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: 04/30/2025
Date of reporting period: 04/30/2025
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 fourteen series of the registrant for which the fiscal year-end is April
30, 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 $186,200 for the fiscal year ended April
30, 2024 and $186,200 for the fiscal year ended April 30, 2025.
(b)
Audit-Related Fees – There were no fees billed for the fiscal years
ended April 30, 2024 and April 30, 2025 for assurance and related services by
the principal accountant that were reasonably related to the performance of the
audit of the Fund’s 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 $135,800 for the
fiscal year ended April 30, 2024 and $135,800 for the fiscal year ended April
30, 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 April 30, 2024 and April 30, 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 $135,800 for the fiscal year ended April 30, 2024 and $135,800 for the fiscal year ended April 30, 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.
April
30,
2025
2025
Annual
Financial
Statements
and
Additional
Information
iShares
Trust
iShares
Dow
Jones
U.S.
ETF
|
IYY
|
NYSE
Arca
iShares
ESG
MSCI
KLD
400
ETF
|
DSI
|
NYSE
Arca
iShares
MSCI
USA
ESG
Select
ETF
|
SUSA
|
NYSE
Arca
iShares
U.S.
Basic
Materials
ETF
|
IYM
|
NYSE
Arca
iShares
U.S.
Consumer
Discretionary
ETF
|
IYC
|
NYSE
Arca
iShares
U.S.
Consumer
Staples
ETF
|
IYK
|
NYSE
Arca
iShares
U.S.
Energy
ETF
|
IYE
|
NYSE
Arca
iShares
U.S.
Financial
Services
ETF
|
IYG
|
NYSE
Arca
iShares
U.S.
Financials
ETF
|
IYF
|
NYSE
Arca
iShares
U.S.
Healthcare
ETF
|
IYH
|
NYSE
Arca
iShares
U.S.
Industrials
ETF
|
IYJ
|
Cboe
BZX
Exchange
iShares
U.S.
Technology
ETF
|
IYW
|
NYSE
Arca
iShares
U.S.
Transportation
ETF
|
IYT
|
Cboe
BZX
Exchange
iShares
U.S.
Utilities
ETF
|
IDU
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
64
Statements
of
Operations
.................................................................................................
68
Statements
of
Changes
in
Net
Assets
..........................................................................................
72
Financial
Highlights
.....................................................................................................
79
Notes
to
Financial
Statements
...............................................................................................
93
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
106
Important
Tax
Information
(unaudited)
.................................................................................................
107
Additional
Information
....................................................................................................
108
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
109
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
2
.1
%
ATI,
Inc.
(a)
..............................
6,041
$
328,510
Axon
Enterprise,
Inc.
(a)
.....................
3,065
1,879,764
Boeing
Co.
(The)
(a)
........................
31,790
5,825,200
BWX
Technologies,
Inc.
....................
3,954
431,460
Curtiss-Wright
Corp.
.......................
1,627
561,136
General
Dynamics
Corp.
....................
10,754
2,926,378
General
Electric
Co.
.......................
45,488
9,167,652
HEICO
Corp.
...........................
1,669
418,519
HEICO
Corp.
,
Class
A
......................
3,112
625,294
Hexcel
Corp.
............................
3,612
175,074
Howmet
Aerospace,
Inc.
....................
17,147
2,376,231
Huntington
Ingalls
Industries,
Inc.
..............
1,701
391,808
L3Harris
Technologies,
Inc.
..................
8,057
1,772,701
Lockheed
Martin
Corp.
.....................
8,920
4,261,530
Northrop
Grumman
Corp.
...................
5,789
2,816,349
RTX
Corp.
.............................
56,518
7,128,615
Textron,
Inc.
............................
7,956
559,864
TransDigm
Group,
Inc.
.....................
2,376
3,357,454
Woodward,
Inc.
..........................
2,476
464,423
45,467,962
a
Air
Freight
&
Logistics
—
0
.3
%
CH
Robinson
Worldwide,
Inc.
................
4,946
441,282
Expeditors
International
of
Washington,
Inc.
.......
5,947
653,635
FedEx
Corp.
............................
9,391
1,975,209
GXO
Logistics,
Inc.
(a)
(b)
.....................
4,976
180,330
United
Parcel
Service,
Inc.
,
Class
B
............
31,117
2,965,450
6,215,906
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
9,951
567,804
Autoliv,
Inc.
.............................
3,142
292,929
BorgWarner,
Inc.
.........................
9,095
258,116
Gentex
Corp.
...........................
9,756
212,486
Lear
Corp.
.............................
2,254
193,280
Mobileye
Global,
Inc.
,
Class
A
(a)
(b)
..............
3,229
47,079
1,571,694
a
Automobiles
—
1
.7
%
Ford
Motor
Co.
..........................
164,302
1,644,663
General
Motors
Co.
.......................
42,170
1,907,771
Harley-Davidson,
Inc.
......................
5,004
112,190
Lucid
Group,
Inc.
(a)
(b)
.......................
48,054
120,615
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
30,221
412,819
Tesla,
Inc.
(a)
.............................
118,728
33,500,292
Thor
Industries,
Inc.
.......................
2,302
166,711
37,865,061
a
Banks
—
3
.4
%
Bank
of
America
Corp.
.....................
281,216
11,214,894
Bank
OZK
.............................
4,493
191,402
BOK
Financial
Corp.
.......................
953
88,791
Citigroup,
Inc.
...........................
79,557
5,440,108
Citizens
Financial
Group,
Inc.
................
18,487
681,985
Comerica,
Inc.
...........................
5,597
300,839
Commerce
Bancshares,
Inc.
.................
5,389
327,328
Cullen/Frost
Bankers,
Inc.
...................
2,689
313,188
East
West
Bancorp,
Inc.
....................
5,772
493,795
Fifth
Third
Bancorp
.......................
28,156
1,011,927
First
Citizens
BancShares,
Inc.
,
Class
A
..........
491
873,558
First
Financial
Bankshares,
Inc.
...............
5,320
178,273
First
Horizon
Corp.
........................
22,552
407,740
FNB
Corp.
.............................
15,012
196,507
Security
Shares
Value
a
Banks
(continued)
Glacier
Bancorp,
Inc.
......................
4,768
$
194,344
Home
BancShares,
Inc.
....................
7,896
219,114
Huntington
Bancshares,
Inc.
.................
61,001
886,345
JPMorgan
Chase
&
Co.
....................
118,632
29,019,760
KeyCorp
...............................
41,970
622,835
M&T
Bank
Corp.
.........................
7,015
1,190,866
Pinnacle
Financial
Partners,
Inc.
...............
3,264
327,183
PNC
Financial
Services
Group,
Inc.
(The)
........
16,738
2,689,629
Popular,
Inc.
............................
3,201
305,439
Prosperity
Bancshares,
Inc.
..................
3,973
269,767
Regions
Financial
Corp.
....................
38,638
788,602
SouthState
Corp.
.........................
4,160
361,005
Synovus
Financial
Corp.
....................
6,192
268,237
TFS
Financial
Corp.
.......................
2,217
28,732
Truist
Financial
Corp.
......................
56,151
2,152,829
U.S.
Bancorp
...........................
65,943
2,660,141
UMB
Financial
Corp.
......................
2,885
272,834
United
Bankshares,
Inc.
....................
5,759
197,476
Valley
National
Bancorp
....................
19,850
170,710
Webster
Financial
Corp.
....................
7,455
352,621
Wells
Fargo
&
Co.
........................
139,390
9,898,084
Western
Alliance
Bancorp
...................
4,579
319,202
Wintrust
Financial
Corp.
....................
2,788
309,942
Zions
Bancorp
NA
........................
6,227
280,028
75,506,060
a
Beverages
—
1
.2
%
Brown-Forman
Corp.
,
Class
A
................
2,297
79,499
Brown-Forman
Corp.
,
Class
B
,
NVS
............
7,720
268,965
Celsius
Holdings,
Inc.
(a)
.....................
6,815
238,252
Coca-Cola
Co.
(The)
......................
164,365
11,924,681
Coca-Cola
Consolidated,
Inc.
.................
252
341,664
Constellation
Brands,
Inc.
,
Class
A
.............
6,654
1,247,891
Keurig
Dr
Pepper,
Inc.
.....................
50,596
1,750,116
Molson
Coors
Beverage
Co.
,
Class
B
...........
7,457
429,001
Monster
Beverage
Corp.
(a)
...................
29,812
1,792,298
National
Beverage
Corp.
....................
1,017
45,155
PepsiCo,
Inc.
...........................
58,116
7,879,367
25,996,889
a
Biotechnology
—
2
.0
%
AbbVie,
Inc.
............................
74,909
14,614,746
Alkermes
PLC
(a)
(b)
.........................
7,015
201,821
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
5,468
1,439,396
Amgen,
Inc.
............................
22,823
6,639,667
Apellis
Pharmaceuticals,
Inc.
(a)
................
4,485
86,157
Arrowhead
Pharmaceuticals,
Inc.
(a)
.............
5,287
73,436
Biogen,
Inc.
(a)
...........................
6,213
752,270
BioMarin
Pharmaceutical,
Inc.
(a)
...............
8,009
510,093
Blueprint
Medicines
Corp.
(a)
(b)
.................
2,680
239,860
CRISPR
Therapeutics
AG
(a)
(b)
.................
3,626
140,217
Denali
Therapeutics,
Inc.
(a)
(b)
.................
5,366
89,344
Exact
Sciences
Corp.
(a)
.....................
7,703
351,565
Exelixis,
Inc.
(a)
...........................
12,105
473,911
Gilead
Sciences,
Inc.
......................
52,822
5,627,656
Halozyme
Therapeutics,
Inc.
(a)
................
5,258
322,946
Incyte
Corp.
(a)
...........................
6,778
424,709
Insmed,
Inc.
(a)
(b)
..........................
7,603
547,416
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
6,884
211,408
Moderna,
Inc.
(a)
..........................
14,214
405,668
Natera,
Inc.
(a)
(b)
..........................
5,589
843,548
Neurocrine
Biosciences,
Inc.
(a)
................
4,340
467,375
Regeneron
Pharmaceuticals,
Inc.
..............
4,450
2,664,482
Roivant
Sciences
Ltd.
(a)
(b)
...................
18,519
215,191
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Biotechnology
(continued)
Sarepta
Therapeutics,
Inc.
(a)
.................
4,114
$
256,714
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
3,862
150,541
United
Therapeutics
Corp.
(a)
..................
1,895
574,355
Vaxcyte,
Inc.
(a)
...........................
4,759
170,563
Vertex
Pharmaceuticals,
Inc.
(a)
................
10,902
5,554,569
44,049,624
a
Broadline
Retail
—
3
.5
%
Amazon.com,
Inc.
(a)
.......................
400,176
73,800,458
eBay,
Inc.
..............................
20,282
1,382,421
Etsy,
Inc.
(a)
.............................
5,048
219,487
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
...........
2,616
277,584
75,679,950
a
Building
Products
—
0
.6
%
A
O
Smith
Corp.
.........................
5,000
339,300
Advanced
Drainage
Systems,
Inc.
.............
2,932
332,753
Allegion
PLC
............................
3,740
520,608
Armstrong
World
Industries,
Inc.
...............
1,926
279,308
Builders
FirstSource,
Inc.
(a)
..................
4,941
591,092
Carlisle
Companies,
Inc.
....................
1,891
717,597
Carrier
Global
Corp.
.......................
34,227
2,140,557
Fortune
Brands
Innovations,
Inc.
..............
5,205
280,133
Johnson
Controls
International
PLC
............
27,977
2,347,270
Lennox
International,
Inc.
...................
1,342
733,738
Masco
Corp.
............................
9,194
557,248
Owens
Corning
..........................
3,673
534,091
Simpson
Manufacturing
Co.,
Inc.
..............
1,816
279,101
Trane
Technologies
PLC
....................
9,518
3,648,345
Trex
Co.,
Inc.
(a)
..........................
4,735
273,778
UFP
Industries,
Inc.
.......................
2,588
255,824
Zurn
Elkay
Water
Solutions
Corp.
..............
6,121
207,869
14,038,612
a
Capital
Markets
—
3
.4
%
Affiliated
Managers
Group,
Inc.
...............
1,266
209,688
Ameriprise
Financial,
Inc.
...................
4,109
1,935,421
Ares
Management
Corp.
,
Class
A
..............
7,982
1,217,495
Bank
of
New
York
Mellon
Corp.
(The)
...........
30,418
2,445,911
BlackRock,
Inc.
(c)
.........................
6,163
5,634,584
Blackstone,
Inc.
..........................
31,021
4,085,776
Blue
Owl
Capital,
Inc.
,
Class
A
................
21,916
406,104
Carlyle
Group,
Inc.
(The)
....................
9,102
351,701
Cboe
Global
Markets,
Inc.
...................
4,419
980,134
Charles
Schwab
Corp.
(The)
.................
72,480
5,899,872
CME
Group,
Inc.
,
Class
A
...................
15,315
4,243,480
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
8,906
1,806,938
Evercore,
Inc.
,
Class
A
.....................
1,515
311,014
FactSet
Research
Systems,
Inc.
...............
1,632
705,383
Franklin
Resources,
Inc.
....................
12,778
239,715
Goldman
Sachs
Group,
Inc.
(The)
.............
13,225
7,241,349
Hamilton
Lane,
Inc.
,
Class
A
.................
1,693
261,552
Houlihan
Lokey,
Inc.
,
Class
A
.................
2,263
366,787
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
4,531
778,652
Intercontinental
Exchange,
Inc.
...............
24,428
4,103,171
Invesco
Ltd.
............................
19,101
266,077
Janus
Henderson
Group
PLC
................
5,562
184,714
Jefferies
Financial
Group,
Inc.
................
6,889
321,923
KKR
&
Co.,
Inc.
..........................
28,616
3,269,950
Lazard,
Inc.
............................
4,775
185,748
LPL
Financial
Holdings,
Inc.
..................
3,359
1,074,175
MarketAxess
Holdings,
Inc.
..................
1,599
354,322
Moody's
Corp.
...........................
6,598
2,989,686
Morgan
Stanley
..........................
52,460
6,054,933
Morningstar,
Inc.
.........................
1,118
318,317
Security
Shares
Value
a
Capital
Markets
(continued)
MSCI,
Inc.
.............................
3,291
$
1,793,957
Nasdaq,
Inc.
............................
17,625
1,343,201
Northern
Trust
Corp.
.......................
8,331
782,947
Raymond
James
Financial,
Inc.
...............
7,787
1,067,131
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
30,117
1,479,046
S&P
Global,
Inc.
.........................
13,350
6,675,668
SEI
Investments
Co.
.......................
4,205
329,209
State
Street
Corp.
........................
12,342
1,087,330
Stifel
Financial
Corp.
......................
4,235
362,897
T
Rowe
Price
Group,
Inc.
...................
9,310
824,401
TPG,
Inc.
,
Class
A
........................
3,715
172,562
Tradeweb
Markets,
Inc.
,
Class
A
...............
4,953
685,000
Virtu
Financial,
Inc.
,
Class
A
..................
3,326
130,213
74,978,134
a
Chemicals
—
1
.3
%
Air
Products
and
Chemicals,
Inc.
..............
9,434
2,557,463
Albemarle
Corp.
.........................
4,988
292,047
Ashland,
Inc.
............................
1,987
108,073
Axalta
Coating
Systems
Ltd.
(a)
................
9,417
306,053
Celanese
Corp.
..........................
4,636
206,348
CF
Industries
Holdings,
Inc.
..................
7,521
589,421
Chemours
Co.
(The)
.......................
6,332
78,390
Corteva,
Inc.
............................
29,016
1,798,702
Dow,
Inc.
..............................
29,518
902,956
DuPont
de
Nemours,
Inc.
...................
17,909
1,181,815
Eastman
Chemical
Co.
.....................
4,958
381,766
Ecolab,
Inc.
............................
10,740
2,700,358
Element
Solutions,
Inc.
.....................
9,695
197,875
FMC
Corp.
.............................
5,367
224,985
Huntsman
Corp.
.........................
6,559
87,300
International
Flavors
&
Fragrances,
Inc.
..........
10,868
852,703
Linde
PLC
.............................
20,159
9,136,664
LyondellBasell
Industries
N.V.
,
Class
A
..........
10,895
634,198
Mosaic
Co.
(The)
.........................
13,135
399,304
NewMarket
Corp.
.........................
302
185,821
Olin
Corp.
..............................
4,970
107,451
PPG
Industries,
Inc.
.......................
9,807
1,067,590
RPM
International,
Inc.
.....................
5,483
585,310
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
1,696
85,444
Sherwin-Williams
Co.
(The)
..................
9,848
3,475,556
Westlake
Corp.
..........................
1,348
124,596
28,268,189
a
Commercial
Services
&
Supplies
—
0
.7
%
Cintas
Corp.
............................
14,548
3,079,521
Clean
Harbors,
Inc.
(a)
......................
2,157
461,469
Copart,
Inc.
(a)
...........................
37,183
2,269,278
MSA
Safety,
Inc.
.........................
1,699
267,457
RB
Global,
Inc.
..........................
7,705
775,893
Republic
Services,
Inc.
.....................
8,612
2,159,459
Rollins,
Inc.
.............................
11,899
679,790
Tetra
Tech,
Inc.
..........................
11,470
357,749
Veralto
Corp.
............................
10,486
1,005,607
Waste
Management,
Inc.
....................
15,483
3,613,113
14,669,336
a
Communications
Equipment
—
0
.8
%
Arista
Networks,
Inc.
(a)
.....................
43,783
3,602,027
Ciena
Corp.
(a)
...........................
5,962
400,408
Cisco
Systems,
Inc.
.......................
169,064
9,760,065
F5,
Inc.
(a)
..............................
2,515
665,821
Juniper
Networks,
Inc.
.....................
14,179
514,981
Lumentum
Holdings,
Inc.
(a)
..................
2,939
173,519
Motorola
Solutions,
Inc.
....................
7,110
3,131,173
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Communications
Equipment
(continued)
Ubiquiti,
Inc.
............................
183
$
59,740
18,307,734
a
Construction
&
Engineering
—
0
.2
%
AECOM
...............................
5,742
566,448
API
Group
Corp.
(a)
........................
10,160
384,353
Comfort
Systems
USA,
Inc.
..................
1,512
601,096
EMCOR
Group,
Inc.
.......................
1,973
790,581
Everus
Construction
Group,
Inc.
(a)
..............
2,163
87,039
Fluor
Corp.
(a)
............................
7,268
253,580
MasTec,
Inc.
(a)
...........................
2,520
320,846
Quanta
Services,
Inc.
......................
6,232
1,824,044
Valmont
Industries,
Inc.
.....................
822
241,027
WillScot
Holdings
Corp.
,
Class
A
..............
8,155
204,854
5,273,868
a
Construction
Materials
—
0
.3
%
CRH
PLC
..............................
28,707
2,739,222
Eagle
Materials,
Inc.
.......................
1,416
320,568
Martin
Marietta
Materials,
Inc.
................
2,594
1,359,204
Vulcan
Materials
Co.
......................
5,603
1,469,835
5,888,829
a
Consumer
Finance
—
0
.6
%
Ally
Financial,
Inc.
........................
11,689
381,763
American
Express
Co.
.....................
23,553
6,274,755
Capital
One
Financial
Corp.
..................
16,132
2,907,954
Credit
Acceptance
Corp.
(a)
(b)
..................
262
127,704
Discover
Financial
Services
..................
10,690
1,952,742
FirstCash
Holdings,
Inc.
....................
1,647
220,632
OneMain
Holdings,
Inc.
.....................
5,192
244,388
SLM
Corp.
.............................
9,430
272,621
SoFi
Technologies,
Inc.
(a)
(b)
..................
45,057
563,663
Synchrony
Financial
.......................
16,358
849,798
13,796,020
a
Consumer
Staples
Distribution
&
Retail
—
2
.2
%
Albertsons
Companies,
Inc.
,
Class
A
............
17,076
375,331
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
...........
5,509
647,638
Casey's
General
Stores,
Inc.
.................
1,577
729,505
Costco
Wholesale
Corp.
....................
18,835
18,731,408
Dollar
General
Corp.
......................
9,402
880,873
Dollar
Tree,
Inc.
(a)
.........................
8,573
701,014
Kroger
Co.
(The)
.........................
28,187
2,035,383
Maplebear,
Inc.
(a)
.........................
6,978
278,352
Performance
Food
Group
Co.
(a)
...............
6,503
524,532
Sprouts
Farmers
Market,
Inc.
(a)
................
4,315
737,865
Sysco
Corp.
............................
20,871
1,490,189
Target
Corp.
............................
19,491
1,884,780
U.S.
Foods
Holding
Corp.
(a)
..................
9,861
647,473
Walgreens
Boots
Alliance,
Inc.
................
30,257
331,919
Walmart,
Inc.
............................
184,052
17,899,057
47,895,319
a
Containers
&
Packaging
—
0
.3
%
Amcor
PLC
.............................
96,800
890,560
AptarGroup,
Inc.
.........................
2,884
432,456
Avery
Dennison
Corp.
......................
3,438
588,276
Ball
Corp.
..............................
12,887
669,351
Crown
Holdings,
Inc.
......................
5,091
490,416
Graphic
Packaging
Holding
Co.
...............
12,927
327,182
International
Paper
Co.
.....................
22,117
1,010,304
Packaging
Corp.
of
America
.................
3,762
698,265
Sealed
Air
Corp.
.........................
5,661
156,017
Silgan
Holdings,
Inc.
.......................
3,478
179,639
Smurfit
WestRock
PLC
.....................
20,945
880,109
Security
Shares
Value
a
Containers
&
Packaging
(continued)
Sonoco
Products
Co.
......................
4,135
$
169,535
6,492,110
a
Distributors
—
0
.1
%
Genuine
Parts
Co.
........................
5,924
696,366
LKQ
Corp.
.............................
11,333
433,034
Pool
Corp.
.............................
1,597
468,145
1,597,545
a
Diversified
Consumer
Services
—
0
.1
%
ADT,
Inc.
..............................
17,101
137,150
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
2,467
309,411
Duolingo,
Inc.
,
Class
A
(a)
(b)
...................
1,599
622,778
Grand
Canyon
Education,
Inc.
(a)
...............
1,222
217,968
H&R
Block,
Inc.
..........................
6,016
363,186
Service
Corp.
International
..................
6,274
501,293
2,151,786
a
Diversified
REITs
—
0
.0
%
WP
Carey,
Inc.
..........................
9,168
572,450
a
Diversified
Telecommunication
Services
—
0
.8
%
AT&T,
Inc.
..............................
304,378
8,431,271
Frontier
Communications
Parent,
Inc.
(a)
..........
9,362
339,372
Iridium
Communications,
Inc.
.................
5,289
127,624
Liberty
Global
Ltd.
,
Class
A
(a)
.................
7,345
80,428
Liberty
Global
Ltd.
,
Class
C
,
NVS
(a)
.............
6,792
77,021
Verizon
Communications,
Inc.
................
178,607
7,869,424
16,925,140
a
Electric
Utilities
—
1
.6
%
ALLETE,
Inc.
...........................
2,462
161,236
Alliant
Energy
Corp.
.......................
10,938
667,656
American
Electric
Power
Co.,
Inc.
..............
22,599
2,448,376
Constellation
Energy
Corp.
..................
13,257
2,962,144
Duke
Energy
Corp.
.......................
32,933
4,018,485
Edison
International
.......................
16,284
871,357
Entergy
Corp.
...........................
18,205
1,514,110
Evergy,
Inc.
.............................
9,644
666,400
Eversource
Energy
.......................
15,513
922,713
Exelon
Corp.
............................
42,520
1,994,188
FirstEnergy
Corp.
........................
21,756
932,897
IDACORP,
Inc.
..........................
2,319
273,851
NextEra
Energy,
Inc.
......................
87,297
5,838,423
NRG
Energy,
Inc.
.........................
8,626
945,237
OGE
Energy
Corp.
........................
8,438
382,917
PG&E
Corp.
............................
92,562
1,529,124
Pinnacle
West
Capital
Corp.
.................
4,738
450,963
Portland
General
Electric
Co.
.................
4,504
189,709
PPL
Corp.
.............................
31,106
1,135,369
Southern
Co.
(The)
.......................
46,590
4,281,155
TXNM
Energy,
Inc.
........................
3,700
196,840
Xcel
Energy,
Inc.
.........................
24,312
1,718,858
34,102,008
a
Electrical
Equipment
—
0
.9
%
Acuity,
Inc.
.............................
1,262
307,436
AMETEK,
Inc.
...........................
9,833
1,667,480
Eaton
Corp.
PLC
.........................
16,734
4,925,988
Emerson
Electric
Co.
......................
23,900
2,512,129
EnerSys
...............................
1,721
149,039
GE
Vernova,
Inc.
.........................
11,683
4,332,290
Generac
Holdings,
Inc.
(a)
(b)
...................
2,533
289,724
Hubbell,
Inc.
............................
2,247
816,065
NEXTracker,
Inc.
,
Class
A
(a)
..................
6,090
247,315
nVent
Electric
PLC
........................
7,122
391,069
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Electrical
Equipment
(continued)
Regal
Rexnord
Corp.
......................
2,870
$
303,761
Rockwell
Automation,
Inc.
...................
4,794
1,187,378
Sensata
Technologies
Holding
PLC
............
6,455
138,137
Sunrun,
Inc.
(a)
...........................
9,061
62,430
Vertiv
Holdings
Co.
,
Class
A
.................
16,174
1,380,936
18,711,177
a
Electronic
Equipment,
Instruments
&
Components
—
0
.7
%
Amphenol
Corp.
,
Class
A
...................
51,327
3,949,613
Arrow
Electronics,
Inc.
(a)
....................
2,320
258,355
Avnet,
Inc.
.............................
3,546
166,627
CDW
Corp.
.............................
5,597
898,654
Cognex
Corp.
...........................
7,320
199,836
Coherent
Corp.
(a)
.........................
6,507
418,530
Corning,
Inc.
............................
32,830
1,456,995
Crane
NXT
Co.
..........................
1,977
92,761
Fabrinet
(a)
..............................
1,536
314,972
Flex
Ltd.
(a)
..............................
16,213
556,755
IPG
Photonics
Corp.
(a)
.....................
1,336
80,013
Jabil,
Inc.
..............................
4,642
680,332
Keysight
Technologies,
Inc.
(a)
(b)
................
7,425
1,079,595
Littelfuse,
Inc.
...........................
1,032
188,144
TD
SYNNEX
Corp.
........................
3,301
365,751
TE
Connectivity
PLC
......................
12,666
1,854,049
Teledyne
Technologies,
Inc.
(a)
.................
1,978
921,807
Trimble,
Inc.
(a)
...........................
10,366
644,143
Vontier
Corp.
............................
6,398
203,520
Zebra
Technologies
Corp.
,
Class
A
(a)
............
2,169
542,944
14,873,396
a
Energy
Equipment
&
Services
—
0
.3
%
Baker
Hughes
Co.
,
Class
A
..................
41,943
1,484,782
ChampionX
Corp.
........................
8,333
201,075
Halliburton
Co.
..........................
37,379
740,852
Noble
Corp.
PLC
,
Class
A
...................
5,827
126,679
NOV,
Inc.
..............................
16,342
189,731
Schlumberger
N.V.
........................
59,711
1,985,391
TechnipFMC
PLC
........................
18,378
517,708
Transocean
Ltd.
(a)
(b)
.......................
32,070
68,309
Weatherford
International
PLC
................
3,108
128,671
5,443,198
a
Entertainment
—
1
.7
%
Electronic
Arts,
Inc.
.......................
10,202
1,480,208
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
979
78,859
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
9,360
829,951
Liberty
Media
Corp.-Liberty
Live
,
Series
A
(a)
.......
828
57,944
Liberty
Media
Corp.-Liberty
Live
,
Series
C
,
NVS
(a)
...
1,938
138,586
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
6,651
880,925
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
....
731
140,769
Netflix,
Inc.
(a)
............................
18,152
20,542,981
ROBLOX
Corp.
,
Class
A
(a)
...................
23,099
1,548,788
Roku,
Inc.
,
Class
A
(a)
......................
5,257
358,422
Take-Two
Interactive
Software,
Inc.
(a)
............
6,939
1,619,007
TKO
Group
Holdings,
Inc.
,
Class
A
.............
2,822
459,732
Walt
Disney
Co.
(The)
.....................
76,738
6,979,321
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
93,631
811,781
Warner
Music
Group
Corp.
,
Class
A
............
5,858
178,376
36,105,650
a
Financial
Services
—
4
.8
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
................
10,618
528,352
Apollo
Global
Management,
Inc.
...............
19,091
2,605,540
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
77,768
41,469,786
Security
Shares
Value
a
Financial
Services
(continued)
Block,
Inc.
,
Class
A
(a)
(b)
.....................
23,698
$
1,385,622
Corpay,
Inc.
(a)
...........................
2,947
958,865
Equitable
Holdings,
Inc.
....................
12,390
612,685
Essent
Group
Ltd.
........................
4,735
269,564
Euronet
Worldwide,
Inc.
(a)
(b)
..................
1,751
173,524
Fidelity
National
Information
Services,
Inc.
........
22,449
1,770,777
Fiserv,
Inc.
(a)
............................
24,180
4,462,903
Global
Payments,
Inc.
.....................
10,494
800,797
Jack
Henry
&
Associates,
Inc.
................
3,097
537,113
Mastercard,
Inc.
,
Class
A
....................
34,559
18,940,405
MGIC
Investment
Corp.
....................
11,004
274,110
PayPal
Holdings,
Inc.
(a)
(b)
....................
41,925
2,760,342
Radian
Group,
Inc.
........................
6,751
215,627
Rocket
Companies,
Inc.
,
Class
A
(b)
.............
5,760
74,362
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
3,134
256,361
Toast,
Inc.
,
Class
A
(a)
......................
17,976
639,586
UWM
Holdings
Corp.
,
Class
A
................
5,378
25,277
Visa,
Inc.
,
Class
A
........................
73,118
25,262,269
Voya
Financial,
Inc.
.......................
4,307
254,974
Western
Union
Co.
(The)
...................
11,401
112,984
WEX,
Inc.
(a)
(b)
............................
1,476
192,426
104,584,251
a
Food
Products
—
0
.7
%
Archer-Daniels-Midland
Co.
..................
20,298
969,230
Bunge
Global
SA
.........................
5,921
466,101
Conagra
Brands,
Inc.
......................
20,202
499,191
Darling
Ingredients,
Inc.
(a)
...................
6,700
215,673
Flowers
Foods,
Inc.
.......................
7,992
140,579
General
Mills,
Inc.
........................
23,627
1,340,596
Hershey
Co.
(The)
........................
6,239
1,043,098
Hormel
Foods
Corp.
.......................
12,164
363,704
Ingredion,
Inc.
...........................
2,674
355,161
J
M
Smucker
Co.
(The)
.....................
4,513
524,727
Kellanova
..............................
11,335
938,198
Kraft
Heinz
Co.
(The)
......................
37,467
1,090,290
Lamb
Weston
Holdings,
Inc.
.................
6,124
323,408
Lancaster
Colony
Corp.
....................
864
140,642
McCormick
&
Co.,
Inc.
,
NVS
.................
10,712
821,182
Mondelez
International,
Inc.
,
Class
A
............
54,822
3,735,023
Pilgrim's
Pride
Corp.
.......................
1,537
83,889
Post
Holdings,
Inc.
(a)
.......................
2,082
235,620
The
Campbell's
Company
...................
8,529
310,967
Tyson
Foods,
Inc.
,
Class
A
..................
12,011
735,554
14,332,833
a
Gas
Utilities
—
0
.1
%
Atmos
Energy
Corp.
.......................
6,766
1,086,823
MDU
Resources
Group,
Inc.
.................
8,648
148,227
National
Fuel
Gas
Co.
.....................
4,012
308,041
New
Jersey
Resources
Corp.
.................
4,182
204,667
ONE
Gas,
Inc.
...........................
2,444
191,878
Southwest
Gas
Holdings,
Inc.
................
2,530
182,691
Spire,
Inc.
..............................
2,516
192,575
UGI
Corp.
..............................
8,983
294,553
2,609,455
a
Ground
Transportation
—
0
.9
%
Avis
Budget
Group,
Inc.
(a)
...................
846
78,365
CSX
Corp.
.............................
81,565
2,289,530
JB
Hunt
Transport
Services,
Inc.
..............
3,352
437,704
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
6,887
269,764
Landstar
System,
Inc.
......................
1,496
200,689
Lyft,
Inc.
,
Class
A
(a)
........................
15,173
188,145
Norfolk
Southern
Corp.
.....................
9,644
2,160,738
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Ground
Transportation
(continued)
Old
Dominion
Freight
Line,
Inc.
...............
8,007
$
1,227,313
Saia,
Inc.
(a)
.............................
1,104
269,376
Uber
Technologies,
Inc.
(a)
...................
88,536
7,172,301
U-Haul
Holding
Co.
(a)
(b)
.....................
416
25,538
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
4,188
229,503
Union
Pacific
Corp.
.......................
25,658
5,533,404
XPO,
Inc.
(a)
(b)
............................
4,983
528,796
20,611,166
a
Health
Care
Equipment
&
Supplies
—
2
.3
%
Abbott
Laboratories
.......................
73,563
9,618,362
Align
Technology,
Inc.
(a)
.....................
2,966
514,008
Baxter
International,
Inc.
....................
21,427
667,880
Becton
Dickinson
&
Co.
....................
12,170
2,520,285
Boston
Scientific
Corp.
(a)
....................
62,544
6,433,901
Cooper
Companies,
Inc.
(The)
(a)
...............
8,396
685,701
Dentsply
Sirona,
Inc.
......................
8,497
118,108
Dexcom,
Inc.
(a)
..........................
16,537
1,180,411
Edwards
Lifesciences
Corp.
(a)
................
24,971
1,885,061
GE
HealthCare
Technologies,
Inc.
.............
19,319
1,358,705
Globus
Medical,
Inc.
,
Class
A
(a)
...............
4,919
353,037
Haemonetics
Corp.
(a)
......................
2,123
133,791
Hologic,
Inc.
(a)
...........................
9,729
566,228
IDEXX
Laboratories,
Inc.
(a)
...................
3,476
1,503,891
Inspire
Medical
Systems,
Inc.
(a)
...............
1,246
197,342
Insulet
Corp.
(a)
...........................
2,934
740,219
Intuitive
Surgical,
Inc.
(a)
.....................
15,127
7,802,507
Masimo
Corp.
(a)
..........................
1,863
299,868
Medtronic
PLC
..........................
54,457
4,615,775
Penumbra,
Inc.
(a)
.........................
1,675
490,507
ResMed,
Inc.
...........................
6,199
1,466,621
Solventum
Corp.
(a)
........................
5,907
390,571
STERIS
PLC
............................
4,200
943,908
Stryker
Corp.
...........................
14,552
5,441,284
Teleflex,
Inc.
............................
1,971
270,126
Zimmer
Biomet
Holdings,
Inc.
................
8,355
860,983
51,059,080
a
Health
Care
Providers
&
Services
—
2
.1
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
4,002
93,647
Cardinal
Health,
Inc.
.......................
10,309
1,456,559
Cencora,
Inc.
...........................
7,315
2,140,881
Centene
Corp.
(a)
.........................
21,375
1,279,294
Chemed
Corp.
...........................
646
375,655
Cigna
Group
(The)
........................
11,604
3,945,824
CVS
Health
Corp.
........................
53,253
3,552,508
DaVita,
Inc.
(a)
............................
1,958
277,155
Elevance
Health,
Inc.
......................
9,799
4,121,263
Encompass
Health
Corp.
...................
4,270
499,547
Ensign
Group,
Inc.
(The)
....................
2,404
310,092
Guardant
Health,
Inc.
(a)
.....................
5,536
261,465
HCA
Healthcare,
Inc.
......................
7,577
2,614,671
HealthEquity,
Inc.
(a)
........................
3,709
317,935
Henry
Schein,
Inc.
(a)
.......................
5,210
338,494
Humana,
Inc.
...........................
5,140
1,347,914
Labcorp
Holdings,
Inc.
.....................
3,510
845,945
McKesson
Corp.
.........................
5,311
3,785,628
Molina
Healthcare,
Inc.
(a)
....................
2,415
789,729
Option
Care
Health,
Inc.
(a)
...................
6,950
224,555
Quest
Diagnostics,
Inc.
.....................
4,660
830,505
Tenet
Healthcare
Corp.
(a)
....................
4,070
581,807
UnitedHealth
Group,
Inc.
....................
39,046
16,065,086
Universal
Health
Services,
Inc.
,
Class
B
.........
2,560
453,299
46,509,458
a
Security
Shares
Value
a
Health
Care
REITs
—
0
.3
%
Alexandria
Real
Estate
Equities,
Inc.
............
6,677
$
485,151
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
14,458
224,533
Healthpeak
Properties,
Inc.
..................
29,732
530,419
Omega
Healthcare
Investors,
Inc.
..............
12,091
472,153
Sabra
Health
Care
REIT,
Inc.
.................
10,107
180,410
Ventas,
Inc.
............................
18,527
1,298,372
Welltower,
Inc.
...........................
25,822
3,940,179
7,131,217
a
Health
Care
Technology
—
0
.1
%
Doximity,
Inc.
,
Class
A
(a)
....................
5,657
321,770
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
6,347
1,483,231
1,805,001
a
Hotel
&
Resort
REITs
—
0
.0
%
Host
Hotels
&
Resorts,
Inc.
..................
30,308
427,949
a
Hotels,
Restaurants
&
Leisure
—
2
.2
%
Airbnb,
Inc.
,
Class
A
(a)
......................
18,329
2,234,672
Aramark
...............................
11,194
374,215
Booking
Holdings,
Inc.
.....................
1,405
7,164,488
Boyd
Gaming
Corp.
.......................
2,678
185,157
Caesars
Entertainment,
Inc.
(a)
(b)
...............
9,170
248,140
Carnival
Corp.
(a)
..........................
43,980
806,593
Cava
Group,
Inc.
(a)
........................
3,439
317,867
Chipotle
Mexican
Grill,
Inc.
(a)
.................
57,690
2,914,499
Choice
Hotels
International,
Inc.
(b)
..............
893
112,616
Churchill
Downs,
Inc.
......................
3,119
281,989
Darden
Restaurants,
Inc.
...................
5,038
1,010,824
Domino's
Pizza,
Inc.
.......................
1,491
731,142
DoorDash,
Inc.
,
Class
A
(a)
...................
14,378
2,773,372
DraftKings,
Inc.
,
Class
A
(a)
...................
20,623
686,540
Dutch
Bros,
Inc.
,
Class
A
(a)
..................
4,832
288,664
Expedia
Group,
Inc.
.......................
5,153
808,660
Flutter
Entertainment
PLC
(a)
..................
7,528
1,814,173
Hilton
Worldwide
Holdings,
Inc.
...............
10,196
2,298,994
Hyatt
Hotels
Corp.
,
Class
A
..................
1,886
212,515
Las
Vegas
Sands
Corp.
....................
15,002
550,123
Light
&
Wonder,
Inc.
(a)
......................
3,756
320,687
Marriott
International,
Inc.
,
Class
A
.............
9,743
2,324,485
McDonald's
Corp.
........................
30,423
9,724,712
MGM
Resorts
International
(a)
.................
9,798
308,245
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
...........
18,252
292,580
Planet
Fitness,
Inc.
,
Class
A
(a)
................
3,476
328,795
Royal
Caribbean
Cruises
Ltd.
................
10,472
2,250,538
Starbucks
Corp.
..........................
48,143
3,853,847
Texas
Roadhouse,
Inc.
.....................
2,776
460,705
Vail
Resorts,
Inc.
.........................
1,632
227,174
Viking
Holdings
Ltd.
(a)
......................
3,862
158,458
Wendy's
Co.
(The)
........................
6,990
87,375
Wingstop,
Inc.
...........................
1,245
328,543
Wyndham
Hotels
&
Resorts,
Inc.
..............
3,350
285,755
Wynn
Resorts
Ltd.
........................
3,855
309,595
Yum!
Brands,
Inc.
........................
11,782
1,772,484
48,849,221
a
Household
Durables
—
0
.4
%
DR
Horton,
Inc.
..........................
12,020
1,518,607
Garmin
Ltd.
.............................
6,520
1,218,392
Lennar
Corp.
,
Class
A
......................
10,074
1,094,137
Lennar
Corp.
,
Class
B
.....................
529
54,683
Mohawk
Industries,
Inc.
(a)
...................
2,300
244,605
Newell
Brands,
Inc.
.......................
18,272
87,340
NVR,
Inc.
(a)
.............................
128
912,096
PulteGroup,
Inc.
.........................
8,593
881,470
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Household
Durables
(continued)
SharkNinja,
Inc.
(a)
.........................
2,794
$
224,917
Somnigroup
International,
Inc.
................
8,104
494,830
Toll
Brothers,
Inc.
.........................
4,301
433,842
TopBuild
Corp.
(a)
.........................
1,273
376,502
Whirlpool
Corp.
..........................
2,288
174,529
7,715,950
a
Household
Products
—
1
.1
%
Church
&
Dwight
Co.,
Inc.
...................
10,458
1,038,898
Clorox
Co.
(The)
.........................
5,198
739,675
Colgate-Palmolive
Co.
.....................
34,425
3,173,641
Kimberly-Clark
Corp.
......................
14,055
1,852,168
Procter
&
Gamble
Co.
(The)
.................
99,507
16,176,853
Reynolds
Consumer
Products,
Inc.
.............
2,516
57,868
23,039,103
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.1
%
AES
Corp.
(The)
.........................
30,276
302,760
Clearway
Energy,
Inc.
,
Class
A
................
1,432
39,165
Clearway
Energy,
Inc.
,
Class
C
...............
3,377
99,081
Talen
Energy
Corp.
(a)
......................
1,948
418,976
Vistra
Corp.
............................
14,403
1,867,061
2,727,043
a
Industrial
Conglomerates
—
0
.4
%
3M
Co.
................................
23,003
3,195,347
Honeywell
International,
Inc.
.................
27,633
5,816,746
9,012,093
a
Industrial
REITs
—
0
.3
%
Americold
Realty
Trust,
Inc.
..................
11,339
219,296
EastGroup
Properties,
Inc.
..................
2,202
359,851
First
Industrial
Realty
Trust,
Inc.
...............
5,637
268,209
Lineage,
Inc.
(b)
...........................
2,449
118,115
Prologis,
Inc.
............................
39,325
4,019,015
Rexford
Industrial
Realty,
Inc.
................
9,352
309,551
STAG
Industrial,
Inc.
......................
7,744
255,784
5,549,821
a
Insurance
—
2
.4
%
Aflac,
Inc.
..............................
21,159
2,299,560
Allstate
Corp.
(The)
.......................
11,274
2,236,649
American
Financial
Group,
Inc.
...............
3,059
387,453
American
International
Group,
Inc.
.............
25,148
2,050,065
Aon
PLC
,
Class
A
........................
9,152
3,247,038
Arch
Capital
Group
Ltd.
....................
15,770
1,430,024
Arthur
J
Gallagher
&
Co.
....................
10,780
3,457,038
Assurant,
Inc.
...........................
2,225
428,846
Axis
Capital
Holdings
Ltd.
...................
3,382
325,754
Brown
&
Brown,
Inc.
.......................
9,988
1,104,673
Chubb
Ltd.
.............................
15,865
4,538,659
Cincinnati
Financial
Corp.
...................
6,683
930,340
CNA
Financial
Corp.
.......................
1,148
55,288
Enstar
Group
Ltd.
(a)
.......................
548
183,257
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
1,054
377,985
Everest
Group
Ltd.
........................
1,861
667,783
F&G
Annuities
&
Life,
Inc.
...................
909
31,642
Fidelity
National
Financial,
Inc.
................
10,715
686,296
First
American
Financial
Corp.
................
4,250
258,442
Globe
Life,
Inc.
..........................
3,554
438,350
Hanover
Insurance
Group,
Inc.
(The)
...........
1,527
253,635
Hartford
Insurance
Group,
Inc.
(The)
............
12,250
1,502,707
Kemper
Corp.
...........................
2,452
144,962
Kinsale
Capital
Group,
Inc.
..................
935
406,968
Lincoln
National
Corp.
.....................
6,391
203,681
Loews
Corp.
............................
7,488
650,183
Security
Shares
Value
a
Insurance
(continued)
Markel
Group,
Inc.
(a)
.......................
551
$
1,002,049
Marsh
&
McLennan
Companies,
Inc.
............
20,855
4,702,177
MetLife,
Inc.
............................
24,625
1,855,986
Old
Republic
International
Corp.
...............
10,093
379,497
Primerica,
Inc.
...........................
1,404
367,946
Principal
Financial
Group,
Inc.
................
9,044
670,613
Progressive
Corp.
(The)
....................
24,840
6,998,422
Prudential
Financial,
Inc.
....................
15,143
1,555,338
Reinsurance
Group
of
America,
Inc.
............
2,749
514,915
RenaissanceRe
Holdings
Ltd.
................
2,086
504,666
RLI
Corp.
..............................
3,446
255,038
Ryan
Specialty
Holdings,
Inc.
,
Class
A
...........
4,556
298,464
Selective
Insurance
Group,
Inc.
...............
2,521
219,907
Travelers
Companies,
Inc.
(The)
...............
9,591
2,533,271
Unum
Group
............................
6,971
541,368
W
R
Berkley
Corp.
........................
12,837
920,285
White
Mountains
Insurance
Group
Ltd.
(b)
.........
102
180,280
Willis
Towers
Watson
PLC
...................
4,230
1,301,994
53,099,494
a
Interactive
Media
&
Services
—
5
.7
%
Alphabet,
Inc.
,
Class
A
.....................
247,480
39,299,824
Alphabet,
Inc.
,
Class
C
,
NVS
.................
200,573
32,270,190
IAC,
Inc.
(a)
..............................
2,905
101,501
Match
Group,
Inc.
........................
10,767
319,349
Meta
Platforms,
Inc.
,
Class
A
.................
92,912
51,008,688
Pinterest,
Inc.
,
Class
A
(a)
....................
25,539
646,647
Reddit,
Inc.
,
Class
A
(a)
......................
4,522
527,129
Snap,
Inc.
,
Class
A
,
NVS
(a)
(b)
.................
44,605
355,056
ZoomInfo
Technologies,
Inc.
(a)
................
10,810
92,534
124,620,918
a
IT
Services
—
1
.4
%
Accenture
PLC
,
Class
A
....................
26,510
7,930,467
Akamai
Technologies,
Inc.
(a)
..................
6,445
519,338
Amdocs
Ltd.
............................
4,860
430,499
ASGN,
Inc.
(a)
............................
1,974
99,450
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
13,143
1,587,412
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
20,981
1,543,572
DXC
Technology
Co.
(a)
.....................
7,644
118,635
EPAM
Systems,
Inc.
(a)
......................
2,363
370,778
Gartner,
Inc.
(a)
...........................
3,267
1,375,668
GoDaddy,
Inc.
,
Class
A
(a)
....................
5,979
1,126,025
International
Business
Machines
Corp.
..........
39,221
9,484,422
MongoDB,
Inc.
,
Class
A
(a)
...................
3,092
532,350
Okta,
Inc.
,
Class
A
(a)
.......................
6,887
772,446
Snowflake,
Inc.
,
Class
A
(a)
...................
13,990
2,231,265
Twilio,
Inc.
,
Class
A
(a)
......................
6,494
628,035
VeriSign,
Inc.
(a)
..........................
3,470
978,956
29,729,318
a
Leisure
Products
—
0
.0
%
Brunswick
Corp.
.........................
2,860
131,703
Hasbro,
Inc.
............................
5,534
342,555
Mattel,
Inc.
(a)
............................
14,715
233,821
Polaris,
Inc.
.............................
2,302
78,176
YETI
Holdings,
Inc.
(a)
......................
3,632
103,693
889,948
a
Life
Sciences
Tools
&
Services
—
0
.9
%
Agilent
Technologies,
Inc.
...................
12,167
1,309,169
Avantor,
Inc.
(a)
(b)
..........................
29,169
378,905
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
816
199,169
Bio-Techne
Corp.
.........................
6,826
343,689
Bruker
Corp.
............................
4,688
187,801
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Charles
River
Laboratories
International,
Inc.
(a)
.....
2,165
$
256,812
Danaher
Corp.
..........................
27,197
5,421,178
Illumina,
Inc.
(a)
...........................
6,728
522,093
IQVIA
Holdings,
Inc.
(a)
......................
7,091
1,099,602
Medpace
Holdings,
Inc.
(a)
(b)
..................
1,077
332,136
Mettler-Toledo
International,
Inc.
(a)
.............
902
965,654
Repligen
Corp.
(a)
.........................
2,200
303,578
Revvity,
Inc.
............................
5,187
484,622
Sotera
Health
Co.
(a)
(b)
......................
6,403
73,635
Thermo
Fisher
Scientific,
Inc.
.................
16,212
6,954,948
Waters
Corp.
(a)
..........................
2,494
867,239
West
Pharmaceutical
Services,
Inc.
............
3,032
640,631
20,340,861
a
Machinery
—
1
.7
%
AGCO
Corp.
............................
2,672
226,666
Allison
Transmission
Holdings,
Inc.
.............
3,612
333,171
Caterpillar,
Inc.
..........................
20,257
6,264,882
Chart
Industries,
Inc.
(a)
(b)
....................
1,754
236,755
CNH
Industrial
N.V.
.......................
37,037
428,518
Crane
Co.
..............................
2,015
324,375
Cummins,
Inc.
...........................
5,784
1,699,571
Deere
&
Co.
............................
10,768
4,991,614
Donaldson
Co.,
Inc.
.......................
5,091
334,631
Dover
Corp.
............................
5,855
999,156
Flowserve
Corp.
.........................
5,622
254,283
Fortive
Corp.
............................
14,596
1,017,195
Gates
Industrial
Corp.
PLC
(a)
.................
9,758
184,621
Graco,
Inc.
.............................
7,153
583,756
IDEX
Corp.
.............................
3,206
557,748
Illinois
Tool
Works,
Inc.
.....................
11,378
2,729,696
Ingersoll
Rand,
Inc.
.......................
17,133
1,292,342
ITT,
Inc.
...............................
3,429
469,842
Lincoln
Electric
Holdings,
Inc.
................
2,348
413,718
Middleby
Corp.
(The)
(a)
.....................
2,257
300,971
Mueller
Industries,
Inc.
.....................
4,811
353,897
Nordson
Corp.
...........................
2,285
433,167
Oshkosh
Corp.
..........................
2,853
238,967
Otis
Worldwide
Corp.
......................
16,999
1,636,494
PACCAR,
Inc.
...........................
22,299
2,011,593
Parker-Hannifin
Corp.
......................
5,454
3,299,997
Pentair
PLC
............................
7,119
645,907
RBC
Bearings,
Inc.
(a)
......................
1,325
435,355
Snap-on,
Inc.
...........................
2,259
708,897
Stanley
Black
&
Decker,
Inc.
.................
6,499
390,070
Timken
Co.
(The)
.........................
2,804
180,157
Toro
Co.
(The)
...........................
4,460
304,529
Westinghouse
Air
Brake
Technologies
Corp.
.......
7,262
1,341,582
Xylem,
Inc.
.............................
10,295
1,241,268
36,865,391
a
Marine
Transportation
—
0
.0
%
Kirby
Corp.
(a)
............................
2,544
245,165
a
Media
—
0
.5
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
4,059
1,590,560
Comcast
Corp.
,
Class
A
....................
159,847
5,466,767
Fox
Corp.
,
Class
A
,
NVS
....................
9,514
473,702
Fox
Corp.
,
Class
B
........................
5,327
246,321
Interpublic
Group
of
Companies,
Inc.
(The)
.......
15,615
392,249
Liberty
Broadband
Corp.
,
Series
A
(a)
............
714
63,581
Liberty
Broadband
Corp.
,
Series
C
,
NVS
(a)
........
4,820
435,680
New
York
Times
Co.
(The)
,
Class
A
.............
6,751
351,457
News
Corp.
,
Class
A
,
NVS
..................
16,424
445,419
News
Corp.
,
Class
B
......................
4,945
155,372
Security
Shares
Value
a
Media
(continued)
Nexstar
Media
Group,
Inc.
...................
1,275
$
190,816
Omnicom
Group,
Inc.
......................
8,372
637,611
Paramount
Global
,
Class
A
(b)
.................
376
8,520
Paramount
Global
,
Class
B
,
NVS
..............
25,244
296,365
Sirius
XM
Holdings,
Inc.
....................
9,357
200,427
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
19,087
1,023,636
11,978,483
a
Metals
&
Mining
—
0
.4
%
Alcoa
Corp.
.............................
11,082
271,842
Anglogold
Ashanti
PLC
.....................
18,064
761,578
Cleveland-Cliffs,
Inc.
(a)
(b)
....................
19,804
163,185
Commercial
Metals
Co.
.....................
4,899
218,201
Freeport-McMoRan,
Inc.
....................
60,794
2,190,408
Newmont
Corp.
..........................
48,182
2,538,228
Nucor
Corp.
............................
9,905
1,182,360
Reliance,
Inc.
...........................
2,334
672,729
Royal
Gold,
Inc.
..........................
2,778
507,568
Steel
Dynamics,
Inc.
.......................
6,093
790,323
United
States
Steel
Corp.
...................
9,354
408,863
9,705,285
a
Mortgage
REITs
—
0
.1
%
AGNC
Investment
Corp.
....................
37,498
331,107
Annaly
Capital
Management,
Inc.
..............
24,933
488,687
Rithm
Capital
Corp.
.......................
21,419
239,465
Starwood
Property
Trust,
Inc.
.................
13,518
259,410
1,318,669
a
Multi-Utilities
—
0
.6
%
Ameren
Corp.
...........................
11,375
1,128,855
Black
Hills
Corp.
.........................
3,161
192,505
CenterPoint
Energy,
Inc.
....................
27,827
1,079,131
CMS
Energy
Corp.
........................
12,634
930,494
Consolidated
Edison,
Inc.
...................
14,672
1,654,268
Dominion
Energy,
Inc.
......................
35,634
1,937,777
DTE
Energy
Co.
.........................
8,713
1,193,681
NiSource,
Inc.
...........................
19,763
772,931
Public
Service
Enterprise
Group,
Inc.
...........
21,097
1,686,283
Sempra
...............................
27,009
2,005,958
WEC
Energy
Group,
Inc.
....................
13,490
1,477,425
14,059,308
a
Office
REITs
—
0
.0
%
BXP,
Inc.
..............................
6,174
393,469
Cousins
Properties,
Inc.
....................
7,084
195,093
Kilroy
Realty
Corp.
........................
4,489
141,449
Vornado
Realty
Trust
......................
6,728
237,364
967,375
a
Oil,
Gas
&
Consumable
Fuels
—
2
.9
%
Antero
Resources
Corp.
(a)
...................
12,493
435,131
APA
Corp.
.............................
15,355
238,617
Cheniere
Energy,
Inc.
......................
9,495
2,194,389
Chevron
Corp.
...........................
70,914
9,648,559
Chord
Energy
Corp.
.......................
2,627
237,034
Civitas
Resources,
Inc.
.....................
3,950
107,638
ConocoPhillips
..........................
54,074
4,819,075
Coterra
Energy,
Inc.
.......................
31,113
764,135
Devon
Energy
Corp.
.......................
27,813
845,793
Diamondback
Energy,
Inc.
...................
7,949
1,049,347
DT
Midstream,
Inc.
........................
4,310
418,932
EOG
Resources,
Inc.
......................
23,767
2,622,213
EQT
Corp.
.............................
25,332
1,252,414
Expand
Energy
Corp.
......................
8,824
916,814
Exxon
Mobil
Corp.
........................
184,693
19,509,122
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Dow
Jones
U.S.
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)
Hess
Corp.
.............................
11,699
$
1,509,756
HF
Sinclair
Corp.
.........................
6,787
204,085
Kinder
Morgan,
Inc.
.......................
82,006
2,156,758
Marathon
Petroleum
Corp.
..................
13,392
1,840,195
Matador
Resources
Co.
....................
5,097
201,535
Murphy
Oil
Corp.
.........................
6,275
128,826
New
Fortress
Energy,
Inc.
,
Class
A
(b)
............
4,454
24,185
Occidental
Petroleum
Corp.
..................
28,866
1,137,609
ONEOK,
Inc.
............................
26,294
2,160,315
Ovintiv,
Inc.
.............................
11,305
379,622
Permian
Resources
Corp.
,
Class
A
.............
26,936
317,845
Phillips
66
..............................
17,485
1,819,489
Range
Resources
Corp.
....................
10,403
352,974
Targa
Resources
Corp.
.....................
9,183
1,569,375
Texas
Pacific
Land
Corp.
....................
800
1,031,096
Valero
Energy
Corp.
.......................
13,402
1,555,838
Williams
Companies,
Inc.
(The)
...............
51,746
3,030,763
64,479,479
a
Paper
&
Forest
Products
—
0
.0
%
Louisiana-Pacific
Corp.
.....................
2,710
233,900
a
Passenger
Airlines
—
0
.2
%
Alaska
Air
Group,
Inc.
(a)
.....................
5,316
235,339
American
Airlines
Group,
Inc.
(a)
................
28,051
279,108
Delta
Air
Lines,
Inc.
.......................
27,038
1,125,592
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
................
20,175
127,103
Southwest
Airlines
Co.
.....................
25,598
715,720
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
13,843
952,675
3,435,537
a
Personal
Care
Products
—
0
.1
%
Coty,
Inc.
,
Class
A
(a)
.......................
16,334
82,487
elf
Beauty,
Inc.
(a)
(b)
........................
2,396
148,241
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
9,864
591,445
Kenvue,
Inc.
............................
81,472
1,922,739
2,744,912
a
Pharmaceuticals
—
3
.2
%
Bristol-Myers
Squibb
Co.
....................
85,990
4,316,698
Elanco
Animal
Health,
Inc.
(a)
(b)
................
21,619
204,948
Eli
Lilly
&
Co.
...........................
33,430
30,051,899
Jazz
Pharmaceuticals
PLC
(a)
(b)
................
2,632
307,839
Johnson
&
Johnson
.......................
102,178
15,971,443
Merck
&
Co.,
Inc.
.........................
107,254
9,138,041
Organon
&
Co.
..........................
10,687
138,183
Perrigo
Co.
PLC
.........................
5,766
148,302
Pfizer,
Inc.
.............................
240,727
5,876,146
Royalty
Pharma
PLC
,
Class
A
................
15,948
523,413
Viatris,
Inc.
.............................
51,053
429,866
Zoetis,
Inc.
,
Class
A
.......................
19,096
2,986,614
70,093,392
a
Professional
Services
—
0
.9
%
Alight,
Inc.
,
Class
A
.......................
19,318
98,715
Amentum
Holdings,
Inc.
(a)
(b)
..................
6,084
132,753
Automatic
Data
Processing,
Inc.
...............
17,227
5,178,436
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
5,462
655,549
Broadridge
Financial
Solutions,
Inc.
............
4,950
1,199,880
CACI
International,
Inc.
,
Class
A
(a)
.............
925
423,530
Clarivate
PLC
(a)
..........................
18,100
78,011
Concentrix
Corp.
.........................
2,006
102,426
Dayforce,
Inc.
(a)
(b)
.........................
6,694
387,382
Dun
&
Bradstreet
Holdings,
Inc.
...............
13,130
117,776
Equifax,
Inc.
............................
5,214
1,356,318
FTI
Consulting,
Inc.
(a)
......................
1,530
254,408
Security
Shares
Value
a
Professional
Services
(continued)
Genpact
Ltd.
............................
6,598
$
331,615
Insperity,
Inc.
............................
1,513
98,360
Jacobs
Solutions,
Inc.
......................
5,292
655,150
KBR,
Inc.
..............................
5,813
306,985
Leidos
Holdings,
Inc.
......................
5,559
818,174
ManpowerGroup,
Inc.
......................
2,072
89,241
Maximus,
Inc.
...........................
2,659
178,047
Parsons
Corp.
(a)
..........................
1,982
132,517
Paychex,
Inc.
...........................
13,582
1,998,184
Paycom
Software,
Inc.
.....................
2,014
455,949
Paylocity
Holding
Corp.
(a)
...................
1,832
351,927
Robert
Half,
Inc.
.........................
4,412
195,452
Science
Applications
International
Corp.
.........
2,136
258,520
SS&C
Technologies
Holdings,
Inc.
.............
9,169
693,176
TransUnion
.............................
8,096
671,644
TriNet
Group,
Inc.
........................
1,347
105,510
UL
Solutions,
Inc.
,
Class
A
...................
2,501
143,032
Verisk
Analytics,
Inc.
.......................
5,969
1,769,391
19,238,058
a
Real
Estate
Management
&
Development
—
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
12,528
1,530,671
CoStar
Group,
Inc.
(a)
.......................
17,860
1,324,676
Howard
Hughes
Holdings,
Inc.
(a)
...............
1,221
81,233
Jones
Lang
LaSalle,
Inc.
(a)
...................
2,009
456,867
Seaport
Entertainment
Group,
Inc.
(a)
(b)
...........
827
15,837
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
................
2,405
158,682
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
6,788
457,036
4,025,002
a
Residential
REITs
—
0
.3
%
American
Homes
4
Rent
,
Class
A
..............
13,305
497,474
AvalonBay
Communities,
Inc.
................
6,019
1,263,870
Camden
Property
Trust
.....................
4,495
511,531
Equity
LifeStyle
Properties,
Inc.
...............
8,210
531,844
Equity
Residential
........................
14,409
1,012,376
Essex
Property
Trust,
Inc.
...................
2,690
750,913
Invitation
Homes,
Inc.
......................
24,345
832,356
Mid-America
Apartment
Communities,
Inc.
........
4,971
793,620
Sun
Communities,
Inc.
.....................
4,972
618,666
UDR,
Inc.
..............................
12,726
532,965
7,345,615
a
Retail
REITs
—
0
.3
%
Agree
Realty
Corp.
.......................
4,577
355,221
Brixmor
Property
Group,
Inc.
.................
12,623
314,439
Federal
Realty
Investment
Trust
...............
3,132
294,471
Kimco
Realty
Corp.
.......................
28,201
563,456
NNN
REIT,
Inc.
..........................
7,628
313,587
Realty
Income
Corp.
.......................
37,208
2,152,855
Regency
Centers
Corp.
....................
6,980
503,816
Simon
Property
Group,
Inc.
..................
13,008
2,047,199
6,545,044
a
Semiconductors
&
Semiconductor
Equipment
—
9
.5
%
Advanced
Micro
Devices,
Inc.
(a)
...............
68,707
6,688,627
Allegro
MicroSystems,
Inc.
(a)
.................
5,528
105,419
Amkor
Technology,
Inc.
.....................
5,077
88,594
Analog
Devices,
Inc.
.......................
21,070
4,106,964
Applied
Materials,
Inc.
.....................
34,443
5,190,905
Axcelis
Technologies,
Inc.
(a)
..................
1,384
67,788
Broadcom,
Inc.
..........................
198,873
38,277,086
Cirrus
Logic,
Inc.
(a)
........................
2,241
215,226
Enphase
Energy,
Inc.
(a)
.....................
5,827
259,826
Entegris,
Inc.
............................
6,385
505,181
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
First
Solar,
Inc.
(a)
.........................
4,526
$
569,461
GlobalFoundries,
Inc.
(a)
.....................
3,510
123,096
Intel
Corp.
.............................
183,529
3,688,933
KLA
Corp.
..............................
5,647
3,968,090
Lam
Research
Corp.
......................
54,476
3,904,295
Lattice
Semiconductor
Corp.
(a)
(b)
...............
5,854
286,436
Marvell
Technology,
Inc.
....................
36,681
2,141,070
Microchip
Technology,
Inc.
...................
22,766
1,049,057
Micron
Technology,
Inc.
.....................
47,222
3,633,733
MKS
Instruments,
Inc.
.....................
2,912
204,248
Monolithic
Power
Systems,
Inc.
...............
2,026
1,201,621
NVIDIA
Corp.
...........................
1,039,051
113,173,435
NXP
Semiconductors
N.V.
...................
10,699
1,971,933
ON
Semiconductor
Corp.
(a)
..................
18,000
714,600
Onto
Innovation,
Inc.
(a)
.....................
2,093
255,283
Power
Integrations,
Inc.
....................
2,337
114,794
Qorvo,
Inc.
(a)
............................
4,129
295,925
QUALCOMM,
Inc.
........................
46,991
6,976,284
Rambus,
Inc.
(a)
(b)
.........................
4,617
225,263
Silicon
Laboratories,
Inc.
(a)
(b)
..................
1,344
136,765
Skyworks
Solutions,
Inc.
....................
6,625
425,855
Teradyne,
Inc.
...........................
6,924
513,830
Texas
Instruments,
Inc.
.....................
38,631
6,182,892
Universal
Display
Corp.
....................
1,821
228,772
207,491,287
a
Software
—
10
.5
%
Adobe,
Inc.
(a)
............................
18,449
6,918,006
ANSYS,
Inc.
(a)
...........................
3,686
1,186,450
Appfolio,
Inc.
,
Class
A
(a)
....................
1,020
210,650
AppLovin
Corp.
,
Class
A
(a)
...................
9,440
2,542,286
Atlassian
Corp.
,
Class
A
(a)
...................
6,949
1,586,526
Autodesk,
Inc.
(a)
..........................
9,127
2,503,080
Bentley
Systems,
Inc.
,
Class
B
................
6,537
281,026
BILL
Holdings,
Inc.
(a)
(b)
......................
4,124
187,931
Blackbaud,
Inc.
(a)
.........................
1,677
101,526
Braze,
Inc.
,
Class
A
(a)
(b)
.....................
2,612
81,312
Cadence
Design
Systems,
Inc.
(a)
..............
11,646
3,467,480
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
19,134
177,181
Confluent,
Inc.
,
Class
A
(a)
...................
10,422
248,148
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
10,439
4,476,974
Datadog,
Inc.
,
Class
A
(a)
....................
13,327
1,361,486
DocuSign,
Inc.
(a)
.........................
8,738
714,331
Dolby
Laboratories,
Inc.
,
Class
A
..............
2,498
191,821
DoubleVerify
Holdings,
Inc.
(a)
.................
5,869
77,823
Dropbox,
Inc.
,
Class
A
(a)
(b)
...................
9,161
261,547
Dynatrace,
Inc.
(a)
.........................
12,645
593,936
Elastic
N.V.
(a)
............................
3,687
317,819
Fair
Isaac
Corp.
(a)
.........................
1,038
2,065,288
Fortinet,
Inc.
(a)
...........................
27,049
2,806,604
Gen
Digital,
Inc.
..........................
22,733
588,103
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
5,001
233,397
Guidewire
Software,
Inc.
(a)
(b)
..................
3,569
730,824
HubSpot,
Inc.
(a)
..........................
2,223
1,359,364
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
3,506
66,018
Intuit,
Inc.
..............................
11,869
7,447,441
Manhattan
Associates,
Inc.
(a)
.................
2,585
458,553
Microsoft
Corp.
..........................
315,405
124,666,980
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
10,100
3,839,111
nCino,
Inc.
(a)
(b)
...........................
3,908
90,666
Nutanix,
Inc.
,
Class
A
(a)
.....................
10,503
721,556
Oracle
Corp.
............................
68,913
9,697,437
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
87,024
10,307,123
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
28,062
5,245,630
Pegasystems,
Inc.
........................
2,015
185,541
Security
Shares
Value
a
Software
(continued)
Procore
Technologies,
Inc.
(a)
(b)
................
4,514
$
289,302
PTC,
Inc.
(a)
.............................
5,171
801,350
Roper
Technologies,
Inc.
....................
4,545
2,545,564
Salesforce,
Inc.
..........................
40,642
10,920,912
Samsara,
Inc.
,
Class
A
(a)
(b)
...................
10,732
425,631
SentinelOne,
Inc.
,
Class
A
(a)
..................
12,175
225,237
ServiceNow,
Inc.
(a)
........................
8,738
8,344,877
SPS
Commerce,
Inc.
(a)
.....................
1,557
223,445
Synopsys,
Inc.
(a)
.........................
6,551
3,006,974
Tyler
Technologies,
Inc.
(a)
...................
1,800
977,940
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
18,936
226,096
Unity
Software,
Inc.
(a)
......................
12,297
259,098
Varonis
Systems,
Inc.
(a)
(b)
....................
4,862
208,288
Workday,
Inc.
,
Class
A
(a)
....................
9,057
2,218,965
Workiva,
Inc.
,
Class
A
(a)
.....................
2,204
165,895
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
10,990
852,165
Zscaler,
Inc.
(a)
(b)
..........................
4,093
925,714
230,614,428
a
Specialized
REITs
—
1
.0
%
American
Tower
Corp.
.....................
19,830
4,469,880
Crown
Castle,
Inc.
........................
18,469
1,953,282
CubeSmart
.............................
9,629
391,611
Digital
Realty
Trust,
Inc.
....................
13,411
2,153,002
Equinix,
Inc.
............................
4,126
3,551,455
Extra
Space
Storage,
Inc.
...................
8,941
1,310,035
Gaming
and
Leisure
Properties,
Inc.
............
11,526
551,634
Iron
Mountain,
Inc.
........................
12,385
1,110,563
Lamar
Advertising
Co.
,
Class
A
...............
3,703
421,439
Millrose
Properties,
Inc.
,
Class
A
...............
5,245
131,335
PotlatchDeltic
Corp.
.......................
2,884
110,717
Public
Storage
...........................
6,689
2,009,576
Rayonier,
Inc.
...........................
6,042
147,787
SBA
Communications
Corp.
,
Class
A
............
4,556
1,108,930
VICI
Properties,
Inc.
.......................
44,842
1,435,841
Weyerhaeuser
Co.
........................
30,526
790,929
21,648,016
a
Specialty
Retail
—
2
.0
%
Advance
Auto
Parts,
Inc.
....................
2,510
82,127
AutoNation,
Inc.
(a)
.........................
1,148
199,924
AutoZone,
Inc.
(a)
.........................
715
2,690,259
Bath
&
Body
Works,
Inc.
....................
9,572
292,042
Best
Buy
Co.,
Inc.
........................
8,245
549,859
Burlington
Stores,
Inc.
(a)
....................
2,677
602,432
CarMax,
Inc.
(a)
(b)
..........................
6,733
435,423
Carvana
Co.
,
Class
A
(a)
.....................
5,004
1,222,728
Chewy,
Inc.
,
Class
A
(a)
.....................
6,980
261,750
Dick's
Sporting
Goods,
Inc.
..................
2,487
466,910
Five
Below,
Inc.
(a)
.........................
2,361
179,176
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
4,607
329,124
GameStop
Corp.
,
Class
A
(a)
(b)
.................
16,464
458,687
Gap,
Inc.
(The)
..........................
8,977
196,596
Home
Depot,
Inc.
(The)
....................
42,146
15,193,212
Lithia
Motors,
Inc.
,
Class
A
..................
1,161
339,894
Lowe's
Companies,
Inc.
....................
24,001
5,365,664
Murphy
USA,
Inc.
........................
783
390,380
O'Reilly
Automotive,
Inc.
(a)
...................
2,445
3,460,164
Penske
Automotive
Group,
Inc.
...............
836
130,140
RH
(a)
(b)
................................
654
120,356
Ross
Stores,
Inc.
.........................
14,003
1,946,417
TJX
Companies,
Inc.
(The)
..................
47,780
6,148,331
Tractor
Supply
Co.
........................
22,523
1,140,114
Ulta
Beauty,
Inc.
(a)
........................
2,002
792,071
Valvoline,
Inc.
(a)
..........................
5,431
186,066
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Specialty
Retail
(continued)
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
3,827
$
115,422
Williams-Sonoma,
Inc.
.....................
5,317
821,317
44,116,585
a
Technology
Hardware,
Storage
&
Peripherals
—
6
.5
%
Apple,
Inc.
.............................
637,350
135,436,875
Dell
Technologies,
Inc.
,
Class
C
...............
13,231
1,214,077
Hewlett
Packard
Enterprise
Co.
...............
55,015
892,343
HP,
Inc.
...............................
39,747
1,016,331
NetApp,
Inc.
............................
8,732
783,697
Pure
Storage,
Inc.
,
Class
A
(a)
.................
13,019
590,542
SanDisk
Corp.
(a)
..........................
4,878
156,633
Seagate
Technology
Holdings
PLC
.............
8,917
811,714
Super
Micro
Computer,
Inc.
(a)
(b)
................
21,486
684,544
Western
Digital
Corp.
(a)
.....................
14,636
641,935
142,228,691
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.3
%
Capri
Holdings
Ltd.
(a)
......................
4,913
73,892
Columbia
Sportswear
Co.
...................
1,472
91,514
Crocs,
Inc.
(a)
............................
2,529
243,846
Deckers
Outdoor
Corp.
(a)
....................
6,428
712,415
Levi
Strauss
&
Co.
,
Class
A
..................
4,111
65,817
Lululemon
Athletica,
Inc.
(a)
...................
4,783
1,295,093
NIKE,
Inc.
,
Class
B
.......................
50,064
2,823,610
PVH
Corp.
.............................
2,341
161,482
Ralph
Lauren
Corp.
,
Class
A
.................
1,716
386,014
Skechers
USA,
Inc.
,
Class
A
(a)
................
5,725
274,915
Tapestry,
Inc.
............................
8,774
619,883
VF
Corp.
..............................
13,868
164,752
6,913,233
a
Tobacco
—
0
.7
%
Altria
Group,
Inc.
.........................
71,985
4,257,913
Philip
Morris
International,
Inc.
................
65,951
11,301,363
15,559,276
a
Trading
Companies
&
Distributors
—
0
.5
%
Air
Lease
Corp.
,
Class
A
....................
4,416
206,492
Applied
Industrial
Technologies,
Inc.
............
1,668
405,791
Core
&
Main,
Inc.
,
Class
A
(a)
..................
8,187
431,291
Fastenal
Co.
............................
24,352
1,971,781
Ferguson
Enterprises,
Inc.
...................
8,539
1,448,727
FTAI
Aviation
Ltd.
.........................
4,336
464,429
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
1,933
$
147,836
SiteOne
Landscape
Supply,
Inc.
(a)
..............
1,927
221,239
United
Rentals,
Inc.
.......................
2,780
1,755,431
Watsco,
Inc.
............................
1,480
680,563
WESCO
International,
Inc.
...................
1,880
306,365
WW
Grainger,
Inc.
........................
1,879
1,924,679
9,964,624
a
Water
Utilities
—
0
.1
%
American
Water
Works
Co.,
Inc.
...............
8,276
1,216,655
Essential
Utilities,
Inc.
......................
10,512
432,358
1,649,013
a
Wireless
Telecommunication
Services
—
0
.2
%
GCI
Liberty,
Inc.
,
Class
A
(a)
(d)
.................
4,053
—
T-Mobile
U.S.,
Inc.
........................
20,324
5,019,012
5,019,012
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,114,895,104
)
...............................
2,185,572,607
a
Short-Term
Securities
Money
Market
Funds
—
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(e)
(f)
......................
21,295,617
21,304,135
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(e)
............................
3,163,706
3,163,706
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
24,461,659
)
.................................
24,467,841
Total
Investments
—
100.9%
(Cost:
$
1,139,356,763
)
...............................
2,210,040,448
Liabilities
in
Excess
of
Other
Assets
—
(
0
.9
)
%
...............
(
20,165,189
)
Net
Assets
—
100.0%
.................................
$
2,189,875,259
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
14,056,104
$
7,246,695
(a)
$
—
$
(
368
)
$
1,704
$
21,304,135
21,295,617
$
96,379
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,681,265
—
(
517,559
)
(a)
—
—
3,163,706
3,163,706
162,053
—
BlackRock,
Inc.
....
4,136,181
911,530
(
249,089
)
146,698
689,264
5,634,584
6,163
119,512
—
$
146,330
$
690,968
$
30,102,425
$
377,944
$
—
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
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
April
30,
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
S&P
500
Index
...................................................................
14
06/20/25
$
3,911
$
58,505
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)
.............
$
—
$
—
$
58,505
$
—
$
—
$
—
$
58,505
(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
..................................
$
—
$
—
$
49,776
$
—
$
—
$
—
$
49,776
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
169,042
$
—
$
—
$
—
$
169,042
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,856,078
a
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Dow
Jones
U.S.
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
.........................................
$
2,185,572,607
$
—
$
—
$
2,185,572,607
Short-Term
Securities
Money
Market
Funds
......................................
24,467,841
—
—
24,467,841
$
2,210,040,448
$
—
$
—
$
2,210,040,448
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
58,505
$
—
$
—
$
58,505
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
ESG
MSCI
KLD
400
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.2
%
Axon
Enterprise,
Inc.
(a)
.....................
12,148
$
7,450,368
a
Air
Freight
&
Logistics
—
0
.4
%
CH
Robinson
Worldwide,
Inc.
................
19,383
1,729,351
Expeditors
International
of
Washington,
Inc.
.......
23,769
2,612,451
United
Parcel
Service,
Inc.
,
Class
B
............
122,728
11,695,978
16,037,780
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
39,419
2,249,248
Autoliv,
Inc.
.............................
12,818
1,195,022
BorgWarner,
Inc.
.........................
36,686
1,041,149
4,485,419
a
Automobiles
—
3
.3
%
Harley-Davidson,
Inc.
......................
21,379
479,317
Lucid
Group,
Inc.
(a)
(b)
.......................
150,359
377,401
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
122,371
1,671,588
Tesla,
Inc.
(a)
.............................
484,579
136,728,811
139,257,117
a
Banks
—
1
.0
%
Bank
of
Hawaii
Corp.
......................
6,937
458,605
Cathay
General
Bancorp
....................
11,176
465,927
Citizens
Financial
Group,
Inc.
................
73,922
2,726,983
Comerica,
Inc.
...........................
21,920
1,178,200
Huntington
Bancshares,
Inc.
.................
244,795
3,556,871
International
Bancshares
Corp.
...............
9,532
581,833
KeyCorp
...............................
157,188
2,332,670
M&T
Bank
Corp.
.........................
27,967
4,747,678
Old
National
Bancorp
......................
53,314
1,097,735
PNC
Financial
Services
Group,
Inc.
(The)
........
66,660
10,711,595
Regions
Financial
Corp.
....................
152,726
3,117,138
Truist
Financial
Corp.
......................
222,666
8,537,015
Zions
Bancorp
NA
........................
24,901
1,119,798
40,632,048
a
Beverages
—
2
.1
%
Coca-Cola
Co.
(The)
......................
686,417
49,799,553
Keurig
Dr
Pepper,
Inc.
.....................
193,957
6,708,973
PepsiCo,
Inc.
...........................
230,376
31,234,378
87,742,904
a
Biotechnology
—
3
.2
%
AbbVie,
Inc.
............................
296,345
57,816,909
Amgen,
Inc.
............................
90,138
26,222,947
Biogen,
Inc.
(a)
(b)
..........................
24,396
2,953,868
BioMarin
Pharmaceutical,
Inc.
(a)
...............
32,126
2,046,105
Gilead
Sciences,
Inc.
......................
209,059
22,273,146
Vertex
Pharmaceuticals,
Inc.
(a)
................
43,197
22,008,871
133,321,846
a
Broadline
Retail
—
0
.0
%
Kohl's
Corp.
............................
19,184
128,533
Nordstrom,
Inc.
..........................
16,809
405,769
534,302
a
Building
Products
—
1
.1
%
A
O
Smith
Corp.
.........................
20,305
1,377,897
Allegion
PLC
............................
14,472
2,014,502
Builders
FirstSource,
Inc.
(a)
(b)
.................
19,272
2,305,509
Carrier
Global
Corp.
.......................
135,440
8,470,418
Fortune
Brands
Innovations,
Inc.
..............
20,780
1,118,380
Johnson
Controls
International
PLC
............
111,071
9,318,857
Security
Shares
Value
a
Building
Products
(continued)
Lennox
International,
Inc.
...................
5,395
$
2,949,716
Masco
Corp.
............................
36,185
2,193,173
Owens
Corning
..........................
14,337
2,084,743
Trane
Technologies
PLC
....................
37,740
14,466,120
46,299,315
a
Capital
Markets
—
4
.5
%
Ameriprise
Financial,
Inc.
...................
16,269
7,663,024
Bank
of
New
York
Mellon
Corp.
(The)
...........
120,373
9,679,193
BlackRock,
Inc.
(c)
.........................
24,678
22,562,108
Cboe
Global
Markets,
Inc.
...................
17,560
3,894,808
Charles
Schwab
Corp.
(The)
.................
288,979
23,522,891
CME
Group,
Inc.
,
Class
A
...................
60,474
16,756,136
FactSet
Research
Systems,
Inc.
...............
6,344
2,742,004
Franklin
Resources,
Inc.
....................
48,593
911,605
Intercontinental
Exchange,
Inc.
...............
96,481
16,205,914
Invesco
Ltd.
............................
56,342
784,844
MarketAxess
Holdings,
Inc.
..................
6,268
1,388,926
Moody's
Corp.
...........................
27,354
12,394,644
Morgan
Stanley
..........................
202,664
23,391,479
Nasdaq,
Inc.
............................
72,081
5,493,293
Northern
Trust
Corp.
.......................
33,249
3,124,741
Raymond
James
Financial,
Inc.
...............
32,623
4,470,656
S&P
Global,
Inc.
.........................
53,258
26,631,663
State
Street
Corp.
........................
49,502
4,361,126
T
Rowe
Price
Group,
Inc.
...................
37,315
3,304,243
189,283,298
a
Chemicals
—
2
.0
%
Air
Products
and
Chemicals,
Inc.
..............
37,268
10,102,982
Albemarle
Corp.
.........................
19,713
1,154,196
Axalta
Coating
Systems
Ltd.
(a)
................
36,438
1,184,235
Ecolab,
Inc.
............................
42,742
10,746,621
HB
Fuller
Co.
...........................
9,203
497,330
International
Flavors
&
Fragrances,
Inc.
..........
42,746
3,353,851
Linde
PLC
.............................
79,862
36,195,854
LyondellBasell
Industries
N.V.
,
Class
A
..........
43,423
2,527,653
Minerals
Technologies,
Inc.
..................
5,435
280,392
Mosaic
Co.
(The)
.........................
53,900
1,638,560
PPG
Industries,
Inc.
.......................
38,845
4,228,667
Sherwin-Williams
Co.
(The)
..................
40,182
14,181,031
86,091,372
a
Commercial
Services
&
Supplies
—
0
.4
%
ACCO
Brands
Corp.
.......................
14,680
56,665
Copart,
Inc.
(a)
...........................
145,725
8,893,597
Deluxe
Corp.
............................
7,030
102,638
HNI
Corp.
..............................
8,165
345,379
Interface,
Inc.
...........................
9,927
186,627
Steelcase,
Inc.
,
Class
A
....................
13,779
136,688
Tetra
Tech,
Inc.
..........................
45,235
1,410,880
Veralto
Corp.
............................
41,502
3,980,042
15,112,516
a
Communications
Equipment
—
1
.3
%
Cisco
Systems,
Inc.
.......................
668,023
38,564,968
F5,
Inc.
(a)
..............................
9,781
2,589,422
Motorola
Solutions,
Inc.
....................
27,973
12,319,029
53,473,419
a
Construction
&
Engineering
—
0
.3
%
EMCOR
Group,
Inc.
.......................
7,719
3,093,003
Granite
Construction,
Inc.
...................
7,147
580,980
Quanta
Services,
Inc.
......................
24,622
7,206,613
10,880,596
a
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
ESG
MSCI
KLD
400
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Construction
Materials
—
0
.4
%
CRH
PLC
..............................
113,943
$
10,872,441
Martin
Marietta
Materials,
Inc.
................
10,303
5,398,566
16,271,007
a
Consumer
Finance
—
0
.9
%
Ally
Financial,
Inc.
........................
46,072
1,504,712
American
Express
Co.
.....................
94,528
25,183,204
Discover
Financial
Services
..................
42,018
7,675,428
Synchrony
Financial
.......................
65,304
3,392,543
37,755,887
a
Consumer
Staples
Distribution
&
Retail
—
0
.5
%
Kroger
Co.
(The)
.........................
115,137
8,314,043
Sysco
Corp.
............................
82,665
5,902,281
Target
Corp.
............................
76,855
7,431,879
United
Natural
Foods,
Inc.
(a)
..................
9,947
265,684
21,913,887
a
Containers
&
Packaging
—
0
.2
%
Avery
Dennison
Corp.
......................
13,544
2,317,514
Ball
Corp.
..............................
50,051
2,599,649
International
Paper
Co.
.....................
84,174
3,845,068
Sealed
Air
Corp.
.........................
24,703
680,815
Sonoco
Products
Co.
......................
16,660
683,060
10,126,106
a
Distributors
—
0
.1
%
LKQ
Corp.
.............................
44,157
1,687,239
Pool
Corp.
.............................
6,425
1,883,424
3,570,663
a
Diversified
Telecommunication
Services
—
0
.7
%
Lumen
Technologies,
Inc.
(a)
(b)
.................
162,538
575,384
Verizon
Communications,
Inc.
................
706,879
31,145,089
31,720,473
a
Electric
Utilities
—
0
.3
%
Eversource
Energy
.......................
61,459
3,655,581
Exelon
Corp.
............................
168,564
7,905,652
11,561,233
a
Electrical
Equipment
—
0
.7
%
Acuity,
Inc.
.............................
5,237
1,275,786
Eaton
Corp.
PLC
.........................
66,288
19,513,198
Hubbell,
Inc.
............................
9,030
3,279,515
Rockwell
Automation,
Inc.
...................
18,994
4,704,434
Sensata
Technologies
Holding
PLC
............
25,210
539,494
29,312,427
a
Electronic
Equipment,
Instruments
&
Components
—
0
.6
%
Cognex
Corp.
...........................
28,940
790,062
Corning,
Inc.
............................
136,481
6,057,027
Flex
Ltd.
(a)
(b)
............................
65,040
2,233,474
Itron,
Inc.
(a)
.............................
7,802
868,285
Keysight
Technologies,
Inc.
(a)
.................
29,094
4,230,268
TE
Connectivity
PLC
......................
50,175
7,344,616
Trimble,
Inc.
(a)
...........................
41,082
2,552,835
Zebra
Technologies
Corp.
,
Class
A
(a)
............
8,591
2,150,499
26,227,066
a
Energy
Equipment
&
Services
—
0
.3
%
Baker
Hughes
Co.
,
Class
A
..................
165,778
5,868,541
Core
Laboratories,
Inc.
(b)
....................
8,132
92,461
Halliburton
Co.
..........................
147,661
2,926,641
NOV,
Inc.
..............................
66,253
769,198
Security
Shares
Value
a
Energy
Equipment
&
Services
(continued)
TechnipFMC
PLC
........................
72,037
$
2,029,282
11,686,123
a
Entertainment
—
0
.9
%
Electronic
Arts,
Inc.
.......................
41,773
6,060,845
Walt
Disney
Co.
(The)
.....................
303,750
27,626,062
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
391,471
3,394,054
37,080,961
a
Financial
Services
—
4
.7
%
Equitable
Holdings,
Inc.
....................
53,128
2,627,180
Fidelity
National
Information
Services,
Inc.
........
90,300
7,122,864
Mastercard,
Inc.
,
Class
A
....................
137,488
75,351,673
PayPal
Holdings,
Inc.
(a)
.....................
159,749
10,517,874
Visa,
Inc.
,
Class
A
........................
290,069
100,218,839
Voya
Financial,
Inc.
.......................
16,416
971,827
Western
Union
Co.
(The)
...................
50,847
503,894
197,314,151
a
Food
Products
—
1
.1
%
Archer-Daniels-Midland
Co.
..................
80,476
3,842,729
Bunge
Global
SA
.........................
23,422
1,843,780
Conagra
Brands,
Inc.
......................
80,643
1,992,689
Darling
Ingredients,
Inc.
(a)
...................
26,807
862,917
General
Mills,
Inc.
........................
93,215
5,289,019
Hormel
Foods
Corp.
.......................
50,469
1,509,023
Ingredion,
Inc.
...........................
10,975
1,457,699
J
M
Smucker
Co.
(The)
.....................
17,802
2,069,839
Kellanova
..............................
45,959
3,804,026
Kraft
Heinz
Co.
(The)
......................
151,652
4,413,073
Lamb
Weston
Holdings,
Inc.
.................
22,733
1,200,530
McCormick
&
Co.,
Inc.
,
NVS
.................
42,268
3,240,265
Mondelez
International,
Inc.
,
Class
A
............
224,325
15,283,262
The
Campbell's
Company
...................
32,478
1,184,148
47,992,999
a
Gas
Utilities
—
0
.1
%
Atmos
Energy
Corp.
.......................
25,416
4,082,572
New
Jersey
Resources
Corp.
.................
16,885
826,352
UGI
Corp.
..............................
35,230
1,155,192
6,064,116
a
Ground
Transportation
—
1
.1
%
ArcBest
Corp.
...........................
4,154
243,092
Avis
Budget
Group,
Inc.
(a)
...................
3,037
281,317
CSX
Corp.
.............................
323,454
9,079,354
JB
Hunt
Transport
Services,
Inc.
..............
13,604
1,776,411
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
26,878
1,052,811
Norfolk
Southern
Corp.
.....................
37,918
8,495,528
Ryder
System,
Inc.
........................
7,090
976,080
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
16,154
885,239
Union
Pacific
Corp.
.......................
101,687
21,929,819
44,719,651
a
Health
Care
Equipment
&
Supplies
—
1
.2
%
Align
Technology,
Inc.
(a)
.....................
12,011
2,081,506
Becton
Dickinson
&
Co.
....................
48,489
10,041,587
Cooper
Companies,
Inc.
(The)
(a)
...............
33,669
2,749,747
Dentsply
Sirona,
Inc.
......................
34,637
481,454
Dexcom,
Inc.
(a)
..........................
65,516
4,676,532
Edwards
Lifesciences
Corp.
(a)
................
98,923
7,467,697
Hologic,
Inc.
(a)
...........................
38,065
2,215,383
IDEXX
Laboratories,
Inc.
(a)
...................
13,761
5,953,697
Insulet
Corp.
(a)
...........................
11,859
2,991,907
ResMed,
Inc.
...........................
24,562
5,811,124
STERIS
PLC
............................
16,671
3,746,641
iShares
®
ESG
MSCI
KLD
400
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Zimmer
Biomet
Holdings,
Inc.
................
33,394
$
3,441,252
51,658,527
a
Health
Care
Providers
&
Services
—
1
.8
%
Cardinal
Health,
Inc.
.......................
40,536
5,727,331
Cencora,
Inc.
...........................
29,179
8,539,818
Centene
Corp.
(a)
.........................
84,684
5,068,337
Cigna
Group
(The)
........................
46,658
15,865,586
DaVita,
Inc.
(a)
............................
7,782
1,101,542
Elevance
Health,
Inc.
......................
38,944
16,379,068
HCA
Healthcare,
Inc.
......................
31,860
10,994,249
Henry
Schein,
Inc.
(a)
.......................
21,244
1,380,223
Humana,
Inc.
...........................
20,118
5,275,744
Labcorp
Holdings,
Inc.
.....................
14,099
3,398,000
Pediatrix
Medical
Group,
Inc.
(a)
................
13,621
175,439
Quest
Diagnostics,
Inc.
.....................
18,607
3,316,140
Select
Medical
Holdings
Corp.
................
18,256
332,989
77,554,466
a
Health
Care
REITs
—
0
.5
%
Healthpeak
Properties,
Inc.
..................
116,778
2,083,320
Ventas,
Inc.
............................
70,365
4,931,179
Welltower,
Inc.
...........................
103,743
15,830,144
22,844,643
a
Health
Care
Technology
—
0
.1
%
Teladoc
Health,
Inc.
(a)
......................
27,766
199,637
Veeva
Systems,
Inc.
,
Class
A
(a)
(b)
..............
25,924
6,058,180
6,257,817
a
Hotel
&
Resort
REITs
—
0
.0
%
Host
Hotels
&
Resorts,
Inc.
..................
118,246
1,669,633
a
Hotels,
Restaurants
&
Leisure
—
2
.8
%
Aramark
...............................
41,254
1,379,121
Booking
Holdings,
Inc.
.....................
5,549
28,295,905
Choice
Hotels
International,
Inc.
(b)
..............
4,860
612,895
Darden
Restaurants,
Inc.
...................
19,770
3,966,653
Domino's
Pizza,
Inc.
.......................
5,839
2,863,270
Hilton
Worldwide
Holdings,
Inc.
...............
40,893
9,220,554
Jack
in
the
Box,
Inc.
.......................
3,475
90,489
Marriott
International,
Inc.
,
Class
A
.............
39,618
9,452,062
McDonald's
Corp.
........................
120,299
38,453,575
Royal
Caribbean
Cruises
Ltd.
................
42,842
9,207,174
Starbucks
Corp.
..........................
190,151
15,221,588
Vail
Resorts,
Inc.
.........................
6,384
888,653
119,651,939
a
Household
Durables
—
0
.2
%
Ethan
Allen
Interiors,
Inc.
...................
3,770
107,181
Garmin
Ltd.
.............................
25,723
4,806,857
La-Z-Boy,
Inc.
...........................
6,791
268,245
Meritage
Homes
Corp.
.....................
12,445
848,002
Mohawk
Industries,
Inc.
(a)
...................
9,020
959,277
Newell
Brands,
Inc.
.......................
66,795
319,280
Whirlpool
Corp.
..........................
9,100
694,148
8,002,990
a
Household
Products
—
2
.1
%
Church
&
Dwight
Co.,
Inc.
...................
41,028
4,075,722
Clorox
Co.
(The)
.........................
20,822
2,962,971
Colgate-Palmolive
Co.
.....................
130,334
12,015,491
Kimberly-Clark
Corp.
......................
55,932
7,370,719
Procter
&
Gamble
Co.
(The)
.................
394,293
64,100,213
90,525,116
a
Security
Shares
Value
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.0
%
Ormat
Technologies,
Inc.
....................
9,116
$
661,822
a
Industrial
Conglomerates
—
0
.3
%
3M
Co.
................................
91,342
12,688,317
a
Industrial
REITs
—
0
.4
%
Prologis,
Inc.
............................
155,419
15,883,822
a
Insurance
—
2
.9
%
Allstate
Corp.
(The)
.......................
44,367
8,801,969
Arthur
J
Gallagher
&
Co.
....................
41,953
13,453,908
Chubb
Ltd.
.............................
64,228
18,374,346
Hartford
Insurance
Group,
Inc.
(The)
............
48,622
5,964,461
Lincoln
National
Corp.
.....................
28,882
920,469
Loews
Corp.
............................
31,091
2,699,632
Marsh
&
McLennan
Companies,
Inc.
............
82,329
18,562,720
Principal
Financial
Group,
Inc.
................
38,368
2,844,987
Progressive
Corp.
(The)
....................
98,346
27,708,002
Prudential
Financial,
Inc.
....................
59,937
6,156,129
Travelers
Companies,
Inc.
(The)
...............
38,172
10,082,370
Willis
Towers
Watson
PLC
...................
16,899
5,201,512
120,770,505
a
Interactive
Media
&
Services
—
6
.9
%
Alphabet,
Inc.
,
Class
A
.....................
980,043
155,630,828
Alphabet,
Inc.
,
Class
C
,
NVS
.................
835,394
134,406,541
ZoomInfo
Technologies,
Inc.
(a)
................
43,743
374,440
290,411,809
a
IT
Services
—
2
.0
%
Accenture
PLC
,
Class
A
....................
104,925
31,388,314
Akamai
Technologies,
Inc.
(a)
..................
25,506
2,055,274
ASGN,
Inc.
(a)
............................
7,817
393,820
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
83,185
6,119,920
International
Business
Machines
Corp.
..........
154,636
37,394,078
Okta,
Inc.
,
Class
A
(a)
(b)
......................
26,920
3,019,347
Twilio,
Inc.
,
Class
A
(a)
......................
24,437
2,363,302
82,734,055
a
Leisure
Products
—
0
.1
%
Hasbro,
Inc.
............................
22,129
1,369,785
Mattel,
Inc.
(a)
............................
56,456
897,086
Topgolf
Callaway
Brands
Corp.
(a)
..............
25,237
166,816
2,433,687
a
Life
Sciences
Tools
&
Services
—
1
.1
%
Agilent
Technologies,
Inc.
...................
47,902
5,154,255
Bio-Techne
Corp.
.........................
26,624
1,340,518
Danaher
Corp.
..........................
109,150
21,756,870
Illumina,
Inc.
(a)
...........................
26,775
2,077,740
IQVIA
Holdings,
Inc.
(a)
......................
30,471
4,725,138
Mettler-Toledo
International,
Inc.
(a)
.............
3,542
3,791,959
Waters
Corp.
(a)
..........................
9,918
3,448,786
West
Pharmaceutical
Services,
Inc.
............
12,130
2,562,948
44,858,214
a
Machinery
—
3
.0
%
AGCO
Corp.
............................
10,697
907,427
Caterpillar,
Inc.
..........................
80,979
25,044,375
CNH
Industrial
N.V.
.......................
146,734
1,697,712
Cummins,
Inc.
...........................
23,006
6,760,083
Deere
&
Co.
............................
43,401
20,118,968
Dover
Corp.
............................
23,117
3,944,916
Flowserve
Corp.
.........................
22,254
1,006,549
Fortive
Corp.
............................
58,197
4,055,749
Graco,
Inc.
.............................
28,282
2,308,094
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
ESG
MSCI
KLD
400
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Machinery
(continued)
IDEX
Corp.
.............................
12,737
$
2,215,856
Illinois
Tool
Works,
Inc.
.....................
49,530
11,882,742
Ingersoll
Rand,
Inc.
.......................
67,773
5,112,117
Lincoln
Electric
Holdings,
Inc.
................
9,366
1,650,289
Middleby
Corp.
(The)
(a)
.....................
9,009
1,201,350
PACCAR,
Inc.
...........................
87,937
7,932,797
Parker-Hannifin
Corp.
......................
21,621
13,082,002
Pentair
PLC
............................
27,902
2,531,549
Snap-on,
Inc.
...........................
8,811
2,764,980
Stanley
Black
&
Decker,
Inc.
.................
25,929
1,556,259
Tennant
Co.
............................
3,120
225,139
Timken
Co.
(The)
.........................
11,189
718,893
Westinghouse
Air
Brake
Technologies
Corp.
.......
28,830
5,326,054
Xylem,
Inc.
.............................
40,925
4,934,327
126,978,227
a
Media
—
0
.1
%
Cable
One,
Inc.
..........................
761
203,392
John
Wiley
&
Sons,
Inc.
,
Class
A
..............
7,547
329,351
New
York
Times
Co.
(The)
,
Class
A
.............
26,613
1,385,473
Omnicom
Group,
Inc.
......................
32,652
2,486,776
Scholastic
Corp.
.........................
4,387
79,098
4,484,090
a
Metals
&
Mining
—
0
.2
%
Compass
Minerals
International,
Inc.
(a)
...........
5,976
80,317
Newmont
Corp.
..........................
190,951
10,059,299
10,139,616
a
Multi-Utilities
—
0
.5
%
Avista
Corp.
............................
12,989
538,654
CMS
Energy
Corp.
........................
50,238
3,700,029
Consolidated
Edison,
Inc.
...................
58,234
6,565,883
NiSource,
Inc.
...........................
75,656
2,958,906
Sempra
...............................
105,984
7,871,432
21,634,904
a
Office
REITs
—
0
.0
%
BXP,
Inc.
..............................
25,025
1,594,843
COPT
Defense
Properties
...................
19,572
511,025
2,105,868
a
Oil,
Gas
&
Consumable
Fuels
—
1
.1
%
Cheniere
Energy,
Inc.
......................
37,628
8,696,207
HF
Sinclair
Corp.
.........................
26,983
811,379
Marathon
Petroleum
Corp.
..................
53,908
7,407,498
ONEOK,
Inc.
............................
104,220
8,562,715
Phillips
66
..............................
69,268
7,208,028
Targa
Resources
Corp.
.....................
34,747
5,938,263
Valero
Energy
Corp.
.......................
53,103
6,164,727
44,788,817
a
Passenger
Airlines
—
0
.0
%
Delta
Air
Lines,
Inc.
.......................
27,363
1,139,122
a
Personal
Care
Products
—
0
.1
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
39,152
2,347,554
a
Pharmaceuticals
—
1
.6
%
Bristol-Myers
Squibb
Co.
....................
340,228
17,079,446
Jazz
Pharmaceuticals
PLC
(a)
.................
9,674
1,131,471
Merck
&
Co.,
Inc.
.........................
424,295
36,149,934
Zoetis,
Inc.
,
Class
A
.......................
75,968
11,881,395
66,242,246
a
Security
Shares
Value
a
Professional
Services
—
0
.8
%
Automatic
Data
Processing,
Inc.
...............
68,463
$
20,579,978
Broadridge
Financial
Solutions,
Inc.
............
19,601
4,751,282
Exponent,
Inc.
...........................
8,683
683,179
Heidrick
&
Struggles
International,
Inc.
..........
3,047
118,894
ICF
International,
Inc.
......................
3,251
276,205
Kelly
Services,
Inc.
,
Class
A
,
NVS
.............
5,831
67,348
ManpowerGroup,
Inc.
......................
7,890
339,822
Paycom
Software,
Inc.
.....................
8,683
1,965,744
Robert
Half,
Inc.
.........................
17,780
787,654
TransUnion
.............................
32,811
2,722,001
32,292,107
a
Real
Estate
Management
&
Development
—
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
51,394
6,279,319
Jones
Lang
LaSalle,
Inc.
(a)
...................
7,947
1,807,227
8,086,546
a
Residential
REITs
—
0
.3
%
AvalonBay
Communities,
Inc.
................
23,769
4,991,015
Equity
Residential
........................
57,419
4,034,259
UDR,
Inc.
..............................
52,150
2,184,042
11,209,316
a
Retail
REITs
—
0
.2
%
Federal
Realty
Investment
Trust
...............
12,667
1,190,951
Macerich
Co.
(The)
.......................
35,618
522,160
Simon
Property
Group,
Inc.
..................
54,760
8,618,129
10,331,240
a
Semiconductors
&
Semiconductor
Equipment
—
13
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
271,700
26,449,995
Analog
Devices,
Inc.
.......................
83,241
16,225,336
Applied
Materials,
Inc.
.....................
136,479
20,568,750
First
Solar,
Inc.
(a)
.........................
17,046
2,144,728
Intel
Corp.
.............................
723,414
14,540,621
Lam
Research
Corp.
......................
215,815
15,467,461
Microchip
Technology,
Inc.
...................
90,323
4,162,084
NVIDIA
Corp.
...........................
4,107,692
447,409,813
NXP
Semiconductors
N.V.
...................
42,765
7,882,017
ON
Semiconductor
Corp.
(a)
..................
71,867
2,853,120
Skyworks
Solutions,
Inc.
....................
26,832
1,724,761
Texas
Instruments,
Inc.
.....................
153,006
24,488,610
583,917,296
a
Software
—
17
.5
%
Adobe,
Inc.
(a)
(b)
...........................
73,017
27,379,914
ANSYS,
Inc.
(a)
...........................
14,721
4,738,395
Atlassian
Corp.
,
Class
A
(a)
...................
26,877
6,136,288
Autodesk,
Inc.
(a)
(b)
.........................
36,024
9,879,582
Cadence
Design
Systems,
Inc.
(a)
..............
45,893
13,664,182
Fair
Isaac
Corp.
(a)
.........................
4,103
8,163,657
Fortinet,
Inc.
(a)
...........................
109,071
11,317,207
Gen
Digital,
Inc.
..........................
93,038
2,406,893
Guidewire
Software,
Inc.
(a)
...................
13,325
2,728,560
HubSpot,
Inc.
(a)
..........................
8,162
4,991,063
Intuit,
Inc.
..............................
47,039
29,515,561
Microsoft
Corp.
..........................
1,184,691
468,260,965
Oracle
Corp.
............................
281,482
39,610,147
PTC,
Inc.
(a)
.............................
20,231
3,135,198
RingCentral,
Inc.
,
Class
A
(a)
..................
12,818
326,859
Roper
Technologies,
Inc.
....................
18,010
10,087,041
Salesforce,
Inc.
..........................
160,401
43,101,353
ServiceNow,
Inc.
(a)
........................
34,586
33,029,976
Synopsys,
Inc.
(a)
.........................
25,769
11,828,229
Teradata
Corp.
(a)
.........................
16,820
361,630
iShares
®
ESG
MSCI
KLD
400
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Software
(continued)
Workday,
Inc.
,
Class
A
(a)
....................
35,779
$
8,765,855
739,428,555
a
Specialized
REITs
—
1
.3
%
American
Tower
Corp.
.....................
78,332
17,656,816
Crown
Castle,
Inc.
........................
72,947
7,714,875
Digital
Realty
Trust,
Inc.
....................
55,640
8,932,446
Equinix,
Inc.
............................
16,180
13,926,935
Iron
Mountain,
Inc.
........................
49,302
4,420,910
SBA
Communications
Corp.
,
Class
A
............
18,082
4,401,159
57,053,141
a
Specialty
Retail
—
2
.4
%
AutoNation,
Inc.
(a)
.........................
4,416
769,046
Best
Buy
Co.,
Inc.
........................
34,027
2,269,261
Buckle,
Inc.
(The)
........................
5,668
197,020
CarMax,
Inc.
(a)
(b)
..........................
26,286
1,699,916
Foot
Locker,
Inc.
(a)
........................
13,664
167,657
GameStop
Corp.
,
Class
A
(a)
(b)
.................
68,294
1,902,671
Gap,
Inc.
(The)
..........................
36,959
809,402
Home
Depot,
Inc.
(The)
....................
166,787
60,125,046
Lowe's
Companies,
Inc.
....................
94,704
21,172,026
ODP
Corp.
(The)
(a)
........................
5,856
80,110
Signet
Jewelers
Ltd.
.......................
7,528
446,410
Tractor
Supply
Co.
........................
89,603
4,535,704
Ulta
Beauty,
Inc.
(a)
........................
7,778
3,077,288
Williams-Sonoma,
Inc.
.....................
20,647
3,189,342
100,440,899
a
Technology
Hardware,
Storage
&
Peripherals
—
0
.4
%
Dell
Technologies,
Inc.
,
Class
C
...............
53,357
4,896,038
Hewlett
Packard
Enterprise
Co.
...............
217,430
3,526,715
HP,
Inc.
...............................
157,298
4,022,110
NetApp,
Inc.
............................
34,103
3,060,744
Seagate
Technology
Holdings
PLC
.............
35,414
3,223,736
Xerox
Holdings
Corp.
......................
19,816
87,389
18,816,732
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.4
%
Capri
Holdings
Ltd.
(a)
......................
19,640
295,386
Columbia
Sportswear
Co.
...................
4,795
298,105
Deckers
Outdoor
Corp.
(a)
....................
25,667
2,844,674
Hanesbrands,
Inc.
(a)
.......................
59,097
271,255
NIKE,
Inc.
,
Class
B
.......................
198,125
11,174,250
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
(continued)
PVH
Corp.
.............................
9,253
$
638,272
Under
Armour,
Inc.
,
Class
A
(a)
.................
31,001
177,326
Under
Armour,
Inc.
,
Class
C
,
NVS
(a)
............
24,990
135,945
VF
Corp.
..............................
55,569
660,160
Wolverine
World
Wide,
Inc.
..................
13,550
176,827
16,672,200
a
Trading
Companies
&
Distributors
—
0
.7
%
Air
Lease
Corp.
,
Class
A
....................
17,739
829,476
Applied
Industrial
Technologies,
Inc.
............
6,524
1,587,159
Fastenal
Co.
............................
96,351
7,801,540
Ferguson
Enterprises,
Inc.
...................
33,700
5,717,542
United
Rentals,
Inc.
.......................
11,010
6,952,265
WW
Grainger,
Inc.
........................
7,346
7,524,581
30,412,563
a
Water
Utilities
—
0
.2
%
American
Water
Works
Co.,
Inc.
...............
32,816
4,824,280
Essential
Utilities,
Inc.
......................
43,769
1,800,219
6,624,499
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
2,953,793,003
)
...............................
4,207,671,950
a
Short-Term
Securities
Money
Market
Funds
—
0
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
7,877,598
7,880,749
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
7,162,738
7,162,738
a
Total
Short-Term
Securities — 0.4%
(Cost:
$
15,041,377
)
.................................
15,043,487
Total
Investments
—
100.1%
(Cost:
$
2,968,834,380
)
...............................
4,222,715,437
Liabilities
in
Excess
of
Other
Assets
—
(
0
.1
)
%
...............
(
4,563,048
)
Net
Assets
—
100.0%
.................................
$
4,218,152,389
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
10,441,642
$
—
$
(
2,573,436
)
(a)
$
12,881
$
(
338
)
$
7,880,749
7,877,598
$
90,283
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
11,294,314
—
(
4,131,576
)
(a)
—
—
7,162,738
7,162,738
559,911
—
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
ESG
MSCI
KLD
400
ETF
20
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
April
30,
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
(continued)
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock,
Inc.
.....
$
20,188,884
$
417,989
$
(
2,425,344
)
$
1,137,899
$
3,242,680
$
22,562,108
24,678
$
533,524
$
—
$
1,150,780
$
3,242,342
$
37,605,595
$
1,183,718
$
—
(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
500
Index
...................................................................
36
06/20/25
$
10,057
$
8,922
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)
.............
$
—
$
—
$
8,922
$
—
$
—
$
—
$
8,922
(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
..................................
$
—
$
—
$
506,481
$
—
$
—
$
—
$
506,481
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
427,021
$
—
$
—
$
—
$
427,021
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
14,566,666
a
iShares
®
ESG
MSCI
KLD
400
ETF
Schedule
of
Investments
(continued)
April
30,
2025
21
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
.........................................
$
4,207,671,950
$
—
$
—
$
4,207,671,950
Short-Term
Securities
Money
Market
Funds
......................................
15,043,487
—
—
15,043,487
$
4,222,715,437
$
—
$
—
$
4,222,715,437
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
8,922
$
—
$
—
$
8,922
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
MSCI
USA
ESG
Select
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
1
.3
%
Axon
Enterprise,
Inc.
(a)
.....................
27,495
$
16,862,684
General
Electric
Co.
.......................
116,848
23,549,546
Howmet
Aerospace,
Inc.
....................
26,228
3,634,676
44,046,906
a
Air
Freight
&
Logistics
—
1
.0
%
CH
Robinson
Worldwide,
Inc.
................
115,258
10,283,319
Expeditors
International
of
Washington,
Inc.
.......
201,518
22,148,843
32,432,162
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
53,607
3,058,815
a
Automobiles
—
1
.8
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
288,433
3,939,995
Tesla,
Inc.
(a)
.............................
191,700
54,090,072
58,030,067
a
Banks
—
0
.7
%
Huntington
Bancshares,
Inc.
.................
624,530
9,074,421
PNC
Financial
Services
Group,
Inc.
(The)
........
61,295
9,849,494
Truist
Financial
Corp.
......................
79,875
3,062,407
21,986,322
a
Beverages
—
2
.2
%
Coca-Cola
Co.
(The)
......................
719,856
52,225,553
Keurig
Dr
Pepper,
Inc.
.....................
145,713
5,040,213
PepsiCo,
Inc.
...........................
101,668
13,784,147
71,049,913
a
Biotechnology
—
2
.3
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
21,092
5,552,258
Amgen,
Inc.
............................
43,100
12,538,652
Biogen,
Inc.
(a)
...........................
26,248
3,178,108
Gilead
Sciences,
Inc.
......................
347,985
37,074,322
Regeneron
Pharmaceuticals,
Inc.
..............
5,279
3,160,854
Vertex
Pharmaceuticals,
Inc.
(a)
................
27,443
13,982,208
75,486,402
a
Broadline
Retail
—
0
.3
%
MercadoLibre,
Inc.
(a)
.......................
3,866
9,011,066
a
Building
Products
—
1
.9
%
Carrier
Global
Corp.
.......................
99,937
6,250,060
Johnson
Controls
International
PLC
............
126,630
10,624,257
Lennox
International,
Inc.
...................
16,320
8,922,960
Owens
Corning
..........................
20,695
3,009,260
Trane
Technologies
PLC
....................
86,120
33,010,657
61,817,194
a
Capital
Markets
—
4
.7
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
303,953
24,440,861
Cboe
Global
Markets,
Inc.
...................
33,090
7,339,362
Charles
Schwab
Corp.
(The)
.................
56,755
4,619,857
FactSet
Research
Systems,
Inc.
...............
11,721
5,066,051
Intercontinental
Exchange,
Inc.
...............
46,031
7,731,827
Moody's
Corp.
...........................
40,192
18,211,799
Morgan
Stanley
..........................
297,433
34,329,717
Nasdaq,
Inc.
............................
111,893
8,527,365
Raymond
James
Financial,
Inc.
...............
44,836
6,144,325
S&P
Global,
Inc.
.........................
66,423
33,214,821
State
Street
Corp.
........................
46,996
4,140,348
153,766,333
a
Security
Shares
Value
a
Chemicals
—
1
.5
%
Ecolab,
Inc.
............................
151,893
$
38,190,457
International
Flavors
&
Fragrances,
Inc.
..........
60,737
4,765,425
Linde
PLC
.............................
7,838
3,552,417
PPG
Industries,
Inc.
.......................
30,047
3,270,916
49,779,215
a
Commercial
Services
&
Supplies
—
0
.5
%
Veralto
Corp.
............................
158,312
15,182,121
a
Communications
Equipment
—
1
.0
%
Arista
Networks,
Inc.
(a)
.....................
122,626
10,088,441
Cisco
Systems,
Inc.
.......................
388,825
22,446,867
32,535,308
a
Construction
&
Engineering
—
0
.1
%
Quanta
Services,
Inc.
(b)
.....................
12,459
3,646,625
a
Construction
Materials
—
1
.0
%
CRH
PLC
..............................
358,723
34,229,349
a
Consumer
Finance
—
1
.4
%
American
Express
Co.
.....................
125,174
33,347,606
Discover
Financial
Services
..................
32,169
5,876,311
Synchrony
Financial
.......................
103,241
5,363,370
44,587,287
a
Consumer
Staples
Distribution
&
Retail
—
1
.3
%
Costco
Wholesale
Corp.
....................
28,944
28,784,808
Kroger
Co.
(The)
.........................
123,134
8,891,506
Target
Corp.
............................
61,270
5,924,809
43,601,123
a
Containers
&
Packaging
—
0
.1
%
Ball
Corp.
..............................
80,318
4,171,717
a
Distributors
—
0
.6
%
LKQ
Corp.
.............................
516,033
19,717,621
a
Diversified
Telecommunication
Services
—
0
.5
%
Verizon
Communications,
Inc.
................
361,654
15,934,475
a
Electric
Utilities
—
0
.4
%
Eversource
Energy
.......................
228,066
13,565,366
a
Electrical
Equipment
—
0
.2
%
GE
Vernova,
Inc.
.........................
21,554
7,992,654
a
Electronic
Equipment,
Instruments
&
Components
—
0
.5
%
Keysight
Technologies,
Inc.
(a)
.................
68,120
9,904,648
Trimble,
Inc.
(a)
...........................
127,796
7,941,243
17,845,891
a
Energy
Equipment
&
Services
—
0
.5
%
Baker
Hughes
Co.
,
Class
A
..................
420,121
14,872,283
a
Entertainment
—
2
.3
%
Electronic
Arts,
Inc.
.......................
152,190
22,081,247
Netflix,
Inc.
(a)
............................
28,765
32,553,926
Take-Two
Interactive
Software,
Inc.
(a)
............
16,568
3,865,646
Walt
Disney
Co.
(The)
.....................
192,455
17,503,782
76,004,601
a
Financial
Services
—
2
.8
%
Fidelity
National
Information
Services,
Inc.
........
112,054
8,838,820
Mastercard,
Inc.
,
Class
A
....................
75,108
41,163,690
iShares
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Financial
Services
(continued)
Visa,
Inc.
,
Class
A
........................
121,008
$
41,808,264
91,810,774
a
Food
Products
—
2
.4
%
Bunge
Global
SA
.........................
158,247
12,457,204
General
Mills,
Inc.
........................
416,135
23,611,500
Kellanova
..............................
408,739
33,831,327
Kraft
Heinz
Co.
(The)
......................
122,268
3,557,999
McCormick
&
Co.,
Inc.
,
NVS
.................
56,937
4,364,790
77,822,820
a
Health
Care
Equipment
&
Supplies
—
2
.4
%
Cooper
Companies,
Inc.
(The)
(a)
...............
71,505
5,839,813
Dexcom,
Inc.
(a)
(b)
.........................
48,921
3,491,981
Edwards
Lifesciences
Corp.
(a)
................
289,470
21,852,090
Hologic,
Inc.
(a)
...........................
83,268
4,846,198
IDEXX
Laboratories,
Inc.
(a)
...................
37,672
16,298,791
Solventum
Corp.
(a)
........................
55,909
3,696,703
STERIS
PLC
............................
63,933
14,368,303
Zimmer
Biomet
Holdings,
Inc.
................
69,201
7,131,163
77,525,042
a
Health
Care
Providers
&
Services
—
2
.1
%
DaVita,
Inc.
(a)
(b)
..........................
46,864
6,633,599
Elevance
Health,
Inc.
......................
47,014
19,773,148
HCA
Healthcare,
Inc.
......................
24,269
8,374,746
Humana,
Inc.
...........................
13,949
3,657,986
Labcorp
Holdings,
Inc.
.....................
26,574
6,404,600
Molina
Healthcare,
Inc.
(a)
....................
22,479
7,350,858
Quest
Diagnostics,
Inc.
.....................
98,563
17,565,898
69,760,835
a
Health
Care
REITs
—
0
.3
%
Welltower,
Inc.
...........................
73,988
11,289,829
a
Health
Care
Technology
—
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
19,008
4,441,979
a
Hotels,
Restaurants
&
Leisure
—
1
.1
%
Booking
Holdings,
Inc.
.....................
3,926
20,019,773
DoorDash,
Inc.
,
Class
A
(a)
...................
32,655
6,298,823
Hilton
Worldwide
Holdings,
Inc.
...............
13,346
3,009,256
Royal
Caribbean
Cruises
Ltd.
................
27,730
5,959,455
35,287,307
a
Household
Products
—
1
.8
%
Church
&
Dwight
Co.,
Inc.
...................
69,221
6,876,414
Clorox
Co.
(The)
.........................
115,274
16,403,490
Kimberly-Clark
Corp.
......................
85,277
11,237,803
Procter
&
Gamble
Co.
(The)
.................
161,380
26,235,547
60,753,254
a
Industrial
Conglomerates
—
0
.8
%
3M
Co.
................................
200,761
27,887,710
a
Insurance
—
2
.9
%
Arch
Capital
Group
Ltd.
....................
83,070
7,532,788
Hartford
Insurance
Group,
Inc.
(The)
............
101,646
12,468,915
Marsh
&
McLennan
Companies,
Inc.
............
46,370
10,455,044
Progressive
Corp.
(The)
....................
82,914
23,360,190
Prudential
Financial,
Inc.
....................
270,598
27,793,121
Travelers
Companies,
Inc.
(The)
...............
50,858
13,433,123
95,043,181
a
Security
Shares
Value
a
Interactive
Media
&
Services
—
3
.8
%
Alphabet,
Inc.
,
Class
A
.....................
378,372
$
60,085,474
Alphabet,
Inc.
,
Class
C
,
NVS
.................
412,409
66,352,484
126,437,958
IT
Services
—
3
.0
%
Accenture
PLC
,
Class
A
....................
59,144
17,692,928
Akamai
Technologies,
Inc.
(a)
..................
39,990
3,222,394
Cloudflare,
Inc.
,
Class
A
(a)
...................
41,433
5,004,278
Gartner,
Inc.
(a)
...........................
7,040
2,964,403
GoDaddy,
Inc.
,
Class
A
(a)
....................
88,788
16,721,444
International
Business
Machines
Corp.
..........
126,835
30,671,240
MongoDB,
Inc.
,
Class
A
(a)
...................
16,267
2,800,689
Okta,
Inc.
,
Class
A
(a)
.......................
36,932
4,142,293
Snowflake,
Inc.
,
Class
A
(a)
...................
40,671
6,486,618
Twilio,
Inc.
,
Class
A
(a)
......................
95,683
9,253,503
98,959,790
a
Life
Sciences
Tools
&
Services
—
1
.5
%
Agilent
Technologies,
Inc.
...................
94,983
10,220,171
Avantor,
Inc.
(a)
(b)
..........................
206,643
2,684,293
Danaher
Corp.
..........................
74,448
14,839,720
Mettler-Toledo
International,
Inc.
(a)
.............
3,550
3,800,523
Waters
Corp.
(a)
..........................
35,228
12,249,832
West
Pharmaceutical
Services,
Inc.
............
26,239
5,544,038
49,338,577
a
Machinery
—
2
.3
%
Caterpillar,
Inc.
..........................
11,828
3,658,046
CNH
Industrial
N.V.
.......................
550,339
6,367,422
Cummins,
Inc.
...........................
65,142
19,141,325
Deere
&
Co.
............................
7,145
3,312,136
Pentair
PLC
............................
272,165
24,693,530
Xylem,
Inc.
.............................
145,357
17,525,694
74,698,153
a
Media
—
0
.1
%
Interpublic
Group
of
Companies,
Inc.
(The)
.......
137,686
3,458,672
a
Metals
&
Mining
—
0
.3
%
Newmont
Corp.
..........................
168,876
8,896,388
a
Multi-Utilities
—
0
.7
%
Consolidated
Edison,
Inc.
...................
97,129
10,951,295
NiSource,
Inc.
...........................
338,763
13,249,021
24,200,316
a
Oil,
Gas
&
Consumable
Fuels
—
3
.0
%
Cheniere
Energy,
Inc.
......................
122,160
28,232,398
ONEOK,
Inc.
............................
408,988
33,602,454
Targa
Resources
Corp.
.....................
134,883
23,051,505
Valero
Energy
Corp.
.......................
28,383
3,294,982
Williams
Companies,
Inc.
(The)
...............
194,502
11,391,982
99,573,321
a
Passenger
Airlines
—
0
.1
%
Delta
Air
Lines,
Inc.
.......................
99,162
4,128,114
a
Pharmaceuticals
—
2
.8
%
Eli
Lilly
&
Co.
...........................
62,886
56,531,370
Merck
&
Co.,
Inc.
.........................
143,926
12,262,495
Zoetis,
Inc.
,
Class
A
.......................
159,200
24,898,880
93,692,745
a
Professional
Services
—
2
.0
%
Automatic
Data
Processing,
Inc.
...............
152,725
45,909,135
Broadridge
Financial
Solutions,
Inc.
............
85,790
20,795,496
66,704,631
a
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
MSCI
USA
ESG
Select
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Real
Estate
Management
&
Development
—
0
.4
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
99,109
$
12,109,138
a
Semiconductors
&
Semiconductor
Equipment
—
10
.6
%
Advanced
Micro
Devices,
Inc.
(a)
...............
146,874
14,298,184
Applied
Materials,
Inc.
.....................
182,292
27,473,227
Broadcom,
Inc.
..........................
331,112
63,729,127
First
Solar,
Inc.
(a)
.........................
24,059
3,027,103
Intel
Corp.
.............................
414,586
8,333,179
Lam
Research
Corp.
......................
203,468
14,582,552
Marvell
Technology,
Inc.
....................
93,421
5,452,984
Micron
Technology,
Inc.
.....................
94,421
7,265,696
NVIDIA
Corp.
...........................
1,286,402
140,114,906
NXP
Semiconductors
N.V.
...................
101,942
18,788,930
QUALCOMM,
Inc.
........................
61,250
9,093,175
Texas
Instruments,
Inc.
.....................
223,391
35,753,729
347,912,792
a
Software
—
12
.2
%
Adobe,
Inc.
(a)
............................
53,935
20,224,546
ANSYS,
Inc.
(a)
...........................
24,310
7,824,903
AppLovin
Corp.
,
Class
A
(a)
...................
10,762
2,898,314
Atlassian
Corp.
,
Class
A
(a)
...................
27,711
6,326,698
Autodesk,
Inc.
(a)
..........................
96,684
26,515,587
Cadence
Design
Systems,
Inc.
(a)
..............
49,871
14,848,592
HubSpot,
Inc.
(a)
..........................
9,534
5,830,041
Intuit,
Inc.
..............................
52,253
32,787,190
Microsoft
Corp.
..........................
437,761
173,029,413
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
10,727
4,077,440
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
56,136
10,493,502
PTC,
Inc.
(a)
.............................
24,513
3,798,780
Salesforce,
Inc.
..........................
128,421
34,508,007
ServiceNow,
Inc.
(a)
........................
36,197
34,568,497
Synopsys,
Inc.
(a)
.........................
19,191
8,808,861
Workday,
Inc.
,
Class
A
(a)
....................
56,802
13,916,490
400,456,861
a
Specialized
REITs
—
1
.9
%
American
Tower
Corp.
.....................
62,445
14,075,727
Crown
Castle,
Inc.
........................
131,372
13,893,903
Digital
Realty
Trust,
Inc.
....................
52,803
8,476,994
Equinix,
Inc.
............................
21,865
18,820,299
Iron
Mountain,
Inc.
........................
64,041
5,742,556
61,009,479
a
Specialty
Retail
—
3
.3
%
Best
Buy
Co.,
Inc.
........................
115,774
7,720,968
Home
Depot,
Inc.
(The)
....................
142,482
51,363,336
Lowe's
Companies,
Inc.
....................
96,880
21,658,493
Tractor
Supply
Co.
........................
334,531
16,933,959
Williams-Sonoma,
Inc.
.....................
66,466
10,267,003
107,943,759
a
Technology
Hardware,
Storage
&
Peripherals
—
5
.4
%
Apple,
Inc.
.............................
733,523
155,873,637
Hewlett
Packard
Enterprise
Co.
...............
552,280
8,957,982
HP,
Inc.
...............................
196,085
5,013,893
Seagate
Technology
Holdings
PLC
.............
36,123
3,288,277
Western
Digital
Corp.
(a)
.....................
62,507
2,741,557
175,875,346
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.5
%
Deckers
Outdoor
Corp.
(a)
....................
108,351
12,008,541
Lululemon
Athletica,
Inc.
(a)
...................
12,766
3,456,650
15,465,191
a
Security
Shares
Value
a
Trading
Companies
&
Distributors
—
1
.0
%
Ferguson
Enterprises,
Inc.
...................
46,839
$
7,946,705
WW
Grainger,
Inc.
........................
23,286
23,852,082
31,798,787
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
2,941,622,511
)
...............................
3,278,633,565
a
Short-Term
Securities
Money
Market
Funds
—
0
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
6,505,859
6,508,461
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
4,294,342
4,294,342
a
Total
Short-Term
Securities — 0.3%
(Cost:
$
10,800,811
)
.................................
10,802,803
Total
Investments
—
100.1%
(Cost:
$
2,952,423,322
)
...............................
3,289,436,368
Liabilities
in
Excess
of
Other
Assets
—
(
0
.1
)
%
...............
(
4,036,474
)
Net
Assets
—
100.0%
.................................
$
3,285,399,894
(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
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
(continued)
April
30,
2025
25
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
April
30,
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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
18,271,154
$
—
$
(
11,759,493
)
(a)
$
(
900
)
$
(
2,300
)
$
6,508,461
6,505,859
$
43,035
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
5,126,467
—
(
832,125
)
(a)
—
—
4,294,342
4,294,342
317,260
—
$
(
900
)
$
(
2,300
)
$
10,802,803
$
360,295
$
—
(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
500
Index
..................................................................
23
06/20/25
$
6,425
$
(
12,865
)
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)
.............
$
—
$
—
$
12,865
$
—
$
—
$
—
$
12,865
(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
..................................
$
—
$
—
$
53,113
$
—
$
—
$
—
$
53,113
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
193,683
$
—
$
—
$
—
$
193,683
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
8,998,991
a
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
MSCI
USA
ESG
Select
ETF
26
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
.........................................
$
3,278,633,565
$
—
$
—
$
3,278,633,565
Short-Term
Securities
Money
Market
Funds
......................................
10,802,803
—
—
10,802,803
$
3,289,436,368
$
—
$
—
$
3,289,436,368
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
12,865
)
$
—
$
—
$
(
12,865
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Basic
Materials
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
0
.7
%
Hexcel
Corp.
............................
73,213
$
3,548,634
a
Chemicals
—
57
.2
%
Air
Products
and
Chemicals,
Inc.
..............
134,357
36,422,839
Albemarle
Corp.
.........................
105,554
6,180,187
Ashland,
Inc.
............................
42,350
2,303,417
Celanese
Corp.
..........................
98,157
4,368,968
CF
Industries
Holdings,
Inc.
..................
156,150
12,237,475
Chemours
Co.
(The)
.......................
133,954
1,658,351
Eastman
Chemical
Co.
.....................
103,711
7,985,747
Ecolab,
Inc.
............................
151,347
38,053,176
Element
Solutions,
Inc.
.....................
201,354
4,109,635
FMC
Corp.
.............................
112,033
4,696,423
Huntsman
Corp.
.........................
146,820
1,954,174
International
Flavors
&
Fragrances,
Inc.
..........
185,675
14,568,061
Linde
PLC
.............................
244,936
111,012,343
LyondellBasell
Industries
N.V.
,
Class
A
..........
199,254
11,598,575
Mosaic
Co.
(The)
.........................
284,497
8,648,709
NewMarket
Corp.
.........................
6,053
3,724,411
Olin
Corp.
..............................
103,967
2,247,767
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
38,672
1,948,295
Westlake
Corp.
..........................
30,177
2,789,260
276,507,813
a
Containers
&
Packaging
—
5
.6
%
Avery
Dennison
Corp.
......................
72,091
12,335,491
International
Paper
Co.
.....................
322,076
14,712,432
27,047,923
a
Machinery
—
2
.5
%
RBC
Bearings,
Inc.
(a)
(b)
.....................
25,571
8,401,864
Timken
Co.
(The)
.........................
58,136
3,735,238
12,137,102
a
Metals
&
Mining
—
28
.6
%
Alcoa
Corp.
.............................
221,988
5,445,366
Cleveland-Cliffs,
Inc.
(a)
(b)
....................
433,552
3,572,468
Security
Shares
Value
a
Metals
&
Mining
(continued)
Freeport-McMoRan,
Inc.
....................
878,157
$
31,639,997
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
116,373
2,846,483
Newmont
Corp.
..........................
444,567
23,419,789
Nucor
Corp.
............................
132,605
15,829,059
Reliance,
Inc.
...........................
48,351
13,936,209
Royal
Gold,
Inc.
..........................
59,087
10,795,786
Southern
Copper
Corp.
.....................
79,036
7,075,303
Steel
Dynamics,
Inc.
.......................
114,228
14,816,514
United
States
Steel
Corp.
...................
200,468
8,762,456
138,139,430
a
Trading
Companies
&
Distributors
—
4
.5
%
Fastenal
Co.
............................
270,390
21,893,478
a
Total
Long-Term
Investments — 99.1%
(Cost:
$
566,597,266
)
................................
479,274,380
a
Short-Term
Securities
Money
Market
Funds
—
1
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
6,010,938
6,013,342
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
851,975
851,975
a
Total
Short-Term
Securities — 1.4%
(Cost:
$
6,864,934
)
..................................
6,865,317
Total
Investments
—
100.5%
(Cost:
$
573,462,200
)
................................
486,139,697
Liabilities
in
Excess
of
Other
Assets
—
(
0
.5
)
%
...............
(
2,190,350
)
Net
Assets
—
100.0%
.................................
$
483,949,347
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
2,667,194
$
3,345,980
(a)
$
—
$
1,091
$
(
923
)
$
6,013,342
6,010,938
$
12,486
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
972,241
—
(
120,266
)
(a)
—
—
851,975
851,975
45,097
—
$
1,091
$
(
923
)
$
6,865,317
$
57,583
$
—
(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)
April
30,
2025
iShares
®
U.S.
Basic
Materials
ETF
28
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
April
30,
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
Materials
Select
Sector
Index
........................................................
51
06/20/25
$
4,561
$
(
7,210
)
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)
.............
$
—
$
—
$
7,210
$
—
$
—
$
—
$
7,210
(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
..................................
$
—
$
—
$
(
210,216
)
$
—
$
—
$
—
$
(
210,216
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
37,407
$
—
$
—
$
—
$
37,407
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,144,018
a
iShares
®
U.S.
Basic
Materials
ETF
Schedule
of
Investments
(continued)
April
30,
2025
29
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
.........................................
$
479,274,380
$
—
$
—
$
479,274,380
Short-Term
Securities
Money
Market
Funds
......................................
6,865,317
—
—
6,865,317
$
486,139,697
$
—
$
—
$
486,139,697
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
7,210
)
$
—
$
—
$
(
7,210
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
U.S.
Consumer
Discretionary
ETF
(Percentages
shown
are
based
on
Net
Assets)
30
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Automobile
Components
—
0
.5
%
Aptiv
PLC
(a)
.............................
53,118
$
3,030,913
BorgWarner,
Inc.
.........................
49,279
1,398,538
Gentex
Corp.
...........................
51,395
1,119,383
Lear
Corp.
.............................
12,202
1,046,321
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
83,526
326,587
6,921,742
a
Automobiles
—
10
.4
%
Ford
Motor
Co.
..........................
888,736
8,896,247
General
Motors
Co.
.......................
223,996
10,133,579
Harley-Davidson,
Inc.
......................
25,840
579,333
Lucid
Group,
Inc.
(a)
(b)
.......................
222,473
558,407
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
190,992
2,608,951
Tesla,
Inc.
(a)
.............................
392,854
110,847,685
Thor
Industries,
Inc.
.......................
11,475
831,019
134,455,221
a
Broadline
Retail
—
16
.6
%
Amazon.com,
Inc.
(a)
.......................
1,068,301
197,016,071
Coupang,
Inc.
(a)
..........................
262,125
6,125,861
Dillard's,
Inc.
,
Class
A
(b)
.....................
682
236,422
eBay,
Inc.
..............................
108,341
7,384,523
Etsy,
Inc.
(a)
.............................
25,219
1,096,522
Kohl's
Corp.
............................
25,495
170,817
Macy's,
Inc.
............................
61,772
705,436
Nordstrom,
Inc.
..........................
23,080
557,151
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
...........
13,793
1,463,575
214,756,378
a
Commercial
Services
&
Supplies
—
1
.5
%
Copart,
Inc.
(a)
(b)
..........................
197,432
12,049,275
RB
Global,
Inc.
..........................
41,436
4,172,605
Rollins,
Inc.
.............................
63,236
3,612,673
19,834,553
a
Consumer
Staples
Distribution
&
Retail
—
10
.3
%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
29,849
3,509,048
Costco
Wholesale
Corp.
....................
55,989
55,681,061
Dollar
General
Corp.
......................
49,721
4,658,360
Dollar
Tree,
Inc.
(a)
.........................
45,765
3,742,204
Target
Corp.
............................
104,743
10,128,648
Walmart,
Inc.
............................
569,563
55,390,002
133,109,323
a
Distributors
—
0
.6
%
Genuine
Parts
Co.
........................
31,474
3,699,769
LKQ
Corp.
.............................
58,678
2,242,086
Pool
Corp.
.............................
8,436
2,472,929
8,414,784
a
Diversified
Consumer
Services
—
0
.8
%
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
13,041
1,635,602
Duolingo,
Inc.
,
Class
A
(a)
....................
8,516
3,316,812
Grand
Canyon
Education,
Inc.
(a)
...............
6,465
1,153,162
H&R
Block,
Inc.
..........................
30,844
1,862,052
Service
Corp.
International
..................
31,813
2,541,859
10,509,487
a
Entertainment
—
12
.7
%
Electronic
Arts,
Inc.
.......................
59,813
8,678,268
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
5,348
430,781
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
(b)
.............................
47,459
4,208,190
Liberty
Media
Corp.-Liberty
Live
,
Series
A
(a)
.......
4,399
307,842
Security
Shares
Value
a
Entertainment
(continued)
Liberty
Media
Corp.-Liberty
Live
,
Series
C
,
NVS
(a)
...
10,498
$
750,712
Live
Nation
Entertainment,
Inc.
(a)
..............
35,736
4,733,233
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
....
4,257
819,770
Netflix,
Inc.
(a)
(b)
...........................
54,199
61,338,092
Playtika
Holding
Corp.
.....................
16,692
87,967
ROBLOX
Corp.
,
Class
A
(a)
...................
118,863
7,969,764
Spotify
Technology
SA
(a)
....................
33,269
20,426,501
Take-Two
Interactive
Software,
Inc.
(a)
............
39,021
9,104,380
TKO
Group
Holdings,
Inc.
,
Class
A
.............
17,853
2,908,432
Walt
Disney
Co.
(The)
.....................
411,170
37,395,912
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
549,349
4,762,856
163,922,700
a
Ground
Transportation
—
3
.1
%
Avis
Budget
Group,
Inc.
(a)
...................
3,921
363,202
Lyft,
Inc.
,
Class
A
(a)
........................
83,852
1,039,765
Uber
Technologies,
Inc.
(a)
...................
460,213
37,281,855
U-Haul
Holding
Co.
(a)
(b)
.....................
1,750
107,433
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
22,686
1,243,193
40,035,448
a
Hotels,
Restaurants
&
Leisure
—
17
.8
%
Airbnb,
Inc.
,
Class
A
(a)
......................
96,909
11,815,145
Aramark
...............................
59,253
1,980,828
Booking
Holdings,
Inc.
.....................
7,496
38,224,203
Boyd
Gaming
Corp.
.......................
14,313
989,601
Caesars
Entertainment,
Inc.
(a)
................
47,785
1,293,062
Carnival
Corp.
(a)
..........................
232,251
4,259,483
Cava
Group,
Inc.
(a)
........................
17,073
1,578,057
Chipotle
Mexican
Grill,
Inc.
(a)
.................
309,255
15,623,563
Choice
Hotels
International,
Inc.
(b)
..............
6,182
779,612
Churchill
Downs,
Inc.
......................
15,765
1,425,314
Darden
Restaurants,
Inc.
...................
26,520
5,320,973
Domino's
Pizza,
Inc.
.......................
7,869
3,858,722
DraftKings,
Inc.
,
Class
A
(a)
...................
102,464
3,411,027
Dutch
Bros,
Inc.
,
Class
A
(a)
..................
24,725
1,477,072
Expedia
Group,
Inc.
.......................
27,687
4,344,921
Hilton
Worldwide
Holdings,
Inc.
...............
54,215
12,224,398
Hyatt
Hotels
Corp.
,
Class
A
..................
9,259
1,043,304
Las
Vegas
Sands
Corp.
....................
78,845
2,891,246
Light
&
Wonder,
Inc.
(a)
......................
20,045
1,711,442
Marriott
International,
Inc.
,
Class
A
.............
51,258
12,229,134
Marriott
Vacations
Worldwide
Corp.
.............
7,841
429,765
McDonald's
Corp.
........................
146,119
46,706,938
MGM
Resorts
International
(a)
.................
51,829
1,630,540
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
...........
99,271
1,591,314
Penn
Entertainment,
Inc.
(a)
(b)
.................
34,021
517,800
Planet
Fitness,
Inc.
,
Class
A
(a)
................
19,124
1,808,939
Royal
Caribbean
Cruises
Ltd.
................
53,657
11,531,426
Starbucks
Corp.
..........................
256,543
20,536,267
Texas
Roadhouse,
Inc.
.....................
15,088
2,504,004
Travel
+
Leisure
Co.
.......................
14,853
652,492
Vail
Resorts,
Inc.
.........................
8,472
1,179,302
Wendy's
Co.
(The)
........................
38,955
486,937
Wingstop,
Inc.
...........................
6,639
1,751,966
Wyndham
Hotels
&
Resorts,
Inc.
..............
17,136
1,461,701
Wynn
Resorts
Ltd.
........................
22,654
1,819,343
Yum!
Brands,
Inc.
........................
63,771
9,593,709
230,683,550
a
Household
Durables
—
2
.9
%
DR
Horton,
Inc.
..........................
64,227
8,114,439
Garmin
Ltd.
.............................
35,047
6,549,233
Leggett
&
Platt,
Inc.
.......................
30,694
295,276
Lennar
Corp.
,
Class
A
......................
52,051
5,653,259
iShares
®
U.S.
Consumer
Discretionary
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
31
Schedule
of
Investments
Security
Shares
Value
a
Household
Durables
(continued)
Lennar
Corp.
,
Class
B
.....................
2,455
$
253,774
Newell
Brands,
Inc.
.......................
93,694
447,857
NVR,
Inc.
(a)
(b)
............................
634
4,517,726
PulteGroup,
Inc.
.........................
46,153
4,734,375
SharkNinja,
Inc.
(a)
.........................
14,962
1,204,441
Somnigroup
International,
Inc.
................
37,965
2,318,143
Toll
Brothers,
Inc.
.........................
22,507
2,270,281
Whirlpool
Corp.
..........................
11,936
910,478
37,269,282
a
Interactive
Media
&
Services
—
0
.0
%
TripAdvisor,
Inc.
(a)
........................
24,042
299,323
a
Leisure
Products
—
0
.3
%
Hasbro,
Inc.
............................
31,469
1,947,931
Mattel,
Inc.
(a)
............................
76,506
1,215,680
Polaris,
Inc.
.............................
11,589
393,563
YETI
Holdings,
Inc.
(a)
(b)
.....................
19,195
548,017
4,105,191
a
Media
—
1
.8
%
Fox
Corp.
,
Class
A
,
NVS
....................
50,048
2,491,890
Fox
Corp.
,
Class
B
........................
29,919
1,383,454
Interpublic
Group
of
Companies,
Inc.
(The)
.......
84,142
2,113,647
New
York
Times
Co.
(The)
,
Class
A
.............
36,379
1,893,891
News
Corp.
,
Class
A
,
NVS
..................
86,114
2,335,412
News
Corp.
,
Class
B
......................
25,687
807,085
Nexstar
Media
Group,
Inc.
...................
6,621
990,899
Omnicom
Group,
Inc.
......................
43,809
3,336,493
Paramount
Global
,
Class
A
(b)
.................
2,069
46,884
Paramount
Global
,
Class
B
,
NVS
..............
133,903
1,572,021
Sirius
XM
Holdings,
Inc.
....................
48,580
1,040,584
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
101,050
5,419,312
23,431,572
a
Passenger
Airlines
—
1
.4
%
Alaska
Air
Group,
Inc.
(a)
.....................
27,788
1,230,175
American
Airlines
Group,
Inc.
(a)
(b)
..............
148,116
1,473,754
Delta
Air
Lines,
Inc.
.......................
145,792
6,069,321
Southwest
Airlines
Co.
.....................
135,207
3,780,388
United
Airlines
Holdings,
Inc.
(a)
................
74,085
5,098,529
17,652,167
a
Personal
Care
Products
—
0
.3
%
Coty,
Inc.
,
Class
A
(a)
.......................
85,697
432,770
elf
Beauty,
Inc.
(a)
(b)
........................
12,137
750,916
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
52,178
3,128,593
4,312,279
a
Specialty
Retail
—
15
.8
%
Advance
Auto
Parts,
Inc.
....................
13,748
449,835
AutoNation,
Inc.
(a)
.........................
5,738
999,273
AutoZone,
Inc.
(a)
.........................
3,820
14,373,132
Bath
&
Body
Works,
Inc.
....................
49,032
1,495,966
Best
Buy
Co.,
Inc.
........................
48,204
3,214,725
Burlington
Stores,
Inc.
(a)
....................
14,349
3,229,099
CarMax,
Inc.
(a)
(b)
..........................
35,018
2,264,614
Carvana
Co.
,
Class
A
(a)
.....................
24,485
5,982,910
Dick's
Sporting
Goods,
Inc.
..................
12,668
2,378,290
Five
Below,
Inc.
(a)
.........................
12,299
933,371
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
23,755
1,697,057
GameStop
Corp.
,
Class
A
(a)
(b)
.................
88,810
2,474,247
Gap,
Inc.
(The)
..........................
45,819
1,003,436
Home
Depot,
Inc.
(The)
....................
144,806
52,201,115
Lithia
Motors,
Inc.
,
Class
A
..................
5,932
1,736,652
Lowe's
Companies,
Inc.
....................
127,934
28,600,925
Security
Shares
Value
a
Specialty
Retail
(continued)
Murphy
USA,
Inc.
........................
4,145
$
2,066,573
O'Reilly
Automotive,
Inc.
(a)
...................
13,091
18,526,383
Penske
Automotive
Group,
Inc.
...............
4,174
649,767
RH
(a)
.................................
3,432
631,591
Ross
Stores,
Inc.
.........................
73,677
10,241,103
TJX
Companies,
Inc.
(The)
..................
256,565
33,014,784
Tractor
Supply
Co.
........................
120,826
6,116,212
Ulta
Beauty,
Inc.
(a)
........................
10,475
4,144,329
Valvoline,
Inc.
(a)
..........................
28,852
988,469
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
21,988
663,158
Williams-Sonoma,
Inc.
.....................
27,590
4,261,827
204,338,843
a
Textiles,
Apparel
&
Luxury
Goods
—
3
.0
%
Amer
Sports,
Inc.
(a)
........................
14,219
344,811
Birkenstock
Holding
PLC
(a)
(b)
.................
9,064
466,162
Capri
Holdings
Ltd.
(a)
......................
25,840
388,634
Carter's,
Inc.
............................
8,203
271,109
Columbia
Sportswear
Co.
...................
7,223
449,054
Crocs,
Inc.
(a)
............................
12,917
1,245,457
Deckers
Outdoor
Corp.
(a)
....................
34,327
3,804,461
Lululemon
Athletica,
Inc.
(a)
...................
26,297
7,120,439
NIKE,
Inc.
,
Class
B
.......................
267,651
15,095,516
PVH
Corp.
.............................
12,537
864,802
Ralph
Lauren
Corp.
,
Class
A
.................
8,940
2,011,053
Skechers
USA,
Inc.
,
Class
A
(a)
................
29,817
1,431,812
Tapestry,
Inc.
............................
52,589
3,715,413
Under
Armour,
Inc.
,
Class
A
(a)
.................
43,526
248,969
Under
Armour,
Inc.
,
Class
C
,
NVS
(a)
............
42,257
229,878
VF
Corp.
..............................
78,946
937,878
38,625,448
a
Trading
Companies
&
Distributors
—
0
.1
%
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
10,080
1,157,285
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
1,404,549,438
)
...............................
1,293,834,576
a
Short-Term
Securities
Money
Market
Funds
—
5
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
74,250,872
74,280,572
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
1,184,126
1,184,126
a
Total
Short-Term
Securities — 5.8%
(Cost:
$
75,453,259
)
.................................
75,464,698
Total
Investments
—
105.7%
(Cost:
$
1,480,002,697
)
...............................
1,369,299,274
Liabilities
in
Excess
of
Other
Assets
—
(
5
.7
)
%
...............
(
74,262,303
)
Net
Assets
—
100.0%
.................................
$
1,295,036,971
(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)
April
30,
2025
iShares
®
U.S.
Consumer
Discretionary
ETF
32
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
April
30,
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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
16,069,342
$
58,186,222
(a)
$
—
$
20,444
$
4,564
$
74,280,572
74,250,872
$
184,340
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
775,221
408,905
(a)
—
—
—
1,184,126
1,184,126
93,514
—
$
20,444
$
4,564
$
75,464,698
$
277,854
$
—
(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
Consumer
Discretionary
Select
Sector
Index
...............................................
4
06/20/25
$
801
$
36,940
E-Mini
S&P
Communication
Services
Select
Sector
Index
...........................................
2
06/20/25
251
12,701
$
49,641
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)
.............
$
—
$
—
$
49,641
$
—
$
—
$
—
$
49,641
(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
.................................
$
—
$
—
$
(
1,135,823
)
$
—
$
—
$
—
$
(
1,135,823
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
65,956
$
—
$
—
$
—
$
65,956
iShares
®
U.S.
Consumer
Discretionary
ETF
Schedule
of
Investments
(continued)
April
30,
2025
33
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
...................................................................................
$
1,396,131
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,293,834,576
$
—
$
—
$
1,293,834,576
Short-Term
Securities
Money
Market
Funds
......................................
75,464,698
—
—
75,464,698
$
1,369,299,274
$
—
$
—
$
1,369,299,274
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
49,641
$
—
$
—
$
49,641
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
U.S.
Consumer
Staples
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Beverages
—
25
.4
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
...........
5,904
$
1,451,203
Brown-Forman
Corp.
,
Class
A
................
33,179
1,148,325
Brown-Forman
Corp.
,
Class
B
,
NVS
............
117,894
4,107,427
Celsius
Holdings,
Inc.
(a)
(b)
....................
120,451
4,210,967
Coca-Cola
Co.
(The)
......................
2,315,792
168,010,710
Coca-Cola
Consolidated,
Inc.
.................
4,131
5,600,851
Constellation
Brands,
Inc.
,
Class
A
.............
107,726
20,202,934
Keurig
Dr
Pepper,
Inc.
.....................
816,866
28,255,395
Molson
Coors
Beverage
Co.
,
Class
B
...........
116,995
6,730,722
Monster
Beverage
Corp.
(a)
...................
483,654
29,077,279
PepsiCo,
Inc.
...........................
832,373
112,853,131
381,648,944
a
Chemicals
—
1
.9
%
Corteva,
Inc.
............................
470,821
29,186,194
a
Consumer
Staples
Distribution
&
Retail
—
6
.6
%
Albertsons
Companies,
Inc.
,
Class
A
............
286,239
6,291,533
Casey's
General
Stores,
Inc.
.................
25,338
11,721,105
Grocery
Outlet
Holding
Corp.
(a)
................
64,672
1,085,843
Kroger
Co.
(The)
.........................
454,093
32,790,056
Performance
Food
Group
Co.
(a)
...............
104,565
8,434,213
Sysco
Corp.
............................
336,397
24,018,746
U.S.
Foods
Holding
Corp.
(a)
..................
148,765
9,767,910
Walgreens
Boots
Alliance,
Inc.
................
489,456
5,369,332
99,478,738
a
Food
Products
—
15
.5
%
Archer-Daniels-Midland
Co.
..................
326,348
15,583,117
Bunge
Global
SA
.........................
90,895
7,155,254
Conagra
Brands,
Inc.
......................
326,002
8,055,510
Darling
Ingredients,
Inc.
(a)
...................
108,563
3,494,643
Flowers
Foods,
Inc.
.......................
128,602
2,262,109
Freshpet,
Inc.
(a)
..........................
31,907
2,346,441
General
Mills,
Inc.
........................
377,439
21,415,889
Hershey
Co.
(The)
........................
99,681
16,665,666
Hormel
Foods
Corp.
.......................
198,135
5,924,237
Ingredion,
Inc.
...........................
44,782
5,947,945
J
M
Smucker
Co.
(The)
.....................
70,599
8,208,546
Kellanova
..............................
179,413
14,850,014
Kraft
Heinz
Co.
(The)
......................
608,314
17,701,937
Lamb
Weston
Holdings,
Inc.
.................
97,137
5,129,805
McCormick
&
Co.,
Inc.
,
NVS
.................
172,399
13,216,107
Mondelez
International,
Inc.
,
Class
A
............
904,527
61,625,425
Pilgrim's
Pride
Corp.
.......................
28,105
1,533,971
Post
Holdings,
Inc.
(a)
.......................
35,670
4,036,774
Seaboard
Corp.
..........................
183
473,234
Smithfield
Foods,
Inc.
......................
17,458
387,742
The
Campbell's
Company
...................
131,249
4,785,339
Security
Shares
Value
a
Food
Products
(continued)
Tyson
Foods,
Inc.
,
Class
A
..................
192,560
$
11,792,374
232,592,079
a
Health
Care
Providers
&
Services
—
10
.2
%
Cencora,
Inc.
...........................
118,572
34,702,467
CVS
Health
Corp.
........................
853,467
56,934,784
McKesson
Corp.
.........................
85,899
61,227,948
152,865,199
a
Household
Products
—
22
.4
%
Church
&
Dwight
Co.,
Inc.
...................
166,974
16,587,197
Clorox
Co.
(The)
.........................
84,986
12,093,508
Colgate-Palmolive
Co.
.....................
551,513
50,843,983
Kimberly-Clark
Corp.
......................
226,833
29,892,053
Procter
&
Gamble
Co.
(The)
.................
1,387,605
225,582,945
Reynolds
Consumer
Products,
Inc.
.............
37,065
852,495
Spectrum
Brands
Holdings,
Inc.
...............
18,135
1,144,319
336,996,500
a
Personal
Care
Products
—
2
.5
%
BellRing
Brands,
Inc.
(a)
.....................
88,048
6,792,023
Kenvue,
Inc.
............................
1,310,676
30,931,953
37,723,976
a
Tobacco
—
15
.2
%
Altria
Group,
Inc.
.........................
1,142,064
67,553,085
Philip
Morris
International,
Inc.
................
933,755
160,008,257
227,561,342
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
1,502,192,310
)
...............................
1,498,052,972
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
511,597
511,802
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
1,757,976
1,757,976
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
2,269,769
)
..................................
2,269,778
Total
Investments
—
99.8%
(Cost:
$
1,504,462,079
)
...............................
1,500,322,750
Other
Assets
Less
Liabilities
—
0
.2
%
.....................
2,449,266
Net
Assets
—
100.0%
.................................
$
1,502,772,016
(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.
Consumer
Staples
ETF
Schedule
of
Investments
(continued)
April
30,
2025
35
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
April
30,
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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
2,040,156
$
—
$
(
1,517,102
)
(a)
$
(
11,261
)
$
9
$
511,802
511,597
$
24,504
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,692,734
65,242
(a)
—
—
—
1,757,976
1,757,976
97,634
—
$
(
11,261
)
$
9
$
2,269,778
$
122,138
$
—
(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
Consumer
Staples
Select
Sector
Index
..................................................
55
06/20/25
$
4,562
$
75,954
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)
.............
$
—
$
—
$
75,954
$
—
$
—
$
—
$
75,954
(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
..................................
$
—
$
—
$
(
85,072
)
$
—
$
—
$
—
$
(
85,072
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
56,171
$
—
$
—
$
—
$
56,171
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Consumer
Staples
ETF
36
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
...................................................................................
$
3,764,515
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,498,052,972
$
—
$
—
$
1,498,052,972
Short-Term
Securities
Money
Market
Funds
......................................
2,269,778
—
—
2,269,778
$
1,500,322,750
$
—
$
—
$
1,500,322,750
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
75,954
$
—
$
—
$
75,954
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Energy
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
37
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Energy
Equipment
&
Services
—
7
.6
%
Baker
Hughes
Co.
,
Class
A
..................
708,496
$
25,080,758
Halliburton
Co.
..........................
625,753
12,402,425
NOV,
Inc.
..............................
274,615
3,188,280
Schlumberger
N.V.
........................
1,002,237
33,324,380
TechnipFMC
PLC
........................
300,528
8,465,874
Weatherford
International
PLC
................
51,159
2,117,983
84,579,700
a
Oil,
Gas
&
Consumable
Fuels
—
91
.0
%
Antero
Midstream
Corp.
....................
240,277
3,976,584
Antero
Resources
Corp.
(a)
...................
205,958
7,173,517
APA
Corp.
.............................
257,138
3,995,924
Cheniere
Energy,
Inc.
......................
158,565
36,645,957
Chevron
Corp.
...........................
1,162,353
158,149,749
Chord
Energy
Corp.
.......................
43,033
3,882,868
Civitas
Resources,
Inc.
.....................
68,312
1,861,502
ConocoPhillips
..........................
918,922
81,894,329
Coterra
Energy,
Inc.
.......................
518,135
12,725,396
Devon
Energy
Corp.
.......................
442,124
13,444,991
Diamondback
Energy,
Inc.
...................
133,877
17,673,103
DT
Midstream,
Inc.
........................
71,579
6,957,479
EOG
Resources,
Inc.
......................
397,726
43,881,110
EQT
Corp.
.............................
418,287
20,680,109
Expand
Energy
Corp.
......................
163,727
17,011,235
Exxon
Mobil
Corp.
........................
2,484,601
262,448,404
Hess
Corp.
.............................
198,301
25,590,744
HF
Sinclair
Corp.
.........................
109,600
3,295,672
Kinder
Morgan,
Inc.
.......................
1,376,114
36,191,798
Marathon
Petroleum
Corp.
..................
228,099
31,343,084
Matador
Resources
Co.
....................
83,321
3,294,512
New
Fortress
Energy,
Inc.
,
Class
A
.............
60,126
326,484
Occidental
Petroleum
Corp.
..................
483,261
19,045,316
ONEOK,
Inc.
............................
440,184
36,165,517
Ovintiv,
Inc.
.............................
184,338
6,190,070
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Permian
Resources
Corp.
,
Class
A
.............
464,858
$
5,485,324
Phillips
66
..............................
293,037
30,493,430
Range
Resources
Corp.
....................
168,382
5,713,201
Targa
Resources
Corp.
.....................
153,553
26,242,208
Texas
Pacific
Land
Corp.
(b)
..................
13,332
17,183,215
Valero
Energy
Corp.
.......................
224,073
26,012,635
Viper
Energy,
Inc.
,
Class
A
..................
90,346
3,643,654
Williams
Companies,
Inc.
(The)
...............
863,902
50,598,740
1,019,217,861
a
Semiconductors
&
Semiconductor
Equipment
—
1
.2
%
Enphase
Energy,
Inc.
(a)
.....................
93,414
4,165,330
First
Solar,
Inc.
(a)
.........................
75,697
9,524,197
13,689,527
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,061,140,353
)
...............................
1,117,487,088
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
5,387,901
5,390,056
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
1,689,529
1,689,529
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
7,079,575
)
..................................
7,079,585
Total
Investments
—
100.4%
(Cost:
$
1,068,219,928
)
...............................
1,124,566,673
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
4,978,734
)
Net
Assets
—
100.0%
.................................
$
1,119,587,939
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
6,410,702
$
—
$
(
1,014,031
)
(a)
$
(
4,849
)
$
(
1,766
)
$
5,390,056
5,387,901
$
29,549
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
1,649,376
40,153
(a)
—
—
—
1,689,529
1,689,529
97,913
—
$
(
4,849
)
$
(
1,766
)
$
7,079,585
$
127,462
$
—
(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)
April
30,
2025
iShares
®
U.S.
Energy
ETF
38
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
April
30,
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
.........................................................
24
06/20/25
$
2,031
$
(
138,411
)
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)
.............
$
—
$
—
$
138,411
$
—
$
—
$
—
$
138,411
(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
..................................
$
—
$
—
$
(
862,409
)
$
—
$
—
$
—
$
(
862,409
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
165,949
)
$
—
$
—
$
—
$
(
165,949
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,517,100
a
iShares
®
U.S.
Energy
ETF
Schedule
of
Investments
(continued)
April
30,
2025
39
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
.........................................
$
1,117,487,088
$
—
$
—
$
1,117,487,088
Short-Term
Securities
Money
Market
Funds
......................................
7,079,585
—
—
7,079,585
$
1,124,566,673
$
—
$
—
$
1,124,566,673
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
138,411
)
$
—
$
—
$
(
138,411
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
U.S.
Financial
Services
ETF
(Percentages
shown
are
based
on
Net
Assets)
40
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Banks
—
29
.6
%
Bank
of
America
Corp.
.....................
1,791,435
$
71,442,428
Bank
OZK
.............................
28,553
1,216,358
BOK
Financial
Corp.
.......................
6,847
637,935
Citigroup,
Inc.
...........................
508,695
34,784,564
Citizens
Financial
Group,
Inc.
................
119,710
4,416,102
Comerica,
Inc.
...........................
35,280
1,896,300
Commerce
Bancshares,
Inc.
.................
34,294
2,083,018
Cullen/Frost
Bankers,
Inc.
...................
17,049
1,985,697
East
West
Bancorp,
Inc.
....................
37,474
3,205,901
Fifth
Third
Bancorp
.......................
181,000
6,505,140
First
Citizens
BancShares,
Inc.
,
Class
A
..........
3,139
5,584,720
First
Financial
Bankshares,
Inc.
...............
33,689
1,128,918
First
Horizon
Corp.
........................
143,362
2,591,985
FNB
Corp.
.............................
102,227
1,338,151
Glacier
Bancorp,
Inc.
......................
29,861
1,217,134
Home
BancShares,
Inc.
....................
52,794
1,465,033
Huntington
Bancshares,
Inc.
.................
395,845
5,751,628
JPMorgan
Chase
&
Co.
....................
756,090
184,954,736
KeyCorp
...............................
266,904
3,960,855
M&T
Bank
Corp.
.........................
45,185
7,670,606
Pinnacle
Financial
Partners,
Inc.
...............
20,317
2,036,576
PNC
Financial
Services
Group,
Inc.
(The)
........
107,518
17,277,067
Popular,
Inc.
............................
19,301
1,841,701
Prosperity
Bancshares,
Inc.
..................
26,890
1,825,831
Regions
Financial
Corp.
....................
249,486
5,092,009
SouthState
Corp.
.........................
26,346
2,286,306
Synovus
Financial
Corp.
....................
37,771
1,636,240
TFS
Financial
Corp.
.......................
19,783
256,388
Truist
Financial
Corp.
......................
356,158
13,655,098
U.S.
Bancorp
...........................
422,161
17,029,975
UMB
Financial
Corp.
......................
18,331
1,733,563
United
Bankshares,
Inc.
....................
38,654
1,325,446
Valley
National
Bancorp
....................
127,169
1,093,653
Webster
Financial
Corp.
....................
45,588
2,156,312
Wells
Fargo
&
Co.
........................
889,602
63,170,638
Western
Alliance
Bancorp
...................
28,984
2,020,475
Wintrust
Financial
Corp.
....................
18,044
2,005,951
Zions
Bancorp
NA
........................
39,182
1,762,015
482,042,453
a
Capital
Markets
—
29
.5
%
Affiliated
Managers
Group,
Inc.
...............
8,381
1,388,145
Ameriprise
Financial,
Inc.
...................
26,180
12,331,304
Ares
Management
Corp.
,
Class
A
..............
50,658
7,726,865
Bank
of
New
York
Mellon
Corp.
(The)
...........
195,024
15,681,880
BlackRock,
Inc.
(a)
.........................
39,368
35,992,588
Blackstone,
Inc.
..........................
197,690
26,037,750
Blue
Owl
Capital,
Inc.
,
Class
A
................
141,187
2,616,195
Carlyle
Group,
Inc.
(The)
....................
56,478
2,182,310
Cboe
Global
Markets,
Inc.
...................
28,356
6,289,361
Charles
Schwab
Corp.
(The)
.................
460,902
37,517,423
CME
Group,
Inc.
,
Class
A
...................
97,748
27,084,016
Coinbase
Global,
Inc.
,
Class
A
(b)
...............
56,732
11,510,356
Evercore,
Inc.
,
Class
A
.....................
9,387
1,927,057
FactSet
Research
Systems,
Inc.
...............
10,223
4,418,585
Franklin
Resources,
Inc.
....................
84,061
1,576,984
Goldman
Sachs
Group,
Inc.
(The)
.............
84,516
46,276,736
Hamilton
Lane,
Inc.
,
Class
A
.................
11,925
1,842,293
Houlihan
Lokey,
Inc.
,
Class
A
.................
14,488
2,348,215
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
29,631
5,092,087
Intercontinental
Exchange,
Inc.
...............
155,824
26,173,757
Invesco
Ltd.
............................
122,730
1,709,629
Security
Shares
Value
a
Capital
Markets
(continued)
Janus
Henderson
Group
PLC
................
36,518
$
1,212,763
Jefferies
Financial
Group,
Inc.
................
44,928
2,099,485
KKR
&
Co.,
Inc.
..........................
182,833
20,892,327
Lazard,
Inc.
............................
31,477
1,224,455
LPL
Financial
Holdings,
Inc.
..................
21,438
6,855,658
MarketAxess
Holdings,
Inc.
..................
10,269
2,275,508
Moody's
Corp.
...........................
41,916
18,992,978
Morgan
Stanley
..........................
335,264
38,696,171
Morningstar,
Inc.
.........................
7,577
2,157,324
MSCI,
Inc.
.............................
20,928
11,408,062
Nasdaq,
Inc.
............................
112,940
8,607,157
Northern
Trust
Corp.
.......................
53,804
5,056,500
Raymond
James
Financial,
Inc.
...............
50,327
6,896,812
Robinhood
Markets,
Inc.
,
Class
A
(b)
.............
192,610
9,459,077
S&P
Global,
Inc.
.........................
85,172
42,590,259
SEI
Investments
Co.
.......................
25,810
2,020,665
State
Street
Corp.
........................
78,833
6,945,187
Stifel
Financial
Corp.
......................
28,438
2,436,852
T
Rowe
Price
Group,
Inc.
...................
61,626
5,456,982
TPG,
Inc.
,
Class
A
........................
25,516
1,185,218
Tradeweb
Markets,
Inc.
,
Class
A
...............
31,547
4,362,950
Virtu
Financial,
Inc.
,
Class
A
..................
24,001
939,639
479,495,565
a
Consumer
Finance
—
5
.4
%
Ally
Financial,
Inc.
........................
74,365
2,428,761
American
Express
Co.
.....................
149,993
39,959,635
Capital
One
Financial
Corp.
..................
103,088
18,582,643
Credit
Acceptance
Corp.
(b)
(c)
..................
1,649
803,756
Discover
Financial
Services
..................
67,701
12,366,942
FirstCash
Holdings,
Inc.
....................
11,039
1,478,784
OneMain
Holdings,
Inc.
.....................
33,760
1,589,083
SLM
Corp.
.............................
58,968
1,704,765
SoFi
Technologies,
Inc.
(b)
(c)
...................
293,097
3,666,643
Synchrony
Financial
.......................
106,071
5,510,388
88,091,400
a
Financial
Services
—
35
.2
%
Apollo
Global
Management,
Inc.
...............
120,648
16,466,039
Berkshire
Hathaway,
Inc.
,
Class
B
(b)
(c)
...........
495,790
264,380,018
Equitable
Holdings,
Inc.
....................
82,297
4,069,587
Essent
Group
Ltd.
........................
28,736
1,635,940
Mastercard,
Inc.
,
Class
A
....................
220,364
120,772,694
MGIC
Investment
Corp.
....................
70,564
1,757,749
Radian
Group,
Inc.
........................
41,750
1,333,495
Rocket
Companies,
Inc.
,
Class
A
(c)
.............
37,856
488,721
UWM
Holdings
Corp.
,
Class
A
................
25,301
118,915
Visa,
Inc.
,
Class
A
........................
466,233
161,083,501
Voya
Financial,
Inc.
.......................
26,934
1,594,493
573,701,152
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
1,289,445,578
)
...............................
1,623,330,570
iShares
®
U.S.
Financial
Services
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
41
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:
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(a)
(d)
(e)
.....................
5,459,623
$
5,461,807
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(a)
(d)
............................
3,805,423
3,805,423
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
9,266,823
)
..................................
9,267,230
Total
Investments
—
100.3%
(Cost:
$
1,298,712,401
)
...............................
1,632,597,800
Liabilities
in
Excess
of
Other
Assets
—
(
0
.3
)
%
...............
(
4,587,141
)
Net
Assets
—
100.0%
.................................
$
1,628,010,659
(a)
Affiliate
of
the
Fund.
(b)
Non-income
producing
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
112,517,948
$
—
$
(
107,063,362
)
(a)
$
(
4,281
)
$
11,502
$
5,461,807
5,459,623
$
17,726
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,118,749
686,674
(a)
—
—
—
3,805,423
3,805,423
131,402
—
BlackRock,
Inc.
....
27,590,393
6,118,993
(
3,073,234
)
312,878
5,043,558
35,992,588
39,368
770,834
—
$
308,597
$
5,055,060
$
45,259,818
$
919,962
$
—
(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
.........................................................
30
06/20/25
$
4,529
$
168,816
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)
.............
$
—
$
—
$
168,816
$
—
$
—
$
—
$
168,816
(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).
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Financial
Services
ETF
42
2025
iShares
Annual
Financial
Statements
and
Additional
Information
For
the period
ended
April
30,
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
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
323,110
$
—
$
—
$
—
$
323,110
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
229,390
$
—
$
—
$
—
$
229,390
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,575,439
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,623,330,570
$
—
$
—
$
1,623,330,570
Short-Term
Securities
Money
Market
Funds
......................................
9,267,230
—
—
9,267,230
$
1,632,597,800
$
—
$
—
$
1,632,597,800
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
168,816
$
—
$
—
$
168,816
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Financials
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
43
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Banks
—
29
.1
%
Bank
of
America
Corp.
.....................
3,944,311
$
157,299,123
Bank
OZK
.............................
63,208
2,692,661
BOK
Financial
Corp.
.......................
14,717
1,371,183
Citigroup,
Inc.
...........................
1,126,178
77,008,052
Citizens
Financial
Group,
Inc.
................
264,540
9,758,881
Columbia
Banking
System,
Inc.
...............
129,316
2,899,265
Comerica,
Inc.
...........................
81,051
4,356,491
Commerce
Bancshares,
Inc.
.................
75,361
4,577,427
Cullen/Frost
Bankers,
Inc.
...................
36,018
4,195,016
East
West
Bancorp,
Inc.
....................
83,603
7,152,237
Fifth
Third
Bancorp
.......................
401,827
14,441,662
First
Citizens
BancShares,
Inc.
,
Class
A
..........
6,863
12,210,238
First
Hawaiian,
Inc.
.......................
81,028
1,852,300
First
Horizon
Corp.
........................
316,329
5,719,228
FNB
Corp.
.............................
221,038
2,893,387
Huntington
Bancshares,
Inc.
.................
858,726
12,477,289
JPMorgan
Chase
&
Co.
....................
1,260,308
308,296,543
KeyCorp
...............................
558,643
8,290,262
M&T
Bank
Corp.
.........................
98,871
16,784,341
NU
Holdings
Ltd.
,
Class
A
(a)
(b)
.................
1,930,121
23,991,404
Pinnacle
Financial
Partners,
Inc.
...............
46,253
4,636,401
PNC
Financial
Services
Group,
Inc.
(The)
........
236,259
37,964,459
Popular,
Inc.
............................
42,534
4,058,594
Prosperity
Bancshares,
Inc.
..................
54,981
3,733,210
Regions
Financial
Corp.
....................
540,397
11,029,503
Synovus
Financial
Corp.
....................
87,147
3,775,208
TFS
Financial
Corp.
.......................
39,770
515,419
Truist
Financial
Corp.
......................
794,106
30,446,024
U.S.
Bancorp
...........................
927,656
37,421,643
Webster
Financial
Corp.
....................
104,155
4,926,531
Wells
Fargo
&
Co.
........................
1,957,163
138,978,145
Western
Alliance
Bancorp
...................
65,567
4,570,675
Wintrust
Financial
Corp.
....................
39,701
4,413,560
Zions
Bancorp
NA
........................
86,007
3,867,735
968,604,097
a
Capital
Markets
—
31
.3
%
Affiliated
Managers
Group,
Inc.
...............
18,359
3,040,801
Ameriprise
Financial,
Inc.
...................
57,239
26,960,714
Ares
Management
Corp.
,
Class
A
..............
110,056
16,786,842
Bank
of
New
York
Mellon
Corp.
(The)
...........
427,553
34,379,537
BlackRock,
Inc.
(c)
.........................
87,858
80,325,055
Blackstone,
Inc.
..........................
429,424
56,559,435
Blue
Owl
Capital,
Inc.
,
Class
A
................
318,399
5,899,933
Carlyle
Group,
Inc.
(The)
....................
133,376
5,153,649
Cboe
Global
Markets,
Inc.
...................
62,763
13,920,833
Charles
Schwab
Corp.
(The)
.................
985,919
80,253,807
CME
Group,
Inc.
,
Class
A
...................
213,885
59,263,256
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
120,491
24,446,419
Evercore,
Inc.
,
Class
A
.....................
21,087
4,328,950
FactSet
Research
Systems,
Inc.
...............
22,599
9,767,740
Franklin
Resources,
Inc.
....................
190,634
3,576,294
Goldman
Sachs
Group,
Inc.
(The)
.............
179,501
98,285,773
Houlihan
Lokey,
Inc.
,
Class
A
.................
32,299
5,235,022
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
62,799
10,792,008
Intercontinental
Exchange,
Inc.
...............
338,062
56,784,274
Invesco
Ltd.
............................
217,500
3,029,775
Janus
Henderson
Group
PLC
................
79,448
2,638,468
Jefferies
Financial
Group,
Inc.
................
106,274
4,966,184
KKR
&
Co.,
Inc.
..........................
400,698
45,787,760
Lazard,
Inc.
............................
68,221
2,653,797
LPL
Financial
Holdings,
Inc.
..................
47,071
15,052,835
Security
Shares
Value
a
Capital
Markets
(continued)
MarketAxess
Holdings,
Inc.
..................
22,515
$
4,989,099
Moody's
Corp.
...........................
94,045
42,613,670
Morgan
Stanley
..........................
682,446
78,767,917
Morningstar,
Inc.
.........................
16,292
4,638,658
MSCI,
Inc.
.............................
45,245
24,663,502
Nasdaq,
Inc.
............................
244,989
18,670,612
Northern
Trust
Corp.
.......................
115,211
10,827,530
Raymond
James
Financial,
Inc.
...............
120,515
16,515,376
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
399,632
19,625,928
S&P
Global,
Inc.
.........................
186,244
93,131,312
SEI
Investments
Co.
.......................
59,416
4,651,679
State
Street
Corp.
........................
174,142
15,341,910
Stifel
Financial
Corp.
......................
60,321
5,168,906
T
Rowe
Price
Group,
Inc.
...................
130,509
11,556,572
TPG,
Inc.
,
Class
A
........................
53,178
2,470,118
Tradeweb
Markets,
Inc.
,
Class
A
...............
69,929
9,671,181
Virtu
Financial,
Inc.
,
Class
A
..................
51,016
1,997,276
XP,
Inc.
,
Class
A
.........................
251,105
4,042,790
1,039,233,197
a
Consumer
Finance
—
1
.5
%
Ally
Financial,
Inc.
........................
163,205
5,330,275
Credit
Acceptance
Corp.
(a)
(b)
..................
3,898
1,899,963
Discover
Financial
Services
..................
148,757
27,173,441
OneMain
Holdings,
Inc.
.....................
69,587
3,275,460
SLM
Corp.
.............................
125,359
3,624,129
SoFi
Technologies,
Inc.
(a)
(b)
..................
646,038
8,081,936
49,385,204
a
Financial
Services
—
14
.4
%
Apollo
Global
Management,
Inc.
...............
310,427
42,367,077
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
784,676
418,428,478
Equitable
Holdings,
Inc.
....................
157,136
7,770,375
MGIC
Investment
Corp.
....................
154,160
3,840,126
Rocket
Companies,
Inc.
,
Class
A
(b)
.............
91,400
1,179,974
UWM
Holdings
Corp.
,
Class
A
................
81,522
383,153
Voya
Financial,
Inc.
.......................
59,205
3,504,936
477,474,119
a
Insurance
—
22
.4
%
Aflac,
Inc.
..............................
328,449
35,695,837
Allstate
Corp.
(The)
.......................
156,255
30,999,429
American
Financial
Group,
Inc.
...............
43,580
5,519,843
American
International
Group,
Inc.
.............
370,989
30,243,023
Aon
PLC
,
Class
A
........................
116,824
41,447,987
Arch
Capital
Group
Ltd.
....................
214,577
19,457,842
Arthur
J
Gallagher
&
Co.
....................
146,262
46,904,761
Assurant,
Inc.
...........................
31,039
5,982,457
Assured
Guaranty
Ltd.
.....................
31,168
2,734,369
Axis
Capital
Holdings
Ltd.
...................
46,798
4,507,583
Brighthouse
Financial,
Inc.
(a)
.................
37,854
2,203,860
Brown
&
Brown,
Inc.
.......................
142,070
15,712,942
Chubb
Ltd.
.............................
240,769
68,879,195
Cincinnati
Financial
Corp.
...................
91,062
12,676,741
CNA
Financial
Corp.
.......................
15,451
744,120
Everest
Group
Ltd.
........................
25,573
9,176,360
Fidelity
National
Financial,
Inc.
................
154,322
9,884,324
First
American
Financial
Corp.
................
58,907
3,582,135
Globe
Life,
Inc.
..........................
50,277
6,201,165
Hanover
Insurance
Group,
Inc.
(The)
...........
21,947
3,645,397
Hartford
Insurance
Group,
Inc.
(The)
............
172,176
21,120,830
Kemper
Corp.
...........................
38,263
2,262,109
Kinsale
Capital
Group,
Inc.
(b)
.................
13,349
5,810,286
Lincoln
National
Corp.
.....................
77,653
2,474,801
Loews
Corp.
............................
107,890
9,368,089
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Financials
ETF
(Percentages
shown
are
based
on
Net
Assets)
44
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Insurance
(continued)
Markel
Group,
Inc.
(a)
.......................
7,515
$
13,666,779
Marsh
&
McLennan
Companies,
Inc.
............
293,388
66,150,192
MetLife,
Inc.
............................
344,355
25,954,036
Old
Republic
International
Corp.
...............
140,775
5,293,140
Primerica,
Inc.
...........................
20,179
5,288,310
Principal
Financial
Group,
Inc.
................
134,944
10,006,098
Progressive
Corp.
(The)
....................
347,834
97,998,751
Prudential
Financial,
Inc.
....................
213,800
21,959,398
Reinsurance
Group
of
America,
Inc.
............
39,712
7,438,455
RenaissanceRe
Holdings
Ltd.
................
30,962
7,490,637
RLI
Corp.
..............................
50,795
3,759,338
Ryan
Specialty
Holdings,
Inc.
,
Class
A
...........
62,420
4,089,134
Travelers
Companies,
Inc.
(The)
...............
134,493
35,523,636
Unum
Group
............................
107,969
8,384,873
W
R
Berkley
Corp.
........................
174,759
12,528,473
White
Mountains
Insurance
Group
Ltd.
..........
1,504
2,658,245
Willis
Towers
Watson
PLC
...................
59,879
18,430,756
743,855,736
a
Mortgage
REITs
—
0
.6
%
AGNC
Investment
Corp.
....................
528,230
4,664,271
Annaly
Capital
Management,
Inc.
..............
339,401
6,652,260
Rithm
Capital
Corp.
.......................
319,092
3,567,448
Starwood
Property
Trust,
Inc.
.................
195,422
3,750,148
18,634,127
a
Security
Shares
Value
a
Professional
Services
—
0
.5
%
Broadridge
Financial
Solutions,
Inc.
............
69,641
$
16,880,978
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
3,087,112,924
)
...............................
3,314,067,458
a
Short-Term
Securities
Money
Market
Funds
—
0
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
7,445,738
7,448,716
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
6,318,018
6,318,018
a
Total
Short-Term
Securities — 0.4%
(Cost:
$
13,765,636
)
.................................
13,766,734
Total
Investments
—
100.2%
(Cost:
$
3,100,878,560
)
...............................
3,327,834,192
Liabilities
in
Excess
of
Other
Assets
—
(
0
.2
)
%
...............
(
5,143,544
)
Net
Assets
—
100.0%
.................................
$
3,322,690,648
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
3,841,819
$
3,610,511
(a)
$
—
$
(
3,784
)
$
170
$
7,448,716
7,445,738
$
28,895
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
8,683,834
—
(
2,365,816
)
(a)
—
—
6,318,018
6,318,018
377,216
—
BlackRock,
Inc.
....
60,258,759
58,488,705
(
50,684,641
)
7,458,057
4,804,175
80,325,055
87,858
1,851,683
—
$
7,454,273
$
4,804,345
$
94,091,789
$
2,257,794
$
—
(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.
Financials
ETF
Schedule
of
Investments
(continued)
April
30,
2025
45
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
April
30,
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
.........................................................
51
06/20/25
$
7,699
$
199,781
E-Mini
S&P
MidCap
400
Index
.............................................................
3
06/20/25
857
39,389
$
239,170
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)
.............
$
—
$
—
$
239,170
$
—
$
—
$
—
$
239,170
(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
..................................
$
—
$
—
$
875,206
$
—
$
—
$
—
$
875,206
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
364,154
$
—
$
—
$
—
$
364,154
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
9,892,121
a
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Financials
ETF
46
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
.........................................
$
3,314,067,458
$
—
$
—
$
3,314,067,458
Short-Term
Securities
Money
Market
Funds
......................................
13,766,734
—
—
13,766,734
$
3,327,834,192
$
—
$
—
$
3,327,834,192
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
239,170
$
—
$
—
$
239,170
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Healthcare
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
47
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Biotechnology
—
19
.0
%
AbbVie,
Inc.
............................
1,001,041
$
195,303,099
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
72,742
19,148,604
Amgen,
Inc.
............................
303,010
88,151,669
Apellis
Pharmaceuticals,
Inc.
(a)
................
60,282
1,158,017
Biogen,
Inc.
(a)
...........................
82,286
9,963,189
BioMarin
Pharmaceutical,
Inc.
(a)
...............
106,638
6,791,774
Exact
Sciences
Corp.
(a)
.....................
103,260
4,712,786
Exelixis,
Inc.
(a)
...........................
158,370
6,200,185
Gilead
Sciences,
Inc.
......................
705,120
75,123,485
GRAIL,
Inc.
(a)
(b)
..........................
15,433
532,361
Incyte
Corp.
(a)
...........................
89,895
5,632,821
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
87,972
2,701,620
Moderna,
Inc.
(a)
..........................
182,977
5,222,164
Natera,
Inc.
(a)
(b)
..........................
64,657
9,758,681
Neurocrine
Biosciences,
Inc.
(a)
................
56,361
6,069,516
Regeneron
Pharmaceuticals,
Inc.
..............
59,051
35,357,377
Roivant
Sciences
Ltd.
(a)
(b)
...................
235,882
2,740,949
Sarepta
Therapeutics,
Inc.
(a)
.................
51,537
3,215,909
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
49,822
1,942,062
United
Therapeutics
Corp.
(a)
..................
24,645
7,469,653
Vertex
Pharmaceuticals,
Inc.
(a)
................
146,094
74,434,893
Viking
Therapeutics,
Inc.
(a)
...................
59,917
1,729,804
563,360,618
a
Health
Care
Equipment
&
Supplies
—
23
.1
%
Abbott
Laboratories
.......................
977,268
127,777,791
Align
Technology,
Inc.
(a)
.....................
42,279
7,326,951
Baxter
International,
Inc.
....................
287,577
8,963,775
Becton
Dickinson
&
Co.
....................
163,331
33,824,217
Boston
Scientific
Corp.
(a)
....................
829,848
85,366,464
Cooper
Companies,
Inc.
(The)
(a)
...............
110,094
8,991,377
Dentsply
Sirona,
Inc.
......................
111,579
1,550,948
Dexcom,
Inc.
(a)
..........................
220,343
15,728,083
Edwards
Lifesciences
Corp.
(a)
................
330,458
24,946,274
Enovis
Corp.
(a)
(b)
..........................
31,872
1,102,453
Envista
Holdings
Corp.
(a)
(b)
...................
97,311
1,564,761
GE
HealthCare
Technologies,
Inc.
.............
256,788
18,059,900
Globus
Medical,
Inc.
,
Class
A
(a)
...............
63,350
4,546,630
Hologic,
Inc.
(a)
...........................
125,628
7,311,550
IDEXX
Laboratories,
Inc.
(a)
...................
45,914
19,864,692
Inspire
Medical
Systems,
Inc.
(a)
(b)
..............
16,438
2,603,450
Insulet
Corp.
(a)
...........................
39,452
9,953,345
Intuitive
Surgical,
Inc.
(a)
.....................
199,609
102,958,322
Masimo
Corp.
(a)
..........................
24,517
3,946,256
Medtronic
PLC
..........................
725,248
61,472,021
Penumbra,
Inc.
(a)
.........................
20,851
6,106,007
QuidelOrtho
Corp.
(a)
.......................
37,156
1,032,565
ResMed,
Inc.
...........................
82,119
19,428,534
Solventum
Corp.
(a)
(b)
.......................
78,315
5,178,188
STERIS
PLC
............................
55,658
12,508,579
Stryker
Corp.
...........................
204,452
76,448,692
Teleflex,
Inc.
............................
26,229
3,594,684
Zimmer
Biomet
Holdings,
Inc.
................
111,860
11,527,173
683,683,682
a
Health
Care
Providers
&
Services
—
16
.2
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
51,105
1,195,857
Amedisys,
Inc.
(a)
(b)
........................
18,135
1,721,011
Cardinal
Health,
Inc.
.......................
137,550
19,434,439
Centene
Corp.
(a)
.........................
285,021
17,058,507
Chemed
Corp.
...........................
8,279
4,814,321
Cigna
Group
(The)
........................
152,006
51,688,120
DaVita,
Inc.
(a)
(b)
..........................
26,635
3,770,184
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Elevance
Health,
Inc.
......................
131,364
$
55,249,071
Encompass
Health
Corp.
...................
55,935
6,543,836
HCA
Healthcare,
Inc.
......................
104,583
36,089,502
Henry
Schein,
Inc.
(a)
(b)
......................
69,499
4,515,350
Humana,
Inc.
...........................
68,098
17,858,020
Labcorp
Holdings,
Inc.
.....................
47,463
11,439,058
Molina
Healthcare,
Inc.
(a)
....................
31,998
10,463,666
Premier,
Inc.
,
Class
A
......................
54,144
1,101,830
Quest
Diagnostics,
Inc.
.....................
62,680
11,170,830
Tenet
Healthcare
Corp.
(a)
....................
53,703
7,676,844
UnitedHealth
Group,
Inc.
....................
519,633
213,797,801
Universal
Health
Services,
Inc.
,
Class
B
.........
32,000
5,666,240
481,254,487
a
Health
Care
Technology
—
0
.8
%
Certara,
Inc.
(a)
(b)
..........................
68,804
953,624
Doximity,
Inc.
,
Class
A
(a)
....................
70,722
4,022,667
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
83,309
19,468,480
24,444,771
a
Life
Sciences
Tools
&
Services
—
9
.0
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
60,192
497,788
Agilent
Technologies,
Inc.
...................
162,199
17,452,613
Avantor,
Inc.
(a)
(b)
..........................
383,107
4,976,560
Azenta,
Inc.
(a)
(b)
..........................
22,486
592,281
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
10,716
2,615,561
Bio-Techne
Corp.
.........................
88,419
4,451,897
Bruker
Corp.
............................
61,338
2,457,200
Charles
River
Laboratories
International,
Inc.
(a)
.....
28,820
3,418,629
Danaher
Corp.
..........................
364,710
72,697,644
Fortrea
Holdings,
Inc.
(a)
.....................
49,041
305,526
Illumina,
Inc.
(a)
...........................
89,762
6,965,531
IQVIA
Holdings,
Inc.
(a)
......................
101,782
15,783,335
Medpace
Holdings,
Inc.
(a)
...................
14,401
4,441,124
QIAGEN
N.V.
(a)
..........................
122,363
5,231,018
Repligen
Corp.
(a)
(b)
........................
31,568
4,356,068
Revvity,
Inc.
............................
68,552
6,404,813
Sotera
Health
Co.
(a)
(b)
......................
84,760
974,740
Thermo
Fisher
Scientific,
Inc.
.................
215,771
92,565,759
Waters
Corp.
(a)
(b)
.........................
33,305
11,581,148
West
Pharmaceutical
Services,
Inc.
............
40,986
8,659,932
266,429,167
a
Pharmaceuticals
—
31
.7
%
Bristol-Myers
Squibb
Co.
....................
1,145,999
57,529,150
Elanco
Animal
Health,
Inc.
(a)
..................
276,782
2,623,893
Eli
Lilly
&
Co.
...........................
452,337
406,628,346
Jazz
Pharmaceuticals
PLC
(a)
.................
33,219
3,885,294
Johnson
&
Johnson
.......................
1,362,981
213,047,560
Merck
&
Co.,
Inc.
.........................
1,432,699
122,065,955
Organon
&
Co.
..........................
145,467
1,880,888
Perrigo
Co.
PLC
.........................
76,627
1,970,847
Pfizer,
Inc.
.............................
3,203,366
78,194,164
Royalty
Pharma
PLC
,
Class
A
................
218,057
7,156,631
Viatris,
Inc.
.............................
669,467
5,636,912
Zoetis,
Inc.
,
Class
A
.......................
255,117
39,900,299
940,519,939
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
3,027,935,120
)
...............................
2,959,692,664
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Healthcare
ETF
(Percentages
shown
are
based
on
Net
Assets)
48
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:
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
1
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
26,981,326
$
26,992,119
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
4,262,468
4,262,468
a
Total
Short-Term
Securities — 1.0%
(Cost:
$
31,237,640
)
.................................
31,254,587
Total
Investments
—
100.8%
(Cost:
$
3,059,172,760
)
...............................
2,990,947,251
Liabilities
in
Excess
of
Other
Assets
—
(
0
.8
)
%
...............
(
24,321,824
)
Net
Assets
—
100.0%
.................................
$
2,966,625,427
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
45,519,962
$
—
$
(
18,522,343
)
(a)
$
(
8,992
)
$
3,492
$
26,992,119
26,981,326
$
96,661
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
4,905,810
—
(
643,342
)
(a)
—
—
4,262,468
4,262,468
242,914
—
$
(
8,992
)
$
3,492
$
31,254,587
$
339,575
$
—
(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
......................................................
47
06/20/25
$
6,696
$
(
76,840
)
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)
.............
$
—
$
—
$
76,840
$
—
$
—
$
—
$
76,840
(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).
iShares
®
U.S.
Healthcare
ETF
Schedule
of
Investments
(continued)
April
30,
2025
49
Schedule
of
Investments
For
the period
ended
April
30,
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
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
361,740
)
$
—
$
—
$
—
$
(
361,740
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
89,732
$
—
$
—
$
—
$
89,732
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
8,472,380
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,959,692,664
$
—
$
—
$
2,959,692,664
Short-Term
Securities
Money
Market
Funds
......................................
31,254,587
—
—
31,254,587
$
2,990,947,251
$
—
$
—
$
2,990,947,251
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
76,840
)
$
—
$
—
$
(
76,840
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
U.S.
Industrials
ETF
(Percentages
shown
are
based
on
Net
Assets)
50
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
16
.7
%
ATI,
Inc.
(a)
..............................
28,051
$
1,525,413
Axon
Enterprise,
Inc.
(a)
.....................
16,503
10,121,290
Boeing
Co.
(The)
(a)
........................
170,231
31,193,128
BWX
Technologies,
Inc.
....................
20,725
2,261,512
Curtiss-Wright
Corp.
.......................
8,673
2,991,231
General
Dynamics
Corp.
....................
62,127
16,905,999
General
Electric
Co.
.......................
244,921
49,361,378
HEICO
Corp.
...........................
10,059
2,522,395
HEICO
Corp.
,
Class
A
......................
18,466
3,710,373
Howmet
Aerospace,
Inc.
....................
92,173
12,773,334
Huntington
Ingalls
Industries,
Inc.
..............
8,858
2,040,352
L3Harris
Technologies,
Inc.
..................
43,077
9,477,802
Loar
Holdings,
Inc.
(a)
(b)
......................
7,960
752,857
Lockheed
Martin
Corp.
.....................
47,982
22,923,401
Northrop
Grumman
Corp.
...................
31,062
15,111,663
RTX
Corp.
.............................
302,575
38,163,785
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
......
26,674
960,264
Standardaero,
Inc.
(a)
.......................
23,929
646,562
Textron,
Inc.
............................
42,472
2,988,755
TransDigm
Group,
Inc.
.....................
12,386
17,502,285
Woodward,
Inc.
..........................
13,395
2,512,500
246,446,279
a
Air
Freight
&
Logistics
—
2
.3
%
CH
Robinson
Worldwide,
Inc.
................
26,414
2,356,657
Expeditors
International
of
Washington,
Inc.
.......
31,679
3,481,839
FedEx
Corp.
............................
50,410
10,602,735
GXO
Logistics,
Inc.
(a)
......................
26,686
967,101
United
Parcel
Service,
Inc.
,
Class
B
............
165,873
15,807,697
33,216,029
a
Building
Products
—
5
.2
%
A
O
Smith
Corp.
.........................
26,919
1,826,723
AAON,
Inc.
.............................
15,438
1,409,026
Advanced
Drainage
Systems,
Inc.
.............
15,931
1,808,009
Allegion
PLC
............................
19,962
2,778,711
Armstrong
World
Industries,
Inc.
...............
9,919
1,438,453
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...............
32,143
1,593,007
Builders
FirstSource,
Inc.
(a)
..................
25,759
3,081,549
Carlisle
Companies,
Inc.
....................
10,258
3,892,706
Carrier
Global
Corp.
.......................
190,854
11,936,009
Fortune
Brands
Innovations,
Inc.
..............
27,998
1,506,852
Hayward
Holdings,
Inc.
(a)
....................
32,633
434,998
Johnson
Controls
International
PLC
............
150,046
12,588,859
Lennox
International,
Inc.
...................
7,287
3,984,167
Masco
Corp.
............................
49,028
2,971,587
Owens
Corning
..........................
19,419
2,823,717
Simpson
Manufacturing
Co.,
Inc.
..............
9,679
1,487,566
Trane
Technologies
PLC
....................
51,508
19,743,532
Trex
Co.,
Inc.
(a)
..........................
24,469
1,414,798
76,720,269
a
Chemicals
—
2
.7
%
Axalta
Coating
Systems
Ltd.
(a)
................
49,831
1,619,508
Dow,
Inc.
..............................
160,087
4,897,061
DuPont
de
Nemours,
Inc.
...................
95,128
6,277,497
PPG
Industries,
Inc.
.......................
52,582
5,724,077
RPM
International,
Inc.
.....................
28,911
3,086,249
Sherwin-Williams
Co.
(The)
..................
53,358
18,831,105
40,435,497
a
Security
Shares
Value
a
Commercial
Services
&
Supplies
—
1
.7
%
Cintas
Corp.
............................
78,667
$
16,652,231
MSA
Safety,
Inc.
.........................
8,411
1,324,060
Tetra
Tech,
Inc.
..........................
60,592
1,889,864
Veralto
Corp.
............................
56,176
5,387,278
Vestis
Corp.
............................
25,955
227,366
25,480,799
a
Construction
&
Engineering
—
1
.8
%
AECOM
...............................
30,105
2,969,858
API
Group
Corp.
(a)
........................
52,308
1,978,812
Comfort
Systems
USA,
Inc.
..................
7,991
3,176,822
EMCOR
Group,
Inc.
.......................
10,352
4,148,047
Everus
Construction
Group,
Inc.
(a)
(b)
............
11,695
470,607
MasTec,
Inc.
(a)
...........................
14,251
1,814,437
Quanta
Services,
Inc.
......................
33,042
9,671,063
Valmont
Industries,
Inc.
.....................
4,538
1,330,632
WillScot
Holdings
Corp.
,
Class
A
(b)
.............
41,003
1,029,995
26,590,273
a
Construction
Materials
—
2
.2
%
CRH
PLC
..............................
156,298
14,913,955
Eagle
Materials,
Inc.
.......................
7,630
1,727,356
Martin
Marietta
Materials,
Inc.
................
13,941
7,304,805
Vulcan
Materials
Co.
......................
30,105
7,897,445
31,843,561
a
Consumer
Finance
—
3
.6
%
American
Express
Co.
.....................
126,072
33,586,842
Capital
One
Financial
Corp.
..................
86,132
15,526,154
Synchrony
Financial
.......................
88,431
4,593,990
53,706,986
a
Containers
&
Packaging
—
1
.8
%
Amcor
PLC
.............................
525,807
4,837,424
AptarGroup,
Inc.
.........................
15,004
2,249,850
Ball
Corp.
..............................
67,129
3,486,680
Crown
Holdings,
Inc.
......................
26,590
2,561,415
Graphic
Packaging
Holding
Co.
...............
68,101
1,723,636
Packaging
Corp.
of
America
.................
20,162
3,742,269
Sealed
Air
Corp.
.........................
31,126
857,833
Silgan
Holdings,
Inc.
.......................
18,997
981,195
Smurfit
WestRock
PLC
.....................
117,575
4,940,501
Sonoco
Products
Co.
......................
22,273
913,193
26,293,996
a
Diversified
Consumer
Services
—
0
.0
%
ADT,
Inc.
..............................
85,101
682,510
a
Electrical
Equipment
—
6
.1
%
Acuity,
Inc.
.............................
6,995
1,704,052
AMETEK,
Inc.
...........................
52,516
8,905,663
Eaton
Corp.
PLC
.........................
89,795
26,432,954
Emerson
Electric
Co.
......................
129,998
13,664,090
GE
Vernova,
Inc.
.........................
61,982
22,984,165
Generac
Holdings,
Inc.
(a)
....................
13,175
1,506,957
Hubbell,
Inc.
............................
12,180
4,423,532
nVent
Electric
PLC
........................
37,565
2,062,694
Regal
Rexnord
Corp.
......................
15,094
1,597,549
Rockwell
Automation,
Inc.
...................
25,718
6,369,834
Sensata
Technologies
Holding
PLC
............
34,104
729,826
90,381,316
a
Electronic
Equipment,
Instruments
&
Components
—
1
.4
%
Cognex
Corp.
...........................
39,082
1,066,938
Crane
NXT
Co.
..........................
11,112
521,375
Keysight
Technologies,
Inc.
(a)
.................
39,634
5,762,784
iShares
®
U.S.
Industrials
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
51
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Littelfuse,
Inc.
...........................
5,611
$
1,022,941
Teledyne
Technologies,
Inc.
(a)
.................
10,528
4,906,364
Trimble,
Inc.
(a)
...........................
55,383
3,441,500
Vontier
Corp.
............................
34,351
1,092,705
Zebra
Technologies
Corp.
,
Class
A
(a)
............
11,628
2,910,721
20,725,328
a
Financial
Services
—
21
.1
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
................
58,956
2,933,651
Block,
Inc.
,
Class
A
(a)
......................
126,347
7,387,509
Corpay,
Inc.
(a)
...........................
15,347
4,993,453
Euronet
Worldwide,
Inc.
(a)
...................
9,415
933,026
Fidelity
National
Information
Services,
Inc.
........
122,587
9,669,663
Fiserv,
Inc.
(a)
............................
128,849
23,781,660
Global
Payments,
Inc.
.....................
57,891
4,417,662
Jack
Henry
&
Associates,
Inc.
................
16,494
2,860,554
Mastercard,
Inc.
,
Class
A
....................
185,565
101,700,754
PayPal
Holdings,
Inc.
(a)
.....................
228,149
15,021,330
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
14,075
1,151,335
Visa,
Inc.
,
Class
A
........................
392,564
135,630,861
Western
Union
Co.
(The)
...................
64,991
644,061
WEX,
Inc.
(a)
.............................
9,634
1,255,985
312,381,504
a
Ground
Transportation
—
4
.8
%
CSX
Corp.
.............................
438,505
12,308,835
JB
Hunt
Transport
Services,
Inc.
..............
18,440
2,407,895
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
35,589
1,394,021
Landstar
System,
Inc.
......................
8,024
1,076,420
Norfolk
Southern
Corp.
.....................
51,416
11,519,755
Old
Dominion
Freight
Line,
Inc.
...............
43,998
6,744,013
Ryder
System,
Inc.
........................
9,517
1,310,205
Saia,
Inc.
(a)
.............................
6,027
1,470,588
Schneider
National,
Inc.
,
Class
B
..............
10,708
230,115
Union
Pacific
Corp.
.......................
138,818
29,937,490
XPO,
Inc.
(a)
(b)
............................
25,989
2,757,953
71,157,290
a
Household
Durables
—
0
.2
%
Mohawk
Industries,
Inc.
(a)
...................
12,002
1,276,413
TopBuild
Corp.
(a)
.........................
6,701
1,981,888
3,258,301
a
Industrial
Conglomerates
—
3
.3
%
3M
Co.
................................
123,735
17,188,029
Honeywell
International,
Inc.
.................
148,283
31,213,571
48,401,600
a
IT
Services
—
2
.9
%
Accenture
PLC
,
Class
A
....................
142,787
42,714,731
a
Leisure
Products
—
0
.0
%
Brunswick
Corp.
.........................
15,017
691,533
a
Life
Sciences
Tools
&
Services
—
0
.3
%
Mettler-Toledo
International,
Inc.
(a)
(b)
............
4,730
5,063,796
a
Machinery
—
13
.1
%
AGCO
Corp.
............................
14,211
1,205,519
Allison
Transmission
Holdings,
Inc.
.............
19,633
1,810,948
Caterpillar,
Inc.
..........................
109,834
33,968,361
CNH
Industrial
N.V.
.......................
198,524
2,296,923
Crane
Co.
..............................
11,166
1,797,503
Cummins,
Inc.
...........................
31,072
9,130,197
Deere
&
Co.
............................
56,705
26,286,170
Donaldson
Co.,
Inc.
.......................
27,393
1,800,542
Security
Shares
Value
a
Machinery
(continued)
Dover
Corp.
............................
31,191
$
5,322,744
Esab
Corp.
.............................
12,919
1,551,830
Flowserve
Corp.
.........................
29,866
1,350,839
Fortive
Corp.
............................
78,885
5,497,496
Gates
Industrial
Corp.
PLC
(a)
.................
54,195
1,025,370
Graco,
Inc.
.............................
37,989
3,100,282
IDEX
Corp.
.............................
17,231
2,997,677
Illinois
Tool
Works,
Inc.
.....................
66,589
15,975,367
Ingersoll
Rand,
Inc.
.......................
91,793
6,923,946
ITT,
Inc.
...............................
18,733
2,566,796
Lincoln
Electric
Holdings,
Inc.
................
12,547
2,210,781
Middleby
Corp.
(The)
(a)
(b)
....................
12,072
1,609,801
Nordson
Corp.
...........................
12,909
2,447,159
Oshkosh
Corp.
..........................
14,888
1,247,019
Otis
Worldwide
Corp.
......................
90,794
8,740,738
PACCAR,
Inc.
...........................
117,001
10,554,660
Parker-Hannifin
Corp.
......................
29,106
17,610,876
Pentair
PLC
............................
37,675
3,418,253
Snap-on,
Inc.
...........................
11,772
3,694,171
Stanley
Black
&
Decker,
Inc.
.................
34,945
2,097,399
Toro
Co.
(The)
...........................
23,020
1,571,806
Westinghouse
Air
Brake
Technologies
Corp.
.......
38,778
7,163,848
Xylem,
Inc.
.............................
54,962
6,626,768
193,601,789
a
Marine
Transportation
—
0
.1
%
Kirby
Corp.
(a)
............................
12,942
1,247,221
a
Paper
&
Forest
Products
—
0
.1
%
Louisiana-Pacific
Corp.
.....................
14,335
1,237,254
a
Professional
Services
—
5
.0
%
Amentum
Holdings,
Inc.
(a)
(b)
..................
33,971
741,247
Automatic
Data
Processing,
Inc.
...............
93,541
28,118,425
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
28,681
3,442,294
Equifax,
Inc.
............................
27,940
7,268,032
FTI
Consulting,
Inc.
(a)
......................
7,996
1,329,575
Genpact
Ltd.
............................
39,059
1,963,105
Jacobs
Solutions,
Inc.
......................
28,042
3,471,600
ManpowerGroup,
Inc.
......................
10,546
454,216
Paychex,
Inc.
...........................
73,158
10,763,005
Paylocity
Holding
Corp.
(a)
...................
9,934
1,908,321
Robert
Half,
Inc.
.........................
23,106
1,023,596
TransUnion
.............................
44,127
3,660,776
Verisk
Analytics,
Inc.
.......................
32,049
9,500,285
73,644,477
a
Semiconductors
&
Semiconductor
Equipment
—
0
.1
%
MKS
Instruments,
Inc.
.....................
15,209
1,066,759
a
Software
—
0
.8
%
BILL
Holdings,
Inc.
(a)
.......................
23,087
1,052,075
Fair
Isaac
Corp.
(a)
.........................
5,389
10,722,385
11,774,460
a
Trading
Companies
&
Distributors
—
2
.5
%
Air
Lease
Corp.
,
Class
A
....................
23,801
1,112,935
Core
&
Main,
Inc.
,
Class
A
(a)
..................
43,177
2,274,564
Ferguson
Enterprises,
Inc.
...................
45,502
7,719,869
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
10,469
800,669
United
Rentals,
Inc.
.......................
14,894
9,404,816
Watsco,
Inc.
............................
7,870
3,618,941
WESCO
International,
Inc.
...................
9,631
1,569,468
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Industrials
ETF
(Percentages
shown
are
based
on
Net
Assets)
52
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
........................
9,902
$
10,142,718
36,643,980
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,358,980,231
)
...............................
1,475,407,538
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
7,201,612
7,204,493
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
1,804,346
1,804,346
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
9,007,542
)
..................................
9,008,839
Total
Investments
—
100.4%
(Cost:
$
1,367,987,773
)
...............................
1,484,416,377
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
6,530,804
)
Net
Assets
—
100.0%
.................................
$
1,477,885,573
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
8,258,779
$
—
$
(
1,057,952
)
(a)
$
4,116
$
(
450
)
$
7,204,493
7,201,612
$
22,365
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
2,124,293
—
(
319,947
)
(a)
—
—
1,804,346
1,804,346
115,325
—
$
4,116
$
(
450
)
$
9,008,839
$
137,690
$
—
(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
Industrial
Select
Sector
Index
.........................................................
17
06/20/25
$
2,260
$
57,149
iShares
®
U.S.
Industrials
ETF
Schedule
of
Investments
(continued)
April
30,
2025
53
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
April
30,
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)
.............
$
—
$
—
$
57,149
$
—
$
—
$
—
$
57,149
(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
..................................
$
—
$
—
$
(
17,470
)
$
—
$
—
$
—
$
(
17,470
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
101,265
$
—
$
—
$
—
$
101,265
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,510,990
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,475,407,538
$
—
$
—
$
1,475,407,538
Short-Term
Securities
Money
Market
Funds
......................................
9,008,839
—
—
9,008,839
$
1,484,416,377
$
—
$
—
$
1,484,416,377
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
57,149
$
—
$
—
$
57,149
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
U.S.
Technology
ETF
(Percentages
shown
are
based
on
Net
Assets)
54
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Communications
Equipment
—
0
.1
%
F5,
Inc.
(a)
..............................
96,076
$
25,435,160
a
Consumer
Staples
Distribution
&
Retail
—
0
.1
%
Maplebear,
Inc.
(a)
.........................
279,161
11,135,732
a
Electrical
Equipment
—
0
.3
%
Vertiv
Holdings
Co.
,
Class
A
(b)
................
594,978
50,799,222
a
Electronic
Equipment,
Instruments
&
Components
—
1
.8
%
Amphenol
Corp.
,
Class
A
...................
1,963,616
151,100,251
Arrow
Electronics,
Inc.
(a)
....................
87,160
9,706,138
Avnet,
Inc.
.............................
142,013
6,673,191
CDW
Corp.
.............................
223,273
35,848,713
Coherent
Corp.
(a)
.........................
206,666
13,292,757
Corning,
Inc.
............................
1,273,839
56,532,975
Ingram
Micro
Holding
Corp.
(b)
.................
29,795
529,755
IPG
Photonics
Corp.
(a)
(b)
....................
45,633
2,732,960
Jabil,
Inc.
..............................
177,277
25,981,717
TD
SYNNEX
Corp.
........................
125,116
13,862,853
316,261,310
a
Financial
Services
—
0
.2
%
Toast,
Inc.
,
Class
A
(a)
......................
769,179
27,367,389
a
Hotels,
Restaurants
&
Leisure
—
0
.6
%
DoorDash,
Inc.
,
Class
A
(a)
...................
587,535
113,329,626
a
Interactive
Media
&
Services
—
8
.1
%
Alphabet,
Inc.
,
Class
A
.....................
2,658,980
422,246,024
Alphabet,
Inc.
,
Class
C
,
NVS
.................
2,195,179
353,182,349
Angi,
Inc.
,
Class
A
(a)
(b)
......................
64,393
737,944
IAC,
Inc.
(a)
(b)
............................
122,627
4,284,587
Match
Group,
Inc.
........................
415,853
12,334,200
Meta
Platforms,
Inc.
,
Class
A
.................
1,157,700
635,577,300
Pinterest,
Inc.
,
Class
A
(a)
(b)
...................
982,250
24,870,570
Trump
Media
&
Technology
Group
Corp.
(a)
(b)
.......
134,153
3,292,115
ZoomInfo
Technologies,
Inc.
(a)
................
471,473
4,035,809
1,460,560,898
a
IT
Services
—
4
.8
%
Akamai
Technologies,
Inc.
(a)
(b)
.................
247,425
19,937,507
Amdocs
Ltd.
............................
184,298
16,325,117
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
506,061
61,122,048
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
827,225
60,858,943
DXC
Technology
Co.
(a)
.....................
300,387
4,662,006
EPAM
Systems,
Inc.
(a)
......................
90,686
14,229,540
Gartner,
Inc.
(a)
...........................
125,261
52,744,902
Globant
SA
(a)
(b)
..........................
70,526
8,291,742
GoDaddy,
Inc.
,
Class
A
(a)
....................
232,342
43,756,969
International
Business
Machines
Corp.
..........
1,525,298
368,847,562
Kyndryl
Holdings,
Inc.
(a)
(b)
...................
380,498
12,335,745
MongoDB,
Inc.
,
Class
A
(a)
...................
118,975
20,483,926
Okta,
Inc.
,
Class
A
(a)
(b)
......................
269,002
30,171,264
Snowflake,
Inc.
,
Class
A
(a)
...................
519,027
82,779,616
Twilio,
Inc.
,
Class
A
(a)
......................
254,203
24,583,972
VeriSign,
Inc.
(a)
..........................
138,331
39,025,942
860,156,801
a
Professional
Services
—
0
.8
%
CACI
International,
Inc.
,
Class
A
(a)
.............
36,602
16,758,958
Clarivate
PLC
(a)
..........................
651,949
2,809,900
Concentrix
Corp.
.........................
77,867
3,975,889
Dayforce,
Inc.
(a)
(b)
.........................
251,871
14,575,775
Dun
&
Bradstreet
Holdings,
Inc.
...............
513,947
4,610,105
Security
Shares
Value
a
Professional
Services
(continued)
KBR,
Inc.
..............................
219,678
$
11,601,195
Leidos
Holdings,
Inc.
......................
221,086
32,539,437
Parsons
Corp.
(a)
(b)
.........................
74,733
4,996,648
Paycom
Software,
Inc.
.....................
84,615
19,155,990
Science
Applications
International
Corp.
.........
80,942
9,796,410
SS&C
Technologies
Holdings,
Inc.
.............
357,113
26,997,743
147,818,050
a
Semiconductors
&
Semiconductor
Equipment
—
28
.2
%
Advanced
Micro
Devices,
Inc.
(a)
...............
2,676,551
260,562,240
Allegro
MicroSystems,
Inc.
(a)
.................
194,578
3,710,602
Amkor
Technology,
Inc.
.....................
191,590
3,343,246
Analog
Devices,
Inc.
.......................
823,806
160,576,266
Applied
Materials,
Inc.
.....................
1,352,985
203,908,369
Astera
Labs,
Inc.
(a)
(b)
.......................
181,802
11,873,489
Broadcom,
Inc.
..........................
3,166,029
609,365,602
Cirrus
Logic,
Inc.
(a)
........................
88,016
8,453,057
Entegris,
Inc.
............................
250,223
19,797,644
GlobalFoundries,
Inc.
(a)
(b)
....................
162,341
5,693,299
Intel
Corp.
.............................
7,206,651
144,853,685
KLA
Corp.
..............................
221,021
155,309,246
Lam
Research
Corp.
......................
2,137,156
153,169,971
Lattice
Semiconductor
Corp.
(a)
(b)
...............
227,944
11,153,300
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
.....
103,582
10,746,633
Marvell
Technology,
Inc.
....................
1,424,423
83,143,571
Microchip
Technology,
Inc.
...................
881,290
40,609,843
Micron
Technology,
Inc.
.....................
1,832,775
141,032,036
Monolithic
Power
Systems,
Inc.
...............
78,052
46,292,641
NVIDIA
Corp.
...........................
21,860,682
2,381,065,483
ON
Semiconductor
Corp.
(a)
..................
706,122
28,033,043
Onto
Innovation,
Inc.
(a)
(b)
....................
80,921
9,869,934
Qorvo,
Inc.
(a)
(b)
...........................
154,842
11,097,526
QUALCOMM,
Inc.
........................
1,856,734
275,650,730
Skyworks
Solutions,
Inc.
....................
266,905
17,156,653
Teradyne,
Inc.
...........................
259,540
19,260,463
Texas
Instruments,
Inc.
.....................
1,513,363
242,213,748
Universal
Display
Corp.
....................
77,160
9,693,611
Wolfspeed,
Inc.
(a)
(b)
........................
255,755
907,930
5,068,543,861
a
Software
—
37
.4
%
Adobe,
Inc.
(a)
............................
723,710
271,376,776
ANSYS,
Inc.
(a)
...........................
144,989
46,669,059
Appfolio,
Inc.
,
Class
A
(a)
(b)
...................
37,371
7,717,859
AppLovin
Corp.
,
Class
A
(a)
...................
435,880
117,386,843
Atlassian
Corp.
,
Class
A
(a)
...................
268,552
61,313,107
Autodesk,
Inc.
(a)
..........................
358,107
98,210,845
Bentley
Systems,
Inc.
,
Class
B
................
234,497
10,081,026
Cadence
Design
Systems,
Inc.
(a)
..............
453,104
134,907,185
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
809,357
7,494,646
Confluent,
Inc.
,
Class
A
(a)
...................
410,940
9,784,481
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
382,545
164,062,074
Datadog,
Inc.
,
Class
A
(a)
....................
505,021
51,592,945
DocuSign,
Inc.
(a)
.........................
333,114
27,232,069
Dolby
Laboratories,
Inc.
,
Class
A
..............
99,322
7,626,936
DoubleVerify
Holdings,
Inc.
(a)
.................
233,674
3,098,517
Dropbox,
Inc.
,
Class
A
(a)
....................
369,586
10,551,680
Dynatrace,
Inc.
(a)
.........................
495,207
23,259,873
Elastic
N.V.
(a)
............................
144,238
12,433,316
Five9,
Inc.
(a)
............................
124,530
3,130,684
Fortinet,
Inc.
(a)
...........................
1,049,016
108,845,900
Gen
Digital,
Inc.
..........................
903,357
23,369,846
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
209,724
9,787,819
Guidewire
Software,
Inc.
(a)
...................
136,001
27,848,925
iShares
®
U.S.
Technology
ETF
Schedule
of
Investments
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
55
Schedule
of
Investments
Security
Shares
Value
a
Software
(continued)
HubSpot,
Inc.
(a)
(b)
.........................
82,091
$
50,198,646
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
135,671
2,554,685
Intuit,
Inc.
..............................
453,997
284,869,498
Manhattan
Associates,
Inc.
(a)
.................
100,702
17,863,528
Microsoft
Corp.
..........................
6,931,912
2,739,907,537
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
384,070
145,988,848
nCino,
Inc.
(a)
(b)
...........................
140,237
3,253,498
Nutanix,
Inc.
,
Class
A
(a)
.....................
415,834
28,567,796
Oracle
Corp.
............................
2,657,624
373,980,849
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
3,422,770
405,392,879
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
1,075,645
201,070,320
Pegasystems,
Inc.
........................
73,236
6,743,571
Procore
Technologies,
Inc.
(a)
(b)
................
178,924
11,467,239
PTC,
Inc.
(a)
(b)
............................
196,726
30,486,628
RingCentral,
Inc.
,
Class
A
(a)
(b)
.................
132,666
3,382,983
Roper
Technologies,
Inc.
....................
177,496
99,411,960
Salesforce,
Inc.
..........................
1,536,517
412,877,483
SentinelOne,
Inc.
,
Class
A
(a)
(b)
................
471,219
8,717,552
ServiceNow,
Inc.
(a)
........................
341,385
326,026,089
Synopsys,
Inc.
(a)
.........................
256,351
117,667,673
Teradata
Corp.
(a)
.........................
158,529
3,408,373
Tyler
Technologies,
Inc.
(a)
...................
70,450
38,275,485
UiPath,
Inc.
,
Class
A
(a)
.....................
716,137
8,550,676
Unity
Software,
Inc.
(a)
(b)
.....................
507,175
10,686,177
Workday,
Inc.
,
Class
A
(a)
....................
351,789
86,188,305
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
438,198
33,977,873
Zscaler,
Inc.
(a)
...........................
154,807
35,012,699
6,724,311,261
a
Technology
Hardware,
Storage
&
Peripherals
—
17
.5
%
Apple,
Inc.
.............................
13,670,949
2,905,076,663
Dell
Technologies,
Inc.
,
Class
C
...............
456,620
41,899,451
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
(continued)
Hewlett
Packard
Enterprise
Co.
...............
2,179,674
$
35,354,312
HP,
Inc.
...............................
1,557,885
39,835,119
NetApp,
Inc.
............................
337,310
30,273,573
Pure
Storage,
Inc.
,
Class
A
(a)
.................
510,079
23,137,183
SanDisk
Corp.
(a)
..........................
193,543
6,214,666
Super
Micro
Computer,
Inc.
(a)
(b)
................
823,387
26,233,110
Western
Digital
Corp.
(a)
.....................
574,168
25,183,009
3,133,207,086
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
15,135,724,644
)
..............................
17,938,926,396
a
Short-Term
Securities
Money
Market
Funds
—
2
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
378,221,913
378,373,201
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
21,850,106
21,850,106
a
Total
Short-Term
Securities — 2.2%
(Cost:
$
400,162,035
)
................................
400,223,307
Total
Investments
—
102.1%
(Cost:
$
15,535,886,679
)
..............................
18,339,149,703
Liabilities
in
Excess
of
Other
Assets
—
(
2
.1
)
%
...............
(
379,227,157
)
Net
Assets
—
100.0%
.................................
$
17,959,922,546
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
153,332,193
$
225,028,925
(a)
$
—
$
(
8,710
)
$
20,793
$
378,373,201
378,221,913
$
801,749
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
25,812,904
—
(
3,962,798
)
(a)
—
—
21,850,106
21,850,106
921,319
—
$
(
8,710
)
$
20,793
$
400,223,307
$
1,723,068
$
—
(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)
April
30,
2025
iShares
®
U.S.
Technology
ETF
56
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
April
30,
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
Communication
Services
Select
Sector
Index
...........................................
2
06/20/25
$
251
$
670
E-Mini
Technology
Select
Sector
Index
.......................................................
83
06/20/25
17,680
375,855
$
376,525
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)
.............
$
—
$
—
$
376,525
$
—
$
—
$
—
$
376,525
(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
.................................
$
—
$
—
$
(
1,672,289
)
$
—
$
—
$
—
$
(
1,672,289
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
1,440,503
$
—
$
—
$
—
$
1,440,503
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
11,830,980
a
iShares
®
U.S.
Technology
ETF
Schedule
of
Investments
(continued)
April
30,
2025
57
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
.........................................
$
17,938,926,396
$
—
$
—
$
17,938,926,396
Short-Term
Securities
Money
Market
Funds
......................................
400,223,307
—
—
400,223,307
$
18,339,149,703
$
—
$
—
$
18,339,149,703
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
376,525
$
—
$
—
$
376,525
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
U.S.
Transportation
ETF
(Percentages
shown
are
based
on
Net
Assets)
58
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
—
16
.8
%
CH
Robinson
Worldwide,
Inc.
................
124,007
$
11,063,905
Expeditors
International
of
Washington,
Inc.
.......
146,227
16,071,810
FedEx
Corp.
............................
107,862
22,686,614
Forward
Air
Corp.
(a)
.......................
20,802
306,205
GXO
Logistics,
Inc.
(a)
......................
124,829
4,523,803
Hub
Group,
Inc.
,
Class
A
....................
63,398
2,002,743
United
Parcel
Service,
Inc.
,
Class
B
............
384,736
36,665,341
93,320,421
a
Ground
Transportation
—
65
.5
%
ArcBest
Corp.
...........................
24,330
1,423,792
Avis
Budget
Group,
Inc.
(a)
...................
17,643
1,634,271
Covenant
Logistics
Group,
Inc.
,
Class
A
..........
16,465
327,653
CSX
Corp.
.............................
888,866
24,950,469
FTAI
Infrastructure,
Inc.
.....................
118,417
511,561
Heartland
Express,
Inc.
.....................
44,962
341,711
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
127,720
871,050
JB
Hunt
Transport
Services,
Inc.
..............
82,984
10,836,051
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
169,121
6,624,470
Landstar
System,
Inc.
......................
36,890
4,948,794
Lyft,
Inc.
,
Class
A
(a)
........................
384,983
4,773,789
Marten
Transport
Ltd.
......................
60,625
778,425
Norfolk
Southern
Corp.
.....................
113,724
25,479,862
Old
Dominion
Freight
Line,
Inc.
...............
159,634
24,468,700
RXO,
Inc.
(a)
.............................
147,906
2,083,996
Ryder
System,
Inc.
........................
43,961
6,052,111
Saia,
Inc.
(a)
.............................
27,780
6,778,320
Schneider
National,
Inc.
,
Class
B
..............
49,176
1,056,792
Uber
Technologies,
Inc.
(a)
(b)
..................
1,560,530
126,418,535
U-Haul
Holding
Co.
(a)
(b)
.....................
10,003
614,084
Union
Pacific
Corp.
.......................
451,415
97,352,159
Werner
Enterprises,
Inc.
....................
64,611
1,593,307
XPO,
Inc.
(a)
.............................
122,476
12,997,153
362,917,055
a
Marine
Transportation
—
1
.8
%
Genco
Shipping
&
Trading
Ltd.
................
44,514
576,902
Kirby
Corp.
(a)
............................
59,966
5,778,923
Security
Shares
Value
a
Marine
Transportation
(continued)
Matson,
Inc.
............................
34,690
$
3,784,332
10,140,157
a
Passenger
Airlines
—
15
.8
%
Alaska
Air
Group,
Inc.
(a)
.....................
128,575
5,692,015
Allegiant
Travel
Co.
.......................
15,144
710,708
American
Airlines
Group,
Inc.
(a)
(b)
..............
686,921
6,834,864
Delta
Air
Lines,
Inc.
.......................
579,823
24,138,032
Frontier
Group
Holdings,
Inc.
(a)
(b)
...............
84,471
251,724
JetBlue
Airways
Corp.
(a)
(b)
...................
317,559
1,384,557
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
................
503,677
3,173,165
SkyWest,
Inc.
(a)
..........................
42,132
3,756,910
Southwest
Airlines
Co.
.....................
619,115
17,310,455
Sun
Country
Airlines
Holdings,
Inc.
(a)
............
40,956
401,369
United
Airlines
Holdings,
Inc.
(a)
................
343,554
23,643,386
87,297,185
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
716,224,307
)
................................
553,674,818
a
Short-Term
Securities
Money
Market
Funds
—
1
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
7,323,433
7,326,362
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
657,167
657,167
a
Total
Short-Term
Securities — 1.4%
(Cost:
$
7,979,305
)
..................................
7,983,529
Total
Investments
—
101.3%
(Cost:
$
724,203,612
)
................................
561,658,347
Liabilities
in
Excess
of
Other
Assets
—
(
1
.3
)
%
...............
(
7,479,324
)
Net
Assets
—
100.0%
.................................
$
554,179,023
(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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..........
$
12,352,113
$
—
$
(
5,027,222
)
(a)
$
1,158
$
313
$
7,326,362
7,323,433
$
89,463
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..........
962,718
—
(
305,551
)
(a)
—
—
657,167
657,167
52,815
—
$
1,158
$
313
$
7,983,529
$
142,278
$
—
(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.
Transportation
ETF
Schedule
of
Investments
(continued)
April
30,
2025
59
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
April
30,
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
.........................................................
4
06/20/25
$
532
$
29,941
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)
.............
$
—
$
—
$
29,941
$
—
$
—
$
—
$
29,941
(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
..................................
$
—
$
—
$
(
148,599
)
$
—
$
—
$
—
$
(
148,599
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
39,319
$
—
$
—
$
—
$
39,319
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,638,490
a
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
U.S.
Transportation
ETF
60
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
.........................................
$
553,674,818
$
—
$
—
$
553,674,818
Short-Term
Securities
Money
Market
Funds
......................................
7,983,529
—
—
7,983,529
$
561,658,347
$
—
$
—
$
561,658,347
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
29,941
$
—
$
—
$
29,941
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Utilities
ETF
Schedule
of
Investments
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
61
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Commercial
Services
&
Supplies
—
11
.0
%
Clean
Harbors,
Inc.
(a)
......................
51,555
$
11,029,677
Republic
Services,
Inc.
.....................
207,763
52,096,572
Waste
Management,
Inc.
....................
405,993
94,742,526
157,868,775
a
Electric
Utilities
—
56
.0
%
Alliant
Energy
Corp.
.......................
259,322
15,829,015
American
Electric
Power
Co.,
Inc.
..............
539,383
58,436,754
Constellation
Energy
Corp.
..................
318,811
71,235,130
Duke
Energy
Corp.
.......................
781,244
95,327,393
Edison
International
.......................
385,048
20,603,918
Entergy
Corp.
...........................
431,540
35,891,182
Evergy,
Inc.
.............................
225,373
15,573,274
Eversource
Energy
.......................
371,365
22,088,790
Exelon
Corp.
............................
1,012,800
47,500,320
FirstEnergy
Corp.
........................
582,727
24,987,334
IDACORP,
Inc.
..........................
53,711
6,342,732
NextEra
Energy,
Inc.
......................
2,082,144
139,253,791
NRG
Energy,
Inc.
.........................
204,158
22,371,634
OGE
Energy
Corp.
........................
202,413
9,185,502
PG&E
Corp.
............................
2,210,145
36,511,595
Pinnacle
West
Capital
Corp.
.................
114,936
10,939,608
PPL
Corp.
.............................
747,498
27,283,677
Southern
Co.
(The)
.......................
1,108,812
101,888,735
Xcel
Energy,
Inc.
.........................
581,825
41,135,028
802,385,412
a
Gas
Utilities
—
3
.0
%
Atmos
Energy
Corp.
.......................
156,681
25,167,669
MDU
Resources
Group,
Inc.
.................
205,175
3,516,700
National
Fuel
Gas
Co.
.....................
90,667
6,961,412
UGI
Corp.
..............................
217,338
7,126,513
42,772,294
a
Independent
Power
and
Renewable
Electricity
Producers
—
4
.1
%
AES
Corp.
(The)
.........................
716,995
7,169,950
Brookfield
Renewable
Corp.
,
Class
A
(b)
..........
138,515
3,942,137
Clearway
Energy,
Inc.
,
Class
A
................
35,311
965,756
Clearway
Energy,
Inc.
,
Class
C
...............
82,818
2,429,880
Security
Shares
Value
a
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Vistra
Corp.
............................
343,417
$
44,517,146
59,024,869
a
Multi-Utilities
—
23
.0
%
Ameren
Corp.
...........................
269,298
26,725,134
CenterPoint
Energy,
Inc.
....................
653,175
25,330,126
CMS
Energy
Corp.
........................
301,225
22,185,221
Consolidated
Edison,
Inc.
...................
350,554
39,524,964
Dominion
Energy,
Inc.
......................
848,339
46,132,675
DTE
Energy
Co.
.........................
209,245
28,666,565
NiSource,
Inc.
...........................
472,722
18,488,157
Public
Service
Enterprise
Group,
Inc.
...........
504,758
40,345,307
Sempra
...............................
641,308
47,629,945
WEC
Energy
Group,
Inc.
....................
320,131
35,060,747
330,088,841
a
Water
Utilities
—
2
.7
%
American
Water
Works
Co.,
Inc.
...............
197,413
29,021,685
Essential
Utilities,
Inc.
......................
254,930
10,485,271
39,506,956
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,404,318,873
)
...............................
1,431,647,147
a
Short-Term
Securities
Money
Market
Funds
—
0
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
18,250
18,257
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
2,356,649
2,356,649
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
2,374,909
)
..................................
2,374,906
Total
Investments
—
100.0%
(Cost:
$
1,406,693,782
)
...............................
1,434,022,053
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
60,352
)
Net
Assets
—
100.0%
.................................
$
1,433,961,701
(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)
April
30,
2025
iShares
®
U.S.
Utilities
ETF
62
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
April
30,
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
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
664,452
$
—
$
(
645,650
)
(a)
$
(
519
)
$
(
26
)
$
18,257
18,250
$
2,338
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
1,148,255
1,208,394
(a)
—
—
—
2,356,649
2,356,649
103,910
—
$
(
519
)
$
(
26
)
$
2,374,906
$
106,248
$
—
(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
Utilities
Select
Sector
Index
..........................................................
24
06/20/25
$
1,919
$
39,273
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)
.............
$
—
$
—
$
39,273
$
—
$
—
$
—
$
39,273
(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
..................................
$
—
$
—
$
(
69,460
)
$
—
$
—
$
—
$
(
69,460
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
6,755
$
—
$
—
$
—
$
6,755
iShares
®
U.S.
Utilities
ETF
Schedule
of
Investments
(continued)
April
30,
2025
63
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
...................................................................................
$
1,749,113
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,431,647,147
$
—
$
—
$
1,431,647,147
Short-Term
Securities
Money
Market
Funds
......................................
2,374,906
—
—
2,374,906
$
1,434,022,053
$
—
$
—
$
1,434,022,053
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
39,273
$
—
$
—
$
39,273
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
64
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
April
30,
2025
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
iShares
ESG
MSCI
KLD
400
ETF
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
......................................
$
2,179,938,023
$
4,185,109,842
$
3,278,633,565
$
479,274,380
Investments,
at
value
—
affiliated
(c)
.........................................
30,102,425
37,605,595
10,802,803
6,865,317
Cash
.............................................................
13,072
—
31,216
—
Cash
pledged:
Futures
contracts
...................................................
288,000
709,000
488,000
112,000
Receivables:
Investments
sold
...................................................
—
—
—
3,265,852
Securities
lending
income
—
affiliated
.....................................
3,604
2,415
2,905
1,110
Dividends
—
unaffiliated
..............................................
1,156,730
3,424,885
2,554,526
571,211
Dividends
—
affiliated
................................................
10,959
19,274
23,138
2,481
Variation
margin
on
futures
contracts
......................................
1,825
4,049
2,387
6,695
Total
assets
........................................................
2,211,514,638
4,226,875,060
3,292,538,540
490,099,046
LIABILITIES
Collateral
on
securities
loaned
............................................
21,295,043
7,888,475
6,486,019
5,998,727
Payables:
Investment
advisory
fees
..............................................
344,336
834,196
652,627
150,972
Total
liabilities
.......................................................
21,639,379
8,722,671
7,138,646
6,149,699
Commitments
and
contingent
liabilities
NET
ASSETS
.......................................................
$
2,189,875,259
$
4,218,152,389
$
3,285,399,894
$
483,949,347
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.......................................................
$
1,175,615,107
$
3,081,451,695
$
3,156,844,544
$
804,544,213
Accumulated
earnings
(loss)
.............................................
1,014,260,152
1,136,700,694
128,555,350
(
320,594,866
)
NET
ASSETS
.......................................................
$
2,189,875,259
$
4,218,152,389
$
3,285,399,894
$
483,949,347
NET
ASSET
VALUE
Shares
outstanding
...................................................
16,200,000
41,350,000
28,600,000
3,700,000
Net
asset
value
......................................................
$
135.18
$
102.01
$
114.87
$
130.80
Shares
authorized
....................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
..........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
............................................
$
20,611,819
$
7,689,717
$
6,410,546
$
5,800,790
(b)
Investments,
at
cost
—
unaffiliated
.......................................
$
1,111,777,620
$
2,937,718,229
$
2,941,622,511
$
566,597,266
(c)
Investments,
at
cost
—
affiliated
.........................................
$
27,579,143
$
31,116,151
$
10,800,811
$
6,864,934
65
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2025
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
1,293,834,576
$
1,498,052,972
$
1,117,487,088
$
1,587,337,982
Investments,
at
value
—
affiliated
(c)
........................................
75,464,698
2,269,778
7,079,585
45,259,818
Cash
............................................................
7,560
131,554
—
—
Cash
pledged:
Futures
contracts
..................................................
99,000
250,000
145,000
256,000
Receivables:
Securities
lending
income
—
affiliated
....................................
7,428
2,782
2,224
3,386
Dividends
—
unaffiliated
.............................................
232,701
3,027,853
674,864
1,102,227
Dividends
—
affiliated
...............................................
4,714
7,100
4,774
9,319
Variation
margin
on
futures
contracts
.....................................
—
31,543
—
6,425
Total
assets
.......................................................
1,369,650,677
1,503,773,582
1,125,393,535
1,633,975,157
LIABILITIES
Collateral
on
securities
loaned
...........................................
74,203,968
522,007
5,397,744
5,466,478
Payables:
Capital
shares
redeemed
.............................................
6,086
—
—
—
Investment
advisory
fees
.............................................
396,057
479,559
365,519
498,020
Variation
margin
on
futures
contracts
.....................................
7,595
—
42,333
—
Total
liabilities
......................................................
74,613,706
1,001,566
5,805,596
5,964,498
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
1,295,036,971
$
1,502,772,016
$
1,119,587,939
$
1,628,010,659
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
1,610,009,973
$
1,585,287,228
$
1,463,207,537
$
1,450,844,632
Accumulated
earnings
(loss)
............................................
(
314,973,002
)
(
82,515,212
)
(
343,619,598
)
177,166,027
NET
ASSETS
......................................................
$
1,295,036,971
$
1,502,772,016
$
1,119,587,939
$
1,628,010,659
NET
ASSET
VALUE
Shares
outstanding
..................................................
14,450,000
21,150,000
26,250,000
20,950,000
Net
asset
value
.....................................................
$
89.62
$
71.05
$
42.65
$
77.71
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
73,045,990
$
503,424
$
5,127,125
$
5,156,591
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
1,404,549,438
$
1,502,192,310
$
1,061,140,353
$
1,255,497,205
(c)
Investments,
at
cost
—
affiliated
........................................
$
75,453,259
$
2,269,769
$
7,079,575
$
43,215,196
66
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2025
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
3,233,742,403
$
2,959,692,664
$
1,475,407,538
$
17,938,926,396
Investments,
at
value
—
affiliated
(c)
........................................
94,091,789
31,254,587
9,008,839
400,223,307
Cash
............................................................
73,605
—
736
17,863
Cash
pledged:
Futures
contracts
..................................................
578,000
396,999
158,000
1,763,000
Receivables:
Investments
sold
..................................................
526,115
—
—
—
Securities
lending
income
—
affiliated
....................................
8,885
7,775
1,634
52,763
Dividends
—
unaffiliated
.............................................
2,194,385
3,153,965
951,080
2,433,619
Dividends
—
affiliated
...............................................
25,518
15,577
6,680
60,856
Variation
margin
on
futures
contracts
.....................................
1,592
54,990
12,066
99,725
Total
assets
.......................................................
3,331,242,292
2,994,576,557
1,485,546,573
18,343,577,529
LIABILITIES
Collateral
on
securities
loaned
...........................................
7,456,908
26,992,592
7,182,508
378,302,160
Payables:
Capital
shares
redeemed
.............................................
—
16,202
—
—
Investment
advisory
fees
.............................................
1,094,736
942,336
478,492
5,352,823
Total
liabilities
......................................................
8,551,644
27,951,130
7,661,000
383,654,983
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
3,322,690,648
$
2,966,625,427
$
1,477,885,573
$
17,959,922,546
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
3,290,147,462
$
3,190,382,007
$
1,486,338,683
$
15,586,192,618
Accumulated
earnings
(loss)
............................................
32,543,186
(
223,756,580
)
(
8,453,110
)
2,373,729,928
NET
ASSETS
......................................................
$
3,322,690,648
$
2,966,625,427
$
1,477,885,573
$
17,959,922,546
NET
ASSET
VALUE
Shares
outstanding
..................................................
30,050,000
50,600,000
11,450,000
125,450,000
Net
asset
value
.....................................................
$
110.57
$
58.63
$
129.07
$
143.16
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
7,118,555
$
26,314,788
$
7,144,938
$
366,662,583
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
3,005,808,015
$
3,027,935,120
$
1,358,980,231
$
15,135,724,644
(c)
Investments,
at
cost
—
affiliated
........................................
$
95,070,545
$
31,237,640
$
9,007,542
$
400,162,035
67
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2025
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
553,674,818
$
1,431,647,147
Investments,
at
value
—
affiliated
(c)
.......................................................................
7,983,529
2,374,906
Cash
pledged:
Futures
contracts
.................................................................................
32,000
139,000
Receivables:
Securities
lending
income
—
affiliated
...................................................................
5,151
3
Dividends
—
unaffiliated
............................................................................
9,362
263,967
Dividends
—
affiliated
..............................................................................
2,546
7,675
Variation
margin
on
futures
contracts
....................................................................
4,280
—
Total
assets
......................................................................................
561,711,686
1,434,432,698
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
7,350,669
18,261
Payables:
Capital
shares
redeemed
............................................................................
5,184
—
Investment
advisory
fees
............................................................................
176,810
442,176
Variation
margin
on
futures
contracts
....................................................................
—
10,560
Total
liabilities
.....................................................................................
7,532,663
470,997
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
554,179,023
$
1,433,961,701
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
883,248,834
$
1,484,930,144
Accumulated
loss
..................................................................................
(
329,069,811
)
(
50,968,443
)
NET
ASSETS
.....................................................................................
$
554,179,023
$
1,433,961,701
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
9,100,000
14,100,000
Net
asset
value
....................................................................................
$
60.90
$
101.70
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
7,116,434
$
17,617
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
716,224,307
$
1,404,318,873
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
7,979,305
$
2,374,909
68
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Operations
Year
Ended
April
30,
2025
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
iShares
ESG
MSCI
KLD
400
ETF
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
28,042,120
$
60,746,156
$
49,677,511
$
10,814,047
Dividends
—
affiliated
..............................................
281,565
1,093,435
317,260
45,097
Interest
—
unaffiliated
..............................................
10,586
33,008
22,069
3,517
Securities
lending
income
—
affiliated
—
net
...............................
96,379
90,283
43,035
12,486
Foreign
taxes
withheld
.............................................
(
8,893
)
(
27,265
)
(
56,264
)
—
Total
investment
income
..............................................
28,421,757
61,935,617
50,003,611
10,875,147
EXPENSES
Investment
advisory
...............................................
4,312,504
11,513,960
9,017,365
2,160,388
Total
expenses
....................................................
4,312,504
11,513,960
9,017,365
2,160,388
Net
investment
income
...............................................
24,109,253
50,421,657
40,986,246
8,714,759
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
11,409,168
)
(
3,347,808
)
29,902,569
(
26,782,040
)
Investments
—
affiliated
...........................................
2,532
26,048
(
900
)
1,091
Futures
contracts
...............................................
49,776
506,481
53,113
(
210,216
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
56,465,674
221,953,384
148,295,954
24,806,746
In-kind
redemptions
—
affiliated
(a)
....................................
143,798
1,124,732
—
—
45,252,612
220,262,837
178,250,736
(
2,184,419
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
137,494,570
50,189,715
145,865,653
(
38,200,856
)
Investments
—
affiliated
...........................................
690,968
3,242,342
(
2,300
)
(
923
)
Futures
contracts
...............................................
169,042
427,021
193,683
37,407
138,354,580
53,859,078
146,057,036
(
38,164,372
)
Net
realized
and
unrealized
gain
(loss)
....................................
183,607,192
274,121,915
324,307,772
(
40,348,791
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
207,716,445
$
324,543,572
$
365,294,018
$
(
31,634,032
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
69
Statements
of
Operations
(continued)
Year
Ended
April
30,
2025
Statements
of
Operations
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
10,520,844
$
39,259,704
$
39,243,296
$
23,694,350
Dividends
—
affiliated
..............................................
93,514
97,634
97,913
902,236
Interest
—
unaffiliated
..............................................
5,634
6,959
11,692
6,961
Securities
lending
income
—
affiliated
—
net
...............................
184,340
24,504
29,549
17,726
Foreign
taxes
withheld
.............................................
(
6,519
)
—
—
(
7,806
)
Total
investment
income
..............................................
10,797,813
39,388,801
39,382,450
24,613,467
EXPENSES
Investment
advisory
...............................................
4,660,907
5,008,443
4,897,827
5,728,013
Interest
expense
.................................................
—
—
5
—
Total
expenses
....................................................
4,660,907
5,008,443
4,897,832
5,728,013
Net
investment
income
...............................................
6,136,906
34,380,358
34,484,618
18,885,454
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
31,775,029
)
(
16,316,768
)
(
22,237,701
)
(
3,402,906
)
Investments
—
affiliated
...........................................
20,444
(
11,261
)
(
4,849
)
(
4,161
)
Futures
contracts
...............................................
(
1,135,823
)
(
85,072
)
(
862,409
)
323,110
In-kind
redemptions
—
unaffiliated
(a)
...................................
224,177,777
55,181,064
93,383,867
20,522,290
In-kind
redemptions
—
affiliated
(a)
....................................
—
—
—
312,758
Payments
by
affiliate
.............................................
2,397
—
—
—
191,289,766
38,767,963
70,278,908
17,751,091
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
93,275,899
)
33,607,592
(
238,592,667
)
253,363,501
Investments
—
affiliated
...........................................
4,564
9
(
1,766
)
5,055,060
Futures
contracts
...............................................
65,956
56,171
(
165,949
)
229,390
(
93,205,379
)
33,663,772
(
238,760,382
)
258,647,951
Net
realized
and
unrealized
gain
(loss)
....................................
98,084,387
72,431,735
(
168,481,474
)
276,399,042
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
104,221,293
$
106,812,093
$
(
133,996,856
)
$
295,284,496
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
70
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Operations
(continued)
Year
Ended
April
30,
2025
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
62,049,652
$
51,815,350
$
20,450,483
$
112,371,590
Dividends
—
affiliated
..............................................
2,228,899
242,914
115,325
921,319
Interest
—
unaffiliated
..............................................
24,658
17,309
6,517
60,330
Securities
lending
income
—
affiliated
—
net
...............................
28,895
96,661
22,365
801,749
Foreign
taxes
withheld
.............................................
(
17,676
)
—
(
597
)
—
Total
investment
income
..............................................
64,314,428
52,172,234
20,594,093
114,154,988
EXPENSES
Investment
advisory
...............................................
12,565,971
12,494,389
5,990,597
71,290,391
Interest
expense
.................................................
1
8
—
—
Total
expenses
....................................................
12,565,972
12,494,397
5,990,597
71,290,391
Net
investment
income
...............................................
51,748,456
39,677,837
14,603,496
42,864,597
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
17,083,914
)
(
37,931,427
)
(
14,883,289
)
(
69,808,100
)
Investments
—
affiliated
...........................................
(
161,782
)
(
8,992
)
4,116
(
8,710
)
Futures
contracts
...............................................
875,206
(
361,740
)
(
17,470
)
(
1,672,289
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
556,728,195
291,690,833
120,456,427
2,312,986,988
In-kind
redemptions
—
affiliated
(a)
....................................
7,616,055
—
—
—
547,973,760
253,388,674
105,559,784
2,241,497,889
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
23,948,352
)
(
259,938,111
)
(
8,572,594
)
(
483,250,410
)
Investments
—
affiliated
...........................................
4,804,345
3,492
(
450
)
20,793
Futures
contracts
...............................................
364,154
89,732
101,265
1,440,503
(
18,779,853
)
(
259,844,887
)
(
8,471,779
)
(
481,789,114
)
Net
realized
and
unrealized
gain
(loss)
....................................
529,193,907
(
6,456,213
)
97,088,005
1,759,708,775
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............
$
580,942,363
$
33,221,624
$
111,691,501
$
1,802,573,372
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
71
Statements
of
Operations
(continued)
Year
Ended
April
30,
2025
Statements
of
Operations
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
10,382,503
$
37,754,518
Dividends
—
affiliated
..............................................................................
52,815
103,910
Interest
—
unaffiliated
..............................................................................
2,693
11,228
Securities
lending
income
—
affiliated
—
net
...............................................................
89,463
2,338
Foreign
taxes
withheld
.............................................................................
—
(
29,525
)
Total
investment
income
..............................................................................
10,527,474
37,842,469
EXPENSES
Investment
advisory
...............................................................................
2,668,131
5,059,714
Interest
expense
.................................................................................
77
—
Total
expenses
....................................................................................
2,668,208
5,059,714
Net
investment
income
...............................................................................
7,859,266
32,782,755
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
33,047,108
)
(
10,562,687
)
Investments
—
affiliated
...........................................................................
1,158
(
519
)
Futures
contracts
...............................................................................
(
148,599
)
(
69,460
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
27,753,921
176,043,862
(
5,440,628
)
165,411,196
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
34,759,367
)
35,226,325
Investments
—
affiliated
...........................................................................
313
(
26
)
Futures
contracts
...............................................................................
39,319
6,755
(
34,719,735
)
35,233,054
Net
realized
and
unrealized
gain
(loss)
....................................................................
(
40,160,363
)
200,644,250
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....................................
$
(
32,301,097
)
$
233,427,005
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
72
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
iShares
ESG
MSCI
KLD
400
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
24,109,253
$
22,281,938
$
50,421,657
$
48,107,995
Net
realized
gain
.............................................
45,252,612
68,419,291
220,262,837
112,686,592
Net
change
in
unrealized
appreciation
(depreciation)
.....................
138,354,580
251,853,949
53,859,078
685,624,437
Net
increase
in
net
assets
resulting
from
operations
........................
207,716,445
342,555,178
324,543,572
846,419,024
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
24,042,504
)
(
22,333,716
)
(
49,973,946
)
(
47,349,666
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
180,065,349
(
48,105,275
)
(
303,190,198
)
(
88,761,632
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
363,739,290
272,116,187
(
28,620,572
)
710,307,726
Beginning
of
year
...............................................
1,826,135,969
1,554,019,782
4,246,772,961
3,536,465,235
End
of
year
...................................................
$
2,189,875,259
$
1,826,135,969
$
4,218,152,389
$
4,246,772,961
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
73
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
40,986,246
$
55,965,154
$
8,714,759
$
12,368,731
Net
realized
gain
(loss)
.........................................
178,250,736
570,435,915
(
2,184,419
)
31,246,922
Net
change
in
unrealized
appreciation
(depreciation)
.....................
146,057,036
174,529,789
(
38,164,372
)
10,307,656
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
365,294,018
800,930,858
(
31,634,032
)
53,923,309
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
41,724,328
)
(
55,311,905
)
(
8,726,829
)
(
12,753,032
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
..............
(
371,327,667
)
(
672,488,910
)
(
124,498,786
)
(
307,802,344
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
47,757,977
)
73,130,043
(
164,859,647
)
(
266,632,067
)
Beginning
of
year
...............................................
3,333,157,871
3,260,027,828
648,808,994
915,441,061
End
of
year
...................................................
$
3,285,399,894
$
3,333,157,871
$
483,949,347
$
648,808,994
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
74
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
6,136,906
$
5,740,770
$
34,380,358
$
37,889,253
Net
realized
gain
.............................................
191,289,766
33,790,485
38,767,963
22,981,387
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
93,205,379
)
115,716,955
33,663,772
(
99,896,605
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
104,221,293
155,248,210
106,812,093
(
39,025,965
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
6,540,482
)
(
5,773,517
)
(
33,620,200
)
(
39,211,431
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
199,653,892
149,627,644
162,292,642
(
465,854,689
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
297,334,703
299,102,337
235,484,535
(
544,092,085
)
Beginning
of
year
...............................................
997,702,268
698,599,931
1,267,287,481
1,811,379,566
End
of
year
...................................................
$
1,295,036,971
$
997,702,268
$
1,502,772,016
$
1,267,287,481
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
75
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
34,484,618
$
36,492,046
$
18,885,454
$
20,866,049
Net
realized
gain
(loss)
.........................................
70,278,908
133,838,544
17,751,091
(
40,968,779
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
238,760,382
)
(
29,257,815
)
258,647,951
296,758,840
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
133,996,856
)
141,072,775
295,284,496
276,656,110
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
34,762,099
)
(
36,089,290
)
(
18,879,412
)
(
21,038,122
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
58,437,139
)
(
313,311,666
)
68,758,987
(
175,128,452
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
227,196,094
)
(
208,328,181
)
345,164,071
80,489,536
Beginning
of
year
...............................................
1,346,784,033
1,555,112,214
1,282,846,588
1,202,357,052
End
of
year
...................................................
$
1,119,587,939
$
1,346,784,033
$
1,628,010,659
$
1,282,846,588
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
76
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
51,748,456
$
37,534,130
$
39,677,837
$
39,522,577
Net
realized
gain
.............................................
547,973,760
5,288,438
253,388,674
260,708,154
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
18,779,853
)
436,921,541
(
259,844,887
)
(
130,143,287
)
Net
increase
in
net
assets
resulting
from
operations
........................
580,942,363
479,744,109
33,221,624
170,087,444
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
46,469,800
)
(
34,613,837
)
(
38,606,689
)
(
39,003,986
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
257,595,839
256,516,293
(
297,607,119
)
(
123,458,383
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
792,068,402
701,646,565
(
302,992,184
)
7,625,075
Beginning
of
year
...............................................
2,530,622,246
1,828,975,681
3,269,617,611
3,261,992,536
End
of
year
...................................................
$
3,322,690,648
$
2,530,622,246
$
2,966,625,427
$
3,269,617,611
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
77
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
14,603,496
$
13,135,750
$
42,864,597
$
33,654,696
Net
realized
gain
.............................................
105,559,784
31,391,923
2,241,497,889
2,387,466,513
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
8,471,779
)
181,399,328
(
481,789,114
)
1,658,644,316
Net
increase
in
net
assets
resulting
from
operations
........................
111,691,501
225,927,001
1,802,573,372
4,079,765,525
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
14,700,725
)
(
13,000,334
)
(
40,732,579
)
(
53,062,094
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
187,222,880
)
178,508,033
452,717,169
1,166,343,871
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
90,232,104
)
391,434,700
2,214,557,962
5,193,047,302
Beginning
of
year
...............................................
1,568,117,677
1,176,682,977
15,745,364,584
10,552,317,282
End
of
year
...................................................
$
1,477,885,573
$
1,568,117,677
$
17,959,922,546
$
15,745,364,584
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
78
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
7,859,266
$
11,836,033
$
32,782,755
$
23,516,613
Net
realized
gain
(loss)
.........................................
(
5,440,628
)
82,287,403
165,411,196
19,235,996
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
34,719,735
)
33,574,178
35,233,054
(
23,096,053
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
32,301,097
)
127,697,614
233,427,005
19,656,556
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
7,940,968
)
(
12,090,918
)
(
32,618,788
)
(
22,951,390
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
267,320,742
)
(
76,395,634
)
317,277,136
(
82,377,699
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
307,562,807
)
39,211,062
518,085,353
(
85,672,533
)
Beginning
of
year
...............................................
861,741,830
822,530,768
915,876,348
1,001,548,881
End
of
year
...................................................
$
554,179,023
$
861,741,830
$
1,433,961,701
$
915,876,348
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
79
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
122.56
$
101.24
$
101.26
$
105.12
$
71.50
Net
investment
income
(b)
................................
1
.54
1
.48
1
.43
1
.23
1
.19
Net
realized
and
unrealized
gain
(loss)
(c)
......................
12.61
21.33
(
0
.01
)
(
3
.87
)
33.68
Net
increase
(decrease)
from
investment
operations
...............
14.15
22.81
1
.42
(
2
.64
)
34.87
Distributions
from
net
investment
income
(d)
......................
(
1
.53
)
(
1
.49
)
(
1
.44
)
(
1
.22
)
(
1
.25
)
Net
asset
value,
end
of
year
..............................
$
135.18
$
122.56
$
101.24
$
101.26
$
105.12
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
11.52
%
22.68
%
1
.50
%
(
2
.61
)
%
49.18
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.20
%
0
.20
%
0
.20
%
0
.20
%
0
.20
%
Net
investment
income
...................................
1
.12
%
1
.31
%
1
.48
%
1
.11
%
1
.35
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
2,189,875
$
1,826,136
$
1,554,020
$
1,559,426
$
1,613,580
Portfolio
turnover
rate
(g)
...................................
3
%
3
%
4
%
4
%
4
%
(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.
80
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
MSCI
KLD
400
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
96.19
$
78.33
$
78.64
$
80.24
$
55.03
Net
investment
income
(b)
................................
1
.17
1
.08
1
.05
0
.92
0
.86
Net
realized
and
unrealized
gain
(loss)
(c)
......................
5
.81
17.84
(
0
.31
)
(
1
.61
)
25.19
Net
increase
(decrease)
from
investment
operations
...............
6
.98
18.92
0
.74
(
0
.69
)
26.05
Distributions
from
net
investment
income
(d)
......................
(
1
.16
)
(
1
.06
)
(
1
.05
)
(
0
.91
)
(
0
.84
)
Net
asset
value,
end
of
year
..............................
$
102.01
$
96.19
$
78.33
$
78.64
$
80.24
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
7
.20
%
24.31
%
1
.03
%
(
0
.95
)
%
47.69
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Net
investment
income
...................................
1
.09
%
1
.23
%
1
.40
%
1
.07
%
1
.27
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
4,218,152
$
4,246,773
$
3,536,465
$
3,613,714
$
3,109,465
Portfolio
turnover
rate
(g)
...................................
2
%
5
%
4
%
6
%
5
%
(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.
81
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
ESG
Select
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
104.49
$
88.35
$
88.58
$
92.11
$
61.68
Net
investment
income
(b)
................................
1
.33
1
.36
1
.32
1
.09
1
.03
Net
realized
and
unrealized
gain
(loss)
(c)
......................
10.41
16.11
(
0
.26
)
(
3
.54
)
30.38
Net
increase
(decrease)
from
investment
operations
...............
11.74
17.47
1
.06
(
2
.45
)
31.41
Distributions
from
net
investment
income
(d)
......................
(
1
.36
)
(
1
.33
)
(
1
.29
)
(
1
.08
)
(
0
.98
)
Net
asset
value,
end
of
year
..............................
$
114.87
$
104.49
$
88.35
$
88.58
$
92.11
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
11.21
%
19.90
%
1
.30
%
(
2
.77
)
%
51.29
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Net
investment
income
...................................
1
.14
%
1
.41
%
1
.55
%
1
.11
%
1
.31
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
3,285,400
$
3,333,158
$
3,260,028
$
3,662,646
$
3,057,931
Portfolio
turnover
rate
(g)
...................................
18
%
16
%
18
%
19
%
27
%
(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.
82
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.
Basic
Materials
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Net
asset
value,
beginning
of
year
.........................
$
141.05
$
130.78
$
140.79
$
131.01
$
81.27
Net
investment
income
(a)
...............................
2
.16
2
.35
2
.65
2
.16
1
.78
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
10.24
)
10.37
(
9
.96
)
9
.70
49.62
Net
increase
(decrease)
from
investment
operations
..............
(
8
.08
)
12.72
(
7
.31
)
11.86
51.40
Distributions
from
net
investment
income
(c)
.....................
(
2
.17
)
(
2
.45
)
(
2
.70
)
(
2
.08
)
(
1
.66
)
Net
asset
value,
end
of
year
.............................
$
130.80
$
141.05
$
130.78
$
140.79
$
131.01
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
5
.83
)
%
9
.85
%
(
5
.07
)
%
9
.13
%
63.81
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
..................................
1
.53
%
1
.78
%
2
.09
%
1
.60
%
1
.64
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
483,949
$
648,809
$
915,441
$
1,126,326
$
779,484
Portfolio
turnover
rate
(f)
..................................
19
%
11
%
30
%
47
%
28
%
(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.
83
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
........................
$
77.64
$
64.39
$
66.68
$
78.01
$
51.17
Net
investment
income
(b)
..............................
0
.45
0
.49
0
.42
0
.31
0
.44
Net
realized
and
unrealized
gain
(loss)
(c)
....................
12.01
13.26
(
2
.28
)
(
11.31
)
26.82
Net
increase
(decrease)
from
investment
operations
.............
12.46
13.75
(
1
.86
)
(
11.00
)
27.26
Distributions
from
net
investment
income
(d)
....................
(
0
.48
)
(
0
.50
)
(
0
.43
)
(
0
.33
)
(
0
.42
)
Net
asset
value,
end
of
year
............................
$
89.62
$
77.64
$
64.39
$
66.68
$
78.01
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
...............................
16.06
%
(f)
21.42
%
(
2
.75
)
%
(
14.16
)
%
53.48
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
Total
expenses
......................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
.................................
0
.50
%
0
.68
%
0
.68
%
0
.39
%
0
.67
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.............................
$
1,295,037
$
997,702
$
698,600
$
856,866
$
1,583,666
Portfolio
turnover
rate
(h)
.................................
22
%
11
%
27
%
45
%
20
%
(a)
Per
share
amounts
reflect
a
four-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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
84
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.
Consumer
Staples
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
(a)
Year
Ended
04/30/23
(a)
Year
Ended
04/30/22
(a)
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
66.88
$
69.00
$
68.79
$
60.66
$
39.79
Net
investment
income
(b)
................................
1
.79
1
.67
1
.62
1
.27
0
.81
Net
realized
and
unrealized
gain
(loss)
(c)
......................
4
.10
(
2
.04
)
0
.08
7
.94
20.86
Net
increase
(decrease)
from
investment
operations
...............
5
.89
(
0
.37
)
1
.70
9
.21
21.67
Distributions
from
net
investment
income
(d)
......................
(
1
.72
)
(
1
.75
)
(
1
.49
)
(
1
.08
)
(
0
.80
)
Net
asset
value,
end
of
year
..............................
$
71.05
$
66.88
$
69.00
$
68.79
$
60.66
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
8
.96
%
(
0
.40
)
%
2
.65
%
15.33
%
54.87
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.40
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
2
.61
%
2
.57
%
2
.46
%
1
.99
%
1
.57
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,502,772
$
1,267,287
$
1,811,380
$
1,134,954
$
691,548
Portfolio
turnover
rate
(g)
...................................
9
%
8
%
6
%
33
%
4
%
(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.
85
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Energy
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Net
asset
value,
beginning
of
year
..........................
$
48.89
$
44.56
$
39.92
$
26.40
$
20.06
Net
investment
income
(a)
................................
1
.27
1
.24
1
.49
1
.07
0
.80
Net
realized
and
unrealized
gain
(loss)
(b)
......................
(
6
.22
)
4
.33
4
.77
13.56
6
.36
Net
increase
(decrease)
from
investment
operations
...............
(
4
.95
)
5
.57
6
.26
14.63
7
.16
Distributions
from
net
investment
income
(c)
......................
(
1
.29
)
(
1
.24
)
(
1
.62
)
(
1
.11
)
(
0
.82
)
Net
asset
value,
end
of
year
..............................
$
42.65
$
48.89
$
44.56
$
39.92
$
26.40
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
(
10.33
)
%
12.71
%
15.97
%
56.56
%
37.20
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
2
.68
%
2
.76
%
3
.40
%
3
.38
%
3
.62
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,119,588
$
1,346,784
$
1,555,112
$
3,552,781
$
2,102,459
Portfolio
turnover
rate
(f)
...................................
13
%
10
%
11
%
17
%
15
%
(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.
86
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.
Financial
Services
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
(a)
Year
Ended
04/30/23
(a)
Year
Ended
04/30/22
(a)
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.........................
$
63.51
$
51.38
$
54.32
$
60.91
$
38.45
Net
investment
income
(b)
...............................
0
.92
0
.97
1
.02
0
.92
0
.84
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
14.20
12.13
(
2
.83
)
(
6
.64
)
22.41
Net
increase
(decrease)
from
investment
operations
..............
15.12
13.10
(
1
.81
)
(
5
.72
)
23.25
Distributions
from
net
investment
income
(d)
.....................
(
0
.92
)
(
0
.97
)
(
1
.13
)
(
0
.87
)
(
0
.79
)
Net
asset
value,
end
of
year
.............................
$
77.71
$
63.51
$
51.38
$
54.32
$
60.91
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
23.92
%
25.76
%
(
3
.29
)
%
(
9
.57
)
%
61.14
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
..................................
1
.25
%
1
.72
%
1
.93
%
1
.46
%
1
.85
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,628,011
$
1,282,847
$
1,202,357
$
2,029,031
$
1,635,325
Portfolio
turnover
rate
(g)
..................................
3
%
18
%
4
%
5
%
7
%
(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.
87
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.........................
$
91.19
$
73.16
$
75.81
$
80.18
$
53.39
Net
investment
income
(b)
...............................
1
.67
1
.50
1
.45
1
.20
1
.09
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
19.20
17.93
(
2
.71
)
(
4
.38
)
26.76
Net
increase
(decrease)
from
investment
operations
..............
20.87
19.43
(
1
.26
)
(
3
.18
)
27.85
Distributions
from
net
investment
income
(d)
.....................
(
1
.49
)
(
1
.40
)
(
1
.39
)
(
1
.19
)
(
1
.06
)
Net
asset
value,
end
of
year
.............................
$
110.57
$
91.19
$
73.16
$
75.81
$
80.18
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
22.98
%
26.82
%
(
1
.62
)
%
(
4
.11
)
%
52.80
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
..................................
1
.56
%
1
.86
%
1
.94
%
1
.42
%
1
.72
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
3,322,691
$
2,530,622
$
1,828,976
$
2,099,949
$
2,353,202
Portfolio
turnover
rate
(g)
..................................
8
%
6
%
14
%
24
%
9
%
(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.
88
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.
Healthcare
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
(a)
Year
Ended
04/30/23
(a)
Year
Ended
04/30/22
(a)
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
58.81
$
56.24
$
54.62
$
52.62
$
42.50
Net
investment
income
(b)
................................
0
.74
0
.70
0
.64
0
.57
0
.53
Net
realized
and
unrealized
gain
(loss)
(c)
......................
(
0
.20
)
2
.56
1
.62
2
.00
10.17
Net
increase
from
investment
operations
.......................
0
.54
3
.26
2
.26
2
.57
10.70
Distributions
from
net
investment
income
(d)
......................
(
0
.72
)
(
0
.69
)
(
0
.64
)
(
0
.57
)
(
0
.58
)
Net
asset
value,
end
of
year
..............................
$
58.63
$
58.81
$
56.24
$
54.62
$
52.62
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
0
.87
%
5
.84
%
4
.21
%
4
.86
%
25.40
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
1
.21
%
1
.23
%
1
.18
%
1
.03
%
1
.13
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
2,966,625
$
3,269,618
$
3,261,993
$
2,826,782
$
2,565,039
Portfolio
turnover
rate
(g)
...................................
4
%
5
%
3
%
7
%
6
%
(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.
89
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Industrials
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
120.16
$
99.72
$
97.59
$
110.26
$
68.98
Net
investment
income
(b)
................................
1
.21
1
.16
1
.07
0
.89
0
.90
Net
realized
and
unrealized
gain
(loss)
(c)
......................
8
.91
20.45
2
.09
(
12.64
)
41.28
Net
increase
(decrease)
from
investment
operations
...............
10.12
21.61
3
.16
(
11.75
)
42.18
Distributions
from
net
investment
income
(d)
......................
(
1
.21
)
(
1
.17
)
(
1
.03
)
(
0
.92
)
(
0
.90
)
Net
asset
value,
end
of
year
..............................
$
129.07
$
120.16
$
99.72
$
97.59
$
110.26
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
8
.42
%
21.80
%
3
.32
%
(
10.75
)
%
61.51
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
0
.93
%
1
.06
%
1
.11
%
0
.81
%
0
.99
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,477,886
$
1,568,118
$
1,176,683
$
1,249,092
$
1,697,961
Portfolio
turnover
rate
(g)
...................................
5
%
4
%
4
%
26
%
5
%
(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.
90
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.
Technology
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
128.17
$
93.05
$
89.60
$
92.98
$
58.58
Net
investment
income
(b)
................................
0
.34
0
.30
0
.39
0
.25
0
.37
Net
realized
and
unrealized
gain
(loss)
(c)
......................
14.98
35.29
3
.50
(
3
.33
)
34.42
Net
increase
(decrease)
from
investment
operations
...............
15.32
35.59
3
.89
(
3
.08
)
34.79
Distributions
from
net
investment
income
(d)
......................
(
0
.33
)
(
0
.47
)
(
0
.44
)
(
0
.30
)
(
0
.39
)
Net
asset
value,
end
of
year
..............................
$
143.16
$
128.17
$
93.05
$
89.60
$
92.98
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
11.95
%
38.28
%
4
.41
%
(
3
.35
)
%
59.56
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
0
.23
%
0
.26
%
0
.46
%
0
.24
%
0
.47
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
17,959,923
$
15,745,365
$
10,552,317
$
7,338,434
$
7,257,255
Portfolio
turnover
rate
(g)
...................................
7
%
11
%
10
%
13
%
12
%
(a)
Per
share
amounts
reflect
a
four-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.
91
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
(a)
Year
Ended
04/30/23
(a)
Year
Ended
04/30/22
(a)
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.........................
$
64.31
$
55.58
$
60.74
$
67.43
$
37.44
Net
investment
income
(b)
...............................
0
.75
0
.78
0
.76
0
.52
0
.49
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
3
.40
)
8
.76
(
5
.15
)
(
6
.66
)
29.97
Net
increase
(decrease)
from
investment
operations
..............
(
2
.65
)
9
.54
(
4
.39
)
(
6
.14
)
30.46
Distributions
from
net
investment
income
(d)
.....................
(
0
.76
)
(
0
.81
)
(
0
.77
)
(
0
.55
)
(
0
.47
)
Net
asset
value,
end
of
year
.............................
$
60.90
$
64.31
$
55.58
$
60.74
$
67.43
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
(
4
.22
)
%
17.23
%
(
7
.18
)
%
(
9
.18
)
%
81.75
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
..................................
1
.12
%
1
.25
%
1
.37
%
0
.80
%
0
.90
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
554,179
$
861,742
$
822,531
$
1,178,276
$
2,144,306
Portfolio
turnover
rate
(g)
..................................
15
%
11
%
13
%
72
%
80
%
(a)
Per
share
amounts
reflect
a
four-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.
92
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.
Utilities
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
..........................
$
85.60
$
85.24
$
87.48
$
82.62
$
71.20
Net
investment
income
(b)
................................
2
.39
2
.21
2
.00
1
.98
2
.10
Net
realized
and
unrealized
gain
(loss)
(c)
......................
16.02
0
.31
(
2
.15
)
4
.95
11.60
Net
increase
(decrease)
from
investment
operations
...............
18.41
2
.52
(
0
.15
)
6
.93
13.70
Distributions
from
net
investment
income
(d)
......................
(
2
.31
)
(
2
.16
)
(
2
.09
)
(
2
.07
)
(
2
.28
)
Net
asset
value,
end
of
year
..............................
$
101.70
$
85.60
$
85.24
$
87.48
$
82.62
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
21.65
%
3
.18
%
(
0
.15
)
%
8
.52
%
19.66
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.38
%
0
.39
%
0
.40
%
0
.39
%
0
.41
%
Net
investment
income
...................................
2
.46
%
2
.76
%
2
.33
%
2
.35
%
2
.78
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,433,962
$
915,876
$
1,001,549
$
970,990
$
822,092
Portfolio
turnover
rate
(g)
...................................
4
%
4
%
3
%
14
%
5
%
(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.
Notes
to
Financial
Statements
93
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
April
30,
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
Dow
Jones
U.S.
......................................................................................................
Diversified
ESG
MSCI
KLD
400
(a)(b)
................................................................................................
Diversified
MSCI
USA
ESG
Select
.................................................................................................
Diversified
U.S.
Basic
Materials
...................................................................................................
Non-diversified
U.S.
Consumer
Discretionary
.............................................................................................
Diversified
U.S.
Consumer
Staples
................................................................................................
Non-diversified
U.S.
Energy
........................................................................................................
Non-diversified
U.S.
Financial
Services
.................................................................................................
Non-diversified
U.S.
Financials
......................................................................................................
Diversified
U.S.
Healthcare
......................................................................................................
Non-diversified
U.S.
Industrials
......................................................................................................
Diversified
U.S.
Technology
.....................................................................................................
Non-diversified
U.S.
Transportation
...................................................................................................
Non-diversified
U.S.
Utilities
........................................................................................................
Non-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.
(b)
Formerly
known
as
the
iShares
MSCI
KLD
400
Social
ETF.
Notes
to
Financial
Statements
(continued)
94
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.
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.
Notes
to
Financial
Statements
(
continued)
95
Notes
to
Financial
Statements
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)
Dow
Jones
U.S.
Barclays
Bank
PLC
...............................................
$
155,662
$
(155,662)
$
—
$
—
BNP
Paribas
SA
.................................................
2,466,255
(2,466,255)
—
—
BofA
Securities,
Inc.
..............................................
2,577,516
(2,577,516)
—
—
Citigroup
Global
Markets,
Inc.
........................................
4,166,928
(4,166,928)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
5,440,112
(5,440,112)
—
—
HSBC
Bank
PLC
................................................
120,233
(120,233)
—
—
J.P.
Morgan
Securities
LLC
.........................................
802,221
(783,375)
—
18,846
Jefferies
LLC
...................................................
667,473
(667,473)
—
—
Morgan
Stanley
.................................................
1,102,277
(1,102,277)
—
—
National
Financial
Services
LLC
......................................
309,348
(309,348)
—
—
Natixis
SA
.....................................................
99,100
(99,100)
—
—
Nomura
Securities
International,
Inc.
...................................
16,038
(16,038)
—
—
SG
Americas
Securities
LLC
........................................
2,138
(2,138)
—
—
State
Street
Bank
&
Trust
Co.
........................................
684,136
(684,136)
—
—
Toronto-Dominion
Bank
............................................
80,789
(80,789)
—
—
UBS
AG
......................................................
457,953
(457,953)
—
—
UBS
Securities
LLC
..............................................
580,758
(580,758)
—
—
Wells
Fargo
Bank
NA
.............................................
797,188
(797,188)
—
—
Wells
Fargo
Securities
LLC
.........................................
85,694
(85,694)
—
—
$
20,611,819
$
(20,592,973)
$
—
$
18,846
a
ESG
MSCI
KLD
400
Barclays
Bank
PLC
...............................................
124,270
(124,270)
—
—
BNP
Paribas
SA
.................................................
2,191,528
(2,191,528)
—
—
BofA
Securities,
Inc.
..............................................
3,169
(3,169)
—
—
Citigroup
Global
Markets,
Inc.
........................................
6,177
(6,177)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
1,954,096
(1,954,096)
—
—
J.P.
Morgan
Securities
LLC
.........................................
1,682,908
(1,682,908)
—
—
Jefferies
LLC
...................................................
46,989
(46,989)
—
—
Morgan
Stanley
.................................................
741,011
(741,011)
—
—
RBC
Capital
Markets
LLC
..........................................
158,132
(158,132)
—
—
SG
Americas
Securities
LLC
........................................
18,749
(18,749)
—
—
Wells
Fargo
Securities
LLC
.........................................
762,688
(762,688)
—
—
$
7,689,717
$
(7,689,717)
$
—
$
—
a
Notes
to
Financial
Statements
(continued)
96
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)
MSCI
USA
ESG
Select
BNP
Paribas
SA
.................................................
$
9,678
$
(9,678)
$
—
$
—
BofA
Securities,
Inc.
..............................................
657,633
(657,633)
—
—
Citigroup
Global
Markets,
Inc.
........................................
1,567,813
(1,566,312)
—
1,501
Goldman
Sachs
&
Co.
LLC
.........................................
16,474
(16,458)
—
16
J.P.
Morgan
Securities
LLC
.........................................
311,310
(311,310)
—
—
Jefferies
LLC
...................................................
606,730
(606,730)
—
—
Morgan
Stanley
.................................................
327,840
(327,526)
—
314
National
Financial
Services
LLC
......................................
2,646,985
(2,646,985)
—
—
UBS
AG
......................................................
162,150
(162,150)
—
—
Wells
Fargo
Bank
NA
.............................................
103,933
(103,933)
—
—
$
6,410,546
$
(6,408,715)
$
—
$
1,831
a
U.S.
Basic
Materials
Barclays
Bank
PLC
...............................................
1,018,567
(1,018,567)
—
—
BNP
Paribas
SA
.................................................
14,972
(14,972)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
4,333,771
(4,333,771)
—
—
Morgan
Stanley
.................................................
433,480
(433,480)
—
—
$
5,800,790
$
(5,800,790)
$
—
$
—
a
U.S.
Consumer
Discretionary
Barclays
Bank
PLC
...............................................
147,941
(147,941)
—
—
Barclays
Capital,
Inc.
.............................................
154,501
(154,501)
—
—
BNP
Paribas
SA
.................................................
61,608,665
(61,608,665)
—
—
BofA
Securities,
Inc.
..............................................
569,356
(569,356)
—
—
Citigroup
Global
Markets,
Inc.
........................................
391,879
(391,879)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
2,144,510
(2,144,510)
—
—
J.P.
Morgan
Securities
LLC
.........................................
18,108
(18,108)
—
—
Morgan
Stanley
.................................................
4,290,345
(4,290,345)
—
—
National
Financial
Services
LLC
......................................
3,566,475
(3,566,475)
—
—
SG
Americas
Securities
LLC
........................................
105,591
(105,591)
—
—
UBS
AG
......................................................
48,619
(48,619)
—
—
$
73,045,990
$
(73,045,990)
$
—
$
—
a
U.S.
Consumer
Staples
SG
Americas
Securities
LLC
........................................
503,424
(503,424)
—
—
$
503,424
$
(503,424)
$
—
$
—
a
U.S.
Energy
Goldman
Sachs
&
Co.
LLC
.........................................
5,127,125
(5,127,125)
—
—
$
5,127,125
$
(5,127,125)
$
—
$
—
a
U.S.
Financial
Services
Barclays
Bank
PLC
...............................................
394,994
(394,994)
—
—
BofA
Securities,
Inc.
..............................................
2,107,722
(2,107,722)
—
—
HSBC
Bank
PLC
................................................
9,261
(9,261)
—
—
Morgan
Stanley
.................................................
2,644,614
(2,644,614)
—
—
$
5,156,591
$
(5,156,591)
$
—
$
—
a
U.S.
Financials
Barclays
Bank
PLC
...............................................
1,112,119
(1,112,119)
—
—
BofA
Securities,
Inc.
..............................................
33,501
(33,501)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
5,292,921
(5,292,921)
—
—
Morgan
Stanley
.................................................
7,835
(7,835)
—
—
National
Financial
Services
LLC
......................................
633,646
(633,646)
—
—
Virtu
Americas
LLC
...............................................
38,533
(38,533)
—
—
$
7,118,555
$
(7,118,555)
$
—
$
—
a
Notes
to
Financial
Statements
(
continued)
97
Notes
to
Financial
Statements
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
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
Barclays
Bank
PLC
...............................................
$
1,576,868
$
(1,576,868)
$
—
$
—
BNP
Paribas
SA
.................................................
7,027,116
(7,027,116)
—
—
BofA
Securities,
Inc.
..............................................
5,861,321
(5,861,321)
—
—
Citigroup
Global
Markets,
Inc.
........................................
1,414
(1,414)
—
—
J.P.
Morgan
Securities
LLC
.........................................
2,218,699
(2,218,699)
—
—
National
Financial
Services
LLC
......................................
985,188
(985,188)
—
—
SG
Americas
Securities
LLC
........................................
6,907,404
(6,907,404)
—
—
Toronto-Dominion
Bank
............................................
95,028
(95,028)
—
—
UBS
AG
......................................................
83,594
(83,447)
—
147
Wells
Fargo
Bank
NA
.............................................
1,557,006
(1,557,006)
—
—
Wells
Fargo
Securities
LLC
.........................................
1,150
(1,150)
—
—
$
26,314,788
$
(26,314,641)
$
—
$
147
a
U.S.
Industrials
Barclays
Bank
PLC
...............................................
7,877
(7,877)
—
—
BNP
Paribas
SA
.................................................
306,546
(306,546)
—
—
BofA
Securities,
Inc.
..............................................
392,640
(392,640)
—
—
Citigroup
Global
Markets,
Inc.
........................................
1,367,144
(1,284,547)
—
82,597
Goldman
Sachs
&
Co.
LLC
.........................................
1,375,266
(1,293,958)
—
81,308
J.P.
Morgan
Securities
LLC
.........................................
1,296,267
(1,296,267)
—
—
National
Financial
Services
LLC
......................................
2,399,198
(2,399,198)
—
—
$
7,144,938
$
(6,981,033)
$
—
$
163,905
a
U.S.
Technology
Barclays
Bank
PLC
...............................................
148,875,716
(148,875,716)
—
—
Barclays
Capital,
Inc.
.............................................
359
(359)
—
—
BNP
Paribas
SA
.................................................
20,386,617
(20,386,617)
—
—
BofA
Securities,
Inc.
..............................................
56,596,530
(56,596,530)
—
—
Citigroup
Global
Markets,
Inc.
........................................
7,011,056
(7,011,056)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
40,341,663
(40,341,663)
—
—
J.P.
Morgan
Securities
LLC
.........................................
19,271,909
(19,271,909)
—
—
Morgan
Stanley
.................................................
16,793,138
(16,793,138)
—
—
National
Financial
Services
LLC
......................................
15,036,434
(15,036,434)
—
—
UBS
AG
......................................................
817,940
(817,940)
—
—
Wells
Fargo
Bank
NA
.............................................
39,405,192
(39,405,192)
—
—
Wells
Fargo
Securities
LLC
.........................................
2,126,029
(2,126,029)
—
—
$
366,662,583
$
(366,662,583)
$
—
$
—
a
U.S.
Transportation
Barclays
Bank
PLC
...............................................
2,384,013
(2,384,013)
—
—
BNP
Paribas
SA
.................................................
1,279,354
(1,279,354)
—
—
BofA
Securities,
Inc.
..............................................
32,968
(32,968)
—
—
Citigroup
Global
Markets,
Inc.
........................................
55,590
(55,590)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
2,444,241
(2,444,241)
—
—
Jefferies
LLC
...................................................
83,440
(83,440)
—
—
Morgan
Stanley
.................................................
555,862
(555,862)
—
—
National
Financial
Services
LLC
......................................
204,613
(204,613)
—
—
SG
Americas
Securities
LLC
........................................
1,903
(1,903)
—
—
Toronto-Dominion
Bank
............................................
3,526
(3,526)
—
—
UBS
AG
......................................................
70,924
(70,924)
—
—
$
7,116,434
$
(7,116,434)
$
—
$
—
a
U.S.
Utilities
BNP
Paribas
SA
.................................................
17,617
(17,617)
—
—
$
17,617
$
(17,617)
$
—
$
—
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
April
30,
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)
98
2025
iShares
Annual
Financial
Statements
and
Additional
Information
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.
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
the
iShares
Dow
Jones
U.S,
iShares
ESG
MSCI
KLD
400
and
iShares
MSCI
USA
ESG
Select
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
iShares
ETF
Investment
Advisory
Fees
Dow
Jones
U.S.
.
.
.
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0.20%
ESG
MSCI
KLD
400
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0.25
MSCI
USA
ESG
Select
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.
0.25
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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.
0.3400
Over
$40
billion,
up
to
and
including
$50
billion
.
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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)
99
Notes
to
Financial
Statements
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 April
30,
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
April
30,
2025,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
iShares
ETF
Amounts
Dow
Jones
U.S.
.....................................................................................................
$
30,948
ESG
MSCI
KLD
400
..................................................................................................
30,040
MSCI
USA
ESG
Select
................................................................................................
17,682
U.S.
Basic
Materials
..................................................................................................
4,486
U.S.
Consumer
Discretionary
............................................................................................
52,488
U.S.
Consumer
Staples
...............................................................................................
7,162
U.S.
Energy
.......................................................................................................
10,294
U.S.
Financial
Services
................................................................................................
6,862
U.S.
Financials
.....................................................................................................
10,956
U.S.
Healthcare
.....................................................................................................
39,189
U.S.
Industrials
.....................................................................................................
9,189
U.S.
Technology
....................................................................................................
312,625
U.S.
Transportation
..................................................................................................
28,868
U.S.
Utilities
.......................................................................................................
923
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Dow
Jones
U.S.
....................................................................
$
8,042,809
$
9,812,725
$
(6,822,117)
ESG
MSCI
KLD
400
.................................................................
26,138,817
29,538,800
(1,931,694)
MSCI
USA
ESG
Select
...............................................................
196,453,025
170,807,574
(16,001,906)
U.S.
Basic
Materials
.................................................................
64,311,381
49,098,392
(10,778,870)
U.S.
Consumer
Discretionary
...........................................................
87,011,674
84,786,957
(14,106,075)
U.S.
Consumer
Staples
..............................................................
65,610,771
33,537,045
(6,174,054)
U.S.
Energy
......................................................................
109,992,381
29,738,874
(16,673,539)
U.S.
Financial
Services
...............................................................
10,991,844
9,380,246
(2,149,963)
U.S.
Financials
....................................................................
86,612,358
29,077,863
(5,143,997)
U.S.
Healthcare
....................................................................
49,109,862
13,103,404
(31,521,674)
U.S.
Industrials
....................................................................
21,870,934
30,449,255
(6,043,243)
U.S.
Technology
...................................................................
894,065,424
1,035,503,429
(43,747,332)
U.S.
Transportation
.................................................................
51,621,958
42,836,585
(11,501,681)
U.S.
Utilities
......................................................................
11,417,597
8,314,883
(7,930,275)
Notes
to
Financial
Statements
(continued)
100
2025
iShares
Annual
Financial
Statements
and
Additional
Information
During
the
year
ended
April
30,
2025, iShares
U.S. Consumer
Discretionary
ETF received
a
reimbursement
of $2,397
from
an
affiliate,
which
is
included
in
payment
by
affiliate
in
the
Statements
of
Operations,
related
to
an
operating
event.
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
April
30,
2025,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
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
April
30,
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
April
30,
2025,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Purchases
Sales
Dow
Jones
U.S.
...................................................................................
$
61,629,511
$
59,566,404
ESG
MSCI
KLD
400
................................................................................
102,298,418
97,755,293
MSCI
USA
ESG
Select
..............................................................................
645,206,691
643,302,249
U.S.
Basic
Materials
................................................................................
105,624,912
109,261,256
U.S.
Consumer
Discretionary
..........................................................................
270,717,536
270,855,628
U.S.
Consumer
Staples
.............................................................................
123,739,669
123,517,723
U.S.
Energy
.....................................................................................
166,406,211
167,210,726
U.S.
Financial
Services
..............................................................................
52,339,614
51,455,927
U.S.
Financials
...................................................................................
275,081,008
263,560,256
U.S.
Healthcare
...................................................................................
129,520,694
128,579,356
U.S.
Industrials
...................................................................................
76,785,934
76,470,091
U.S.
Technology
..................................................................................
1,547,863,753
1,371,144,913
U.S.
Transportation
................................................................................
114,005,997
102,980,418
U.S.
Utilities
.....................................................................................
49,608,500
49,313,334
iShares
ETF
In-kind
Purchases
In-kind
Sales
Dow
Jones
U.S.
...................................................................................
$
254,412,545
$
75,131,853
ESG
MSCI
KLD
400
................................................................................
90,582,075
392,377,252
MSCI
USA
ESG
Select
..............................................................................
211,651,573
583,305,302
U.S.
Basic
Materials
................................................................................
63,615,327
187,788,293
U.S.
Consumer
Discretionary
..........................................................................
1,148,385,508
950,287,981
U.S.
Consumer
Staples
.............................................................................
624,317,603
462,232,756
U.S.
Energy
.....................................................................................
248,259,765
306,281,208
U.S.
Financial
Services
..............................................................................
167,982,990
99,539,176
U.S.
Financials
...................................................................................
2,159,714,507
1,907,469,958
U.S.
Healthcare
...................................................................................
566,561,777
863,405,767
U.S.
Industrials
...................................................................................
229,781,321
416,292,164
U.S.
Technology
..................................................................................
4,676,207,539
4,223,528,050
U.S.
Transportation
................................................................................
880,495,340
1,147,224,780
U.S.
Utilities
.....................................................................................
1,299,942,026
983,528,034
Notes
to
Financial
Statements
(
continued)
101
Notes
to
Financial
Statements
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Dow
Jones
U.S.
...................................................................................
$
56,404,208
$
(56,404,208
)
ESG
MSCI
KLD
400
................................................................................
222,819,233
(222,819,233
)
MSCI
USA
ESG
Select
..............................................................................
148,102,990
(148,102,990
)
U.S.
Basic
Materials
................................................................................
24,720,889
(24,720,889
)
U.S.
Consumer
Discretionary
..........................................................................
223,494,062
(223,494,062
)
U.S.
Consumer
Staples
.............................................................................
55,007,085
(55,007,085
)
U.S.
Energy
.....................................................................................
91,232,506
(91,232,506
)
U.S.
Financial
Services
..............................................................................
20,755,479
(20,755,479
)
U.S.
Financials
...................................................................................
562,381,691
(562,381,691
)
U.S.
Healthcare
...................................................................................
289,442,582
(289,442,582
)
U.S.
Industrials
...................................................................................
120,290,499
(120,290,499
)
U.S.
Technology
..................................................................................
2,305,927,545
(2,305,927,545
)
U.S.
Transportation
................................................................................
27,241,668
(27,241,668
)
U.S.
Utilities
.....................................................................................
175,148,512
(175,148,512
)
iShares
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Dow
Jones
U.S.
Ordinary
income
.........................................................................................
$
24,042,504
$
22,333,716
ESG
MSCI
KLD
400
Ordinary
income
.........................................................................................
$
49,973,946
$
47,349,666
MSCI
USA
ESG
Select
Ordinary
income
.........................................................................................
$
41,724,328
$
55,311,905
U.S.
Basic
Materials
Ordinary
income
.........................................................................................
$
8,726,829
$
12,753,032
U.S.
Consumer
Discretionary
Ordinary
income
.........................................................................................
$
6,540,482
$
5,773,517
U.S.
Consumer
Staples
Ordinary
income
.........................................................................................
$
33,620,200
$
39,211,431
U.S.
Energy
Ordinary
income
.........................................................................................
$
34,762,099
$
36,089,290
U.S.
Financial
Services
Ordinary
income
.........................................................................................
$
18,879,412
$
21,038,122
U.S.
Financials
Ordinary
income
.........................................................................................
$
46,469,800
$
34,613,837
U.S.
Healthcare
Ordinary
income
.........................................................................................
$
38,606,689
$
39,003,986
U.S.
Industrials
Ordinary
income
.........................................................................................
$
14,700,725
$
13,000,334
U.S.
Technology
Ordinary
income
.........................................................................................
$
40,732,579
$
53,062,094
U.S.
Transportation
Ordinary
income
.........................................................................................
$
7,940,968
$
12,090,918
U.S.
Utilities
Ordinary
income
.........................................................................................
$
32,618,788
$
22,951,390
Notes
to
Financial
Statements
(continued)
102
2025
iShares
Annual
Financial
Statements
and
Additional
Information
As
of
April
30,
2025,
the
tax
components
of
accumulated earnings
(losses)
were
as
follows:
For
the
year
ended
April
30,
2025,
the iShares
MSCI
USA
ESG
Select
ETF
utilized
$28,341,018
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
April
30,
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.
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Dow
Jones
U.S.
..............................................
$
1,789,838
$
(47,395,617
)
$
1,059,865,931
$
1,014,260,152
ESG
MSCI
KLD
400
...........................................
3,896,905
(100,471,645
)
1,233,275,434
1,136,700,694
MSCI
USA
ESG
Select
.........................................
2,361,548
(207,756,224
)
333,950,026
128,555,350
U.S.
Basic
Materials
...........................................
683,876
(231,259,003
)
(90,019,739
)
(320,594,866
)
U.S.
Consumer
Discretionary
.....................................
459,017
(185,439,862
)
(129,992,157
)
(314,973,002
)
U.S.
Consumer
Staples
........................................
5,879,227
(81,067,814
)
(7,326,625
)
(82,515,212
)
U.S.
Energy
................................................
125,275
(375,301,458
)
31,556,585
(343,619,598
)
U.S.
Financial
Services
.........................................
1,642,142
(156,219,709
)
331,743,594
177,166,027
U.S.
Financials
..............................................
11,375,459
(196,563,340
)
217,731,067
32,543,186
U.S.
Healthcare
..............................................
4,058,536
(147,416,556
)
(80,398,560
)
(223,756,580
)
U.S.
Industrials
..............................................
541,138
(122,913,495
)
113,919,247
(8,453,110
)
U.S.
Technology
.............................................
2,132,018
(420,427,962
)
2,792,025,872
2,373,729,928
U.S.
Transportation
...........................................
—
(164,669,662
)
(164,400,149
)
(329,069,811
)
U.S.
Utilities
................................................
729,190
(74,579,847
)
22,882,214
(50,968,443
)
(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)
Dow
Jones
U.S.
...............................................
$
1,150,171,633
$
1,129,592,376
$
(69,723,561
)
$
1,059,868,815
ESG
MSCI
KLD
400
............................................
2,989,440,003
1,478,353,489
(245,078,055
)
1,233,275,434
MSCI
USA
ESG
Select
..........................................
2,955,486,342
531,523,995
(197,573,969
)
333,950,026
U.S.
Basic
Materials
............................................
576,159,436
34,726,749
(124,746,488
)
(90,019,739
)
U.S.
Consumer
Discretionary
......................................
1,499,291,431
83,914,501
(213,906,658
)
(129,992,157
)
U.S.
Consumer
Staples
.........................................
1,507,649,375
130,273,133
(137,599,758
)
(7,326,625
)
U.S.
Energy
.................................................
1,093,010,088
146,457,022
(114,900,437
)
31,556,585
U.S.
Financial
Services
..........................................
1,300,854,206
383,646,675
(51,903,081
)
331,743,594
U.S.
Financials
...............................................
3,110,103,125
344,477,493
(126,746,426
)
217,731,067
U.S.
Healthcare
...............................................
3,071,345,811
445,622,062
(526,020,622
)
(80,398,560
)
U.S.
Industrials
...............................................
1,370,497,130
254,963,150
(141,043,903
)
113,919,247
U.S.
Technology
..............................................
15,547,123,831
3,683,308,130
(891,282,258
)
2,792,025,872
U.S.
Transportation
............................................
726,058,496
8,461,630
(172,861,779
)
(164,400,149
)
U.S.
Utilities
.................................................
1,411,139,839
102,067,524
(79,185,310
)
22,882,214
Notes
to
Financial
Statements
(
continued)
103
Notes
to
Financial
Statements
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.
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.
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.
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
rating 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
on
any
individual
financial
company,
or
on
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)
104
2025
iShares
Annual
Financial
Statements
and
Additional
Information
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
04/30/25
Year
Ended
04/30/24
iShares
ETF
Shares
Amount
Shares
Amount
Dow
Jones
U.S.
Shares
sold
..............................................
1,850,000
$
255,483,085
500,000
$
54,080,238
Shares
redeemed
..........................................
(550,000
)
(75,417,736
)
(950,000
)
(102,185,513
)
1,300,000
$
180,065,349
(450,000
)
$
(48,105,275
)
ESG
MSCI
KLD
400
Shares
sold
..............................................
850,000
$
91,060,904
1,900,000
$
166,540,184
Shares
redeemed
..........................................
(3,650,000
)
(394,251,102
)
(2,900,000
)
(255,301,816
)
(2,800,000
)
$
(303,190,198
)
(1,000,000
)
$
(88,761,632
)
MSCI
USA
ESG
Select
Shares
sold
..............................................
1,750,000
$
212,308,289
24,050,000
$
2,176,161,906
Shares
redeemed
..........................................
(5,050,000
)
(583,635,956
)
(29,050,000
)
(2,848,650,816
)
(3,300,000
)
$
(371,327,667
)
(5,000,000
)
$
(672,488,910
)
U.S.
Basic
Materials
Shares
sold
..............................................
450,000
$
63,765,245
2,200,000
$
301,941,533
Shares
redeemed
..........................................
(1,350,000
)
(188,264,031
)
(4,600,000
)
(609,743,877
)
(900,000
)
$
(124,498,786
)
(2,400,000
)
$
(307,802,344
)
U.S.
Consumer
Discretionary
Shares
sold
..............................................
12,400,000
$
1,152,023,789
5,300,000
$
381,831,787
Shares
redeemed
..........................................
(10,800,000
)
(952,369,897
)
(3,300,000
)
(232,204,143
)
1,600,000
$
199,653,892
2,000,000
$
149,627,644
U.S.
Consumer
Staples
Shares
sold
..............................................
8,950,000
$
626,159,858
2,800,000
(a)
$
186,682,821
Shares
redeemed
..........................................
(6,750,000
)
(463,867,216
)
(10,100,000
)
(a)
(652,537,510
)
2,200,000
$
162,292,642
(7,300,000
)
$
(465,854,689
)
U.S.
Energy
Shares
sold
..............................................
5,300,000
$
248,871,452
2,600,000
$
120,728,213
Shares
redeemed
..........................................
(6,600,000
)
(307,308,591
)
(9,950,000
)
(434,039,879
)
(1,300,000
)
$
(58,437,139
)
(7,350,000
)
$
(313,311,666
)
U.S.
Financial
Services
Shares
sold
..............................................
2,200,000
$
169,126,650
2,050,000
(a)
$
109,728,520
Shares
redeemed
..........................................
(1,450,000
)
(100,367,663
)
(5,250,000
)
(a)
(284,856,972
)
750,000
$
68,758,987
(3,200,000
)
$
(175,128,452
)
U.S.
Financials
Shares
sold
..............................................
20,300,000
$
2,184,623,030
6,800,000
$
567,819,901
Shares
redeemed
..........................................
(18,000,000
)
(1,927,027,191
)
(4,050,000
)
(311,303,608
)
2,300,000
$
257,595,839
2,750,000
$
256,516,293
U.S.
Healthcare
Shares
sold
..............................................
9,150,000
$
568,040,979
11,550,000
(b)
$
674,305,942
Shares
redeemed
..........................................
(14,150,000
)
(865,648,098
)
(13,950,000
)
(b)
(797,764,325
)
(5,000,000
)
$
(297,607,119
)
(2,400,000
)
$
(123,458,383
)
U.S.
Industrials
Shares
sold
..............................................
1,700,000
$
230,651,441
3,900,000
$
446,883,571
Shares
redeemed
..........................................
(3,300,000
)
(417,874,321
)
(2,650,000
)
(268,375,538
)
(1,600,000
)
$
(187,222,880
)
1,250,000
$
178,508,033
Notes
to
Financial
Statements
(
continued)
105
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’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds'
financial
statements
was
completed
through
the
date
the financial
statements
were
available
to
be
issued
and
the
following
item was
noted:
The
following
name
change
for
the
Fund
went
effective
on
June
2,
2025.
Year
Ended
04/30/25
Year
Ended
04/30/24
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Technology
Shares
sold
..............................................
30,950,000
$
4,682,094,188
48,600,000
$
5,713,567,223
Shares
redeemed
..........................................
(28,350,000
)
(4,229,377,019
)
(39,150,000
)
(4,547,223,352
)
2,600,000
$
452,717,169
9,450,000
$
1,166,343,871
U.S.
Transportation
Shares
sold
..............................................
12,950,000
$
882,205,915
24,550,000
(c)
$
1,534,828,039
Shares
redeemed
..........................................
(17,250,000
)
(1,149,526,657
)
(25,950,000
)
(c)
(1,611,223,673
)
(4,300,000
)
$
(267,320,742
)
(1,400,000
)
$
(76,395,634
)
U.S.
Utilities
Shares
sold
..............................................
13,700,000
$
1,303,934,348
2,250,000
$
180,378,001
Shares
redeemed
..........................................
(10,300,000
)
(986,657,212
)
(3,300,000
)
(262,755,700
)
3,400,000
$
317,277,136
(1,050,000
)
$
(82,377,699
)
(a)
Share
transactions
prior
to
the
close
of
trading
on
March
6,
2024
have
been
retroactively
adjusted
to
reflect
a
three-for-one
stock
split.
(b)
Share
transactions
prior
to
the
close
of
trading
on
March
6,
2024
have
been
retroactively
adjusted
to
reflect
a
five-for-one
stock
split.
(c)
Share
transactions
prior
to
the
close
of
trading
on
March
6,
2024
have
been
retroactively
adjusted
to
reflect
a
four-for-one
stock
split.
Current
Fund
Name
New
Fund
Name
iShares
MSCI
USA
ESG
Select
ETF
...........................................................
iShares
ESG
Optimized
MSCI
USA
ETF
Report
of
Independent
Registered
Public
Accounting
Firm
106
2025
iShares
Annual
Financial
Statements
and
Additional
Information
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
April
30,
2025,
the
related
statements
of
operations
for
the
year
ended
April
30,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
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
April
30,
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
April
30,
2025
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
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
April
30,
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
June
24,
2025
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Dow
Jones
U.S.
ETF
iShares
ESG
MSCI
KLD
400
ETF
iShares
MSCI
USA
ESG
Select
ETF*
iShares
U.S.
Basic
Materials
ETF
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
*Effective
June
2,
2025,
fund
name
changed
to
iShares
ESG
Optimized
MSCI
USA
ETF
as
described
in
Note
11
Important
Tax
Information
(unaudited)
107
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
April
30,
2025:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2025:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
April
30,
2025
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Dow
Jones
U.S.
......................................................................................................
$
26,453,915
ESG
MSCI
KLD
400
...................................................................................................
57,678,001
MSCI
USA
ESG
Select
.................................................................................................
47,230,488
U.S.
Basic
Materials
...................................................................................................
10,797,566
U.S.
Consumer
Discretionary
.............................................................................................
11,917,540
U.S.
Consumer
Staples
................................................................................................
39,189,251
U.S.
Energy
........................................................................................................
40,328,897
U.S.
Financial
Services
.................................................................................................
24,500,295
U.S.
Financials
......................................................................................................
61,228,450
U.S.
Healthcare
......................................................................................................
51,602,527
U.S.
Industrials
......................................................................................................
20,449,749
U.S.
Technology
.....................................................................................................
113,857,969
U.S.
Transportation
...................................................................................................
10,452,198
U.S.
Utilities
........................................................................................................
37,573,991
iShares
ETF
Qualified
Business
Income
Dow
Jones
U.S.
......................................................................................................
$
1,372,271
ESG
MSCI
KLD
400
...................................................................................................
2,797,316
MSCI
USA
ESG
Select
.................................................................................................
1,530,841
U.S.
Financials
......................................................................................................
1,601,228
iShares
ETF
Dividends-Received
Deduction
Dow
Jones
U.S.
......................................................................................................
100.00
%
ESG
MSCI
KLD
400
...................................................................................................
100.00
MSCI
USA
ESG
Select
.................................................................................................
100.00
U.S.
Basic
Materials
...................................................................................................
94.31
U.S.
Consumer
Discretionary
.............................................................................................
100.00
U.S.
Consumer
Staples
................................................................................................
100.00
U.S.
Energy
........................................................................................................
100.00
U.S.
Financial
Services
.................................................................................................
100.00
U.S.
Financials
......................................................................................................
100.00
U.S.
Healthcare
......................................................................................................
100.00
U.S.
Industrials
......................................................................................................
100.00
U.S.
Technology
.....................................................................................................
100.00
U.S.
Transportation
...................................................................................................
100.00
U.S.
Utilities
........................................................................................................
100.00
Additional
Information
108
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
.
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
109
Glossary
of
Terms
Used
in
these
Financial
Statements
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,
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.
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: June 24, 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: June 24, 2025
By: /s/ Trent Walker___________________
Trent Walker
Treasurer and Chief Financial Officer
(principal financial officer) of
iShares Trust
Date: June 24, 2025