
N/A
N/A
N/A
190,453
—
Matrix
Service
Co.
(d)
.
N/A
7,684,787
(4,890,629
)
(383,651
)
N/A
N/A
N/A
—
—
York
Water
Co.
(The)
(d)
N/A
7,756,469
(188,660
)
(21,728
)
N/A
N/A
N/A
157,388
—
$
(2,308,780
)
$
(1,308,588
)
$
46,934,662
$
1,483,360
$
—
(a)
As
of
the
beginning
of
the
period,
the
entity
was
not
considered
an
affiliate.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(d)
As
of
the
beginning
of
the
year,
and
as
of
the
end
of
the
year,
the
entity
was
not
considered
an
affiliate.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
.........................................................
3
06/20/25
$
296
$
6,483
E-Mini
S&P
MidCap
400
Index
............................................................
9
06/20/25
2,645
(9,622
)
E-Mini
Utilities
Select
Sector
Index
.........................................................
15
06/20/25
1,203
(2,299
)
$
(5,438
)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long
........
Monthly
HSBC
Bank
PLC
(b)
02/09/28
$
1,228,858
$
(1,698
)
(c
)
$
1,227,160
0.1
%
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
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
positions.
(c)
Amount
includes
$0
of
net
dividends
and
financing
fees.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
Range:
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Infrastructure
ETF
18
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Derivatives
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
PLC
as
of
period
end,
termination
date
February
9,
2028
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Building
Products
Insteel
Industries,
Inc.
....................
19,158
$
503,855
41.1
%
a
Water
Utilities
Middlesex
Water
Co.
....................
11,284
723,305
58.9
a
Total
Reference
Entity
—
Long
1,227,160
Net
Value
of
Reference
Entity
—
HSBC
Bank
PLC
........
$
1,227,160
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
................................................................
$
—
$
—
$
—
$
(1,698
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
6,483
$
—
$
—
$
—
$
6,483
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
11,921
$
—
$
—
$
—
$
11,921
Swaps
-
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
—
—
1,698
—
—
—
1,698
$
—
$
—
$
13,619
$
—
$
—
$
—
$
13,619
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(281,076
)
$
—
$
—
$
—
$
(281,076
)
Swaps
.........................................
—
—
194,063
—
—
—
194,063
$
—
$
—
$
(87,013
)
$
—
$
—
$
—
$
(87,013
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(191,911
)
$
—
$
—
$
—
$
(191,911
)
Swaps
.........................................
—
—
(808
)
—
—
—
(808
)
$
—
$
—
$
(192,719
)
$
—
$
—
$
—
$
(192,719
)
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(continued)
March
31,
2025
19
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
–
Offsetting
as
of
Period
End
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
5,116,440
Total
return
swaps
Average
notional
amount
...............................................................................................
$
4,676,753
a
Assets
Liabilities
Derivative
Financial
Instruments:
Futures
contracts
.................................................................................
$
16,018
$
—
Swaps
—
OTC
(a)
.................................................................................
—
1,698
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
.........................................
$
16,018
$
1,698
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
......................................
(16,018)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
.........................................................
$
—
$
1,698
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
table
presents
the
Fund’s
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
a
a
a
a
a
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)
HSBC
Bank
PLC
.....................................
$
1,698
$
–
$
–
$
–
$
1,698
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivatives
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
2,263,276,488
$
—
$
—
$
2,263,276,488
Short-Term
Securities
Money
Market
Funds
..........................................
29,964,171
—
—
29,964,171
$
2,293,240,659
$
—
$
—
$
2,293,240,659
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
6,483
$
—
$
—
$
6,483
Liabilities
Equity
Contracts
...............................................
(11,921)
(1,698)
—
(13,619)
$
(5,438)
$
(1,698)
$
—
$
(7,136)
a
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Insurance
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Life
&
Health
Insurance
—
21
.2
%
Aflac,
Inc.
...............................
323,274
$
35,944,836
Brighthouse
Financial,
Inc.
(a)
..................
52,991
3,072,948
CNO
Financial
Group,
Inc.
....................
90,337
3,762,536
F&G
Annuities
&
Life,
Inc.
....................
18,960
683,508
Genworth
Financial,
Inc.
(a)
....................
366,359
2,597,485
Globe
Life,
Inc.
...........................
74,224
9,776,785
Lincoln
National
Corp.
......................
131,476
4,721,303
MetLife,
Inc.
.............................
428,259
34,384,915
Oscar
Health,
Inc.
,
Class
A
(a)
..................
181,638
2,381,274
Primerica,
Inc.
............................
29,743
8,462,776
Principal
Financial
Group,
Inc.
.................
186,358
15,723,024
Prudential
Financial,
Inc.
.....................
313,155
34,973,150
Unum
Group
.............................
141,896
11,558,848
168,043,388
a
Multi-line
Insurance
—
0
.2
%
Horace
Mann
Educators
Corp.
.................
35,851
1,531,913
a
Property
&
Casualty
Insurance
—
78
.4
%
Allstate
Corp.
(The)
........................
220,762
45,713,187
Ambac
Financial
Group,
Inc.
(a)
.................
44,968
393,470
American
Financial
Group,
Inc.
................
63,935
8,397,223
American
International
Group,
Inc.
..............
421,719
36,664,250
AMERISAFE,
Inc.
.........................
17,183
902,967
Arch
Capital
Group
Ltd.
.....................
331,421
31,876,072
Assurant,
Inc.
............................
45,552
9,554,532
Assured
Guaranty
Ltd.
......................
42,504
3,744,602
Axis
Capital
Holdings
Ltd.
....................
67,899
6,806,196
Chubb
Ltd.
..............................
310,329
93,716,255
Cincinnati
Financial
Corp.
....................
138,774
20,499,695
CNA
Financial
Corp.
........................
19,521
991,472
Employers
Holdings,
Inc.
.....................
20,603
1,043,336
Erie
Indemnity
Co.
,
Class
A
,
NVS
...............
22,025
9,229,576
Fidelity
National
Financial,
Inc.
.................
229,760
14,952,781
First
American
Financial
Corp.
.................
91,041
5,975,021
Hanover
Insurance
Group,
Inc.
(The)
............
31,835
5,537,698
Hartford
Insurance
Group,
Inc.
(The)
.............
254,168
31,448,207
HCI
Group,
Inc.
...........................
7,957
1,187,423
Kemper
Corp.
............................
53,852
3,600,006
Kinsale
Capital
Group,
Inc.
(b)
..................
19,545
9,512,747
Security
Shares
Value
a
Property
&
Casualty
Insurance
(continued)
Lemonade,
Inc.
(a)
(b)
.........................
49,280
$
1,548,870
Loews
Corp.
.............................
157,089
14,438,050
Markel
Group,
Inc.
(a)
........................
11,334
21,190,160
Mercury
General
Corp.
......................
23,837
1,332,488
Old
Republic
International
Corp.
................
208,340
8,171,095
Palomar
Holdings,
Inc.
(a)
.....................
23,646
3,241,394
ProAssurance
Corp.
(a)
.......................
44,749
1,044,889
Progressive
Corp.
(The)
.....................
487,769
138,043,505
RLI
Corp.
...............................
73,661
5,917,188
Safety
Insurance
Group,
Inc.
..................
13,322
1,050,839
Selective
Insurance
Group,
Inc.
................
53,783
4,923,296
Skyward
Specialty
Insurance
Group,
Inc.
(a)
.........
29,342
1,552,779
Stewart
Information
Services
Corp.
..............
24,671
1,760,276
Travelers
Companies,
Inc.
(The)
................
188,820
49,935,337
Trupanion,
Inc.
(a)
..........................
30,037
1,119,479
United
Fire
Group,
Inc.
......................
19,369
570,611
Universal
Insurance
Holdings,
Inc.
..............
23,391
554,367
W
R
Berkley
Corp.
.........................
265,244
18,874,763
White
Mountains
Insurance
Group
Ltd.
(b)
..........
2,239
4,311,889
621,327,991
a
Total
Long-Term Investments
— 99.8%
(Cost:
$
650,965,162
)
................................
790,903,292
a
Short-Term
Securities
Money
Market
Funds
—
1
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
6,877,113
6,880,552
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
1,344,410
1,344,410
a
Total
Short-Term
Securities — 1.0%
(Cost:
$
8,224,849
)
..................................
8,224,962
Total
Investments
—
100.8%
(Cost:
$
659,190,011
)
................................
799,128,254
Liabilities
in
Excess
of
Other
Assets
—
(
0
.8
)
%
...............
(
6,353,207
)
Net
Assets
—
100.0%
.................................
$
792,775,047
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
1,228,724
$
5,652,246
(a)
$
—
$
(
528
)
$
110
$
6,880,552
6,877,113
$
18,136
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
1,252,926
91,484
(a)
—
—
—
1,344,410
1,344,410
49,746
—
$
(
528
)
$
110
$
8,224,962
$
67,882
$
—
iShares
®
U.S.
Insurance
ETF
Schedule
of
Investments
(continued)
March
31,
2025
21
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
(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
fees
and
collateral
investment
expenses,
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
Financial
Select
Sector
Index
.........................................................
10
06/20/25
$
1,549
$
24,196
E-Mini
S&P
MidCap
400
Index
.............................................................
1
06/20/25
294
5,578
$
29,774
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
29,774
$
—
$
—
$
—
$
29,774
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
157,413
$
—
$
—
$
—
$
157,413
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
12,821
)
$
—
$
—
$
—
$
(
12,821
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,366,646
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Insurance
ETF
22
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
790,903,292
$
—
$
—
$
790,903,292
Short-Term
Securities
Money
Market
Funds
......................................
8,224,962
—
—
8,224,962
$
799,128,254
$
—
$
—
$
799,128,254
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
29,774
$
—
$
—
$
29,774
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Manufacturing
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
14
.9
%
Axon
Enterprise,
Inc.
(a)
.....................
174
$
91,515
Boeing
Co.
(The)
(a)
........................
1,801
307,161
BWX
Technologies,
Inc.
....................
220
21,703
Curtiss-Wright
Corp.
.......................
90
28,554
General
Dynamics
Corp.
....................
609
166,001
HEICO
Corp.
...........................
96
25,650
Huntington
Ingalls
Industries,
Inc.
..............
94
19,180
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
......
395
11,728
L3Harris
Technologies,
Inc.
..................
452
94,608
Leonardo
DRS,
Inc.
.......................
194
6,379
Lockheed
Martin
Corp.
.....................
503
224,695
Moog,
Inc.
,
Class
A
.......................
74
12,828
Northrop
Grumman
Corp.
...................
327
167,427
Rocket
Lab
USA,
Inc.
,
Class
A
(a)
...............
840
15,019
RTX
Corp.
.............................
3,198
423,607
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
.......
305
10,510
Textron,
Inc.
............................
438
31,646
TransDigm
Group,
Inc.
.....................
135
186,744
Woodward,
Inc.
..........................
143
26,096
1,871,051
a
Automobile
Components
—
0
.8
%
LCI
Industries
...........................
264
23,081
Modine
Manufacturing
Co.
(a)
.................
545
41,829
Patrick
Industries,
Inc.
.....................
348
29,427
94,337
a
Automobiles
—
8
.7
%
Ford
Motor
Co.
..........................
40,331
404,520
General
Motors
Co.
.......................
10,309
484,832
Harley-Davidson,
Inc.
......................
1,187
29,972
Lucid
Group,
Inc.
(a)
(b)
.......................
12,170
29,452
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
7,556
94,072
Thor
Industries,
Inc.
.......................
551
41,771
1,084,619
a
Building
Products
—
8
.1
%
A
O
Smith
Corp.
.........................
538
35,164
AAON,
Inc.
.............................
304
23,751
Carrier
Global
Corp.
.......................
3,725
236,165
CSW
Industrials,
Inc.
......................
77
22,447
Johnson
Controls
International
PLC
............
3,045
243,935
Lennox
International,
Inc.
...................
148
83,003
Trane
Technologies
PLC
....................
1,034
348,375
Zurn
Elkay
Water
Solutions
Corp.
..............
644
21,239
1,014,079
a
Commercial
Services
&
Supplies
—
0
.5
%
MSA
Safety,
Inc.
.........................
407
59,703
a
Communications
Equipment
—
0
.4
%
Lumentum
Holdings,
Inc.
(a)
..................
717
44,698
a
Electrical
Equipment
—
15
.2
%
Acuity,
Inc.
.............................
318
83,745
AMETEK,
Inc.
...........................
2,397
412,620
Atkore,
Inc.
.............................
360
21,596
Bloom
Energy
Corp.
,
Class
A
(a)
................
2,060
40,500
Eaton
Corp.
PLC
.........................
1,726
469,179
EnerSys
...............................
409
37,456
Generac
Holdings,
Inc.
(a)
....................
618
78,270
Hubbell,
Inc.
............................
556
183,986
NEXTracker,
Inc.
,
Class
A
(a)
..................
1,489
62,747
NuScale
Power
Corp.
,
Class
A
(a)
(b)
..............
1,127
15,958
Security
Shares
Value
a
Electrical
Equipment
(continued)
nVent
Electric
PLC
........................
1,708
$
89,533
Plug
Power,
Inc.
(a)
(b)
.......................
9,001
12,151
Powell
Industries,
Inc.
......................
93
15,841
Regal
Rexnord
Corp.
......................
686
78,101
Rockwell
Automation,
Inc.
...................
1,172
302,821
1,904,504
a
Electronic
Equipment,
Instruments
&
Components
—
13
.2
%
Advanced
Energy
Industries,
Inc.
..............
390
37,171
Amphenol
Corp.
,
Class
A
...................
8,021
526,097
Badger
Meter,
Inc.
........................
134
25,494
Belden,
Inc.
............................
417
41,804
Coherent
Corp.
(a)
.........................
1,606
104,294
Fabrinet
(a)
..............................
373
73,671
Itron,
Inc.
(a)
.............................
467
48,923
Littelfuse,
Inc.
...........................
257
50,562
TE
Connectivity
PLC
......................
3,091
436,820
Teledyne
Technologies,
Inc.
(a)
.................
483
240,394
TTM
Technologies,
Inc.
(a)
....................
1,024
21,002
Vontier
Corp.
............................
1,541
50,622
1,656,854
a
Industrial
Conglomerates
—
4
.1
%
Honeywell
International,
Inc.
.................
2,442
517,094
a
Leisure
Products
—
0
.3
%
Brunswick
Corp.
.........................
684
36,833
a
Machinery
—
30
.0
%
Alamo
Group,
Inc.
........................
105
18,712
Albany
International
Corp.
,
Class
A
.............
324
22,369
Allison
Transmission
Holdings,
Inc.
.............
886
84,764
Crane
Co.
..............................
224
34,312
Cummins,
Inc.
...........................
1,424
446,338
Deere
&
Co.
............................
1,069
501,735
Dover
Corp.
............................
1,422
249,817
Enpro,
Inc.
.............................
97
15,694
ESCO
Technologies,
Inc.
...................
267
42,485
Federal
Signal
Corp.
......................
633
46,557
Fortive
Corp.
............................
3,535
258,691
Franklin
Electric
Co.,
Inc.
...................
178
16,711
Graco,
Inc.
.............................
779
65,054
Greenbrier
Companies,
Inc.
(The)
..............
317
16,237
IDEX
Corp.
.............................
349
63,158
JBT
Marel
Corp.
.........................
478
58,412
Lincoln
Electric
Holdings,
Inc.
................
585
110,659
Middleby
Corp.
(The)
(a)
.....................
557
84,653
Mueller
Water
Products,
Inc.
,
Series
A
...........
705
17,921
Oshkosh
Corp.
..........................
674
63,410
PACCAR,
Inc.
...........................
4,925
479,547
Parker-Hannifin
Corp.
......................
594
361,063
Pentair
PLC
............................
762
66,660
Snap-on,
Inc.
...........................
543
182,996
SPX
Technologies,
Inc.
(a)
....................
214
27,559
Standex
International
Corp.
..................
122
19,690
Stanley
Black
&
Decker,
Inc.
.................
1,597
122,777
Terex
Corp.
.............................
688
25,993
Toro
Co.
(The)
...........................
1,043
75,878
Trinity
Industries,
Inc.
......................
851
23,879
Watts
Water
Technologies,
Inc.
,
Class
A
..........
124
25,286
Xylem,
Inc.
.............................
1,121
133,915
3,762,932
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Manufacturing
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Professional
Services
—
0
.6
%
Amentum
Holdings,
Inc.
(a)
...................
323
$
5,879
KBR,
Inc.
..............................
320
15,939
Leidos
Holdings,
Inc.
......................
315
42,506
Science
Applications
International
Corp.
.........
128
14,371
78,695
a
Semiconductors
&
Semiconductor
Equipment
—
3
.0
%
Enphase
Energy,
Inc.
(a)
.....................
1,373
85,195
First
Solar,
Inc.
(a)
(b)
........................
1,109
140,211
FormFactor,
Inc.
(a)
........................
802
22,689
MKS
Instruments,
Inc.
.....................
697
55,864
Qorvo,
Inc.
(a)
............................
968
70,093
374,052
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
13,420,022
)
.................................
12,499,451
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
2
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
......................
276,128
$
276,266
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
............................
21,649
21,649
a
Total
Short-Term
Securities — 2.4%
(Cost:
$
297,915
)
...................................
297,915
Total
Investments
—
102.2%
(Cost:
$
13,717,937
)
.................................
12,797,366
Liabilities
in
Excess
of
Other
Assets
—
(
2
.2
)
%
...............
(
271,676
)
Net
Assets
—
100.0%
.................................
$
12,525,690
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/17/24
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
—
$
276,275
(b)
$
—
$
(
9
)
$
—
$
276,266
276,128
$
602
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
—
21,649
(b)
—
—
—
21,649
21,649
599
—
$
(
9
)
$
—
$
297,915
$
1,201
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
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
Micro
E-Mini
Russell
2000
Index
...........................................................
2
06/20/25
$
20
$
(
339
)
iShares
®
U.S.
Manufacturing
ETF
Schedule
of
Investments
(continued)
March
31,
2025
25
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
339
$
—
$
—
$
—
$
339
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
6,276
)
$
—
$
—
$
—
$
(
6,276
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
339
)
$
—
$
—
$
—
$
(
339
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
18,005
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
12,499,451
$
—
$
—
$
12,499,451
Short-Term
Securities
Money
Market
Funds
......................................
297,915
—
—
297,915
$
12,797,366
$
—
$
—
$
12,797,366
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
339
)
$
—
$
—
$
(
339
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Medical
Devices
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Health
Care
Equipment
—
99
.9
%
Abbott
Laboratories
........................
6,606,292
$
876,324,634
Alphatec
Holdings,
Inc.
(a)
(b)
....................
565,796
5,737,171
Artivion,
Inc.
(a)
(b)
...........................
209,047
5,138,375
AtriCure,
Inc.
(a)
(b)
..........................
270,845
8,737,460
Axogen,
Inc.
(a)
............................
243,863
4,511,465
Baxter
International,
Inc.
.....................
2,829,254
96,845,364
Becton
Dickinson
&
Co.
.....................
917,744
210,218,441
Boston
Scientific
Corp.
(a)
.....................
5,371,254
541,852,104
Butterfly
Network,
Inc.
,
Class
A
(a)
(b)
..............
992,083
2,261,949
CONMED
Corp.
...........................
171,175
10,337,258
Dexcom,
Inc.
(a)
(b)
..........................
2,164,931
147,843,138
Edwards
Lifesciences
Corp.
(a)
.................
2,998,275
217,314,972
Enovis
Corp.
(a)
(b)
...........................
315,079
12,039,169
Envista
Holdings
Corp.
(a)
(b)
....................
954,128
16,468,249
GE
HealthCare
Technologies,
Inc.
(b)
.............
2,451,512
197,861,534
Glaukos
Corp.
(a)
(b)
..........................
305,532
30,070,459
Globus
Medical,
Inc.
,
Class
A
(a)
(b)
...............
630,235
46,133,202
Hologic,
Inc.
(a)
............................
1,243,379
76,803,521
IDEXX
Laboratories,
Inc.
(a)
(b)
..................
453,752
190,553,152
Inspire
Medical
Systems,
Inc.
(a)
(b)
...............
164,391
26,184,198
Insulet
Corp.
(a)
(b)
...........................
388,692
102,074,406
Integer
Holdings
Corp.
(a)
(b)
....................
185,850
21,932,158
Integra
LifeSciences
Holdings
Corp.
(a)
(b)
...........
367,706
8,085,855
Intuitive
Surgical,
Inc.
(a)
(b)
.....................
1,358,441
672,795,074
iRhythm
Technologies,
Inc.
(a)
(b)
.................
173,413
18,152,873
LeMaitre
Vascular,
Inc.
......................
113,361
9,510,988
LivaNova
PLC
(a)
(b)
..........................
300,899
11,819,313
Masimo
Corp.
(a)
(b)
..........................
246,238
41,023,251
Medtronic
PLC
...........................
2,244,689
201,707,754
Novocure
Ltd.
(a)
...........................
545,601
9,722,610
Omnicell,
Inc.
(a)
...........................
256,636
8,971,995
Orthofix
Medical,
Inc.
(a)
......................
211,763
3,453,855
Paragon
28,
Inc.
(a)
(b)
........................
218,395
2,852,239
Penumbra,
Inc.
(a)
(b)
.........................
212,665
56,868,748
Security
Shares
Value
a
Health
Care
Equipment
(continued)
PROCEPT
BioRobotics
Corp.
(a)
(b)
...............
299,624
$
17,456,094
QuidelOrtho
Corp.
(a)
(b)
.......................
365,229
12,772,058
ResMed,
Inc.
(b)
...........................
813,818
182,173,159
Senseonics
Holdings,
Inc.
(a)
(b)
..................
3,298,798
2,164,341
SI-BONE,
Inc.
(a)
...........................
209,138
2,934,206
STERIS
PLC
.............................
544,434
123,395,966
Stryker
Corp.
............................
564,580
210,164,905
Surmodics,
Inc.
(a)
..........................
79,065
2,413,854
Tandem
Diabetes
Care,
Inc.
(a)
(b)
................
363,932
6,972,937
Teleflex,
Inc.
.............................
257,354
35,563,749
TransMedics
Group,
Inc.
(a)
(b)
...................
185,963
12,511,591
Treace
Medical
Concepts,
Inc.
(a)
................
241,633
2,027,301
Varex
Imaging
Corp.
(a)
......................
228,301
2,648,292
Zimmer
Biomet
Holdings,
Inc.
.................
1,103,098
124,848,632
a
Total
Long-Term Investments
— 99.9%
(Cost:
$
4,729,152,096
)
...............................
4,630,254,019
a
Short-Term
Securities
Money
Market
Funds
—
3
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
135,029,572
135,097,086
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
5,513,710
5,513,710
a
Total
Short-Term
Securities — 3.0%
(Cost:
$
140,595,281
)
................................
140,610,796
Total
Investments
—
102.9%
(Cost:
$
4,869,747,377
)
...............................
4,770,864,815
Liabilities
in
Excess
of
Other
Assets
—
(
2
.9
)
%
...............
(
133,358,499
)
Net
Assets
—
100.0%
.................................
$
4,637,506,316
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
119,537,217
$
15,551,795
(a)
$
—
$
30,859
$
(
22,785
)
$
135,097,086
135,029,572
$
230,230
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
6,174,241
—
(
660,531
)
(a)
—
—
5,513,710
5,513,710
308,803
—
$
30,859
$
(
22,785
)
$
140,610,796
$
539,033
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Medical
Devices
ETF
Schedule
of
Investments
(continued)
March
31,
2025
27
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Select
Sector
Index
......................................................
31
06/20/25
$
4,606
$
46,076
E-Mini
Technology
Select
Sector
Index
......................................................
7
06/20/25
1,469
(
25,409
)
$
20,667
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
46,076
$
—
$
—
$
—
$
46,076
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
25,409
$
—
$
—
$
—
$
25,409
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
824,545
$
—
$
—
$
—
$
824,545
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
107,119
)
$
—
$
—
$
—
$
(
107,119
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
6,647,698
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Medical
Devices
ETF
28
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
4,630,254,019
$
—
$
—
$
4,630,254,019
Short-Term
Securities
Money
Market
Funds
......................................
140,610,796
—
—
140,610,796
$
4,770,864,815
$
—
$
—
$
4,770,864,815
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
46,076
$
—
$
—
$
46,076
Liabilities
Equity
Contracts
...........................................
(
25,409
)
—
—
(
25,409
)
$
20,667
$
—
$
—
$
20,667
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
29
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Exploration
&
Production
—
79
.0
%
Antero
Resources
Corp.
(a)
....................
284,176
$
11,492,078
APA
Corp.
..............................
359,407
7,554,735
California
Resources
Corp.
...................
69,275
3,046,022
Chord
Energy
Corp.
........................
59,388
6,694,215
Civitas
Resources,
Inc.
......................
86,307
3,011,251
CNX
Resources
Corp.
(a)
.....................
144,602
4,552,071
Comstock
Resources,
Inc.
(a)
...................
88,182
1,793,622
ConocoPhillips
...........................
1,076,178
113,020,214
Coterra
Energy,
Inc.
........................
715,464
20,676,910
Crescent
Energy
Co.
,
Class
A
.................
177,946
2,000,113
Devon
Energy
Corp.
........................
638,185
23,868,119
Diamondback
Energy,
Inc.
....................
144,576
23,114,811
EOG
Resources,
Inc.
.......................
474,246
60,817,307
EQT
Corp.
..............................
487,528
26,048,621
Expand
Energy
Corp.
.......................
204,307
22,743,455
Gulfport
Energy
Corp.
(a)
.....................
12,071
2,222,754
Hess
Corp.
..............................
165,643
26,458,156
Kosmos
Energy
Ltd.
(a)
.......................
457,835
1,043,864
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..............
185,593
4,688,079
Matador
Resources
Co.
.....................
112,733
5,759,529
Murphy
Oil
Corp.
..........................
133,204
3,782,994
Northern
Oil
&
Gas,
Inc.
.....................
96,532
2,918,162
Ovintiv,
Inc.
..............................
252,908
10,824,462
Permian
Resources
Corp.
,
Class
A
..............
621,465
8,607,290
Range
Resources
Corp.
.....................
234,435
9,360,990
Sable
Offshore
Corp.
,
Class
A
(a)
(b)
...............
61,589
1,562,513
Sitio
Royalties
Corp.
,
Class
A
..................
76,877
1,527,546
SM
Energy
Co.
...........................
111,194
3,330,260
Talos
Energy,
Inc.
(a)
........................
120,474
1,171,007
Texas
Pacific
Land
Corp.
(b)
...................
17,699
23,450,998
VAALCO
Energy,
Inc.
.......................
100,651
378,448
Viper
Energy,
Inc.
,
Class
A
...................
127,399
5,752,065
Vital
Energy,
Inc.
(a)
.........................
26,161
555,136
Vitesse
Energy,
Inc.
........................
27,245
669,955
444,497,752
a
Security
Shares
Value
a
Oil
&
Gas
Refining
&
Marketing
—
20
.3
%
Calumet,
Inc.
(a)
(b)
..........................
66,710
$
845,883
Clean
Energy
Fuels
Corp.
(a)
...................
171,763
266,233
CVR
Energy,
Inc.
..........................
33,161
643,323
Delek
U.S.
Holdings,
Inc.
....................
61,313
923,987
Green
Plains,
Inc.
(a)
........................
66,915
324,538
HF
Sinclair
Corp.
..........................
155,372
5,108,631
Marathon
Petroleum
Corp.
...................
226,028
32,930,019
Par
Pacific
Holdings,
Inc.
(a)
...................
54,285
774,104
PBF
Energy,
Inc.
,
Class
A
....................
95,385
1,820,900
Phillips
66
...............................
348,223
42,998,576
REX
American
Resources
Corp
(a)
...............
14,998
563,475
Valero
Energy
Corp.
........................
190,585
25,170,561
World
Kinect
Corp.
.........................
56,542
1,603,531
113,973,761
a
Total
Long-Term Investments
— 99.3%
(Cost:
$
612,277,371
)
................................
558,471,513
a
Short-Term
Securities
Money
Market
Funds
—
4
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
25,477,518
25,490,257
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
1,009,834
1,009,834
a
Total
Short-Term
Securities — 4.7%
(Cost:
$
26,500,430
)
.................................
26,500,091
Total
Investments
—
104.0%
(Cost:
$
638,777,801
)
................................
584,971,604
Liabilities
in
Excess
of
Other
Assets
—
(
4
.0
)
%
...............
(
22,645,572
)
Net
Assets
—
100.0%
.................................
$
562,326,032
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
15,782,140
$
9,719,661
(a)
$
—
$
(
10,600
)
$
(
944
)
$
25,490,257
25,477,518
$
61,304
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
818,963
190,871
(a)
—
—
—
1,009,834
1,009,834
47,265
—
$
(
10,600
)
$
(
944
)
$
26,500,091
$
108,569
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
30
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
38
06/20/25
$
3,753
$
50,755
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
50,755
$
—
$
—
$
—
$
50,755
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
112,171
)
$
—
$
—
$
—
$
(
112,171
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
27,208
$
—
$
—
$
—
$
27,208
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,324,785
a
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Schedule
of
Investments
(continued)
March
31,
2025
31
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
558,471,513
$
—
$
—
$
558,471,513
Short-Term
Securities
Money
Market
Funds
......................................
26,500,091
—
—
26,500,091
$
584,971,604
$
—
$
—
$
584,971,604
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
50,755
$
—
$
—
$
50,755
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Drilling
—
12
.0
%
Helmerich
&
Payne,
Inc.
.....................
130,370
$
3,405,264
Nabors
Industries
Ltd.
(a)
.....................
11,829
493,388
Noble
Corp.
PLC
,
Class
A
....................
172,513
4,088,558
Patterson-UTI
Energy,
Inc.
...................
461,267
3,791,615
Transocean
Ltd.
(a)
(b)
........................
1,022,545
3,241,468
Valaris
Ltd.
(a)
(b)
............................
85,833
3,369,804
18,390,097
a
Oil
&
Gas
Equipment
&
Services
—
87
.7
%
Archrock,
Inc.
............................
229,777
6,029,348
Atlas
Energy
Solutions,
Inc.
...................
94,224
1,680,956
Baker
Hughes
Co.
,
Class
A
...................
766,124
33,671,150
Bristow
Group,
Inc.
(a)
.......................
32,309
1,020,318
Cactus,
Inc.
,
Class
A
.......................
87,442
4,007,467
ChampionX
Corp.
.........................
227,350
6,775,030
Core
Laboratories,
Inc.
(b)
.....................
61,457
921,240
Expro
Group
Holdings
N.V.
(a)
..................
138,724
1,378,917
Halliburton
Co.
...........................
263,414
6,682,813
Helix
Energy
Solutions
Group,
Inc.
(a)
(b)
............
187,567
1,558,682
Innovex
International,
Inc.
(a)
(b)
..................
50,836
913,015
Kodiak
Gas
Services,
Inc.
....................
51,547
1,922,703
Liberty
Energy,
Inc.
,
Class
A
..................
212,420
3,362,609
NOV,
Inc.
...............................
461,631
7,026,024
NPK
International,
Inc.
(a)
.....................
113,337
658,488
Oceaneering
International,
Inc.
(a)
...............
132,576
2,891,483
ProPetro
Holding
Corp.
(a)
.....................
104,053
764,789
RPC,
Inc.
...............................
108,233
595,281
Security
Shares
Value
a
Oil
&
Gas
Equipment
&
Services
(continued)
Schlumberger
N.V.
.........................
812,608
$
33,967,014
Select
Water
Solutions,
Inc.
,
Class
A
.............
123,066
1,292,193
TechnipFMC
PLC
.........................
246,738
7,819,127
TETRA
Technologies,
Inc.
(a)
...................
155,443
522,288
Tidewater,
Inc.
(a)
(b)
.........................
63,148
2,669,266
Weatherford
International
PLC
.................
95,562
5,117,345
133,247,546
a
Total
Long-Term Investments
— 99.7%
(Cost:
$
183,478,935
)
................................
151,637,643
a
Short-Term
Securities
Money
Market
Funds
—
4
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
6,484,631
6,487,873
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
202,659
202,659
a
Total
Short-Term
Securities — 4.4%
(Cost:
$
6,688,832
)
..................................
6,690,532
Total
Investments
—
104.1%
(Cost:
$
190,167,767
)
................................
158,328,175
Liabilities
in
Excess
of
Other
Assets
—
(
4
.1
)
%
...............
(
6,239,879
)
Net
Assets
—
100.0%
.................................
$
152,088,296
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
10,829,617
$
—
$
(
4,341,775
)
(a)
$
(
479
)
$
510
$
6,487,873
6,484,631
$
17,029
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
387,101
—
(
184,442
)
(a)
—
—
202,659
202,659
12,948
—
$
(
479
)
$
510
$
6,690,532
$
29,977
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
Schedule
of
Investments
(continued)
March
31,
2025
33
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
4
06/20/25
$
395
$
28,231
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
28,231
$
—
$
—
$
—
$
28,231
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
33,063
)
$
—
$
—
$
—
$
(
33,063
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
10,509
)
$
—
$
—
$
—
$
(
10,509
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
401,300
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
34
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
151,637,643
$
—
$
—
$
151,637,643
Short-Term
Securities
Money
Market
Funds
......................................
6,690,532
—
—
6,690,532
$
158,328,175
$
—
$
—
$
158,328,175
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
28,231
$
—
$
—
$
28,231
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Pharmaceuticals
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
35
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Pharmaceuticals
—
99
.9
%
Amneal
Pharmaceuticals,
Inc.
,
Class
A
(a)
..........
370,364
$
3,103,650
Amphastar
Pharmaceuticals,
Inc.
(a)
..............
93,445
2,708,971
ANI
Pharmaceuticals,
Inc.
(a)
...................
41,344
2,767,981
Arvinas,
Inc.
(a)
............................
159,002
1,116,194
Axsome
Therapeutics,
Inc.
(a)
(b)
.................
101,341
11,819,401
Bristol-Myers
Squibb
Co.
.....................
452,763
27,614,015
Collegium
Pharmaceutical,
Inc.
(a)
...............
80,361
2,398,776
Corcept
Therapeutics,
Inc.
(a)
(b)
.................
232,129
26,513,774
Edgewise
Therapeutics,
Inc.
(a)
(b)
................
146,191
3,216,202
Elanco
Animal
Health,
Inc.
(a)
...................
1,230,571
12,920,996
Eli
Lilly
&
Co.
............................
164,746
136,065,369
Enliven
Therapeutics,
Inc.
(a)
(b)
..................
75,292
1,481,747
Evolus,
Inc.
(a)
............................
122,767
1,476,887
Harmony
Biosciences
Holdings,
Inc.
(a)
............
95,153
3,158,128
Harrow,
Inc.
(a)
............................
76,135
2,025,191
Innoviva,
Inc.
(a)
(b)
..........................
136,949
2,482,885
Intra-Cellular
Therapies,
Inc.
(a)
.................
206,325
27,218,394
Jazz
Pharmaceuticals
PLC
(a)
(b)
.................
150,483
18,682,464
Johnson
&
Johnson
........................
831,418
137,882,361
Ligand
Pharmaceuticals,
Inc.
(a)
(b)
................
47,044
4,946,206
Liquidia
Corp.
(a)
(b)
..........................
117,821
1,737,860
Merck
&
Co.,
Inc.
..........................
290,084
26,037,940
Mind
Medicine
MindMed,
Inc.
(a)
(b)
...............
164,055
959,722
Nuvation
Bio,
Inc.
,
Class
A
(a)
..................
633,819
1,115,521
Ocular
Therapeutix,
Inc.
(a)
....................
317,348
2,326,161
Omeros
Corp.
(a)
(b)
..........................
144,031
1,183,935
Organon
&
Co.
...........................
641,051
9,545,249
Pacira
BioSciences,
Inc.
(a)
....................
115,028
2,858,446
Perrigo
Co.
PLC
..........................
339,583
9,521,907
Security
Shares
Value
a
Pharmaceuticals
(continued)
Pfizer,
Inc.
..............................
1,053,262
$
26,689,659
Prestige
Consumer
Healthcare,
Inc.
(a)
............
123,311
10,601,047
Royalty
Pharma
PLC
,
Class
A
.................
824,345
25,661,860
Supernus
Pharmaceuticals,
Inc.
(a)
...............
137,472
4,502,208
Tarsus
Pharmaceuticals,
Inc.
(a)
.................
86,604
4,448,847
Theravance
Biopharma,
Inc.
(a)
.................
86,733
774,526
Viatris,
Inc.
..............................
2,930,673
25,526,162
WaVe
Life
Sciences
Ltd.
(a)
....................
292,552
2,363,820
Zoetis,
Inc.
,
Class
A
........................
167,490
27,577,228
a
Total
Long-Term Investments
— 99.9%
(Cost:
$
558,324,905
)
................................
613,031,690
a
Short-Term
Securities
Money
Market
Funds
—
5
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
31,184,340
31,199,933
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
710,096
710,096
a
Total
Short-Term
Securities — 5.2%
(Cost:
$
31,904,148
)
.................................
31,910,029
Total
Investments
—
105.1%
(Cost:
$
590,229,053
)
................................
644,941,719
Liabilities
in
Excess
of
Other
Assets
—
(
5
.1
)
%
...............
(
31,120,948
)
Net
Assets
—
100.0%
.................................
$
613,820,771
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
18,734,244
$
12,465,233
(a)
$
—
$
(
191
)
$
647
$
31,199,933
31,184,340
$
441,606
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
9,437,245
—
(
8,727,149
)
(a)
—
—
710,096
710,096
51,449
—
$
(
191
)
$
647
$
31,910,029
$
493,055
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Pharmaceuticals
ETF
36
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Select
Sector
Index
......................................................
5
06/20/25
$
743
$
(
4,282
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
4,282
$
—
$
—
$
—
$
4,282
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
282,177
$
—
$
—
$
—
$
282,177
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
21,068
)
$
—
$
—
$
—
$
(
21,068
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
625,185
a
iShares
®
U.S.
Pharmaceuticals
ETF
Schedule
of
Investments
(continued)
March
31,
2025
37
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
613,031,690
$
—
$
—
$
613,031,690
Short-Term
Securities
Money
Market
Funds
......................................
31,910,029
—
—
31,910,029
$
644,941,719
$
—
$
—
$
644,941,719
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
4,282
)
$
—
$
—
$
(
4,282
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Real
Estate
ETF
(Percentages
shown
are
based
on
Net
Assets)
38
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Data
Center
REITs
—
7
.7
%
Digital
Realty
Trust,
Inc.
.....................
856,876
$
122,781,762
Equinix,
Inc.
.............................
184,363
150,320,372
273,102,134
a
Diversified
REITs
—
1
.0
%
WP
Carey,
Inc.
...........................
592,617
37,400,059
a
Health
Care
REITs
—
13
.0
%
Alexandria
Real
Estate
Equities,
Inc.
.............
417,152
38,590,732
Healthcare
Realty
Trust,
Inc.
,
Class
A
............
959,635
16,217,832
Healthpeak
Properties,
Inc.
...................
1,894,334
38,303,433
Omega
Healthcare
Investors,
Inc.
...............
763,181
29,061,932
Sabra
Health
Care
REIT,
Inc.
..................
640,898
11,196,488
Ventas,
Inc.
.............................
1,183,726
81,393,000
Welltower,
Inc.
............................
1,609,785
246,635,160
461,398,577
a
Hotel
&
Resort
REITs
—
0
.8
%
Host
Hotels
&
Resorts,
Inc.
...................
1,892,883
26,897,867
a
Industrial
REITs
—
10
.8
%
Americold
Realty
Trust,
Inc.
...................
708,160
15,197,113
EastGroup
Properties,
Inc.
...................
140,645
24,774,617
First
Industrial
Realty
Trust,
Inc.
................
358,503
19,344,822
Lineage,
Inc.
(a)
............................
160,963
9,437,261
Prologis,
Inc.
.............................
2,449,009
273,774,716
Rexford
Industrial
Realty,
Inc.
.................
616,171
24,123,095
STAG
Industrial,
Inc.
.......................
505,194
18,247,607
384,899,231
a
Mortgage
REITs
—
2
.5
%
AGNC
Investment
Corp.
.....................
2,430,045
23,279,831
Annaly
Capital
Management,
Inc.
...............
1,566,127
31,808,039
Rithm
Capital
Corp.
........................
1,409,869
16,143,000
Starwood
Property
Trust,
Inc.
..................
867,335
17,147,213
88,378,083
a
Multi-Family
Residential
REITs
—
9
.2
%
AvalonBay
Communities,
Inc.
.................
384,701
82,564,529
Camden
Property
Trust
......................
288,875
35,329,413
Equity
Residential
.........................
925,374
66,238,271
Essex
Property
Trust,
Inc.
....................
174,023
53,350,231
Mid-America
Apartment
Communities,
Inc.
.........
316,554
53,048,119
UDR,
Inc.
...............................
815,293
36,826,785
327,357,348
a
Office
REITs
—
1
.8
%
BXP,
Inc.
...............................
394,052
26,476,354
Cousins
Properties,
Inc.
.....................
454,005
13,393,147
Kilroy
Realty
Corp.
.........................
288,130
9,439,139
Vornado
Realty
Trust
(a)
......................
449,611
16,631,111
65,939,751
a
Other
Specialized
REITs
—
6
.6
%
Gaming
and
Leisure
Properties,
Inc.
.............
743,020
37,819,718
Iron
Mountain,
Inc.
.........................
795,406
68,436,732
Lamar
Advertising
Co.
,
Class
A
................
238,122
27,093,521
Millrose
Properties,
Inc.
,
Class
A
(b)
..............
324,807
8,610,634
VICI
Properties,
Inc.
........................
2,854,568
93,116,008
235,076,613
a
Real
Estate
Development
—
0
.2
%
Howard
Hughes
Holdings,
Inc.
(a)
(b)
...............
81,932
6,069,523
a
Security
Shares
Value
a
Real
Estate
Operating
Companies
—
0
.0
%
Seaport
Entertainment
Group,
Inc.
(a)
(b)
............
22,539
$
483,912
a
Real
Estate
Services
—
7
.5
%
CBRE
Group,
Inc.
,
Class
A
(b)
..................
800,395
104,675,658
CoStar
Group,
Inc.
(a)
(b)
.......................
1,141,171
90,414,978
Jones
Lang
LaSalle,
Inc.
(a)
(b)
...................
128,479
31,851,229
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
.................
147,225
9,843,464
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
.............
433,709
29,735,089
266,520,418
a
Retail
REITs
—
12
.2
%
Agree
Realty
Corp.
........................
289,826
22,371,669
Brixmor
Property
Group,
Inc.
..................
828,422
21,994,604
Federal
Realty
Investment
Trust
................
208,814
20,426,185
Kimco
Realty
Corp.
........................
1,839,987
39,081,324
NNN
REIT,
Inc.
...........................
507,864
21,660,400
Realty
Income
Corp.
........................
2,369,954
137,481,031
Regency
Centers
Corp.
.....................
442,003
32,602,141
Simon
Property
Group,
Inc.
...................
830,482
137,926,451
433,543,805
a
Self-Storage
REITs
—
6
.7
%
CubeSmart
..............................
612,393
26,155,305
Extra
Space
Storage,
Inc.
....................
574,028
85,237,418
Public
Storage
............................
426,754
127,723,205
239,115,928
a
Single-Family
Residential
REITs
—
4
.6
%
American
Homes
4
Rent
,
Class
A
...............
859,017
32,479,433
Equity
LifeStyle
Properties,
Inc.
................
517,362
34,508,045
Invitation
Homes,
Inc.
.......................
1,542,731
53,764,175
Sun
Communities,
Inc.
......................
324,261
41,712,935
162,464,588
a
Telecom
Tower
REITs
—
12
.9
%
American
Tower
Corp.
......................
1,234,702
268,671,155
Crown
Castle,
Inc.
.........................
1,176,839
122,661,929
SBA
Communications
Corp.
,
Class
A
.............
291,156
64,057,232
455,390,316
a
Timber
REITs
—
2
.1
%
PotlatchDeltic
Corp.
........................
193,612
8,735,773
Rayonier,
Inc.
............................
380,593
10,610,933
Weyerhaeuser
Co.
.........................
1,964,772
57,528,524
76,875,230
a
Total
Long-Term Investments
— 99.6%
(Cost:
$
4,423,499,087
)
...............................
3,540,913,383
a
Short-Term
Securities
Money
Market
Funds
—
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
34,911,241
34,928,697
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
5,236,708
5,236,708
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
40,164,421
)
.................................
40,165,405
Total
Investments
—
100.7%
(Cost:
$
4,463,663,508
)
...............................
3,581,078,788
Liabilities
in
Excess
of
Other
Assets
—
(
0
.7
)
%
...............
(
24,537,090
)
Net
Assets
—
100.0%
.................................
$
3,556,541,698
iShares
®
U.S.
Real
Estate
ETF
Schedule
of
Investments
(continued)
March
31,
2025
39
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
13,925,989
$
21,003,502
(a)
$
—
$
(
636
)
$
(
158
)
$
34,928,697
34,911,241
$
107,323
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
4,123,907
1,112,801
(a)
—
—
—
5,236,708
5,236,708
297,141
—
$
(
636
)
$
(
158
)
$
40,165,405
$
404,464
$
—
(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
fees
and
collateral
investment
expenses,
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
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
416
06/20/25
$
15,296
$
170,267
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
170,267
$
—
$
—
$
—
$
170,267
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
1,469,901
)
$
—
$
—
$
—
$
(
1,469,901
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
47,818
)
$
—
$
—
$
—
$
(
47,818
)
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Real
Estate
ETF
40
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
20,872,438
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,540,913,383
$
—
$
—
$
3,540,913,383
Short-Term
Securities
Money
Market
Funds
......................................
40,165,405
—
—
40,165,405
$
3,581,078,788
$
—
$
—
$
3,581,078,788
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
170,267
$
—
$
—
$
170,267
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Regional
Banks
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
41
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Diversified
Banks
—
40
.5
%
Comerica,
Inc.
............................
190,070
$
11,225,534
Fifth
Third
Bancorp
........................
810,537
31,773,050
First
Citizens
BancShares,
Inc.
,
Class
A
(a)
.........
16,714
30,989,762
KeyCorp
................................
1,440,770
23,037,912
PNC
Financial
Services
Group,
Inc.
(The)
.........
563,855
99,108,793
U.S.
Bancorp
............................
2,221,602
93,796,036
289,931,087
a
Regional
Banks
—
59
.2
%
Bank
OZK
..............................
152,603
6,630,600
BOK
Financial
Corp.
........................
32,385
3,372,898
Citizens
Financial
Group,
Inc.
.................
632,275
25,904,307
Commerce
Bancshares,
Inc.
..................
176,574
10,988,200
Cullen/Frost
Bankers,
Inc.
....................
92,910
11,632,332
East
West
Bancorp,
Inc.
.....................
200,513
17,998,047
First
Financial
Bankshares,
Inc.
................
186,035
6,682,377
First
Horizon
Corp.
.........................
757,914
14,718,690
FNB
Corp.
..............................
520,149
6,996,004
Glacier
Bancorp,
Inc.
.......................
164,025
7,253,186
Home
BancShares,
Inc.
.....................
267,414
7,559,794
Huntington
Bancshares,
Inc.
..................
2,102,717
31,561,782
M&T
Bank
Corp.
..........................
236,289
42,236,659
Pinnacle
Financial
Partners,
Inc.
................
110,692
11,737,780
Popular,
Inc.
.............................
101,452
9,371,121
Prosperity
Bancshares,
Inc.
...................
137,806
9,835,214
Regions
Financial
Corp.
.....................
1,314,778
28,570,126
SouthState
Corp.
..........................
142,008
13,181,183
Synovus
Financial
Corp.
.....................
204,183
9,543,513
TFS
Financial
Corp.
........................
77,314
957,921
Security
Shares
Value
a
Regional
Banks
(continued)
Truist
Financial
Corp.
.......................
1,874,029
$
77,116,293
UMB
Financial
Corp.
.......................
98,438
9,952,082
United
Bankshares,
Inc.
.....................
206,493
7,159,112
Valley
National
Bancorp
.....................
686,994
6,107,377
Webster
Financial
Corp.
.....................
247,900
12,779,245
Western
Alliance
Bancorp
....................
157,757
12,120,470
Wintrust
Financial
Corp.
.....................
96,178
10,816,178
Zions
Bancorp
NA
.........................
213,880
10,664,057
423,446,548
a
Total
Long-Term Investments
— 99.7%
(Cost:
$
821,689,605
)
................................
713,377,635
a
Short-Term
Securities
Money
Market
Funds
—
0
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(b)
(c)
(d)
............................
5,244,174
5,246,795
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(b)
(c)
.............................
1,058,655
1,058,655
a
Total
Short-Term
Securities — 0.9%
(Cost:
$
6,305,450
)
..................................
6,305,450
Total
Investments
—
100.6%
(Cost:
$
827,995,055
)
................................
719,683,085
Liabilities
in
Excess
of
Other
Assets
—
(
0
.6
)
%
...............
(
4,029,020
)
Net
Assets
—
100.0%
.................................
$
715,654,065
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
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
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
494,860
$
4,757,446
(a)
$
—
$
(
5,527
)
$
16
$
5,246,795
5,244,174
$
5,254
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
864,846
193,809
(a)
—
—
—
1,058,655
1,058,655
51,611
—
$
(
5,527
)
$
16
$
6,305,450
$
56,865
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
U.S.
Regional
Banks
ETF
42
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
.........................................................
15
06/20/25
$
2,323
$
95,222
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
95,222
$
—
$
—
$
—
$
95,222
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
79,377
$
—
$
—
$
—
$
79,377
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
63,104
$
—
$
—
$
—
$
63,104
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,158,031
a
iShares
®
U.S.
Regional
Banks
ETF
Schedule
of
Investments
(continued)
March
31,
2025
43
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
713,377,635
$
—
$
—
$
713,377,635
Short-Term
Securities
Money
Market
Funds
......................................
6,305,450
—
—
6,305,450
$
719,683,085
$
—
$
—
$
719,683,085
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
95,222
$
—
$
—
$
95,222
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
U.S.
Telecommunications
ETF
(Percentages
shown
are
based
on
Net
Assets)
44
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Common
Stocks
Alternative
Carriers
—
7
.3
%
Iridium
Communications,
Inc.
..................
492,193
$
13,446,713
Liberty
Global
Ltd.
,
Class
A
(a)
..................
604,375
6,956,356
Liberty
Global
Ltd.
,
Class
C
,
NVS
(a)
..............
557,439
6,672,545
27,075,614
a
Cable
&
Satellite
—
12
.4
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
.........
40,279
14,844,020
Comcast
Corp.
,
Class
A
.....................
460,623
16,996,989
Liberty
Broadband
Corp.
,
Series
A
(a)
.............
22,130
1,881,050
Liberty
Broadband
Corp.
,
Series
C
,
NVS
(a)
.........
147,632
12,556,101
46,278,160
a
Communications
Equipment
—
39
.9
%
Arista
Networks,
Inc.
(a)
......................
188,717
14,621,793
Ciena
Corp.
(a)
............................
204,747
12,372,861
Cisco
Systems,
Inc.
........................
1,057,113
65,234,443
Juniper
Networks,
Inc.
......................
383,226
13,868,949
Lumentum
Holdings,
Inc.
(a)
(b)
..................
210,426
13,117,957
Motorola
Solutions,
Inc.
.....................
35,956
15,741,897
Ubiquiti,
Inc.
.............................
43,466
13,480,545
148,438,445
a
Integrated
Telecommunication
Services
—
32
.2
%
AT&T,
Inc.
...............................
1,936,786
54,772,308
Frontier
Communications
Parent,
Inc.
(a)
...........
379,207
13,598,363
Verizon
Communications,
Inc.
.................
1,139,441
51,685,044
120,055,715
a
Security
Shares
Value
a
Movies
&
Entertainment
—
3
.6
%
Roku,
Inc.
,
Class
A
(a)
.......................
191,400
$
13,482,216
a
Wireless
Telecommunication
Services
—
4
.5
%
T-Mobile
U.S.,
Inc.
.........................
62,511
16,672,309
a
Total
Long-Term Investments
— 99.9%
(Cost:
$
412,289,192
)
................................
372,002,459
a
Short-Term
Securities
Money
Market
Funds
—
0
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
............................
2,511,694
2,512,950
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
.............................
635,018
635,018
a
Total
Short-Term
Securities — 0.8%
(Cost:
$
3,145,707
)
..................................
3,147,968
Total
Investments
—
100.7%
(Cost:
$
415,434,899
)
................................
375,150,427
Liabilities
in
Excess
of
Other
Assets
—
(
0
.7
)
%
...............
(
2,574,125
)
Net
Assets
—
100.0%
.................................
$
372,576,302
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
16,780,032
$
—
$
(
14,264,141
)
(a)
$
(
1,811
)
$
(
1,130
)
$
2,512,950
2,511,694
$
35,831
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
253,627
381,391
(a)
—
—
—
635,018
635,018
23,035
—
$
(
1,811
)
$
(
1,130
)
$
3,147,968
$
58,866
$
—
(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
fees
and
collateral
investment
expenses,
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
Russell
1000
Value
Index
...........................................................
6
06/20/25
$
559
$
9,091
iShares
®
U.S.
Telecommunications
ETF
Schedule
of
Investments
(continued)
March
31,
2025
45
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
9,091
$
—
$
—
$
—
$
9,091
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
123,368
$
—
$
—
$
—
$
123,368
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
3,352
$
—
$
—
$
—
$
3,352
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
388,460
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
372,002,459
$
—
$
—
$
372,002,459
Short-Term
Securities
Money
Market
Funds
......................................
3,147,968
—
—
3,147,968
$
375,150,427
$
—
$
—
$
375,150,427
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
9,091
$
—
$
—
$
9,091
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
46
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
March
31,
2025
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
6,291,842,811
$
1,317,180,025
$
673,123,874
$
2,417,037,937
Investments,
at
value
—
affiliated
(c)
........................................
376,982,825
1,518,409
12,550,583
58,059,695
Cash
............................................................
—
—
3,230
—
Cash
pledged:
Futures
contracts
..................................................
401,000
66,000
24,000
358,000
Receivables:
Investments
sold
..................................................
—
174,432
—
—
Securities
lending
income
—
affiliated
....................................
32,458
973
2,859
8,213
Capital
shares
sold
.................................................
—
—
—
66,014
Dividends
—
unaffiliated
.............................................
2,475,769
—
133,039
702,779
Dividends
—
affiliated
...............................................
29,271
8,090
2,270
17,418
Variation
margin
on
futures
contracts
.....................................
63,700
1,453
4,050
7,441
Total
assets
.......................................................
6,671,827,834
1,318,949,382
685,843,905
2,476,257,497
LIABILITIES
Collateral
on
securities
loaned
...........................................
368,674,575
335,622
11,901,540
53,175,654
Payables:
Capital
shares
redeemed
.............................................
—
67,591
60,121
66,014
Investment
advisory
fees
.............................................
2,031,943
465,946
224,506
815,182
Total
liabilities
......................................................
370,706,518
869,159
12,186,167
54,056,850
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
6,301,121,316
$
1,318,080,223
$
673,657,738
$
2,422,200,647
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
5,935,187,550
$
1,403,864,691
$
991,906,616
$
3,340,228,187
Accumulated
earnings
(loss)
............................................
365,933,766
(
85,784,468
)
(
318,248,878
)
(
918,027,540
)
NET
ASSETS
......................................................
$
6,301,121,316
$
1,318,080,223
$
673,657,738
$
2,422,200,647
NET
ASSET
VALUE
Shares
outstanding
..................................................
41,150,000
9,400,000
12,750,000
25,450,000
Net
asset
value
.....................................................
$
153.13
$
140.22
$
52.84
$
95.17
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
355,484,693
$
308,772
$
11,395,648
$
52,309,891
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
5,020,044,556
$
1,249,362,461
$
732,531,354
$
3,064,795,052
(c)
Investments,
at
cost
—
affiliated
........................................
$
376,934,432
$
1,518,340
$
12,545,023
$
58,052,408
47
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2025
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Manufacturing
ETF
iShares
U.S.
Medical
Devices
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
2,246,305,997
$
790,903,292
$
12,499,451
$
4,630,254,019
Investments,
at
value
—
affiliated
(c)
........................................
46,934,662
8,224,962
297,915
140,610,796
Cash
............................................................
115,513
3,795
972
—
Cash
pledged:
Futures
contracts
..................................................
269,000
89,000
2,000
295,000
Receivables:
Securities
lending
income
—
affiliated
....................................
5,017
2,007
290
20,153
Dividends
—
unaffiliated
.............................................
2,351,699
657,829
5,391
2,817,804
Dividends
—
affiliated
...............................................
11,657
4,602
111
17,668
Variation
margin
on
futures
contracts
.....................................
16,018
19,915
199
41,990
Total
assets
.......................................................
2,296,009,563
799,905,402
12,806,329
4,774,057,430
LIABILITIES
Collateral
on
securities
loaned
...........................................
25,487,600
6,882,151
276,275
135,008,804
Payables:
Investments
purchased
..............................................
1,086,660
—
—
—
Investment
advisory
fees
.............................................
574,858
248,204
4,364
1,542,310
Unrealized
depreciation
on:
OTC
swaps
......................................................
1,698
—
—
—
Total
liabilities
......................................................
27,150,816
7,130,355
280,639
136,551,114
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
2,268,858,747
$
792,775,047
$
12,525,690
$
4,637,506,316
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
2,365,839,294
$
663,373,475
$
13,586,685
$
5,232,293,274
Accumulated
earnings
(loss)
............................................
(
96,980,547
)
129,401,572
(
1,060,995
)
(
594,786,958
)
NET
ASSETS
......................................................
$
2,268,858,747
$
792,775,047
$
12,525,690
$
4,637,506,316
NET
ASSET
VALUE
Shares
outstanding
..................................................
50,300,000
5,750,000
540,000
77,050,000
Net
asset
value
.....................................................
$
45.11
$
137.87
$
23.20
$
60.19
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
24,399,738
$
6,750,727
$
268,310
$
132,402,938
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
2,203,099,283
$
650,965,162
$
13,420,022
$
4,729,152,096
(c)
Investments,
at
cost
—
affiliated
........................................
$
51,926,304
$
8,224,849
$
297,915
$
140,595,281
48
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2025
See
notes
to
financial
statements.
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
558,471,513
$
151,637,643
$
613,031,690
$
3,540,913,383
Investments,
at
value
—
affiliated
(c)
.......................................
26,500,091
6,690,532
31,910,029
40,165,405
Cash
...........................................................
27,000
—
27
1,163
Cash
pledged:
Futures
contracts
.................................................
68,000
27,000
40,000
499,000
Receivables:
Investments
sold
.................................................
2,877,634
—
—
—
Securities
lending
income
—
affiliated
...................................
4,346
977
3,970
3,288
Capital
shares
sold
................................................
—
—
—
42,487
Dividends
—
unaffiliated
............................................
53,413
266,006
226,906
11,023,535
Dividends
—
affiliated
..............................................
3,548
879
3,480
16,940
Variation
margin
on
futures
contracts
....................................
6,855
4,200
6,750
78,821
Total
assets
......................................................
588,012,400
158,627,237
645,222,852
3,592,744,022
LIABILITIES
Collateral
on
securities
loaned
..........................................
25,495,745
6,481,241
31,197,625
34,917,651
Payables:
Capital
shares
redeemed
............................................
10,744
8,475
4,320
106,217
Investment
advisory
fees
............................................
179,879
49,225
200,136
1,178,456
Total
liabilities
.....................................................
25,686,368
6,538,941
31,402,081
36,202,324
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................
$
562,326,032
$
152,088,296
$
613,820,771
$
3,556,541,698
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
864,605,339
$
508,574,201
$
782,985,860
$
5,034,754,005
Accumulated
loss
..................................................
(
302,279,307
)
(
356,485,905
)
(
169,165,089
)
(
1,478,212,307
)
NET
ASSETS
.....................................................
$
562,326,032
$
152,088,296
$
613,820,771
$
3,556,541,698
NET
ASSET
VALUE
Shares
outstanding
.................................................
5,950,000
7,800,000
8,700,000
37,150,000
Net
asset
value
....................................................
$
94.51
$
19.50
$
70.55
$
95.73
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
25,277,587
$
6,213,179
$
36,643,921
$
34,153,682
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
612,277,371
$
183,478,935
$
558,324,905
$
4,423,499,087
(c)
Investments,
at
cost
—
affiliated
.......................................
$
26,500,430
$
6,688,832
$
31,904,148
$
40,164,421
49
Statements
of
Assets
and
Liabilities
(continued)
March
31,
2025
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
U.S.
Regional
Banks
ETF
iShares
U.S.
Telecommunications
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
713,377,635
$
372,002,459
Investments,
at
value
—
affiliated
(c)
.......................................................................
6,305,450
3,147,968
Cash
...........................................................................................
—
6,000
Cash
pledged:
Futures
contracts
.................................................................................
107,000
37,000
Receivables:
Securities
lending
income
—
affiliated
...................................................................
732
2,292
Dividends
—
unaffiliated
............................................................................
2,800,367
40,144
Dividends
—
affiliated
..............................................................................
4,251
2,833
Variation
margin
on
futures
contracts
....................................................................
29,062
5,460
Total
assets
......................................................................................
722,624,497
375,244,156
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
5,252,748
2,512,723
Payables:
Investments
purchased
.............................................................................
1,477,018
—
Investment
advisory
fees
............................................................................
240,666
155,131
Total
liabilities
.....................................................................................
6,970,432
2,667,854
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
715,654,065
$
372,576,302
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
1,026,499,683
$
792,038,038
Accumulated
loss
..................................................................................
(
310,845,618
)
(
419,461,736
)
NET
ASSETS
.....................................................................................
$
715,654,065
$
372,576,302
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
15,350,000
13,600,000
Net
asset
value
....................................................................................
$
46.62
$
27.40
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
5,197,098
$
2,461,224
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
821,689,605
$
412,289,192
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
6,305,450
$
3,145,707
50
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Operations
Year
Ended
March
31,
2025
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
74,780,806
$
23,020,754
$
8,425,011
$
24,869,556
Dividends
—
affiliated
..............................................
350,332
119,384
39,588
219,665
Interest
—
unaffiliated
..............................................
29,327
6,154
2,833
28,202
Securities
lending
income
—
affiliated
—
net
...............................
820,304
98,523
68,157
97,122
Total
investment
income
..............................................
75,980,769
23,244,815
8,535,589
25,214,545
EXPENSES
Investment
advisory
...............................................
24,057,690
5,494,854
2,813,849
11,388,888
Interest
expense
.................................................
93
2
2
644
Total
expenses
....................................................
24,057,783
5,494,856
2,813,851
11,389,532
Net
investment
income
...............................................
51,922,986
17,749,959
5,721,738
13,825,013
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
14,797,958
)
(
3,207,716
)
(
26,719,998
)
(
44,896,087
)
Investments
—
affiliated
...........................................
1,146
9,440
21,984
11,842
Futures
contracts
...............................................
372,845
(
127,301
)
(
52,316
)
603,674
In-kind
redemptions
—
unaffiliated
(a)
...................................
506,641,760
277,865,606
22,219,824
478,496,883
492,217,793
274,540,029
(
4,530,506
)
434,216,312
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
441,797,439
10,992,360
(
21,541,346
)
(
1,054,090,778
)
Investments
—
affiliated
...........................................
2,381
60
(
14,662
)
(
11,048
)
Futures
contracts
...............................................
(
350,786
)
2,875
3,339
(
137,004
)
441,449,034
10,995,295
(
21,552,669
)
(
1,054,238,830
)
Net
realized
and
unrealized
gain
(loss)
....................................
933,666,827
285,535,324
(
26,083,175
)
(
620,022,518
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
985,589,813
$
303,285,283
$
(
20,361,437
)
$
(
606,197,505
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
51
Statements
of
Operations
(continued)
Year
Ended
March
31,
2025
Statements
of
Operations
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Manufacturing
ETF
(a)
iShares
U.S.
Medical
Devices
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
57,343,061
$
15,981,910
$
109,649
$
37,947,244
Dividends
—
affiliated
..............................................
1,307,208
49,746
599
308,803
Interest
—
unaffiliated
..............................................
30,786
4,899
3
44,639
Securities
lending
income
—
affiliated
—
net
...............................
176,152
18,136
602
230,230
Foreign
taxes
withheld
.............................................
(
757,833
)
(
5,170
)
—
—
Total
investment
income
..............................................
58,099,374
16,049,521
110,853
38,530,916
EXPENSES
Investment
advisory
...............................................
8,228,361
2,630,411
25,421
18,976,580
Interest
expense
.................................................
1,718
212
3
39
Total
expenses
....................................................
8,230,079
2,630,623
25,424
18,976,619
Net
investment
income
...............................................
49,869,295
13,418,898
85,429
19,554,297
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
85,225,931
)
(
1,916,979
)
(
137,793
)
(
56,861,592
)
Investments
—
affiliated
...........................................
(
2,072,956
)
(
528
)
(
9
)
30,859
Futures
contracts
...............................................
(
281,076
)
157,413
(
6,276
)
824,545
In-kind
redemptions
—
unaffiliated
(b)
...................................
426,049,731
75,573,228
—
457,936,747
In-kind
redemptions
—
affiliated
(b)
....................................
(
235,824
)
—
—
—
Swaps
......................................................
194,063
—
—
—
338,428,007
73,813,134
(
144,078
)
401,930,559
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
238,856,492
)
30,464,616
(
920,571
)
(
288,299,542
)
Investments
—
affiliated
...........................................
(
1,308,588
)
110
—
(
22,785
)
Futures
contracts
...............................................
(
191,911
)
(
12,821
)
(
339
)
(
107,119
)
Swaps
......................................................
(
808
)
—
—
—
(
240,357,799
)
30,451,905
(
920,910
)
(
288,429,446
)
Net
realized
and
unrealized
gain
(loss)
....................................
98,070,208
104,265,039
(
1,064,988
)
113,501,113
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
147,939,503
$
117,683,937
$
(
979,559
)
$
133,055,410
(a)
For
the
period
from
July
17,
2024
(commencement
of
operations)
to
March
31,
2025.
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
52
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Operations
(continued)
Year
Ended
March
31,
2025
See
notes
to
financial
statements.
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
17,905,802
$
3,335,196
$
13,141,622
$
118,017,209
Dividends
—
affiliated
..............................................
47,265
12,948
51,449
297,141
Interest
—
unaffiliated
..............................................
5,880
1,969
9,868
40,209
Securities
lending
income
—
affiliated
—
net
...............................
61,304
17,029
441,606
107,323
Total
investment
income
..............................................
18,020,251
3,367,142
13,644,545
118,461,882
EXPENSES
Investment
advisory
...............................................
2,549,716
678,289
2,457,866
15,153,338
Interest
expense
.................................................
2
5
—
137
Total
expenses
....................................................
2,549,718
678,294
2,457,866
15,153,475
Net
investment
income
...............................................
15,470,533
2,688,848
11,186,679
103,308,407
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
14,796,371
)
(
8,595,123
)
(
20,010,416
)
(
111,467,980
)
Investments
—
affiliated
...........................................
(
10,600
)
(
479
)
(
191
)
(
636
)
Futures
contracts
...............................................
(
112,171
)
(
33,063
)
282,177
(
1,469,901
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
35,357,688
2,358,888
54,383,362
109,096,206
20,438,546
(
6,269,777
)
34,654,932
(
3,842,311
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
121,948,214
)
(
36,746,442
)
(
9,825,222
)
80,317,103
Investments
—
affiliated
...........................................
(
944
)
510
647
(
158
)
Futures
contracts
...............................................
27,208
(
10,509
)
(
21,068
)
(
47,818
)
(
121,921,950
)
(
36,756,441
)
(
9,845,643
)
80,269,127
Net
realized
and
unrealized
gain
(loss)
....................................
(
101,483,404
)
(
43,026,218
)
24,809,289
76,426,816
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
(
86,012,871
)
$
(
40,337,370
)
$
35,995,968
$
179,735,223
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
53
Statements
of
Operations
(continued)
Year
Ended
March
31,
2025
Statements
of
Operations
See
notes
to
financial
statements.
iShares
U.S.
Regional
Banks
ETF
iShares
U.S.
Telecommunications
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
24,032,323
$
8,724,753
Dividends
—
affiliated
..............................................................................
51,611
23,035
Interest
—
unaffiliated
..............................................................................
4,022
2,252
Securities
lending
income
—
affiliated
—
net
...............................................................
5,254
35,831
Foreign
taxes
withheld
.............................................................................
(
43,138
)
—
Total
investment
income
..............................................................................
24,050,072
8,785,871
EXPENSES
Investment
advisory
...............................................................................
2,571,291
1,365,090
Interest
expense
.................................................................................
1
2
Total
expenses
....................................................................................
2,571,292
1,365,092
Net
investment
income
...............................................................................
21,478,780
7,420,779
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
12,762,243
)
(
32,356,274
)
Investments
—
affiliated
...........................................................................
(
5,527
)
(
1,811
)
Futures
contracts
...............................................................................
79,377
123,368
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
22,702,371
96,006,352
10,013,978
63,771,635
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
2,400,098
4,817,973
Investments
—
affiliated
...........................................................................
16
(
1,130
)
Futures
contracts
...............................................................................
63,104
3,352
2,463,218
4,820,195
Net
realized
and
unrealized
gain
........................................................................
12,477,196
68,591,830
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
33,955,976
$
76,012,609
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
54
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
51,922,986
$
55,097,238
$
17,749,959
$
8,309,558
Net
realized
gain
(loss)
.........................................
492,217,793
444,583,574
274,540,029
(
3,291,313
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
441,449,034
329,999,505
10,995,295
95,219,170
Net
increase
in
net
assets
resulting
from
operations
........................
985,589,813
829,680,317
303,285,283
100,237,415
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
52,542,752
)
(
55,466,658
)
(
17,521,317
)
(
8,530,172
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
719,913,404
)
(
515,730,895
)
551,151,040
(
370,849,207
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
213,133,657
258,482,764
836,915,006
(
279,141,964
)
Beginning
of
year
...............................................
6,087,987,659
5,829,504,895
481,165,217
760,307,181
End
of
year
...................................................
$
6,301,121,316
$
6,087,987,659
$
1,318,080,223
$
481,165,217
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
55
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
5,721,738
$
7,340,730
$
13,825,013
$
13,108,164
Net
realized
gain
(loss)
.........................................
(
4,530,506
)
(
14,167,401
)
434,216,312
550,914,393
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
21,552,669
)
107,909,237
(
1,054,238,830
)
567,024,120
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
20,361,437
)
101,082,566
(
606,197,505
)
1,131,046,677
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
5,672,511
)
(
7,339,501
)
(
25,754,654
)
(
13,033,877
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
157,601,371
)
(
398,988,676
)
(
282,628,987
)
581,297,720
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
183,635,319
)
(
305,245,611
)
(
914,581,146
)
1,699,310,520
Beginning
of
year
...............................................
857,293,057
1,162,538,668
3,336,781,793
1,637,471,273
End
of
year
...................................................
$
673,657,738
$
857,293,057
$
2,422,200,647
$
3,336,781,793
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
56
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
49,869,295
$
42,269,697
$
13,418,898
$
6,816,080
Net
realized
gain
.............................................
338,428,007
76,137,480
73,813,134
6,413,770
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
240,357,799
)
239,989,316
30,451,905
138,578,165
Net
increase
in
net
assets
resulting
from
operations
........................
147,939,503
358,396,493
117,683,937
151,808,015
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
52,406,072
)
(
41,958,905
)
(
13,003,873
)
(
6,870,131
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
184,630,112
)
247,225,811
37,051,143
56,445,787
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
89,096,681
)
563,663,399
141,731,207
201,383,671
Beginning
of
year
...............................................
2,357,955,428
1,794,292,029
651,043,840
449,660,169
End
of
year
...................................................
$
2,268,858,747
$
2,357,955,428
$
792,775,047
$
651,043,840
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
57
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Manufacturing
ETF
iShares
U.S.
Medical
Devices
ETF
Period
From
07/17/24
(a)
to
03/31/25
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................
$
85,429
$
19,554,297
$
29,024,168
Net
realized
gain
(loss)
...........................................................
(
144,078
)
401,930,559
113,924,878
Net
change
in
unrealized
appreciation
(depreciation)
.......................................
(
920,910
)
(
288,429,446
)
287,334,507
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..................................
(
979,559
)
133,055,410
430,283,553
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................
(
81,436
)
(
22,387,105
)
(
30,879,217
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
........................
13,586,685
(
1,233,401,149
)
(
641,500,647
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..................................................
12,525,690
(
1,122,732,844
)
(
242,096,311
)
Beginning
of
period
...............................................................
—
5,760,239,160
6,002,335,471
End
of
period
...................................................................
$
12,525,690
$
4,637,506,316
$
5,760,239,160
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
58
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
iShares
U.S.
Oil
Equipment
&
Services
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
15,470,533
$
19,958,285
$
2,688,848
$
3,102,296
Net
realized
gain
(loss)
.........................................
20,438,546
53,239,267
(
6,269,777
)
(
2,763,491
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
121,921,950
)
80,219,386
(
36,756,441
)
29,416,993
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
86,012,871
)
153,416,938
(
40,337,370
)
29,755,798
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
15,314,113
)
(
20,716,909
)
(
2,710,527
)
(
3,066,942
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
117,091,225
)
(
81,452,219
)
(
94,591,320
)
39,792,921
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
218,418,209
)
51,247,810
(
137,639,217
)
66,481,777
Beginning
of
year
...............................................
780,744,241
729,496,431
289,727,513
223,245,736
End
of
year
...................................................
$
562,326,032
$
780,744,241
$
152,088,296
$
289,727,513
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
59
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
11,186,679
$
8,271,345
$
103,308,407
$
100,802,663
Net
realized
gain
(loss)
.........................................
34,654,932
28,777,620
(
3,842,311
)
(
108,905,354
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
9,845,643
)
71,240,919
80,269,127
300,775,722
Net
increase
in
net
assets
resulting
from
operations
........................
35,995,968
108,289,884
179,735,223
292,673,031
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
10,873,203
)
(
7,160,972
)
(
103,765,002
)
(
96,113,767
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
70,032,786
)
180,442,932
(
749,367,666
)
800,998,097
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
44,910,021
)
281,571,844
(
673,397,445
)
997,557,361
Beginning
of
year
...............................................
658,730,792
377,158,948
4,229,939,143
3,232,381,782
End
of
year
...................................................
$
613,820,771
$
658,730,792
$
3,556,541,698
$
4,229,939,143
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
60
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Regional
Banks
ETF
iShares
U.S.
Telecommunications
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
21,478,780
$
28,999,138
$
7,420,779
$
5,878,888
Net
realized
gain
(loss)
.........................................
10,013,978
(
24,949,279
)
63,771,635
(
86,383,147
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
2,463,218
163,410,865
4,820,195
66,433,694
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
33,955,976
167,460,724
76,012,609
(
14,070,565
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
20,846,820
)
(
29,363,126
)
(
7,393,564
)
(
5,880,762
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
51,973,693
(
287,391,735
)
73,156,780
(
51,378,921
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
65,082,849
(
149,294,137
)
141,775,825
(
71,330,248
)
Beginning
of
year
...............................................
650,571,216
799,865,353
230,800,477
302,130,725
End
of
year
...................................................
$
715,654,065
$
650,571,216
$
372,576,302
$
230,800,477
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
61
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
131.92
$
115.09
$
110.71
$
104.13
$
71.94
Net
investment
income
(b)
................................
1
.18
1
.14
1
.20
0
.72
0
.89
Net
realized
and
unrealized
gain
(c)
..........................
21.25
16.85
4
.36
6
.55
32.23
Net
increase
from
investment
operations
.......................
22.43
17.99
5
.56
7
.27
33.12
Distributions
from
net
investment
income
(d)
......................
(
1
.22
)
(
1
.16
)
(
1
.18
)
(
0
.69
)
(
0
.93
)
Net
asset
value,
end
of
year
..............................
$
153.13
$
131.92
$
115.09
$
110.71
$
104.13
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
17.05
%
15.74
%
5
.16
%
7
.00
%
46.23
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.42
%
Net
investment
income
...................................
0
.82
%
0
.97
%
1
.13
%
0
.68
%
1
.04
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
6,301,121
$
6,087,988
$
5,829,505
$
3,670,015
$
2,962,613
Portfolio
turnover
rate
(g)
...................................
42
%
17
%
20
%
27
%
49
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
62
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
115.94
$
91.60
$
99.82
$
92.12
$
51.30
Net
investment
income
(a)
................................
1
.65
1
.75
1
.89
1
.80
1
.07
Net
realized
and
unrealized
gain
(loss)
(b)
......................
24.25
24.47
(
8
.35
)
7
.84
40.82
Net
increase
(decrease)
from
investment
operations
...............
25.90
26.22
(
6
.46
)
9
.64
41.89
Distributions
from
net
investment
income
(c)
......................
(
1
.62
)
(
1
.88
)
(
1
.76
)
(
1
.94
)
(
1
.07
)
Net
asset
value,
end
of
year
..............................
$
140.22
$
115.94
$
91.60
$
99.82
$
92.12
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
22.43
%
29.02
%
(
6
.43
)
%
10.38
%
82.40
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
1
.23
%
1
.82
%
1
.99
%
1
.70
%
1
.48
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,318,080
$
481,165
$
760,307
$
573,974
$
409,948
Portfolio
turnover
rate
(f)
...................................
16
%
38
%
56
%
24
%
37
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
63
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
Providers
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
(a)
Year
Ended
03/31/23
(a)
Year
Ended
03/31/22
(a)
Year
Ended
03/31/21
(a)
Net
asset
value,
beginning
of
year
.........................
$
54.60
$
49.47
$
56.54
$
50.27
$
33.37
Net
investment
income
(b)
...............................
0
.41
0
.39
0
.41
0
.33
0
.26
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
1
.76
)
5
.16
(
7
.07
)
6
.27
16.91
Net
increase
(decrease)
from
investment
operations
..............
(
1
.35
)
5
.55
(
6
.66
)
6
.60
17.17
Distributions
from
net
investment
income
(d)
.....................
(
0
.41
)
(
0
.42
)
(
0
.41
)
(
0
.33
)
(
0
.27
)
Net
asset
value,
end
of
year
.............................
$
52.84
$
54.60
$
49.47
$
56.54
$
50.27
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
(
2
.48
)
%
11.30
%
(
11.81
)
%
13.15
%
51.63
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.42
%
Net
investment
income
..................................
0
.77
%
0
.76
%
0
.77
%
0
.61
%
0
.61
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
673,658
$
857,293
$
1,162,539
$
1,328,742
$
1,143,723
Portfolio
turnover
rate
(g)
..................................
15
%
24
%
20
%
24
%
27
%
(a)
Per
share
amounts
reflect
a
five-for-one
stock
split
effective
after
the
close
of
trading
on
March
6,
2024.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
64
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Home
Construction
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
.........................
$
115.86
$
70.28
$
59.23
$
67.84
$
28.94
Net
investment
income
(a)
...............................
0
.51
0
.52
0
.50
0
.36
0
.27
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
20.21
)
45.55
11.06
(
8
.59
)
38.89
Net
increase
(decrease)
from
investment
operations
..............
(
19.70
)
46.07
11.56
(
8
.23
)
39.16
Distributions
from
net
investment
income
(c)
.....................
(
0
.99
)
(
0
.49
)
(
0
.51
)
(
0
.38
)
(
0
.26
)
Net
asset
value,
end
of
year
.............................
$
95.17
$
115.86
$
70.28
$
59.23
$
67.84
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
17.04
)
%
65.77
%
19.69
%
(
12.21
)
%
135.53
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
..................................
0
.46
%
0
.59
%
0
.84
%
0
.50
%
0
.50
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
2,422,201
$
3,336,782
$
1,637,471
$
1,764,976
$
2,645,573
Portfolio
turnover
rate
(f)
..................................
13
%
8
%
9
%
5
%
14
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
65
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
43.34
$
37.34
$
38.92
$
34.56
$
20.27
Net
investment
income
(a)
................................
0
.83
0
.79
0
.72
0
.67
0
.77
Net
realized
and
unrealized
gain
(loss)
(b)
......................
1
.86
5
.99
(
1
.57
)
4
.38
14.10
Net
increase
(decrease)
from
investment
operations
...............
2
.69
6
.78
(
0
.85
)
5
.05
14.87
Distributions
from
net
investment
income
(c)
......................
(
0
.92
)
(
0
.78
)
(
0
.73
)
(
0
.69
)
(
0
.58
)
Net
asset
value,
end
of
year
..............................
$
45.11
$
43.34
$
37.34
$
38.92
$
34.56
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
6
.16
%
18.41
%
(
2
.08
)
%
14.78
%
74.11
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.30
%
0
.30
%
0
.30
%
0
.35
%
0
.40
%
Net
investment
income
...................................
1
.82
%
2
.06
%
1
.96
%
1
.85
%
2
.54
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
2,268,859
$
2,357,955
$
1,794,292
$
899,114
$
369,805
Portfolio
turnover
rate
(f)
...................................
29
%
32
%
26
%
33
%
65
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
66
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Insurance
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
117.31
$
85.65
$
91.15
$
74.17
$
49.76
Net
investment
income
(a)
................................
2
.41
1
.54
1
.57
1
.67
1
.51
Net
realized
and
unrealized
gain
(loss)
(b)
......................
20.40
31.69
(
5
.57
)
16.94
24.37
Net
increase
(decrease)
from
investment
operations
...............
22.81
33.23
(
4
.00
)
18.61
25.88
Distributions
from
net
investment
income
(c)
......................
(
2
.25
)
(
1
.57
)
(
1
.50
)
(
1
.63
)
(
1
.47
)
Net
asset
value,
end
of
year
..............................
$
137.87
$
117.31
$
85.65
$
91.15
$
74.17
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
19.60
%
39.17
%
(
4
.35
)
%
25.36
%
52.54
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.42
%
Net
investment
income
...................................
1
.94
%
1
.60
%
1
.78
%
2
.04
%
2
.50
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
792,775
$
651,044
$
449,660
$
186,860
$
85,301
Portfolio
turnover
rate
(f)
...................................
12
%
19
%
12
%
11
%
10
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
67
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Manufacturing
ETF
Period
From
07/17/24
(a)
to
03/31/25
Net
asset
value,
beginning
of
period
......................................................................................
$
24.52
Net
investment
income
(b)
..............................................................................................
0
.23
Net
realized
and
unrealized
loss
(c)
........................................................................................
(
1
.35
)
Net
decrease
from
investment
operations
....................................................................................
(
1
.12
)
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.20
)
Net
asset
value,
end
of
period
...........................................................................................
$
23.20
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
(
4
.64
)
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0
.40
%
(h)
Net
investment
income
.................................................................................................
1
.34
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
12,526
Portfolio
turnover
rate
(i)
.................................................................................................
18
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
68
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Medical
Devices
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
(a)
Year
Ended
03/31/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
58.60
$
54.03
$
60.93
$
55.04
$
37.54
Net
investment
income
(b)
................................
0
.23
0
.28
0
.24
0
.16
0
.15
Net
realized
and
unrealized
gain
(loss)
(c)
......................
1
.63
4
.59
(
6
.89
)
5
.89
17.49
Net
increase
(decrease)
from
investment
operations
...............
1
.86
4
.87
(
6
.65
)
6
.05
17.64
Distributions
from
net
investment
income
(d)
......................
(
0
.27
)
(
0
.30
)
(
0
.25
)
(
0
.16
)
(
0
.14
)
Net
asset
value,
end
of
year
..............................
$
60.19
$
58.60
$
54.03
$
60.93
$
55.04
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
3
.19
%
9
.10
%
(
10.89
)
%
10.99
%
47.02
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
0
.39
%
0
.52
%
0
.45
%
0
.26
%
0
.30
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
4,637,506
$
5,760,239
$
6,002,335
$
8,076,257
$
8,206,921
Portfolio
turnover
rate
(g)
...................................
16
%
31
%
10
%
11
%
9
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
July
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
69
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
106.95
$
85.82
$
84.23
$
48.63
$
22.83
Net
investment
income
(a)
................................
2
.25
2
.50
3
.81
2
.00
0
.98
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
12.40
)
21.24
1
.50
35.51
25.92
Net
increase
(decrease)
from
investment
operations
...............
(
10.15
)
23.74
5
.31
37.51
26.90
Distributions
from
net
investment
income
(c)
......................
(
2
.29
)
(
2
.61
)
(
3
.72
)
(
1
.91
)
(
1
.10
)
Net
asset
value,
end
of
year
..............................
$
94.51
$
106.95
$
85.82
$
84.23
$
48.63
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
9
.43
)
%
28.10
%
6
.40
%
78.44
%
120.05
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.42
%
Net
investment
income
...................................
2
.31
%
2
.71
%
4
.22
%
3
.27
%
2
.81
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
562,326
$
780,744
$
729,496
$
800,140
$
243,173
Portfolio
turnover
rate
(f)
...................................
19
%
22
%
15
%
17
%
21
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
70
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
23.65
$
19.33
$
19.30
$
13.41
$
5
.97
Net
investment
income
(a)
................................
0
.32
0
.26
0
.16
0
.07
0
.14
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
4
.12
)
4
.29
0
.05
5
.92
7
.50
Net
increase
(decrease)
from
investment
operations
...............
(
3
.80
)
4
.55
0
.21
5
.99
7
.64
Distributions
from
net
investment
income
(c)
......................
(
0
.35
)
(
0
.23
)
(
0
.18
)
(
0
.10
)
(
0
.20
)
Net
asset
value,
end
of
year
..............................
$
19.50
$
23.65
$
19.33
$
19.30
$
13.41
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
16.11
)
%
23.62
%
1
.16
%
44.88
%
129.06
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
1
.51
%
1
.19
%
0
.84
%
0
.49
%
1
.37
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
152,088
$
289,728
$
223,246
$
283,677
$
371,516
Portfolio
turnover
rate
(f)
...................................
25
%
37
%
16
%
55
%
71
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
71
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Pharmaceuticals
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
(a)
Year
Ended
03/31/23
(a)
Year
Ended
03/31/22
(a)
Year
Ended
03/31/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
67.91
$
58.47
$
64.73
$
59.13
$
44.94
Net
investment
income
(b)
................................
1
.18
1
.06
1
.02
1
.02
0
.74
Net
realized
and
unrealized
gain
(loss)
(c)
......................
2
.62
9
.29
(
6
.08
)
5
.63
14.18
Net
increase
(decrease)
from
investment
operations
...............
3
.80
10.35
(
5
.06
)
6
.65
14.92
Distributions
from
net
investment
income
(d)
......................
(
1
.16
)
(
0
.91
)
(
1
.20
)
(
1
.05
)
(
0
.73
)
Net
asset
value,
end
of
year
..............................
$
70.55
$
67.91
$
58.47
$
64.73
$
59.13
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
5
.65
%
17.86
%
(
7
.83
)
%
11.29
%
33.30
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.42
%
Net
investment
income
...................................
1
.73
%
1
.71
%
1
.66
%
1
.63
%
1
.33
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
613,821
$
658,731
$
377,159
$
407,773
$
354,762
Portfolio
turnover
rate
(g)
...................................
24
%
42
%
46
%
20
%
52
%
(a)
Per
share
amounts
reflect
a
three-for-one
stock
split
effective
after
the
close
of
trading
on
March
6,
2024.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
72
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Real
Estate
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
89.90
$
84.95
$
108.01
$
91.81
$
69.71
Net
investment
income
(a)
................................
2
.45
2
.69
2
.35
1
.64
1
.67
Net
realized
and
unrealized
gain
(loss)
(b)
......................
5
.80
4
.66
(
22.94
)
16.94
22.49
Net
increase
(decrease)
from
investment
operations
...............
8
.25
7
.35
(
20.59
)
18.58
24.16
Distributions
from
net
investment
income
(c)
......................
(
2
.42
)
(
2
.40
)
(
2
.47
)
(
2
.38
)
(
2
.06
)
Net
asset
value,
end
of
year
..............................
$
95.73
$
89.90
$
84.95
$
108.01
$
91.81
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
9
.22
%
8
.89
%
(
19.04
)
%
20.27
%
35.02
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
2
.59
%
3
.15
%
2
.56
%
1
.56
%
2
.03
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
3,556,542
$
4,229,939
$
3,232,382
$
5,378,867
$
4,687,047
Portfolio
turnover
rate
(f)
...................................
11
%
7
%
8
%
9
%
14
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
73
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Regional
Banks
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
43.37
$
35.79
$
58.87
$
56.62
$
29.00
Net
investment
income
(a)
................................
1
.50
1
.53
1
.46
1
.34
1
.32
Net
realized
and
unrealized
gain
(loss)
(b)
......................
3
.19
7
.64
(
23.11
)
2
.14
27.52
Net
increase
(decrease)
from
investment
operations
...............
4
.69
9
.17
(
21.65
)
3
.48
28.84
Distributions
from
net
investment
income
(c)
......................
(
1
.44
)
(
1
.59
)
(
1
.43
)
(
1
.23
)
(
1
.22
)
Net
asset
value,
end
of
year
..............................
$
46.62
$
43.37
$
35.79
$
58.87
$
56.62
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
10.92
%
26.46
%
(
37.30
)
%
6
.11
%
101.55
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
3
.17
%
4
.20
%
2
.90
%
2
.19
%
3
.26
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
715,654
$
650,571
$
799,865
$
1,386,344
$
673,808
Portfolio
turnover
rate
(f)
...................................
8
%
9
%
7
%
14
%
6
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
74
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
.........................
$
21.98
$
23.15
$
29.88
$
32.39
$
24.88
Net
investment
income
(a)
...............................
0
.52
0
.48
0
.58
0
.77
0
.82
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
5
.45
(
1
.15
)
(
6
.73
)
(
2
.54
)
7
.50
Net
increase
(decrease)
from
investment
operations
..............
5
.97
(
0
.67
)
(
6
.15
)
(
1
.77
)
8
.32
Distributions
from
net
investment
income
(c)
.....................
(
0
.55
)
(
0
.50
)
(
0
.58
)
(
0
.74
)
(
0
.81
)
Net
asset
value,
end
of
year
.............................
$
27.40
$
21.98
$
23.15
$
29.88
$
32.39
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
27.38
%
(
2
.84
)
%
(
20.56
)
%
(
5
.63
)
%
33.82
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.42
%
Net
investment
income
..................................
2
.06
%
2
.19
%
2
.40
%
2
.37
%
2
.82
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
372,576
$
230,800
$
302,131
$
503,440
$
425,882
Portfolio
turnover
rate
(f)
..................................
30
%
30
%
24
%
75
%
40
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
75
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
March
31,
2025,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
iShares
ETF
Diversification
Classification
U.S.
Aerospace
&
Defense
..............................................................................................
Non-diversified
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
Non-diversified
U.S.
Healthcare
Providers
...............................................................................................
Non-diversified
U.S.
Home
Construction
................................................................................................
Non-diversified
U.S.
Infrastructure
....................................................................................................
Diversified
U.S.
Insurance
......................................................................................................
Non-diversified
U.S.
Manufacturing
(a)
..................................................................................................
Non-diversified
U.S.
Medical
Devices
..................................................................................................
Non-diversified
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
Non-diversified
U.S.
Oil
Equipment
&
Services
............................................................................................
Non-diversified
U.S.
Pharmaceuticals
..................................................................................................
Non-diversified
U.S.
Real
Estate
.....................................................................................................
Diversified
U.S.
Regional
Banks
..................................................................................................
Non-diversified
U.S.
Telecommunications
...............................................................................................
Non-diversified
(a)
The
Fund
commenced
operations
on
July
17,
2024.
Notes
to
Financial
Statements
(continued)
76
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Funds’
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund’s
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Funds’
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
the
Funds
have
a
single
investment
strategy
as
disclosed
in
their
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds’
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
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 each
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
Notes
to
Financial
Statements
(
continued)
77
Notes
to
Financial
Statements
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.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Aerospace
&
Defense
Barclays
Bank
PLC
...............................................
$
1,946,015
$
(
1,946,015
)
$
—
$
—
BMO
Capital
Markets
Corp.
.........................................
80,060
(
80,060
)
—
—
BNP
Paribas
SA
.................................................
22,211,297
(
22,211,297
)
—
—
BofA
Securities,
Inc.
..............................................
6,662,803
(
6,662,803
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
10,528,361
(
10,528,361
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
27,584,716
(
27,584,716
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
46,880,422
(
46,880,422
)
—
—
Morgan
Stanley
.................................................
27,756,745
(
27,756,745
)
—
—
National
Financial
Services
LLC
......................................
2,870,518
(
2,870,518
)
—
—
Natixis
SA
.....................................................
2,916,405
(
2,916,405
)
—
—
SG
Americas
Securities
LLC
........................................
3,033,035
(
3,033,035
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
16,204,624
(
16,204,624
)
—
—
UBS
AG
......................................................
125,392,826
(
125,392,826
)
—
—
Virtu
Americas
LLC
...............................................
433,487
(
433,487
)
—
—
Wells
Fargo
Bank
NA
.............................................
3,767,379
(
3,767,379
)
—
—
Wells
Fargo
Securities
LLC
.........................................
57,216,000
(
57,216,000
)
—
—
$
355,484,693
$
(
355,484,693
)
$
—
$
—
a
U.S.
Broker-Dealers
&
Securities
Exchanges
Barclays
Bank
PLC
...............................................
100,188
(
100,188
)
—
—
BNP
Paribas
SA
.................................................
208,584
(
208,584
)
—
—
$
308,772
$
(
308,772
)
$
—
$
—
a
Notes
to
Financial
Statements
(continued)
78
2025
iShares
Annual
Financial
Statements
and
Additional
Information
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Healthcare
Providers
Barclays
Bank
PLC
...............................................
$
339,663
$
(
339,663
)
$
—
$
—
Barclays
Capital,
Inc.
.............................................
38,046
(
38,046
)
—
—
BNP
Paribas
SA
.................................................
1,332,209
(
1,332,209
)
—
—
BofA
Securities,
Inc.
..............................................
1,153,079
(
1,153,079
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
7,427,881
(
7,427,881
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
488,196
(
488,196
)
—
—
National
Financial
Services
LLC
......................................
209,599
(
209,599
)
—
—
RBC
Capital
Markets
LLC
..........................................
150,320
(
150,320
)
—
—
Virtu
Americas
LLC
...............................................
30,875
(
30,875
)
—
—
Wells
Fargo
Securities
LLC
.........................................
225,780
(
225,780
)
—
—
$
11,395,648
$
(
11,395,648
)
$
—
$
—
a
U.S.
Home
Construction
Barclays
Bank
PLC
...............................................
3,299
(
3,299
)
—
—
BofA
Securities,
Inc.
..............................................
3,294,021
(
3,294,021
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
1,023,408
(
1,023,408
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
5,888,637
(
5,888,637
)
—
—
Jefferies
LLC
...................................................
15,792
(
15,792
)
—
—
Morgan
Stanley
.................................................
41,502,161
(
41,502,161
)
—
—
National
Financial
Services
LLC
......................................
166,944
(
166,944
)
—
—
Natixis
SA
.....................................................
363,741
(
363,741
)
—
—
UBS
AG
......................................................
51,888
(
51,888
)
—
—
$
52,309,891
$
(
52,309,891
)
$
—
$
—
a
U.S.
Infrastructure
BNP
Paribas
SA
.................................................
22,222
(
22,222
)
—
—
BofA
Securities,
Inc.
..............................................
12,759,079
(
12,759,079
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
7,778,237
(
7,778,237
)
—
—
Morgan
Stanley
.................................................
3,786,146
(
3,786,146
)
—
—
UBS
AG
......................................................
46,164
(
46,164
)
—
—
Virtu
Americas
LLC
...............................................
7,890
(
7,890
)
—
—
$
24,399,738
$
(
24,399,738
)
$
—
$
—
a
U.S.
Insurance
Citigroup
Global
Markets,
Inc.
........................................
1,097,064
(
1,097,064
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
3,358,739
(
3,358,739
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
1,925,810
(
1,925,810
)
—
—
Morgan
Stanley
.................................................
102,525
(
102,525
)
—
—
National
Financial
Services
LLC
......................................
266,589
(
266,589
)
—
—
$
6,750,727
$
(
6,750,727
)
$
—
$
—
a
U.S.
Manufacturing
BofA
Securities,
Inc.
..............................................
26,967
(
26,967
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
21,503
(
21,503
)
—
—
UBS
AG
......................................................
23,100
(
23,100
)
—
—
Wells
Fargo
Bank
NA
.............................................
192,089
(
192,089
)
—
—
Wells
Fargo
Securities
LLC
.........................................
4,651
(
4,651
)
—
—
$
268,310
$
(
268,310
)
$
—
$
—
a
Notes
to
Financial
Statements
(
continued)
79
Notes
to
Financial
Statements
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Medical
Devices
Barclays
Bank
PLC
...............................................
$
3,198,153
$
(
3,198,153
)
$
—
$
—
BMO
Capital
Markets
Corp.
.........................................
243,535
(
243,535
)
—
—
BNP
Paribas
SA
.................................................
9,919,203
(
9,919,203
)
—
—
BofA
Securities,
Inc.
..............................................
12,228,967
(
12,228,967
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
28,596,033
(
28,596,033
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
13,166,679
(
13,166,679
)
—
—
HSBC
Bank
PLC
................................................
17,787,626
(
17,787,626
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
16,675,747
(
16,675,747
)
—
—
Jefferies
LLC
...................................................
1,834,735
(
1,834,735
)
—
—
Morgan
Stanley
.................................................
17,281,444
(
17,281,444
)
—
—
SG
Americas
Securities
LLC
........................................
4,430,318
(
4,430,318
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
742,699
(
742,699
)
—
—
UBS
AG
......................................................
16,660
(
16,660
)
—
—
UBS
Securities
LLC
..............................................
111,925
(
111,925
)
—
—
Virtu
Americas
LLC
...............................................
355,386
(
355,386
)
—
—
Wells
Fargo
Bank
NA
.............................................
1,822,342
(
1,822,342
)
—
—
Wells
Fargo
Securities
LLC
.........................................
3,991,486
(
3,991,486
)
—
—
$
132,402,938
$
(
132,402,938
)
$
—
$
—
a
U.S.
Oil
&
Gas
Exploration
&
Production
BNP
Paribas
SA
.................................................
141,002
(
141,002
)
—
—
Citadel
Clearing
LLC
..............................................
5,072
(
5,072
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
348,345
(
348,345
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
24,628,864
(
24,628,864
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
151,843
(
151,843
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
2,461
(
2,461
)
—
—
$
25,277,587
$
(
25,277,587
)
$
—
$
—
a
U.S.
Oil
Equipment
&
Services
Citigroup
Global
Markets,
Inc.
........................................
280,114
(
280,114
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
2,697,660
(
2,697,660
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
2,961,263
(
2,961,263
)
—
—
UBS
AG
......................................................
274,142
(
274,142
)
—
—
$
6,213,179
$
(
6,213,179
)
$
—
$
—
a
U.S.
Pharmaceuticals
Barclays
Bank
PLC
...............................................
121,961
(
121,961
)
—
—
BNP
Paribas
SA
.................................................
22,086
(
22,086
)
—
—
BofA
Securities,
Inc.
..............................................
189,558
(
189,558
)
—
—
Citadel
Clearing
LLC
..............................................
12,198,697
(
5,954,531
)
—
6,244,166
Citigroup
Global
Markets,
Inc.
........................................
14,241,545
(
14,241,545
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
14,401
(
14,401
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
1,373,766
(
1,373,766
)
—
—
Jefferies
LLC
...................................................
1,265,188
(
1,265,188
)
—
—
Morgan
Stanley
.................................................
993,662
(
993,662
)
—
—
National
Financial
Services
LLC
......................................
41,922
(
41,922
)
—
—
Scotia
Capital
(USA),
Inc.
..........................................
2,472,170
(
2,472,170
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
1,220,886
(
1,220,886
)
—
—
UBS
AG
......................................................
754,600
(
754,600
)
—
—
Wells
Fargo
Bank
NA
.............................................
1,733,479
(
1,733,479
)
—
—
$
36,643,921
$
(
30,399,755
)
$
—
$
6,244,166
a
U.S.
Real
Estate
Barclays
Bank
PLC
...............................................
684,190
(
684,190
)
—
—
BofA
Securities,
Inc.
..............................................
23,436,234
(
23,436,234
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
621,523
(
621,523
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
4,690
(
4,690
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
3,596,540
(
3,596,540
)
—
—
National
Financial
Services
LLC
......................................
354,059
(
354,059
)
—
—
Wells
Fargo
Bank
NA
.............................................
3,245,929
(
3,245,929
)
—
—
Wells
Fargo
Securities
LLC
.........................................
2,210,517
(
2,210,517
)
—
—
$
34,153,682
$
(
34,153,682
)
$
—
$
—
a
Notes
to
Financial
Statements
(continued)
80
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds'
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
Total
return
swaps
are
entered
into
by
the iShares
U.S.
Infrastructure
ETF
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
or
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instruments
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Regional
Banks
Citigroup
Global
Markets,
Inc.
........................................
$
5,197,098
$
(
5,197,098
)
$
—
$
—
$
5,197,098
$
(
5,197,098
)
$
—
$
—
a
U.S.
Telecommunications
BNP
Paribas
SA
.................................................
28,926
(
28,926
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
2,432,298
(
2,432,298
)
—
—
$
2,461,224
$
(
2,461,224
)
$
—
$
—
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
March
31,
2025.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(
continued)
81
Notes
to
Financial
Statements
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
mitigate
its
counterparty
risk,
a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency,
or
other
events.
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement,
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
a
fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes, each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock,
Inc.
(“BlackRock”).
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to each
of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
For
its
investment
advisory
services
to
each
Fund,
except
for
iShares
U.S.
Infrastructure
ETF
and
iShares
U.S.
Manufacturing
ETF,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
iShares
ETF
Investment
Advisory
Fees
U.S.
Infrastructure
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
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.
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.
.
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.
.
.
.
.
.
.
0.30%
U.S.
Manufacturing
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
0.40
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
0.3400
Over
$40
billion,
up
to
and
including
$50
billion
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
0.3300
Over
$50
billion,
up
to
and
including
$60
billion
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
0.3100
Over
$60
billion
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2945
Notes
to
Financial
Statements
(continued)
82
2025
iShares
Annual
Financial
Statements
and
Additional
Information
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs. Each
Fund
is responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund’s
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities. Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the period
ended
March
31,
2025
,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Trustees and
Officers:
Certain
trustees
and/or
officers
of
the
Trust
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
March
31,
2025
,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
iShares
ETF
Amounts
U.S.
Aerospace
&
Defense
.............................................................................................
$
248,986
U.S.
Broker-Dealers
&
Securities
Exchanges
.................................................................................
26,832
U.S.
Healthcare
Providers
..............................................................................................
24,216
U.S.
Home
Construction
...............................................................................................
40,696
U.S.
Infrastructure
...................................................................................................
51,352
U.S.
Insurance
.....................................................................................................
6,617
U.S.
Manufacturing
..................................................................................................
171
U.S.
Medical
Devices
.................................................................................................
95,855
U.S.
Oil
&
Gas
Exploration
&
Production
....................................................................................
21,007
U.S.
Oil
Equipment
&
Services
...........................................................................................
6,788
U.S.
Pharmaceuticals
.................................................................................................
110,753
U.S.
Real
Estate
....................................................................................................
34,114
U.S.
Regional
Banks
.................................................................................................
2,163
U.S.
Telecommunications
..............................................................................................
14,981
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Aerospace
&
Defense
............................................................
$
447,982,685
$
341,356,600
$
(
4,491,270
)
Notes
to
Financial
Statements
(
continued)
83
Notes
to
Financial
Statements
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the period
ended
March
31,
2025
,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the
period
ended
March
31,
2025
,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Broker-Dealers
&
Securities
Exchanges
................................................
$
77,227,268
$
90,902,979
$
3,684,498
U.S.
Healthcare
Providers
.............................................................
66,653,715
39,022,936
(
7,334,596
)
U.S.
Home
Construction
..............................................................
208,570,540
64,804,150
(
14,023,759
)
U.S.
Infrastructure
..................................................................
228,206,378
117,223,927
(
13,972,581
)
U.S.
Insurance
....................................................................
37,075,670
10,191,536
(
609,110
)
U.S.
Medical
Devices
................................................................
139,850,035
137,781,830
(
22,973,832
)
U.S.
Oil
&
Gas
Exploration
&
Production
...................................................
25,880,260
65,619,999
(
1,021,901
)
U.S.
Oil
Equipment
&
Services
..........................................................
15,043,681
10,465,236
(
1,281,022
)
U.S.
Pharmaceuticals
................................................................
44,681,023
42,766,583
(
7,694,802
)
U.S.
Real
Estate
...................................................................
101,920,741
75,384,851
(
21,191,377
)
U.S.
Regional
Banks
................................................................
20,496,193
16,215,969
(
9,442,984
)
U.S.
Telecommunications
.............................................................
41,612,559
41,365,042
(
21,549,536
)
iShares
ETF
Purchases
Sales
U.S.
Aerospace
&
Defense
...........................................................................
$
2,632,870,087
$
2,629,650,861
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................................................
221,509,397
212,839,359
U.S.
Healthcare
Providers
............................................................................
110,756,802
110,799,571
U.S.
Home
Construction
.............................................................................
384,499,003
383,081,299
U.S.
Infrastructure
.................................................................................
782,178,556
789,464,559
U.S.
Insurance
...................................................................................
89,689,308
83,641,981
U.S.
Manufacturing
................................................................................
1,619,197
1,654,999
U.S.
Medical
Devices
...............................................................................
788,273,116
787,494,970
U.S.
Oil
&
Gas
Exploration
&
Production
..................................................................
124,581,567
128,531,643
U.S.
Oil
Equipment
&
Services
.........................................................................
46,111,426
45,572,337
U.S.
Pharmaceuticals
...............................................................................
153,768,191
152,252,196
U.S.
Real
Estate
..................................................................................
444,801,762
420,683,612
U.S.
Regional
Banks
...............................................................................
57,493,878
54,563,081
U.S.
Telecommunications
............................................................................
105,602,254
105,176,898
iShares
ETF
In-kind
Purchases
In-kind
Sales
U.S.
Aerospace
&
Defense
...........................................................................
$
1,248,286,980
$
1,963,886,192
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................................................
1,605,555,637
1,062,812,478
U.S.
Healthcare
Providers
............................................................................
64,023,563
221,436,004
U.S.
Home
Construction
.............................................................................
7,003,949,841
7,290,130,553
U.S.
Infrastructure
.................................................................................
1,208,713,127
1,384,165,968
U.S.
Insurance
...................................................................................
331,770,626
296,338,794
U.S.
Manufacturing
................................................................................
13,595,999
—
U.S.
Medical
Devices
...............................................................................
976,626,013
2,208,042,876
U.S.
Oil
&
Gas
Exploration
&
Production
..................................................................
186,725,583
302,860,854
U.S.
Oil
Equipment
&
Services
.........................................................................
45,897,982
140,105,352
U.S.
Pharmaceuticals
...............................................................................
166,484,243
236,572,514
U.S.
Real
Estate
..................................................................................
12,272,220,425
13,015,352,496
U.S.
Regional
Banks
...............................................................................
454,654,727
404,801,040
U.S.
Telecommunications
............................................................................
1,958,651,587
1,886,022,316
Notes
to
Financial
Statements
(continued)
84
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
March
31,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
March
31,
2025
,
permanent
differences
attributable
to realized
gains
(losses)
from
in-kind
redemptions
and
distributions
paid
in
excess
of
taxable
income were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
U.S.
Aerospace
&
Defense
.............................................................................
$
495,465,786
$
(
495,465,786
)
U.S.
Broker-Dealers
&
Securities
Exchanges
.................................................................
277,742,150
(
277,742,150
)
U.S.
Healthcare
Providers
..............................................................................
22,031,925
(
22,031,925
)
U.S.
Home
Construction
...............................................................................
478,583,770
(
478,583,770
)
U.S.
Infrastructure
...................................................................................
423,249,763
(
423,249,763
)
U.S.
Insurance
.....................................................................................
75,475,873
(
75,475,873
)
U.S.
Medical
Devices
.................................................................................
457,840,046
(
457,840,046
)
U.S.
Oil
&
Gas
Exploration
&
Production
....................................................................
35,104,949
(
35,104,949
)
U.S.
Oil
Equipment
&
Services
...........................................................................
2,218,891
(
2,218,891
)
U.S.
Pharmaceuticals
.................................................................................
53,581,108
(
53,581,108
)
U.S.
Real
Estate
....................................................................................
108,103,646
(
108,103,646
)
U.S.
Regional
Banks
.................................................................................
22,564,442
(
22,564,442
)
U.S.
Telecommunications
..............................................................................
95,848,691
(
95,848,691
)
iShares
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
U.S.
Aerospace
&
Defense
Ordinary
income
.........................................................................................
$
52,542,752
$
55,466,658
U.S.
Broker-Dealers
&
Securities
Exchanges
Ordinary
income
.........................................................................................
$
17,521,317
$
8,530,172
U.S.
Healthcare
Providers
Ordinary
income
.........................................................................................
$
5,672,511
$
7,339,501
U.S.
Home
Construction
Ordinary
income
.........................................................................................
$
25,754,654
$
13,033,877
U.S.
Infrastructure
Ordinary
income
.........................................................................................
$
52,406,072
$
41,958,905
U.S.
Insurance
Ordinary
income
.........................................................................................
$
13,003,873
$
6,870,131
U.S.
Manufacturing
(a)
Ordinary
income
.........................................................................................
$
81,436
$
—
U.S.
Medical
Devices
Ordinary
income
.........................................................................................
$
22,387,105
$
30,879,217
U.S.
Oil
&
Gas
Exploration
&
Production
Ordinary
income
.........................................................................................
$
15,314,113
$
20,716,909
U.S.
Oil
Equipment
&
Services
Ordinary
income
.........................................................................................
$
2,710,527
$
3,066,942
U.S.
Pharmaceuticals
Ordinary
income
.........................................................................................
$
10,873,203
$
7,160,972
U.S.
Real
Estate
Ordinary
income
.........................................................................................
$
103,765,002
$
96,113,767
Notes
to
Financial
Statements
(
continued)
85
Notes
to
Financial
Statements
As
of
March
31,
2025,
the
tax
components
of
accumulated earnings
(losses)
were
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
March
31,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject each
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
iShares
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
U.S.
Regional
Banks
Ordinary
income
.........................................................................................
$
20,846,820
$
29,363,126
U.S.
Telecommunications
Ordinary
income
.........................................................................................
$
7,393,564
$
5,880,762
(a)
The
Fund
commenced
operations
on
July
17,
2024.
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
U.S.
Aerospace
&
Defense
...........................................
$
—
$
(
898,805,668
)
$
1,264,739,434
$
365,933,766
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................
228,643
(
152,533,090
)
66,519,979
(
85,784,468
)
U.S.
Healthcare
Providers
............................................
92,416
(
256,899,925
)
(
61,441,369
)
(
318,248,878
)
U.S.
Home
Construction
.............................................
12,111,921
(
251,151,168
)
(
678,988,293
)
(
918,027,540
)
U.S.
Infrastructure
.................................................
—
(
129,548,231
)
32,567,684
(
96,980,547
)
U.S.
Insurance
...................................................
415,025
(
9,284,312
)
138,270,859
129,401,572
U.S.
Manufacturing
................................................
3,993
(
131,669
)
(
933,319
)
(
1,060,995
)
U.S.
Medical
Devices
...............................................
23,697
(
484,043,899
)
(
110,766,756
)
(
594,786,958
)
U.S.
Oil
&
Gas
Exploration
&
Production
..................................
156,420
(
244,788,386
)
(
57,647,341
)
(
302,279,307
)
U.S.
Oil
Equipment
&
Services
.........................................
13,675
(
324,186,394
)
(
32,313,186
)
(
356,485,905
)
U.S.
Pharmaceuticals
...............................................
2,578,741
(
219,398,946
)
47,655,116
(
169,165,089
)
U.S.
Real
Estate
..................................................
4,281,312
(
587,722,037
)
(
894,771,582
)
(
1,478,212,307
)
U.S.
Regional
Banks
...............................................
2,054,960
(
201,184,404
)
(
111,716,174
)
(
310,845,618
)
U.S.
Telecommunications
............................................
27,215
(
378,457,494
)
(
41,031,457
)
(
419,461,736
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements,
the
characterization
of
corporate
actions
and
undistributed
capital
gains
from
underlying
REIT
investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Aerospace
&
Defense
.......................................
$
5,404,086,202
$
1,361,793,580
$
(
97,054,146
)
$
1,264,739,434
U.S.
Broker-Dealers
&
Securities
Exchanges
...........................
1,252,178,455
86,921,492
(
20,401,513
)
66,519,979
U.S.
Healthcare
Providers
........................................
747,115,826
59,504,562
(
120,945,931
)
(
61,441,369
)
U.S.
Home
Construction
.........................................
3,154,085,925
13,904,838
(
692,893,131
)
(
678,988,293
)
U.S.
Infrastructure
.............................................
2,260,672,975
205,214,936
(
172,647,252
)
32,567,684
U.S.
Insurance
...............................................
660,857,395
144,621,621
(
6,350,762
)
138,270,859
U.S.
Manufacturing
............................................
13,730,685
281,833
(
1,215,152
)
(
933,319
)
U.S.
Medical
Devices
...........................................
4,881,631,571
486,696,170
(
597,462,926
)
(
110,766,756
)
U.S.
Oil
&
Gas
Exploration
&
Production
..............................
642,618,945
28,246,083
(
85,893,424
)
(
57,647,341
)
U.S.
Oil
Equipment
&
Services
.....................................
190,641,361
12,027,396
(
44,340,582
)
(
32,313,186
)
U.S.
Pharmaceuticals
...........................................
597,286,603
98,895,605
(
51,240,489
)
47,655,116
U.S.
Real
Estate
..............................................
4,475,778,911
20,081,497
(
914,781,620
)
(
894,700,123
)
U.S.
Regional
Banks
...........................................
831,399,259
3,709,955
(
115,426,129
)
(
111,716,174
)
U.S.
Telecommunications
........................................
416,181,884
3,094,449
(
44,125,906
)
(
41,031,457
)
Notes
to
Financial
Statements
(continued)
86
2025
iShares
Annual
Financial
Statements
and
Additional
Information
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Funds are
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Funds
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
within
the
financials
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors,
including,
among
others,
changes
in
government
regulations,
economic
conditions,
and
interest
rates,
credit
downgrades,
adverse
public
perception,
exposure
concentration
and
decreased
liquidity
in
credit
markets.
The
impact
of
changes
in
a
capital
requirements
and
recent
or
future
regulation
of
any
individual
financial
company,
or
of
the
financials
sector
as
a
whole,
cannot
be
predicted,
but
may
negatively
impact
the
Funds.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(
continued)
87
Notes
to
Financial
Statements
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Year
Ended
03/31/25
Year
Ended
03/31/24
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Aerospace
&
Defense
Shares
sold
..............................................
8,850,000
$
1,251,926,582
9,250,000
$
1,066,993,722
Shares
redeemed
..........................................
(
13,850,000
)
(
1,971,839,986
)
(
13,750,000
)
(
1,582,724,617
)
(
5,000,000
)
$
(
719,913,404
)
(
4,500,000
)
$
(
515,730,895
)
U.S.
Broker-Dealers
&
Securities
Exchanges
Shares
sold
..............................................
12,700,000
$
1,624,189,170
2,200,000
$
207,204,908
Shares
redeemed
..........................................
(
7,450,000
)
(
1,073,038,130
)
(
6,350,000
)
(
578,054,115
)
5,250,000
$
551,151,040
(
4,150,000
)
$
(
370,849,207
)
U.S.
Healthcare
Providers
Shares
sold
..............................................
1,250,000
$
64,125,604
1,450,000
(a)
$
73,345,606
Shares
redeemed
..........................................
(
4,200,000
)
(
221,726,975
)
(
9,250,000
)
(a)
(
472,334,282
)
(
2,950,000
)
$
(
157,601,371
)
(
7,800,000
)
$
(
398,988,676
)
U.S.
Home
Construction
Shares
sold
..............................................
64,550,000
$
7,040,655,299
65,000,000
$
5,720,395,152
Shares
redeemed
..........................................
(
67,900,000
)
(
7,323,284,286
)
(
59,500,000
)
(
5,139,097,432
)
(
3,350,000
)
$
(
282,628,987
)
5,500,000
$
581,297,720
U.S.
Infrastructure
Shares
sold
..............................................
26,750,000
$
1,228,913,242
11,250,000
$
441,283,546
Shares
redeemed
..........................................
(
30,850,000
)
(
1,413,543,354
)
(
4,900,000
)
(
194,057,735
)
(
4,100,000
)
$
(
184,630,112
)
6,350,000
$
247,225,811
U.S.
Insurance
Shares
sold
..............................................
2,800,000
$
348,536,414
2,050,000
$
212,250,687
Shares
redeemed
..........................................
(
2,600,000
)
(
311,485,271
)
(
1,750,000
)
(
155,804,900
)
200,000
$
37,051,143
300,000
$
56,445,787
U.S.
Manufacturing
(b)
Shares
sold
..............................................
540,000
$
13,586,685
—
$
—
Shares
redeemed
..........................................
—
—
—
—
540,000
$
13,586,685
—
$
—
U.S.
Medical
Devices
Shares
sold
..............................................
16,600,000
$
978,659,099
19,650,000
$
1,065,528,136
Shares
redeemed
..........................................
(
37,850,000
)
(
2,212,060,248
)
(
32,450,000
)
(
1,707,028,783
)
(
21,250,000
)
$
(
1,233,401,149
)
(
12,800,000
)
$
(
641,500,647
)
U.S.
Oil
&
Gas
Exploration
&
Production
Shares
sold
..............................................
1,800,000
$
187,400,316
3,250,000
$
320,767,080
Shares
redeemed
..........................................
(
3,150,000
)
(
304,491,541
)
(
4,450,000
)
(
402,219,299
)
(
1,350,000
)
$
(
117,091,225
)
(
1,200,000
)
$
(
81,452,219
)
U.S.
Oil
Equipment
&
Services
Shares
sold
..............................................
2,200,000
$
46,019,123
9,950,000
$
232,667,021
Shares
redeemed
..........................................
(
6,650,000
)
(
140,610,443
)
(
9,250,000
)
(
192,874,100
)
(
4,450,000
)
$
(
94,591,320
)
700,000
$
39,792,921
U.S.
Pharmaceuticals
Shares
sold
..............................................
2,500,000
$
166,976,024
4,850,000
(c)
$
279,165,796
Shares
redeemed
..........................................
(
3,500,000
)
(
237,008,810
)
(
1,600,000
)
(c)
(
98,722,864
)
(
1,000,000
)
$
(
70,032,786
)
3,250,000
$
180,442,932
Notes
to
Financial
Statements
(continued)
88
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
03/31/25
Year
Ended
03/31/24
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Real
Estate
Shares
sold
..............................................
131,200,000
$
12,330,745,870
171,450,000
$
14,650,154,474
Shares
redeemed
..........................................
(
141,100,000
)
(
13,080,113,536
)
(
162,450,000
)
(
13,849,156,377
)
(
9,900,000
)
$
(
749,367,666
)
9,000,000
$
800,998,097
U.S.
Regional
Banks
Shares
sold
..............................................
9,150,000
$
464,951,723
7,150,000
$
251,127,249
Shares
redeemed
..........................................
(
8,800,000
)
(
412,978,030
)
(
14,500,000
)
(
538,518,984
)
350,000
$
51,973,693
(
7,350,000
)
$
(
287,391,735
)
U.S.
Telecommunications
Shares
sold
..............................................
73,850,000
$
1,963,510,598
49,650,000
$
1,099,594,752
Shares
redeemed
..........................................
(
70,750,000
)
(
1,890,353,818
)
(
52,200,000
)
(
1,150,973,673
)
3,100,000
$
73,156,780
(
2,550,000
)
$
(
51,378,921
)
(a)
Share
transactions
prior
to
the
close
of
trading
on
March
6,
2024
have
been
retroactively
adjusted
to
reflect
a
five-for-one
stock
split.
(b)
The
Fund
commenced
operations
on
July
17,
2024.
(c)
Share
transactions
prior
to
the
close
of
trading
on
March
6,
2024
have
been
retroactively
adjusted
to
reflect
a
three-for-one
stock
split.
Report
of
Independent
Registered
Public
Accounting
Firm
89
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the fourteen funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(fourteen
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2025,
the
related
statements
of
operations
and
of
changes
in
net
assets
for
each
of
the
periods
indicated
in
the
table
below,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
March
31,
2025,
the
results
of
each
of
their
operations,
the
changes
in
each
of
their
net
assets
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
22,
2025
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
U.S.
Aerospace
&
Defense
ETF
(1)
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
(1)
iShares
U.S.
Healthcare
Providers
ETF
(1)
iShares
U.S.
Home
Construction
ETF
(1)
iShares
U.S.
Infrastructure
ETF
(1)
iShares
U.S.
Insurance
ETF
(1)
iShares
U.S.
Manufacturing
ETF
(2)
iShares
U.S.
Medical
Devices
ETF
(1)
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
(1)
iShares
U.S.
Oil
Equipment
&
Services
ETF
(1)
iShares
U.S.
Pharmaceuticals
ETF
(1)
iShares
U.S.
Real
Estate
ETF
(1)
iShares
U.S.
Regional
Banks
ETF
(1)
iShares
U.S.
Telecommunications
ETF
(1)
(1)
Statement
of
operations
for
the
year
ended
March
31,
2025,
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2025
(2)
Statement
of
operations,
statement
of
changes
in
net
assets,
and
the
financial
highlights
for
the
period
July
17,
2024
(commencement
of
operations)
through
March
31,
2025
Important
Tax
Information
(unaudited)
90
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
period
ended
March
31,
2025
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2025
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
period
ended
March
31,
2025
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
U.S.
Aerospace
&
Defense
..............................................................................................
$
75,435,555
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
22,921,258
U.S.
Healthcare
Providers
...............................................................................................
8,372,808
U.S.
Home
Construction
................................................................................................
47,982,344
U.S.
Infrastructure
....................................................................................................
60,155,128
U.S.
Insurance
......................................................................................................
14,344,336
U.S.
Manufacturing
...................................................................................................
107,710
U.S.
Medical
Devices
..................................................................................................
38,479,243
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
19,041,831
U.S.
Oil
Equipment
&
Services
............................................................................................
3,354,761
U.S.
Pharmaceuticals
..................................................................................................
12,506,503
U.S.
Real
Estate
.....................................................................................................
2,473,567
U.S.
Regional
Banks
..................................................................................................
23,993,087
U.S.
Telecommunications
...............................................................................................
7,264,994
iShares
ETF
Qualified
Business
Income
U.S.
Real
Estate
.....................................................................................................
$
99,192,291
iShares
ETF
Dividends-Received
Deduction
U.S.
Aerospace
&
Defense
..............................................................................................
100
.00
%
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
100
.00
U.S.
Healthcare
Providers
...............................................................................................
100
.00
U.S.
Home
Construction
................................................................................................
100
.00
U.S.
Infrastructure
....................................................................................................
100
.00
U.S.
Insurance
......................................................................................................
98
.46
U.S.
Manufacturing
...................................................................................................
100
.00
U.S.
Medical
Devices
..................................................................................................
100
.00
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
100
.00
U.S.
Oil
Equipment
&
Services
............................................................................................
71
.11
U.S.
Pharmaceuticals
..................................................................................................
99
.41
U.S.
Real
Estate
.....................................................................................................
0
.33
U.S.
Regional
Banks
..................................................................................................
100
.00
U.S.
Telecommunications
...............................................................................................
100
.00
Additional
Information
91
Additional
Information
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
The
Alternative
Investment
Fund
Managers
Directive,
and
its
United
Kingdom
(“UK”)
equivalent,
(the
“AIFMD”)
impose
detailed
and
prescriptive
obligations
on
fund
managers
established
in
the
European
Union
(the
“EU”)
and
the
UK.
These
do
not
currently
apply
to
managers
established
outside
of
the
EU
or
UK,
such
as
BFA
(the
“Company”).
However,
the
Company
is
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
the
AIFMD
because
it
has
registered
the
iShares
U.S.
Real
Estate
ETF
and
iShares
U.S.
Regional
Banks
ETF (the
“Funds”)
to
be
marketed
to
investors
in
the
EU
and/or
UK.
Report
on
Remuneration
BlackRock
has
a
clear
and
well-defined
pay-for-performance
philosophy,
and
compensation
programs
which
support
that
philosophy.
BlackRock
operates
a
total
compensation
model
for
remuneration
which
includes
a
base
salary,
which
is
contractual,
and
a
discretionary
bonus
scheme.
Although
all
employees
are
eligible
to
receive
a
discretionary
bonus,
there
is
no
contractual
obligation
to
make
a
discretionary
bonus
award
to
any
employees.
For
senior
management
and
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Funds,
a
significant
percentage
of
variable
remuneration
is
deferred
over
time.
All
employees
are
subject
to
a
clawback
policy.
Remuneration
decisions
for
employees
are
made
once
annually
in
January
following
the
end
of
the
performance
year,
based
on
BlackRock’s
full-year
financial
results
and
other
non-financial
goals
and
objectives.
Alongside
financial
performance,
individual
total
compensation
is
also
based
on
strategic
and
operating
results
and
other
considerations
such
as
management
and
leadership
capabilities.
No
set
formulas
are
established,
and
no
fixed
benchmarks
are
used
in
determining
annual
incentive
awards.
Annual
incentive
awards
are
paid
from
a
bonus
pool
which
is
reviewed
throughout
the
year
by
BlackRock's
independent
compensation
committee,
taking
into
account
both
actual
and
projected
financial
information
together
with
information
provided
by
the
Enterprise
Risk
and
Regulatory
Compliance
departments
in
relation
to
any
activities,
incidents
or
events
that
warrant
consideration
in
making
compensation
decisions.
Individuals
are
not
involved
in
setting
their
own
remuneration.
Each
of
the
control
functions
(Enterprise
Risk,
Legal
&
Compliance,
Finance,
Human
Resources
and
Internal
Audit)
each
have
their
own
organizational
structures
which
are
independent
of
the
business
units
and
therefore
staff
members
in
control
functions
are
remunerated
independently
of
the
businesses
they
oversee.
Functional
bonus
pools
for
those
control
functions
are
determined
with
reference
to
the
performance
of
each
individual
function
and
the
remuneration
of
the
senior
members
of
control
functions
is
directly
overseen
by
BlackRock's
independent
remuneration
committee.
The
Company
is
required
under
the
AIFMD
to
make
quantitative
disclosures
of
remuneration.
These
disclosures
are
made
in
line
with
BlackRock’s
interpretation
of
currently
available
regulatory
guidance
on
quantitative
remuneration
disclosures.
As
market
or
regulatory
practice
develops
BlackRock
may
consider
it
appropriate
to
make
changes
to
the
way
in
which
quantitative
remuneration
disclosures
are
calculated.
Where
such
changes
are
made,
this
may
result
in
disclosures
in
relation
to
a
fund
not
being
comparable
to
the
disclosures
made
in
the
prior
year,
or
in
relation
to
other
BlackRock
fund
disclosures
in
that
same
year.
Remuneration
information
at
an
individual
AIF
level
is
not
readily
available.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Funds;
and
(d)
staff
of
companies
to
which
portfolio
management
and
risk
management
has
been
formally
delegated.
All
individuals
included
in
the
aggregated
figures
disclosed
are
rewarded
in
line
with
BlackRock’s
remuneration
policy
for
their
responsibilities
across
the
relevant
BlackRock
business
area.
As
all
individuals
have
a
number
of
areas
of
responsibilities,
only
the
portion
of
remuneration
for
those
individuals’
services
attributable
to
the
Funds
is
included
in
the
aggregate
figures
disclosed.
Members
of
staff
and
senior
management
of
the
Company
typically
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
Company
and
across
the
broader
BlackRock
group.
Conversely,
members
of
staff
and
senior
management
of
the
broader
BlackRock
group
may
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
broader
BlackRock
group
and
of
the
Company.
Therefore,
the
figures
disclosed
are
a
sum
of
individuals’
portion
of
remuneration
attributable
to
the
Company
according
to
an
objective
apportionment
methodology
which
acknowledges
the
multiple-service
nature
of
the
Company
and
the
broader
BlackRock
group.
Accordingly,
the
figures
are
not
representative
of
any
individual’s
actual
remuneration
or
their
remuneration
structure.
The
amount
of
the
total
remuneration
awarded
to
the
Company’s
staff
in
respect
of
the
Company’s
financial
year
ending
December
31,
2024,
was
USD
81.43
million.
This
figure
is
comprised
of
fixed
remuneration
of
USD
16.72
million
and
variable
remuneration
of
USD
64.71
million.
There
was
a
total
of
332 beneficiaries
of
the
remuneration
described
above.
The
amount
of
the
aggregate
remuneration
awarded
by
the
Company
in
respect
of
the
Company’s
financial
year
ending
December
31,
2024,
to
its
senior
management
was
USD
16.84
million,
and
to
other
members
of
its
staff
whose
actions
potentially
have
a
material
impact
on
the
risk
profile
of
the
Company,
or
its
funds
was
USD
3.09
million.
Disclosures
under
the
EU
Sustainable
Finance
Disclosure
Regulation
The iShares
U.S.
Real
Estate
ETF
and
iShares
U.S.
Regional
Banks
ETF (the
“Funds”)
are
registered
under
the
Alternative
Investment
Fund
Managers
Directive
to
be
marketed
to
European
Union
(“EU”)
investors,
as
noted
above.
As
a
result,
certain
disclosures
are
required
under
the
EU
Sustainable
Finance
Disclosure
Regulation
(“SFDR”).
Each
Fund
has
not
been
categorized
under
the
SFDR
as
an
“Article
8”
or
“Article
9”
product.
In
addition,
each
Fund's
investment
strategy
does
not
take
into
account
the
criteria
for
environmentally
sustainable
economic
activities
under
the
EU
sustainable
investment
taxonomy
regulation
or
principal
adverse
impacts
(“PAIs”)
on
sustainability
92
Additional
Information
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
factors
under
the
SFDR.
PAIs
are
identified
under
the
SFDR
as
the
material
impacts
of
investment
decisions
on
sustainability
factors
relating
to
environmental,
social
and
employee
matters,
respect
for
human
rights,
and
anti-corruption
and
anti-bribery
matters.
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Delivery
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Once
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Please
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Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds’
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provide
information
regarding its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
93
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Want
to
know
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|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
MSCI
Inc.,
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2025
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
March
31,
2025
2025
Annual
Financial
Statements
and
Additional
Information
iShares
Trust
iShares
Russell
1000
ETF
|
IWB
|
NYSE
Arca
iShares
Russell
1000
Growth
ETF
|
IWF
|
NYSE
Arca
iShares
Russell
1000
Value
ETF
|
IWD
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
32
Statements
of
Operations
.................................................................................................
33
Statements
of
Changes
in
Net
Assets
..........................................................................................
34
Financial
Highlights
.....................................................................................................
36
Notes
to
Financial
Statements
...............................................................................................
39
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
48
Important
Tax
Information
(unaudited)
.................................................................................................
49
Additional
Information
....................................................................................................
50
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
52
iShares
®
Russell
1000
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
2
.0
%
Axon
Enterprise,
Inc.
(a)
.....................
51,726
$
27,205,290
Boeing
Co.
(The)
(a)
(b)
.......................
539,036
91,932,590
BWX
Technologies,
Inc.
....................
65,018
6,414,026
Curtiss-Wright
Corp.
.......................
27,233
8,640,214
General
Dynamics
Corp.
....................
196,553
53,576,417
General
Electric
Co.
.......................
775,561
155,228,534
HEICO
Corp.
(b)
..........................
31,718
8,474,733
HEICO
Corp.
,
Class
A
......................
58,158
12,269,593
Hexcel
Corp.
............................
60,274
3,300,604
Howmet
Aerospace,
Inc.
....................
291,745
37,848,079
Huntington
Ingalls
Industries,
Inc.
..............
28,041
5,721,486
L3Harris
Technologies,
Inc.
..................
136,213
28,510,743
Loar
Holdings,
Inc.
(a)
(b)
......................
21,765
1,537,697
Lockheed
Martin
Corp.
.....................
152,267
68,019,191
Northrop
Grumman
Corp.
...................
98,389
50,376,152
RTX
Corp.
.............................
958,131
126,914,032
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
......
84,392
2,908,148
Standardaero,
Inc.
(a)
(b)
......................
50,018
1,332,479
Textron,
Inc.
............................
133,999
9,681,428
TransDigm
Group,
Inc.
.....................
39,206
54,233,268
Woodward,
Inc.
..........................
42,124
7,687,209
761,811,913
a
Air
Freight
&
Logistics
—
0
.3
%
CH
Robinson
Worldwide,
Inc.
................
83,236
8,523,366
Expeditors
International
of
Washington,
Inc.
.......
101,553
12,211,748
FedEx
Corp.
............................
159,629
38,914,358
GXO
Logistics,
Inc.
(a)
......................
83,751
3,272,989
United
Parcel
Service,
Inc.
,
Class
B
............
525,106
57,756,409
120,678,870
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
169,773
10,101,494
BorgWarner,
Inc.
.........................
157,152
4,502,405
Gentex
Corp.
...........................
167,585
3,904,730
Lear
Corp.
.............................
40,047
3,532,946
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
252,561
1,050,654
23,092,229
a
Automobiles
—
1
.6
%
Ford
Motor
Co.
..........................
2,825,400
28,338,762
General
Motors
Co.
.......................
712,838
33,524,771
Harley-Davidson,
Inc.
......................
80,848
2,041,412
Lucid
Group,
Inc.
(a)
(b)
.......................
711,882
1,722,754
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
592,021
7,370,662
Tesla,
Inc.
(a)
.............................
2,002,729
519,027,248
Thor
Industries,
Inc.
.......................
37,372
2,833,171
594,858,780
a
Banks
—
3
.6
%
Bank
of
America
Corp.
.....................
4,798,204
200,229,053
Bank
OZK
.............................
75,974
3,301,070
BOK
Financial
Corp.
.......................
16,292
1,696,812
Citigroup,
Inc.
...........................
1,362,655
96,734,878
Citizens
Financial
Group,
Inc.
................
316,399
12,962,867
Columbia
Banking
System,
Inc.
...............
148,753
3,709,900
Comerica,
Inc.
...........................
94,243
5,565,992
Commerce
Bancshares,
Inc.
.................
90,312
5,620,116
Cullen/Frost
Bankers,
Inc.
...................
42,175
5,280,310
East
West
Bancorp,
Inc.
....................
100,682
9,037,216
Fifth
Third
Bancorp
.......................
484,917
19,008,746
First
Citizens
BancShares,
Inc.
,
Class
A
..........
8,275
15,342,843
First
Hawaiian,
Inc.
.......................
91,465
2,235,405
Security
Shares
Value
a
Banks
(continued)
First
Horizon
Corp.
........................
374,389
$
7,270,634
FNB
Corp.
.............................
261,646
3,519,139
Huntington
Bancshares,
Inc.
.................
1,045,605
15,694,531
JPMorgan
Chase
&
Co.
....................
2,024,461
496,600,283
KeyCorp
...............................
665,808
10,646,270
M&T
Bank
Corp.
.........................
119,938
21,438,918
NU
Holdings
Ltd.
,
Class
A
(a)
(b)
.................
2,337,118
23,932,088
Pinnacle
Financial
Partners,
Inc.
...............
53,607
5,684,486
PNC
Financial
Services
Group,
Inc.
(The)
........
285,659
50,210,282
Popular,
Inc.
............................
50,201
4,637,066
Prosperity
Bancshares,
Inc.
..................
65,649
4,685,369
Regions
Financial
Corp.
....................
660,985
14,363,204
Synovus
Financial
Corp.
....................
102,877
4,808,471
TFS
Financial
Corp.
.......................
42,694
528,979
Truist
Financial
Corp.
......................
960,352
39,518,485
U.S.
Bancorp
...........................
1,121,427
47,346,648
Webster
Financial
Corp.
....................
123,815
6,382,663
Wells
Fargo
&
Co.
........................
2,371,497
170,249,770
Western
Alliance
Bancorp
...................
76,914
5,909,303
Wintrust
Financial
Corp.
....................
47,588
5,351,747
Zions
Bancorp
NA
........................
106,016
5,285,958
1,324,789,502
a
Beverages
—
1
.2
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
...........
6,700
1,600,228
Brown-Forman
Corp.
,
Class
A
................
35,471
1,187,214
Brown-Forman
Corp.
,
Class
B
,
NVS
............
123,964
4,207,338
Celsius
Holdings,
Inc.
(a)
(b)
....................
126,718
4,513,695
Coca-Cola
Co.
(The)
......................
2,797,335
200,345,133
Coca-Cola
Consolidated,
Inc.
.................
4,429
5,979,150
Constellation
Brands,
Inc.
,
Class
A
.............
113,291
20,791,164
Keurig
Dr
Pepper,
Inc.
.....................
862,526
29,515,640
Molson
Coors
Beverage
Co.
,
Class
B
...........
122,695
7,468,445
Monster
Beverage
Corp.
(a)
...................
508,990
29,786,095
PepsiCo,
Inc.
...........................
990,672
148,541,360
453,935,462
a
Biotechnology
—
2
.0
%
AbbVie,
Inc.
............................
1,276,664
267,486,641
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
92,959
25,100,789
Amgen,
Inc.
............................
386,381
120,377,001
Apellis
Pharmaceuticals,
Inc.
(a)
(b)
...............
74,541
1,630,212
Biogen,
Inc.
(a)
...........................
105,622
14,453,314
BioMarin
Pharmaceutical,
Inc.
(a)
...............
135,051
9,546,755
Exact
Sciences
Corp.
(a)
(b)
....................
131,842
5,707,440
Exelixis,
Inc.
(a)
...........................
205,917
7,602,456
Gilead
Sciences,
Inc.
......................
901,078
100,965,790
GRAIL,
Inc.
(a)
(b)
..........................
19,848
506,918
Incyte
Corp.
(a)
...........................
114,898
6,957,074
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
111,238
3,356,050
Moderna,
Inc.
(a)
(b)
.........................
232,530
6,592,226
Natera,
Inc.
(a)
...........................
82,891
11,721,616
Neurocrine
Biosciences,
Inc.
(a)
................
71,826
7,943,956
Regeneron
Pharmaceuticals,
Inc.
..............
75,284
47,747,371
Roivant
Sciences
Ltd.
(a)
(b)
...................
307,382
3,101,484
Sarepta
Therapeutics,
Inc.
(a)
.................
65,599
4,186,528
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
62,515
2,263,668
United
Therapeutics
Corp.
(a)
..................
31,414
9,683,994
Vertex
Pharmaceuticals,
Inc.
(a)
................
186,188
90,267,666
Viking
Therapeutics,
Inc.
(a)
(b)
..................
75,678
1,827,624
749,026,573
a
Broadline
Retail
—
3
.6
%
Amazon.com,
Inc.
(a)
.......................
6,763,676
1,286,856,996
Coupang,
Inc.
(a)
..........................
833,496
18,278,568
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Broadline
Retail
(continued)
Dillard's,
Inc.
,
Class
A
(b)
.....................
2,202
$
788,602
eBay,
Inc.
..............................
345,459
23,397,938
Etsy,
Inc.
(a)
.............................
83,579
3,943,257
Kohl's
Corp.
(b)
...........................
79,268
648,412
Macy's,
Inc.
............................
194,354
2,441,086
Nordstrom,
Inc.
..........................
67,893
1,659,984
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
...........
43,131
5,018,723
1,343,033,566
a
Building
Products
—
0
.6
%
A
O
Smith
Corp.
.........................
87,282
5,704,751
AAON,
Inc.
.............................
49,154
3,840,402
Advanced
Drainage
Systems,
Inc.
.............
50,659
5,504,100
Allegion
PLC
............................
62,912
8,207,500
Armstrong
World
Industries,
Inc.
...............
30,871
4,349,106
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...............
104,097
5,089,302
Builders
FirstSource,
Inc.
(a)
..................
82,665
10,328,165
Carlisle
Companies,
Inc.
....................
32,502
11,066,931
Carrier
Global
Corp.
.......................
603,964
38,291,318
Fortune
Brands
Innovations,
Inc.
..............
88,682
5,398,960
Hayward
Holdings,
Inc.
(a)
....................
102,576
1,427,858
Johnson
Controls
International
PLC
............
475,134
38,062,985
Lennox
International,
Inc.
...................
22,902
12,844,129
Masco
Corp.
............................
154,775
10,763,053
Owens
Corning
..........................
62,026
8,858,553
Simpson
Manufacturing
Co.,
Inc.
(b)
.............
30,445
4,782,301
Trane
Technologies
PLC
....................
162,867
54,873,150
Trex
Co.,
Inc.
(a)
..........................
78,739
4,574,736
233,967,300
a
Capital
Markets
—
3
.4
%
Affiliated
Managers
Group,
Inc.
...............
21,182
3,559,211
Ameriprise
Financial,
Inc.
...................
69,305
33,551,244
Ares
Management
Corp.
,
Class
A
..............
133,749
19,608,941
Bank
of
New
York
Mellon
Corp.
(The)
...........
517,705
43,419,918
BlackRock,
Inc.
(c)
.........................
106,379
100,685,596
Blackstone,
Inc.
..........................
520,866
72,806,650
Blue
Owl
Capital,
Inc.
,
Class
A
................
373,780
7,490,551
Carlyle
Group,
Inc.
(The)
....................
157,692
6,873,794
Cboe
Global
Markets,
Inc.
...................
76,221
17,248,050
Charles
Schwab
Corp.
(The)
.................
1,193,794
93,450,194
CME
Group,
Inc.
,
Class
A
...................
258,895
68,682,255
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
146,217
25,182,954
Evercore,
Inc.
,
Class
A
.....................
26,015
5,195,716
FactSet
Research
Systems,
Inc.
...............
27,386
12,450,771
Franklin
Resources,
Inc.
....................
204,952
3,945,326
Goldman
Sachs
Group,
Inc.
(The)
.............
217,383
118,754,159
Houlihan
Lokey,
Inc.
,
Class
A
.................
37,436
6,045,914
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
75,752
12,543,774
Intercontinental
Exchange,
Inc.
...............
410,046
70,732,935
Invesco
Ltd.
............................
265,213
4,023,281
Janus
Henderson
Group
PLC
................
92,435
3,341,525
Jefferies
Financial
Group,
Inc.
................
125,703
6,733,910
KKR
&
Co.,
Inc.
..........................
484,474
56,010,039
Lazard,
Inc.
............................
78,402
3,394,807
LPL
Financial
Holdings,
Inc.
..................
53,569
17,524,563
MarketAxess
Holdings,
Inc.
..................
26,795
5,797,098
Moody's
Corp.
...........................
113,741
52,968,046
Morgan
Stanley
..........................
826,364
96,411,888
Morningstar,
Inc.
.........................
19,394
5,815,679
MSCI,
Inc.
.............................
54,769
30,971,870
Nasdaq,
Inc.
............................
296,344
22,480,656
Northern
Trust
Corp.
.......................
139,536
13,765,226
Raymond
James
Financial,
Inc.
...............
145,954
20,274,470
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
484,865
20,180,081
Security
Shares
Value
a
Capital
Markets
(continued)
S&P
Global,
Inc.
.........................
225,431
$
114,541,491
SEI
Investments
Co.
.......................
73,349
5,694,083
State
Street
Corp.
........................
211,275
18,915,451
Stifel
Financial
Corp.
......................
71,459
6,735,725
T
Rowe
Price
Group,
Inc.
...................
157,830
14,499,842
TPG,
Inc.
,
Class
A
........................
60,436
2,866,479
Tradeweb
Markets,
Inc.
,
Class
A
...............
84,230
12,504,786
Virtu
Financial,
Inc.
,
Class
A
..................
60,712
2,314,341
XP,
Inc.
,
Class
A
.........................
293,521
4,035,914
1,264,029,204
a
Chemicals
—
1
.3
%
Air
Products
and
Chemicals,
Inc.
..............
159,734
47,108,751
Albemarle
Corp.
.........................
84,320
6,072,726
Ashland,
Inc.
............................
36,179
2,145,053
Axalta
Coating
Systems
Ltd.
(a)
................
156,494
5,190,906
Celanese
Corp.
..........................
78,164
4,437,370
CF
Industries
Holdings,
Inc.
..................
125,210
9,785,161
Chemours
Co.
(The)
.......................
105,822
1,431,772
Corteva,
Inc.
............................
495,479
31,180,493
Dow,
Inc.
..............................
506,419
17,684,151
DuPont
de
Nemours,
Inc.
...................
300,929
22,473,378
Eastman
Chemical
Co.
.....................
82,432
7,263,084
Ecolab,
Inc.
............................
179,811
45,585,685
Element
Solutions,
Inc.
.....................
162,967
3,684,684
FMC
Corp.
.............................
89,203
3,763,475
Huntsman
Corp.
.........................
121,218
1,914,032
International
Flavors
&
Fragrances,
Inc.
..........
184,183
14,294,443
Linde
PLC
.............................
346,216
161,212,018
LyondellBasell
Industries
N.V.
,
Class
A
..........
187,362
13,190,285
Mosaic
Co.
(The)
.........................
230,149
6,216,324
NewMarket
Corp.
.........................
4,908
2,780,137
Olin
Corp.
..............................
82,652
2,003,484
PPG
Industries,
Inc.
.......................
165,856
18,136,354
RPM
International,
Inc.
.....................
90,966
10,522,947
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
31,666
1,738,147
Sherwin-Williams
Co.
(The)
..................
168,709
58,911,496
Westlake
Corp.
..........................
23,459
2,346,604
501,072,960
a
Commercial
Services
&
Supplies
—
0
.7
%
Cintas
Corp.
............................
249,769
51,335,022
Clean
Harbors,
Inc.
(a)
......................
37,157
7,323,645
Copart,
Inc.
(a)
(b)
..........................
627,665
35,519,562
MSA
Safety,
Inc.
.........................
27,298
4,004,344
RB
Global,
Inc.
..........................
132,675
13,307,302
Republic
Services,
Inc.
.....................
147,710
35,769,453
Rollins,
Inc.
.............................
201,031
10,861,705
Tetra
Tech,
Inc.
..........................
189,683
5,548,228
Veralto
Corp.
............................
177,728
17,319,594
Vestis
Corp.
............................
76,653
758,865
Waste
Management,
Inc.
....................
288,760
66,850,828
248,598,548
a
Communications
Equipment
—
0
.9
%
Arista
Networks,
Inc.
(a)
.....................
741,248
57,431,895
Ciena
Corp.
(a)
...........................
103,548
6,257,406
Cisco
Systems,
Inc.
.......................
2,876,124
177,485,612
F5,
Inc.
(a)
..............................
41,445
11,035,560
Juniper
Networks,
Inc.
.....................
233,168
8,438,350
Lumentum
Holdings,
Inc.
(a)
(b)
.................
48,975
3,053,101
Motorola
Solutions,
Inc.
....................
118,546
51,900,624
Ubiquiti,
Inc.
............................
3,018
936,003
316,538,551
a
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Construction
&
Engineering
—
0
.2
%
AECOM
...............................
95,302
$
8,837,354
API
Group
Corp.
(a)
(b)
.......................
163,581
5,849,657
Comfort
Systems
USA,
Inc.
..................
25,326
8,163,330
EMCOR
Group,
Inc.
.......................
32,850
12,142,345
Everus
Construction
Group,
Inc.
(a)
..............
37,244
1,381,380
MasTec,
Inc.
(a)
...........................
44,506
5,194,295
Quanta
Services,
Inc.
......................
104,432
26,544,526
Valmont
Industries,
Inc.
.....................
14,102
4,024,288
WillScot
Holdings
Corp.
,
Class
A
(b)
.............
134,789
3,747,134
75,884,309
a
Construction
Materials
—
0
.2
%
CRH
PLC
..............................
494,506
43,501,693
Eagle
Materials,
Inc.
.......................
23,704
5,260,629
Martin
Marietta
Materials,
Inc.
................
44,128
21,098,921
Vulcan
Materials
Co.
......................
95,241
22,219,725
92,080,968
a
Consumer
Finance
—
0
.6
%
Ally
Financial,
Inc.
........................
197,907
7,217,668
American
Express
Co.
.....................
399,255
107,419,558
Capital
One
Financial
Corp.
..................
272,361
48,834,327
Credit
Acceptance
Corp.
(a)
(b)
..................
4,422
2,283,300
Discover
Financial
Services
..................
180,736
30,851,635
OneMain
Holdings,
Inc.
.....................
83,579
4,085,342
SLM
Corp.
.............................
151,910
4,461,597
SoFi
Technologies,
Inc.
(a)
....................
763,729
8,882,168
Synchrony
Financial
.......................
278,808
14,760,095
228,795,690
a
Consumer
Staples
Distribution
&
Retail
—
2
.0
%
Albertsons
Companies,
Inc.
,
Class
A
............
298,339
6,560,474
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
95,502
10,896,778
Casey's
General
Stores,
Inc.
.................
26,625
11,556,315
Costco
Wholesale
Corp.
....................
319,466
302,144,553
Dollar
General
Corp.
......................
158,557
13,941,917
Dollar
Tree,
Inc.
(a)
.........................
145,181
10,898,738
Grocery
Outlet
Holding
Corp.
(a)
(b)
...............
66,814
934,060
Kroger
Co.
(The)
.........................
477,941
32,351,826
Maplebear,
Inc.
(a)
.........................
123,797
4,938,262
Performance
Food
Group
Co.
(a)
...............
111,138
8,738,781
Sysco
Corp.
............................
354,716
26,617,889
Target
Corp.
............................
332,137
34,661,817
U.S.
Foods
Holding
Corp.
(a)
..................
156,669
10,255,553
Walgreens
Boots
Alliance,
Inc.
................
516,216
5,766,133
Walmart,
Inc.
............................
3,127,487
274,562,084
754,825,180
a
Containers
&
Packaging
—
0
.3
%
Amcor
PLC
.............................
1,039,100
10,079,270
AptarGroup,
Inc.
.........................
47,809
7,093,899
Avery
Dennison
Corp.
......................
57,618
10,254,275
Ball
Corp.
..............................
212,964
11,089,036
Berry
Global
Group,
Inc.
....................
83,900
5,857,059
Crown
Holdings,
Inc.
......................
84,082
7,505,159
Graphic
Packaging
Holding
Co.
...............
213,867
5,551,987
International
Paper
Co.
.....................
378,114
20,172,382
Packaging
Corp.
of
America
.................
63,386
12,551,696
Sealed
Air
Corp.
.........................
104,029
3,006,438
Silgan
Holdings,
Inc.
.......................
61,880
3,163,306
Smurfit
WestRock
PLC
.....................
373,560
16,832,614
Sonoco
Products
Co.
......................
72,296
3,415,263
116,572,384
a
Security
Shares
Value
a
Distributors
—
0
.1
%
Genuine
Parts
Co.
........................
101,058
$
12,040,050
LKQ
Corp.
.............................
188,374
8,013,430
Pool
Corp.
.............................
26,824
8,539,421
28,592,901
a
Diversified
Consumer
Services
—
0
.1
%
ADT,
Inc.
..............................
268,334
2,184,239
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
40,975
5,205,464
Duolingo,
Inc.
,
Class
A
(a)
....................
26,380
8,192,045
Grand
Canyon
Education,
Inc.
(a)
...............
21,103
3,651,241
H&R
Block,
Inc.
..........................
99,849
5,482,709
Service
Corp.
International
..................
100,670
8,073,734
32,789,432
a
Diversified
REITs
—
0
.0
%
WP
Carey,
Inc.
..........................
157,149
9,917,673
a
Diversified
Telecommunication
Services
—
0
.8
%
AT&T,
Inc.
..............................
5,172,800
146,286,784
Frontier
Communications
Parent,
Inc.
(a)
..........
174,228
6,247,816
Iridium
Communications,
Inc.
.................
80,917
2,210,652
Liberty
Global
Ltd.
,
Class
A
(a)
(b)
................
118,853
1,367,998
Liberty
Global
Ltd.
,
Class
C
,
NVS
(a)
.............
123,262
1,475,446
Verizon
Communications,
Inc.
................
3,036,563
137,738,498
295,327,194
a
Electric
Utilities
—
1
.5
%
Alliant
Energy
Corp.
.......................
184,963
11,902,369
American
Electric
Power
Co.,
Inc.
..............
383,811
41,939,028
Constellation
Energy
Corp.
..................
226,572
45,683,712
Duke
Energy
Corp.
.......................
555,651
67,772,753
Edison
International
.......................
274,154
16,153,154
Entergy
Corp.
...........................
307,158
26,258,937
Evergy,
Inc.
.............................
160,779
11,085,712
Eversource
Energy
.......................
258,278
16,041,647
Exelon
Corp.
............................
719,691
33,163,361
FirstEnergy
Corp.
........................
414,235
16,743,379
IDACORP,
Inc.
..........................
38,372
4,459,594
NextEra
Energy,
Inc.
......................
1,481,010
104,988,799
NRG
Energy,
Inc.
.........................
145,279
13,868,333
OGE
Energy
Corp.
........................
141,528
6,504,627
PG&E
Corp.
............................
1,572,723
27,019,381
Pinnacle
West
Capital
Corp.
.................
81,365
7,750,016
PPL
Corp.
.............................
531,638
19,197,448
Southern
Co.
(The)
.......................
789,274
72,573,744
Xcel
Energy,
Inc.
.........................
414,858
29,367,798
572,473,792
a
Electrical
Equipment
—
0
.8
%
Acuity,
Inc.
.............................
22,206
5,847,950
AMETEK,
Inc.
...........................
166,751
28,704,517
Eaton
Corp.
PLC
.........................
284,752
77,404,136
Emerson
Electric
Co.
......................
411,130
45,076,293
GE
Vernova,
Inc.
.........................
195,990
59,831,827
Generac
Holdings,
Inc.
(a)
....................
42,664
5,403,396
Hubbell,
Inc.
............................
38,882
12,866,443
nVent
Electric
PLC
........................
118,242
6,198,246
Regal
Rexnord
Corp.
......................
47,703
5,430,987
Rockwell
Automation,
Inc.
...................
81,435
21,041,175
Sensata
Technologies
Holding
PLC
............
109,615
2,660,356
Vertiv
Holdings
Co.
,
Class
A
.................
257,620
18,600,164
289,065,490
a
Electronic
Equipment,
Instruments
&
Components
—
0
.5
%
Amphenol
Corp.
,
Class
A
...................
850,121
55,759,436
Arrow
Electronics,
Inc.
(a)
....................
38,458
3,993,094
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Avnet,
Inc.
.............................
62,584
$
3,009,665
CDW
Corp.
.............................
96,653
15,489,610
Cognex
Corp.
...........................
123,948
3,697,369
Coherent
Corp.
(a)
.........................
89,948
5,841,223
Corning,
Inc.
............................
551,545
25,249,730
Crane
NXT
Co.
..........................
34,827
1,790,108
Ingram
Micro
Holding
Corp.
(b)
.................
12,802
227,107
IPG
Photonics
Corp.
(a)
.....................
21,458
1,354,858
Jabil,
Inc.
..............................
76,835
10,454,938
Keysight
Technologies,
Inc.
(a)
.................
126,217
18,903,520
Littelfuse,
Inc.
...........................
17,282
3,400,061
TD
SYNNEX
Corp.
........................
54,254
5,640,246
Teledyne
Technologies,
Inc.
(a)
(b)
...............
33,346
16,596,638
Trimble,
Inc.
(a)
...........................
173,984
11,422,050
Vontier
Corp.
............................
111,654
3,667,834
Zebra
Technologies
Corp.
,
Class
A
(a)
............
36,688
10,366,561
196,864,048
a
Energy
Equipment
&
Services
—
0
.3
%
Baker
Hughes
Co.
,
Class
A
..................
721,507
31,710,233
Halliburton
Co.
..........................
634,293
16,092,013
NOV,
Inc.
..............................
287,944
4,382,508
Schlumberger
N.V.
........................
1,018,917
42,590,731
TechnipFMC
PLC
........................
306,225
9,704,270
Weatherford
International
PLC
................
51,951
2,781,976
107,261,731
a
Entertainment
—
1
.7
%
Electronic
Arts,
Inc.
.......................
190,681
27,557,218
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
15,202
1,238,507
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
151,324
13,620,673
Liberty
Media
Corp.-Liberty
Live
,
Series
A
(a)
.......
13,903
934,838
Liberty
Media
Corp.-Liberty
Live
,
Series
C
,
NVS
(a)
...
33,206
2,262,657
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
114,401
14,938,483
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
....
13,661
2,660,070
Netflix,
Inc.
(a)
............................
308,315
287,512,987
Playtika
Holding
Corp.
.....................
50,802
262,646
ROBLOX
Corp.
,
Class
A
(a)
...................
379,018
22,092,959
Roku,
Inc.
,
Class
A
(a)
......................
91,768
6,464,138
Spotify
Technology
SA
(a)
(b)
...................
105,833
58,211,325
Take-Two
Interactive
Software,
Inc.
(a)
............
124,589
25,821,070
TKO
Group
Holdings,
Inc.
,
Class
A
.............
56,801
8,679,761
Walt
Disney
Co.
(The)
.....................
1,308,206
129,119,932
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
1,746,445
18,739,355
620,116,619
a
Financial
Services
—
4
.8
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
................
186,587
8,431,867
Apollo
Global
Management,
Inc.
...............
376,601
51,571,741
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
1,318,970
702,457,043
Block,
Inc.
,
Class
A
(a)
(b)
.....................
402,770
21,882,494
Corpay,
Inc.
(a)
(b)
..........................
49,159
17,142,727
Equitable
Holdings,
Inc.
....................
222,802
11,605,756
Euronet
Worldwide,
Inc.
(a)
...................
31,692
3,386,290
Fidelity
National
Information
Services,
Inc.
........
388,173
28,988,760
Fiserv,
Inc.
(a)
(b)
...........................
408,858
90,288,112
Global
Payments,
Inc.
.....................
185,472
18,161,418
Jack
Henry
&
Associates,
Inc.
................
53,026
9,682,548
Mastercard,
Inc.
,
Class
A
....................
587,595
322,072,571
MGIC
Investment
Corp.
....................
181,053
4,486,493
PayPal
Holdings,
Inc.
(a)
.....................
722,454
47,140,124
Rocket
Companies,
Inc.
,
Class
A
(b)
.............
99,706
1,203,451
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
46,378
3,789,546
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
326,931
10,844,301
Security
Shares
Value
a
Financial
Services
(continued)
UWM
Holdings
Corp.
,
Class
A
................
67,139
$
366,579
Visa,
Inc.
,
Class
A
........................
1,243,108
435,659,630
Voya
Financial,
Inc.
.......................
69,292
4,695,226
Western
Union
Co.
(The)
...................
201,633
2,133,277
WEX,
Inc.
(a)
(b)
............................
28,603
4,491,243
1,800,481,197
a
Food
Products
—
0
.7
%
Archer-Daniels-Midland
Co.
..................
344,611
16,544,774
Bunge
Global
SA
.........................
95,606
7,306,211
Conagra
Brands,
Inc.
......................
344,218
9,180,294
Darling
Ingredients,
Inc.
(a)
...................
113,705
3,552,144
Flowers
Foods,
Inc.
.......................
132,905
2,526,524
Freshpet,
Inc.
(a)
..........................
33,522
2,788,025
General
Mills,
Inc.
........................
397,211
23,749,246
Hershey
Co.
(The)
........................
104,838
17,930,443
Hormel
Foods
Corp.
.......................
210,110
6,500,803
Ingredion,
Inc.
...........................
46,452
6,280,775
J
M
Smucker
Co.
(The)
.....................
73,817
8,740,671
Kellanova
..............................
189,610
15,640,929
Kraft
Heinz
Co.
(The)
......................
639,527
19,460,807
Lamb
Weston
Holdings,
Inc.
.................
102,538
5,465,275
McCormick
&
Co.,
Inc.
,
NVS
.................
182,639
15,033,016
Mondelez
International,
Inc.
,
Class
A
............
963,915
65,401,633
Pilgrim's
Pride
Corp.
.......................
28,345
1,545,086
Post
Holdings,
Inc.
(a)
.......................
34,272
3,987,890
Seaboard
Corp.
..........................
145
391,082
The
Campbell's
Company
...................
140,290
5,600,377
Tyson
Foods,
Inc.
,
Class
A
..................
204,673
13,060,184
250,686,189
a
Gas
Utilities
—
0
.1
%
Atmos
Energy
Corp.
.......................
111,713
17,268,596
MDU
Resources
Group,
Inc.
.................
149,006
2,519,691
National
Fuel
Gas
Co.
.....................
64,193
5,083,444
UGI
Corp.
..............................
158,136
5,229,557
30,101,288
a
Ground
Transportation
—
1
.0
%
Avis
Budget
Group,
Inc.
(a)
...................
12,813
972,507
CSX
Corp.
.............................
1,391,252
40,944,546
JB
Hunt
Transport
Services,
Inc.
..............
59,248
8,765,742
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
111,392
4,844,438
Landstar
System,
Inc.
......................
25,671
3,855,784
Lyft,
Inc.
,
Class
A
(a)
........................
252,768
3,000,356
Norfolk
Southern
Corp.
.....................
162,571
38,504,941
Old
Dominion
Freight
Line,
Inc.
...............
139,608
23,098,144
Ryder
System,
Inc.
........................
30,519
4,388,937
Saia,
Inc.
(a)
.............................
18,886
6,599,335
Schneider
National,
Inc.
,
Class
B
..............
33,761
771,439
Uber
Technologies,
Inc.
(a)
(b)
..................
1,464,036
106,669,663
U-Haul
Holding
Co.
(a)
(b)
.....................
6,398
418,173
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
72,161
4,270,488
Union
Pacific
Corp.
.......................
439,346
103,791,099
XPO,
Inc.
(a)
(b)
............................
81,637
8,782,509
359,678,101
a
Health
Care
Equipment
&
Supplies
—
2
.4
%
Abbott
Laboratories
.......................
1,246,355
165,328,991
Align
Technology,
Inc.
(a)
.....................
53,940
8,568,908
Baxter
International,
Inc.
....................
367,082
12,565,217
Becton
Dickinson
&
Co.
....................
208,078
47,662,347
Boston
Scientific
Corp.
(a)
....................
1,057,933
106,724,281
Cooper
Companies,
Inc.
(The)
(a)
...............
139,482
11,765,307
Dentsply
Sirona,
Inc.
......................
143,132
2,138,392
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Dexcom,
Inc.
(a)
..........................
281,546
$
19,226,776
Edwards
Lifesciences
Corp.
(a)
................
421,468
30,548,001
Enovis
Corp.
(a)
(b)
..........................
39,667
1,515,676
Envista
Holdings
Corp.
(a)
(b)
...................
119,247
2,058,203
GE
HealthCare
Technologies,
Inc.
.............
328,174
26,486,923
Globus
Medical,
Inc.
,
Class
A
(a)
...............
80,564
5,897,285
Hologic,
Inc.
(a)
...........................
160,045
9,885,980
IDEXX
Laboratories,
Inc.
(a)
...................
58,654
24,631,747
Inspire
Medical
Systems,
Inc.
(a)
(b)
..............
21,460
3,418,149
Insulet
Corp.
(a)
...........................
50,490
13,259,179
Intuitive
Surgical,
Inc.
(a)
.....................
254,488
126,040,272
Masimo
Corp.
(a)
..........................
31,041
5,171,431
Medtronic
PLC
..........................
924,960
83,116,906
Penumbra,
Inc.
(a)
.........................
27,030
7,228,092
QuidelOrtho
Corp.
(a)
.......................
44,793
1,566,411
ResMed,
Inc.
...........................
104,241
23,334,348
Solventum
Corp.
(a)
........................
99,506
7,566,436
STERIS
PLC
............................
71,362
16,174,197
Stryker
Corp.
...........................
260,557
96,992,343
Teleflex,
Inc.
............................
34,385
4,751,663
Zimmer
Biomet
Holdings,
Inc.
................
142,941
16,178,062
879,801,523
a
Health
Care
Providers
&
Services
—
2
.3
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
65,264
1,978,804
Amedisys,
Inc.
(a)
.........................
22,801
2,112,057
Cardinal
Health,
Inc.
.......................
175,280
24,148,326
Cencora,
Inc.
...........................
124,772
34,697,845
Centene
Corp.
(a)
.........................
364,171
22,108,821
Chemed
Corp.
...........................
10,781
6,633,765
Cigna
Group
(The)
........................
193,852
63,777,308
CVS
Health
Corp.
........................
908,302
61,537,461
DaVita,
Inc.
(a)
(b)
..........................
34,018
5,203,733
Elevance
Health,
Inc.
......................
167,615
72,905,820
Encompass
Health
Corp.
...................
70,564
7,146,722
HCA
Healthcare,
Inc.
......................
133,616
46,171,009
Henry
Schein,
Inc.
(a)
(b)
......................
88,912
6,089,583
Humana,
Inc.
...........................
86,702
22,941,349
Labcorp
Holdings,
Inc.
.....................
60,173
14,004,664
McKesson
Corp.
.........................
91,468
61,557,049
Molina
Healthcare,
Inc.
(a)
....................
40,910
13,475,345
Premier,
Inc.
,
Class
A
......................
74,002
1,426,759
Quest
Diagnostics,
Inc.
.....................
79,459
13,444,463
Tenet
Healthcare
Corp.
(a)
....................
68,219
9,175,456
UnitedHealth
Group,
Inc.
....................
662,679
347,078,126
Universal
Health
Services,
Inc.
,
Class
B
.........
41,630
7,822,277
845,436,742
a
Health
Care
REITs
—
0
.3
%
Alexandria
Real
Estate
Equities,
Inc.
............
123,207
11,397,880
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
254,826
4,306,559
Healthpeak
Properties,
Inc.
..................
498,095
10,071,481
Medical
Properties
Trust,
Inc.
(b)
................
421,275
2,540,288
Omega
Healthcare
Investors,
Inc.
..............
194,643
7,412,005
Ventas,
Inc.
............................
302,073
20,770,540
Welltower,
Inc.
...........................
444,901
68,163,282
124,662,035
a
Health
Care
Technology
—
0
.1
%
Certara,
Inc.
(a)
(b)
..........................
82,865
820,364
Doximity,
Inc.
,
Class
A
(a)
....................
88,650
5,144,359
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
106,247
24,609,993
30,574,716
a
Security
Shares
Value
a
Hotel
&
Resort
REITs
—
0
.0
%
Host
Hotels
&
Resorts,
Inc.
..................
505,731
$
7,186,437
Park
Hotels
&
Resorts,
Inc.
..................
149,001
1,591,331
8,777,768
a
Hotels,
Restaurants
&
Leisure
—
2
.2
%
Airbnb,
Inc.
,
Class
A
(a)
......................
308,393
36,840,628
Aramark
...............................
188,587
6,510,023
Booking
Holdings,
Inc.
.....................
23,845
109,851,769
Boyd
Gaming
Corp.
.......................
45,430
2,990,657
Caesars
Entertainment,
Inc.
(a)
(b)
...............
155,074
3,876,850
Carnival
Corp.
(a)
..........................
740,614
14,464,191
Cava
Group,
Inc.
(a)
(b)
.......................
54,316
4,693,446
Chipotle
Mexican
Grill,
Inc.
(a)
.................
982,477
49,330,170
Choice
Hotels
International,
Inc.
(b)
..............
20,643
2,740,977
Churchill
Downs,
Inc.
......................
50,045
5,558,498
Darden
Restaurants,
Inc.
...................
84,570
17,570,263
Domino's
Pizza,
Inc.
.......................
25,048
11,508,304
DoorDash,
Inc.
,
Class
A
(a)
...................
255,130
46,630,110
DraftKings,
Inc.
,
Class
A
(a)
...................
327,188
10,865,913
Dutch
Bros,
Inc.
,
Class
A
(a)
..................
78,966
4,875,361
Expedia
Group,
Inc.
.......................
87,846
14,766,913
Hilton
Worldwide
Holdings,
Inc.
...............
172,853
39,332,700
Hyatt
Hotels
Corp.
,
Class
A
..................
29,580
3,623,550
Las
Vegas
Sands
Corp.
....................
252,943
9,771,188
Light
&
Wonder,
Inc.
(a)
(b)
.....................
64,898
5,620,816
Marriott
International,
Inc.
,
Class
A
.............
163,115
38,853,993
Marriott
Vacations
Worldwide
Corp.
.............
25,821
1,658,741
McDonald's
Corp.
........................
519,202
162,183,129
MGM
Resorts
International
(a)
.................
168,277
4,987,730
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
...........
308,874
5,856,251
Penn
Entertainment,
Inc.
(a)
(b)
.................
112,763
1,839,164
Planet
Fitness,
Inc.
,
Class
A
(a)
................
60,075
5,803,846
Royal
Caribbean
Cruises
Ltd.
................
170,786
35,086,276
Starbucks
Corp.
..........................
815,274
79,970,227
Texas
Roadhouse,
Inc.
.....................
47,846
7,972,579
Travel
+
Leisure
Co.
.......................
48,802
2,259,045
Vail
Resorts,
Inc.
.........................
27,542
4,407,271
Wendy's
Co.
(The)
........................
126,537
1,851,236
Wingstop,
Inc.
(b)
..........................
21,431
4,834,405
Wyndham
Hotels
&
Resorts,
Inc.
..............
54,580
4,940,036
Wynn
Resorts
Ltd.
........................
71,247
5,949,124
Yum!
Brands,
Inc.
........................
202,430
31,854,385
801,729,765
a
Household
Durables
—
0
.4
%
DR
Horton,
Inc.
..........................
204,386
25,983,592
Garmin
Ltd.
.............................
111,516
24,213,469
Leggett
&
Platt,
Inc.
.......................
98,777
781,326
Lennar
Corp.
,
Class
A
......................
165,638
19,011,930
Lennar
Corp.
,
Class
B
.....................
8,231
897,755
Mohawk
Industries,
Inc.
(a)
...................
37,638
4,297,507
Newell
Brands,
Inc.
.......................
300,913
1,865,661
NVR,
Inc.
(a)
.............................
2,021
14,640,912
PulteGroup,
Inc.
.........................
146,173
15,026,584
SharkNinja,
Inc.
(a)
.........................
47,576
3,968,314
Somnigroup
International,
Inc.
................
122,888
7,358,533
Toll
Brothers,
Inc.
.........................
71,110
7,508,505
TopBuild
Corp.
(a)
.........................
21,728
6,625,954
Whirlpool
Corp.
..........................
38,391
3,460,181
135,640,223
a
Household
Products
—
1
.1
%
Church
&
Dwight
Co.,
Inc.
...................
176,197
19,397,528
Clorox
Co.
(The)
.........................
89,126
13,123,804
Colgate-Palmolive
Co.
.....................
585,151
54,828,649
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Household
Products
(continued)
Kimberly-Clark
Corp.
......................
238,710
$
33,949,336
Procter
&
Gamble
Co.
(The)
.................
1,700,284
289,762,399
Reynolds
Consumer
Products,
Inc.
.............
38,677
922,833
Spectrum
Brands
Holdings,
Inc.
...............
19,160
1,370,898
413,355,447
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.1
%
AES
Corp.
(The)
.........................
510,290
6,337,802
Brookfield
Renewable
Corp.
,
Class
A
(b)
..........
94,591
2,640,981
Clearway
Energy,
Inc.
,
Class
A
................
24,846
707,117
Clearway
Energy,
Inc.
,
Class
C
...............
59,650
1,805,605
Vistra
Corp.
............................
244,839
28,753,892
40,245,397
a
Industrial
Conglomerates
—
0
.4
%
3M
Co.
................................
392,556
57,650,774
Honeywell
International,
Inc.
.................
470,448
99,617,364
157,268,138
a
Industrial
REITs
—
0
.3
%
Americold
Realty
Trust,
Inc.
..................
205,491
4,409,837
EastGroup
Properties,
Inc.
..................
35,917
6,326,779
First
Industrial
Realty
Trust,
Inc.
...............
95,080
5,130,517
Lineage,
Inc.
(b)
...........................
44,510
2,609,621
Prologis,
Inc.
............................
665,842
74,434,477
Rexford
Industrial
Realty,
Inc.
................
158,532
6,206,528
STAG
Industrial,
Inc.
......................
133,680
4,828,522
103,946,281
a
Insurance
—
2
.6
%
Aflac,
Inc.
..............................
397,742
44,224,933
Allstate
Corp.
(The)
.......................
189,078
39,152,381
American
Financial
Group,
Inc.
...............
51,794
6,802,624
American
International
Group,
Inc.
.............
449,200
39,053,448
Aon
PLC
,
Class
A
........................
141,326
56,401,793
Arch
Capital
Group
Ltd.
....................
259,163
24,926,297
Arthur
J
Gallagher
&
Co.
....................
177,324
61,219,338
Assurant,
Inc.
...........................
37,104
7,782,564
Assured
Guaranty
Ltd.
.....................
36,616
3,225,870
Axis
Capital
Holdings
Ltd.
...................
55,324
5,545,678
Brighthouse
Financial,
Inc.
(a)
.................
42,213
2,447,932
Brown
&
Brown,
Inc.
.......................
171,137
21,289,443
Chubb
Ltd.
.............................
291,179
87,933,146
Cincinnati
Financial
Corp.
...................
111,235
16,431,634
CNA
Financial
Corp.
.......................
17,781
903,097
Everest
Group
Ltd.
........................
30,357
11,029,609
Fidelity
National
Financial,
Inc.
................
186,890
12,162,801
First
American
Financial
Corp.
................
73,383
4,816,126
Globe
Life,
Inc.
..........................
59,625
7,853,805
Hanover
Insurance
Group,
Inc.
(The)
...........
25,864
4,499,043
Hartford
Insurance
Group,
Inc.
(The)
............
208,619
25,812,429
Kemper
Corp.
...........................
45,079
3,013,531
Kinsale
Capital
Group,
Inc.
..................
15,679
7,631,126
Lincoln
National
Corp.
.....................
124,762
4,480,203
Loews
Corp.
............................
128,966
11,853,265
Markel
Group,
Inc.
(a)
(b)
......................
9,080
16,976,059
Marsh
&
McLennan
Companies,
Inc.
............
354,827
86,588,433
MetLife,
Inc.
............................
416,976
33,479,003
Old
Republic
International
Corp.
...............
170,543
6,688,697
Primerica,
Inc.
...........................
23,771
6,763,563
Principal
Financial
Group,
Inc.
................
164,943
13,916,241
Progressive
Corp.
(The)
....................
421,109
119,178,058
Prudential
Financial,
Inc.
....................
258,613
28,881,900
Reinsurance
Group
of
America,
Inc.
............
47,226
9,298,799
RenaissanceRe
Holdings
Ltd.
................
36,560
8,774,400
Security
Shares
Value
a
Insurance
(continued)
RLI
Corp.
..............................
60,726
$
4,878,120
Ryan
Specialty
Holdings,
Inc.
,
Class
A
...........
74,040
5,469,335
Travelers
Companies,
Inc.
(The)
...............
162,864
43,071,013
Unum
Group
............................
122,731
9,997,667
W
R
Berkley
Corp.
........................
212,358
15,111,395
White
Mountains
Insurance
Group
Ltd.
..........
1,850
3,562,749
Willis
Towers
Watson
PLC
...................
72,675
24,560,516
947,688,064
a
Interactive
Media
&
Services
—
5
.7
%
Alphabet,
Inc.
,
Class
A
.....................
4,235,606
654,994,112
Alphabet,
Inc.
,
Class
C
,
NVS
.................
3,496,815
546,307,407
IAC,
Inc.
(a)
..............................
52,324
2,403,765
Match
Group,
Inc.
........................
185,748
5,795,338
Meta
Platforms,
Inc.
,
Class
A
.................
1,578,889
910,008,464
Pinterest,
Inc.
,
Class
A
(a)
....................
425,701
13,196,731
TripAdvisor,
Inc.
(a)
........................
75,197
1,065,541
Trump
Media
&
Technology
Group
Corp.
(a)
(b)
.......
53,778
1,050,822
ZoomInfo
Technologies,
Inc.
(a)
................
200,125
2,001,250
2,136,823,430
a
IT
Services
—
1
.4
%
Accenture
PLC
,
Class
A
....................
452,147
141,087,950
Akamai
Technologies,
Inc.
(a)
(b)
.................
108,011
8,694,886
Amdocs
Ltd.
............................
80,426
7,358,979
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
219,306
24,713,593
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
357,958
27,383,787
DXC
Technology
Co.
(a)
.....................
127,806
2,179,092
EPAM
Systems,
Inc.
(a)
......................
39,947
6,744,652
Gartner,
Inc.
(a)
...........................
54,268
22,778,450
Globant
SA
(a)
(b)
..........................
30,027
3,534,778
GoDaddy,
Inc.
,
Class
A
(a)
....................
100,692
18,138,657
International
Business
Machines
Corp.
..........
661,045
164,375,450
Kyndryl
Holdings,
Inc.
(a)
.....................
164,566
5,167,372
MongoDB,
Inc.
,
Class
A
(a)
...................
52,041
9,127,991
Okta,
Inc.
,
Class
A
(a)
.......................
117,604
12,374,293
Snowflake,
Inc.
,
Class
A
(a)
...................
224,942
32,877,523
Twilio,
Inc.
,
Class
A
(a)
......................
110,356
10,804,956
VeriSign,
Inc.
(a)
..........................
59,838
15,191,073
512,533,482
a
Leisure
Products
—
0
.0
%
Brunswick
Corp.
.........................
46,024
2,478,392
Hasbro,
Inc.
............................
100,255
6,164,680
Mattel,
Inc.
(a)
............................
243,708
4,735,247
Polaris,
Inc.
.............................
36,364
1,488,742
YETI
Holdings,
Inc.
(a)
(b)
.....................
61,649
2,040,582
16,907,643
a
Life
Sciences
Tools
&
Services
—
1
.0
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
76,936
671,651
Agilent
Technologies,
Inc.
...................
207,214
24,239,894
Avantor,
Inc.
(a)
...........................
492,024
7,975,709
Azenta,
Inc.
(a)
(b)
..........................
28,750
995,900
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
13,861
3,375,985
Bio-Techne
Corp.
.........................
114,166
6,693,553
Bruker
Corp.
............................
78,903
3,293,411
Charles
River
Laboratories
International,
Inc.
(a)
.....
36,913
5,556,145
Danaher
Corp.
..........................
464,797
95,283,385
Fortrea
Holdings,
Inc.
(a)
.....................
64,997
490,727
Illumina,
Inc.
(a)
...........................
115,091
9,131,320
IQVIA
Holdings,
Inc.
(a)
......................
129,718
22,869,283
Medpace
Holdings,
Inc.
(a)
(b)
..................
18,234
5,555,717
Mettler-Toledo
International,
Inc.
(a)
.............
14,991
17,703,022
QIAGEN
N.V.
(a)
(b)
.........................
154,705
6,211,406
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Repligen
Corp.
(a)
(b)
........................
40,462
$
5,148,385
Revvity,
Inc.
............................
86,792
9,182,594
Sotera
Health
Co.
(a)
(b)
......................
108,263
1,262,346
Thermo
Fisher
Scientific,
Inc.
.................
275,185
136,932,056
Waters
Corp.
(a)
..........................
42,554
15,684,128
West
Pharmaceutical
Services,
Inc.
............
52,185
11,683,178
389,939,795
a
Machinery
—
1
.7
%
AGCO
Corp.
............................
45,907
4,249,611
Allison
Transmission
Holdings,
Inc.
.............
62,868
6,014,582
Caterpillar,
Inc.
..........................
347,811
114,708,068
CNH
Industrial
N.V.
.......................
628,037
7,712,294
Crane
Co.
..............................
34,827
5,334,800
Cummins,
Inc.
...........................
98,053
30,733,732
Deere
&
Co.
............................
179,581
84,286,342
Donaldson
Co.,
Inc.
.......................
87,040
5,836,902
Dover
Corp.
............................
98,633
17,327,845
Esab
Corp.
.............................
40,839
4,757,744
Flowserve
Corp.
.........................
95,645
4,671,302
Fortive
Corp.
............................
249,809
18,281,023
Gates
Industrial
Corp.
PLC
(a)
.................
169,967
3,129,092
Graco,
Inc.
.............................
121,943
10,183,460
IDEX
Corp.
.............................
55,041
9,960,770
Illinois
Tool
Works,
Inc.
.....................
210,300
52,156,503
Ingersoll
Rand,
Inc.
.......................
290,489
23,247,835
ITT,
Inc.
...............................
59,424
7,675,204
Lincoln
Electric
Holdings,
Inc.
................
40,246
7,612,933
Middleby
Corp.
(The)
(a)
.....................
38,128
5,794,693
Nordson
Corp.
...........................
41,125
8,295,735
Oshkosh
Corp.
..........................
46,616
4,385,633
Otis
Worldwide
Corp.
......................
288,070
29,728,824
PACCAR,
Inc.
...........................
370,739
36,098,856
Parker-Hannifin
Corp.
......................
92,050
55,952,593
Pentair
PLC
............................
119,767
10,477,217
RBC
Bearings,
Inc.
(a)
(b)
.....................
20,282
6,526,139
Snap-on,
Inc.
...........................
37,257
12,555,982
Stanley
Black
&
Decker,
Inc.
.................
111,718
8,588,880
Timken
Co.
(The)
.........................
47,899
3,442,501
Toro
Co.
(The)
...........................
71,254
5,183,729
Westinghouse
Air
Brake
Technologies
Corp.
.......
123,014
22,308,589
Xylem,
Inc.
.............................
174,066
20,793,924
648,013,337
a
Marine
Transportation
—
0
.0
%
Kirby
Corp.
(a)
............................
42,148
4,257,369
a
Media
—
0
.6
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
66,595
24,542,255
Comcast
Corp.
,
Class
A
....................
2,702,057
99,705,903
Fox
Corp.
,
Class
A
,
NVS
....................
159,598
9,033,247
Fox
Corp.
,
Class
B
........................
95,555
5,036,704
Interpublic
Group
of
Companies,
Inc.
(The)
.......
271,013
7,360,713
Liberty
Broadband
Corp.
,
Series
A
(a)
............
11,971
1,017,535
Liberty
Broadband
Corp.
,
Series
C
,
NVS
(a)
........
79,360
6,749,568
New
York
Times
Co.
(The)
,
Class
A
.............
115,892
5,748,243
News
Corp.
,
Class
A
,
NVS
..................
275,253
7,492,387
News
Corp.
,
Class
B
......................
83,369
2,531,916
Nexstar
Media
Group,
Inc.
...................
21,799
3,906,817
Omnicom
Group,
Inc.
......................
139,322
11,551,187
Paramount
Global
,
Class
A
(b)
.................
8,438
191,965
Paramount
Global
,
Class
B
,
NVS
..............
418,100
5,000,476
Sirius
XM
Holdings,
Inc.
....................
154,861
3,491,341
Security
Shares
Value
a
Media
(continued)
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
322,215
$
17,631,605
210,991,862
a
Metals
&
Mining
—
0
.4
%
Alcoa
Corp.
.............................
179,284
5,468,162
ATI,
Inc.
(a)
(b)
.............................
88,725
4,616,362
Cleveland-Cliffs,
Inc.
(a)
(b)
....................
358,175
2,944,198
Freeport-McMoRan,
Inc.
....................
1,033,967
39,145,991
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
94,440
2,305,280
Newmont
Corp.
..........................
822,621
39,716,142
Nucor
Corp.
............................
168,667
20,297,387
Reliance,
Inc.
...........................
38,824
11,210,430
Royal
Gold,
Inc.
..........................
47,009
7,686,442
Southern
Copper
Corp.
.....................
63,336
5,919,382
Steel
Dynamics,
Inc.
.......................
102,801
12,858,349
United
States
Steel
Corp.
...................
160,450
6,780,617
158,948,742
a
Mortgage
REITs
—
0
.1
%
AGNC
Investment
Corp.
....................
587,088
5,624,303
Annaly
Capital
Management,
Inc.
..............
404,525
8,215,903
Rithm
Capital
Corp.
.......................
369,540
4,231,233
Starwood
Property
Trust,
Inc.
.................
230,585
4,558,665
22,630,104
a
Multi-Utilities
—
0
.6
%
Ameren
Corp.
...........................
191,094
19,185,838
CenterPoint
Energy,
Inc.
....................
465,722
16,873,108
CMS
Energy
Corp.
........................
215,571
16,191,538
Consolidated
Edison,
Inc.
...................
248,755
27,509,816
Dominion
Energy,
Inc.
......................
604,562
33,897,791
DTE
Energy
Co.
.........................
149,357
20,651,592
NiSource,
Inc.
...........................
337,071
13,513,176
Public
Service
Enterprise
Group,
Inc.
...........
359,928
29,622,074
Sempra
...............................
457,582
32,653,052
WEC
Energy
Group,
Inc.
....................
227,930
24,839,811
234,937,796
a
Office
REITs
—
0
.1
%
BXP,
Inc.
..............................
112,451
7,555,583
Cousins
Properties,
Inc.
....................
119,279
3,518,730
Highwoods
Properties,
Inc.
..................
78,054
2,313,521
Kilroy
Realty
Corp.
........................
82,674
2,708,400
Vornado
Realty
Trust
(b)
.....................
128,087
4,737,938
20,834,172
a
Oil,
Gas
&
Consumable
Fuels
—
3
.4
%
Antero
Midstream
Corp.
....................
243,462
4,382,316
Antero
Resources
Corp.
(a)
...................
207,491
8,390,936
APA
Corp.
.............................
263,367
5,535,974
Cheniere
Energy,
Inc.
......................
161,157
37,291,730
Chevron
Corp.
...........................
1,179,472
197,313,871
Chord
Energy
Corp.
.......................
44,485
5,014,349
Civitas
Resources,
Inc.
.....................
71,856
2,507,056
ConocoPhillips
..........................
931,805
97,858,161
Coterra
Energy,
Inc.
.......................
525,163
15,177,211
Devon
Energy
Corp.
.......................
445,760
16,671,424
Diamondback
Energy,
Inc.
...................
136,297
21,791,164
DT
Midstream,
Inc.
........................
69,234
6,679,696
EOG
Resources,
Inc.
......................
403,573
51,754,202
EQT
Corp.
.............................
424,090
22,659,129
Expand
Energy
Corp.
......................
166,476
18,532,108
Exxon
Mobil
Corp.
........................
3,168,451
376,823,877
Hess
Corp.
.............................
201,626
32,205,721
HF
Sinclair
Corp.
.........................
115,907
3,811,022
Kinder
Morgan,
Inc.
.......................
1,395,269
39,807,025
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Marathon
Petroleum
Corp.
..................
231,440
$
33,718,494
Matador
Resources
Co.
....................
84,545
4,319,404
New
Fortress
Energy,
Inc.
,
Class
A
(b)
............
46,473
386,191
Occidental
Petroleum
Corp.
..................
491,356
24,253,332
ONEOK,
Inc.
............................
446,652
44,316,811
Ovintiv,
Inc.
.............................
186,704
7,990,931
Permian
Resources
Corp.
,
Class
A
.............
472,849
6,548,959
Phillips
66
..............................
297,913
36,786,297
Range
Resources
Corp.
....................
168,690
6,735,792
Targa
Resources
Corp.
.....................
156,111
31,295,572
Texas
Pacific
Land
Corp.
....................
13,563
17,970,839
Valero
Energy
Corp.
.......................
227,829
30,089,376
Viper
Energy,
Inc.
,
Class
A
..................
92,221
4,163,778
Williams
Companies,
Inc.
(The)
...............
875,777
52,336,434
1,265,119,182
a
Paper
&
Forest
Products
—
0
.0
%
Louisiana-Pacific
Corp.
.....................
46,012
4,232,184
a
Passenger
Airlines
—
0
.2
%
Alaska
Air
Group,
Inc.
(a)
.....................
86,922
4,278,301
American
Airlines
Group,
Inc.
(a)
................
475,626
5,017,854
Delta
Air
Lines,
Inc.
.......................
465,967
20,316,161
Southwest
Airlines
Co.
.....................
431,654
14,494,941
United
Airlines
Holdings,
Inc.
(a)
................
237,155
16,375,553
60,482,810
a
Personal
Care
Products
—
0
.1
%
BellRing
Brands,
Inc.
(a)
.....................
93,711
6,977,721
Coty,
Inc.
,
Class
A
(a)
.......................
279,255
1,527,525
elf
Beauty,
Inc.
(a)
(b)
........................
38,033
2,388,092
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
166,627
10,997,382
Kenvue,
Inc.
............................
1,377,988
33,044,152
54,934,872
a
Pharmaceuticals
—
3
.3
%
Bristol-Myers
Squibb
Co.
....................
1,460,223
89,059,001
Elanco
Animal
Health,
Inc.
(a)
..................
351,239
3,688,009
Eli
Lilly
&
Co.
...........................
576,884
476,454,264
Intra-Cellular
Therapies,
Inc.
(a)
................
74,001
9,762,212
Jazz
Pharmaceuticals
PLC
(a)
(b)
................
42,506
5,277,120
Johnson
&
Johnson
.......................
1,738,265
288,273,868
Merck
&
Co.,
Inc.
.........................
1,827,191
164,008,664
Organon
&
Co.
..........................
190,122
2,830,917
Perrigo
Co.
PLC
.........................
98,360
2,758,014
Pfizer,
Inc.
.............................
4,083,471
103,475,155
Royalty
Pharma
PLC
,
Class
A
................
281,564
8,765,087
Viatris,
Inc.
.............................
864,020
7,525,614
Zoetis,
Inc.
,
Class
A
.......................
325,350
53,568,878
1,215,446,803
a
Professional
Services
—
0
.9
%
Amentum
Holdings,
Inc.
(a)
...................
107,097
1,949,165
Automatic
Data
Processing,
Inc.
...............
295,891
90,403,577
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
92,201
9,642,381
Broadridge
Financial
Solutions,
Inc.
............
83,986
20,363,246
CACI
International,
Inc.
,
Class
A
(a)
.............
15,807
5,799,904
Clarivate
PLC
(a)
(b)
.........................
293,654
1,154,060
Concentrix
Corp.
.........................
32,675
1,818,037
Dayforce,
Inc.
(a)
(b)
.........................
108,523
6,330,147
Dun
&
Bradstreet
Holdings,
Inc.
...............
217,838
1,947,472
Equifax,
Inc.
............................
88,427
21,537,280
FTI
Consulting,
Inc.
(a)
......................
25,337
4,157,295
Genpact
Ltd.
............................
125,719
6,333,723
Jacobs
Solutions,
Inc.
......................
88,489
10,697,435
KBR,
Inc.
..............................
93,963
4,680,297
Security
Shares
Value
a
Professional
Services
(continued)
Leidos
Holdings,
Inc.
......................
96,996
$
13,088,640
ManpowerGroup,
Inc.
......................
33,975
1,966,473
Parsons
Corp.
(a)
..........................
32,867
1,946,055
Paychex,
Inc.
...........................
231,408
35,701,626
Paycom
Software,
Inc.
.....................
37,176
8,122,212
Paycor
HCM,
Inc.
(a)
(b)
......................
61,393
1,377,659
Paylocity
Holding
Corp.
(a)
...................
31,599
5,919,757
Robert
Half,
Inc.
.........................
74,278
4,051,865
Science
Applications
International
Corp.
.........
34,957
3,924,622
SS&C
Technologies
Holdings,
Inc.
.............
154,590
12,912,903
TransUnion
.............................
139,331
11,563,080
Verisk
Analytics,
Inc.
.......................
101,225
30,126,585
317,515,496
a
Real
Estate
Management
&
Development
—
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
219,796
28,744,921
CoStar
Group,
Inc.
(a)
.......................
300,284
23,791,501
Howard
Hughes
Holdings,
Inc.
(a)
(b)
..............
23,696
1,755,400
Jones
Lang
LaSalle,
Inc.
(a)
...................
34,526
8,559,341
Seaport
Entertainment
Group,
Inc.
(a)
(b)
...........
5,902
126,716
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
................
33,826
2,261,606
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
111,155
7,620,787
72,860,272
a
Residential
REITs
—
0
.4
%
American
Homes
4
Rent
,
Class
A
..............
243,888
9,221,405
AvalonBay
Communities,
Inc.
................
102,075
21,907,337
Camden
Property
Trust
.....................
75,267
9,205,154
Equity
LifeStyle
Properties,
Inc.
...............
136,533
9,106,751
Equity
Residential
........................
272,574
19,510,847
Essex
Property
Trust,
Inc.
...................
45,951
14,087,198
Invitation
Homes,
Inc.
......................
437,779
15,256,598
Mid-America
Apartment
Communities,
Inc.
........
84,367
14,138,222
Sun
Communities,
Inc.
.....................
88,399
11,371,648
UDR,
Inc.
..............................
237,395
10,723,132
134,528,292
a
Retail
REITs
—
0
.3
%
Agree
Realty
Corp.
.......................
73,360
5,662,658
Brixmor
Property
Group,
Inc.
.................
212,576
5,643,893
Federal
Realty
Investment
Trust
...............
61,367
6,002,920
Kimco
Realty
Corp.
.......................
475,377
10,097,007
NNN
REIT,
Inc.
..........................
133,512
5,694,287
Realty
Income
Corp.
.......................
629,933
36,542,413
Regency
Centers
Corp.
....................
129,647
9,562,763
Simon
Property
Group,
Inc.
..................
232,720
38,650,138
117,856,079
a
Semiconductors
&
Semiconductor
Equipment
—
9
.0
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,159,460
119,122,920
Allegro
MicroSystems,
Inc.
(a)
.................
88,762
2,230,589
Amkor
Technology,
Inc.
.....................
81,146
1,465,497
Analog
Devices,
Inc.
.......................
356,532
71,901,809
Applied
Materials,
Inc.
.....................
586,364
85,093,144
Astera
Labs,
Inc.
(a)
(b)
.......................
78,166
4,664,165
Broadcom,
Inc.
..........................
3,314,205
554,897,343
Cirrus
Logic,
Inc.
(a)
........................
38,966
3,883,157
Enphase
Energy,
Inc.
(a)
(b)
....................
94,808
5,882,836
Entegris,
Inc.
............................
107,999
9,447,753
First
Solar,
Inc.
(a)
.........................
77,076
9,744,719
GlobalFoundries,
Inc.
(a)
(b)
....................
72,732
2,684,538
Intel
Corp.
.............................
3,123,230
70,928,553
KLA
Corp.
..............................
95,799
65,124,160
Lam
Research
Corp.
......................
928,060
67,469,962
Lattice
Semiconductor
Corp.
(a)
................
98,424
5,162,339
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
.....
44,903
$
4,507,363
Marvell
Technology,
Inc.
....................
619,243
38,126,792
Microchip
Technology,
Inc.
...................
381,654
18,475,870
Micron
Technology,
Inc.
.....................
793,772
68,970,849
MKS
Instruments,
Inc.
.....................
47,486
3,806,003
Monolithic
Power
Systems,
Inc.
...............
33,798
19,602,164
NVIDIA
Corp.
...........................
16,863,389
1,827,654,100
ON
Semiconductor
Corp.
(a)
..................
308,370
12,547,575
Onto
Innovation,
Inc.
(a)
.....................
35,184
4,269,227
Qorvo,
Inc.
(a)
............................
69,259
5,015,044
QUALCOMM,
Inc.
........................
804,612
123,596,449
Skyworks
Solutions,
Inc.
....................
116,010
7,497,726
Teradyne,
Inc.
...........................
112,878
9,323,723
Texas
Instruments,
Inc.
.....................
655,558
117,803,773
Universal
Display
Corp.
....................
33,434
4,663,374
Wolfspeed,
Inc.
(a)
(b)
........................
88,302
270,204
3,345,833,720
a
Software
—
9
.8
%
Adobe,
Inc.
(a)
............................
313,635
120,288,432
ANSYS,
Inc.
(a)
...........................
62,921
19,918,272
Appfolio,
Inc.
,
Class
A
(a)
....................
16,698
3,671,890
AppLovin
Corp.
,
Class
A
(a)
...................
189,348
50,171,540
Atlassian
Corp.
,
Class
A
(a)
...................
114,881
24,378,897
Autodesk,
Inc.
(a)
..........................
155,648
40,748,646
Bentley
Systems,
Inc.
,
Class
B
................
100,768
3,964,213
BILL
Holdings,
Inc.
(a)
.......................
73,566
3,375,944
Cadence
Design
Systems,
Inc.
(a)
..............
196,237
49,908,956
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
348,302
3,145,167
Confluent,
Inc.
,
Class
A
(a)
...................
181,418
4,252,438
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
166,127
58,573,058
Datadog,
Inc.
,
Class
A
(a)
....................
218,861
21,713,200
DocuSign,
Inc.
(a)
.........................
144,376
11,752,206
Dolby
Laboratories,
Inc.
,
Class
A
..............
41,246
3,312,466
DoubleVerify
Holdings,
Inc.
(a)
.................
98,996
1,323,577
Dropbox,
Inc.
,
Class
A
(a)
(b)
...................
160,171
4,278,167
Dynatrace,
Inc.
(a)
.........................
213,078
10,046,628
Elastic
N.V.
(a)
(b)
...........................
62,828
5,597,975
Fair
Isaac
Corp.
(a)
.........................
17,086
31,509,318
Five9,
Inc.
(a)
............................
51,701
1,403,682
Fortinet,
Inc.
(a)
...........................
454,346
43,735,346
Gen
Digital,
Inc.
..........................
391,523
10,391,020
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
89,271
4,195,737
Guidewire
Software,
Inc.
(a)
(b)
..................
59,486
11,145,297
HubSpot,
Inc.
(a)
..........................
35,188
20,102,553
Informatica,
Inc.
,
Class
A
(a)
..................
58,263
1,016,689
Intuit,
Inc.
..............................
196,725
120,787,183
Manhattan
Associates,
Inc.
(a)
.................
44,081
7,627,776
Microsoft
Corp.
..........................
5,359,075
2,011,743,164
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
166,457
47,984,559
nCino,
Inc.
(a)
(b)
...........................
59,441
1,632,844
Nutanix,
Inc.
,
Class
A
(a)
.....................
180,549
12,604,126
Oracle
Corp.
............................
1,151,766
161,028,405
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
1,483,372
125,196,597
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
464,046
79,184,809
Pegasystems,
Inc.
........................
32,894
2,286,791
Procore
Technologies,
Inc.
(a)
(b)
................
75,764
5,001,939
PTC,
Inc.
(a)
(b)
............................
85,276
13,213,516
RingCentral,
Inc.
,
Class
A
(a)
..................
61,727
1,528,361
Roper
Technologies,
Inc.
....................
77,008
45,402,377
Salesforce,
Inc.
..........................
665,908
178,703,071
SentinelOne,
Inc.
,
Class
A
(a)
..................
198,580
3,610,184
ServiceNow,
Inc.
(a)
........................
148,181
117,972,821
Synopsys,
Inc.
(a)
.........................
111,103
47,646,522
Teradata
Corp.
(a)
.........................
72,825
1,637,106
Security
Shares
Value
a
Software
(continued)
Tyler
Technologies,
Inc.
(a)
...................
30,531
$
17,750,418
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
320,808
3,304,322
Unity
Software,
Inc.
(a)
(b)
.....................
222,319
4,355,229
Workday,
Inc.
,
Class
A
(a)
....................
152,206
35,544,667
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
190,565
14,057,980
Zscaler,
Inc.
(a)
...........................
67,287
13,351,087
3,637,077,168
a
Specialized
REITs
—
1
.0
%
American
Tower
Corp.
.....................
336,234
73,164,518
Crown
Castle,
Inc.
........................
314,016
32,729,888
CubeSmart
.............................
160,391
6,850,300
Digital
Realty
Trust,
Inc.
....................
239,166
34,270,096
EPR
Properties
..........................
52,729
2,774,073
Equinix,
Inc.
............................
69,588
56,738,576
Extra
Space
Storage,
Inc.
...................
150,930
22,411,596
Gaming
and
Leisure
Properties,
Inc.
............
186,310
9,483,179
Iron
Mountain,
Inc.
........................
210,202
18,085,780
Lamar
Advertising
Co.
,
Class
A
...............
63,567
7,232,653
Millrose
Properties,
Inc.
,
Class
A
(a)
.............
92,540
2,453,235
National
Storage
Affiliates
Trust
...............
49,258
1,940,765
Public
Storage
...........................
113,897
34,088,233
Rayonier,
Inc.
...........................
109,597
3,055,564
SBA
Communications
Corp.
,
Class
A
............
77,791
17,114,798
VICI
Properties,
Inc.
.......................
756,838
24,688,056
Weyerhaeuser
Co.
........................
522,671
15,303,807
362,385,117
a
Specialty
Retail
—
2
.0
%
Advance
Auto
Parts,
Inc.
....................
43,402
1,701,792
AutoNation,
Inc.
(a)
.........................
18,507
2,996,653
AutoZone,
Inc.
(a)
.........................
12,179
46,435,848
Bath
&
Body
Works,
Inc.
....................
155,231
4,706,604
Best
Buy
Co.,
Inc.
........................
155,081
11,415,512
Burlington
Stores,
Inc.
(a)
....................
45,601
10,868,086
CarMax,
Inc.
(a)
(b)
..........................
110,314
8,595,667
Carvana
Co.
,
Class
A
(a)
(b)
....................
78,179
16,345,665
Dick's
Sporting
Goods,
Inc.
..................
40,849
8,233,524
Five
Below,
Inc.
(a)
.........................
39,218
2,938,409
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
75,905
6,108,075
GameStop
Corp.
,
Class
A
(a)
(b)
.................
283,483
6,327,341
Gap,
Inc.
(The)
..........................
141,755
2,921,571
Home
Depot,
Inc.
(The)
....................
714,754
261,950,193
Lithia
Motors,
Inc.
,
Class
A
..................
19,256
5,652,406
Lowe's
Companies,
Inc.
....................
407,137
94,956,563
Murphy
USA,
Inc.
........................
13,506
6,345,254
O'Reilly
Automotive,
Inc.
(a)
...................
41,596
59,589,598
Penske
Automotive
Group,
Inc.
...............
12,787
1,841,072
RH
(a)
.................................
10,483
2,457,320
Ross
Stores,
Inc.
.........................
234,664
29,987,713
TJX
Companies,
Inc.
(The)
..................
815,805
99,365,049
Tractor
Supply
Co.
........................
382,697
21,086,605
Ulta
Beauty,
Inc.
(a)
........................
33,745
12,368,892
Valvoline,
Inc.
(a)
..........................
93,885
3,268,137
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
68,992
2,209,814
Williams-Sonoma,
Inc.
.....................
87,793
13,880,073
744,553,436
a
Technology
Hardware,
Storage
&
Peripherals
—
6
.6
%
Apple,
Inc.
.............................
10,617,453
2,358,454,835
Dell
Technologies,
Inc.
,
Class
C
...............
196,461
17,907,420
Hewlett
Packard
Enterprise
Co.
...............
939,631
14,498,506
HP,
Inc.
...............................
675,172
18,695,513
NetApp,
Inc.
............................
146,178
12,840,276
Pure
Storage,
Inc.
,
Class
A
(a)
.................
221,761
9,817,359
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
(continued)
SanDisk
Corp.
(a)
..........................
83,100
$
3,956,391
Super
Micro
Computer,
Inc.
(a)
(b)
................
356,580
12,209,299
Western
Digital
Corp.
(a)
.....................
249,353
10,081,342
2,458,460,941
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.4
%
Amer
Sports,
Inc.
(a)
(b)
......................
42,034
1,123,569
Birkenstock
Holding
PLC
(a)
(b)
.................
28,195
1,292,741
Capri
Holdings
Ltd.
(a)
(b)
.....................
82,186
1,621,530
Carter's,
Inc.
............................
26,700
1,092,030
Columbia
Sportswear
Co.
...................
25,079
1,898,229
Crocs,
Inc.
(a)
............................
41,004
4,354,625
Deckers
Outdoor
Corp.
(a)
....................
109,734
12,269,359
Lululemon
Athletica,
Inc.
(a)
(b)
..................
83,697
23,691,273
NIKE,
Inc.
,
Class
B
.......................
853,384
54,172,816
PVH
Corp.
.............................
38,891
2,513,914
Ralph
Lauren
Corp.
,
Class
A
.................
28,379
6,264,380
Skechers
USA,
Inc.
,
Class
A
(a)
................
93,581
5,313,529
Tapestry,
Inc.
............................
168,539
11,866,831
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...............
141,060
881,625
Under
Armour,
Inc.
,
Class
C
,
NVS
(a)
............
141,126
839,700
VF
Corp.
..............................
254,675
3,952,556
133,148,707
a
Tobacco
—
0
.7
%
Altria
Group,
Inc.
.........................
1,224,366
73,486,448
Philip
Morris
International,
Inc.
................
1,120,162
177,803,314
251,289,762
a
Trading
Companies
&
Distributors
—
0
.4
%
Air
Lease
Corp.
,
Class
A
....................
74,182
3,583,732
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
138,623
6,696,877
Fastenal
Co.
............................
412,145
31,961,845
Ferguson
Enterprises,
Inc.
...................
144,028
23,077,607
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
33,975
2,638,838
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
32,819
3,985,539
United
Rentals,
Inc.
.......................
47,244
29,607,815
Watsco,
Inc.
............................
24,952
12,683,102
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WESCO
International,
Inc.
...................
30,080
$
4,671,424
WW
Grainger,
Inc.
........................
31,301
30,920,067
149,826,846
a
Water
Utilities
—
0
.1
%
American
Water
Works
Co.,
Inc.
...............
140,005
20,653,539
Essential
Utilities,
Inc.
......................
181,872
7,189,400
27,842,939
a
Wireless
Telecommunication
Services
—
0
.2
%
GCI
Liberty,
Inc.
,
Class
A
(a)
(d)
.................
70,458
—
T-Mobile
U.S.,
Inc.
........................
339,387
90,517,907
90,517,907
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
33,584,478,777
)
..............................
37,086,804,008
a
Short-Term
Securities
Money
Market
Funds
—
1
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(e)
(f)
......................
337,352,894
337,521,570
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(e)
............................
55,868,399
55,868,399
a
Total
Short-Term
Securities — 1.0%
(Cost:
$
393,208,468
)
................................
393,389,969
Total
Investments
—
100.8%
(Cost:
$
33,977,687,245
)
..............................
37,480,193,977
Liabilities
in
Excess
of
Other
Assets
—
(
0
.8
)
%
...............
(
314,555,358
)
Net
Assets
—
100.0%
.................................
$
37,165,638,619
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
143,393,796
$
194,078,632
(a)
$
—
$
25,442
$
23,700
$
337,521,570
337,352,894
$
1,448,501
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
47,277,823
8,590,576
(a)
—
—
—
55,868,399
55,868,399
2,925,176
—
BlackRock,
Inc.
......
91,044,209
38,161,965
(
40,120,886
)
14,810,592
(
3,210,284
)
100,685,596
106,379
2,178,316
—
$
14,836,034
$
(
3,186,584
)
$
494,075,565
$
6,551,993
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(continued)
March
31,
2025
13
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
246
06/20/25
$
69,535
$
805,180
E-Mini
S&P
MidCap
400
Index
.............................................................
18
06/20/25
5,289
89,218
$
894,398
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
894,398
$
—
$
—
$
—
$
894,398
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
1,635,239
$
—
$
—
$
—
$
1,635,239
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
780,092
)
$
—
$
—
$
—
$
(
780,092
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
70,358,118
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
ETF
14
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
37,086,804,008
$
—
$
—
$
37,086,804,008
Short-Term
Securities
Money
Market
Funds
......................................
393,389,969
—
—
393,389,969
$
37,480,193,977
$
—
$
—
$
37,480,193,977
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
894,398
$
—
$
—
$
894,398
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.7
%
Axon
Enterprise,
Inc.
(a)
.....................
270,461
$
142,248,963
Boeing
Co.
(The)
(a)
........................
457,540
78,033,447
BWX
Technologies,
Inc.
....................
69,644
6,870,380
General
Electric
Co.
.......................
862,999
172,729,250
HEICO
Corp.
(b)
..........................
164,285
43,895,309
HEICO
Corp.
,
Class
A
......................
302,735
63,868,003
Howmet
Aerospace,
Inc.
(b)
...................
92,131
11,952,155
Loar
Holdings,
Inc.
(a)
(b)
......................
118,634
8,381,492
Lockheed
Martin
Corp.
.....................
251,673
112,424,846
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
......
52,368
1,804,601
Standardaero,
Inc.
(a)
(b)
......................
125,373
3,339,937
TransDigm
Group,
Inc.
.....................
41,011
56,730,106
702,278,489
a
Air
Freight
&
Logistics
—
0
.0
%
Expeditors
International
of
Washington,
Inc.
.......
85,298
10,257,084
a
Automobiles
—
2
.8
%
Tesla,
Inc.
(a)
.............................
10,365,081
2,686,214,392
a
Banks
—
0
.1
%
NU
Holdings
Ltd.
,
Class
A
(a)
(b)
.................
12,095,728
123,860,255
Popular,
Inc.
............................
26,539
2,451,407
126,311,662
a
Beverages
—
1
.4
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
..........
6,664
1,591,630
Celsius
Holdings,
Inc.
(a)
.....................
656,350
23,379,187
Coca-Cola
Co.
(The)
......................
8,295,636
594,133,450
Monster
Beverage
Corp.
(a)
...................
2,107,420
123,326,218
PepsiCo,
Inc.
...........................
4,050,469
607,327,322
1,349,757,807
a
Biotechnology
—
1
.7
%
AbbVie,
Inc.
............................
2,854,367
598,046,974
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
..............
426,392
115,134,368
Amgen,
Inc.
............................
1,557,955
485,380,880
Apellis
Pharmaceuticals,
Inc.
(a)
(b)
...............
399,147
8,729,345
Exact
Sciences
Corp.
(a)
(b)
....................
268,552
11,625,616
Exelixis,
Inc.
(a)
...........................
872,261
32,203,876
Incyte
Corp.
(a)
...........................
34,034
2,060,759
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
542,333
16,362,187
Natera,
Inc.
(a)
(b)
..........................
426,799
60,353,647
Neurocrine
Biosciences,
Inc.
(a)
(b)
...............
371,724
41,112,674
Regeneron
Pharmaceuticals,
Inc.
..............
32,729
20,757,714
Sarepta
Therapeutics,
Inc.
(a)
.................
341,161
21,772,895
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
327,611
11,862,794
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
...............
482,097
233,730,267
Viking
Therapeutics,
Inc.
(a)
(b)
..................
396,099
9,565,791
1,668,699,787
a
Broadline
Retail
—
6
.7
%
Amazon.com,
Inc.
(a)
.......................
33,516,301
6,376,811,428
Coupang,
Inc.
(a)
..........................
4,317,293
94,678,236
Etsy,
Inc.
(a)
(b)
............................
273,973
12,926,046
6,484,415,710
a
Building
Products
—
0
.3
%
AAON,
Inc.
(b)
............................
251,143
19,621,803
Advanced
Drainage
Systems,
Inc.
.............
99,040
10,760,696
Armstrong
World
Industries,
Inc.
...............
54,645
7,698,388
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...............
370,106
18,094,482
Builders
FirstSource,
Inc.
(a)
..................
39,452
4,929,133
Carlisle
Companies,
Inc.
....................
22,541
7,675,210
Security
Shares
Value
a
Building
Products
(continued)
Lennox
International,
Inc.
...................
119,455
$
66,993,948
Simpson
Manufacturing
Co.,
Inc.
(b)
.............
14,398
2,261,638
Trane
Technologies
PLC
....................
287,869
96,988,823
Trex
Co.,
Inc.
(a)
(b)
.........................
398,201
23,135,478
258,159,599
a
Capital
Markets
—
1
.8
%
Ameriprise
Financial,
Inc.
...................
327,067
158,336,405
Ares
Management
Corp.
,
Class
A
..............
689,663
101,111,492
Blackstone,
Inc.
..........................
2,690,654
376,099,616
Blue
Owl
Capital,
Inc.
,
Class
A
................
1,953,638
39,150,906
Charles
Schwab
Corp.
(The)
.................
617,861
48,366,159
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
634,431
109,268,051
FactSet
Research
Systems,
Inc.
...............
50,165
22,807,016
Goldman
Sachs
Group,
Inc.
(The)
.............
302,641
165,329,752
Houlihan
Lokey,
Inc.
,
Class
A
.................
18,624
3,007,776
Jefferies
Financial
Group,
Inc.
................
183,438
9,826,774
KKR
&
Co.,
Inc.
..........................
723,216
83,611,002
Lazard,
Inc.
............................
381,832
16,533,326
LPL
Financial
Holdings,
Inc.
..................
277,475
90,773,172
Moody's
Corp.
...........................
589,205
274,386,876
Morgan
Stanley
..........................
252,323
29,438,524
Morningstar,
Inc.
.........................
99,489
29,833,766
MSCI,
Inc.
.............................
164,062
92,777,061
TPG,
Inc.
,
Class
A
........................
75,775
3,594,008
Tradeweb
Markets,
Inc.
,
Class
A
...............
170,889
25,370,181
XP,
Inc.
,
Class
A
.........................
148,886
2,047,183
1,681,669,046
a
Chemicals
—
0
.5
%
Celanese
Corp.
..........................
105,067
5,964,654
Chemours
Co.
(The)
.......................
39,845
539,103
Ecolab,
Inc.
............................
807,962
204,834,526
RPM
International,
Inc.
.....................
107,066
12,385,395
Sherwin-Williams
Co.
(The)
..................
796,649
278,181,864
501,905,542
a
Commercial
Services
&
Supplies
—
0
.9
%
Cintas
Corp.
............................
1,223,408
251,447,046
Copart,
Inc.
(a)
(b)
..........................
3,030,649
171,504,427
Rollins,
Inc.
.............................
1,041,509
56,272,731
Tetra
Tech,
Inc.
..........................
215,186
6,294,191
Veralto
Corp.
............................
414,282
40,371,781
Waste
Management,
Inc.
....................
1,495,193
346,152,131
872,042,307
a
Communications
Equipment
—
0
.5
%
Arista
Networks,
Inc.
(a)
.....................
3,841,906
297,670,877
Motorola
Solutions,
Inc.
....................
292,471
128,046,728
Ubiquiti,
Inc.
............................
6,761
2,096,857
427,814,462
a
Construction
&
Engineering
—
0
.1
%
Comfort
Systems
USA,
Inc.
..................
131,002
42,225,875
EMCOR
Group,
Inc.
.......................
67,021
24,772,972
Quanta
Services,
Inc.
(b)
.....................
165,683
42,113,305
WillScot
Holdings
Corp.
,
Class
A
(b)
.............
196,176
5,453,693
114,565,845
a
Construction
Materials
—
0
.1
%
Eagle
Materials,
Inc.
(b)
......................
93,873
20,833,235
Martin
Marietta
Materials,
Inc.
................
12,907
6,171,224
Vulcan
Materials
Co.
......................
127,269
29,691,857
56,696,316
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Consumer
Finance
—
0
.2
%
Ally
Financial,
Inc.
........................
135,009
$
4,923,778
American
Express
Co.
.....................
774,857
208,475,276
Credit
Acceptance
Corp.
(a)
(b)
..................
18,243
9,419,773
SoFi
Technologies,
Inc.
(a)
(b)
..................
629,069
7,316,073
230,134,900
a
Consumer
Staples
Distribution
&
Retail
—
1
.7
%
Casey's
General
Stores,
Inc.
(b)
................
23,848
10,350,986
Costco
Wholesale
Corp.
....................
1,653,372
1,563,726,170
Performance
Food
Group
Co.
(a)
...............
82,180
6,461,813
Sysco
Corp.
............................
1,137,789
85,379,687
1,665,918,656
a
Containers
&
Packaging
—
0
.0
%
Avery
Dennison
Corp.
......................
112,575
20,034,973
Sealed
Air
Corp.
.........................
28,290
817,581
20,852,554
a
Distributors
—
0
.1
%
Pool
Corp.
.............................
138,932
44,229,002
a
Diversified
Consumer
Services
—
0
.1
%
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
31,234
3,967,967
Duolingo,
Inc.
,
Class
A
(a)
....................
140,246
43,551,993
Grand
Canyon
Education,
Inc.
(a)
...............
34,101
5,900,155
H&R
Block,
Inc.
..........................
97,762
5,368,112
58,788,227
a
Diversified
Telecommunication
Services
—
0
.0
%
Iridium
Communications,
Inc.
.................
39,387
1,076,053
a
Electric
Utilities
—
0
.1
%
Constellation
Energy
Corp.
..................
186,686
37,641,498
NRG
Energy,
Inc.
.........................
308,258
29,426,309
67,067,807
a
Electrical
Equipment
—
0
.1
%
Generac
Holdings,
Inc.
(a)
....................
106,112
13,439,085
Rockwell
Automation,
Inc.
...................
39,062
10,092,840
Vertiv
Holdings
Co.
,
Class
A
.................
1,334,516
96,352,055
119,883,980
a
Electronic
Equipment,
Instruments
&
Components
—
0
.2
%
Amphenol
Corp.
,
Class
A
...................
2,567,717
168,416,558
CDW
Corp.
.............................
251,892
40,368,212
Cognex
Corp.
...........................
33,528
1,000,140
Ingram
Micro
Holding
Corp.
(b)
.................
16,017
284,142
Jabil,
Inc.
..............................
32,537
4,427,310
Zebra
Technologies
Corp.
,
Class
A
(a)
............
40,808
11,530,708
226,027,070
a
Energy
Equipment
&
Services
—
0
.0
%
Weatherford
International
PLC
................
268,916
14,400,452
a
Entertainment
—
2
.1
%
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
29,841
2,431,146
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
(b)
.............................
278,264
25,046,543
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
588,574
76,855,993
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
....
5,373
1,046,230
Netflix,
Inc.
(a)
............................
1,595,702
1,488,039,986
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
1,957,717
114,115,324
Roku,
Inc.
,
Class
A
(a)
......................
71,955
5,068,510
Spotify
Technology
SA
(a)
(b)
...................
547,955
301,391,689
TKO
Group
Holdings,
Inc.
,
Class
A
(b)
............
40,749
6,226,855
2,020,222,276
a
Security
Shares
Value
a
Financial
Services
—
4
.7
%
Apollo
Global
Management,
Inc.
...............
1,455,064
$
199,256,464
Block,
Inc.
,
Class
A
(a)
(b)
.....................
873,870
47,477,357
Corpay,
Inc.
(a)
...........................
251,507
87,705,521
Equitable
Holdings,
Inc.
....................
1,144,487
59,616,328
Fiserv,
Inc.
(a)
............................
671,552
148,298,828
Mastercard,
Inc.
,
Class
A
....................
3,041,145
1,666,912,397
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
228,382
18,661,093
Toast,
Inc.
,
Class
A
(a)
......................
1,725,230
57,225,879
UWM
Holdings
Corp.
,
Class
A
................
234,124
1,278,317
Visa,
Inc.
,
Class
A
........................
6,433,649
2,254,736,629
Western
Union
Co.
(The)
...................
170,221
1,800,938
WEX,
Inc.
(a)
(b)
............................
14,030
2,202,991
4,545,172,742
a
Food
Products
—
0
.0
%
Freshpet,
Inc.
(a)
..........................
56,594
4,706,923
Hershey
Co.
(The)
........................
75,605
12,930,723
Lamb
Weston
Holdings,
Inc.
.................
169,267
9,021,931
Pilgrim's
Pride
Corp.
.......................
14,012
763,794
27,423,371
a
Ground
Transportation
—
1
.1
%
Avis
Budget
Group,
Inc.
(a)
...................
25,549
1,939,169
Lyft,
Inc.
,
Class
A
(a)
(b)
.......................
954,481
11,329,689
Old
Dominion
Freight
Line,
Inc.
...............
721,042
119,296,399
Saia,
Inc.
(a)
(b)
............................
57,648
20,143,941
Uber
Technologies,
Inc.
(a)
(b)
..................
7,579,850
552,267,871
U-Haul
Holding
Co.
(a)
(b)
.....................
11,425
746,738
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
161,821
9,576,567
Union
Pacific
Corp.
.......................
1,089,740
257,440,178
XPO,
Inc.
(a)
.............................
426,061
45,835,642
1,018,576,194
a
Health
Care
Equipment
&
Supplies
—
1
.3
%
Align
Technology,
Inc.
(a)
.....................
163,695
26,004,588
Dexcom,
Inc.
(a)
..........................
1,454,405
99,321,317
Edwards
Lifesciences
Corp.
(a)
................
414,833
30,067,096
GE
HealthCare
Technologies,
Inc.
(b)
............
159,333
12,859,766
IDEXX
Laboratories,
Inc.
(a)
...................
302,983
127,237,711
Inspire
Medical
Systems,
Inc.
(a)
(b)
..............
109,152
17,385,731
Insulet
Corp.
(a)
...........................
260,326
68,364,211
Intuitive
Surgical,
Inc.
(a)
.....................
1,317,478
652,507,329
Masimo
Corp.
(a)
(b)
.........................
84,110
14,012,726
Penumbra,
Inc.
(a)
(b)
........................
137,419
36,747,215
ResMed,
Inc.
...........................
147,975
33,124,204
Stryker
Corp.
...........................
400,790
149,194,077
1,266,825,971
a
Health
Care
Providers
&
Services
—
0
.8
%
Cardinal
Health,
Inc.
.......................
539,303
74,299,774
Cencora,
Inc.
...........................
645,814
179,594,415
Chemed
Corp.
...........................
5,467
3,363,954
Cigna
Group
(The)
........................
92,296
30,365,384
DaVita,
Inc.
(a)
(b)
..........................
175,708
26,878,053
Elevance
Health,
Inc.
......................
138,736
60,344,611
HCA
Healthcare,
Inc.
......................
169,118
58,438,725
McKesson
Corp.
.........................
204,053
137,325,629
Molina
Healthcare,
Inc.
(a)
(b)
...................
133,090
43,838,515
UnitedHealth
Group,
Inc.
....................
233,232
122,155,260
736,604,320
a
Health
Care
Technology
—
0
.1
%
Doximity,
Inc.
,
Class
A
(a)
....................
36,472
2,116,470
Veeva
Systems,
Inc.
,
Class
A
(a)
(b)
..............
549,810
127,352,490
129,468,960
a
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
—
2
.4
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
.....................
1,596,110
$
190,671,301
Booking
Holdings,
Inc.
.....................
115,936
534,106,718
Cava
Group,
Inc.
(a)
(b)
.......................
281,202
24,298,665
Chipotle
Mexican
Grill,
Inc.
(a)
.................
5,093,518
255,745,539
Choice
Hotels
International,
Inc.
(b)
..............
85,985
11,417,088
Churchill
Downs,
Inc.
......................
259,676
28,842,213
Darden
Restaurants,
Inc.
...................
230,619
47,913,403
Domino's
Pizza,
Inc.
.......................
45,214
20,773,572
DoorDash,
Inc.
,
Class
A
(a)
(b)
..................
1,150,440
210,265,919
DraftKings,
Inc.
,
Class
A
(a)
...................
1,687,612
56,045,595
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.................
160,852
9,931,002
Expedia
Group,
Inc.
.......................
455,995
76,652,760
Hilton
Worldwide
Holdings,
Inc.
...............
458,090
104,238,380
Hyatt
Hotels
Corp.
,
Class
A
(b)
.................
22,930
2,808,925
Las
Vegas
Sands
Corp.
....................
1,298,594
50,164,686
Light
&
Wonder,
Inc.
(a)
......................
330,384
28,614,558
McDonald's
Corp.
........................
171,969
53,717,957
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
1,635,015
30,999,884
Planet
Fitness,
Inc.
,
Class
A
(a)
(b)
...............
170,748
16,495,964
Royal
Caribbean
Cruises
Ltd.
................
306,644
62,996,943
Starbucks
Corp.
..........................
3,278,857
321,623,083
Texas
Roadhouse,
Inc.
.....................
248,517
41,410,388
Vail
Resorts,
Inc.
.........................
117,295
18,769,546
Wendy's
Co.
(The)
........................
323,112
4,727,129
Wingstop,
Inc.
(b)
..........................
109,330
24,662,661
Wyndham
Hotels
&
Resorts,
Inc.
..............
24,663
2,232,248
Wynn
Resorts
Ltd.
........................
27,679
2,311,196
Yum!
Brands,
Inc.
........................
403,347
63,470,684
2,295,908,007
a
Household
Durables
—
0
.1
%
SharkNinja,
Inc.
(a)
.........................
47,348
3,949,297
Somnigroup
International,
Inc.
................
625,279
37,441,706
TopBuild
Corp.
(a)
(b)
........................
9,184
2,800,661
44,191,664
a
Household
Products
—
0
.7
%
Clorox
Co.
(The)
.........................
462,736
68,137,876
Colgate-Palmolive
Co.
.....................
1,666,635
156,163,699
Kimberly-Clark
Corp.
......................
507,786
72,217,325
Procter
&
Gamble
Co.
(The)
.................
1,962,378
334,428,459
630,947,359
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.2
%
Vistra
Corp.
............................
1,264,744
148,531,535
a
Industrial
Conglomerates
—
0
.1
%
3M
Co.
................................
377,183
55,393,095
Honeywell
International,
Inc.
.................
376,688
79,763,684
135,156,779
a
Insurance
—
0
.8
%
Allstate
Corp.
(The)
.......................
152,775
31,635,119
Arthur
J
Gallagher
&
Co.
....................
63,243
21,834,013
Brown
&
Brown,
Inc.
(b)
......................
391,682
48,725,241
Everest
Group
Ltd.
........................
26,051
9,465,110
Kinsale
Capital
Group,
Inc.
(b)
.................
82,064
39,941,370
Markel
Group,
Inc.
(a)
(b)
......................
11,074
20,704,061
Marsh
&
McLennan
Companies,
Inc.
............
251,879
61,466,032
Progressive
Corp.
(The)
....................
1,837,667
520,078,138
RLI
Corp.
..............................
18,158
1,458,632
Ryan
Specialty
Holdings,
Inc.
,
Class
A
...........
381,320
28,168,108
783,475,824
a
Security
Shares
Value
a
Interactive
Media
&
Services
—
10
.5
%
Alphabet,
Inc.
,
Class
A
.....................
21,007,805
$
3,248,646,965
Alphabet,
Inc.
,
Class
C
,
NVS
.................
17,343,432
2,709,564,382
Meta
Platforms,
Inc.
,
Class
A
.................
7,116,251
4,101,522,426
Pinterest,
Inc.
,
Class
A
(a)
(b)
...................
2,203,168
68,298,208
TripAdvisor,
Inc.
(a)
........................
20,661
292,767
Trump
Media
&
Technology
Group
Corp.
(a)
(b)
.......
188,356
3,680,476
10,132,005,224
a
IT
Services
—
0
.6
%
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
1,135,086
127,912,841
EPAM
Systems,
Inc.
(a)
......................
12,636
2,133,462
Gartner,
Inc.
(a)
...........................
280,968
117,933,508
Globant
SA
(a)
(b)
..........................
117,863
13,874,833
GoDaddy,
Inc.
,
Class
A
(a)
....................
521,145
93,879,060
MongoDB,
Inc.
,
Class
A
(a)
...................
266,861
46,807,420
Okta,
Inc.
,
Class
A
(a)
.......................
269,721
28,380,044
Snowflake,
Inc.
,
Class
A
(a)
...................
1,164,156
170,153,041
Twilio,
Inc.
,
Class
A
(a)
......................
112,889
11,052,962
VeriSign,
Inc.
(a)
..........................
20,376
5,172,855
617,300,026
a
Leisure
Products
—
0
.0
%
Hasbro,
Inc.
............................
453,003
27,855,154
YETI
Holdings,
Inc.
(a)
(b)
.....................
91,697
3,035,171
30,890,325
a
Life
Sciences
Tools
&
Services
—
0
.2
%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
...............
251,941
2,199,445
Bruker
Corp.
............................
257,963
10,767,376
Fortrea
Holdings,
Inc.
(a)
(b)
....................
3,566
26,923
IQVIA
Holdings,
Inc.
(a)
(b)
.....................
75,975
13,394,392
Medpace
Holdings,
Inc.
(a)
...................
94,713
28,858,104
Repligen
Corp.
(a)
(b)
........................
30,536
3,885,401
Waters
Corp.
(a)
(b)
.........................
134,002
49,389,117
West
Pharmaceutical
Services,
Inc.
............
164,257
36,773,857
145,294,615
a
Machinery
—
0
.2
%
Caterpillar,
Inc.
..........................
255,625
84,305,125
Illinois
Tool
Works,
Inc.
.....................
409,280
101,505,533
Lincoln
Electric
Holdings,
Inc.
................
57,395
10,856,838
196,667,496
a
Media
—
0
.1
%
Liberty
Broadband
Corp.
,
Series
A
(a)
............
15,304
1,300,840
Liberty
Broadband
Corp.
,
Series
C
,
NVS
(a)
........
100,783
8,571,594
Nexstar
Media
Group,
Inc.
...................
44,003
7,886,218
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
(b)
.............
1,664,339
91,072,630
108,831,282
a
Metals
&
Mining
—
0
.0
%
Cleveland-Cliffs,
Inc.
(a)
(b)
....................
571,927
4,701,240
Southern
Copper
Corp.
.....................
327,373
30,596,281
35,297,521
a
Oil,
Gas
&
Consumable
Fuels
—
0
.5
%
Antero
Midstream
Corp.
....................
482,544
8,685,792
Cheniere
Energy,
Inc.
......................
425,535
98,468,799
Civitas
Resources,
Inc.
.....................
99,297
3,464,472
EQT
Corp.
.............................
137,619
7,352,983
Hess
Corp.
.............................
673,793
107,624,956
Matador
Resources
Co.
....................
32,272
1,648,777
New
Fortress
Energy,
Inc.
,
Class
A
(b)
............
153,790
1,277,995
Permian
Resources
Corp.
,
Class
A
.............
513,935
7,118,000
Targa
Resources
Corp.
.....................
806,383
161,655,600
Texas
Pacific
Land
Corp.
(b)
..................
69,991
92,737,375
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Viper
Energy,
Inc.
,
Class
A
..................
141,022
$
6,367,143
496,401,892
a
Paper
&
Forest
Products
—
0
.0
%
Louisiana-Pacific
Corp.
.....................
162,441
14,941,323
a
Passenger
Airlines
—
0
.0
%
American
Airlines
Group,
Inc.
(a)
................
170,279
1,796,443
a
Personal
Care
Products
—
0
.0
%
elf
Beauty,
Inc.
(a)
(b)
........................
200,340
12,579,349
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
310,235
20,475,510
33,054,859
a
Pharmaceuticals
—
3
.7
%
Eli
Lilly
&
Co.
...........................
2,985,638
2,465,868,281
Intra-Cellular
Therapies,
Inc.
(a)
................
383,615
50,606,491
Merck
&
Co.,
Inc.
.........................
9,456,545
848,819,479
Zoetis,
Inc.
,
Class
A
.......................
1,389,182
228,728,816
3,594,023,067
a
Professional
Services
—
0
.9
%
Automatic
Data
Processing,
Inc.
...............
1,422,529
434,625,285
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
469,995
49,152,077
Broadridge
Financial
Solutions,
Inc.
............
398,513
96,623,462
Dayforce,
Inc.
(a)
(b)
.........................
61,102
3,564,080
Equifax,
Inc.
............................
92,032
22,415,314
KBR,
Inc.
..............................
41,355
2,059,893
Paychex,
Inc.
...........................
430,408
66,403,346
Paycom
Software,
Inc.
.....................
119,550
26,119,284
Paycor
HCM,
Inc.
(a)
.......................
25,618
574,868
Paylocity
Holding
Corp.
(a)
...................
161,675
30,288,194
TransUnion
.............................
39,954
3,315,782
Verisk
Analytics,
Inc.
.......................
525,248
156,324,310
891,465,895
a
Real
Estate
Management
&
Development
—
0
.0
%
Jones
Lang
LaSalle,
Inc.
(a)
...................
54,584
13,531,919
a
Retail
REITs
—
0
.1
%
Simon
Property
Group,
Inc.
..................
308,756
51,278,196
a
Semiconductors
&
Semiconductor
Equipment
—
14
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
3,962,241
407,080,640
Applied
Materials,
Inc.
.....................
2,788,874
404,721,395
Astera
Labs,
Inc.
(a)
(b)
.......................
19,666
1,173,470
Broadcom,
Inc.
..........................
16,664,224
2,790,091,024
Enphase
Energy,
Inc.
(a)
(b)
....................
491,116
30,473,748
Entegris,
Inc.
(b)
..........................
561,233
49,096,663
KLA
Corp.
..............................
495,748
337,009,490
Lam
Research
Corp.
......................
4,793,564
348,492,103
Lattice
Semiconductor
Corp.
(a)
(b)
...............
439,522
23,052,929
Marvell
Technology,
Inc.
....................
255,598
15,737,169
MKS
Instruments,
Inc.
.....................
14,257
1,142,699
Monolithic
Power
Systems,
Inc.
...............
175,077
101,541,158
NVIDIA
Corp.
...........................
82,909,046
8,985,682,406
Onto
Innovation,
Inc.
(a)
.....................
47,300
5,739,382
QUALCOMM,
Inc.
........................
3,906,392
600,060,875
Teradyne,
Inc.
...........................
530,322
43,804,597
Texas
Instruments,
Inc.
.....................
410,727
73,807,642
Universal
Display
Corp.
....................
87,605
12,219,145
14,230,926,535
a
Software
—
17
.8
%
Adobe,
Inc.
(a)
............................
1,623,258
622,568,141
Appfolio,
Inc.
,
Class
A
(a)
....................
84,443
18,569,016
Security
Shares
Value
a
Software
(continued)
AppLovin
Corp.
,
Class
A
(a)
...................
977,656
$
259,049,510
Atlassian
Corp.
,
Class
A
(a)
...................
602,359
127,826,603
Autodesk,
Inc.
(a)
..........................
803,202
210,278,284
Bentley
Systems,
Inc.
,
Class
B
................
522,269
20,546,062
BILL
Holdings,
Inc.
(a)
(b)
......................
92,126
4,227,662
Cadence
Design
Systems,
Inc.
(a)
..............
1,016,279
258,470,238
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
922,710
21,628,322
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
858,049
302,530,916
Datadog,
Inc.
,
Class
A
(a)
....................
1,132,740
112,379,135
DocuSign,
Inc.
(a)
.........................
747,162
60,818,987
DoubleVerify
Holdings,
Inc.
(a)
.................
295,287
3,947,987
Dropbox,
Inc.
,
Class
A
(a)
(b)
...................
263,788
7,045,777
Dynatrace,
Inc.
(a)
.........................
1,111,463
52,405,480
Elastic
N.V.
(a)
............................
324,475
28,910,723
Fair
Isaac
Corp.
(a)
.........................
74,814
137,968,986
Five9,
Inc.
(a)
............................
276,410
7,504,532
Fortinet,
Inc.
(a)
...........................
1,919,983
184,817,564
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
470,396
22,108,612
Guidewire
Software,
Inc.
(a)
(b)
..................
138,797
26,005,006
HubSpot,
Inc.
(a)
..........................
184,712
105,524,118
Intuit,
Inc.
..............................
1,018,306
625,229,701
Manhattan
Associates,
Inc.
(a)
.................
225,862
39,083,161
Microsoft
Corp.
..........................
26,324,995
9,882,139,873
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
54,265
15,642,972
nCino,
Inc.
(a)
(b)
...........................
193,290
5,309,676
Nutanix,
Inc.
,
Class
A
(a)
.....................
264,900
18,492,669
Oracle
Corp.
............................
5,960,937
833,398,602
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
7,677,149
647,951,376
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
2,412,633
411,691,695
Pegasystems,
Inc.
........................
166,132
11,549,497
Procore
Technologies,
Inc.
(a)
(b)
................
398,727
26,323,957
PTC,
Inc.
(a)
.............................
267,835
41,501,033
RingCentral,
Inc.
,
Class
A
(a)
(b)
.................
296,851
7,350,031
Salesforce,
Inc.
..........................
2,922,494
784,280,490
SentinelOne,
Inc.
,
Class
A
(a)
..................
173,795
3,159,593
ServiceNow,
Inc.
(a)
........................
765,699
609,603,602
Synopsys,
Inc.
(a)
.........................
574,999
246,588,321
Teradata
Corp.
(a)
.........................
350,582
7,881,083
Tyler
Technologies,
Inc.
(a)
...................
134,309
78,085,910
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
1,386,432
14,280,250
Unity
Software,
Inc.
(a)
(b)
.....................
507,418
9,940,319
Workday,
Inc.
,
Class
A
(a)
....................
789,059
184,268,948
Zscaler,
Inc.
(a)
(b)
..........................
347,222
68,895,789
17,167,780,209
a
Specialized
REITs
—
0
.5
%
American
Tower
Corp.
.....................
1,740,880
378,815,488
Equinix,
Inc.
............................
19,421
15,834,912
Iron
Mountain,
Inc.
........................
619,685
53,317,698
Lamar
Advertising
Co.
,
Class
A
...............
81,771
9,303,904
Public
Storage
...........................
89,619
26,822,071
484,094,073
a
Specialty
Retail
—
2
.4
%
AutoZone,
Inc.
(a)
.........................
57,446
219,028,960
Burlington
Stores,
Inc.
(a)
....................
236,331
56,324,767
CarMax,
Inc.
(a)
(b)
..........................
39,752
3,097,476
Carvana
Co.
,
Class
A
(a)
.....................
141,135
29,508,506
Dick's
Sporting
Goods,
Inc.
..................
18,613
3,751,636
Five
Below,
Inc.
(a)
.........................
161,249
12,081,581
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
142,814
11,492,243
Home
Depot,
Inc.
(The)
....................
2,951,945
1,081,858,323
Murphy
USA,
Inc.
........................
68,273
32,075,338
O'Reilly
Automotive,
Inc.
(a)
...................
198,784
284,773,983
RH
(a)
.................................
10,607
2,486,387
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Specialty
Retail
(continued)
Ross
Stores,
Inc.
.........................
280,333
$
35,823,754
TJX
Companies,
Inc.
(The)
..................
2,497,399
304,183,198
Tractor
Supply
Co.
........................
1,990,046
109,651,535
Ulta
Beauty,
Inc.
(a)
........................
150,245
55,070,802
Valvoline,
Inc.
(a)
(b)
.........................
476,311
16,580,386
Williams-Sonoma,
Inc.
.....................
273,648
43,263,749
2,301,052,624
a
Technology
Hardware,
Storage
&
Peripherals
—
12
.2
%
Apple,
Inc.
.............................
52,061,182
11,564,350,358
Dell
Technologies,
Inc.
,
Class
C
...............
162,010
14,767,212
HP,
Inc.
...............................
861,055
23,842,613
NetApp,
Inc.
............................
338,930
29,771,611
Pure
Storage,
Inc.
,
Class
A
(a)
.................
997,653
44,166,098
Super
Micro
Computer,
Inc.
(a)
(b)
................
1,846,830
63,235,459
11,740,133,351
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.4
%
Crocs,
Inc.
(a)
(b)
...........................
38,666
4,106,329
Deckers
Outdoor
Corp.
(a)
(b)
...................
565,390
63,216,256
Lululemon
Athletica,
Inc.
(a)
(b)
..................
433,108
122,595,550
NIKE,
Inc.
,
Class
B
.......................
2,724,316
172,939,580
Skechers
USA,
Inc.
,
Class
A
(a)
................
42,484
2,412,242
365,269,957
a
Trading
Companies
&
Distributors
—
0
.4
%
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
464,983
22,463,329
Fastenal
Co.
............................
1,798,824
139,498,801
Ferguson
Enterprises,
Inc.
...................
50,498
8,091,295
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
61,517
$
7,470,624
United
Rentals,
Inc.
.......................
59,066
37,016,662
WW
Grainger,
Inc.
........................
140,954
139,238,590
353,779,301
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
68,614,276,957
)
..............................
96,177,487,884
a
Short-Term
Securities
Money
Market
Funds
—
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(d)
(e)
......................
888,657,736
889,102,066
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(d)
............................
135,290,105
135,290,105
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
1,023,842,300
)
...............................
1,024,392,171
Total
Investments
—
100.9%
(Cost:
$
69,638,119,257
)
..............................
97,201,880,055
Liabilities
in
Excess
of
Other
Assets
—
(
0
.9
)
%
...............
(
863,295,925
)
Net
Assets
—
100.0%
.................................
$
96,338,584,130
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
590,093,947
$
298,797,927
(a)
$
—
$
187,042
$
23,150
$
889,102,066
888,657,736
$
2,235,122
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
130,436,818
4,853,287
(a)
—
—
—
135,290,105
135,290,105
6,551,264
—
$
187,042
$
23,150
$
1,024,392,171
$
8,786,386
$
—
(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
fees
and
collateral
investment
expenses,
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
Russell
1000
Growth
Index
.........................................................
753
06/20/25
$
138,108
$
(
2,958,777
)
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Growth
ETF
20
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
2,958,777
$
—
$
—
$
—
$
2,958,777
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
11,567,018
$
—
$
—
$
—
$
11,567,018
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
6,240,236
)
$
—
$
—
$
—
$
(
6,240,236
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
133,596,553
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
96,177,487,884
$
—
$
—
$
96,177,487,884
Short-Term
Securities
Money
Market
Funds
......................................
1,024,392,171
—
—
1,024,392,171
$
97,201,880,055
$
—
$
—
$
97,201,880,055
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
2,958,777
)
$
—
$
—
$
(
2,958,777
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
3
.5
%
Boeing
Co.
(The)
(a)
........................
1,551,084
$
264,537,376
BWX
Technologies,
Inc.
....................
181,709
17,925,593
Curtiss-Wright
Corp.
.......................
94,265
29,907,457
General
Dynamics
Corp.
....................
677,119
184,569,097
General
Electric
Co.
.......................
2,095,528
419,419,929
Hexcel
Corp.
............................
204,571
11,202,308
Howmet
Aerospace,
Inc.
....................
943,278
122,371,455
Huntington
Ingalls
Industries,
Inc.
..............
97,693
19,933,280
L3Harris
Technologies,
Inc.
..................
469,708
98,314,582
Loar
Holdings,
Inc.
(a)
(b)
......................
7,049
498,012
Lockheed
Martin
Corp.
.....................
355,683
158,887,153
Northrop
Grumman
Corp.
...................
338,604
173,368,634
RTX
Corp.
.............................
3,297,909
436,841,026
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
......
250,867
8,644,877
Standardaero,
Inc.
(a)
(b)
......................
177,157
4,719,462
Textron,
Inc.
(b)
...........................
464,065
33,528,696
TransDigm
Group,
Inc.
.....................
107,705
148,987,249
Woodward,
Inc.
..........................
145,611
26,572,551
2,160,228,737
a
Air
Freight
&
Logistics
—
0
.7
%
CH
Robinson
Worldwide,
Inc.
................
288,412
29,533,389
Expeditors
International
of
Washington,
Inc.
.......
292,141
35,129,955
FedEx
Corp.
............................
549,414
133,936,145
GXO
Logistics,
Inc.
(a)
(b)
.....................
290,256
11,343,205
United
Parcel
Service,
Inc.
,
Class
B
............
1,807,880
198,848,721
408,791,415
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
578,551
34,423,784
BorgWarner,
Inc.
.........................
538,849
15,438,024
Gentex
Corp.
...........................
572,021
13,328,089
Lear
Corp.
.............................
133,590
11,785,310
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
912,491
3,795,963
78,771,170
a
Automobiles
—
0
.4
%
Ford
Motor
Co.
..........................
9,740,368
97,695,891
General
Motors
Co.
.......................
2,453,566
115,391,209
Harley-Davidson,
Inc.
......................
299,146
7,553,437
Lucid
Group,
Inc.
(a)
(b)
.......................
2,444,193
5,914,947
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
2,092,081
26,046,408
Thor
Industries,
Inc.
.......................
125,742
9,532,501
262,134,393
a
Banks
—
7
.2
%
Bank
of
America
Corp.
.....................
16,515,383
689,186,933
Bank
OZK
.............................
262,815
11,419,312
BOK
Financial
Corp.
.......................
56,193
5,852,501
Citigroup,
Inc.
...........................
4,693,788
333,212,010
Citizens
Financial
Group,
Inc.
................
1,088,990
44,615,920
Columbia
Banking
System,
Inc.
...............
523,580
13,058,085
Comerica,
Inc.
...........................
328,777
19,417,570
Commerce
Bancshares,
Inc.
.................
304,732
18,963,472
Cullen/Frost
Bankers,
Inc.
...................
146,787
18,377,732
East
West
Bancorp,
Inc.
....................
340,425
30,556,548
Fifth
Third
Bancorp
.......................
1,671,460
65,521,232
First
Citizens
BancShares,
Inc.
,
Class
A
(b)
........
28,504
52,849,837
First
Hawaiian,
Inc.
.......................
314,373
7,683,276
First
Horizon
Corp.
........................
1,317,970
25,594,977
FNB
Corp.
.............................
894,496
12,030,971
Huntington
Bancshares,
Inc.
.................
3,571,762
53,612,148
JPMorgan
Chase
&
Co.
....................
6,968,188
1,709,296,516
Security
Shares
Value
a
Banks
(continued)
KeyCorp
...............................
2,280,628
$
36,467,242
M&T
Bank
Corp.
.........................
411,086
73,481,623
Pinnacle
Financial
Partners,
Inc.
...............
189,137
20,056,088
PNC
Financial
Services
Group,
Inc.
(The)
........
984,651
173,072,106
Popular,
Inc.
............................
157,525
14,550,584
Prosperity
Bancshares,
Inc.
..................
224,684
16,035,697
Regions
Financial
Corp.
....................
2,272,862
49,389,291
Synovus
Financial
Corp.
....................
359,476
16,801,908
TFS
Financial
Corp.
.......................
134,310
1,664,101
Truist
Financial
Corp.
......................
3,309,632
136,191,357
U.S.
Bancorp
...........................
3,866,429
163,240,632
Webster
Financial
Corp.
....................
425,282
21,923,287
Wells
Fargo
&
Co.
........................
8,162,682
585,998,941
Western
Alliance
Bancorp
...................
267,712
20,568,313
Wintrust
Financial
Corp.
....................
160,187
18,014,630
Zions
Bancorp
NA
........................
357,553
17,827,593
4,476,532,433
a
Beverages
—
1
.1
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
...........
17,978
4,293,866
Brown-Forman
Corp.
,
Class
A
................
120,339
4,027,746
Brown-Forman
Corp.
,
Class
B
,
NVS
............
431,249
14,636,591
Coca-Cola
Co.
(The)
......................
4,111,318
294,452,595
Coca-Cola
Consolidated,
Inc.
.................
14,928
20,152,800
Constellation
Brands,
Inc.
,
Class
A
.............
390,188
71,607,302
Keurig
Dr
Pepper,
Inc.
.....................
2,959,267
101,266,117
Molson
Coors
Beverage
Co.
,
Class
B
...........
422,692
25,729,262
Monster
Beverage
Corp.
(a)
...................
355,546
20,806,552
PepsiCo,
Inc.
...........................
716,279
107,398,873
664,371,704
a
Biotechnology
—
2
.4
%
AbbVie,
Inc.
............................
2,495,928
522,946,835
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
35,970
9,712,619
Amgen,
Inc.
............................
293,402
91,409,393
Biogen,
Inc.
(a)
...........................
361,082
49,410,461
BioMarin
Pharmaceutical,
Inc.
(a)
(b)
..............
466,990
33,011,523
Exact
Sciences
Corp.
(a)
(b)
....................
272,845
11,811,460
Exelixis,
Inc.
(a)
...........................
117,534
4,339,355
Gilead
Sciences,
Inc.
......................
3,095,298
346,828,141
GRAIL,
Inc.
(a)
(b)
..........................
65,638
1,676,394
Incyte
Corp.
(a)
...........................
371,484
22,493,356
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
27,109
817,878
Moderna,
Inc.
(a)
(b)
.........................
797,413
22,606,659
Regeneron
Pharmaceuticals,
Inc.
..............
237,395
150,563,031
Roivant
Sciences
Ltd.
(a)
(b)
...................
1,056,151
10,656,564
United
Therapeutics
Corp.
(a)
..................
107,929
33,271,273
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
...............
320,641
155,453,170
1,467,008,112
a
Broadline
Retail
—
0
.2
%
Dillard's,
Inc.
,
Class
A
(b)
.....................
7,569
2,710,686
eBay,
Inc.
..............................
1,188,066
80,467,710
Etsy,
Inc.
(a)
.............................
100,047
4,720,218
Kohl's
Corp.
(b)
...........................
273,030
2,233,385
Macy's,
Inc.
............................
677,228
8,505,984
Nordstrom,
Inc.
..........................
247,449
6,050,128
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
150,765
17,543,015
122,231,126
a
Building
Products
—
1
.0
%
A
O
Smith
Corp.
.........................
293,230
19,165,513
Advanced
Drainage
Systems,
Inc.
.............
108,011
11,735,395
Allegion
PLC
............................
216,839
28,288,816
Armstrong
World
Industries,
Inc.
...............
71,265
10,039,813
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Building
Products
(continued)
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
..............
105,776
$
5,171,389
Builders
FirstSource,
Inc.
(a)
(b)
.................
257,752
32,203,535
Carlisle
Companies,
Inc.
....................
96,527
32,867,443
Carrier
Global
Corp.
.......................
2,080,170
131,882,778
Fortune
Brands
Innovations,
Inc.
..............
307,173
18,700,692
Hayward
Holdings,
Inc.
(a)
....................
354,204
4,930,520
Johnson
Controls
International
PLC
............
1,635,397
131,011,654
Masco
Corp.
............................
533,374
37,090,828
Owens
Corning
..........................
213,269
30,459,078
Simpson
Manufacturing
Co.,
Inc.
..............
94,786
14,888,985
Trane
Technologies
PLC
....................
369,976
124,652,314
633,088,753
a
Capital
Markets
—
5
.2
%
Affiliated
Managers
Group,
Inc.
...............
72,432
12,170,749
Ameriprise
Financial,
Inc.
...................
21,139
10,233,601
Bank
of
New
York
Mellon
Corp.
(The)
...........
1,781,913
149,449,043
BlackRock,
Inc.
(c)
.........................
366,159
346,562,170
Carlyle
Group,
Inc.
(The)
....................
544,685
23,742,819
Cboe
Global
Markets,
Inc.
...................
260,756
59,006,475
Charles
Schwab
Corp.
(The)
.................
3,698,141
289,490,480
CME
Group,
Inc.
,
Class
A
...................
891,453
236,493,566
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
81,081
13,964,581
Evercore,
Inc.
,
Class
A
.....................
88,603
17,695,791
FactSet
Research
Systems,
Inc.
...............
60,605
27,553,457
Franklin
Resources,
Inc.
....................
767,257
14,769,697
Goldman
Sachs
Group,
Inc.
(The)
.............
546,934
298,784,575
Houlihan
Lokey,
Inc.
,
Class
A
.................
118,756
19,179,094
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
261,644
43,325,630
Intercontinental
Exchange,
Inc.
...............
1,409,097
243,069,233
Invesco
Ltd.
............................
903,523
13,706,444
Janus
Henderson
Group
PLC
................
318,835
11,525,885
Jefferies
Financial
Group,
Inc.
................
311,124
16,666,913
KKR
&
Co.,
Inc.
..........................
1,189,134
137,475,782
Lazard,
Inc.
............................
17,396
753,247
MarketAxess
Holdings,
Inc.
..................
92,246
19,957,422
Morgan
Stanley
..........................
2,676,498
312,267,022
MSCI,
Inc.
.............................
79,168
44,769,504
Nasdaq,
Inc.
............................
1,022,308
77,552,285
Northern
Trust
Corp.
.......................
484,601
47,805,889
Raymond
James
Financial,
Inc.
...............
502,379
69,785,467
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
1,667,054
69,382,788
S&P
Global,
Inc.
.........................
776,170
394,371,977
SEI
Investments
Co.
.......................
246,527
19,137,891
State
Street
Corp.
........................
724,225
64,839,864
Stifel
Financial
Corp.
......................
247,100
23,291,646
T
Rowe
Price
Group,
Inc.
...................
542,772
49,864,464
TPG,
Inc.
,
Class
A
........................
160,029
7,590,175
Tradeweb
Markets,
Inc.
,
Class
A
...............
174,929
25,969,959
Virtu
Financial,
Inc.
,
Class
A
..................
201,668
7,687,584
XP,
Inc.
,
Class
A
.........................
903,637
12,425,009
3,232,318,178
a
Chemicals
—
2
.2
%
Air
Products
and
Chemicals,
Inc.
..............
550,411
162,327,212
Albemarle
Corp.
.........................
292,149
21,040,571
Ashland,
Inc.
............................
123,544
7,324,924
Axalta
Coating
Systems
Ltd.
(a)
................
544,702
18,067,765
Celanese
Corp.
..........................
201,878
11,460,614
CF
Industries
Holdings,
Inc.
..................
429,442
33,560,892
Chemours
Co.
(The)
.......................
341,406
4,619,223
Corteva,
Inc.
............................
1,705,470
107,325,227
Dow,
Inc.
..............................
1,741,282
60,805,568
DuPont
de
Nemours,
Inc.
...................
1,037,930
77,512,612
Eastman
Chemical
Co.
.....................
289,218
25,482,998
Security
Shares
Value
a
Chemicals
(continued)
Ecolab,
Inc.
............................
81,356
$
20,625,373
Element
Solutions,
Inc.
.....................
553,402
12,512,419
FMC
Corp.
.............................
307,120
12,957,393
Huntsman
Corp.
.........................
403,990
6,379,002
International
Flavors
&
Fragrances,
Inc.
..........
633,709
49,182,156
Linde
PLC
.............................
1,191,659
554,884,097
LyondellBasell
Industries
N.V.
,
Class
A
..........
642,058
45,200,883
Mosaic
Co.
(The)
.........................
798,105
21,556,816
NewMarket
Corp.
.........................
17,036
9,650,042
Olin
Corp.
..............................
295,689
7,167,501
PPG
Industries,
Inc.
.......................
572,042
62,552,793
RPM
International,
Inc.
.....................
242,842
28,091,963
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
105,031
5,765,152
Sherwin-Williams
Co.
(The)
..................
52,207
18,230,162
Westlake
Corp.
..........................
82,995
8,301,990
1,392,585,348
a
Commercial
Services
&
Supplies
—
0
.4
%
Cintas
Corp.
............................
43,661
8,973,645
Clean
Harbors,
Inc.
(a)
......................
127,008
25,033,277
Copart,
Inc.
(a)
(b)
..........................
146,659
8,299,433
MSA
Safety,
Inc.
.........................
92,856
13,621,047
RB
Global,
Inc.
..........................
452,861
45,421,958
Republic
Services,
Inc.
.....................
508,887
123,232,076
Tetra
Tech,
Inc.
..........................
522,093
15,271,220
Veralto
Corp.
............................
335,953
32,738,620
Vestis
Corp.
............................
330,360
3,270,564
275,861,840
a
Communications
Equipment
—
1
.3
%
Ciena
Corp.
(a)
...........................
358,754
21,679,504
Cisco
Systems,
Inc.
.......................
9,899,543
610,900,799
F5,
Inc.
(a)
..............................
144,416
38,453,648
Juniper
Networks,
Inc.
.....................
808,693
29,266,600
Lumentum
Holdings,
Inc.
(a)
(b)
.................
167,883
10,465,826
Motorola
Solutions,
Inc.
....................
214,259
93,804,733
Ubiquiti,
Inc.
............................
5,715
1,772,450
806,343,560
a
Construction
&
Engineering
—
0
.3
%
AECOM
...............................
330,886
30,683,059
API
Group
Corp.
(a)
(b)
.......................
567,914
20,308,605
EMCOR
Group,
Inc.
.......................
68,177
25,200,264
Everus
Construction
Group,
Inc.
(a)
(b)
............
125,564
4,657,169
MasTec,
Inc.
(a)
...........................
156,843
18,305,147
Quanta
Services,
Inc.
(b)
.....................
250,339
63,631,167
Valmont
Industries,
Inc.
.....................
49,169
14,031,357
WillScot
Holdings
Corp.
,
Class
A
(b)
.............
312,581
8,689,752
185,506,520
a
Construction
Materials
—
0
.5
%
CRH
PLC
..............................
1,700,039
149,552,431
Eagle
Materials,
Inc.
(b)
......................
20,461
4,540,910
Martin
Marietta
Materials,
Inc.
................
143,685
68,700,109
Vulcan
Materials
Co.
......................
243,971
56,918,434
279,711,884
a
Consumer
Finance
—
1
.0
%
Ally
Financial,
Inc.
........................
588,197
21,451,545
American
Express
Co.
.....................
858,865
231,077,628
Capital
One
Financial
Corp.
..................
938,798
168,326,481
Credit
Acceptance
Corp.
(a)
(b)
..................
3,430
1,771,081
Discover
Financial
Services
..................
620,099
105,850,899
OneMain
Holdings,
Inc.
.....................
283,157
13,840,714
SLM
Corp.
.............................
521,488
15,316,103
SoFi
Technologies,
Inc.
(a)
(b)
..................
2,237,334
26,020,194
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Consumer
Finance
(continued)
Synchrony
Financial
.......................
965,558
$
51,116,641
634,771,286
a
Consumer
Staples
Distribution
&
Retail
—
2
.4
%
Albertsons
Companies,
Inc.
,
Class
A
............
1,038,823
22,843,718
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
...........
327,675
37,387,718
Casey's
General
Stores,
Inc.
(b)
................
75,578
32,803,875
Dollar
General
Corp.
......................
545,110
47,931,522
Dollar
Tree,
Inc.
(a)
.........................
499,276
37,480,649
Grocery
Outlet
Holding
Corp.
(a)
(b)
...............
239,256
3,344,799
Kroger
Co.
(The)
.........................
1,645,328
111,372,252
Maplebear,
Inc.
(a)
.........................
411,313
16,407,276
Performance
Food
Group
Co.
(a)
...............
325,970
25,631,021
Sysco
Corp.
............................
460,882
34,584,585
Target
Corp.
............................
1,147,392
119,741,829
U.S.
Foods
Holding
Corp.
(a)
..................
539,228
35,297,865
Walgreens
Boots
Alliance,
Inc.
................
1,787,505
19,966,431
Walmart,
Inc.
............................
10,764,777
945,039,773
1,489,833,313
a
Containers
&
Packaging
—
0
.6
%
Amcor
PLC
.............................
3,576,719
34,694,174
AptarGroup,
Inc.
.........................
164,398
24,393,375
Avery
Dennison
Corp.
......................
124,419
22,142,850
Ball
Corp.
..............................
734,534
38,247,186
Berry
Global
Group,
Inc.
....................
286,820
20,022,904
Crown
Holdings,
Inc.
......................
291,441
26,014,024
Graphic
Packaging
Holding
Co.
...............
737,398
19,142,852
International
Paper
Co.
.....................
1,299,712
69,339,635
Packaging
Corp.
of
America
.................
220,531
43,669,549
Sealed
Air
Corp.
.........................
185,580
5,363,262
Silgan
Holdings,
Inc.
.......................
209,303
10,699,569
Smurfit
WestRock
PLC
.....................
1,283,689
57,843,026
Sonoco
Products
Co.
......................
246,728
11,655,431
383,227,837
a
Distributors
—
0
.1
%
Genuine
Parts
Co.
........................
345,189
41,125,817
LKQ
Corp.
.............................
641,394
27,284,901
68,410,718
a
Diversified
Consumer
Services
—
0
.1
%
ADT,
Inc.
..............................
921,389
7,500,107
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
121,057
15,379,081
Grand
Canyon
Education,
Inc.
(a)
...............
48,851
8,452,200
H&R
Block,
Inc.
..........................
280,413
15,397,478
Service
Corp.
International
..................
347,782
27,892,116
74,620,982
a
Diversified
REITs
—
0
.1
%
WP
Carey,
Inc.
..........................
535,778
33,812,950
a
Diversified
Telecommunication
Services
—
1
.6
%
AT&T,
Inc.
..............................
17,804,707
503,517,114
Frontier
Communications
Parent,
Inc.
(a)
..........
612,651
21,969,665
Iridium
Communications,
Inc.
.................
252,558
6,899,884
Liberty
Global
Ltd.
,
Class
A
(a)
.................
408,865
4,706,036
Liberty
Global
Ltd.
,
Class
C
,
NVS
(a)
(b)
............
412,616
4,939,014
Verizon
Communications,
Inc.
................
10,451,794
474,093,376
1,016,125,089
a
Electric
Utilities
—
3
.1
%
Alliant
Energy
Corp.
.......................
633,696
40,778,338
American
Electric
Power
Co.,
Inc.
..............
1,321,118
144,358,564
Constellation
Energy
Corp.
..................
656,711
132,412,639
Duke
Energy
Corp.
.......................
1,913,474
233,386,424
Security
Shares
Value
a
Electric
Utilities
(continued)
Edison
International
.......................
941,190
$
55,454,915
Entergy
Corp.
...........................
1,057,788
90,430,296
Evergy,
Inc.
.............................
550,801
37,977,729
Eversource
Energy
.......................
909,576
56,493,765
Exelon
Corp.
............................
2,481,270
114,336,922
FirstEnergy
Corp.
........................
1,426,382
57,654,360
IDACORP,
Inc.
..........................
131,414
15,272,935
NextEra
Energy,
Inc.
......................
5,099,759
361,521,915
NRG
Energy,
Inc.
.........................
299,249
28,566,309
OGE
Energy
Corp.
........................
498,925
22,930,593
PG&E
Corp.
............................
5,413,284
93,000,219
Pinnacle
West
Capital
Corp.
.................
283,172
26,972,133
PPL
Corp.
.............................
1,827,065
65,975,317
Southern
Co.
(The)
.......................
2,715,787
249,716,615
Xcel
Energy,
Inc.
.........................
1,422,167
100,675,202
1,927,915,190
a
Electrical
Equipment
—
1
.5
%
Acuity,
Inc.
.............................
76,857
20,240,291
AMETEK,
Inc.
...........................
572,629
98,572,356
Eaton
Corp.
PLC
.........................
978,725
266,046,817
Emerson
Electric
Co.
......................
1,416,973
155,356,920
GE
Vernova,
Inc.
.........................
675,651
206,262,737
Generac
Holdings,
Inc.
(a)
....................
74,198
9,397,177
Hubbell,
Inc.
............................
132,650
43,895,211
nVent
Electric
PLC
........................
407,988
21,386,731
Regal
Rexnord
Corp.
......................
165,431
18,834,319
Rockwell
Automation,
Inc.
...................
254,492
65,755,643
Sensata
Technologies
Holding
PLC
............
369,489
8,967,498
914,715,700
a
Electronic
Equipment,
Instruments
&
Components
—
0
.9
%
Amphenol
Corp.
,
Class
A
...................
1,222,443
80,180,036
Arrow
Electronics,
Inc.
(a)
....................
130,951
13,596,642
Avnet,
Inc.
.............................
214,785
10,329,011
CDW
Corp.
.............................
165,129
26,463,574
Cognex
Corp.
...........................
402,083
11,994,136
Coherent
Corp.
(a)
.........................
308,537
20,036,393
Corning,
Inc.
............................
1,896,148
86,805,655
Crane
NXT
Co.
..........................
121,113
6,225,208
Ingram
Micro
Holding
Corp.
(b)
.................
32,774
581,411
IPG
Photonics
Corp.
(a)
.....................
70,389
4,444,361
Jabil,
Inc.
(b)
.............................
242,762
33,032,625
Keysight
Technologies,
Inc.
(a)
.................
432,693
64,804,431
Littelfuse,
Inc.
...........................
60,316
11,866,570
TD
SYNNEX
Corp.
........................
188,038
19,548,430
Teledyne
Technologies,
Inc.
(a)
.................
114,742
57,108,241
Trimble,
Inc.
(a)
(b)
..........................
602,581
39,559,443
Vontier
Corp.
............................
370,944
12,185,510
Zebra
Technologies
Corp.
,
Class
A
(a)
............
99,401
28,086,747
526,848,424
a
Energy
Equipment
&
Services
—
0
.6
%
Baker
Hughes
Co.
,
Class
A
..................
2,475,165
108,783,502
Halliburton
Co.
..........................
2,183,799
55,402,981
NOV,
Inc.
..............................
973,729
14,820,155
Schlumberger
N.V.
........................
3,500,448
146,318,726
TechnipFMC
PLC
........................
1,043,168
33,057,994
358,383,358
a
Entertainment
—
1
.3
%
Electronic
Arts,
Inc.
.......................
655,606
94,748,179
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
37,021
3,016,101
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
(b)
.............................
334,096
30,071,981
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Entertainment
(continued)
Liberty
Media
Corp.-Liberty
Live
,
Series
A
(a)
.......
47,459
$
3,191,143
Liberty
Media
Corp.-Liberty
Live
,
Series
C
,
NVS
(a)
...
114,573
7,807,004
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
....
42,209
8,218,936
Playtika
Holding
Corp.
.....................
173,860
898,856
Roku,
Inc.
,
Class
A
(a)
(b)
.....................
267,945
18,874,046
Take-Two
Interactive
Software,
Inc.
(a)
(b)
..........
427,784
88,658,234
TKO
Group
Holdings,
Inc.
,
Class
A
.............
169,690
25,930,329
Walt
Disney
Co.
(The)
.....................
4,503,841
444,529,107
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
6,028,196
64,682,543
790,626,459
a
Financial
Services
—
5
.1
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
644,620
29,130,378
Apollo
Global
Management,
Inc.
...............
327,523
44,851,000
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
4,542,383
2,419,182,338
Block,
Inc.
,
Class
A
(a)
(b)
.....................
797,624
43,334,912
Euronet
Worldwide,
Inc.
(a)
(b)
..................
104,693
11,186,447
Fidelity
National
Information
Services,
Inc.
........
1,336,105
99,780,321
Fiserv,
Inc.
(a)
............................
957,821
211,515,611
Global
Payments,
Inc.
.....................
632,303
61,915,110
Jack
Henry
&
Associates,
Inc.
................
180,469
32,953,639
MGIC
Investment
Corp.
....................
638,703
15,827,060
PayPal
Holdings,
Inc.
(a)
.....................
2,486,698
162,257,045
Rocket
Companies,
Inc.
,
Class
A
(b)
.............
355,088
4,285,912
UWM
Holdings
Corp.
,
Class
A
................
72,987
398,509
Voya
Financial,
Inc.
.......................
246,873
16,728,115
Western
Union
Co.
(The)
...................
499,172
5,281,240
WEX,
Inc.
(a)
(b)
............................
88,855
13,952,012
3,172,579,649
a
Food
Products
—
1
.4
%
Archer-Daniels-Midland
Co.
..................
1,181,358
56,716,998
Bunge
Global
SA
.........................
329,112
25,150,739
Conagra
Brands,
Inc.
......................
1,179,482
31,456,785
Darling
Ingredients,
Inc.
(a)
(b)
..................
392,146
12,250,641
Flowers
Foods,
Inc.
.......................
463,336
8,808,017
Freshpet,
Inc.
(a)
..........................
78,404
6,520,861
General
Mills,
Inc.
........................
1,367,199
81,744,828
Hershey
Co.
(The)
........................
310,782
53,153,046
Hormel
Foods
Corp.
.......................
724,019
22,401,148
Ingredion,
Inc.
...........................
163,536
22,111,703
J
M
Smucker
Co.
(The)
.....................
255,256
30,224,863
Kellanova
..............................
649,643
53,589,051
Kraft
Heinz
Co.
(The)
......................
2,201,487
66,991,249
Lamb
Weston
Holdings,
Inc.
.................
241,667
12,880,851
McCormick
&
Co.,
Inc.
,
NVS
.................
624,455
51,398,891
Mondelez
International,
Inc.
,
Class
A
............
3,321,077
225,335,074
Pilgrim's
Pride
Corp.
.......................
92,399
5,036,670
Post
Holdings,
Inc.
(a)
(b)
......................
129,251
15,039,646
Seaboard
Corp.
..........................
643
1,734,248
Smithfield
Foods,
Inc.
(a)
.....................
63,510
1,294,969
The
Campbell's
Company
...................
479,210
19,130,063
Tyson
Foods,
Inc.
,
Class
A
..................
697,833
44,528,724
847,499,065
a
Gas
Utilities
—
0
.2
%
Atmos
Energy
Corp.
.......................
382,956
59,197,338
MDU
Resources
Group,
Inc.
.................
502,258
8,493,183
National
Fuel
Gas
Co.
.....................
225,224
17,835,489
UGI
Corp.
..............................
531,741
17,584,675
103,110,685
a
Ground
Transportation
—
0
.9
%
Avis
Budget
Group,
Inc.
(a)
...................
25,825
1,960,118
CSX
Corp.
.............................
4,779,557
140,662,363
Security
Shares
Value
a
Ground
Transportation
(continued)
JB
Hunt
Transport
Services,
Inc.
..............
200,457
$
29,657,613
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
390,675
16,990,456
Landstar
System,
Inc.
......................
87,812
13,189,362
Lyft,
Inc.
,
Class
A
(a)
........................
277,599
3,295,100
Norfolk
Southern
Corp.
.....................
560,355
132,720,082
Ryder
System,
Inc.
........................
102,871
14,793,879
Saia,
Inc.
(a)
(b)
............................
27,215
9,509,737
Schneider
National,
Inc.
,
Class
B
..............
116,153
2,654,096
U-Haul
Holding
Co.
(a)
(b)
.....................
10,865
710,136
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
140,538
8,317,039
Union
Pacific
Corp.
.......................
788,302
186,228,464
560,688,445
a
Health
Care
Equipment
&
Supplies
—
3
.5
%
Abbott
Laboratories
.......................
4,289,940
569,060,541
Align
Technology,
Inc.
(a)
.....................
76,798
12,200,130
Baxter
International,
Inc.
....................
1,264,552
43,285,615
Becton
Dickinson
&
Co.
....................
716,927
164,219,299
Boston
Scientific
Corp.
(a)
....................
3,642,780
367,483,646
Cooper
Companies,
Inc.
(The)
(a)
...............
484,234
40,845,138
Dentsply
Sirona,
Inc.
......................
499,119
7,456,838
Edwards
Lifesciences
Corp.
(a)
................
1,173,592
85,061,948
Enovis
Corp.
(a)
(b)
..........................
139,862
5,344,127
Envista
Holdings
Corp.
(a)
(b)
...................
424,305
7,323,504
GE
HealthCare
Technologies,
Inc.
.............
1,022,278
82,508,057
Globus
Medical,
Inc.
,
Class
A
(a)
...............
279,092
20,429,535
Hologic,
Inc.
(a)
...........................
550,890
34,028,475
Masimo
Corp.
(a)
..........................
52,367
8,724,342
Medtronic
PLC
..........................
3,183,655
286,083,238
QuidelOrtho
Corp.
(a)
(b)
......................
163,626
5,722,001
ResMed,
Inc.
(b)
..........................
261,864
58,618,257
Solventum
Corp.
(a)
(b)
.......................
345,311
26,257,449
STERIS
PLC
............................
243,283
55,140,092
Stryker
Corp.
...........................
630,932
234,864,437
Teleflex,
Inc.
............................
114,820
15,866,976
Zimmer
Biomet
Holdings,
Inc.
................
490,046
55,463,406
2,185,987,051
a
Health
Care
Providers
&
Services
—
3
.9
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
224,977
6,821,303
Amedisys,
Inc.
(a)
.........................
79,240
7,340,001
Cardinal
Health,
Inc.
.......................
243,959
33,610,231
Centene
Corp.
(a)
.........................
1,248,708
75,809,063
Chemed
Corp.
...........................
32,964
20,283,408
Cigna
Group
(The)
........................
606,512
199,542,448
CVS
Health
Corp.
........................
3,128,257
211,939,412
Elevance
Health,
Inc.
......................
484,419
210,702,888
Encompass
Health
Corp.
...................
246,689
24,984,662
HCA
Healthcare,
Inc.
......................
346,678
119,794,583
Henry
Schein,
Inc.
(a)
(b)
......................
305,991
20,957,324
Humana,
Inc.
...........................
299,182
79,163,557
Labcorp
Holdings,
Inc.
.....................
208,273
48,473,458
McKesson
Corp.
.........................
179,120
120,545,969
Molina
Healthcare,
Inc.
(a)
(b)
...................
51,763
17,050,215
Premier,
Inc.
,
Class
A
......................
238,799
4,604,045
Quest
Diagnostics,
Inc.
.....................
275,469
46,609,355
Tenet
Healthcare
Corp.
(a)
....................
234,959
31,601,985
UnitedHealth
Group,
Inc.
....................
2,125,866
1,113,422,317
Universal
Health
Services,
Inc.
,
Class
B
(b)
........
142,766
26,825,731
2,420,081,955
a
Health
Care
REITs
—
0
.7
%
Alexandria
Real
Estate
Equities,
Inc.
............
429,780
39,758,948
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
873,871
14,768,420
Healthpeak
Properties,
Inc.
..................
1,735,367
35,089,121
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
REITs
(continued)
Medical
Properties
Trust,
Inc.
(b)
................
1,467,829
$
8,851,009
Omega
Healthcare
Investors,
Inc.
..............
667,139
25,404,653
Ventas,
Inc.
............................
1,039,186
71,454,429
Welltower,
Inc.
...........................
1,528,265
234,145,480
429,472,060
a
Health
Care
Technology
—
0
.0
%
Certara,
Inc.
(a)
(b)
..........................
297,376
2,944,023
Doximity,
Inc.
,
Class
A
(a)
....................
288,009
16,713,162
19,657,185
a
Hotel
&
Resort
REITs
—
0
.0
%
Host
Hotels
&
Resorts,
Inc.
..................
1,739,743
24,721,748
Park
Hotels
&
Resorts,
Inc.
..................
513,523
5,484,426
30,206,174
a
Hotels,
Restaurants
&
Leisure
—
2
.0
%
Aramark
...............................
653,094
22,544,805
Booking
Holdings,
Inc.
.....................
5,047
23,251,075
Boyd
Gaming
Corp.
.......................
156,859
10,326,028
Caesars
Entertainment,
Inc.
(a)
(b)
...............
522,321
13,058,025
Carnival
Corp.
(a)
(b)
.........................
2,538,440
49,575,733
Choice
Hotels
International,
Inc.
(b)
..............
10,817
1,436,281
Darden
Restaurants,
Inc.
...................
136,860
28,434,034
Domino's
Pizza,
Inc.
.......................
56,074
25,763,199
DoorDash,
Inc.
,
Class
A
(a)
...................
111,080
20,302,092
Dutch
Bros,
Inc.
,
Class
A
(a)
..................
164,154
10,134,868
Hilton
Worldwide
Holdings,
Inc.
(b)
..............
289,648
65,909,402
Hyatt
Hotels
Corp.
,
Class
A
..................
86,766
10,628,835
Marriott
International,
Inc.
,
Class
A
.............
561,456
133,738,819
Marriott
Vacations
Worldwide
Corp.
.............
86,045
5,527,531
McDonald's
Corp.
........................
1,672,728
522,510,045
MGM
Resorts
International
(a)
(b)
................
566,558
16,792,779
Penn
Entertainment,
Inc.
(a)
(b)
.................
371,948
6,066,472
Planet
Fitness,
Inc.
,
Class
A
(a)
................
95,595
9,235,433
Royal
Caribbean
Cruises
Ltd.
................
384,159
78,921,625
Starbucks
Corp.
..........................
629,148
61,713,127
Travel
+
Leisure
Co.
.......................
162,596
7,526,569
Vail
Resorts,
Inc.
.........................
14,967
2,395,019
Wendy's
Co.
(The)
........................
216,709
3,170,453
Wyndham
Hotels
&
Resorts,
Inc.
..............
173,225
15,678,595
Wynn
Resorts
Ltd.
........................
233,593
19,505,016
Yum!
Brands,
Inc.
........................
430,006
67,665,744
1,231,811,604
a
Household
Durables
—
0
.7
%
DR
Horton,
Inc.
..........................
703,528
89,439,515
Garmin
Ltd.
.............................
382,815
83,120,621
Leggett
&
Platt,
Inc.
.......................
328,445
2,598,000
Lennar
Corp.
,
Class
A
......................
570,167
65,443,768
Lennar
Corp.
,
Class
B
.....................
28,216
3,077,519
Mohawk
Industries,
Inc.
(a)
...................
131,507
15,015,469
Newell
Brands,
Inc.
.......................
1,044,726
6,477,301
NVR,
Inc.
(a)
.............................
6,940
50,276,067
PulteGroup,
Inc.
.........................
504,569
51,869,693
SharkNinja,
Inc.
(a)
.........................
131,274
10,949,564
Toll
Brothers,
Inc.
.........................
248,730
26,263,401
TopBuild
Corp.
(a)
.........................
68,602
20,920,180
Whirlpool
Corp.
..........................
130,866
11,794,953
437,246,051
a
Household
Products
—
1
.6
%
Church
&
Dwight
Co.,
Inc.
...................
605,943
66,708,265
Colgate-Palmolive
Co.
.....................
907,791
85,060,017
Kimberly-Clark
Corp.
......................
483,950
68,827,369
Procter
&
Gamble
Co.
(The)
.................
4,547,296
774,950,184
Security
Shares
Value
a
Household
Products
(continued)
Reynolds
Consumer
Products,
Inc.
.............
134,184
$
3,201,630
Spectrum
Brands
Holdings,
Inc.
...............
66,974
4,791,990
1,003,539,455
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.1
%
AES
Corp.
(The)
.........................
1,768,454
21,964,198
Brookfield
Renewable
Corp.
,
Class
A
(b)
..........
334,176
9,330,194
Clearway
Energy,
Inc.
,
Class
A
................
92,713
2,638,612
Clearway
Energy,
Inc.
,
Class
C
...............
202,703
6,135,820
40,068,824
a
Industrial
Conglomerates
—
0
.7
%
3M
Co.
................................
1,097,774
161,219,090
Honeywell
International,
Inc.
.................
1,365,663
289,179,140
450,398,230
a
Industrial
REITs
—
0
.6
%
Americold
Realty
Trust,
Inc.
..................
709,623
15,228,510
EastGroup
Properties,
Inc.
..................
121,948
21,481,140
First
Industrial
Realty
Trust,
Inc.
...............
326,641
17,625,548
Lineage,
Inc.
(b)
...........................
152,941
8,966,931
Prologis,
Inc.
............................
2,291,644
256,182,883
Rexford
Industrial
Realty,
Inc.
................
550,872
21,566,639
STAG
Industrial,
Inc.
......................
447,468
16,162,544
357,214,195
a
Insurance
—
4
.4
%
Aflac,
Inc.
..............................
1,369,034
152,222,890
Allstate
Corp.
(The)
.......................
549,724
113,831,349
American
Financial
Group,
Inc.
...............
179,021
23,512,618
American
International
Group,
Inc.
.............
1,546,175
134,424,454
Aon
PLC
,
Class
A
........................
486,826
194,287,388
Arch
Capital
Group
Ltd.
....................
892,441
85,834,975
Arthur
J
Gallagher
&
Co.
....................
567,458
195,909,200
Assurant,
Inc.
...........................
129,440
27,150,040
Assured
Guaranty
Ltd.
.....................
124,317
10,952,328
Axis
Capital
Holdings
Ltd.
...................
189,729
19,018,435
Brighthouse
Financial,
Inc.
(a)
.................
148,515
8,612,385
Brown
&
Brown,
Inc.
.......................
332,452
41,357,029
Chubb
Ltd.
.............................
1,003,401
303,017,068
Cincinnati
Financial
Corp.
...................
380,413
56,194,608
CNA
Financial
Corp.
.......................
54,220
2,753,834
Everest
Group
Ltd.
........................
89,508
32,520,942
Fidelity
National
Financial,
Inc.
................
641,882
41,773,681
First
American
Financial
Corp.
................
245,674
16,123,585
Globe
Life,
Inc.
..........................
205,191
27,027,759
Hanover
Insurance
Group,
Inc.
(The)
...........
89,736
15,609,577
Hartford
Insurance
Group,
Inc.
(The)
............
716,198
88,615,179
Kemper
Corp.
...........................
149,856
10,017,874
Lincoln
National
Corp.
.....................
396,467
14,237,130
Loews
Corp.
(b)
...........................
444,740
40,876,053
Markel
Group,
Inc.
(a)
(b)
......................
24,048
44,960,381
Marsh
&
McLennan
Companies,
Inc.
............
1,055,234
257,508,753
MetLife,
Inc.
............................
1,435,230
115,234,617
Old
Republic
International
Corp.
...............
584,683
22,931,267
Primerica,
Inc.
...........................
84,161
23,946,329
Principal
Financial
Group,
Inc.
................
561,353
47,361,353
Progressive
Corp.
(The)
....................
227,715
64,445,622
Prudential
Financial,
Inc.
....................
889,327
99,320,039
Reinsurance
Group
of
America,
Inc.
............
163,268
32,147,469
RenaissanceRe
Holdings
Ltd.
................
127,550
30,612,000
RLI
Corp.
..............................
194,896
15,655,996
Travelers
Companies,
Inc.
(The)
...............
560,587
148,252,838
Unum
Group
............................
421,972
34,373,839
W
R
Berkley
Corp.
........................
729,101
51,882,827
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Insurance
(continued)
White
Mountains
Insurance
Group
Ltd.
(b)
.........
6,290
$
12,113,345
Willis
Towers
Watson
PLC
...................
249,159
84,203,284
2,740,830,340
a
Interactive
Media
&
Services
—
0
.1
%
IAC,
Inc.
(a)
(b)
............................
183,964
8,451,306
Match
Group,
Inc.
........................
638,260
19,913,712
TripAdvisor,
Inc.
(a)
(b)
.......................
252,598
3,579,314
Trump
Media
&
Technology
Group
Corp.
(a)
(b)
.......
68,928
1,346,853
ZoomInfo
Technologies,
Inc.
(a)
................
746,617
7,466,170
40,757,355
a
IT
Services
—
2
.2
%
Accenture
PLC
,
Class
A
....................
1,556,235
485,607,569
Akamai
Technologies,
Inc.
(a)
(b)
.................
368,326
29,650,243
Amdocs
Ltd.
............................
277,778
25,416,687
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
1,234,601
94,446,976
DXC
Technology
Co.
(a)
.....................
448,604
7,648,698
EPAM
Systems,
Inc.
(a)
(b)
....................
126,541
21,365,182
Globant
SA
(a)
(b)
..........................
25,808
3,038,118
International
Business
Machines
Corp.
..........
2,275,269
565,768,390
Kyndryl
Holdings,
Inc.
(a)
.....................
562,119
17,650,537
Okta,
Inc.
,
Class
A
(a)
.......................
222,018
23,360,734
Twilio,
Inc.
,
Class
A
(a)
......................
303,670
29,732,330
VeriSign,
Inc.
(a)
..........................
192,518
48,874,545
1,352,560,009
a
Leisure
Products
—
0
.1
%
Brunswick
Corp.
.........................
162,273
8,738,401
Hasbro,
Inc.
............................
43,416
2,669,650
Mattel,
Inc.
(a)
............................
847,252
16,462,106
Polaris,
Inc.
.............................
127,142
5,205,194
YETI
Holdings,
Inc.
(a)
(b)
.....................
147,764
4,890,988
37,966,339
a
Life
Sciences
Tools
&
Services
—
2
.0
%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
...............
84,952
741,631
Agilent
Technologies,
Inc.
...................
712,336
83,329,065
Avantor,
Inc.
(a)
(b)
..........................
1,691,024
27,411,499
Azenta,
Inc.
(a)
(b)
..........................
98,945
3,427,455
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
46,708
11,376,200
Bio-Techne
Corp.
(b)
........................
386,390
22,654,046
Bruker
Corp.
(b)
...........................
99,201
4,140,650
Charles
River
Laboratories
International,
Inc.
(a)
(b)
....
127,311
19,162,852
Danaher
Corp.
..........................
1,600,906
328,185,730
Fortrea
Holdings,
Inc.
(a)
.....................
196,845
1,486,180
Illumina,
Inc.
(a)
...........................
394,823
31,325,257
IQVIA
Holdings,
Inc.
(a)
(b)
.....................
395,538
69,733,349
Mettler-Toledo
International,
Inc.
(a)
.............
51,621
60,959,755
QIAGEN
N.V.
(a)
(b)
.........................
541,425
21,738,214
Repligen
Corp.
(a)
(b)
........................
118,079
15,024,372
Revvity,
Inc.
(b)
...........................
304,222
32,186,688
Sotera
Health
Co.
(a)
(b)
......................
373,405
4,353,902
Thermo
Fisher
Scientific,
Inc.
.................
947,151
471,302,338
Waters
Corp.
(a)
(b)
.........................
57,364
21,142,649
West
Pharmaceutical
Services,
Inc.
............
71,464
15,999,360
1,245,681,192
a
Machinery
—
3
.4
%
AGCO
Corp.
............................
153,820
14,239,117
Allison
Transmission
Holdings,
Inc.
.............
215,570
20,623,582
Caterpillar,
Inc.
..........................
1,027,201
338,770,890
CNH
Industrial
N.V.
.......................
2,155,282
26,466,863
Crane
Co.
..............................
122,080
18,700,214
Cummins,
Inc.
...........................
338,758
106,180,308
Deere
&
Co.
............................
618,128
290,118,377
Security
Shares
Value
a
Machinery
(continued)
Donaldson
Co.,
Inc.
.......................
299,536
$
20,086,884
Dover
Corp.
............................
339,305
59,609,102
Esab
Corp.
.............................
139,780
16,284,370
Flowserve
Corp.
.........................
328,019
16,020,448
Fortive
Corp.
............................
857,958
62,785,366
Gates
Industrial
Corp.
PLC
(a)
.................
590,456
10,870,295
Graco,
Inc.
.............................
413,671
34,545,665
IDEX
Corp.
.............................
187,278
33,891,700
Illinois
Tool
Works,
Inc.
.....................
453,728
112,529,081
Ingersoll
Rand,
Inc.
(b)
......................
1,001,271
80,131,718
ITT,
Inc.
...............................
203,752
26,316,608
Lincoln
Electric
Holdings,
Inc.
................
99,452
18,812,340
Middleby
Corp.
(The)
(a)
(b)
....................
131,673
20,011,663
Nordson
Corp.
...........................
140,257
28,292,642
Oshkosh
Corp.
..........................
160,961
15,143,211
Otis
Worldwide
Corp.
......................
989,964
102,164,285
PACCAR,
Inc.
...........................
1,275,288
124,174,793
Parker-Hannifin
Corp.
......................
317,221
192,822,785
Pentair
PLC
............................
408,466
35,732,606
RBC
Bearings,
Inc.
(a)
......................
70,937
22,825,398
Snap-on,
Inc.
...........................
128,415
43,277,139
Stanley
Black
&
Decker,
Inc.
.................
380,131
29,224,471
Timken
Co.
(The)
.........................
159,463
11,460,606
Toro
Co.
(The)
...........................
253,921
18,472,753
Westinghouse
Air
Brake
Technologies
Corp.
.......
423,088
76,727,009
Xylem,
Inc.
.............................
599,931
71,667,757
2,098,980,046
a
Marine
Transportation
—
0
.0
%
Kirby
Corp.
(a)
............................
145,629
14,709,985
a
Media
—
1
.1
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
229,266
84,491,399
Comcast
Corp.
,
Class
A
....................
9,300,423
343,185,609
Fox
Corp.
,
Class
A
,
NVS
....................
547,253
30,974,520
Fox
Corp.
,
Class
B
........................
327,040
17,238,278
Interpublic
Group
of
Companies,
Inc.
(The)
.......
919,834
24,982,691
Liberty
Broadband
Corp.
,
Series
A
(a)
............
30,799
2,617,915
Liberty
Broadband
Corp.
,
Series
C
,
NVS
(a)
........
205,971
17,517,834
New
York
Times
Co.
(The)
,
Class
A
.............
398,340
19,757,664
News
Corp.
,
Class
A
,
NVS
..................
941,097
25,616,660
News
Corp.
,
Class
B
......................
281,131
8,537,949
Nexstar
Media
Group,
Inc.
...................
46,893
8,404,163
Omnicom
Group,
Inc.
......................
480,212
39,814,377
Paramount
Global
,
Class
A
(b)
.................
26,914
612,294
Paramount
Global
,
Class
B
,
NVS
..............
1,463,291
17,500,960
Sirius
XM
Holdings,
Inc.
(b)
...................
532,491
12,005,010
653,257,323
a
Metals
&
Mining
—
0
.8
%
Alcoa
Corp.
.............................
610,336
18,615,248
ATI,
Inc.
(a)
..............................
305,053
15,871,908
Cleveland-Cliffs,
Inc.
(a)
(b)
....................
802,699
6,598,186
Freeport-McMoRan,
Inc.
....................
3,548,902
134,361,430
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
323,832
7,904,739
Newmont
Corp.
..........................
2,825,821
136,430,638
Nucor
Corp.
............................
581,459
69,972,776
Reliance,
Inc.
...........................
133,189
38,458,324
Royal
Gold,
Inc.
..........................
163,793
26,781,793
Steel
Dynamics,
Inc.
.......................
359,229
44,932,363
United
States
Steel
Corp.
...................
556,016
23,497,236
523,424,641
a
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Mortgage
REITs
—
0
.1
%
AGNC
Investment
Corp.
....................
2,143,454
$
20,534,289
Annaly
Capital
Management,
Inc.
..............
1,386,440
28,158,596
Rithm
Capital
Corp.
.......................
1,288,870
14,757,562
Starwood
Property
Trust,
Inc.
.................
789,092
15,600,349
79,050,796
a
Multi-Utilities
—
1
.3
%
Ameren
Corp.
...........................
659,095
66,173,138
CenterPoint
Energy,
Inc.
....................
1,596,513
57,841,666
CMS
Energy
Corp.
........................
737,882
55,422,317
Consolidated
Edison,
Inc.
...................
859,177
95,016,385
Dominion
Energy,
Inc.
......................
2,078,172
116,523,104
DTE
Energy
Co.
.........................
513,334
70,978,692
NiSource,
Inc.
...........................
1,155,426
46,321,028
Public
Service
Enterprise
Group,
Inc.
...........
1,236,788
101,787,652
Sempra
...............................
1,571,138
112,116,408
WEC
Energy
Group,
Inc.
....................
784,845
85,532,408
807,712,798
a
Office
REITs
—
0
.1
%
BXP,
Inc.
..............................
392,243
26,354,807
Cousins
Properties,
Inc.
....................
413,883
12,209,548
Highwoods
Properties,
Inc.
..................
257,847
7,642,585
Kilroy
Realty
Corp.
........................
289,017
9,468,197
Vornado
Realty
Trust
(b)
.....................
439,021
16,239,387
71,914,524
a
Oil,
Gas
&
Consumable
Fuels
—
6
.5
%
Antero
Midstream
Corp.
....................
518,066
9,325,188
Antero
Resources
Corp.
(a)
...................
723,093
29,241,881
APA
Corp.
.............................
903,618
18,994,050
Cheniere
Energy,
Inc.
......................
270,259
62,537,933
Chevron
Corp.
...........................
4,059,681
679,144,034
Chord
Energy
Corp.
.......................
153,939
17,352,004
Civitas
Resources,
Inc.
.....................
179,123
6,249,601
ConocoPhillips
..........................
3,209,454
337,056,859
Coterra
Energy,
Inc.
.......................
1,805,968
52,192,475
Devon
Energy
Corp.
.......................
1,541,044
57,635,046
Diamondback
Energy,
Inc.
...................
467,141
74,686,503
DT
Midstream,
Inc.
........................
249,795
24,100,222
EOG
Resources,
Inc.
......................
1,389,136
178,142,801
EQT
Corp.
.............................
1,369,030
73,147,273
Expand
Energy
Corp.
......................
570,726
63,533,218
Exxon
Mobil
Corp.
........................
10,905,789
1,297,025,486
Hess
Corp.
.............................
243,915
38,960,543
HF
Sinclair
Corp.
.........................
381,694
12,550,099
Kinder
Morgan,
Inc.
.......................
4,806,290
137,123,454
Marathon
Petroleum
Corp.
..................
796,657
116,064,958
Matador
Resources
Co.
....................
268,618
13,723,694
New
Fortress
Energy,
Inc.
,
Class
A
(b)
............
97,213
807,840
Occidental
Petroleum
Corp.
..................
1,689,146
83,376,246
ONEOK,
Inc.
............................
1,537,379
152,538,744
Ovintiv,
Inc.
.............................
656,306
28,089,897
Permian
Resources
Corp.
,
Class
A
.............
1,278,726
17,710,355
Phillips
66
..............................
1,023,456
126,376,347
Range
Resources
Corp.
....................
586,246
23,408,803
Valero
Energy
Corp.
.......................
782,822
103,387,301
Viper
Energy,
Inc.
,
Class
A
..................
223,699
10,100,010
Williams
Companies,
Inc.
(The)
...............
3,017,321
180,315,103
4,024,897,968
a
Paper
&
Forest
Products
—
0
.0
%
Louisiana-Pacific
Corp.
.....................
48,044
4,419,087
a
Security
Shares
Value
a
Passenger
Airlines
—
0
.3
%
Alaska
Air
Group,
Inc.
(a)
.....................
310,263
$
15,271,145
American
Airlines
Group,
Inc.
(a)
................
1,512,188
15,953,583
Delta
Air
Lines,
Inc.
.......................
1,597,498
69,650,913
Southwest
Airlines
Co.
.....................
1,481,367
49,744,304
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
809,743
55,912,754
206,532,699
a
Personal
Care
Products
—
0
.3
%
BellRing
Brands,
Inc.
(a)
.....................
321,401
23,931,518
Coty,
Inc.
,
Class
A
(a)
(b)
......................
947,030
5,180,254
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
367,928
24,283,248
Kenvue,
Inc.
............................
4,748,658
113,872,819
167,267,839
a
Pharmaceuticals
—
2
.9
%
Bristol-Myers
Squibb
Co.
....................
5,030,535
306,812,330
Elanco
Animal
Health,
Inc.
(a)
(b)
................
1,234,212
12,959,226
Jazz
Pharmaceuticals
PLC
(a)
(b)
................
149,150
18,516,972
Johnson
&
Johnson
.......................
5,983,050
992,229,012
Organon
&
Co.
..........................
636,258
9,473,882
Perrigo
Co.
PLC
.........................
335,139
9,397,297
Pfizer,
Inc.
.............................
14,061,743
356,324,568
Royalty
Pharma
PLC
,
Class
A
................
967,266
30,110,991
Viatris,
Inc.
.............................
2,935,230
25,565,853
Zoetis,
Inc.
,
Class
A
.......................
198,035
32,606,463
1,793,996,594
a
Professional
Services
—
0
.8
%
Amentum
Holdings,
Inc.
(a)
...................
366,587
6,671,883
Automatic
Data
Processing,
Inc.
...............
73,206
22,366,629
Broadridge
Financial
Solutions,
Inc.
............
25,229
6,117,023
CACI
International,
Inc.
,
Class
A
(a)
(b)
............
54,992
20,177,665
Clarivate
PLC
(a)
(b)
.........................
1,009,325
3,966,647
Concentrix
Corp.
.........................
118,968
6,619,380
Dayforce,
Inc.
(a)
(b)
.........................
334,394
19,505,202
Dun
&
Bradstreet
Holdings,
Inc.
...............
758,402
6,780,114
Equifax,
Inc.
............................
243,100
59,209,436
FTI
Consulting,
Inc.
(a)
......................
86,922
14,262,162
Genpact
Ltd.
............................
434,384
21,884,266
Jacobs
Solutions,
Inc.
......................
304,915
36,861,174
KBR,
Inc.
..............................
303,900
15,137,259
Leidos
Holdings,
Inc.
......................
329,129
44,412,667
ManpowerGroup,
Inc.
......................
118,207
6,841,821
Parsons
Corp.
(a)
..........................
113,090
6,696,059
Paychex,
Inc.
...........................
509,991
78,681,412
Paycom
Software,
Inc.
.....................
46,576
10,175,925
Paycor
HCM,
Inc.
(a)
(b)
......................
182,633
4,098,285
Robert
Half,
Inc.
.........................
249,353
13,602,206
Science
Applications
International
Corp.
.........
122,127
13,711,198
SS&C
Technologies
Holdings,
Inc.
.............
533,044
44,525,165
TransUnion
.............................
453,998
37,677,294
499,980,872
a
Real
Estate
Management
&
Development
—
0
.4
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
758,672
99,219,124
CoStar
Group,
Inc.
(a)
(b)
......................
1,029,571
81,572,910
Howard
Hughes
Holdings,
Inc.
(a)
(b)
..............
76,721
5,683,492
Jones
Lang
LaSalle,
Inc.
(a)
...................
81,381
20,175,164
Seaport
Entertainment
Group,
Inc.
(a)
(b)
...........
19,368
415,831
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
................
116,360
7,779,829
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
383,912
26,321,007
241,167,357
a
Residential
REITs
—
0
.7
%
American
Homes
4
Rent
,
Class
A
..............
834,970
31,570,216
AvalonBay
Communities,
Inc.
................
352,096
75,566,843
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Residential
REITs
(continued)
Camden
Property
Trust
.....................
255,909
$
31,297,671
Equity
LifeStyle
Properties,
Inc.
...............
466,967
31,146,699
Equity
Residential
........................
938,064
67,146,621
Essex
Property
Trust,
Inc.
...................
158,347
48,544,440
Invitation
Homes,
Inc.
......................
1,517,476
52,884,038
Mid-America
Apartment
Communities,
Inc.
........
287,893
48,245,109
Sun
Communities,
Inc.
.....................
312,452
40,193,825
UDR,
Inc.
..............................
811,669
36,663,089
463,258,551
a
Retail
REITs
—
0
.6
%
Agree
Realty
Corp.
.......................
252,515
19,491,633
Brixmor
Property
Group,
Inc.
.................
748,616
19,875,755
Federal
Realty
Investment
Trust
...............
208,797
20,424,522
Kimco
Realty
Corp.
.......................
1,635,370
34,735,259
NNN
REIT,
Inc.
..........................
461,480
19,682,122
Realty
Income
Corp.
.......................
2,160,889
125,353,171
Regency
Centers
Corp.
....................
446,653
32,945,125
Simon
Property
Group,
Inc.
..................
597,037
99,155,905
371,663,492
a
Semiconductors
&
Semiconductor
Equipment
—
2
.7
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,357,483
139,467,803
Allegro
MicroSystems,
Inc.
(a)
.................
304,902
7,662,187
Amkor
Technology,
Inc.
.....................
278,714
5,033,575
Analog
Devices,
Inc.
.......................
1,228,888
247,829,843
Applied
Materials,
Inc.
.....................
163,485
23,724,943
Astera
Labs,
Inc.
(a)
(b)
.......................
259,741
15,498,745
Cirrus
Logic,
Inc.
(a)
........................
132,912
13,245,345
First
Solar,
Inc.
(a)
.........................
264,360
33,423,035
GlobalFoundries,
Inc.
(a)
(b)
....................
242,616
8,954,956
Intel
Corp.
.............................
10,750,153
244,135,975
Lattice
Semiconductor
Corp.
(a)
................
45,155
2,368,380
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
.....
154,499
15,508,610
Marvell
Technology,
Inc.
....................
1,954,832
120,359,006
Microchip
Technology,
Inc.
...................
1,311,926
63,510,338
Micron
Technology,
Inc.
.....................
2,733,949
237,552,829
MKS
Instruments,
Inc.
.....................
155,179
12,437,597
ON
Semiconductor
Corp.
(a)
..................
1,051,231
42,774,589
Onto
Innovation,
Inc.
(a)
.....................
91,246
11,071,790
Qorvo,
Inc.
(a)
............................
237,160
17,172,756
QUALCOMM,
Inc.
........................
172,449
26,489,891
Skyworks
Solutions,
Inc.
....................
396,819
25,646,412
Teradyne,
Inc.
...........................
35,602
2,940,725
Texas
Instruments,
Inc.
.....................
1,984,319
356,582,124
Universal
Display
Corp.
....................
57,276
7,988,856
Wolfspeed,
Inc.
(a)
(b)
........................
381,512
1,167,427
1,682,547,737
a
Software
—
1
.2
%
ANSYS,
Inc.
(a)
...........................
216,640
68,579,558
BILL
Holdings,
Inc.
(a)
.......................
190,217
8,729,058
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
1,195,918
10,799,140
Dolby
Laboratories,
Inc.
,
Class
A
..............
149,052
11,970,366
DoubleVerify
Holdings,
Inc.
(a)
.................
156,292
2,089,624
Dropbox,
Inc.
,
Class
A
(a)
(b)
...................
383,157
10,234,124
Fair
Isaac
Corp.
(a)
.........................
9,072
16,730,220
Fortinet,
Inc.
(a)
(b)
..........................
286,380
27,566,939
Gen
Digital,
Inc.
..........................
1,349,291
35,810,183
Guidewire
Software,
Inc.
(a)
...................
110,362
20,677,424
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
199,460
3,480,577
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
536,805
154,744,777
nCino,
Inc.
(a)
(b)
...........................
77,787
2,136,809
Nutanix,
Inc.
,
Class
A
(a)
.....................
443,277
30,945,167
PTC,
Inc.
(a)
.............................
116,531
18,056,478
Security
Shares
Value
a
Software
(continued)
Roper
Technologies,
Inc.
....................
264,762
$
156,098,380
Salesforce,
Inc.
..........................
348,599
93,550,028
SentinelOne,
Inc.
,
Class
A
(a)
..................
583,605
10,609,939
Tyler
Technologies,
Inc.
(a)
(b)
..................
15,625
9,084,219
UiPath,
Inc.
,
Class
A
(a)
.....................
156,688
1,613,886
Unity
Software,
Inc.
(a)
(b)
.....................
419,861
8,225,077
Zoom
Communications,
Inc.
,
Class
A
(a)
(b)
.........
653,478
48,207,072
749,939,045
a
Specialized
REITs
—
1
.5
%
Crown
Castle,
Inc.
........................
1,078,021
112,362,129
CubeSmart
.............................
557,520
23,811,679
Digital
Realty
Trust,
Inc.
....................
821,550
117,719,900
EPR
Properties
..........................
184,742
9,719,277
Equinix,
Inc.
............................
226,106
184,355,527
Extra
Space
Storage,
Inc.
...................
519,185
77,093,781
Gaming
and
Leisure
Properties,
Inc.
............
644,153
32,787,388
Iron
Mountain,
Inc.
........................
310,209
26,690,382
Lamar
Advertising
Co.
,
Class
A
...............
162,808
18,524,294
Millrose
Properties,
Inc.
,
Class
A
(a)
.............
312,728
8,290,419
National
Storage
Affiliates
Trust
...............
176,085
6,937,749
Public
Storage
...........................
332,612
99,547,445
Rayonier,
Inc.
...........................
380,712
10,614,251
SBA
Communications
Corp.
,
Class
A
............
266,002
58,523,100
VICI
Properties,
Inc.
.......................
2,611,845
85,198,384
Weyerhaeuser
Co.
........................
1,807,147
52,913,264
925,088,969
a
Specialty
Retail
—
1
.7
%
Advance
Auto
Parts,
Inc.
....................
147,120
5,768,575
AutoNation,
Inc.
(a)
.........................
63,805
10,331,306
AutoZone,
Inc.
(a)
(b)
........................
3,684
14,046,282
Bath
&
Body
Works,
Inc.
....................
542,222
16,440,171
Best
Buy
Co.,
Inc.
........................
534,497
39,344,324
CarMax,
Inc.
(a)
(b)
..........................
355,993
27,738,975
Carvana
Co.
,
Class
A
(a)
.....................
174,637
36,513,104
Dick's
Sporting
Goods,
Inc.
..................
126,677
25,533,016
Five
Below,
Inc.
(a)
.........................
27,386
2,051,896
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
164,841
13,264,755
GameStop
Corp.
,
Class
A
(a)
(b)
.................
970,840
21,669,149
Gap,
Inc.
(The)
..........................
505,963
10,427,897
Home
Depot,
Inc.
(The)
....................
496,937
182,122,441
Lithia
Motors,
Inc.
,
Class
A
..................
64,839
19,032,840
Lowe's
Companies,
Inc.
....................
1,401,366
326,840,592
O'Reilly
Automotive,
Inc.
(a)
...................
11,208
16,056,357
Penske
Automotive
Group,
Inc.
...............
45,640
6,571,247
RH
(a)
.................................
29,469
6,907,828
Ross
Stores,
Inc.
.........................
619,346
79,146,225
TJX
Companies,
Inc.
(The)
..................
1,149,409
139,998,016
Ulta
Beauty,
Inc.
(a)
........................
15,774
5,781,802
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
238,655
7,644,120
Williams-Sonoma,
Inc.
.....................
126,265
19,962,497
1,033,193,415
a
Technology
Hardware,
Storage
&
Peripherals
—
0
.4
%
Dell
Technologies,
Inc.
,
Class
C
...............
574,229
52,340,973
Hewlett
Packard
Enterprise
Co.
...............
3,254,609
50,218,617
HP,
Inc.
...............................
1,761,497
48,775,852
NetApp,
Inc.
............................
284,072
24,952,884
Pure
Storage,
Inc.
,
Class
A
(a)
.................
97,601
4,320,796
SanDisk
Corp.
(a)
(b)
........................
284,831
13,560,804
Western
Digital
Corp.
(a)
.....................
854,648
34,553,419
228,723,345
a
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
29
Schedule
of
Investments
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.3
%
Amer
Sports,
Inc.
(a)
........................
144,493
$
3,862,298
Birkenstock
Holding
PLC
(a)
(b)
.................
97,077
4,450,980
Capri
Holdings
Ltd.
(a)
(b)
.....................
286,363
5,649,942
Carter's,
Inc.
............................
88,576
3,622,758
Columbia
Sportswear
Co.
...................
82,144
6,217,479
Crocs,
Inc.
(a)
(b)
...........................
115,858
12,304,120
NIKE,
Inc.
,
Class
B
.......................
1,121,119
71,168,634
PVH
Corp.
(b)
............................
139,355
9,007,907
Ralph
Lauren
Corp.
,
Class
A
.................
97,743
21,575,790
Skechers
USA,
Inc.
,
Class
A
(a)
................
296,820
16,853,440
Tapestry,
Inc.
............................
574,960
40,482,934
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...............
465,855
2,911,594
Under
Armour,
Inc.
,
Class
C
,
NVS
(a)
............
478,123
2,844,832
VF
Corp.
..............................
865,154
13,427,190
214,379,898
a
Tobacco
—
1
.4
%
Altria
Group,
Inc.
.........................
4,205,877
252,436,738
Philip
Morris
International,
Inc.
................
3,855,580
611,996,213
864,432,951
a
Trading
Companies
&
Distributors
—
0
.5
%
Air
Lease
Corp.
,
Class
A
....................
257,852
12,456,830
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
163,434
7,895,497
Fastenal
Co.
............................
222,335
17,242,079
Ferguson
Enterprises,
Inc.
...................
462,764
74,148,676
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
113,421
8,809,409
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
69,666
8,460,239
United
Rentals,
Inc.
.......................
123,098
77,145,517
Watsco,
Inc.
............................
85,808
43,616,206
WESCO
International,
Inc.
...................
104,005
16,151,976
WW
Grainger,
Inc.
........................
14,282
14,108,188
280,034,617
a
Security
Shares
Value
a
Water
Utilities
—
0
.2
%
American
Water
Works
Co.,
Inc.
...............
483,136
$
71,272,223
Essential
Utilities,
Inc.
......................
627,686
24,812,427
96,084,650
a
Wireless
Telecommunication
Services
—
0
.5
%
GCI
Liberty,
Inc.
,
Class
A
(a)
(d)
.................
250,091
—
T-Mobile
U.S.,
Inc.
........................
1,168,154
311,558,353
311,558,353
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
53,937,172,501
)
..............................
61,780,349,894
a
Short-Term
Securities
Money
Market
Funds
—
1
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(c)
(e)
(f)
......................
699,141,162
699,490,732
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(c)
(e)
............................
108,886,169
108,886,169
a
Total
Short-Term
Securities — 1.3%
(Cost:
$
808,019,735
)
................................
808,376,901
Total
Investments
—
101.0%
(Cost:
$
54,745,192,236
)
..............................
62,588,726,795
Liabilities
in
Excess
of
Other
Assets
—
(
1
.0
)
%
...............
(
637,995,180
)
Net
Assets
—
100.0%
.................................
$
61,950,731,615
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
605,060,820
$
94,382,919
(a)
$
—
$
66,031
$
(
19,038
)
$
699,490,732
699,141,162
$
3,406,132
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
76,868,005
32,018,164
(a)
—
—
—
108,886,169
108,886,169
4,619,447
—
BlackRock,
Inc.
......
317,780,595
80,568,137
(
88,806,716
)
26,987,101
10,033,053
346,562,170
366,159
7,451,344
—
$
27,053,132
$
10,014,015
$
1,154,939,071
$
15,476,923
$
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Russell
1000
Value
ETF
30
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Russell
1000
Value
Index
...........................................................
1,759
06/20/25
$
163,956
$
2,587,433
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
2,587,433
$
—
$
—
$
—
$
2,587,433
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
3,224,149
$
—
$
—
$
—
$
3,224,149
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
1,492,058
)
$
—
$
—
$
—
$
(
1,492,058
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
151,783,755
a
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(continued)
March
31,
2025
31
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
61,780,349,894
$
—
$
—
$
61,780,349,894
Short-Term
Securities
Money
Market
Funds
......................................
808,376,901
—
—
808,376,901
$
62,588,726,795
$
—
$
—
$
62,588,726,795
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,587,433
$
—
$
—
$
2,587,433
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
32
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
March
31,
2025
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................................
$
36,986,118,412
$
96,177,487,884
$
61,433,787,724
Investments,
at
value
—
affiliated
(c)
........................................................
494,075,565
1,024,392,171
1,154,939,071
Cash
............................................................................
2,144,927
6,907,154
2,580,905
Cash
pledged:
Futures
contracts
..................................................................
3,687,000
10,498,000
9,061,740
Receivables:
Securities
lending
income
—
affiliated
....................................................
68,851
173,742
158,386
Capital
shares
sold
.................................................................
43,328
197,417
347,284
Dividends
—
unaffiliated
.............................................................
20,903,785
22,015,508
56,625,476
Dividends
—
affiliated
...............................................................
209,084
485,461
381,222
Variation
margin
on
futures
contracts
.....................................................
335,027
218,370
1,334,388
Total
assets
.......................................................................
37,507,585,979
97,242,375,707
62,659,216,196
LIABILITIES
Collateral
on
securities
loaned
...........................................................
337,160,961
888,508,099
698,970,742
Payables:
Investment
advisory
fees
.............................................................
4,786,399
15,283,478
9,513,839
Total
liabilities
......................................................................
341,947,360
903,791,577
708,484,581
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................
$
37,165,638,619
$
96,338,584,130
$
61,950,731,615
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................
$
35,200,975,208
$
73,694,210,478
$
58,375,005,973
Accumulated
earnings
................................................................
1,964,663,411
22,644,373,652
3,575,725,642
NET
ASSETS
......................................................................
$
37,165,638,619
$
96,338,584,130
$
61,950,731,615
NET
ASSET
VALUE
Shares
outstanding
..................................................................
121,200,000
266,950,000
329,350,000
Net
asset
value
.....................................................................
$
306.65
$
360.89
$
188.10
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
None
None
None
(a)
Securities
loaned,
at
value
...........................................................
$
327,867,684
$
863,852,816
$
677,683,442
(b)
Investments,
at
cost
—
unaffiliated
......................................................
$
33,498,154,942
$
68,614,276,957
$
53,674,184,727
(c)
Investments,
at
cost
—
affiliated
........................................................
$
479,532,303
$
1,023,842,300
$
1,071,007,509
33
Statements
of
Operations
Statements
of
Operations
Year
Ended
March
31,
2025
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................
$
488,827,579
$
630,836,412
$
1,221,384,913
Dividends
—
affiliated
..............................................................
5,103,492
6,551,264
12,070,791
Interest
—
unaffiliated
..............................................................
219,761
474,057
438,689
Securities
lending
income
—
affiliated
—
net
...............................................
1,448,501
2,235,122
3,406,132
Foreign
taxes
withheld
.............................................................
(
39,172
)
(
33,761
)
(
98,183
)
Total
investment
income
..............................................................
495,560,161
640,063,094
1,237,202,342
EXPENSES
Investment
advisory
...............................................................
56,333,923
180,337,906
108,602,981
Interest
expense
.................................................................
3
25
1
Total
expenses
....................................................................
56,333,926
180,337,931
108,602,982
Net
investment
income
...............................................................
439,226,235
459,725,163
1,128,599,360
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................
(
220,066,792
)
143,397,007
(
20,568,476
)
Investments
—
affiliated
...........................................................
(
157,962
)
187,042
(
586,863
)
Futures
contracts
...............................................................
1,635,239
11,567,018
3,224,149
In-kind
redemptions
—
unaffiliated
(a)
...................................................
6,443,128,055
10,174,848,519
3,210,331,085
In-kind
redemptions
—
affiliated
(a)
....................................................
14,993,996
—
27,639,995
6,239,532,536
10,329,999,586
3,220,039,890
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................
(
3,955,143,522
)
(
4,070,429,790
)
(
389,856,204
)
Investments
—
affiliated
...........................................................
(
3,186,584
)
23,150
10,014,015
Futures
contracts
...............................................................
(
780,092
)
(
6,240,236
)
(
1,492,058
)
(
3,959,110,198
)
(
4,076,646,876
)
(
381,334,247
)
Net
realized
and
unrealized
gain
........................................................
2,280,422,338
6,253,352,710
2,838,705,643
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................
$
2,719,648,573
$
6,713,077,873
$
3,967,305,003
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
34
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
439,226,235
$
429,912,703
$
459,725,163
$
491,264,556
Net
realized
gain
.............................................
6,239,532,536
3,267,825,634
10,329,999,586
4,709,706,722
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
3,959,110,198
)
4,581,030,463
(
4,076,646,876
)
19,764,900,848
Net
increase
in
net
assets
resulting
from
operations
........................
2,719,648,573
8,278,768,800
6,713,077,873
24,965,872,126
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
440,057,087
)
(
433,193,826
)
(
471,421,216
)
(
515,727,748
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
558,916,093
)
(
766,733,872
)
924,103,611
1,169,419,764
NET
ASSETS
Total
increase
in
net
assets
........................................
1,720,675,393
7,078,841,102
7,165,760,268
25,619,564,142
Beginning
of
year
...............................................
35,444,963,226
28,366,122,124
89,172,823,862
63,553,259,720
End
of
year
...................................................
$
37,165,638,619
$
35,444,963,226
$
96,338,584,130
$
89,172,823,862
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
35
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Russell
1000
Value
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
1,128,599,360
$
1,095,614,372
Net
realized
gain
................................................................................
3,220,039,890
3,284,640,219
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
(
381,334,247
)
5,333,004,536
Net
increase
in
net
assets
resulting
from
operations
...........................................................
3,967,305,003
9,713,259,127
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
1,130,617,738
)
(
1,078,895,276
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........................................
2,933,153,591
(
3,048,552,944
)
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
5,769,840,856
5,585,810,907
Beginning
of
year
..................................................................................
56,180,890,759
50,595,079,852
End
of
year
......................................................................................
$
61,950,731,615
$
56,180,890,759
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
36
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
288.17
$
225.22
$
250.07
$
223.72
$
141.59
Net
investment
income
(a)
................................
3
.62
3
.44
3
.31
2
.88
2
.74
Net
realized
and
unrealized
gain
(loss)
(b)
......................
18.51
62.99
(
24.81
)
26.40
82.26
Net
increase
(decrease)
from
investment
operations
...............
22.13
66.43
(
21.50
)
29.28
85.00
Distributions
from
net
investment
income
(c)
......................
(
3
.65
)
(
3
.48
)
(
3
.35
)
(
2
.93
)
(
2
.87
)
Net
asset
value,
end
of
year
..............................
$
306.65
$
288.17
$
225.22
$
250.07
$
223.72
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
7
.66
%
29.73
%
(
8
.51
)
%
13.09
%
60.37
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.17
%
1
.39
%
1
.51
%
1
.17
%
1
.44
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
37,165,639
$
35,444,963
$
28,366,122
$
30,420,468
$
27,147,851
Portfolio
turnover
rate
(f)
...................................
3
%
3
%
5
%
6
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
37
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
Growth
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
337.07
$
244.48
$
277.39
$
243.05
$
150.69
Net
investment
income
(a)
................................
1
.75
1
.88
1
.96
1
.53
1
.54
Net
realized
and
unrealized
gain
(loss)
(b)
......................
23.86
92.66
(
32.81
)
34.37
92.34
Net
increase
(decrease)
from
investment
operations
...............
25.61
94.54
(
30.85
)
35.90
93.88
Distributions
from
net
investment
income
(c)
......................
(
1
.79
)
(
1
.95
)
(
2
.06
)
(
1
.56
)
(
1
.52
)
Net
asset
value,
end
of
year
..............................
$
360.89
$
337.07
$
244.48
$
277.39
$
243.05
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
7
.57
%
38.81
%
(
11.06
)
%
14.77
%
62.44
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.18
%
0
.19
%
0
.19
%
0
.18
%
0
.19
%
Net
investment
income
...................................
0
.47
%
0
.66
%
0
.85
%
0
.55
%
0
.72
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
96,338,584
$
89,172,824
$
63,553,260
$
70,734,758
$
63,155,924
Portfolio
turnover
rate
(f)
...................................
13
%
12
%
14
%
13
%
14
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
38
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
Value
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
179.18
$
152.35
$
165.88
$
151.43
$
99.22
Net
investment
income
(a)
................................
3
.53
3
.40
3
.24
2
.83
2
.69
Net
realized
and
unrealized
gain
(loss)
(b)
......................
8
.89
26.77
(
13.46
)
14.44
52.15
Net
increase
(decrease)
from
investment
operations
...............
12.42
30.17
(
10.22
)
17.27
54.84
Distributions
from
net
investment
income
(c)
......................
(
3
.50
)
(
3
.34
)
(
3
.31
)
(
2
.82
)
(
2
.63
)
Net
asset
value,
end
of
year
..............................
$
188.10
$
179.18
$
152.35
$
165.88
$
151.43
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
6
.98
%
20.08
%
(
6
.07
)
%
11.45
%
55.84
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.18
%
0
.19
%
0
.19
%
0
.18
%
0
.19
%
Net
investment
income
...................................
1
.91
%
2
.14
%
2
.12
%
1
.75
%
2
.15
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
61,950,732
$
56,180,891
$
50,595,080
$
57,965,518
$
51,108,565
Portfolio
turnover
rate
(f)
...................................
15
%
14
%
15
%
17
%
18
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
39
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
March
31,
2025,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Funds’
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund’s
financial
position
or
results
of
operations.
iShares
ETF
Diversification
Classification
Russell
1000
........................................................................................................
Diversified
Russell
1000
Growth
(a)
.................................................................................................
Diversified
Russell
1000
Value
...................................................................................................
Diversified
(a)
The
Fund
intends
to
be
diversified
in
approximately
the
same
proportion
as
its
underlying
index
is
diversified.
The
Fund
may
become
non-diversified,
as
defined
in
the
1940
Act,
solely
as
a
result
of
a
change
in
relative
market
capitalization
or
index
weighting
of
one
or
more
constituents
of
its
underlying
index.
Shareholder
approval
will
not
be
sought
if
the
Fund
crosses
from
diversified
to
non-diversified
status
due
solely
to
a
change
in
its
relative
market
capitalization
or
index
weighting
of
one
or
more
constituents
of
its
underlying
index.
Notes
to
Financial
Statements
(continued)
40
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
Chief
Financial
Officer
acts
as
the
Funds’
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
the
Funds
have
a
single
investment
strategy
as
disclosed
in
their
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds’
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
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 each
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.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(
continued)
41
Notes
to
Financial
Statements
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Russell
1000
Barclays
Bank
PLC
...............................................
$
21,523,139
$
(
21,523,139
)
$
—
$
—
Barclays
Capital,
Inc.
.............................................
16,258,564
(
16,258,564
)
—
—
BNP
Paribas
SA
.................................................
19,259,042
(
19,259,042
)
—
—
BofA
Securities,
Inc.
..............................................
24,149,655
(
24,149,655
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
51,061,379
(
51,061,379
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
46,351,859
(
46,351,859
)
—
—
HSBC
Bank
PLC
................................................
18,444,592
(
18,444,592
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
49,984,388
(
49,984,388
)
—
—
Jefferies
LLC
...................................................
1,577,252
(
1,577,252
)
—
—
Morgan
Stanley
.................................................
42,335,130
(
42,335,130
)
—
—
National
Financial
Services
LLC
......................................
8,776,334
(
8,776,334
)
—
—
Natixis
SA
.....................................................
121,440
(
121,440
)
—
—
SG
Americas
Securities
LLC
........................................
8,057,322
(
8,057,322
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
1,215,461
(
1,215,461
)
—
—
UBS
AG
......................................................
1,830,869
(
1,830,869
)
—
—
UBS
Securities
LLC
..............................................
1,008,034
(
1,008,034
)
—
—
Virtu
Americas
LLC
...............................................
1,524,557
(
1,524,557
)
—
—
Wells
Fargo
Bank
NA
.............................................
9,032,574
(
9,032,574
)
—
—
Wells
Fargo
Securities
LLC
.........................................
5,356,093
(
5,356,093
)
—
—
$
327,867,684
$
(
327,867,684
)
$
—
$
—
a
Russell
1000
Growth
Barclays
Bank
PLC
...............................................
70,723,150
(
70,723,150
)
—
—
Barclays
Capital,
Inc.
.............................................
983,645
(
983,645
)
—
—
BNP
Paribas
SA
.................................................
109,700,992
(
109,700,992
)
—
—
BofA
Securities,
Inc.
..............................................
49,158,330
(
49,158,330
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
175,010,957
(
175,010,957
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
84,153,292
(
84,153,292
)
—
—
HSBC
Bank
PLC
................................................
15,622,594
(
15,622,594
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
70,194,010
(
70,194,010
)
—
—
Jefferies
LLC
...................................................
29,546,679
(
29,546,679
)
—
—
Morgan
Stanley
.................................................
136,728,830
(
136,728,830
)
—
—
National
Financial
Services
LLC
......................................
13,703,553
(
13,703,553
)
—
—
Natixis
SA
.....................................................
435,125
(
435,125
)
—
—
RBC
Capital
Markets
LLC
..........................................
117,306
(
117,306
)
—
—
Scotia
Capital
(USA),
Inc.
..........................................
5,179,758
(
5,179,758
)
—
—
SG
Americas
Securities
LLC
........................................
1,775,556
(
1,775,556
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
13,421,924
(
13,421,924
)
—
—
Toronto-Dominion
Bank
............................................
4,576
(
4,576
)
—
—
UBS
AG
......................................................
35,739,419
(
35,739,419
)
—
—
UBS
Securities
LLC
..............................................
722,725
(
722,725
)
—
—
Virtu
Americas
LLC
...............................................
2,026,208
(
2,026,208
)
—
—
Wells
Fargo
Bank
NA
.............................................
46,996,915
(
46,996,915
)
—
—
Wells
Fargo
Securities
LLC
.........................................
1,907,272
(
1,907,272
)
—
—
$
863,852,816
$
(
863,852,816
)
$
—
$
—
a
Notes
to
Financial
Statements
(continued)
42
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Russell
1000
Value
Barclays
Bank
PLC
...............................................
$
60,689,996
$
(
60,689,996
)
$
—
$
—
Barclays
Capital,
Inc.
.............................................
8,859,963
(
8,859,963
)
—
—
BNP
Paribas
SA
.................................................
82,929,609
(
82,929,609
)
—
—
BofA
Securities,
Inc.
..............................................
50,617,713
(
50,617,713
)
—
—
Citadel
Clearing
LLC
..............................................
6,441,120
(
6,441,120
)
—
—
Citigroup
Global
Markets,
Inc.
........................................
58,797,557
(
58,797,557
)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
72,201,955
(
72,201,955
)
—
—
HSBC
Bank
PLC
................................................
2,220,399
(
2,220,399
)
—
—
J.P.
Morgan
Securities
LLC
.........................................
128,177,485
(
128,177,485
)
—
—
Jefferies
LLC
...................................................
134,017
(
134,017
)
—
—
Mizuho
Securities
USA
LLC
.........................................
380,880
(
380,880
)
—
—
Morgan
Stanley
.................................................
75,061,958
(
75,061,958
)
—
—
National
Financial
Services
LLC
......................................
20,719,944
(
20,719,944
)
—
—
Natixis
SA
.....................................................
74,916
(
74,916
)
—
—
Nomura
Securities
International,
Inc.
...................................
811,740
(
811,740
)
—
—
RBC
Capital
Markets
LLC
..........................................
322,057
(
322,057
)
—
—
Scotia
Capital,
Inc.
...............................................
6,500,097
(
6,500,097
)
—
—
SG
Americas
Securities
LLC
........................................
1,403,847
(
1,403,847
)
—
—
State
Street
Bank
&
Trust
Co.
........................................
3,543,852
(
3,543,852
)
—
—
Toronto-Dominion
Bank
............................................
51,248
(
51,248
)
—
—
UBS
AG
......................................................
54,907,450
(
54,907,450
)
—
—
UBS
Securities
LLC
..............................................
4,835,889
(
4,835,889
)
—
—
Virtu
Americas
LLC
...............................................
1,113,189
(
1,113,189
)
—
—
Wells
Fargo
Bank
NA
.............................................
27,560,818
(
27,560,818
)
—
—
Wells
Fargo
Securities
LLC
.........................................
9,325,743
(
9,325,743
)
—
—
$
677,683,442
$
(
677,683,442
)
$
—
$
—
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(
continued)
43
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock,
Inc.
(“BlackRock”).
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to the
following Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
its
investment
advisory
services
to
each
of
the
iShares
Russell
1000
Growth
and
iShares
Russell
1000
Value
ETFs,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs. Each
Fund
is responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund’s
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities. Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
Russell
1000
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
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.
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.
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.
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.
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.
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.
.
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.
.
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.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2000%
Over
$121
billion,
up
to
and
including
$181
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.190000
Over
$181
billion,
up
to
and
including
$231
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
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.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.180500
Over
$231
billion,
up
to
and
including
$281
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.171475
Over
$281
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
0.162901
Notes
to
Financial
Statements
(continued)
44
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the year
ended
March
31,
2025
,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Trustees and
Officers:
Certain
trustees
and/or
officers
of
the
Trust
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
March
31,
2025
,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
March
31,
2025
,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
March
31,
2025
,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
March
31,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
March
31,
2025
,
permanent
differences
attributable
to realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Amounts
Russell
1000
.......................................................................................................
$
478,640
Russell
1000
Growth
.................................................................................................
883,280
Russell
1000
Value
..................................................................................................
1,049,658
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Russell
1000
......................................................................
$
445,842,844
$
312,509,682
$
(
127,346,082
)
Russell
1000
Growth
................................................................
7,086,602,028
6,792,016,790
162,687,034
Russell
1000
Value
.................................................................
7,129,048,123
4,004,179,518
422,897,933
iShares
ETF
Purchases
Sales
Russell
1000
.....................................................................................
$
1,149,206,143
$
1,139,658,353
Russell
1000
Growth
...............................................................................
12,313,319,663
12,303,711,910
Russell
1000
Value
................................................................................
8,811,861,986
8,780,841,162
iShares
ETF
In-kind
Purchases
In-kind
Sales
Russell
1000
.....................................................................................
$
14,135,094,635
$
14,692,296,074
Russell
1000
Growth
...............................................................................
16,815,057,355
15,892,856,997
Russell
1000
Value
................................................................................
12,878,555,971
9,957,158,943
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Russell
1000
.......................................................................................
$
6,431,458,798
$
(
6,431,458,798
)
Russell
1000
Growth
.................................................................................
10,146,831,670
(
10,146,831,670
)
Russell
1000
Value
..................................................................................
3,227,649,776
(
3,227,649,776
)
Notes
to
Financial
Statements
(
continued)
45
Notes
to
Financial
Statements
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2025,
the
tax
components
of
accumulated earnings
(losses)
were
as
follows:
For
the
year
ended
March
31,
2025,
the
iShares Russell
1000
Growth ETF
utilized
$147,951,050
of
its
capital
loss
carryforwards.
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
March
31,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject each
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Funds are
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
iShares
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Russell
1000
Ordinary
income
...........................................................................................
$
440,057,087
$
433,193,826
Russell
1000
Growth
Ordinary
income
...........................................................................................
$
471,421,216
$
515,727,748
Russell
1000
Value
Ordinary
income
...........................................................................................
$
1,130,617,738
$
1,078,895,276
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Russell
1000
.................................................
$
8,287,652
$
(
1,426,572,884
)
$
3,382,948,643
$
1,964,663,411
Russell
1000
Growth
...........................................
7,548,179
(
4,801,497,172
)
27,438,322,645
22,644,373,652
Russell
1000
Value
............................................
21,538,968
(
4,080,162,482
)
7,634,349,156
3,575,725,642
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
characterization
of
corporate
actions
and
undistributed
capital
gains
from
underlying
REIT
investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Russell
1000
.................................................
$
34,097,229,571
$
5,778,167,418
$
(
2,395,203,012
)
$
3,382,964,406
Russell
1000
Growth
...........................................
69,763,557,410
29,139,393,490
(
1,701,070,845
)
27,438,322,645
Russell
1000
Value
............................................
54,954,323,086
11,714,723,542
(
4,080,319,833
)
7,634,403,709
Notes
to
Financial
Statements
(continued)
46
2025
iShares
Annual
Financial
Statements
and
Additional
Information
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Year
Ended
03/31/25
Year
Ended
03/31/24
iShares
ETF
Shares
Amount
Shares
Amount
Russell
1000
Shares
sold
...............................................
45,300,000
$
14,185,179,022
29,650,000
$
7,392,648,682
Shares
redeemed
...........................................
(
47,100,000
)
(
14,744,095,115
)
(
32,600,000
)
(
8,159,382,554
)
(
1,800,000
)
$
(
558,916,093
)
(
2,950,000
)
$
(
766,733,872
)
Notes
to
Financial
Statements
(
continued)
47
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
03/31/25
Year
Ended
03/31/24
iShares
ETF
Shares
Amount
Shares
Amount
Russell
1000
Growth
Shares
sold
...............................................
44,900,000
$
16,855,017,592
37,150,000
$
10,444,265,895
Shares
redeemed
...........................................
(
42,500,000
)
(
15,930,913,981
)
(
32,550,000
)
(
9,274,846,131
)
2,400,000
$
924,103,611
4,600,000
$
1,169,419,764
Russell
1000
Value
Shares
sold
...............................................
69,550,000
$
12,939,314,693
76,900,000
$
12,119,233,829
Shares
redeemed
...........................................
(
53,750,000
)
(
10,006,161,102
)
(
95,450,000
)
(
15,167,786,773
)
15,800,000
$
2,933,153,591
(
18,550,000
)
$
(
3,048,552,944
)
Report
of
Independent
Registered
Public
Accounting
Firm
48
2025
iShares
Annual
Financial
Statements
and
Additional
Information
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the three funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(three
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2025,
the
related
statements
of
operations
for
the
year
ended
March
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
March
31,
2025,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2025
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
22,
2025
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
Important
Tax
Information
(unaudited)
49
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2025
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2025
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
March
31,
2025
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Russell
1000
........................................................................................................
$
460,638,708
Russell
1000
Growth
..................................................................................................
613,723,870
Russell
1000
Value
...................................................................................................
1,146,856,453
iShares
ETF
Qualified
Business
Income
Russell
1000
........................................................................................................
$
25,298,310
Russell
1000
Growth
..................................................................................................
12,544,278
Russell
1000
Value
...................................................................................................
78,203,562
iShares
ETF
Dividends-Received
Deduction
Russell
1000
........................................................................................................
100
.00
%
Russell
1000
Growth
..................................................................................................
100
.00
Russell
1000
Value
...................................................................................................
96
.43
Additional
Information
50
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
The
Alternative
Investment
Fund
Managers
Directive,
and
its
United
Kingdom
(“UK”)
equivalent,
(the
“AIFMD”)
impose
detailed
and
prescriptive
obligations
on
fund
managers
established
in
the
European
Union
(the
“EU”)
and
the
UK.
These
do
not
currently
apply
to
managers
established
outside
of
the
EU
or
UK,
such
as
BFA
(the
“Company”).
However,
the
Company
is
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
the
AIFMD
because
it
has
registered
the
iShares
Russell
1000
Value
ETF
(the
“Fund”)
to
be
marketed
to
investors
in
the
EU
and/or
UK.
Report
on
Remuneration
BlackRock
has
a
clear
and
well-defined
pay-for-performance
philosophy,
and
compensation
programs
which
support
that
philosophy.
BlackRock
operates
a
total
compensation
model
for
remuneration
which
includes
a
base
salary,
which
is
contractual,
and
a
discretionary
bonus
scheme.
Although
all
employees
are
eligible
to
receive
a
discretionary
bonus,
there
is
no
contractual
obligation
to
make
a
discretionary
bonus
award
to
any
employees.
For
senior
management
and
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund,
a
significant
percentage
of
variable
remuneration
is
deferred
over
time.
All
employees
are
subject
to
a
clawback
policy.
Remuneration
decisions
for
employees
are
made
once
annually
in
January
following
the
end
of
the
performance
year,
based
on
BlackRock’s
full-year
financial
results
and
other
non-financial
goals
and
objectives.
Alongside
financial
performance,
individual
total
compensation
is
also
based
on
strategic
and
operating
results
and
other
considerations
such
as
management
and
leadership
capabilities.
No
set
formulas
are
established,
and
no
fixed
benchmarks
are
used
in
determining
annual
incentive
awards.
Annual
incentive
awards
are
paid
from
a
bonus
pool
which
is
reviewed
throughout
the
year
by
BlackRock's
independent
compensation
committee,
taking
into
account
both
actual
and
projected
financial
information
together
with
information
provided
by
the
Enterprise
Risk
and
Regulatory
Compliance
departments
in
relation
to
any
activities,
incidents
or
events
that
warrant
consideration
in
making
compensation
decisions.
Individuals
are
not
involved
in
setting
their
own
remuneration.
Each
of
the
control
functions
(Enterprise
Risk,
Legal
&
Compliance,
Finance,
Human
Resources
and
Internal
Audit)
each
have
their
own
organizational
structures
which
are
independent
of
the
business
units
and
therefore
staff
members
in
control
functions
are
remunerated
independently
of
the
businesses
they
oversee.
Functional
bonus
pools
for
those
control
functions
are
determined
with
reference
to
the
performance
of
each
individual
function
and
the
remuneration
of
the
senior
members
of
control
functions
is
directly
overseen
by
BlackRock's
independent
remuneration
committee.
The
Company
is
required
under
the
AIFMD
to
make
quantitative
disclosures
of
remuneration.
These
disclosures
are
made
in
line
with
BlackRock’s
interpretation
of
currently
available
regulatory
guidance
on
quantitative
remuneration
disclosures.
As
market
or
regulatory
practice
develops
BlackRock
may
consider
it
appropriate
to
make
changes
to
the
way
in
which
quantitative
remuneration
disclosures
are
calculated.
Where
such
changes
are
made,
this
may
result
in
disclosures
in
relation
to
a
fund
not
being
comparable
to
the
disclosures
made
in
the
prior
year,
or
in
relation
to
other
BlackRock
fund
disclosures
in
that
same
year.
Remuneration
information
at
an
individual
AIF
level
is
not
readily
available.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund;
and
(d)
staff
of
companies
to
which
portfolio
management
and
risk
management
has
been
formally
delegated.
All
individuals
included
in
the
aggregated
figures
disclosed
are
rewarded
in
line
with
BlackRock’s
remuneration
policy
for
their
responsibilities
across
the
relevant
BlackRock
business
area.
As
all
individuals
have
a
number
of
areas
of
responsibilities,
only
the
portion
of
remuneration
for
those
individuals’
services
attributable
to
the
Fund
is
included
in
the
aggregate
figures
disclosed.
Members
of
staff
and
senior
management
of
the
Company
typically
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
Company
and
across
the
broader
BlackRock
group.
Conversely,
members
of
staff
and
senior
management
of
the
broader
BlackRock
group
may
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
broader
BlackRock
group
and
of
the
Company.
Therefore,
the
figures
disclosed
are
a
sum
of
individuals’
portion
of
remuneration
attributable
to
the
Company
according
to
an
objective
apportionment
methodology
which
acknowledges
the
multiple-service
nature
of
the
Company
and
the
broader
BlackRock
group.
Accordingly,
the
figures
are
not
representative
of
any
individual’s
actual
remuneration
or
their
remuneration
structure.
The
amount
of
the
total
remuneration
awarded
to
the
Company’s
staff
in
respect
of
the
Company’s
financial
year
ending
December
31,
2024,
was
USD
81.43
million.
This
figure
is
comprised
of
fixed
remuneration
of
USD
16.72
million
and
variable
remuneration
of
USD
64.71
million.
There
was
a
total
of 332
beneficiaries
of
the
remuneration
described
above.
The
amount
of
the
aggregate
remuneration
awarded
by
the
Company
in
respect
of
the
Company’s
financial
year
ending
December
31,
2024,
to
its
senior
management
was
USD
16.84
million,
and
to
other
members
of
its
staff
whose
actions
potentially
have
a
material
impact
on
the
risk
profile
of
the
Company,
or
its
funds
was
USD
3.09
million.
Disclosures
under
the
EU
Sustainable
Finance
Disclosure
Regulation
The iShares
Russell
1000
Value
ETF (the
“Fund”)
is
registered
under
the
Alternative
Investment
Fund
Managers
Directive
to
be
marketed
to
European
Union
(“EU”)
investors,
as
noted
above.
As
a
result,
certain
disclosures
are
required
under
the
EU
Sustainable
Finance
Disclosure
Regulation
(“SFDR”).
The
Fund
has
not
been
categorized
under
the
SFDR
as
an
“Article
8”
or
“Article
9”
product.
In
addition,
the
Fund's
investment
strategy
does
not
take
into
account
the
criteria
for
environmentally
sustainable
economic
activities
under
the
EU
sustainable
investment
taxonomy
regulation
or
principal
adverse
impacts
(“PAIs”)
on
sustainability
factors
51
Additional
Information
Additional
Information
(
continued)
under
the
SFDR.
PAIs
are
identified
under
the
SFDR
as
the
material
impacts
of
investment
decisions
on
sustainability
factors
relating
to
environmental,
social
and
employee
matters,
respect
for
human
rights,
and
anti-corruption
and
anti-bribery
matters.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds’
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provide
information
regarding its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
52
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2025
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
March
31,
2025
2025
Annual
Financial
Statements
and
Additional
Information
iShares
Trust
iShares
Focused
Value
Factor
ETF
|
FOVL
|
NYSE
Arca
iShares
US
Small
Cap
Value
Factor
ETF
|
SVAL
|
Cboe
BZX
Exchange
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
14
Statements
of
Operations
.................................................................................................
15
Statements
of
Changes
in
Net
Assets
..........................................................................................
16
Financial
Highlights
.....................................................................................................
17
Notes
to
Financial
Statements
...............................................................................................
19
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
27
Important
Tax
Information
(unaudited)
.................................................................................................
28
Additional
Information
....................................................................................................
29
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
30
iShares
®
Focused
Value
Factor
ETF
Schedule
of
Investments
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Banks
—
27
.2
%
Bank
of
America
Corp.
.....................
12,982
$
541,739
Bank
OZK
.............................
11,982
520,618
Comerica,
Inc.
...........................
8,598
507,798
Fifth
Third
Bancorp
.......................
12,024
471,341
First
Hawaiian,
Inc.
.......................
22,251
543,815
First
Horizon
Corp.
........................
33,170
644,161
FNB
Corp.
.............................
36,507
491,019
M&T
Bank
Corp.
.........................
2,892
516,945
PNC
Financial
Services
Group,
Inc.
(The)
........
2,787
489,871
Regions
Financial
Corp.
....................
22,080
479,798
U.S.
Bancorp
...........................
11,265
475,608
5,682,713
a
Capital
Markets
—
5
.0
%
Janus
Henderson
Group
PLC
................
13,531
489,146
Northern
Trust
Corp.
.......................
5,721
564,376
1,053,522
a
Consumer
Finance
—
3
.0
%
Discover
Financial
Services
..................
3,672
626,810
a
Diversified
Telecommunication
Services
—
2
.5
%
Verizon
Communications,
Inc.
................
11,470
520,279
a
Electric
Utilities
—
11
.4
%
Entergy
Corp.
...........................
7,828
669,216
Evergy,
Inc.
.............................
8,307
572,767
OGE
Energy
Corp.
........................
12,558
577,166
Pinnacle
West
Capital
Corp.
.................
5,815
553,879
2,373,028
a
Electronic
Equipment,
Instruments
&
Components
—
2
.2
%
Avnet,
Inc.
.............................
9,485
456,134
a
Financial
Services
—
4
.5
%
MGIC
Investment
Corp.
....................
20,122
498,623
Voya
Financial,
Inc.
.......................
6,502
440,576
939,199
a
Food
Products
—
3
.9
%
Archer-Daniels-Midland
Co.
..................
8,623
413,990
Bunge
Global
SA
.........................
5,331
407,395
821,385
a
Gas
Utilities
—
3
.2
%
UGI
Corp.
..............................
20,589
680,878
a
Independent
Power
and
Renewable
Electricity
Producers
—
2
.5
%
Clearway
Energy,
Inc.
,
Class
A
................
18,093
514,927
a
Insurance
—
15
.5
%
Axis
Capital
Holdings
Ltd.
...................
6,471
648,653
CNA
Financial
Corp.
.......................
10,526
534,616
MetLife,
Inc.
............................
6,245
501,411
Principal
Financial
Group,
Inc.
................
5,997
505,967
RenaissanceRe
Holdings
Ltd.
................
1,891
453,840
White
Mountains
Insurance
Group
Ltd.
..........
304
585,446
3,229,933
a
Media
—
2
.2
%
Comcast
Corp.
,
Class
A
....................
12,333
455,088
a
Multi-Utilities
—
2
.4
%
Dominion
Energy,
Inc.
......................
8,913
499,752
a
Security
Shares
Value
a
Passenger
Airlines
—
2
.7
%
Alaska
Air
Group,
Inc.
(a)
.....................
11,394
$
560,813
a
Pharmaceuticals
—
5
.3
%
Perrigo
Co.
PLC
.........................
19,639
550,677
Royalty
Pharma
PLC
,
Class
A
................
18,208
566,815
1,117,492
a
Professional
Services
—
2
.7
%
Concentrix
Corp.
.........................
10,051
559,238
a
Technology
Hardware,
Storage
&
Peripherals
—
1
.9
%
Hewlett
Packard
Enterprise
Co.
...............
25,177
388,481
a
Textiles,
Apparel
&
Luxury
Goods
—
1
.5
%
Carter's,
Inc.
............................
7,928
324,255
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
20,916,564
)
.................................
20,803,927
a
Short-Term
Securities
Money
Market
Funds
—
0
.2
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.31
%
(b)
(c)
............................
46,732
46,732
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
46,732
)
....................................
46,732
Total
Investments
—
99.8%
(Cost:
$
20,963,296
)
.................................
20,850,659
Other
Assets
Less
Liabilities
—
0
.2
%
.....................
36,786
Net
Assets
—
100.0%
.................................
$
20,887,445
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
Focused
Value
Factor
ETF
4
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
..
$
1,058,182
$
—
$
(
1,058,184
)
(b)
$
(
16
)
$
18
$
—
—
$
759
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
35,635
11,097
(b)
—
—
—
46,732
46,732
2,929
—
$
(
16
)
$
18
$
46,732
$
3,688
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
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
Micro
E-Mini
Russell
2000
Index
...........................................................
7
06/20/25
$
71
$
(
1,188
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
1,188
$
—
$
—
$
—
$
1,188
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
13,766
)
$
—
$
—
$
—
$
(
13,766
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
1,971
)
$
—
$
—
$
—
$
(
1,971
)
iShares
®
Focused
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2025
5
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
58,532
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
20,803,927
$
—
$
—
$
20,803,927
Short-Term
Securities
Money
Market
Funds
......................................
46,732
—
—
46,732
$
20,850,659
$
—
$
—
$
20,850,659
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
1,188
)
$
—
$
—
$
(
1,188
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
March
31,
2025
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
— 0.8%
Air
Transport
Services
Group,
Inc.
(a)
............
24,919
$
559,182
Hub
Group,
Inc.,
Class
A
....................
13,210
491,016
1,050,198
a
Automobile
Components
— 1.3%
Dana,
Inc.
..............................
35,464
472,735
LCI
Industries
...........................
4,418
386,266
Patrick
Industries,
Inc.
.....................
10,389
878,494
1,737,495
a
Automobiles
— 0.2%
Winnebago
Industries,
Inc.
..................
8,763
301,973
a
Banks
— 43.4%
1st
Source
Corp.
.........................
12,351
738,713
Ameris
Bancorp
..........................
13,395
771,150
Associated
Banc-Corp.
.....................
30,382
684,506
Atlantic
Union
Bankshares
Corp.
..............
33,682
1,048,857
Axos
Financial,
Inc.
(a)
......................
13,532
873,085
Banc
of
California,
Inc.
.....................
40,704
577,590
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
..........
19,197
747,147
Banner
Corp.
...........................
11,980
763,965
Berkshire
Hills
Bancorp,
Inc.
.................
25,873
675,027
Brookline
Bancorp,
Inc.
.....................
56,448
615,283
Byline
Bancorp,
Inc.
.......................
26,375
689,970
Cadence
Bank
..........................
22,167
672,990
Capitol
Federal
Financial,
Inc.
................
108,757
609,039
Cathay
General
Bancorp
....................
7,422
319,369
Central
Pacific
Financial
Corp.
................
30,562
826,396
Coastal
Financial
Corp.
(a)
...................
12,115
1,095,317
Community
Trust
Bancorp,
Inc.
...............
15,174
764,163
ConnectOne
Bancorp,
Inc.
..................
29,156
708,782
CVB
Financial
Corp.
.......................
31,307
577,927
Dime
Community
Bancshares,
Inc.
.............
26,044
726,107
Eagle
Bancorp,
Inc.
.......................
23,812
500,052
Eastern
Bankshares,
Inc.
...................
82,815
1,358,166
Enterprise
Financial
Services
Corp.
............
13,863
744,998
FB
Financial
Corp.
........................
18,330
849,779
First
Bancorp
...........................
18,035
723,925
First
BanCorp
...........................
35,034
671,602
First
Busey
Corp.
.........................
27,053
584,345
First
Commonwealth
Financial
Corp.
............
39,405
612,354
First
Financial
Bancorp
.....................
26,016
649,880
First
Financial
Corp.
.......................
15,375
753,067
First
Interstate
BancSystem,
Inc.,
Class
A
........
20,849
597,324
First
Merchants
Corp.
......................
18,686
755,662
First
Mid
Bancshares,
Inc.
...................
19,572
683,063
Flushing
Financial
Corp.
....................
39,510
501,777
Fulton
Financial
Corp.
......................
41,026
742,160
German
American
Bancorp,
Inc.
...............
19,190
719,625
Glacier
Bancorp,
Inc.
......................
18,240
806,573
Hancock
Whitney
Corp.
....................
14,053
737,080
Hanmi
Financial
Corp.
.....................
29,508
668,651
Heritage
Commerce
Corp.
...................
61,390
584,433
Heritage
Financial
Corp.
....................
29,397
715,229
Hilltop
Holdings,
Inc.
.......................
18,337
558,362
Home
BancShares,
Inc.
....................
24,825
701,803
Hope
Bancorp,
Inc.
.......................
56,976
596,539
Horizon
Bancorp,
Inc.
......................
48,674
734,004
Independent
Bank
Corp.
....................
9,756
611,213
Live
Oak
Bancshares,
Inc.
...................
17,920
477,747
National
Bank
Holdings
Corp.,
Class
A
..........
17,280
661,306
NBT
Bancorp,
Inc.
........................
16,227
696,138
Security
Shares
Value
a
Banks
(continued)
Nicolet
Bankshares,
Inc.
....................
7,450
$
811,752
Northfield
Bancorp,
Inc.
....................
55,020
600,268
Northwest
Bancshares,
Inc.
..................
49,566
595,783
OFG
Bancorp
...........................
16,359
654,687
Old
National
Bancorp
......................
35,753
757,606
Old
Second
Bancorp,
Inc.
...................
38,198
635,615
Origin
Bancorp,
Inc.
.......................
18,008
624,337
Pacific
Premier
Bancorp,
Inc.
.................
22,009
469,232
Pathward
Financial,
Inc.
....................
5,427
395,900
Peapack-Gladstone
Financial
Corp.
............
20,273
575,753
Peoples
Bancorp,
Inc.
.....................
20,486
607,615
Provident
Financial
Services,
Inc.
..............
62,892
1,079,856
QCR
Holdings,
Inc.
.......................
10,714
764,122
Renasant
Corp.
..........................
19,042
646,095
S&T
Bancorp,
Inc.
........................
18,683
692,205
Sandy
Spring
Bancorp,
Inc.
..................
24,258
678,011
Seacoast
Banking
Corp.
of
Florida
.............
21,809
561,146
Simmons
First
National
Corp.,
Class
A
..........
29,697
609,679
Southside
Bancshares,
Inc.
..................
17,770
514,619
Stellar
Bancorp,
Inc.
.......................
24,382
674,406
Texas
Capital
Bancshares,
Inc.
(a)
..............
8,827
659,377
Tompkins
Financial
Corp.
...................
10,611
668,281
Towne
Bank
............................
22,671
775,121
TriCo
Bancshares
........................
16,230
648,713
TrustCo
Bank
Corp.
.......................
18,644
568,269
Trustmark
Corp.
.........................
22,039
760,125
UMB
Financial
Corp.
......................
18,093
1,829,202
United
Bankshares,
Inc.
....................
18,802
651,865
Univest
Financial
Corp.
.....................
29,911
848,276
Valley
National
Bancorp
....................
60,758
540,139
Veritex
Holdings,
Inc.
......................
28,265
705,777
WaFd,
Inc.
.............................
20,248
578,688
Washington
Trust
Bancorp,
Inc.
...............
19,703
608,035
Westamerica
BanCorp
.....................
11,892
602,092
WSFS
Financial
Corp.
.....................
13,121
680,586
58,555,473
a
Building
Products
— 1.7%
American
Woodmark
Corp.
(a)
.................
6,861
403,633
Insteel
Industries,
Inc.
......................
15,732
413,751
Quanex
Building
Products
Corp.
...............
18,486
343,655
Resideo
Technologies,
Inc.
(a)
.................
32,909
582,489
UFP
Industries,
Inc.
.......................
5,079
543,656
2,287,184
a
Chemicals
— 1.1%
AdvanSix,
Inc.
...........................
16,752
379,433
Avient
Corp.
............................
14,724
547,144
Core
Molding
Technologies,
Inc.
(a)
..............
18,209
276,777
LSB
Industries,
Inc.
(a)(b)
.....................
50,908
335,483
1,538,837
a
Commercial
Services
&
Supplies
— 2.1%
CoreCivic,
Inc.
(a)
.........................
46,208
937,560
Interface,
Inc.
...........................
52,991
1,051,342
MillerKnoll,
Inc.
..........................
21,286
407,414
Steelcase,
Inc.,
Class
A
....................
46,565
510,352
2,906,668
a
Consumer
Finance
— 1.2%
Green
Dot
Corp.,
Class
A
(a)
..................
37,241
314,314
LendingClub
Corp.
(a)
.......................
85,220
879,471
PROG
Holdings,
Inc.
......................
15,672
416,875
1,610,660
a
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
— 1.4%
Andersons,
Inc.
(The)
......................
10,103
$
433,722
SpartanNash
Co.
.........................
23,650
479,149
United
Natural
Foods,
Inc.
(a)
..................
36,764
1,006,966
1,919,837
a
Containers
&
Packaging
— 0.3%
Greif,
Inc.,
Class
A,
NVS
....................
7,790
428,372
a
Diversified
Consumer
Services
— 0.9%
Graham
Holdings
Co.,
Class
B
................
892
857,087
Perdoceo
Education
Corp.
...................
15,069
379,438
1,236,525
a
Diversified
REITs
— 0.5%
Broadstone
Net
Lease,
Inc.
..................
36,359
619,557
a
Electric
Utilities
— 0.5%
ALLETE,
Inc.
...........................
9,846
646,882
a
Electrical
Equipment
— 0.1%
Atkore,
Inc.
.............................
3,477
208,585
a
Electronic
Equipment,
Instruments
&
Components
— 0.9%
TTM
Technologies,
Inc.
(a)
....................
40,361
827,804
Vishay
Intertechnology,
Inc.
..................
21,069
334,997
1,162,801
a
Energy
Equipment
&
Services
— 2.8%
Aris
Water
Solutions,
Inc.,
Class
A
.............
52,089
1,668,932
DMC
Global,
Inc.
(a)
........................
21,200
178,504
Helmerich
&
Payne,
Inc.
....................
12,305
321,407
Oil
States
International,
Inc.
(a)
.................
62,233
320,500
Patterson-UTI
Energy,
Inc.
..................
37,484
308,118
Solaris
Energy
Infrastructure,
Inc.
..............
48,766
1,061,148
3,858,609
a
Entertainment
— 0.4%
Marcus
Corp.
(The)
.......................
33,550
559,950
a
Financial
Services
— 3.2%
Banco
Latinoamericano
de
Comercio
Exterior
SA
...
24,521
897,469
Enact
Holdings,
Inc.
.......................
19,092
663,447
Essent
Group
Ltd.
........................
10,994
634,574
Merchants
Bancorp
.......................
18,753
693,861
NMI
Holdings,
Inc.
(a)
.......................
19,190
691,799
Radian
Group,
Inc.
........................
20,703
684,648
4,265,798
a
Food
Products
— 1.2%
Cal-Maine
Foods,
Inc.
......................
10,736
975,903
Fresh
Del
Monte
Produce,
Inc.
................
20,122
620,361
1,596,264
a
Ground
Transportation
— 1.2%
ArcBest
Corp.
...........................
5,123
361,581
Covenant
Logistics
Group,
Inc.,
Class
A
..........
23,722
526,629
Heartland
Express,
Inc.
.....................
35,315
325,604
Werner
Enterprises,
Inc.
....................
13,319
390,247
1,604,061
a
Health
Care
Providers
&
Services
— 0.7%
Fulgent
Genetics,
Inc.
(a)(b)
...................
19,401
327,877
Pediatrix
Medical
Group,
Inc.
(a)
................
40,908
592,757
920,634
a
Security
Shares
Value
a
Hotel
&
Resort
REITs
— 0.6%
Apple
Hospitality
REIT,
Inc.
..................
33,924
$
437,959
RLJ
Lodging
Trust
........................
52,990
418,091
856,050
a
Hotels,
Restaurants
&
Leisure
— 0.2%
Target
Hospitality
Corp.
(a)
...................
32,712
215,245
a
Household
Durables
— 4.0%
Beazer
Homes
USA,
Inc.
(a)
..................
20,826
424,642
Century
Communities,
Inc.
..................
7,788
522,575
Ethan
Allen
Interiors,
Inc.
...................
17,400
481,980
KB
Home
..............................
11,233
652,862
La-Z-Boy,
Inc.
...........................
16,835
658,080
M/I
Homes,
Inc.
(a)
.........................
6,185
706,203
Meritage
Homes
Corp.
.....................
8,496
602,197
Taylor
Morrison
Home
Corp.
(a)
................
12,200
732,488
Tri
Pointe
Homes,
Inc.
(a)(b)
...................
19,011
606,831
5,387,858
a
Insurance
— 4.1%
CNO
Financial
Group,
Inc.
...................
21,906
912,385
Employers
Holdings,
Inc.
....................
12,630
639,583
Enstar
Group
Ltd.
(a)(b)
......................
2,149
714,285
Horace
Mann
Educators
Corp.
................
17,284
738,545
James
River
Group
Holdings
Ltd.
..............
33,796
141,943
SiriusPoint
Ltd.
(a)
.........................
36,964
639,108
Stewart
Information
Services
Corp.
.............
11,869
846,853
Universal
Insurance
Holdings,
Inc.
.............
37,079
878,772
5,511,474
a
Leisure
Products
— 0.5%
JAKKS
Pacific,
Inc.
.......................
27,964
689,872
Solo
Brands,
Inc.,
Class
A
(a)
..................
101,014
16,950
706,822
a
Machinery
— 1.6%
Commercial
Vehicle
Group,
Inc.
(a)
..............
67,132
77,202
Mueller
Industries,
Inc.
.....................
13,833
1,053,244
Titan
International,
Inc.
(a)
....................
38,782
325,381
Wabash
National
Corp.
.....................
24,563
271,421
Worthington
Enterprises,
Inc.
.................
8,419
421,708
2,148,956
a
Marine
Transportation
— 0.5%
Matson,
Inc.
............................
5,859
750,948
a
Media
— 0.8%
Stagwell,
Inc.,
Class
A
(a)
....................
110,841
670,588
Thryv
Holdings,
Inc.
(a)
......................
27,638
354,043
1,024,631
a
Metals
&
Mining
— 2.1%
Alpha
Metallurgical
Resources,
Inc.
(a)
...........
1,997
250,124
Constellium
SE
(a)
.........................
28,504
287,605
Metallus,
Inc.
(a)
..........................
23,984
320,426
Ramaco
Resources,
Inc.,
Class
A
..............
47,204
388,489
Ryerson
Holding
Corp.
.....................
17,891
410,777
SunCoke
Energy,
Inc.
......................
51,257
471,565
Warrior
Met
Coal,
Inc.
......................
10,184
485,981
Worthington
Steel,
Inc.
.....................
8,392
212,569
2,827,536
a
Multi-Utilities
— 0.5%
Northwestern
Energy
Group,
Inc.
..............
10,819
626,096
a
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
US
Small
Cap
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Office
REITs
— 0.8%
Easterly
Government
Properties,
Inc.
...........
45,517
$
482,480
JBG
SMITH
Properties
.....................
35,876
577,963
1,060,443
a
Oil,
Gas
&
Consumable
Fuels
— 7.7%
Ardmore
Shipping
Corp.
....................
39,875
390,376
Berry
Corp.
.............................
63,265
203,081
California
Resources
Corp.
..................
9,294
408,657
CNX
Resources
Corp.
(a)
....................
23,022
724,733
Core
Natural
Resources,
Inc.
.................
8,994
693,437
CVR
Energy,
Inc.
.........................
15,245
295,753
Delek
U.S.
Holdings,
Inc.
...................
18,261
275,193
Dorian
LPG
Ltd.
..........................
18,119
404,778
Golar
LNG
Ltd.
..........................
21,428
814,050
Hallador
Energy
Co.
(a)
......................
36,083
443,099
HighPeak
Energy,
Inc.
(b)
....................
30,841
390,447
International
Seaways,
Inc.
..................
11,570
384,124
Magnolia
Oil
&
Gas
Corp.,
Class
A
.............
22,699
573,377
Murphy
Oil
Corp.
.........................
11,488
326,259
Northern
Oil
&
Gas,
Inc.
....................
12,895
389,816
Par
Pacific
Holdings,
Inc.
(a)
..................
14,469
206,328
Riley
Exploration
Permian,
Inc.
................
16,366
477,396
Ring
Energy,
Inc.
(a)
........................
266,037
305,943
Scorpio
Tankers,
Inc.
......................
9,623
361,632
SM
Energy
Co.
..........................
13,084
391,866
Talos
Energy,
Inc.
(a)
.......................
31,576
306,919
Teekay
Tankers
Ltd.,
Class
A
.................
12,499
478,337
VAALCO
Energy,
Inc.
......................
118,523
445,646
World
Kinect
Corp.
........................
23,178
657,328
10,348,575
a
Paper
&
Forest
Products
— 0.3%
Clearwater
Paper
Corp.
(a)
...................
14,365
364,440
a
Passenger
Airlines
— 0.8%
SkyWest,
Inc.
(a)(b)
.........................
12,395
1,082,951
a
Personal
Care
Products
— 0.1%
Medifast,
Inc.
(a)
..........................
6,980
94,090
a
Pharmaceuticals
— 0.5%
Innoviva,
Inc.
(a)(b)
.........................
40,019
725,544
a
Professional
Services
— 1.8%
Heidrick
&
Struggles
International,
Inc.
..........
20,777
889,879
Kelly
Services,
Inc.,
Class
A,
NVS
.............
28,622
376,952
Korn
Ferry
.............................
10,958
743,281
Resources
Connection,
Inc.
..................
34,794
227,553
TrueBlue,
Inc.
(a)
..........................
35,363
187,777
2,425,442
a
Real
Estate
Management
&
Development
— 0.6%
Forestar
Group,
Inc.
(a)
......................
19,257
407,093
RMR
Group,
Inc.
(The),
Class
A
...............
21,240
353,646
760,739
a
Retail
REITs
— 0.6%
Acadia
Realty
Trust
.......................
36,226
758,935
a
Semiconductors
&
Semiconductor
Equipment
— 0.3%
Alpha
&
Omega
Semiconductor
Ltd.
(a)
...........
17,437
433,484
a
Specialty
Retail
— 1.7%
American
Eagle
Outfitters,
Inc.
................
31,349
364,276
Arko
Corp.
.............................
72,556
286,596
Asbury
Automotive
Group,
Inc.
(a)
...............
2,262
499,540
Security
Shares
Value
a
Specialty
Retail
(continued)
Caleres,
Inc.
............................
18,040
$
310,829
Monro,
Inc.
.............................
18,681
270,314
ODP
Corp.
(The)
(a)
........................
11,254
161,270
Signet
Jewelers
Ltd.
.......................
7,247
420,761
2,313,586
a
Technology
Hardware,
Storage
&
Peripherals
— 0.1%
Xerox
Holdings
Corp.
......................
33,064
159,699
a
Trading
Companies
&
Distributors
— 1.3%
BlueLinx
Holdings,
Inc.
(a)
....................
6,338
475,224
Boise
Cascade
Co.
.......................
5,035
493,883
GMS,
Inc.
(a)
.............................
8,129
594,799
Hudson
Technologies,
Inc.
(a)
.................
39,066
241,037
1,804,943
a
Total
Long-Term
Investments — 97.4%
(Cost:
$141,132,018)
................................
131,404,850
a
Short-Term
Securities
Money
Market
Funds
—
3.9%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.50%
(c)(d)(e)
......................
1,844,709
1,845,632
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.31%
(c)(d)
............................
3,416,923
3,416,923
a
Total
Short-Term
Securities — 3.9%
(Cost:
$5,262,178)
..................................
5,262,555
Total
Investments
—
101.3%
(Cost:
$146,394,196)
................................
136,667,405
Liabilities
in
Excess
of
Other
Assets
—
(1.3)%
...............
(1,702,649)
Net
Assets
—
100.0%
.................................
$
134,964,756
(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
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2025
9
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
1,814,047
$
32,007
(a)
$
—
$
(179
)
$
(243
)
$
1,845,632
1,844,709
$
16,889
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
364,659
3,052,264
(a)
—
—
—
3,416,923
3,416,923
236,026
—
$
(179
)
$
(243
)
$
5,262,555
$
252,915
$
—
(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
fees
and
collateral
investment
expenses,
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
Micro
E-Mini
Russell
2000
Index
...........................................................
28
06/20/25
$
284
$
(3,762
)
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long
........
Monthly
Goldman
Sachs
Bank
USA
(b)
08/19/26
$
1,093,563
$
12,394
(
c
)
$
1,105,671
0.8
%
Monthly
HSBC
Bank
PLC
(d)
02/09/28
984,701
(117,136
)
(e
)
1,001,247
0.7
Monthly
JPMorgan
Chase
Bank
NA
(f)
02/09/26
1,070,105
65,499
(g
)
1,132,659
0.8
$
(39,243
)
$
3,239,577
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
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
positions.
(c)
Amount
includes
$286
of
net
dividends,
receivable
for
referenced
securities
and
financing
fees.
(e)
Amount
includes
$(133,682)
of
net
dividends,
payable
for
referenced
securities
and
financing
fees.
(g)
Amount
includes
$2,945
of
net
dividends,
receivable
for
referenced
securities
and
financing
fees.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(d)
(f)
Range:
40
basis
points
40
basis
points
40
basis
points
Benchmarks:
USD
-
1D
Overnight
Fed
Funds
Effective
Rate
(FEDL01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
US
Small
Cap
Value
Factor
ETF
10
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
Goldman
Sachs
Bank
USA
as
of
period
end,
termination
date
August
19,
2026
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Atlantic
Union
Bankshares
Corp.
............
975
$
30,361
2.7
%
Cadence
Bank
........................
507
15,393
1.4
Cathay
General
Bancorp
..................
939
40,405
3.7
First
BanCorp
.........................
115
2,205
0.2
First
Financial
Bancorp
...................
452
11,291
1.0
Fulton
Financial
Corp.
....................
1,173
21,220
1.9
Heritage
Financial
Corp.
..................
1,936
47,103
4.3
Northwest
Bancshares,
Inc.
................
665
7,993
0.7
Pathward
Financial,
Inc.
..................
1,477
107,747
9.7
Preferred
Bank
........................
5,050
422,483
38.2
Renasant
Corp.
........................
43
1,459
0.1
Southside
Bancshares,
Inc.
................
93
2,693
0.2
Veritex
Holdings,
Inc.
....................
71
1,773
0.2
Westamerica
BanCorp
...................
100
5,063
0.5
WSFS
Financial
Corp.
...................
33
1,712
0.2
718,901
Diversified
Consumer
Services
Perdoceo
Education
Corp.
.................
14,958
376,642
34.1
a
Insurance
Employers
Holdings,
Inc.
..................
200
10,128
0.9
a
Total
Reference
Entity
—
Long
1,105,671
Net
Value
of
Reference
Entity
—
Goldman
Sachs
Bank
USA
$
1,105,671
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
PLC
as
of
period
end,
termination
date
February
9,
2028
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Atlantic
Union
Bankshares
Corp.
............
1,097
$
34,161
3.4
%
Axos
Financial,
Inc.
.....................
63
4,065
0.4
Banc
of
California,
Inc.
...................
1,295
18,376
1.8
Banner
Corp.
.........................
56
3,571
0.4
Berkshire
Hills
Bancorp,
Inc.
...............
54
1,409
0.1
Cadence
Bank
........................
112
3,400
0.3
Cathay
General
Bancorp
..................
5,486
236,063
23.6
Central
Pacific
Financial
Corp.
..............
142
3,840
0.4
Eagle
Bancorp,
Inc.
.....................
125
2,625
0.3
First
Bancorp
.........................
85
3,412
0.3
First
BanCorp
.........................
175
3,355
0.3
First
Commonwealth
Financial
Corp.
..........
194
3,015
0.3
First
Financial
Bancorp
...................
55
1,374
0.1
Flushing
Financial
Corp.
..................
106
1,346
0.1
Fulton
Financial
Corp.
....................
728
13,169
1.3
Hanmi
Financial
Corp.
...................
145
3,286
0.3
Heritage
Financial
Corp.
..................
540
13,138
1.3
Shares
Value
%
of
Basket
Value
Banks
(continued)
Hope
Bancorp,
Inc.
.....................
275
$
2,879
0.3
%
Independent
Bank
Corp.
..................
48
3,007
0.3
NBT
Bancorp,
Inc.
......................
34
1,459
0.2
Northwest
Bancshares,
Inc.
................
594
7,140
0.7
OFG
Bancorp
.........................
78
3,122
0.3
Pacific
Premier
Bancorp,
Inc.
...............
123
2,622
0.3
Pathward
Financial,
Inc.
..................
4,375
319,156
31.9
Preferred
Bank
........................
3,301
276,162
27.6
Renasant
Corp.
........................
90
3,054
0.3
S&T
Bancorp,
Inc.
......................
87
3,223
0.3
Seacoast
Banking
Corp.
of
Florida
...........
112
2,882
0.3
Simmons
First
National
Corp.,
Class
A
........
67
1,375
0.1
TrustCo
Bank
Corp.
.....................
93
2,835
0.3
Trustmark
Corp.
.......................
108
3,725
0.4
Veritex
Holdings,
Inc.
....................
60
1,498
0.2
WaFd,
Inc.
...........................
48
1,372
0.1
Westamerica
BanCorp
...................
31
1,569
0.2
WSFS
Financial
Corp.
...................
65
3,371
0.3
990,056
Building
Products
Insteel
Industries,
Inc.
....................
50
1,315
0.1
a
Diversified
Consumer
Services
Perdoceo
Education
Corp
.................
62
1,561
0.2
a
Insurance
Employers
Holdings,
Inc.
..................
60
3,038
0.3
Horace
Mann
Educators
Corp.
..............
81
3,461
0.4
SiriusPoint
Ltd.
........................
105
1,816
0.2
8,315
Total
Reference
Entity
—
Long
1,001,247
Net
Value
of
Reference
Entity
—
HSBC
Bank
PLC
........
$
1,001,247
The
following
table
represents
the
individual
long
positions
and
related
values
of
the
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA
as
of
period
end,
termination
date
February
9,
2026
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Banks
Ameris
Bancorp
........................
146
$
8,405
0.7
%
Atlantic
Union
Bankshares
Corp.
............
806
25,099
2.2
Axos
Financial,
Inc.
.....................
136
8,775
0.8
Banner
Corp.
.........................
230
14,667
1.3
Brookline
Bancorp,
Inc.
...................
621
6,769
0.6
Cadence
Bank
........................
1,712
51,976
4.6
Cathay
General
Bancorp
..................
1,109
47,720
4.2
Central
Pacific
Financial
Corp.
..............
462
12,492
1.1
Eagle
Bancorp,
Inc.
.....................
313
6,573
0.6
First
Bancorp
.........................
354
14,209
1.3
First
BanCorp
.........................
3,297
63,203
5.6
First
Commonwealth
Financial
Corp.
..........
2,977
46,263
4.1
Hanmi
Financial
Corp.
...................
2,377
53,863
4.8
Hope
Bancorp,
Inc.,
Class
A
...............
1,497
15,674
1.4
Independent
Bank
Corp.
..................
786
49,243
4.3
National
Bank
Holdings
Corp.,
Class
A
........
188
7,195
0.6
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2025
11
Schedule
of
Investments
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Derivatives
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
March
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Shares
Value
%
of
Basket
Value
Banks
(continued)
NBT
Bancorp,
Inc.
......................
143
$
6,135
0.5
%
OFG
Bancorp
.........................
972
38,899
3.4
Pacific
Premier
Bancorp,
Inc.
...............
1,773
37,800
3.3
Provident
Financial
Services,
Inc.
............
5,375
92,289
8.2
Renasant
Corp.
........................
674
22,869
2.0
S&T
Bancorp,
Inc.,
Class
A
................
427
15,820
1.4
Seacoast
Banking
Corp.
of
Florida
...........
1,756
45,182
4.0
Simmons
First
National
Corp.,
Class
A
........
891
18,292
1.6
Southside
Bancshares,
Inc.
................
260
7,530
0.7
TrustCo
Bank
Corp.
.....................
318
9,693
0.9
Trustmark
Corp.
.......................
1,776
61,254
5.4
Veritex
Holdings,
Inc.
....................
565
14,108
1.2
Shares
Value
%
of
Basket
Value
Banks
(continued)
WSFS
Financial
Corp.
...................
1,023
$
53,063
4.7
%
855,060
Building
Products
Insteel
Industries,
Inc.
....................
250
6,575
0.6
a
Diversified
Consumer
Services
Perdoceo
Education
Corp.
.................
311
7,831
0.7
a
Insurance
Employers
Holdings,
Inc.
..................
124
6,280
0.6
Horace
Mann
Educators
Corp.
..............
329
14,058
1.2
SiriusPoint
Ltd.
........................
14,046
242,855
21.4
263,193
Total
Reference
Entity
—
Long
1,132,659
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
.
$
1,132,659
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
................................................................
$
—
$
—
$
77,893
$
(117,136
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
..
$
—
$
—
$
77,893
$
—
$
—
$
—
$
77,893
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
3,762
$
—
$
—
$
—
$
3,762
Swaps
-
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
—
—
117,136
—
—
—
117,136
$
—
$
—
$
120,898
$
—
$
—
$
—
$
120,898
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(58,163
)
$
—
$
—
$
—
$
(58,163
)
Swaps
.........................................
—
—
(1,146,799
)
—
—
—
(1,146,799
)
$
—
$
—
$
(1,204,962
)
$
—
$
—
$
—
$
(1,204,962
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(7,825
)
$
—
$
—
$
—
$
(7,825
)
Swaps
.........................................
—
—
(70,690
)
—
—
—
(70,690
)
$
—
$
—
$
(78,515
)
$
—
$
—
$
—
$
(78,515
)
Schedule
of
Investments
(continued)
March
31,
2025
iShares
®
US
Small
Cap
Value
Factor
ETF
12
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
–
Offsetting
as
of
Period
End
The
Fund’s
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
329,233
Total
return
swaps
Average
notional
amount
...............................................................................................
$
5,297,307
a
Assets
Liabilities
Derivative
Financial
Instruments:
Futures
contracts
.................................................................................
$
—
$
1,128
Swaps
—
OTC
(a)
.................................................................................
77,893
117,136
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
.........................................
$
77,893
$
118,264
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
......................................
—
(1,128)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
.........................................................
$
77,893
$
117,136
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
table
presents
the
Fund’s
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
a
a
a
a
a
a
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Received
(b)
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)
Goldman
Sachs
Bank
USA
..............................
$
12,394
$
–
$
–
$
–
$
12,394
JPMorgan
Chase
Bank
NA
..............................
65,499
–
–
–
65,499
$
77,893
$
–
$
–
$
–
$
77,893
a
a
a
a
a
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-Cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(d)
HSBC
Bank
PLC
.....................................
$
117,136
$
–
$
–
$
–
$
117,136
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivatives
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
........................................
$
131,404,850
$
—
$
—
$
131,404,850
Short-Term
Securities
Money
Market
Funds
.....................................
5,262,555
—
—
5,262,555
$
136,667,405
$
—
$
—
$
136,667,405
iShares
®
US
Small
Cap
Value
Factor
ETF
Schedule
of
Investments
(continued)
March
31,
2025
13
Schedule
of
Investments
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
..........................................
$
—
$
77,893
$
—
$
77,893
Liabilities
Equity
Contracts
..........................................
(3,762
)
(117,136
)
—
(120,898
)
$
(3,762
)
$
(39,243
)
$
—
$
(43,005
)
a
(a)
Derivative
financial
instruments
are
swaps
and
futures
contracts.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
14
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
March
31,
2025
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
20,803,927
$
131,404,850
Investments,
at
value
—
affiliated
(c)
.......................................................................
46,732
5,262,555
Cash
...........................................................................................
761
27,314
Cash
pledged:
Futures
contracts
.................................................................................
7,000
20,000
Receivables:
Securities
lending
income
—
affiliated
...................................................................
10
1,022
Dividends
—
unaffiliated
............................................................................
47,112
145,449
Dividends
—
affiliated
..............................................................................
208
14,227
Unrealized
appreciation
on:
OTC
swaps
.....................................................................................
—
77,893
Total
assets
......................................................................................
20,905,750
136,953,310
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
—
1,845,315
Payables:
Investments
purchased
.............................................................................
—
1,758
Capital
shares
redeemed
............................................................................
13,411
—
Investment
advisory
fees
............................................................................
4,544
23,217
Variation
margin
on
futures
contracts
....................................................................
350
1,128
Unrealized
depreciation
on:
OTC
swaps
.....................................................................................
—
117,136
Total
liabilities
.....................................................................................
18,305
1,988,554
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
20,887,445
$
134,964,756
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
24,690,520
$
158,201,838
Accumulated
loss
..................................................................................
(
3,803,075
)
(
23,237,082
)
NET
ASSETS
.....................................................................................
$
20,887,445
$
134,964,756
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
300,000
4,500,000
Net
asset
value
....................................................................................
$
69.62
$
29.99
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
—
$
1,798,557
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
20,916,564
$
141,132,018
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
46,732
$
5,262,178
15
Statements
of
Operations
Statements
of
Operations
Year
Ended
March
31,
2025
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
626,210
$
3,008,221
Dividends
—
affiliated
..............................................................................
2,929
236,026
Interest
—
unaffiliated
..............................................................................
59
2,407
Securities
lending
income
—
affiliated
—
net
...............................................................
759
16,889
Foreign
taxes
withheld
.............................................................................
—
(
4,818
)
Total
investment
income
..............................................................................
629,957
3,258,725
EXPENSES
Investment
advisory
...............................................................................
56,231
241,658
Interest
expense
.................................................................................
68
267
Total
expenses
....................................................................................
56,299
241,925
Net
investment
income
...............................................................................
573,658
3,016,800
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
1,249,045
439,915
Investments
—
affiliated
...........................................................................
(
16
)
(
179
)
Futures
contracts
...............................................................................
(
13,766
)
(
58,163
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
3,265,258
2,507,303
Swaps
......................................................................................
—
(
1,146,799
)
4,500,521
1,742,077
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
3,266,155
)
(
13,607,554
)
Investments
—
affiliated
...........................................................................
18
(
243
)
Futures
contracts
...............................................................................
(
1,971
)
(
7,825
)
Swaps
......................................................................................
—
(
70,690
)
(
3,268,108
)
(
13,686,312
)
Net
realized
and
unrealized
gain
(loss)
....................................................................
1,232,413
(
11,944,235
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....................................
$
1,806,071
$
(
8,927,435
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
16
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/25
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
573,658
$
437,208
$
3,016,800
$
2,126,849
Net
realized
gain
(loss)
.........................................
4,500,521
372,404
1,742,077
(
6,205,884
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
3,268,108
)
3,590,083
(
13,686,312
)
16,659,888
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,806,071
4,399,695
(
8,927,435
)
12,580,853
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
570,468
)
(
461,642
)
(
1,552,574
)
(
1,971,570
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
734,113
(
5,174,503
)
68,839,241
(
31,134,095
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
1,969,716
(
1,236,450
)
58,359,232
(
20,524,812
)
Beginning
of
year
...............................................
18,917,729
20,154,179
76,605,524
97,130,336
End
of
year
...................................................
$
20,887,445
$
18,917,729
$
134,964,756
$
76,605,524
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
17
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Focused
Value
Factor
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Net
asset
value,
beginning
of
year
..........................
$
63.06
$
50.39
$
58.49
$
53.34
$
30.23
Net
investment
income
(a)
................................
1
.70
1
.29
1
.54
1
.71
1
.23
Net
realized
and
unrealized
gain
(loss)
(b)
......................
6
.62
12.81
(
8
.03
)
5
.25
23.04
Net
increase
(decrease)
from
investment
operations
...............
8
.32
14.10
(
6
.49
)
6
.96
24.27
Distributions
from
net
investment
income
(c)
......................
(
1
.76
)
(
1
.43
)
(
1
.61
)
(
1
.81
)
(
1
.16
)
Net
asset
value,
end
of
year
..............................
$
69.62
$
63.06
$
50.39
$
58.49
$
53.34
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
13.34
%
28.44
%
(
11.02
)
%
13.20
%
81.85
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Net
investment
income
...................................
2
.55
%
2
.40
%
2
.94
%
3
.01
%
3
.20
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
20,887
$
18,918
$
20,154
$
35,096
$
40,003
Portfolio
turnover
rate
(f)
...................................
83
%
80
%
133
%
138
%
70
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
18
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
US
Small
Cap
Value
Factor
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Period
From
10/27/20
(a)
to
03/31/21
Net
asset
value,
beginning
of
period
......................
$
30.64
$
26.61
$
30.68
$
30.56
$
19.56
Net
investment
income
(b)
..............................
0
.79
0
.70
0
.68
0
.57
0
.20
Net
realized
and
unrealized
gain
(loss)
(c)
....................
(
1
.00
)
4
.01
(
4
.03
)
0
.28
10.94
Net
increase
(decrease)
from
investment
operations
.............
(
0
.21
)
4
.71
(
3
.35
)
0
.85
11.14
Distributions
from
net
investment
income
(d)
....................
(
0
.44
)
(
0
.68
)
(
0
.72
)
(
0
.73
)
(
0
.14
)
Net
asset
value,
end
of
period
...........................
$
29.99
$
30.64
$
26.61
$
30.68
$
30.56
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
...............................
(
0
.67
)
%
17.93
%
(
10.95
)
%
2
.79
%
57.05
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
Total
expenses
......................................
0
.20
%
0
.22
%
0
.30
%
0
.30
%
0
.30
%
(h)
Total
expenses
after
fees
waived
..........................
0
.20
%
0
.20
%
0
.20
%
0
.20
%
0
.20
%
(h)
Net
investment
income
.................................
2
.50
%
2
.54
%
2
.39
%
1
.84
%
1
.74
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................
$
134,965
$
76,606
$
97,130
$
179,498
$
113,060
Portfolio
turnover
rate
(i)
.................................
8
%
55
%
71
%
13
%
14
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
19
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
March
31,
2025,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Funds’
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund’s
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Funds’
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
the
Funds
have
a
single
investment
strategy
as
disclosed
in
their
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds’
financial
statements.
iShares
ETF
Diversification
Classification
Focused
Value
Factor
..................................................................................................
Diversified
US
Small
Cap
Value
Factor
..............................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
20
2025
iShares
Annual
Financial
Statements
and
Additional
Information
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
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 each
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.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
Notes
to
Financial
Statements
(
continued)
21
Notes
to
Financial
Statements
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
US
Small
Cap
Value
Factor
Barclays
Bank
PLC
...........................................
$
73,524
$
(73,524
)
$
—
$
—
Goldman
Sachs
&
Co.
LLC
.....................................
6,203
(6,203
)
—
—
J.P.
Morgan
Securities
LLC
.....................................
257,009
(257,009
)
—
—
Scotia
Capital
(USA),
Inc.
......................................
14,123
(14,123
)
—
—
Virtu
Americas
LLC
...........................................
744,139
(744,139
)
—
—
Wells
Fargo
Securities
LLC
.....................................
703,559
(703,559
)
—
—
$
1,798,557
$
(1,798,557
)
$
—
$
—
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
22
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Total
return
swaps
are
entered
into
by
the
iShares
US
Small
Cap
Value
Factor
ETF to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
or
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instruments
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
mitigate
its
counterparty
risk,
a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency,
or
other
events.
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement,
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
a
fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes, each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock,
Inc.
(“BlackRock”).
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
iShares
ETF
Investment
Advisory
Fees
Focused
Value
Factor
.
.
.
.
.
.
.
.
.
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.
.
0.25%
US
Small
Cap
Value
Factor
.
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0.20
Notes
to
Financial
Statements
(
continued)
23
Notes
to
Financial
Statements
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs. Each
Fund
is responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund’s
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities. Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the year
ended March
31,
2025,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Trustees and
Officers:
Certain
trustees
and/or
officers
of
the
Trust
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
March
31,
2025,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
iShares
ETF
Amounts
Focused
Value
Factor
.................................................................................................
$
323
US
Small
Cap
Value
Factor
.............................................................................................
4,672
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Focused
Value
Factor
................................................................
$
124,997
$
3,511,483
$
120,181
US
Small
Cap
Value
Factor
............................................................
331,967
719,602
128,629
Notes
to
Financial
Statements
(continued)
24
2025
iShares
Annual
Financial
Statements
and
Additional
Information
7.
Purchases
and
Sales
For
the year
ended
March
31,
2025,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
March
31,
2025,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
March
31,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
March
31,
2025,
permanent
differences
attributable
to realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2025,
the
tax
components
of
accumulated earnings
(losses)
were
as
follows:
For
the
year
ended
March
31,
2025,
the
Funds
listed
below
utilized
the
following
amounts
of their
respective
capital
loss
carryforwards:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
iShares
ETF
Purchases
Sales
Focused
Value
Factor
...............................................................................
$
19,061,096
$
18,742,168
US
Small
Cap
Value
Factor
...........................................................................
24,486,238
9,865,679
iShares
ETF
In-kind
Purchases
In-kind
Sales
Focused
Value
Factor
...............................................................................
$
31,733,073
$
31,286,186
US
Small
Cap
Value
Factor
...........................................................................
69,813,153
17,775,834
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Focused
Value
Factor
.................................................................................
$
3,262,181
$
(3,262,181)
US
Small
Cap
Value
Factor
.............................................................................
2,501,896
(2,501,896)
iShares
ETF
Year
Ended
03/31/25
Year
Ended
03/31/24
Focused
Value
Factor
Ordinary
income
...........................................................................................
$
570,468
$
461,642
US
Small
Cap
Value
Factor
Ordinary
income
...........................................................................................
$
1,552,574
$
1,971,570
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Focused
Value
Factor
...............................................
$
44,176
$
(3,674,651)
$
(172,600)
$
(3,803,075)
US
Small
Cap
Value
Factor
...........................................
565,851
(13,567,020)
(10,235,913)
(23,237,082)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies
and
the
accounting
for
swap
agreements.
iShares
ETF
Utilized
Focused
Value
Factor
..................................................................................................
$
1,252,705
US
Small
Cap
Value
Factor
..............................................................................................
697,175
Notes
to
Financial
Statements
(
continued)
25
Notes
to
Financial
Statements
As
of
March
31,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject each
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Funds are
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Focused
Value
Factor
...........................................
$
21,023,259
$
984,712
$
(1,157,312
)
$
(172,600
)
US
Small
Cap
Value
Factor
.......................................
146,903,318
9,427,673
(19,663,586
)
(10,235,913
)
Notes
to
Financial
Statements
(continued)
26
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
03/31/25
Year
Ended
03/31/24
iShares
ETF
Shares
Amount
Shares
Amount
Focused
Value
Factor
Shares
sold
...............................................
500,000
$
32,455,681
—
$
—
Shares
redeemed
...........................................
(500,000
)
(31,721,568
)
(100,000
)
(5,174,503
)
—
$
734,113
(100,000
)
$
(5,174,503
)
US
Small
Cap
Value
Factor
Shares
sold
...............................................
2,750,000
$
91,804,488
550,000
$
16,129,500
Shares
redeemed
...........................................
(750,000
)
(22,965,247
)
(1,700,000
)
(47,263,595
)
2,000,000
$
68,839,241
(1,150,000
)
$
(31,134,095
)
Report
of
Independent
Registered
Public
Accounting
Firm
27
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the two funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2025,
the
related
statements
of
operations
for
the
year
ended
March
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
March
31,
2025,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2025
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
May
22,
2025
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Focused
Value
Factor
ETF
iShares
US
Small
Cap
Value
Factor
ETF
Important
Tax
Information
(unaudited)
28
2025
iShares
Annual
Financial
Statements
and
Additional
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
March
31,
2025
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
March
31,
2025
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
March
31,
2025
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Focused
Value
Factor
..................................................................................................
$
559,173
US
Small
Cap
Value
Factor
..............................................................................................
2,577,167
iShares
ETF
Qualified
Business
Income
Focused
Value
Factor
..................................................................................................
$
11,678
US
Small
Cap
Value
Factor
..............................................................................................
115,004
iShares
ETF
Dividends-Received
Deduction
Focused
Value
Factor
..................................................................................................
85
.90
%
US
Small
Cap
Value
Factor
..............................................................................................
100
.00
Additional
Information
29
Additional
Information
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds’
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provide
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available,
at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
30
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2025
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item
8 – Changes in and Disagreements with Accountants for Open-End Management
Investment Companies – See Item 7
Item
9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
Item
10 – Remuneration Paid to Directors, Officers, and Others of Open-End
Management Investment Companies – See Item 7
Item
11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See
Item 7
Item
12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies – Not
Applicable
Item
13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item
14 – Purchases of Equity Securities by Closed-End Management Investment Company
and Affiliated Purchasers – Not
Applicable
Item
15 – Submission of Matters to a Vote of Security Holders – There have been no
material changes to these procedures.
Item
16 – Controls and Procedures
(a) The registrant’s
principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of
the filing date of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended.
(b) There were no changes
in the registrant’s internal control over financial reporting (as defined in
Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by
this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.
Item
17 – Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies –Not Applicable
Item
18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item
19 – Exhibits attached hereto
(a)(2) Any
policy required by the listing standards adopted pursuant to Rule 10D-1 under
the Exchange Act (17 CFR 240.10D-1) by the registered national securities
exchange or registered national securities association upon which the registrant’s
securities are listed – Not Applicable
(a)(4) Any written solicitation to purchase securities under Rule 23c-1
– Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Jessica Tan____________________
Jessica Tan
President (principal executive officer) of
iShares Trust
Date: May 22, 2025
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: /s/ Jessica Tan____________________
Jessica Tan
President (principal executive officer) of
iShares Trust
Date: May 22, 2025
By: /s/ Trent Walker___________________
Trent Walker
Treasurer and Chief Financial Officer
(principal financial officer) of
iShares Trust
Date: May 22, 2025