iShares Mortgage Real Estate ETF

REM | Cboe BZX Exchange

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Mortgage Real Estate ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Mortgage Real Estate ETF	$ 24	0.48 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 593,723,278
Number of Portfolio Holdings	34
Portfolio Turnover Rate	11 %

What did the Fund invest in?

(as of September 30, 2025)

Industry allocation

Industry	Percent of Total Investments ^(a)
Mortgage REITs	100.0	%

Ten largest holdings

Security	Percent of Total Investments ^(a)
Annaly Capital Management, Inc.	19.6	%
AGNC Investment Corp.	15.3
Starwood Property Trust, Inc.	10.1
Arbor Realty Trust, Inc.	4.9
Blackstone Mortgage Trust, Inc., Class A	4.4
Rithm Capital Corp.	4.4
ARMOUR Residential REIT, Inc.	3.7
Dynex Capital, Inc.	3.5
Apollo Commercial Real Estate Finance, Inc.	3.1
Ladder Capital Corp., Class A	2.8

^(a)	Excludes money market funds.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports . For proxy voting records, visit blackrock.com/proxyrecords .

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Mortgage Real Estate ETF

Semi-Annual Shareholder Report — September 30, 2025

REM-09/25-SAR

iShares Residential and Multisector Real Estate ETF

REZ | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Residential and Multisector Real Estate ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Residential and Multisector Real Estate ETF	$ 24	0.48 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 803,209,714
Number of Portfolio Holdings	42
Portfolio Turnover Rate	6 %

What did the Fund invest in?

(as of September 30, 2025)

Industry allocation

Industry	Percent of Total Investments ^(a)
Health Care REITs	46.7	%
Residential REITs	38.0
Specialized REITs	15.3

Ten largest holdings

Security	Percent of Total Investments ^(a)
Welltower, Inc.	23.9	%
Public Storage	7.5
Ventas, Inc.	5.2
Extra Space Storage, Inc.	4.9
AvalonBay Communities, Inc.	4.5
Equity Residential	4.4
Invitation Homes, Inc.	4.2
Essex Property Trust, Inc.	4.0
Sun Communities, Inc.	3.8
Mid-America Apartment Communities, Inc.	3.8

^(a)	Excludes money market funds.

Additional information

iShares Residential and Multisector Real Estate ETF

Semi-Annual Shareholder Report — September 30, 2025

REZ-09/25-SAR

iShares ESG Select Screened S&P 500 ETF

XVV | Cboe BZX Exchange

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares ESG Select Screened S&P 500 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Select Screened S&P 500 ETF	$ 4	0.08 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 478,969,035
Number of Portfolio Holdings	443
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	36.9	%
Financials	14.5
Consumer Discretionary	11.6
Communication Services	11.2
Health Care	8.9
Industrials	6.8
Consumer Staples	3.8
Real Estate	2.1
Materials	1.9
Utilities	1.3
Energy	1.0

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	8.8	%
Microsoft Corp.	7.5
Apple Inc.	7.3
Amazon.com, Inc.	4.1
Meta Platforms, Inc., Class A	3.1
Broadcom, Inc.	3.0
Alphabet, Inc., Class A	2.7
Tesla, Inc.	2.4
Alphabet, Inc., Class C, NVS	2.2
Berkshire Hathaway, Inc., Class B	1.8

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares ESG Select Screened S&P 500 ETF

Semi-Annual Shareholder Report — September 30, 2025

XVV-09/25-SAR

iShares ESG Select Screened S&P Mid-Cap ETF

XJH | Cboe BZX Exchange

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares ESG Select Screened S&P Mid-Cap ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Select Screened S&P Mid-Cap ETF	$ 6	0.12 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 315,210,952
Number of Portfolio Holdings	362
Portfolio Turnover Rate	8 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Industrials	22.9	%
Financials	18.2
Information Technology	14.0
Consumer Discretionary	13.0
Health Care	9.3
Real Estate	7.6
Materials	5.7
Consumer Staples	4.6
Communication Services	1.6
Utilities	1.6
Energy	1.5

Ten largest holdings

Security	Percent of Total Investments ^(a)
Comfort Systems U.S.A., Inc.	1.1	%
Pure Storage, Inc., Class A	1.0
Flex Ltd.	0.8
Casey's General Stores, Inc.	0.8
Ciena Corp.	0.8
Curtiss-Wright Corp.	0.7
RB Global, Inc.	0.7
Guidewire Software, Inc.	0.7
United Therapeutics Corp.	0.7
Tenet Healthcare Corp.	0.7

^(a)	Excludes money market funds.

Additional information

iShares ESG Select Screened S&P Mid-Cap ETF

Semi-Annual Shareholder Report — September 30, 2025

XJH-09/25-SAR

iShares ESG Select Screened S&P Small-Cap ETF

XJR | Cboe BZX Exchange

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares ESG Select Screened S&P Small-Cap ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Select Screened S&P Small-Cap ETF	$ 6	0.12 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 104,133,933
Number of Portfolio Holdings	577
Portfolio Turnover Rate	11 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Financials	20.1	%
Industrials	18.7
Consumer Discretionary	14.2
Information Technology	14.0
Health Care	11.2
Real Estate	7.9
Materials	4.3
Communication Services	3.2
Consumer Staples	2.7
Energy	1.9
Utilities	1.8

Ten largest holdings

Security	Percent of Total Investments ^(a)
Mr. Cooper Group, Inc.	1.0	%
Sterling Infrastructure, Inc.	0.8
BorgWarner, Inc.	0.7
SPX Technologies, Inc.	0.7
InterDigital, Inc.	0.7
Armstrong World Industries, Inc.	0.7
Dycom Industries, Inc.	0.7
Corcept Therapeutics, Inc.	0.6
Qorvo, Inc.	0.6
CareTrust REIT, Inc.	0.6

^(a)	Excludes money market funds.

Additional information

iShares ESG Select Screened S&P Small-Cap ETF

Semi-Annual Shareholder Report — September 30, 2025

XJR-09/25-SAR

iShares S&P 100 ETF

OEF | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares S&P 100 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P 100 ETF	$ 11	0.20 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 27,544,487,698
Number of Portfolio Holdings	103
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	40.9	%
Communication Services	13.3
Financials	12.2
Consumer Discretionary	11.1
Health Care	8.3
Consumer Staples	5.4
Industrials	4.8
Energy	2.2
Utilities	0.9
Materials	0.5
Real Estate	0.4

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	11.1	%
Microsoft Corp.	9.4
Apple Inc.	9.2
Amazon.com, Inc.	5.2
Meta Platforms, Inc., Class A	3.9
Broadcom, Inc.	3.8
Alphabet, Inc., Class A	3.4
Tesla, Inc.	3.0
Alphabet, Inc., Class C, NVS	2.8
Berkshire Hathaway, Inc., Class B	2.2

^(a)	Excludes money market funds.

Additional information

iShares S&P 100 ETF

Semi-Annual Shareholder Report — September 30, 2025

OEF-09/25-SAR

iShares S&P 500 Growth ETF

IVW | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares S&P 500 Growth ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P 500 Growth ETF	$ 10	0.18 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 65,850,405,536
Number of Portfolio Holdings	219
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	42.6	%
Communication Services	15.4
Consumer Discretionary	12.3
Financials	10.9
Industrials	8.1
Health Care	4.7
Consumer Staples	3.0
Real Estate	1.1
Utilities	1.1
Materials	0.4
Energy	0.4

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	14.6	%
Microsoft Corp.	6.4
Apple Inc.	5.6
Meta Platforms, Inc., Class A	5.1
Broadcom, Inc.	5.0
Alphabet, Inc., Class A	4.5
Tesla, Inc.	4.0
Amazon.com, Inc.	4.0
Alphabet, Inc., Class C, NVS	3.7
Eli Lilly & Co.	1.9

^(a)	Excludes money market funds.

Additional information

iShares S&P 500 Growth ETF

Semi-Annual Shareholder Report — September 30, 2025

IVW-09/25-SAR

iShares S&P 500 Value ETF

IVE | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares S&P 500 Value ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P 500 Value ETF	$ 9	0.18 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 41,725,935,461
Number of Portfolio Holdings	399
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	25.4	%
Financials	16.7
Health Care	13.9
Industrials	8.5
Consumer Discretionary	8.4
Consumer Staples	7.2
Energy	5.9
Utilities	3.9
Communication Services	3.8
Materials	3.4
Real Estate	2.9

Ten largest holdings

Security	Percent of Total Investments ^(a)
Apple Inc.	7.9	%
Microsoft Corp.	7.1
Amazon.com, Inc.	3.5
Exxon Mobil Corp.	1.9
Berkshire Hathaway, Inc., Class B	1.8
Johnson & Johnson	1.7
JPMorgan Chase & Co.	1.4
Procter & Gamble Co. (The)	1.4
Bank of America Corp.	1.4
UnitedHealth Group, Inc.	1.2

^(a)	Excludes money market funds.

Additional information

iShares S&P 500 Value ETF

Semi-Annual Shareholder Report — September 30, 2025

IVE-09/25-SAR

iShares S&P Small-Cap 600 Value ETF

IJS | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares S&P Small-Cap 600 Value ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares S&P Small-Cap 600 Value ETF	$ 10	0.18 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 6,647,328,806
Number of Portfolio Holdings	478
Portfolio Turnover Rate	9 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Financials	22.8	%
Industrials	15.0
Consumer Discretionary	14.7
Information Technology	13.8
Health Care	7.4
Real Estate	6.8
Materials	6.3
Energy	4.1
Utilities	3.2
Consumer Staples	3.0
Communication Services	2.9

Ten largest holdings

Security	Percent of Total Investments ^(a)
Sandisk Corp.	2.2	%
Mr. Cooper Group, Inc.	1.9
BorgWarner, Inc.	1.3
Qorvo, Inc.	1.1
Lincoln National Corp.	1.0
Air Lease Corp., Class A	0.9
Resideo Technologies, Inc.	0.8
Hecla Mining Co.	0.8
Teleflex, Inc.	0.8
Meritage Homes Corp.	0.7

^(a)	Excludes money market funds.

Additional information

iShares S&P Small-Cap 600 Value ETF

Semi-Annual Shareholder Report — September 30, 2025

IJS-09/25-SAR

iShares Core S&P Mid-Cap ETF

IJH | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Core S&P Mid-Cap ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P Mid-Cap ETF	$ 3	0.05 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 99,848,199,984
Number of Portfolio Holdings	411
Portfolio Turnover Rate	8 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Industrials	23.0	%
Financials	16.9
Information Technology	13.3
Consumer Discretionary	12.3
Health Care	8.7
Real Estate	6.7
Materials	5.4
Consumer Staples	4.8
Energy	4.0
Utilities	3.5
Communication Services	1.4

Ten largest holdings

Security	Percent of Total Investments ^(a)
Comfort Systems U.S.A., Inc.	0.9	%
Pure Storage, Inc., Class A	0.8
Flex Ltd.	0.7
Casey's General Stores, Inc.	0.7
Ciena Corp.	0.7
Curtiss-Wright Corp.	0.7
RB Global, Inc.	0.6
Nutanix, Inc., Class A	0.6
Talen Energy Corp.	0.6
Guidewire Software, Inc.	0.6

^(a)	Excludes money market funds.

Additional information

iShares Core S&P Mid-Cap ETF

Semi-Annual Shareholder Report — September 30, 2025

IJH-09/25-SAR

iShares Core S&P Small-Cap ETF

IJR | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Core S&P Small-Cap ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P Small-Cap ETF	$ 3	0.06 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 85,869,226,752
Number of Portfolio Holdings	659
Portfolio Turnover Rate	8 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Industrials	18.5	%
Financials	18.4
Information Technology	14.9
Consumer Discretionary	13.4
Health Care	10.8
Real Estate	7.2
Materials	4.9
Energy	4.4
Communication Services	2.8
Consumer Staples	2.6
Utilities	2.1

Ten largest holdings

Security	Percent of Total Investments ^(a)
Sandisk Corp.	1.1	%
Mr. Cooper Group, Inc.	0.9
Sterling Infrastructure, Inc.	0.7
BorgWarner, Inc.	0.7
SPX Technologies, Inc.	0.6
InterDigital, Inc.	0.6
Armstrong World Industries, Inc.	0.6
Dycom Industries, Inc.	0.6
Hecla Mining Co.	0.6
Corcept Therapeutics, Inc.	0.5

^(a)	Excludes money market funds.

Additional information

iShares Core S&P Small-Cap ETF

Semi-Annual Shareholder Report — September 30, 2025

IJR-09/25-SAR

iShares Core S&P U.S. Growth ETF

IUSG | NASDAQ

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Core S&P U.S. Growth ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P U.S. Growth ETF	$ 2	0.04 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 25,227,524,208
Number of Portfolio Holdings	465
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	41.3	%
Communication Services	14.6
Consumer Discretionary	12.4
Financials	11.0
Industrials	9.1
Health Care	5.0
Consumer Staples	3.1
Real Estate	1.3
Utilities	1.0
Materials	0.6
Energy	0.6

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	13.9	%
Microsoft Corp.	6.1
Apple Inc.	5.3
Meta Platforms, Inc., Class A	4.9
Broadcom, Inc.	4.7
Alphabet, Inc., Class A	4.3
Tesla, Inc.	3.8
Amazon.com, Inc.	3.8
Alphabet, Inc., Class C, NVS	3.5
Eli Lilly & Co.	1.9

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC , and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares Core S&P U.S. Growth ETF

Semi-Annual Shareholder Report — September 30, 2025

IUSG-09/25-SAR

iShares Core S&P U.S. Value ETF

IUSV | NASDAQ

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Core S&P U.S. Value ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core S&P U.S. Value ETF	$ 2	0.04 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 22,869,351,289
Number of Portfolio Holdings	694
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	24.5	%
Financials	16.9
Health Care	13.5
Industrials	9.0
Consumer Discretionary	8.5
Consumer Staples	7.1
Energy	5.8
Utilities	4.1
Communication Services	3.7
Materials	3.6
Real Estate	3.3

Ten largest holdings

Security	Percent of Total Investments ^(a)
Apple Inc.	7.5	%
Microsoft Corp.	6.8
Amazon.com, Inc.	3.3
Exxon Mobil Corp.	1.8
Berkshire Hathaway, Inc., Class B	1.7
Johnson & Johnson	1.6
JPMorgan Chase & Co.	1.4
Procter & Gamble Co. (The)	1.3
Bank of America Corp.	1.3
UnitedHealth Group, Inc.	1.2

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC , and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the comapny listed above.

iShares Core S&P U.S. Value ETF

Semi-Annual Shareholder Report — September 30, 2025

IUSV-09/25-SAR

iShares MSCI USA Quality GARP ETF

GARP | Cboe BZX Exchange

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares MSCI USA Quality GARP ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI USA Quality GARP ETF	$ 9	0.15 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 748,566,132
Number of Portfolio Holdings	133
Portfolio Turnover Rate	40 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	50.8	%
Communication Services	10.9
Financials	9.8
Consumer Discretionary	9.6
Industrials	8.8
Health Care	5.3
Energy	1.8
Real Estate	1.4
Materials	1.3
Utilities	0.3

Ten largest holdings

Security	Percent of Total Investments ^(a)
Lam Research Corp.	5.4	%
Apple Inc.	5.2
Broadcom, Inc.	5.0
NVIDIA Corp.	4.9
Adobe, Inc.	4.8
Microsoft Corp.	4.7
Meta Platforms, Inc., Class A	4.5
Alphabet, Inc., Class A	4.1
Visa, Inc., Class A	3.6
Arista Networks, Inc.	2.4

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., and its respective affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares MSCI USA Quality GARP ETF

Semi-Annual Shareholder Report — September 30, 2025

GARP-09/25-SAR

iShares Preferred and Income Securities ETF

PFF | NASDAQ

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Preferred and Income Securities ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Preferred and Income Securities ETF	$ 24	0.46 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 14,661,205,099
Number of Portfolio Holdings	454
Portfolio Turnover Rate	9 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Financials	62.8	%
Utilities	10.5
Real Estate	6.2
Industrials	5.9
Information Technology	5.4
Communication Services	4.0
Consumer Discretionary	1.7
Consumer Staples	1.3
Materials	1.0
Health Care	0.8
Energy	0.4

Ten largest holdings

Security	Percent of Total Investments ^(a)
Boeing Co. (The)	4.4	%
Wells Fargo & Co., Series L, NVS	2.4
Strategy, Inc., Series A., NVS	1.5
KKR & Co., Inc., Series D	1.5
Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), NVS	1.5
Bank of America Corp., Series L, NVS	1.4
Hewlett Packard Enterprise Co.	1.1
Apollo Global Management, Inc.	1.1
NextEra Energy, Inc.	1.1
JPMorgan Chase & Co., Series EE, NVS	1.0

^(a)	Excludes money market funds.

Additional information

iShares Preferred and Income Securities ETF

Semi-Annual Shareholder Report — September 30, 2025

PFF-09/25-SAR

iShares Russell Top 200 ETF

IWL | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell Top 200 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Top 200 ETF	$ 8	0.15 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 1,876,955,378
Number of Portfolio Holdings	201
Portfolio Turnover Rate	3 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	38.4	%
Financials	13.4
Communication Services	11.4
Consumer Discretionary	10.4
Health Care	8.9
Industrials	6.9
Consumer Staples	4.8
Energy	2.2
Materials	1.4
Utilities	1.3
Real Estate	0.9

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	8.9	%
Microsoft Corp.	7.8
Apple Inc.	7.6
Amazon.com, Inc.	4.3
Meta Platforms, Inc., Class A	3.3
Broadcom, Inc.	3.1
Alphabet, Inc., Class A	2.9
Tesla, Inc.	2.6
Alphabet, Inc., Class C, NVS	2.4
Berkshire Hathaway, Inc., Class B	1.9

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares Russell Top 200 ETF

Semi-Annual Shareholder Report — September 30, 2025

IWL-09/25-SAR

iShares Russell Top 200 Growth ETF

IWY | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell Top 200 Growth ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Top 200 Growth ETF	$ 12	0.20 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 16,049,329,053
Number of Portfolio Holdings	113
Portfolio Turnover Rate	14 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	57.7	%
Consumer Discretionary	11.6
Communication Services	10.5
Health Care	6.2
Financials	6.1
Industrials	4.6
Consumer Staples	2.6
Real Estate	0.4
Materials	0.3

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	14.8	%
Microsoft Corp.	13.0
Apple Inc.	12.6
Broadcom, Inc.	5.2
Amazon.com, Inc.	4.1
Tesla, Inc.	4.0
Meta Platforms, Inc., Class A	3.8
Alphabet, Inc., Class A	2.4
Eli Lilly & Co.	2.3
Visa, Inc., Class A	2.2

^(a)	Excludes money market funds.

Additional information

iShares Russell Top 200 Growth ETF

Semi-Annual Shareholder Report — September 30, 2025

IWY-09/25-SAR

iShares Russell Top 200 Value ETF

IWX | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell Top 200 Value ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Top 200 Value ETF	$ 10	0.20 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 2,843,823,681
Number of Portfolio Holdings	155
Portfolio Turnover Rate	18 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Financials	25.3	%
Health Care	13.7
Industrials	10.9
Information Technology	10.8
Communication Services	10.3
Consumer Staples	8.4
Consumer Discretionary	7.2
Energy	5.5
Utilities	3.2
Materials	3.0
Real Estate	1.7

Ten largest holdings

Security	Percent of Total Investments ^(a)
Berkshire Hathaway, Inc., Class B	4.7	%
JPMorgan Chase & Co.	4.5
Amazon.com, Inc.	3.0
Alphabet, Inc., Class A	2.6
Exxon Mobil Corp.	2.5
Johnson & Johnson	2.3
Alphabet, Inc., Class C, NVS	2.1
Walmart, Inc.	2.1
Procter & Gamble Co. (The)	1.8
Bank of America Corp.	1.6

^(a)	Excludes money market funds.

Additional information

iShares Russell Top 200 Value ETF

Semi-Annual Shareholder Report — September 30, 2025

IWX-09/25-SAR

iShares Russell 3000 ETF

IWV | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell 3000 ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell 3000 ETF	$ 11	0.20 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 17,126,146,546
Number of Portfolio Holdings	2,589
Portfolio Turnover Rate	2 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Information Technology	32.2	%
Financials	14.0
Consumer Discretionary	10.7
Communication Services	9.7
Industrials	9.5
Health Care	9.3
Consumer Staples	4.7
Energy	3.0
Real Estate	2.4
Utilities	2.3
Materials	2.2

Ten largest holdings

Security	Percent of Total Investments ^(a)
NVIDIA Corp.	6.8	%
Microsoft Corp.	6.0
Apple Inc.	5.8
Amazon.com, Inc.	3.3
Meta Platforms, Inc., Class A	2.5
Broadcom, Inc.	2.4
Alphabet, Inc., Class A	2.2
Tesla, Inc.	2.0
Alphabet, Inc., Class C, NVS	1.8
Berkshire Hathaway, Inc., Class B	1.5

^(a)	Excludes money market funds.

Additional information

iShares Russell 3000 ETF

Semi-Annual Shareholder Report — September 30, 2025

IWV-09/25-SAR

iShares Russell Mid-Cap Value ETF

IWS | NYSE Arca

Semi-Annual Shareholder Report — September 30, 2025

This semi-annual shareholder report contains important information about iShares Russell Mid-Cap Value ETF (the “Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports . You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737) .

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Russell Mid-Cap Value ETF	$ 12	0.23 % (a)

^(a)	Annualized.

Key Fund statistics

Net Assets	$ 14,106,401,838
Number of Portfolio Holdings	722
Portfolio Turnover Rate	13 %

What did the Fund invest in?

(as of September 30, 2025)

Sector allocation

Sector	Percent of Total Investments ^(a)
Industrials	17.4	%
Financials	17.1
Information Technology	9.9
Real Estate	9.3
Consumer Discretionary	8.7
Health Care	7.6
Utilities	7.3
Energy	6.7
Materials	6.6
Consumer Staples	5.9
Communication Services	3.5

Ten largest holdings

Security	Percent of Total Investments ^(a)
Robinhood Markets, Inc., Class A	1.0	%
Bank of New York Mellon Corp. (The)	0.8
Corning, Inc.	0.7
Coinbase Global, Inc., Class A	0.7
United Rentals, Inc.	0.6
Marathon Petroleum Corp.	0.6
Digital Realty Trust, Inc.	0.6
Cummins, Inc.	0.6
L3Harris Technologies, Inc.	0.6
Allstate Corp. (The)	0.6

^(a)	Excludes money market funds.

Additional information

iShares Russell Mid-Cap Value ETF

Semi-Annual Shareholder Report — September 30, 2025

IWS-09/25-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – 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.


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

•

iShares S&P 100 ETF | OEF | NYSE Arca

•

iShares S&P 500 Growth ETF | IVW | NYSE Arca

•

iShares S&P 500 Value ETF | IVE | NYSE Arca

•

iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		36
Additional Information		45
Board Review and Approval of Investment Advisory Contract		46
Glossary of Terms Used in these Financial Statements		53


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.2%
Boeing Co. (The) ^(a)		505,768	$	109,159,907
General Dynamics Corp.		169,405		57,767,105
General Electric Co.		709,286		213,367,415
Lockheed Martin Corp.		137,413		68,597,944
RTX Corp.		895,280		149,807,202

				598,699,573

Air Freight & Logistics — 0.3%
FedEx Corp.		145,168		34,232,066
United Parcel Service, Inc., Class B		493,690		41,237,926

				75,469,992

Automobiles — 3.2%
General Motors Co.		636,802		38,825,818
Tesla, Inc. ^(a)		1,876,873		834,682,961

				873,508,779

Banks — 4.2%
Bank of America Corp.		4,557,778		235,135,767
Citigroup, Inc.		1,231,278		124,974,717
JPMorgan Chase & Co.		1,839,151		580,123,400
U.S. Bancorp.		1,040,854		50,304,474
Wells Fargo & Co.		2,142,622		179,594,576

				1,170,132,934

Beverages — 1.1%
Coca-Cola Co. (The)		2,590,628		171,810,449
PepsiCo, Inc.		915,690		128,599,504

				300,409,953

Biotechnology — 1.7%
AbbVie, Inc.		1,181,557		273,577,708
Amgen, Inc.		359,890		101,560,958
Gilead Sciences, Inc.		829,892		92,118,012

				467,256,678

Broadline Retail — 5.2%
Amazon.com, Inc. ^(a)		6,491,188		1,425,270,149


Capital Markets — 2.0%
Bank of New York Mellon Corp. (The)		471,697		51,396,105
BlackRock, Inc. ^(b)		96,316		112,291,935
Charles Schwab Corp. (The)		1,141,271		108,957,143
Goldman Sachs Group, Inc. (The)		202,461		161,229,817
Morgan Stanley		811,443		128,986,979

				562,861,979

Chemicals — 0.5%
Linde PLC		313,647		148,982,325


Communications Equipment — 0.7%
Cisco Systems, Inc.		2,648,614		181,218,170


Consumer Finance — 0.8%
American Express Co.		363,028		120,583,380
Capital One Financial Corp.		427,710		90,922,592

				211,505,972

Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.		296,609		274,550,189
Target Corp.		304,679		27,329,706
Walmart, Inc.		2,935,723		302,555,612

				604,435,507


Security	Shares		Value


Diversified Telecommunication Services — 0.9%
AT&T Inc.		4,782,514	$	135,058,195
Verizon Communications, Inc.		2,820,072		123,942,165

				259,000,360

Electric Utilities — 0.9%
Duke Energy Corp.		520,101		64,362,499
NextEra Energy, Inc.		1,377,341		103,975,472
Southern Co. (The)		735,778		69,729,681

				238,067,652

Electrical Equipment — 0.2%
Emerson Electric Co.		376,410		49,377,464


Entertainment — 1.7%
Netflix, Inc. ^(a)		284,220		340,757,042
Walt Disney Co. (The)		1,202,555		137,692,548

				478,449,590

Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B ^(a)		1,226,483		616,602,063
Mastercard, Inc., Class A		552,141		314,063,322
PayPal Holdings, Inc. ^(a)		638,997		42,851,139
Visa, Inc., Class A		1,136,138		387,854,791

				1,361,371,315

Food Products — 0.2%
Mondelez International, Inc., Class A		864,279		53,991,509


Ground Transportation — 0.8%
Uber Technologies, Inc. ^(a)		1,394,831		136,651,593
Union Pacific Corp.		396,665		93,759,706

				230,411,299

Health Care Equipment & Supplies — 1.3%
Abbott Laboratories		1,164,084		155,917,411
Intuitive Surgical, Inc. ^(a)		239,770		107,232,337
Medtronic PLC		856,976		81,618,394

				344,768,142

Health Care Providers & Services — 1.0%
CVS Health Corp.		848,368		63,958,463
UnitedHealth Group, Inc.		605,756		209,167,547

				273,126,010

Hotels, Restaurants & Leisure — 1.2%
Booking Holdings, Inc.		21,674		117,023,778
McDonald’s Corp.		477,276		145,039,404
Starbucks Corp.		759,471		64,251,246

				326,314,428

Household Products — 1.0%
Colgate-Palmolive Co.		540,589		43,214,684
Procter & Gamble Co. (The)		1,566,698		240,723,148

				283,937,832

Industrial Conglomerates — 0.5%
3M Co.		356,238		55,281,013
Honeywell International, Inc.		424,663		89,391,561

				144,672,574

Insurance — 0.2%
American International Group, Inc.		370,547		29,102,762
MetLife, Inc.		373,641		30,776,809

				59,879,571

Interactive Media & Services — 10.1%
Alphabet, Inc., Class A		3,890,681		945,824,551


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Interactive Media & Services (continued)
Alphabet, Inc., Class C, NVS		3,123,367	$	760,696,033
Meta Platforms, Inc., Class A		1,450,717		1,065,377,550

				2,771,898,134

IT Services — 1.0%
Accenture PLC, Class A		416,603		102,734,300
International Business Machines Corp.		623,025		175,792,734

				278,527,034

Life Sciences Tools & Services — 0.8%
Danaher Corp.		426,263		84,510,902
Thermo Fisher Scientific, Inc. ^(a)		252,579		122,505,867

				207,016,769

Machinery — 0.8%
Caterpillar, Inc.		313,328		149,504,455
Deere & Co.		168,469		77,034,135

				226,538,590

Media — 0.3%
Comcast Corp., Class A		2,463,187		77,393,336


Oil, Gas & Consumable Fuels — 2.2%
Chevron Corp.		1,287,235		199,894,723
ConocoPhillips		835,359		79,016,608
Exxon Mobil Corp.		2,851,457		321,501,777

				600,413,108

Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		1,361,408		61,399,501
Eli Lilly & Co.		531,737		405,715,331
Johnson & Johnson		1,610,796		298,673,794
Merck & Co., Inc.		1,670,615		140,214,717
Pfizer, Inc.		3,802,766		96,894,478

				1,002,897,821

Retail REITs — 0.1%
Simon Property Group, Inc.		218,370		40,981,498


Semiconductors & Semiconductor Equipment — 16.7%
Advanced Micro Devices, Inc. ^(a)		1,085,438		175,613,014
Broadcom, Inc.		3,145,902		1,037,864,529
Intel Corp.		2,924,773		98,126,134
NVIDIA Corp.		16,319,838		3,044,955,374
QUALCOMM, Inc.		721,371		120,007,279
Texas Instruments, Inc.		608,057		111,718,313

				4,588,284,643

Software — 13.3%
Adobe, Inc. ^(a)		283,708		100,077,997


Security	Shares		Value


Software (continued)
Intuit, Inc.		186,582	$	127,418,713
Microsoft Corp.		4,971,641		2,575,061,456
Oracle Corp.		1,108,428		311,734,291
Palantir Technologies, Inc., Class A ^(a)		1,521,126		277,483,805
Salesforce, Inc.		639,403		151,538,511
ServiceNow, Inc. ^(a)		139,138		128,045,919

				3,671,360,692

Specialized REITs — 0.2%
American Tower Corp.		313,179		60,230,585


Specialty Retail — 1.3%
Home Depot, Inc. (The)		665,450		269,633,685
Lowe’s Cos., Inc.		374,828		94,198,025

				363,831,710

Technology Hardware, Storage & Peripherals — 9.2%
Apple Inc.		9,925,948		2,527,444,139


Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		793,104		55,303,142


Tobacco — 0.9%
Altria Group, Inc.		1,123,591		74,224,421
Philip Morris International, Inc.		1,041,115		168,868,853

				243,093,274

Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.		323,690		77,484,912


Total Long-Term Investments — 99.9% (Cost: $20,100,522,025)				27,515,819,144


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09%(b)(c)		23,735,612		23,735,612


Total Short-Term Securities — 0.1% (Cost: $23,735,612)				23,735,612


Total Investments — 100.0% (Cost: $20,124,257,637)				27,539,554,756

Other Assets Less Liabilities — 0.0%				4,932,942


Net Assets — 100.0%			$	27,544,487,698

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 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 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares ^(a)	$	18,533,961	$	—	$	(18,536,353	) ^(b)	$	2,392	$	—	$	—		—	$	16,857 ^(c	⁾	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,443,382		—		(707,770	) ^(b)		—		—		23,735,612		23,735,612		535,669			—
BlackRock, Inc.		68,546,921		25,736,064		—			600,736		17,408,214		112,291,935		96,316		835,653			—

								$	603,128	$	17,408,214	$	136,027,547			$	1,388,179		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

12/19/25

$ 21,564

245,971

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:


	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)	$	—	$	—	$	245,971	$	—	$	—	$	—	$	245,971

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, 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).

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	6,959,159		$	—	$	—	$	—	$	6,959,159


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(105,397	)	$	—	$	—	$	—	$	(105,397	)


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	24,696,594

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.


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	27,515,819,144	$	—	$	—	$	27,515,819,144
Short-Term Securities
Money Market Funds		23,735,612		—		—		23,735,612

	$	27,539,554,756	$	—	$	—	$	27,539,554,756

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	245,971	$	—	$	—	$	245,971

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Axon Enterprise, Inc. ^(a)(b)		165,701	$	118,913,666
General Electric Co.		917,650		276,047,473
Howmet Aerospace, Inc. ^(b)		850,840		166,960,333
RTX Corp.		1,610,317		269,454,344
TransDigm Group, Inc.		118,930		156,752,118

				988,127,934

Automobiles — 4.0%
Tesla, Inc. ^(a)		5,922,660		2,633,925,355


Banks — 1.6%
JPMorgan Chase & Co.		3,308,077		1,043,466,728


Beverages — 0.1%
Monster Beverage Corp. ^(a)(b)		658,827		44,345,645


Biotechnology — 1.1%
AbbVie, Inc.		1,565,961		362,582,610
Amgen, Inc.		488,591		137,880,380
Incyte Corp. ^(a)		205,092		17,393,852
Vertex Pharmaceuticals, Inc. ^(a)		541,129		211,927,762

				729,784,604

Broadline Retail — 4.1%
Amazon.com, Inc. ^(a)		11,880,569		2,608,616,536
eBay, Inc.		646,254		58,776,801

				2,667,393,337

Building Products — 0.5%
Allegion PLC		96,797		17,166,948
Builders FirstSource, Inc. ^(a)(b)		122,704		14,877,860
Carrier Global Corp.		810,443		48,383,447
Lennox International, Inc.		67,467		35,714,331
Masco Corp.		181,160		12,751,853
Trane Technologies PLC		469,642		198,170,138

				327,064,577

Capital Markets — 1.9%
Ameriprise Financial, Inc.		199,574		98,040,727
Bank of New York Mellon Corp. (The)		803,772		87,578,997
Coinbase Global, Inc., Class A ^(a)		233,909		78,941,948
FactSet Research Systems, Inc.		36,624		10,492,410
Interactive Brokers Group, Inc., Class A		929,682		63,971,418
Intercontinental Exchange, Inc.		628,231		105,844,359
KKR & Co., Inc., Class A		635,913		82,636,894
Moody’s Corp.		169,314		80,674,735
Morgan Stanley		1,152,261		183,163,409
MSCI, Inc., Class A		163,287		92,650,677
Nasdaq, Inc.		392,270		34,696,281
Raymond James Financial, Inc.		232,216		40,080,482
Robinhood Markets, Inc., Class A ^(a)(b)		1,094,782		156,750,887
S&P Global, Inc.		310,007		150,883,507

				1,266,406,731

Chemicals — 0.3%
Ecolab, Inc.		264,021		72,304,791
Sherwin-Williams Co. (The)		278,949		96,588,881

				168,893,672

Commercial Services & Supplies — 0.7%
Cintas Corp.		722,957		148,394,154
Copart, Inc. ^(a)(b)		1,872,771		84,218,512
Republic Services, Inc.		428,334		98,294,086
Rollins, Inc.		348,332		20,461,022


Security	Shares		Value

Commercial Services & Supplies (continued)
Veralto Corp.		253,869	$	27,064,974
Waste Management, Inc.		413,594		91,333,963

				469,766,711

Communications Equipment — 0.8%
Arista Networks, Inc. ^(a)(b)		2,175,267		316,958,154
F5, Inc. ^(a)		56,261		18,182,993
Motorola Solutions, Inc.		351,641		160,801,913

				495,943,060

Construction & Engineering — 0.3%
EMCOR Group, Inc.		94,495		61,378,282
Quanta Services, Inc. ^(b)		314,488		130,330,117

				191,708,399

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		66,189		41,717,603
Vulcan Materials Co.		172,890		53,184,422

				94,902,025

Consumer Finance — 0.7%
American Express Co.		1,145,607		380,524,821
Synchrony Financial		785,264		55,793,007

				436,317,828

Consumer Staples Distribution & Retail — 2.3%
Costco Wholesale Corp.		935,999		866,388,754
Walmart, Inc.		6,206,865		639,679,507

				1,506,068,261

Containers & Packaging — 0.0%
Packaging Corp. of America		95,274		20,763,063


Electric Utilities — 0.8%
Constellation Energy Corp. ^(b)		659,380		216,982,177
NextEra Energy, Inc.		2,912,058		219,831,258
NRG Energy, Inc.		408,269		66,119,164
PPL Corp.		811,642		30,160,617

				533,093,216

Electrical Equipment — 1.3%
AMETEK, Inc.		229,104		43,071,552
Eaton Corp. PLC		821,666		307,508,501
Emerson Electric Co.		807,739		105,959,202
GE Vernova, Inc.		574,549		353,290,180
Generac Holdings, Inc. ^(a)		77,598		12,989,905
Hubbell, Inc.		112,167		48,266,582

				871,085,922

Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		2,576,896		318,890,880
Trimble, Inc. ^(a)		220,954		18,040,894
Zebra Technologies Corp., Class A ^(a)		48,855		14,517,752

				351,449,526

Entertainment — 1.8%
Electronic Arts, Inc. ^(b)		190,124		38,348,011
Live Nation Entertainment, Inc. ^(a)(b)		332,883		54,393,082
Netflix, Inc. ^(a)		896,858		1,075,260,993
TKO Group Holdings, Inc., Class A		143,365		28,953,996

				1,196,956,082

Financial Services — 5.5%
Apollo Global Management, Inc.		971,203		129,432,224
Berkshire Hathaway, Inc., Class B ^(a)		1,896,438		953,415,240
Block, Inc., Class A ^(a)		429,185		31,017,200
Corpay, Inc. ^(a)		149,028		42,929,006
Fiserv, Inc. ^(a)		1,147,311		147,922,807
Jack Henry & Associates, Inc.		62,341		9,284,445


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financial Services (continued)
Mastercard, Inc., Class A		1,742,288	$	991,030,837
PayPal Holdings, Inc. ^(a)		1,350,996		90,597,792
Visa, Inc., Class A		3,585,233		1,223,926,842

				3,619,556,393

Ground Transportation — 0.8%
CSX Corp.		1,809,981		64,272,425
Old Dominion Freight Line, Inc.		179,575		25,280,568
Uber Technologies, Inc. ^(a)(b)		4,401,481		431,213,094

				520,766,087

Health Care Equipment & Supplies — 1.4%
Boston Scientific Corp. ^(a)		3,127,389		305,326,988
Dexcom, Inc. ^(a)		359,096		24,163,570
Insulet Corp. ^(a)		148,560		45,864,929
Intuitive Surgical, Inc. ^(a)		756,615		338,380,927
ResMed, Inc.		309,033		84,591,603
Stryker Corp.		384,899		142,285,613

				940,613,630

Health Care Providers & Services — 0.1%
DaVita, Inc. ^(a)		75,449		10,024,909
HCA Healthcare, Inc.		203,956		86,926,047

				96,950,956

Health Care REITs — 0.2%
Welltower, Inc.		762,290		135,794,341


Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		850,198		14,470,370


Hotels, Restaurants & Leisure — 2.3%
Airbnb, Inc., Class A ^(a)		905,619		109,960,259
Booking Holdings, Inc.		68,414		369,385,658
Carnival Corp. ^(a)(b)		2,291,479		66,246,658
Chipotle Mexican Grill, Inc. ^(a)		2,830,089		110,911,188
Darden Restaurants, Inc.		106,795		20,329,496
Domino’s Pizza, Inc.		27,672		11,946,279
DoorDash, Inc., Class A ^(a)		781,293		212,503,883
Expedia Group, Inc.		249,450		53,319,938
Hilton Worldwide Holdings, Inc.		496,387		128,782,643
Las Vegas Sands Corp.		651,931		35,067,369
Marriott International, Inc., Class A		475,529		123,846,773
Norwegian Cruise Line Holdings Ltd. ^(a)(b)		954,000		23,497,020
Royal Caribbean Cruises Ltd.		532,699		172,370,742
Wynn Resorts Ltd.		178,198		22,857,457
Yum! Brands, Inc.		240,167		36,505,384

				1,497,530,747

Household Durables — 0.3%
Garmin Ltd.		345,333		85,027,891
NVR, Inc. ^(a)		3,828		30,756,679
PulteGroup, Inc.		416,422		55,021,839

				170,806,409

Household Products — 0.1%
Colgate-Palmolive Co.		750,561		59,999,846


Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.		672,186		131,694,681


Insurance — 1.3%
Aon PLC, Class A		232,110		82,765,784
Arch Capital Group Ltd.		784,492		71,176,959
Arthur J. Gallagher & Co.		243,495		75,420,141
Brown & Brown, Inc.		618,402		57,999,923
Cincinnati Financial Corp.		174,927		27,655,959
Erie Indemnity Co., Class A, NVS		53,307		16,960,155


Security	Shares		Value

Insurance (continued)
Hartford Insurance Group, Inc. (The)		326,390	$	43,537,162
Marsh & McLennan Cos., Inc.		456,551		92,008,723
Progressive Corp. (The)		1,237,266		305,542,839
W R Berkley Corp.		350,108		26,825,275
Willis Towers Watson PLC		98,828		34,140,133

				834,033,053

Interactive Media & Services — 13.3%
Alphabet, Inc., Class A		12,277,382		2,984,631,564
Alphabet, Inc., Class C, NVS		9,856,082		2,400,448,771
Meta Platforms, Inc., Class A		4,577,813		3,361,854,311

				8,746,934,646

IT Services — 1.0%
Gartner, Inc. ^(a)(b)		159,838		42,016,615
GoDaddy, Inc., Class A ^(a)		292,202		39,982,000
International Business Machines Corp.		1,966,078		554,748,568

				636,747,183

Life Sciences Tools & Services — 0.1%
Mettler-Toledo International, Inc. ^(a)		17,813		21,867,417
Waters Corp. ^(a)		58,472		17,530,490

				39,397,907

Machinery — 1.8%
Caterpillar, Inc.		988,763		471,788,265
Cummins, Inc.		290,802		122,826,041
Deere & Co.		233,915		106,959,973
Dover Corp.		130,245		21,728,773
Illinois Tool Works, Inc.		229,549		59,857,197
Ingersoll Rand, Inc. ^(b)		763,343		63,067,399
PACCAR, Inc.		609,552		59,931,153
Parker-Hannifin Corp.		269,681		204,458,650
Pentair PLC		226,960		25,138,090
Westinghouse Air Brake Technologies Corp.		360,815		72,332,583

				1,208,088,124

Media — 0.1%
Trade Desk, Inc. (The), Class A ^(a)(b)		940,632		46,100,374


Multi-Utilities — 0.1%
Public Service Enterprise Group, Inc.		495,091		41,320,295


Oil, Gas & Consumable Fuels — 0.4%
ONEOK, Inc.		744,682		54,339,446
Targa Resources Corp.		454,175		76,092,479
Texas Pacific Land Corp. ^(b)		40,214		37,545,399
Williams Cos., Inc. (The)		1,340,257		84,905,281

				252,882,605

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		1,368,969		77,688,991
United Airlines Holdings, Inc. ^(a)(b)		683,258		65,934,397

				143,623,388

Pharmaceuticals — 1.9%
Eli Lilly & Co.		1,677,898		1,280,236,174


Professional Services — 0.5%
Automatic Data Processing, Inc.		487,276		143,015,506
Broadridge Financial Solutions, Inc.		109,983		26,194,651
Dayforce, Inc. ^(a)(b)		337,047		23,219,168
Leidos Holdings, Inc.		140,805		26,606,513
Paychex, Inc.		321,819		40,793,776
Paycom Software, Inc. ^(b)		104,247		21,697,971
Verisk Analytics, Inc.		129,746		32,632,416

				314,160,001


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A ^(a)		618,605	$	97,467,404


Residential REITs — 0.1%
AvalonBay Communities, Inc.		132,069		25,511,769
Camden Property Trust		116,261		12,414,349
Essex Property Trust, Inc.		65,967		17,656,727
Mid-America Apartment Communities, Inc.		102,542		14,328,194
UDR, Inc.		288,974		10,767,171

				80,678,210

Retail REITs — 0.2%
Simon Property Group, Inc.		689,098		129,323,022


Semiconductors & Semiconductor Equipment — 20.5%
Applied Materials, Inc.		711,381		145,648,146
Broadcom, Inc.		9,927,178		3,275,075,294
First Solar, Inc. ^(a)		119,970		26,456,984
KLA Corp.		278,503		300,393,336
Monolithic Power Systems, Inc.		101,090		93,067,497
NVIDIA Corp.		51,498,780		9,608,642,372
NXP Semiconductors NV		212,831		48,468,004

				13,497,751,633

Software — 14.0%
Adobe, Inc. ^(a)		376,048		132,650,932
AppLovin Corp., Class A ^(a)(b)		571,553		410,683,693
Autodesk, Inc. ^(a)		451,682		143,485,821
Cadence Design Systems, Inc. ^(a)		316,316		111,109,158
Crowdstrike Holdings, Inc., Class A ^(a)		526,070		257,974,207
Datadog, Inc., Class A ^(a)(b)		680,614		96,919,434
Fair Isaac Corp. ^(a)		50,651		75,800,741
Fortinet, Inc. ^(a)		1,374,704		115,585,112
Gen Digital, Inc.		672,394		19,089,266
Intuit, Inc.		588,745		402,059,848
Microsoft Corp.		8,158,010		4,225,441,279
Oracle Corp.		3,497,729		983,701,304
Palantir Technologies, Inc., Class A ^(a)		4,800,160		875,645,187
Palo Alto Networks, Inc. ^(a)		1,412,308		287,574,155
PTC, Inc. ^(a)(b)		118,830		24,124,867
Salesforce, Inc.		2,017,736		478,203,432
ServiceNow, Inc. ^(a)		439,016		404,017,644
Synopsys, Inc. ^(a)		203,077		100,196,161
Tyler Technologies, Inc. ^(a)(b)		91,322		47,776,017
Workday, Inc., Class A ^(a)		214,258		51,578,328

				9,243,616,586

Specialized REITs — 0.4%
Equinix, Inc.		97,077		76,034,589
Extra Space Storage, Inc.		201,607		28,414,491
Iron Mountain, Inc.		623,367		63,546,032
Public Storage		333,267		96,264,173

				264,259,285

Specialty Retail — 1.5%
AutoZone, Inc. ^(a)		35,316		151,514,116
Home Depot, Inc. (The)		923,947		374,374,085
O’Reilly Automotive, Inc. ^(a)		1,790,845		193,071,000


Security	Shares		Value

Specialty Retail (continued)
TJX Cos., Inc. (The)		1,389,239	$	200,800,605
Tractor Supply Co.		604,012		34,350,162
Williams-Sonoma, Inc.		259,594		50,737,647

				1,004,847,615

Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc. ^(b)		14,408,192		3,668,757,929
Dell Technologies, Inc., Class C		301,154		42,694,603
NetApp, Inc		198,499		23,514,191
Super Micro Computer, Inc. ^(a)(b)		1,058,099		50,725,266

				3,785,691,989

Textiles, Apparel & Luxury Goods — 0.2%
Deckers Outdoor Corp. ^(a)		313,082		31,737,122
Lululemon Athletica, Inc. ^(a)		105,874		18,838,161
Ralph Lauren Corp., Class A		81,679		25,611,267
Tapestry, Inc.		439,275		49,734,716

				125,921,266

Tobacco — 0.6%
Altria Group, Inc.		1,630,954		107,740,821
Philip Morris International, Inc.		1,774,078		287,755,452

				395,496,273

Trading Companies & Distributors — 0.4%
Fastenal Co.		1,380,647		67,706,929
United Rentals, Inc.		135,811		129,653,329
WW Grainger, Inc.		92,862		88,493,772

				285,854,030

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		539,611		129,172,081


Total Long-Term Investments — 100.0% (Cost: $40,522,022,478)				65,809,249,280


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		438,682,714		438,902,056
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c ^)(d)		38,413,707		38,413,707


Total Short-Term Securities — 0.7% (Cost: $477,290,682)				477,315,763


Total Investments — 100.7% (Cost: $40,999,313,160)				66,286,565,043

Liabilities in Excess of Other Assets — (0.7)%				(436,159,507	)


Net Assets — 100.0%			$	65,850,405,536

^(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.


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Growth ETF

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	219,824,633	$	219,141,588	^(a)	$	—		$	(47,142	)	$	(17,023	)	$	438,902,056		438,682,714	$	213,911 ^(b	⁾	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,598,005		—			(32,184,298	) ^(a)		—			—			38,413,707		38,413,707		1,304,697			—

									$	(47,142	)	$	(17,023	)	$	477,315,763			$	1,518,608		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 1000 Growth E-Mini Index

112

12/19/25

$26,658

149,015

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:


	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)	$	—	$	—	$	149,015	$	—	$	—	$	—	$	149,015

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	18,435,872	$	—	$	—	$	—	$	18,435,872


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	1,419,760	$	—	$	—	$	—	$	1,419,760


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	39,662,540

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



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	65,809,249,280	$	—	$	—	$	65,809,249,280
Short-Term Securities
Money Market Funds		477,315,763		—		—		477,315,763

	$	66,286,565,043	$	—	$	—	$	66,286,565,043

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	149,015	$	—	$	—	$	149,015

^(a)	Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Boeing Co. (The) ^(a)		1,216,704	$	262,601,224
General Dynamics Corp.		405,219		138,179,679
General Electric Co.		1,006,724		302,842,714
Huntington Ingalls Industries, Inc.		62,893		18,107,524
L3Harris Technologies, Inc.		300,714		91,841,063
Lockheed Martin Corp.		330,578		165,027,843
Northrop Grumman Corp.		216,563		131,956,167
RTX Corp.		924,065		154,623,796
Textron, Inc.		286,742		24,226,832


			1,289,406,842

Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		190,164		25,177,714
Expeditors International of Washington, Inc.		218,380		26,771,204
FedEx Corp.		349,213		82,347,917
United Parcel Service, Inc., Class B		1,180,255		98,586,700


			232,883,535

Automobile Components — 0.1%
Aptiv PLC ^(a)(b)		350,696		30,237,009


Automobiles — 0.4%
Ford Motor Co.		6,282,614		75,140,063
General Motors Co.		1,531,951		93,403,053


			168,543,116

Banks — 6.0%
Bank of America Corp.		10,964,766		565,672,278
Citigroup, Inc.		2,962,115		300,654,672
Citizens Financial Group, Inc.		694,032		36,894,741
Fifth Third Bancorp		1,065,012		47,446,285
Huntington Bancshares, Inc.		2,340,798		40,425,581
JPMorgan Chase & Co.		1,902,541		600,118,508
KeyCorp		1,499,707		28,029,524
M&T Bank Corp.		251,448		49,691,154
PNC Financial Services Group, Inc. (The)		633,657		127,320,701
Regions Financial Corp.		1,435,274		37,848,175
Truist Financial Corp.		2,074,782		94,859,033
U.S. Bancorp		2,506,204		121,124,839
Wells Fargo & Co.		5,154,524		432,052,202


			2,482,137,693

Beverages — 2.1%
Brown-Forman Corp., Class B, NVS		283,346		7,673,010
Coca-Cola Co. (The)		6,230,979		413,238,527
Constellation Brands, Inc., Class A		229,733		30,938,143
Keurig Dr. Pepper, Inc.		2,180,836		55,633,127
Molson Coors Beverage Co., Class B		275,767		12,478,457
Monster Beverage Corp. ^(a)		642,278		43,231,732
PepsiCo, Inc.		2,205,489		309,738,875


			872,931,871

Biotechnology — 2.1%
AbbVie, Inc.		1,648,009		381,580,004
Amgen, Inc.		493,015		139,128,833
Biogen, Inc. ^(a)		234,523		32,851,982
Gilead Sciences, Inc.		1,996,533		221,615,163
Incyte Corp. ^(a)		103,685		8,793,525
Moderna, Inc. ^(a)		544,051		14,052,837
Regeneron Pharmaceuticals, Inc.		163,911		92,162,238


			890,184,582


Security	Shares		Value

Broadline Retail — 3.5%
Amazon.com, Inc. ^(a)		6,558,736	$	1,440,101,663
eBay, Inc.		242,268		22,034,275


			1,462,135,938

Building Products — 0.5%
A. O. Smith Corp.		184,947		13,576,959
Allegion PLC		64,387		11,419,034
Builders FirstSource, Inc. ^(a)(b)		85,413		10,356,326
Carrier Global Corp.		667,594		39,855,362
Johnson Controls International PLC		1,052,941		115,770,863
Masco Corp.		200,486		14,112,210


			205,090,754

Capital Markets — 5.4%
Bank of New York Mellon Corp. (The)		521,999		56,877,011
BlackRock, Inc. ^(c)		231,730		270,167,055
Blackstone, Inc., Class A, NVS		1,186,030		202,633,226
Cboe Global Markets, Inc.		168,548		41,336,397
Charles Schwab Corp. (The)		2,747,370		262,291,414
CME Group, Inc., Class A		579,656		156,617,255
Coinbase Global, Inc., Class A ^(a)(b)		185,588		62,634,094
FactSet Research Systems, Inc.		33,460		9,585,955
Franklin Resources, Inc.		495,931		11,470,884
Goldman Sachs Group, Inc. (The)		487,092		387,895,714
Intercontinental Exchange, Inc.		442,543		74,559,645
Invesco Ltd.		719,581		16,507,188
KKR & Co., Inc., Class A		618,164		80,330,412
Moody’s Corp.		119,231		56,811,187
Morgan Stanley		1,073,672		170,670,901
Nasdaq, Inc.		430,341		38,063,661
Northern Trust Corp.		307,707		41,417,362
Raymond James Financial, Inc.		108,500		18,727,100
Robinhood Markets, Inc., Class A ^(a)		410,964		58,841,826
S&P Global, Inc.		266,500		129,708,215
State Street Corp.		458,741		53,218,543
T Rowe Price Group, Inc.		353,225		36,255,014


			2,236,620,059

Chemicals — 2.1%
Air Products & Chemicals, Inc.		357,983		97,629,124
Albemarle Corp.		189,145		15,335,877
CF Industries Holdings, Inc.		260,958		23,407,933
Corteva, Inc.		1,097,327		74,212,225
Dow, Inc.		1,138,491		26,105,599
DuPont de Nemours, Inc.		673,193		52,441,735
Eastman Chemical Co.		185,821		11,716,014
Ecolab, Inc.		209,472		57,366,002
International Flavors & Fragrances, Inc.		410,788		25,279,893
Linde PLC		754,502		358,388,450
LyondellBasell Industries NV, Class A		412,764		20,241,946
Mosaic Co. (The)		511,743		17,747,247
PPG Industries, Inc.		365,603		38,428,531
Sherwin-Williams Co. (The)		159,467		55,217,043


			873,517,619

Commercial Services & Supplies — 0.2%
Rollins, Inc.		187,000		10,984,380
Veralto Corp.		207,372		22,107,929
Waste Management, Inc.		280,275		61,893,128


			94,985,437

Communications Equipment — 1.1%
Cisco Systems, Inc.		6,371,871		435,963,414
F5, Inc. ^(a)		49,406		15,967,525


			451,930,939


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		46,567	$	29,350,249
Vulcan Materials Co.		80,696		24,823,703


			54,173,952

Consumer Finance — 0.5%
Capital One Financial Corp.		1,028,885		218,720,373


Consumer Staples Distribution & Retail — 1.2%
Dollar General Corp.		352,731		36,454,749
Dollar Tree, Inc. ^(a)(b)		312,301		29,471,845
Kroger Co. (The)		978,734		65,976,459
Sysco Corp.		768,321		63,263,551
Target Corp.		730,875		65,559,488
Walmart, Inc.		2,330,634		240,195,140


			500,921,232

Containers & Packaging — 0.4%
Amcor PLC		3,694,806		30,223,513
Avery Dennison Corp.		125,910		20,418,825
Ball Corp.		437,907		22,079,271
International Paper Co.		850,240		39,451,136
Packaging Corp. of America		71,817		15,651,079
Smurfit WestRock PLC		840,129		35,764,291


			163,588,115

Distributors — 0.1%
Genuine Parts Co.		223,137		30,926,788
LKQ Corp.		409,566		12,508,146
Pool Corp.		52,842		16,384,719


			59,819,653

Diversified Telecommunication Services — 1.5%
AT&T Inc.		11,505,398		324,912,440
Verizon Communications, Inc.		6,781,753		298,058,044


			622,970,484

Electric Utilities — 2.4%
Alliant Energy Corp.		411,122		27,713,734
American Electric Power Co., Inc.		859,296		96,670,800
Duke Energy Corp.		1,250,272		154,721,160
Edison International		616,722		34,092,392
Entergy Corp.		717,968		66,907,438
Evergy, Inc.		369,959		28,124,283
Eversource Energy		597,144		42,480,824
Exelon Corp.		1,623,918		73,092,549
FirstEnergy Corp.		836,169		38,313,263
NextEra Energy, Inc.		1,092,781		82,494,038
PG&E Corp.		3,529,333		53,222,342
Pinnacle West Capital Corp.		192,313		17,242,784
PPL Corp.		567,358		21,083,023
Southern Co. (The)		1,767,909		167,544,736
Xcel Energy, Inc.		951,644		76,750,089


			980,453,455

Electrical Equipment — 0.3%
AMETEK, Inc.		197,100		37,054,800
Emerson Electric Co.		289,528		37,980,283
Generac Holdings, Inc. ^(a)		36,321		6,080,136
Rockwell Automation, Inc.		181,038		63,278,212


			144,393,431

Electronic Equipment, Instruments & Components — 1.0%
CDW Corp.		210,530		33,533,218
Corning, Inc.		1,254,303		102,890,475
Jabil, Inc.		171,722		37,292,867
Keysight Technologies, Inc. ^(a)		277,315		48,507,940
TE Connectivity PLC		475,443		104,374,002


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies, Inc. ^(a)(b)		75,479	$	44,233,713
Trimble, Inc. ^(a)		215,191		17,570,345
Zebra Technologies Corp., Class A ^(a)		44,856		13,329,409


			401,731,969

Energy Equipment & Services — 0.5%
Baker Hughes Co., Class A		1,593,693		77,644,723
Halliburton Co.		1,371,892		33,748,543
Schlumberger NV		2,400,645		82,510,169


			193,903,435

Entertainment — 1.3%
Electronic Arts, Inc.		217,401		43,849,782
Take-Two Interactive Software, Inc. ^(a)		279,014		72,086,057
Walt Disney Co. (The)		2,891,814		331,112,703
Warner Bros Discovery, Inc., Class A ^(a)		3,983,663		77,800,938


			524,849,480

Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B ^(a)		1,504,346		756,294,908
Block, Inc., Class A ^(a)		557,106		40,262,051
Fidelity National Information Services, Inc.		845,137		55,728,334
Global Payments, Inc.		392,312		32,593,281
Jack Henry & Associates, Inc.		69,629		10,369,847
PayPal Holdings, Inc. ^(a)(b)		507,292		34,019,001


			929,267,422

Food Products — 1.1%
Archer-Daniels-Midland Co.		772,838		46,169,342
Bunge Global SA		225,336		18,308,550
Campbell’s Co. (The)		316,115		9,982,912
Conagra Brands, Inc.		766,713		14,038,515
General Mills, Inc.		860,341		43,378,393
Hershey Co. (The)		238,357		44,584,677
Hormel Foods Corp.		468,148		11,581,982
J M Smucker Co. (The)		170,811		18,550,075
Kellanova		431,071		35,356,443
Kraft Heinz Co. (The)		1,371,230		35,706,829
Lamb Weston Holdings, Inc.		228,047		13,244,970
McCormick & Co., Inc., NVS		405,533		27,134,213
Mondelez International, Inc., Class A		2,082,804		130,112,766
Tyson Foods, Inc., Class A		457,964		24,867,445


			473,017,112

Gas Utilities — 0.1%
Atmos Energy Corp.		258,292		44,103,359


Ground Transportation — 1.0%
CSX Corp.		1,619,855		57,521,051
JB Hunt Transport Services, Inc.		123,051		16,509,753
Norfolk Southern Corp.		361,002		108,448,611
Old Dominion Freight Line, Inc.		161,916		22,794,534
Union Pacific Corp.		954,238		225,553,236


			430,827,185

Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		2,798,662		374,852,788
Align Technology, Inc. ^(a)		109,739		13,741,518
Baxter International, Inc.		818,758		18,643,120
Becton Dickinson & Co.		460,695		86,228,283
Cooper Cos., Inc. (The) ^(a)		320,271		21,957,780
Dexcom, Inc. ^(a)		360,380		24,249,970
Edwards Lifesciences Corp. ^(a)		942,755		73,318,056
GE HealthCare Technologies, Inc. ^(b)		736,540		55,314,154
Hologic, Inc. ^(a)		356,943		24,090,083
IDEXX Laboratories, Inc. ^(a)		128,732		82,245,587


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Medtronic PLC		2,063,073	$	196,487,073
Solventum Corp. ^(a)		237,072		17,306,256
STERIS PLC		158,467		39,211,074
Stryker Corp.		260,033		96,126,399
Zimmer Biomet Holdings, Inc.		317,495		31,273,258


			1,155,045,399

Health Care Providers & Services — 3.5%
Cardinal Health, Inc.		383,931		60,261,810
Cencora, Inc.		311,963		97,497,796
Centene Corp. ^(a)		750,747		26,786,653
Cigna Group (The)		429,717		123,865,925
CVS Health Corp.		2,040,812		153,856,817
Elevance Health, Inc.		363,434		117,432,794
HCA Healthcare, Inc. ^(b)		108,056		46,053,467
Henry Schein, Inc. ^(a)		165,859		11,008,062
Humana, Inc.		194,143		50,510,184
Labcorp Holdings, Inc.		134,209		38,526,035
McKesson Corp.		200,137		154,613,838
Molina Healthcare, Inc. ^(a)		87,308		16,707,259
Quest Diagnostics, Inc.		179,789		34,264,188
UnitedHealth Group, Inc.		1,457,280		503,198,784
Universal Health Services, Inc., Class B		90,736		18,550,068


			1,453,133,680

Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc.		246,636		20,554,644
Healthpeak Properties, Inc.		1,110,326		21,262,743
Ventas, Inc.		726,863		50,873,141
Welltower, Inc.		495,039		88,186,248


			180,876,776

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		380,679		6,479,157


Hotels, Restaurants & Leisure — 1.4%
Darden Restaurants, Inc.		106,802		20,330,829
Domino’s Pizza, Inc.		29,150		12,584,347
McDonald’s Corp.		1,148,233		348,936,526
MGM Resorts International ^(a)(b)		333,133		11,546,390
Starbucks Corp.		1,827,982		154,647,277
Yum! Brands, Inc.		263,641		40,073,432


			588,118,801

Household Durables — 0.4%
DR Horton, Inc.		445,278		75,461,262
Lennar Corp., Class A		366,222		46,158,621
Mohawk Industries, Inc. ^(a)		82,275		10,606,893
NVR, Inc. ^(a)		1,724		13,851,754


			146,078,530

Household Products — 1.8%
Church & Dwight Co., Inc.		391,981		34,349,295
Clorox Co. (The)		196,747		24,258,905
Colgate-Palmolive Co.		728,776		58,258,354
Kimberly-Clark Corp.		533,751		66,366,599
Procter & Gamble Co. (The)		3,771,372		579,471,308


			762,704,461

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		1,142,084		15,029,825


Industrial Conglomerates — 0.8%
3M Co.		857,034		132,994,536
Honeywell International, Inc.		1,021,585		215,043,643


			348,038,179


Security	Shares		Value

Industrial REITs — 0.4%
Prologis, Inc.		1,492,635	$	170,936,560


Insurance — 2.6%
Aflac, Inc.		774,514		86,513,214
Allstate Corp. (The)		423,995		91,010,527
American International Group, Inc.		891,422		70,012,284
Aon PLC, Class A		170,086		60,649,266
Arthur J. Gallagher & Co.		226,575		70,179,340
Assurant, Inc.		80,780		17,496,948
Chubb Ltd.		596,607		168,392,326
Cincinnati Financial Corp.		117,627		18,596,829
Everest Group Ltd.		68,002		23,816,340
Globe Life, Inc.		130,343		18,635,139
Hartford Insurance Group, Inc. (The)		203,436		27,136,328
Loews Corp.		273,681		27,474,836
Marsh & McLennan Cos., Inc.		443,852		89,449,493
MetLife, Inc.		898,860		74,039,098
Principal Financial Group, Inc.		326,185		27,043,998
Prudential Financial, Inc.		568,461		58,972,144
Travelers Cos., Inc. (The)		362,251		101,147,724
W R Berkley Corp.		216,479		16,586,621
Willis Towers Watson PLC		81,622		28,196,320


			1,075,348,775

Interactive Media & Services — 0.0%
Match Group, Inc.		387,173		13,674,950


IT Services — 0.9%
Accenture PLC, Class A		1,002,208		247,144,493
Akamai Technologies, Inc. ^(a)		230,717		17,479,120
Cognizant Technology Solutions Corp., Class A		785,863		52,707,831
EPAM Systems, Inc. ^(a)		90,663		13,671,074
VeriSign, Inc.		135,348		37,839,240


			368,841,758

Leisure Products — 0.0%
Hasbro, Inc.		210,143		15,939,347


Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		458,606		58,862,080
Bio-Techne Corp.		250,886		13,956,788
Charles River Laboratories International, Inc. ^(a)		79,119		12,378,959
Danaher Corp.		1,024,580		203,133,231
IQVIA Holdings, Inc. ^(a)(b)		273,537		51,955,618
Mettler-Toledo International, Inc. ^(a)		19,639		24,109,033
Revvity, Inc.		186,770		16,370,390
Thermo Fisher Scientific, Inc. ^(a)		607,226		294,516,755
Waters Corp. ^(a)(b)		51,650		15,485,186
West Pharmaceutical Services, Inc.		115,570		30,317,478


			721,085,518

Machinery — 1.1%
Deere & Co.		227,373		103,968,578
Dover Corp.		120,969		20,181,258
Fortive Corp.		544,116		26,656,243
IDEX Corp.		121,798		19,823,843
Illinois Tool Works, Inc.		251,831		65,667,452
Nordson Corp.		86,674		19,670,664
Otis Worldwide Corp.		634,868		58,045,981
PACCAR, Inc.		379,363		37,298,970
Pentair PLC		91,921		10,181,170
Snap-on, Inc.		83,896		29,072,481
Stanley Black & Decker, Inc.		247,574		18,402,175
Xylem, Inc.		390,899		57,657,603


			466,626,418


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media — 0.8%
Charter Communications, Inc., Class A ^(a)(b)		149,452	$	41,114,992
Comcast Corp., Class A		5,925,788		186,188,259
Fox Corp., Class A, NVS		337,827		21,303,371
Fox Corp., Class B		238,744		13,677,644
Interpublic Group of Cos., Inc. (The)		589,119		16,442,311
News Corp., Class A, NVS		605,732		18,602,030
News Corp., Class B ^(b)		200,166		6,915,735
Omnicom Group, Inc.		312,723		25,496,306
Paramount Skydance Corp., Class B, NVS ^(b)		495,254		9,370,206


			339,110,854

Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		2,310,240		90,607,613
Newmont Corp.		1,767,475		149,015,817
Nucor Corp.		369,339		50,019,581
Steel Dynamics, Inc.		222,368		31,004,770


			320,647,781

Multi-Utilities — 1.3%
Ameren Corp.		435,325		45,439,223
CenterPoint Energy, Inc.		1,046,656		40,610,253
CMS Energy Corp.		478,814		35,077,914
Consolidated Edison, Inc.		579,560		58,257,371
Dominion Energy, Inc.		1,371,775		83,911,477
DTE Energy Co.		334,237		47,271,139
NiSource, Inc.		756,437		32,753,722
Public Service Enterprise Group, Inc.		423,432		35,339,635
Sempra		1,049,069		94,395,228
WEC Energy Group, Inc.		517,903		59,346,505


			532,402,467

Office REITs — 0.0%
BXP, Inc.		233,131		17,330,959


Oil, Gas & Consumable Fuels — 5.4%
APA Corp.		581,061		14,108,161
Chevron Corp.		3,096,719		480,889,494
ConocoPhillips		2,009,625		190,090,429
Coterra Energy, Inc.		1,229,302		29,072,992
Devon Energy Corp.		1,021,429		35,811,301
Diamondback Energy, Inc.		300,305		42,973,646
EOG Resources, Inc.		877,937		98,434,296
EQT Corp.		1,004,149		54,655,830
Expand Energy Corp.		383,190		40,710,106
Exxon Mobil Corp.		6,859,815		773,444,141
Kinder Morgan, Inc.		3,146,398		89,074,527
Marathon Petroleum Corp.		489,187		94,285,902
Occidental Petroleum Corp.		1,156,338		54,636,971
ONEOK, Inc.		442,671		32,301,703
Phillips 66.		650,259		88,448,229
Valero Energy Corp.		499,855		85,105,312
Williams Cos., Inc. (The)		943,969		59,800,436


			2,263,843,476

Passenger Airlines — 0.1%
Southwest Airlines Co.		845,060		26,965,865


Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		375,074		33,051,521
Kenvue, Inc.		3,092,247		50,187,169


			83,238,690

Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.		3,273,583		147,638,593
Johnson & Johnson		3,875,161		718,532,353
Merck & Co., Inc.		4,019,078		337,321,217


Security	Shares		Value

Pharmaceuticals (continued)
Pfizer, Inc.		9,145,340	$	233,023,263
Viatris, Inc.		1,885,308		18,664,549
Zoetis, Inc., Class A		713,112		104,342,548


			1,559,522,523

Professional Services — 0.7%
Automatic Data Processing, Inc.		281,084		82,498,154
Broadridge Financial Solutions, Inc.		105,087		25,028,571
Equifax, Inc.		200,052		51,319,339
Jacobs Solutions, Inc.		191,843		28,749,592
Leidos Holdings, Inc. ^(b)		99,506		18,802,654
Paychex, Inc.		273,655		34,688,508
Verisk Analytics, Inc.		125,841		31,650,270


			272,737,088

Real Estate Management & Development — 0.1%
CoStar Group, Inc. ^(a)		677,821		57,187,758


Residential REITs — 0.3%
AvalonBay Communities, Inc.		127,732		24,673,991
Camden Property Trust		84,520		9,025,046
Equity Residential		559,195		36,196,692
Essex Property Trust, Inc.		53,849		14,413,223
Invitation Homes, Inc.		905,389		26,555,059
Mid-America Apartment Communities, Inc.		111,582		15,591,353
UDR, Inc.		266,250		9,920,475


			136,375,839

Retail REITs — 0.4%
Federal Realty Investment Trust		124,171		12,579,764
Kimco Realty Corp.		1,082,642		23,655,728
Realty Income Corp.		1,471,173		89,432,607
Regency Centers Corp.		260,997		19,026,681


			144,694,780

Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc. ^(a)		2,611,255		422,474,946
Analog Devices, Inc.		797,811		196,022,163
Applied Materials, Inc.		748,938		153,337,566
First Solar, Inc. ^(a)		80,979		17,858,299
Intel Corp.		7,042,853		236,287,718
Lam Research Corp.		2,036,459		272,681,860
Microchip Technology, Inc.		865,122		55,558,135
Micron Technology, Inc.		1,800,735		301,298,980
NXP Semiconductors NV ^(b)		243,450		55,440,869
ON Semiconductor Corp. ^(a)		658,062		32,449,037
QUALCOMM, Inc.		1,735,414		288,703,473
Skyworks Solutions, Inc.		238,467		18,357,190
Teradyne, Inc.		255,963		35,230,747
Texas Instruments, Inc.		1,461,350		268,493,836


			2,354,194,819

Software — 8.2%
Adobe, Inc. ^(a)		395,886		139,648,786
Cadence Design Systems, Inc. ^(a)		197,645		69,424,783
Gen Digital, Inc.		369,315		10,484,853
Microsoft Corp.		5,740,993		2,973,547,324
PTC, Inc. ^(a)		101,372		20,580,543
Roper Technologies, Inc.		172,948		86,247,438
Synopsys, Inc. ^(a)		142,753		70,432,903
Workday, Inc., Class A ^(a)		184,931		44,518,440


			3,414,885,070

Specialized REITs — 1.2%
American Tower Corp.		753,032		144,823,114
Crown Castle, Inc.		700,466		67,587,964


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialized REITs (continued)
Digital Realty Trust, Inc.		515,840	$	89,178,419
Equinix, Inc.		83,399		65,321,433
Extra Space Storage, Inc.		186,491		26,284,042
SBA Communications Corp., Class A		172,850		33,420,548
VICI Properties, Inc.		1,715,849		55,953,836
Weyerhaeuser Co.		1,159,398		28,741,476


			511,310,832

Specialty Retail — 2.1%
Best Buy Co., Inc.		316,267		23,916,111
CarMax, Inc. ^(a)		240,706		10,800,478
Home Depot, Inc. (The)		896,502		363,253,645
Lowe’s Cos., Inc.		900,332		226,262,435
Ross Stores, Inc.		528,570		80,548,782
TJX Cos., Inc. (The)		736,343		106,431,017
Tractor Supply Co.		390,678		22,217,858
Ulta Beauty, Inc. ^(a)		72,244		39,499,407


			872,929,733

Technology Hardware, Storage & Peripherals — 8.6%
Apple Inc.		12,894,699		3,283,377,206
Dell Technologies, Inc., Class C		255,729		36,254,700
Hewlett Packard Enterprise Co.		2,112,993		51,895,108
HP, Inc.		1,520,064		41,391,343
NetApp, Inc.		170,633		20,213,185
Seagate Technology Holdings PLC		341,812		80,688,141
Western Digital Corp. ^(b)		559,983		67,231,559


			3,581,051,242

Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica, Inc. ^(a)(b)		95,071		16,915,983
NIKE, Inc., Class B		1,911,589		133,295,101


			150,211,084

Tobacco — 0.7%
Altria Group, Inc.		1,463,150		96,655,689
Philip Morris International, Inc.		1,151,737		186,811,741


			283,467,430


Security	Shares		Value

Trading Companies & Distributors — 0.1%
Fastenal Co.		793,050	$	38,891,172


Water Utilities — 0.1%
American Water Works Co., Inc.		314,097		43,719,161


Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		365,972		87,606,377


Total Long-Term Investments — 99.7% (Cost: $36,607,542,287)				41,613,629,185


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		92,237,828		92,283,947
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		80,185,646		80,185,646


Total Short-Term Securities — 0.4% (Cost: $172,436,381)				172,469,593


Total Investments — 100.1% (Cost: $36,779,978,668)				41,786,098,778

Liabilities in Excess of Other Assets — (0.1)%				(60,163,317	)


Net Assets — 100.0%			$	41,725,935,461

^(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.


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Value ETF

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	124,420,531	$	—		$	(32,104,756	) ^(a)	$	(30,028	)	$	(1,800	)	$	92,283,947		92,237,828	$	1,655,745	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		66,635,664		13,549,982	^(a)		—			—			—			80,185,646		80,185,646		1,252,890			—
BlackRock, Inc.		214,837,709		19,833,820			(15,365,459	)		2,880,797			47,980,188			270,167,055		231,730		2,432,961			—

									$	2,850,769		$	47,978,388		$	442,636,648			$	5,341,596		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 1000 Value E-Mini Index		852		12/19/25	$	85,933	$	187,641
S&P 500 E-Mini Index		58		12/19/25		19,542		197,345

							$	384,986

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:


	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)	$	—	$	—	$	384,986	$	—	$	—	$	—	$	384,986

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	8,613,436		$	—	$	—	$	—	$	8,613,436


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(723,602	)	$	—	$	—	$	—	$	(723,602	)


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	87,262,940

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	41,613,629,185	$	—	$	—	$	41,613,629,185
Short-Term Securities
Money Market Funds		172,469,593		—		—		172,469,593

	$	41,786,098,778	$	—	$	—	$	41,786,098,778

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	384,986	$	—	$	—	$	384,986

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
AAR Corp. ^(a)(b)		322,396	$	28,909,249
Mercury Systems, Inc. ^(a)(b)		479,673		37,126,690
National Presto Industries, Inc.		48,486		5,437,705


			71,473,644

Air Freight & Logistics — 0.3%
Forward Air Corp. ^(a)(b)		121,656		3,119,260
Hub Group, Inc., Class A		552,213		19,018,216


			22,137,476

Automobile Components — 3.1%
Adient PLC ^(a)		737,961		17,770,101
American Axle & Manufacturing Holdings, Inc. ^(a)(b)		1,076,700		6,470,967
BorgWarner, Inc.		1,968,047		86,515,346
Dana, Inc.		1,193,476		23,917,259
Fox Factory Holding Corp. ^(a)		381,893		9,276,181
Gentherm, Inc. ^(a)		276,948		9,432,849
LCI Industries		220,695		20,557,739
Patrick Industries, Inc.		157,668		16,307,601
Phinia, Inc.		174,120		10,008,418
Standard Motor Products, Inc.		189,543		7,737,145


			207,993,606

Automobiles — 0.1%
Winnebago Industries, Inc.		254,359		8,505,765


Banks — 10.7%
Ameris Bancorp		303,046		22,216,302
Atlantic Union Bankshares Corp.		1,297,202		45,778,259
Banc of California, Inc.		1,193,636		19,754,676
Bank of Hawaii Corp.		194,875		12,791,595
BankUnited, Inc.		368,908		14,077,529
Banner Corp.		153,780		10,072,590
Beacon Financial Corp.		754,430		17,887,535
Capitol Federal Financial, Inc.		1,119,142		7,106,552
Cathay General Bancorp		313,496		15,050,943
Central Pacific Financial Corp.		93,126		2,825,443
Community Financial System, Inc.		172,672		10,125,486
Customers Bancorp, Inc. ^(a)		267,884		17,511,577
CVB Financial Corp.		696,941		13,179,154
Dime Community Bancshares, Inc.		372,557		11,113,375
Eagle Bancorp, Inc.		253,886		5,133,575
FB Financial Corp.		210,867		11,753,727
First BanCorp/Puerto Rico		564,699		12,451,613
First Bancorp/Southern Pines NC		376,264		19,900,603
First Commonwealth Financial Corp.		501,126		8,544,198
First Financial Bancorp		460,530		11,628,382
First Hawaiian, Inc.		647,243		16,071,044
Fulton Financial Corp.		876,650		16,331,989
Hanmi Financial Corp.		271,283		6,697,977
Heritage Financial Corp.		308,084		7,452,552
Hilltop Holdings, Inc.		402,140		13,439,519
Hope Bancorp, Inc.		1,163,182		12,527,470
Independent Bank Corp.		453,963		31,400,621
Lakeland Financial Corp.		106,561		6,841,216
National Bank Holdings Corp., Class A		190,065		7,344,112
NBT Bancorp, Inc.		266,252		11,118,684
Northwest Bancshares, Inc.		1,332,133		16,505,128
OFG Bancorp		165,622		7,202,901
Park National Corp.		44,128		7,172,124
Provident Financial Services, Inc.		1,186,463		22,875,007
Renasant Corp.		864,151		31,878,530
S&T Bancorp, Inc.		163,528		6,147,018


Security	Shares		Value

Banks (continued)
Seacoast Banking Corp. of Florida		789,677	$	24,029,871
Simmons First National Corp., Class A		1,313,168		25,173,431
Southside Bancshares, Inc.		256,564		7,247,933
Stellar Bancorp, Inc.		419,406		12,724,778
Tompkins Financial Corp.		69,139		4,577,693
Triumph Financial, Inc. ^(a)(b)		79,786		3,992,491
TrustCo Bank Corp.		171,047		6,209,006
Trustmark Corp.		547,828		21,693,989
United Community Banks, Inc.		1,105,441		34,655,575
Veritex Holdings, Inc.		496,796		16,657,570
WaFd, Inc.		715,671		21,677,675
Westamerica BanCorp.		103,959		5,196,910
WSFS Financial Corp.		274,266		14,791,165


			708,537,093

Beverages — 0.1%
MGP Ingredients, Inc.		129,129		3,123,631
National Beverage Corp. ^(a)		101,932		3,763,329


			6,886,960

Biotechnology — 1.1%
ACADIA Pharmaceuticals, Inc. ^(a)(b)		351,181		7,494,202
Alkermes PLC ^(a)		541,689		16,250,670
Arrowhead Pharmaceuticals, Inc. ^(a)(b)		767,533		26,472,213
Dynavax Technologies Corp. ^(a)(b)		533,592		5,298,569
Myriad Genetics, Inc. ^(a)		844,251		6,103,935
Vir Biotechnology, Inc. ^(a)(b)		867,015		4,950,656
Xencor, Inc. ^(a)		375,337		4,402,703


			70,972,948

Broadline Retail — 0.7%
Etsy, Inc. ^(a)(b)		459,733		30,521,674
Kohl’s Corp. ^(b)		1,016,764		15,627,663


			46,149,337

Building Products — 2.0%
American Woodmark Corp. ^(a)		132,103		8,819,196
Gibraltar Industries, Inc. ^(a)		268,892		16,886,418
Hayward Holdings, Inc. ^(a)(b)		1,813,755		27,423,976
Insteel Industries, Inc.		176,122		6,752,518
Masterbrand, Inc. ^(a)(b)		1,155,124		15,212,983
Quanex Building Products Corp.		414,811		5,898,612
Resideo Technologies, Inc. ^(a)(b)		1,244,717		53,746,880


			134,740,583

Capital Markets — 1.8%
Artisan Partners Asset Management, Inc., Class A		333,996		14,495,426
BGC Group, Inc., Class A		1,496,759		14,159,340
Donnelley Financial Solutions, Inc. ^(a)(b)		144,703		7,442,075
MarketAxess Holdings, Inc.		47,678		8,307,892
Moelis & Co., Class A		282,420		20,142,195
StepStone Group, Inc., Class A		283,034		18,484,951
StoneX Group, Inc. ^(a)(b)		198,738		20,056,639
Victory Capital Holdings, Inc., Class A		94,166		6,098,190
Virtus Investment Partners, Inc.		35,110		6,671,953


			115,858,661

Chemicals — 3.7%
AdvanSix, Inc.		243,562		4,720,232
Celanese Corp., Class A		995,902		41,907,556
Chemours Co. (The)		1,362,416		21,580,669
Element Solutions, Inc.		1,116,351		28,098,555
FMC Corp.		1,136,029		38,204,655
HB Fuller Co.		491,183		29,117,328
Ingevity Corp. ^(a)		162,141		8,948,562
Innospec, Inc.		112,670		8,693,617


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Koppers Holdings, Inc.		178,888	$	5,008,864
Minerals Technologies, Inc.		285,789		17,753,213
Quaker Chemical Corp.		125,187		16,493,387
Sensient Technologies Corp.		181,771		17,059,208
Stepan Co.		194,964		9,299,783


			246,885,629

Commercial Services & Supplies — 1.8%
ABM Industries, Inc.		566,471		26,125,642
Brady Corp., Class A, NVS		143,011		11,159,148
CoreCivic, Inc. ^(a)		459,782		9,356,564
Deluxe Corp.		407,287		7,885,076
Enviri Corp. ^(a)		731,820		9,286,796
Healthcare Services Group, Inc. ^(a)(b)		657,107		11,059,111
HNI Corp.		199,663		9,354,212
MillerKnoll, Inc.		618,624		10,974,390
Pitney Bowes, Inc.		762,314		8,698,003
UniFirst Corp.		75,220		12,576,032
Vestis Corp.		1,016,784		4,606,031


			121,081,005

Communications Equipment — 1.7%
Calix, Inc. ^(a)		324,212		19,896,890
Digi International, Inc. ^(a)(b)		138,093		5,034,871
Extreme Networks, Inc. ^(a)		626,170		12,930,411
Harmonic, Inc. ^(a)		505,763		5,148,667
NetScout Systems, Inc. ^(a)		622,211		16,071,710
Viasat, Inc. ^(a)(b)		1,221,062		35,777,117
Viavi Solutions, Inc. ^(a)(b)		1,160,189		14,722,798


			109,582,464

Construction & Engineering — 0.9%
Arcosa, Inc.		160,920		15,079,813
Everus Construction Group, Inc. ^(a)(b)		241,508		20,709,311
MYR Group, Inc. ^(a)		60,570		12,600,377
WillScot Holdings Corp., Class A		630,811		13,316,421


			61,705,922

Consumer Finance — 0.9%
Bread Financial Holdings, Inc.		423,651		23,627,016
Encore Capital Group, Inc. ^(a)		210,290		8,777,505
EZCORP, Inc., Class A, NVS ^(a)(b)		529,386		10,079,509
Navient Corp.		622,550		8,186,533
PRA Group, Inc. ^(a)		354,532		5,473,974
World Acceptance Corp. ^(a)		28,308		4,788,015


			60,932,552

Consumer Staples Distribution & Retail — 1.1%
Andersons, Inc. (The)		308,236		12,270,875
Grocery Outlet Holding Corp. ^(a)(b)		894,273		14,353,082
PriceSmart, Inc.		229,162		27,772,143
United Natural Foods, Inc. ^(a)(b)		551,855		20,760,785


			75,156,885

Containers & Packaging — 0.7%
O-I Glass, Inc. ^(a)(b)		1,403,253		18,200,191
Sealed Air Corp.		815,002		28,810,321


			47,010,512

Diversified Consumer Services — 0.6%
Matthews International Corp., Class A		279,390		6,783,589
Mister Car Wash, Inc. ^(a)(b)		477,612		2,545,672
Perdoceo Education Corp.		260,396		9,806,513
Strategic Education, Inc.		215,477		18,533,177


			37,668,951


Security	Shares		Value

Diversified REITs — 0.5%
Alexander & Baldwin, Inc.		660,203	$	12,009,093
American Assets Trust, Inc.		175,682		3,569,858
Armada Hoffler Properties, Inc.		261,829		1,835,421
Global Net Lease, Inc.		1,811,568		14,728,048


			32,142,420

Diversified Telecommunication Services — 0.5%
Lumen Technologies, Inc. ^(a)		4,209,589		25,762,685
Uniti Group, Inc. ^(a)(b)		860,551		5,266,572


			31,029,257

Electric Utilities — 0.4%
MGE Energy, Inc.		126,007		10,607,269
Otter Tail Corp.		209,948		17,209,438


			27,816,707

Electrical Equipment — 0.6%
Sunrun, Inc. ^(a)(b)		2,100,710		36,321,276
Vicor Corp. ^(a)(b)		91,402		4,544,507


			40,865,783

Electronic Equipment, Instruments & Components — 3.9%
Advanced Energy Industries, Inc. ^(b)		174,660		29,716,652
Arlo Technologies, Inc. ^(a)(b)		407,231		6,902,565
Benchmark Electronics, Inc.		143,367		5,526,798
CTS Corp.		106,981		4,272,821
ePlus, Inc.		127,693		9,067,480
Insight Enterprises, Inc. ^(a)(b)		286,530		32,495,367
Knowles Corp. ^(a)		782,364		18,236,905
PC Connection, Inc.		103,667		6,426,317
Plexus Corp. ^(a)		78,366		11,338,777
Ralliant Corp.		1,025,323		44,837,375
Rogers Corp. ^(a)		152,938		12,305,392
Sanmina Corp. ^(a)(b)		252,390		29,052,613
ScanSource, Inc. ^(a)		188,636		8,298,098
TTM Technologies, Inc. ^(a)		451,310		25,995,456
Vishay Intertechnology, Inc.		1,124,974		17,212,102


			261,684,718

Energy Equipment & Services — 1.0%
Bristow Group, Inc. ^(a)(b)		227,472		8,207,190
Core Laboratories, Inc. ^(b)		221,250		2,734,650
Helix Energy Solutions Group, Inc. ^(a)		533,322		3,498,592
Helmerich & Payne, Inc.		378,980		8,371,668
Innovex International, Inc. ^(a)(b)		349,481		6,479,378
Liberty Energy, Inc., Class A		667,394		8,235,642
Noble Corp. PLC		261,084		7,383,456
Patterson-UTI Energy, Inc.		3,193,155		16,540,543
RPC, Inc.		396,090		1,885,388


			63,336,507

Financial Services — 3.9%
Enact Holdings, Inc.		206,664		7,923,498
EVERTEC, Inc.		203,197		6,863,995
HA Sustainable Infrastructure Capital, Inc.		519,534		15,949,694
Jackson Financial, Inc., Class A		416,274		42,139,417
Mr. Cooper Group, Inc.		582,005		122,680,834
NCR Atleos Corp. ^(a)(b)		375,666		14,767,430
Radian Group, Inc.		677,853		24,551,835
Walker & Dunlop, Inc.		309,940		25,917,183


			260,793,886

Food Products — 0.7%
Fresh Del Monte Produce, Inc.		300,388		10,429,471
J & J Snack Foods Corp.		63,594		6,110,748
John B Sanfilippo & Son, Inc.		83,121		5,343,018


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Simply Good Foods Co. (The) ^(a)		455,781	$	11,312,484
Tootsie Roll Industries, Inc.		76,663		3,213,713
TreeHouse Foods, Inc. ^(a)(b)		407,082		8,227,127


			44,636,561

Gas Utilities — 0.9%
Chesapeake Utilities Corp.		91,869		12,373,836
MDU Resources Group, Inc.		1,861,081		33,145,852
Northwest Natural Holding Co.		373,068		16,761,945


			62,281,633

Ground Transportation — 1.0%
ArcBest Corp.		207,193		14,476,575
Heartland Express, Inc.		414,382		3,472,521
Hertz Global Holdings, Inc. ^(a)(b)		1,128,013		7,670,488
Marten Transport Ltd.		525,156		5,598,163
RXO, Inc. ^(a)(b)		788,703		12,130,252
Schneider National, Inc., Class B		454,916		9,626,023
Werner Enterprises, Inc.		545,399		14,354,902


			67,328,924

Health Care Equipment & Supplies — 2.2%
Avanos Medical, Inc. ^(a)		421,016		4,866,945
CONMED Corp.		282,235		13,273,512
Embecta Corp.		530,699		7,488,163
Enovis Corp. ^(a)(b)		520,771		15,800,192
Integra LifeSciences Holdings Corp. ^(a)		608,005		8,712,712
Neogen Corp. ^(a)(b)		1,971,021		11,254,530
Omnicell, Inc. ^(a)		416,831		12,692,504
QuidelOrtho Corp. ^(a)(b)		618,493		18,214,619
STAAR Surgical Co. ^(a)		193,329		5,194,750
Teleflex, Inc.		401,923		49,179,298


			146,677,225

Health Care Providers & Services — 2.0%
Acadia Healthcare Co., Inc. ^(a)(b)		841,045		20,824,274
AdaptHealth Corp. ^(a)(b)		972,873		8,707,213
Addus HomeCare Corp. ^(a)(b)		63,223		7,459,682
AMN Healthcare Services, Inc. ^(a)(b)		347,745		6,732,343
Concentra Group Holdings Parent, Inc.		638,196		13,357,442
National HealthCare Corp.		40,505		4,921,763
NeoGenomics, Inc. ^(a)		644,632		4,976,559
Pediatrix Medical Group, Inc. ^(a)		774,861		12,978,922
Premier, Inc., Class A		749,832		20,845,330
Privia Health Group, Inc. ^(a)		324,515		8,080,424
Progyny, Inc. ^(a)		362,795		7,807,348
Select Medical Holdings Corp.		1,006,762		12,926,824
U.S. Physical Therapy, Inc.		70,355		5,976,657


			135,594,781

Health Care REITs — 1.0%
CareTrust REIT, Inc.		1,022,198		35,449,826
LTC Properties, Inc.		220,894		8,142,153
Medical Properties Trust, Inc.		4,486,339		22,745,739
Universal Health Realty Income Trust		59,119		2,315,691


			68,653,409

Health Care Technology — 0.5%
Certara, Inc. ^(a)(b)		1,098,981		13,429,548
HealthStream, Inc.		90,364		2,551,879
Schrodinger, Inc. ^(a)(b)		239,083		4,796,005
Waystar Holding Corp. ^(a)		376,341		14,270,851


			35,048,283

Hotel & Resort REITs — 0.3%
Apple Hospitality REIT, Inc.		1,020,019		12,250,428


Security	Shares		Value

Hotel & Resort REITs (continued)
Pebblebrook Hotel Trust		537,942	$	6,127,160
Summit Hotel Properties, Inc.		489,962		2,689,891


			21,067,479

Hotels, Restaurants & Leisure — 1.4%
BJ’s Restaurants, Inc. ^(a)(b)		200,744		6,128,714
Bloomin’ Brands, Inc.		694,666		4,980,755
Caesars Entertainment, Inc. ^(a)(b)		400,854		10,833,079
Cheesecake Factory, Inc. (The)		141,379		7,724,949
Cracker Barrel Old Country Store, Inc.		202,054		8,902,499
Golden Entertainment, Inc.		178,004		4,197,334
Papa John’s International, Inc.		298,669		14,380,913
Penn Entertainment, Inc. ^(a)		1,278,516		24,624,218
United Parks & Resorts, Inc. ^(a)(b)		49,915		2,580,606
Wendy’s Co. (The)		789,363		7,230,565


			91,583,632

Household Durables — 2.6%
Century Communities, Inc.		235,334		14,913,115
Ethan Allen Interiors, Inc.		211,349		6,226,341
Helen of Troy Ltd. ^(a)(b)		208,278		5,248,606
La-Z-Boy, Inc.		375,547		12,888,773
Leggett & Platt, Inc.		1,228,236		10,906,736
LGI Homes, Inc. ^(a)(b)		184,121		9,520,897
M/I Homes, Inc. ^(a)		113,013		16,323,598
Meritage Homes Corp.		647,140		46,872,350
Newell Brands, Inc.		3,815,336		19,992,361
Sonos, Inc. ^(a)		1,101,227		17,399,386
Tri Pointe Homes, Inc. ^(a)		389,106		13,217,931


			173,510,094

Household Products — 0.6%
Central Garden & Pet Co. ^(a)		73,548		2,401,342
Central Garden & Pet Co., Class A, NVS ^(a)		470,544		13,895,164
Energizer Holdings, Inc.		319,774		7,959,175
Reynolds Consumer Products, Inc.		352,631		8,628,881
WD-40 Co.		48,214		9,527,086


			42,411,648

Independent Power and Renewable Electricity Producers — 0.5%
Clearway Energy, Inc., Class A		314,921		8,480,823
Clearway Energy, Inc., Class C		757,192		21,390,674


			29,871,497

Industrial REITs — 0.8%
Innovative Industrial Properties, Inc.		81,627		4,373,575
LXP Industrial Trust		2,691,471		24,115,580
Terreno Realty Corp.		479,248		27,197,324


			55,686,479

Insurance — 3.0%
AMERISAFE, Inc.		94,711		4,152,130
Assured Guaranty Ltd.		207,847		17,594,249
Employers Holdings, Inc.		102,399		4,349,909
Genworth Financial, Inc., Class A ^(a)(b)		3,733,112		33,224,697
Horace Mann Educators Corp.		369,304		16,681,462
Lincoln National Corp.		1,532,546		61,807,580
ProAssurance Corp. ^(a)		466,556		11,192,678
Safety Insurance Group, Inc.		136,082		9,619,637
SiriusPoint Ltd. ^(a)		866,274		15,670,897
Stewart Information Services Corp.		254,971		18,694,474
United Fire Group, Inc.		199,425		6,066,508


			199,054,221

Interactive Media & Services — 0.9%
Angi, Inc., Class A ^(a)(b)		333,933		5,429,750


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Cars.com, Inc. ^(a)(b)		290,346	$	3,548,028
IAC, Inc. ^(a)		615,982		20,986,507
Shutterstock, Inc.		218,868		4,563,398
TripAdvisor, Inc. ^(a)		347,737		5,654,204
Yelp, Inc. ^(a)(b)		244,620		7,632,144
Ziff Davis, Inc. ^(a)(b)		373,826		14,242,770


			62,056,801

IT Services — 0.4%
DXC Technology Co. ^(a)		1,629,245		22,206,609
Grid Dynamics Holdings, Inc., Class A ^(a)		207,579		1,600,434


			23,807,043

Leisure Products — 0.4%
Acushnet Holdings Corp.		110,072		8,639,551
Sturm Ruger & Co., Inc.		146,648		6,374,789
Topgolf Callaway Brands Corp. ^(a)		1,275,203		12,114,428


			27,128,768

Life Sciences Tools & Services — 0.2%
Azenta, Inc. ^(a)		188,789		5,422,020
Cytek Biosciences, Inc. ^(a)		992,728		3,444,766
Fortrea Holdings, Inc. ^(a)		823,922		6,937,423


			15,804,209

Machinery — 3.1%
Alamo Group, Inc.		54,774		10,456,357
Albany International Corp., Class A		133,840		7,133,672
Astec Industries, Inc.		208,966		10,057,534
Enpro, Inc. ^(b)		72,899		16,475,174
Franklin Electric Co., Inc.		135,395		12,889,604
Gates Industrial Corp. PLC ^(a)		797,396		19,791,369
Hillenbrand, Inc.		642,317		17,368,252
JBT Marel Corp.		274,135		38,502,261
Kennametal, Inc.		693,038		14,505,285
Lindsay Corp.		54,209		7,619,617
Proto Labs, Inc. ^(a)		216,648		10,838,899
Standex International Corp. ^(b)		38,327		8,121,491
Tennant Co.		168,424		13,652,449
Titan International, Inc. ^(a)		434,801		3,287,095
Worthington Enterprises, Inc.		285,932		15,866,367


			206,565,426

Marine Transportation — 0.2%
Matson, Inc.		103,848		10,238,374


Media — 0.9%
Cable One, Inc.		42,277		7,485,143
DoubleVerify Holdings, Inc. ^(a)		542,225		6,495,855
John Wiley & Sons, Inc., Class A		152,506		6,171,918
Scholastic Corp., NVS		204,809		5,607,670
TEGNA, Inc.		1,465,230		29,788,126
Thryv Holdings, Inc. ^(a)		241,115		2,907,847


			58,456,559

Metals & Mining — 1.7%
Alpha Metallurgical Resources, Inc. ^(a)		36,814		6,040,809
Hecla Mining Co.		4,329,734		52,389,781
Kaiser Aluminum Corp.		145,435		11,221,765
Materion Corp.		188,650		22,790,807
Metallus, Inc. ^(a)		326,370		5,394,896
SunCoke Energy, Inc.		768,221		6,268,683
Worthington Steel, Inc.		297,437		9,039,111


			113,145,852

Mortgage Real Estate Investment Trusts (REITs) — 2.1%
Adamas Trust, Inc.		762,077		5,311,677


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Apollo Commercial Real Estate Finance, Inc.		1,191,501	$	12,069,905
Arbor Realty Trust, Inc.		1,751,988		21,391,773
ARMOUR Residential REIT, Inc.		1,026,046		15,329,127
Blackstone Mortgage Trust, Inc., Class A		1,450,592		26,705,399
Ellington Financial, Inc.		906,492		11,766,266
Franklin BSP Realty Trust, Inc.		746,562		8,107,663
KKR Real Estate Finance Trust, Inc.		494,589		4,451,301
PennyMac Mortgage Investment Trust		789,610		9,680,619
Ready Capital Corp.		1,401,560		5,424,037
Redwood Trust, Inc.		1,172,537		6,788,989
Two Harbors Investment Corp.		944,919		9,326,351


			136,353,107

Multi-Utilities — 0.5%
Avista Corp.		737,912		27,900,453
Unitil Corp.		97,887		4,684,872


			32,585,325

Office REITs — 0.9%
Brandywine Realty Trust		1,576,100		6,572,337
Douglas Emmett, Inc.		638,786		9,945,898
Easterly Government Properties, Inc.		390,568		8,955,724
Highwoods Properties, Inc.		384,578		12,237,272
JBG SMITH Properties		560,641		12,474,263
SL Green Realty Corp.		193,347		11,564,084


			61,749,578

Oil, Gas & Consumable Fuels — 3.1%
California Resources Corp.		662,102		35,210,584
Comstock Resources, Inc. ^(a)		351,815		6,976,491
Crescent Energy Co., Class A		1,694,615		15,115,966
CVR Energy, Inc.		275,613		10,054,362
Dorian LPG Ltd.		332,822		9,918,096
International Seaways, Inc.		157,943		7,278,013
Kinetik Holdings, Inc., Class A		219,388		9,376,643
Magnolia Oil & Gas Corp., Class A		608,089		14,515,084
Par Pacific Holdings, Inc. ^(a)		463,033		16,400,629
Peabody Energy Corp.		1,106,463		29,343,399
REX American Resources Corp. ^(a)(b)		257,038		7,870,504
SM Energy Co.		524,175		13,088,650
Talos Energy, Inc. ^(a)(b)		1,172,835		11,247,488
Vital Energy, Inc. ^(a)		264,078		4,460,277
World Kinect Corp.		504,050		13,080,098


			203,936,284

Passenger Airlines — 0.4%
Allegiant Travel Co. ^(a)		122,360		7,435,817
JetBlue Airways Corp. ^(a)(b)		2,640,109		12,989,337
Sun Country Airlines Holdings, Inc. ^(a)		483,767		5,713,288


			26,138,442

Personal Care Products — 0.2%
Edgewell Personal Care Co.		421,620		8,584,183
USANA Health Sciences, Inc. ^(a)(b)		97,815		2,694,803


			11,278,986

Pharmaceuticals — 1.2%
Amphastar Pharmaceuticals, Inc. ^(a)(b)		120,188		3,203,010
Innoviva, Inc. ^(a)		244,447		4,461,158
Ligand Pharmaceuticals, Inc. ^(a)		80,027		14,175,983
Organon & Co.		2,365,559		25,264,170
Pacira BioSciences, Inc. ^(a)		407,741		10,507,486
Prestige Consumer Healthcare, Inc. ^(a)		178,636		11,146,886
Supernus Pharmaceuticals, Inc. ^(a)		250,773		11,984,442


			80,743,135


22		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services — 1.6%
Amentum Holdings, Inc. ^(a)(b)		1,396,140	$	33,437,553
CSG Systems International, Inc.		121,881		7,846,699
Heidrick & Struggles International, Inc.		86,546		4,307,394
Korn Ferry		180,447		12,627,681
ManpowerGroup, Inc.		421,862		15,988,570
Robert Half, Inc.		910,544		30,940,285


			105,148,182

Real Estate Management & Development — 0.8%
Cushman & Wakefield PLC ^(a)		2,003,333		31,893,061
eXp World Holdings, Inc.		814,981		8,687,697
Kennedy-Wilson Holdings, Inc.		685,806		5,705,906
Marcus & Millichap, Inc.		220,002		6,457,059


			52,743,723

Residential REITs — 0.2%
Centerspace		66,898		3,940,292
Elme Communities		327,963		5,529,456
Veris Residential, Inc.		420,049		6,384,745


			15,854,493

Retail REITs — 1.2%
Acadia Realty Trust		368,530		7,425,879
Getty Realty Corp.		271,221		7,276,860
Macerich Co. (The)		783,637		14,262,193
Phillips Edison & Co., Inc.		640,192		21,977,791
Saul Centers, Inc.		53,164		1,694,337
SITE Centers Corp.		475,847		4,287,382
Tanger, Inc.		338,904		11,468,511
Urban Edge Properties		456,577		9,346,131
Whitestone REIT		203,676		2,501,141


			80,240,225

Semiconductors & Semiconductor Equipment — 4.2%
ACM Research, Inc., Class A ^(a)		210,558		8,239,135
Alpha & Omega Semiconductor Ltd. ^(a)		116,540		3,258,458
Axcelis Technologies, Inc. ^(a)(b)		116,896		11,413,725
CEVA, Inc. ^(a)(b)		112,677		2,975,800
Cohu, Inc. ^(a)		423,599		8,611,768
Diodes, Inc. ^(a)		422,704		22,492,080
Enphase Energy, Inc. ^(a)(b)		1,189,139		42,083,629
FormFactor, Inc. ^(a)		386,769		14,086,127
Ichor Holdings Ltd. ^(a)		311,464		5,456,849
Kulicke & Soffa Industries, Inc.		474,804		19,296,035
MaxLinear, Inc. ^(a)		746,902		12,010,184
Penguin Solutions, Inc. ^(a)		432,716		11,371,776
Photronics, Inc. ^(a)(b)		316,566		7,265,190
Qorvo, Inc. ^(a)(b)		766,824		69,842,330
SolarEdge Technologies, Inc. ^(a)(b)		379,038		14,024,406
Ultra Clean Holdings, Inc. ^(a)		411,471		11,212,585
Veeco Instruments, Inc. ^(a)(b)		548,286		16,684,343


			280,324,420

Software — 1.0%
A10 Networks, Inc.		261,865		4,752,850
Adeia, Inc.		625,248		10,504,166
Alarm.com Holdings, Inc. ^(a)		182,343		9,678,767
LiveRamp Holdings, Inc. ^(a)(b)		285,746		7,755,146
N-able, Inc. ^(a)(b)		382,637		2,984,569
NCR Voyix Corp. ^(a)(b)		1,259,505		15,806,788
Sprinklr, Inc., Class A ^(a)		682,970		5,272,528
Teradata Corp. ^(a)		560,427		12,054,785


			68,809,599

Specialized REITs — 0.8%
Four Corners Property Trust, Inc.		436,058		10,639,815


Security	Shares		Value

Specialized REITs (continued)
Millrose Properties, Inc., Class A		1,093,750	$	36,760,938
Safehold, Inc.		420,778		6,517,851

				53,918,604

Specialty Retail — 4.8%
Academy Sports & Outdoors, Inc.		604,669		30,245,543
Advance Auto Parts, Inc.		545,859		33,515,743
American Eagle Outfitters, Inc.		1,464,556		25,058,553
Asbury Automotive Group, Inc. ^(a)(b)		178,810		43,710,104
Buckle, Inc. (The)		136,653		8,016,065
Caleres, Inc.		306,648		3,998,690
Group 1 Automotive, Inc.		58,829		25,738,276
Guess?, Inc.		278,459		4,653,050
MarineMax, Inc. ^(a)(b)		171,378		4,341,005
Monro, Inc.		272,007		4,887,966
National Vision Holdings, Inc. ^(a)(b)		721,169		21,050,923
Sally Beauty Holdings, Inc. ^(a)(b)		902,181		14,687,507
Shoe Carnival, Inc.		161,217		3,351,701
Signet Jewelers Ltd.		374,603		35,931,920
Sonic Automotive, Inc., Class A		135,012		10,273,063
Upbound Group, Inc.		472,837		11,173,138
Urban Outfitters, Inc. ^(a)(b)		269,384		19,242,099
Victoria’s Secret & Co. ^(a)(b)		727,154		19,734,960


			319,610,306

Technology Hardware, Storage & Peripherals — 2.2%
Corsair Gaming, Inc. ^(a)		423,584		3,778,369
Sandisk Corp. ^(a)		1,255,405		140,856,441


			144,634,810

Textiles, Apparel & Luxury Goods — 0.7%
Carter’s, Inc.		330,598		9,329,476
G-III Apparel Group Ltd. ^(a)(b)		345,814		9,202,110
Hanesbrands, Inc. ^(a)(b)		1,519,145		10,011,165
Oxford Industries, Inc.		127,381		5,164,026
Steven Madden Ltd.		226,218		7,573,779
Wolverine World Wide, Inc.		235,929		6,473,892


			47,754,448

Tobacco — 0.2%
Universal Corp.		227,030		12,684,166


Trading Companies & Distributors — 1.6%
Air Lease Corp., Class A		955,483		60,816,493
Boise Cascade Co.		339,672		26,263,439
DNOW, Inc. ^(a)(b)		417,903		6,373,021
Rush Enterprises, Inc., Class A		212,358		11,354,782


			104,807,735

Water Utilities — 0.9%
American States Water Co.		175,652		12,878,805
California Water Service Group		542,160		24,879,722
H2O America		299,168		14,569,482
Middlesex Water Co.		81,737		4,423,606


			56,751,615

Wireless Telecommunication Services — 0.7%
Gogo, Inc. ^(a)(b)		365,689		3,141,268
Shenandoah Telecommunications Co.		413,418		5,548,070
Telephone & Data Systems, Inc		894,799		35,111,913


			43,801,251

Total Long-Term Investments — 97.8% (Cost: $6,434,490,418)				6,501,426,603


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		244,619,977	$	244,742,287
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		136,161,497		136,161,497


Total Short-Term Securities — 5.7% (Cost: $380,759,342)				380,903,784


Total Investments — 103.5% (Cost: $6,815,249,760)				6,882,330,387

Liabilities in Excess of Other Assets — (3.5)%				(235,001,581	)


Net Assets — 100.0%			$	6,647,328,806

^(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


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	212,982,880	$	31,759,999	^(a)	$	—	$	36,848	$	(37,440	)	$	244,742,287		244,619,977	$	1,891,934	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		59,043,931		77,117,566	^(a)		—		—		—			136,161,497		136,161,497		1,074,868			—

								$	36,848	$	(37,440	)	$	380,903,784			$	2,966,802		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Russell 2000 E-Mini Index

174

12/19/25

$21,363

105,991


24		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

Equity Swap Contracts


Reference Entity	Counterparty	Notional Amount			Termination Date		Spread			Reference Rate		Payment Frequency		Value/ Unrealized Appreciation (Depreciation)

Long Contracts ^(a)
Arbor Realty Trust, Inc.	JPMorgan Chase Bank N.A.		USD	63,679		02/09/26		0.40	%		1D OBFR01		Monthly	$	1,168
Bread Financial Holdings, Inc.	Goldman Sachs Bank USA			65,706		08/18/26		0.40	%		1D FEDL01		Monthly		(7,203	)
Caesars Entertainment, Inc.	Goldman Sachs Bank USA			38,154,496		08/18/26		0.40	%		1D FEDL01		Monthly		2,177,290
Douglas Emmett, Inc.	Goldman Sachs Bank USA			67,072		08/18/26		0.40	%		1D FEDL01		Monthly		(2,971	)
First BanCorp/Puerto Rico	Goldman Sachs Bank USA			66,265		08/18/26		0.40	%		1D FEDL01		Monthly		149
Genworth Financial, Inc., Class A	Goldman Sachs Bank USA			66,542		08/18/26		0.40	%		1D FEDL01		Monthly		(976	)
Hanmi Financial Corp.	Goldman Sachs Bank USA			66,243		08/18/26		0.40	%		1D FEDL01		Monthly		(1,037	)
Jackson Financial, Inc., Class A	Goldman Sachs Bank USA			5,709,052		08/19/26		0.40	%		1D FEDL01		Monthly		262,506
Jackson Financial, Inc., Class A	HSBC Bank PLC			11,921,308		02/09/28		0.40	%		1D OBFR01		Monthly		656,014
Jackson Financial, Inc., Class A	JPMorgan Chase Bank N.A.			3,317,859		02/09/26		0.40	%		1D OBFR01		Monthly		173,260
Lincoln National Corp.	JPMorgan Chase Bank N.A.			134,587		02/09/26		0.40	%		1D OBFR01		Monthly		(2,304	)
MarketAxess Holdings, Inc.	HSBC Bank PLC			52,017,702		02/09/28		0.40	%		1D OBFR01		Monthly		(1,188,803	)
Moelis & Co., Class A	Goldman Sachs Bank USA			3,179,030		08/19/26		0.40	%		1D FEDL01		Monthly		(134,878	)
Moelis & Co., Class A	JPMorgan Chase Bank N.A.			430,263		02/09/26		0.40	%		1D OBFR01		Monthly		(9,332	)
Noble Corp. PLC	BNP Paribas S.A.			4,529,020		09/07/27		0.20	%		1D OBFR01		Monthly		5,141
Provident Financial Services, Inc.	BNP Paribas S.A.			66,033		09/07/27		0.20	%		1D OBFR01		Monthly		(1,580	)
SiriusPoint Ltd.	Goldman Sachs Bank USA			1,439,409		08/18/26		0.40	%		1D FEDL01		Monthly		32,466
United Community Banks, Inc.	BNP Paribas S.A.			65,578		09/07/27		0.20	%		1D OBFR01		Monthly		(871	)
WaFd, Inc.	BNP Paribas S.A.			66,172		09/07/27		0.20	%		1D OBFR01		Monthly		(2,048	)


Total long positions of equity swaps															1,955,991


Net dividends and financing fees															(174,941	)


Total equity swap contracts including dividends and financing fees														$	1,781,050

^(a)

The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position.

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	3,307,994	$	(1,526,944	)

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:


	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)	$	—	$	—	$	105,991	$	—	$	—	$	—	$	105,991
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		3,307,994		—		—		—		3,307,994

	$	—	$	—	$	3,413,985	$	—	$	—	$	—	$	3,413,985

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received	$	—	$	—	$	1,526,944	$	—	$	—	$	—	$	1,526,944

^(a)


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,743,175		$	—	$	—	$	—	$	3,743,175
Swaps		—		—		1,725,384			—		—		—		1,725,384

	$	—	$	—	$	5,468,559		$	—	$	—	$	—	$	5,468,559

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(39,035	)	$	—	$	—	$	—	$	(39,035	)
Swaps		—		—		753,461			—		—		—		753,461

	$	—	$	—	$	714,426		$	—	$	—	$	—	$	714,426

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	19,667,395
Equity swaps:
Average notional value — long		73,168,093

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	33,825		$	—
Swaps — OTC ^(a)		3,307,994			1,526,944

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	3,341,819		$	1,526,944

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(33,825	)		(174,941	)

Total derivative assets and liabilities subject to an MNA	$	3,307,994		$	1,352,003

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.


26		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® S&P Small-Cap 600 Value ETF

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)		Non- Cash Collateral Received ^(b)		Cash Collateral Received ^(b)		Net Amount of Derivative Assets ^(c)
BNP Paribas S.A.	$	5,141	$	(4,499)	$	—	$	—	$	642
Goldman Sachs Bank USA		2,472,411		(147,065)		—		(2,325,346)		—
HSBC Bank PLC		656,014		(656,014)		—		—		—
JPMorgan Chase Bank N.A.		174,428		(11,636)		—		—		162,792

	$	3,307,994	$	(819,214)	$	—	$	(2,325,346)	$	163,434


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)		Non- Cash Collateral Pledged ^(b)		Cash Collateral Pledged ^(b)		Net Amount of Derivative Liabilities ^(d)
BNP Paribas S.A.	$	4,499	$	(4,499)	$	—	$	—	$	—
Goldman Sachs Bank USA		147,065		(147,065)		—		—		—
HSBC Bank PLC		1,188,803		(656,014)		—		—		532,789
JPMorgan Chase Bank N.A.		11,636		(11,636)		—		—		—

	$	1,352,003	$	(819,214)	$	—	$	—	$	532,789

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	6,501,426,603	$	—		$	—	$	6,501,426,603
Short-Term Securities
Money Market Funds		380,903,784		—			—		380,903,784

	$	6,882,330,387	$	—		$	—	$	6,882,330,387

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	105,991	$	3,307,994		$	—	$	3,413,985
Liabilities
Equity Contracts		—		(1,526,944	)		—		(1,526,944	)

	$	105,991	$	1,781,050		$	—	$	1,887,041

^(a)

Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Statements of Assets and Liabilities (unaudited)

September 30, 2025


	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF		iShares S&P Small-Cap 600 Value ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	27,403,527,209	$	65,809,249,280	$	41,343,462,130	$	6,501,426,603
Investments, at value — affiliated ^(c)		136,027,547		477,315,763		442,636,648		380,903,784
Cash		34,540		875		322		10,853
Cash pledged:
Futures contracts		1,487,640		1,985,340		6,535,360		1,422,000
Receivables:
Investments sold		—		—		—		61,801
Securities lending income — affiliated		3,243		57,747		15,888		1,442,856
Capital shares sold		289,286		48,312		—		—
Dividends — unaffiliated		6,941,752		9,777,544		31,062,275		9,679,011
Dividends — affiliated		93,590		208,853		259,338		256,702
Due from broker		—		—		—		487,078
Variation margin on futures contracts		80,800		108,080		221,968		33,825
Unrealized appreciation on OTC swaps		—		—		—		3,307,994

Total assets		27,548,485,607		66,298,751,794		41,824,193,929		6,899,032,507


LIABILITIES
Cash received:
Collateral — OTC derivatives		—		—		—		4,530,000
Collateral on securities loaned		—		438,747,029		92,162,399		244,614,771
Payables:
Capital shares redeemed		—		—		—		49,799
Investment advisory fees		3,997,909		9,599,229		6,096,069		982,187
Unrealized depreciation on OTC swaps		—		—		—		1,526,944

Total liabilities		3,997,909		448,346,258		98,258,468		251,703,701


Commitments and contingent liabilities

NET ASSETS	$	27,544,487,698	$	65,850,405,536	$	41,725,935,461	$	6,647,328,806


NET ASSETS CONSIST OF:
Paid-in capital	$	20,497,994,691	$	40,735,796,356	$	39,193,309,060	$	7,748,292,177
Accumulated earnings (loss)		7,046,493,007		25,114,609,180		2,532,626,401		(1,100,963,371	)

NET ASSETS	$	27,544,487,698	$	65,850,405,536	$	41,725,935,461	$	6,647,328,806


NET ASSET VALUE
Shares outstanding		82,750,000		545,350,000		202,050,000		60,100,000


Net asset value	$	332.86	$	120.75	$	206.51	$	110.60


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a) Investments, at cost — unaffiliated	$	20,020,567,961	$	40,522,022,478	$	36,431,384,622	$	6,434,490,418
^(b) Securities loaned, at value	$	—	$	433,772,583	$	90,916,516	$	237,401,856
^(c) Investments, at cost — affiliated	$	103,689,676	$	477,290,682	$	348,594,046	$	380,759,342

See notes to financial statements.


28		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	114,852,756		$	192,111,408		$	386,866,782		$	71,794,342
Dividends — affiliated		1,371,322			1,304,697			3,685,851			1,074,868
Interest — unaffiliated		861			13,097			16,347			25,460
Securities lending income — affiliated — net		16,857			213,911			1,655,745			1,891,934
Foreign taxes withheld		—			(66,087	)		(74,019	)		(48,443	)

Total investment income		116,241,796			193,577,026			392,150,706			74,738,161


EXPENSES
Investment advisory		20,141,620			52,727,617			34,903,759			5,579,696
Interest expense		—			—			—			2,103

Total expenses		20,141,620			52,727,617			34,903,759			5,581,799

Net investment income		96,100,176			140,849,409			357,246,947			69,156,362


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(33,628,396	)		33,499,247			(100,010,158	)		(31,497,920	)
Investments — affiliated		2,729			(47,142	)		(35,869	)		36,848
Futures contracts		6,959,159			18,435,872			8,613,436			3,743,175
In-kind redemptions — unaffiliated ^(a)		162,468,437			2,602,536,656			346,375,421			7,773,090
In-kind redemptions — affiliated ^(a)		600,399			—			2,886,638			—
Swaps		—			—			—			1,725,384

		136,402,328			2,654,424,633			257,829,468			(18,219,423	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		4,021,730,041			12,635,335,843			2,893,677,000			779,111,927
Investments — affiliated		17,408,214			(17,023	)		47,978,388			(37,440	)
Futures contracts		(105,397	)		1,419,760			(723,602	)		(39,035	)
Swaps		—			—			—			753,461

		4,039,032,858			12,636,738,580			2,940,931,786			779,788,913

Net realized and unrealized gain		4,175,435,186			15,291,163,213			3,198,761,254			761,569,490


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,271,535,362		$	15,432,012,622		$	3,556,008,201		$	830,725,852

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		29

Statements of Changes in Net Assets


	iShares S&P 100 ETF						iShares S&P 500 Growth ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	96,100,176		$	147,816,642		$	140,849,409		$	265,308,155
Net realized gain		136,402,328			250,107,455			2,654,424,633			6,149,559,308
Net change in unrealized appreciation (depreciation)		4,039,032,858			718,225,029			12,636,738,580			(1,707,055,715	)

Net increase in net assets resulting from operations		4,271,535,362			1,116,149,126			15,432,012,622			4,707,811,748


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(92,694,830	) ^(b)		(145,863,162	)		(140,094,661	) ^(b)		(255,833,646	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		6,777,752,009			3,925,742,825			(861,709,873	)		2,770,048,036


NET ASSETS
Total increase in net assets		10,956,592,541			4,896,028,789			14,430,208,088			7,222,026,138
Beginning of period		16,587,895,157			11,691,866,368			51,420,197,448			44,198,171,310


End of period	$	27,544,487,698		$	16,587,895,157		$	65,850,405,536		$	51,420,197,448

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


30		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets (continued)


	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	357,246,947		$	680,998,168		$	69,156,362		$	113,824,297
Net realized gain (loss)		257,829,468			2,385,513,222			(18,219,423	)		193,243,577
Net change in unrealized appreciation (depreciation)		2,940,931,786			(1,752,983,174	)		779,788,913			(573,383,920	)

Net increase (decrease) in net assets resulting from operations		3,556,008,201			1,313,528,216			830,725,852			(266,316,046	)


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(336,771,162	) ^(b)		(693,932,456	)		(57,081,007	) ^(b)		(128,110,427	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,217,376,587			2,932,474,951			(531,982,719	)		(424,710,753	)


NET ASSETS
Total increase (decrease) in net assets		4,436,613,626			3,552,070,711			241,662,126			(819,137,226	)
Beginning of period		37,289,321,835			33,737,251,124			6,405,666,680			7,224,803,906


End of period	$	41,725,935,461		$	37,289,321,835		$	6,647,328,806		$	6,405,666,680

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		31

Financial Highlights

(For a share outstanding throughout each period)


	iShares S&P 100 ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	270.60		$	247.45		$	187.06		$	208.24		$	179.83		$	118.50


Net investment income ^(a)		1.43			2.92			2.82			2.66			2.41			2.37
Net realized and unrealized gain (loss) ^(b)		62.19			23.03			60.31			(21.16	)		28.36			61.39


Net increase (decrease) from investment operations		63.62			25.95			63.13			(18.50	)		30.77			63.76


Distributions from net investment income ^(c)		(1.36	) ^(d)		(2.80	)		(2.74	)		(2.68	)		(2.36	)		(2.43	)


Net asset value, end of period	$	332.86		$	270.60		$	247.45		$	187.06		$	208.24		$	179.83


Total Return ^(e)
Based on net asset value		23.55	% ^(f)		10.47	%		33.98	%		(8.80	)%		17.14	%		54.11	%


Ratios to Average Net Assets ^(g)
Total expenses		0.20	% ^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income		0.95	% ^(h)		1.07	%		1.32	%		1.48	%		1.19	%		1.52	%


Supplemental Data
Net assets, end of period (000)	$	27,544,488		$	16,587,895		$	11,691,866		$	7,548,028		$	8,777,448		$	6,977,233


Portfolio turnover rate ⁽ⁱ⁾		2	%		4	%		3	%		3	%		2	%		8	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


32		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Growth ETF

		Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	^(a)

Net asset value, beginning of period	$	92.76		$	84.53		$	63.92		$	76.34		$	65.08		$	41.25


Net investment income ^(b)		0.26			0.48			0.68			0.60			0.41			0.47
Net realized and unrealized gain (loss) ^(c)		27.99			8.21			20.60			(12.44	)		11.27			23.85


Net increase (decrease) from investment operations		28.25			8.69			21.28			(11.84	)		11.68			24.32


Distributions from net investment income ^(d)		(0.26	) ^(e)		(0.46	)		(0.67	)		(0.58	)		(0.42	)		(0.49	)


Net asset value, end of period	$	120.75		$	92.76		$	84.53		$	63.92		$	76.34		$	65.08


Total Return ^(f)
Based on net asset value		30.47	% ^(g)		10.25	%		33.49	%		(15.48	)%		17.94	%		59.13	%


Ratios to Average Net Assets ^(h)
Total expenses		0.18	% ⁽ⁱ⁾		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%


Net investment income		0.48	% ⁽ⁱ⁾		0.50	%		0.95	%		0.94	%		0.55	%		0.82	%


Supplemental Data
Net assets, end of period (000)	$	65,850,406		$	51,420,197		$	44,198,171		$	30,164,091		$	36,758,412		$	31,174,756


Portfolio turnover rate ^(j)		2	%		31	%		31	%		34	%		14	%		13	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P 500 Value ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	190.54		$	186.86		$	151.79		$	155.61		$	141.09		$	96.29


Net investment income ^(a)		1.79			3.75			3.16			3.00			2.89			2.83
Net realized and unrealized gain (loss) ^(b)		15.85			3.73			34.93			(3.78	)		14.48			44.86


Net increase (decrease) from investment operations		17.64			7.48			38.09			(0.78	)		17.37			47.69


Distributions from net investment income ^(c)		(1.67	) ^(d)		(3.80	)		(3.02	)		(3.04	)		(2.85	)		(2.89	)


Net asset value, end of period	$	206.51		$	190.54		$	186.86		$	151.79		$	155.61		$	141.09


Total Return ^(e)
Based on net asset value		9.31	% ^(f)		4.02	%		25.36	%		(0.35	)%		12.39	%		50.10	%


Ratios to Average Net Assets ^(g)
Total expenses		0.18	% ^(h)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%


Net investment income		1.84	% ^(h)		1.96	%		1.93	%		2.06	%		1.92	%		2.39	%


Supplemental Data
Net assets, end of period (000)	$	41,725,935		$	37,289,322		$	33,737,251		$	24,476,275		$	25,886,355		$	21,424,451


Portfolio turnover rate ⁽ⁱ⁾		2	%		32	%		32	%		29	%		18	%		26	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


34		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares S&P Small-Cap 600 Value ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21 ^(a)

Net asset value, beginning of period	$	97.50		$	102.77		$	93.67		$	102.39		$	100.53		$	50.14


Net investment income ^(b)		1.12			1.69			1.82			1.62			1.07			1.12
Net realized and unrealized gain (loss) ^(c)		12.92			(5.03	)		8.78			(8.96	)		2.32			50.16


Net increase (decrease) from investment operations		14.04			(3.34	)		10.60			(7.34	)		3.39			51.28


Distributions from net investment income ^(d)		(0.94	) ^(e)		(1.93	)		(1.50	)		(1.38	)		(1.53	)		(0.89	)


Net asset value, end of period	$	110.60		$	97.50		$	102.77		$	93.67		$	102.39		$	100.53


Total Return ^(f)
Based on net asset value		14.47	% ^(g)		(3.35	)%		11.46	%		(7.08	)%		3.38	%		103.08	% ^(h)


Ratios to Average Net Assets ⁽ⁱ⁾
Total expenses		0.18	% ^(j)		0.18	%		0.18	%		0.18	%		0.18	%		0.21	%


Net investment income		2.23	% ^(j)		1.61	%		1.93	%		1.71	%		1.04	%		1.56	%


Supplemental Data
Net assets, end of period (000)	$	6,647,329		$	6,405,667		$	7,224,804		$	6,983,348		$	8,549,270		$	8,806,141


Portfolio turnover rate ^(k)(l)		9	%		52	%		66	%		54	%		42	%		52	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

⁽ⁱ⁾	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(j)	Annualized.

^(k)	Portfolio turnover rate excludes in-kind transactions, if any.

^(l)	Excludes underlying investments in equity swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Notes to Financial Statements (unaudited)

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”):


iShares ETF		Diversification Classification
S&P 100 ^(a)		Diversified
S&P 500 Growth ^(a)		Diversified
S&P 500 Value		Diversified
S&P Small-Cap 600 Value		Diversified

^(a)

The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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 Fund is 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.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 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.

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.


36		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

Segment Reporting: 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 each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

•

Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

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

S&P 500 Growth

BMO Capital Markets Corp.	$	441,180	$	(441,180	)	$	—	$	—

BNP Paribas SA		140,883,698		(140,883,698	)		—		—

BofA Securities, Inc.		145,392,621		(145,392,621	)		—		—

Citadel Clearing LLC		3,856,240		(3,856,240	)		—		—

Citigroup Global Markets, Inc.		6,286,754		(6,286,754	)		—		—

Goldman Sachs & Co. LLC		29,727,156		(29,727,156	)		—		—

HSBC Bank PLC		15,886,962		(15,772,152	)		—		114,810

J.P. Morgan Securities LLC		32,030,296		(31,736,318	)		—		293,978	^(b)

Jefferies LLC		68,890		(68,890	)		—		—

Morgan Stanley		3,528,720		(3,528,720	)		—		—

National Financial Services LLC		7,622,580		(7,622,580	)		—		—

State Street Bank & Trust Co.		6,600,335		(6,600,335	)		—		—

UBS AG		34,629,680		(34,629,680	)		—		—

Virtu Americas LLC		1,328,940		(1,328,940	)		—		—

Wells Fargo Bank N.A.		462,670		(462,670	)		—		—

Wells Fargo Securities LLC		5,025,861		(5,025,861	)		—		—

	$	433,772,583	$	(433,363,795	)	$	—	$	408,788


S&P 500 Value

Barclays Bank PLC	$	2,345,241	$	(2,345,241	)	$	—	$	—

BNP Paribas SA		12,764,322		(12,764,322	)		—		—

BofA Securities, Inc.		50,837,756		(50,837,756	)		—		—

Citigroup Global Markets, Inc.		5,432,284		(5,272,410	)		—		159,874	^(b)

Goldman Sachs & Co. LLC		14,356,612		(14,356,612	)		—		—

Jefferies LLC		962,977		(962,977	)		—		—

Natixis SA		525,342		(525,342	)		—		—

UBS Securities LLC		2,417,687		(2,417,687	)		—		—

Wells Fargo Bank N.A.		974,485		(974,485	)		—		—

Wells Fargo Securities LLC		299,810		(295,250	)		—		4,560	^(b)



	$	90,916,516	$	(90,752,082	)	$	—	$	164,434


S&P Small-Cap 600 Value

Barclays Bank PLC	$	12,275,736	$	(12,275,736	)	$	—	$	—

BNP Paribas SA		10,061,865		(10,061,865	)		—		—


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Notes to Financial Statements (unaudited) (continued)


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)			Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount

S&P Small-Cap 600 Value (continued)
BofA Securities, Inc.	$	26,604,041	$	(26,604,041	)	$	—	$	—
Citadel Clearing LLC		724,075		(724,075	)		—		—
Citigroup Global Markets, Inc.		18,583,486		(18,583,486	)		—		—
Goldman Sachs & Co. LLC		38,887,431		(38,887,431	)		—		—
HSBC Bank PLC		10,424,212		(10,424,212	)		—		—
J.P. Morgan Securities LLC		13,743,762		(13,743,762	)		—		—
Jefferies LLC		1,058,834		(1,058,834	)		—		—
Morgan Stanley		45,462,782		(45,462,782	)		—		—
National Financial Services LLC		6,069,636		(6,069,636	)		—		—
Natixis SA		964,305		(964,305	)		—		—
Scotia Capital (USA), Inc.		169,180		(169,180	)		—		—
Scotia Capital, Inc.		121,857		(121,857	)		—		—
State Street Bank & Trust Co.		2,048,635		(2,048,635	)		—		—
Toronto-Dominion Bank		1,381,894		(1,381,894	)		—		—
UBS AG		10,948,778		(10,948,778	)		—		—
UBS Securities LLC		10,617		(10,617	)		—		—
Virtu Americas LLC		198,521		(198,521	)		—		—
Wells Fargo Bank N.A.		9,602,370		(9,602,370	)		—		—
Wells Fargo Securities LLC		28,059,839		(28,059,839	)		—		—

	$	237,401,856	$	(237,401,856	)	$	—	$	—

^(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 September 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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits (“financing fees”) related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements : In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparty are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees : Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fees
S&P 100		0.20	%
S&P 500 Growth		0.18
S&P 500 Value		0.18
S&P Small-Cap 600 Value		0.18

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.


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Notes to Financial Statements (unaudited) (continued)

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 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.

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 six months ended September 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
S&P 100	$	7,220
S&P 500 Growth		90,994
S&P 500 Value		406,231
S&P Small-Cap 600 Value		487,845

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 six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
S&P 100	$	122,906,417	$	61,232,171	$	(8,283,415	)
S&P 500 Growth		658,288,924		414,049,686		(5,002,370	)
S&P 500 Value		242,901,981		134,023,198		(28,483,557	)
S&P Small-Cap 600 Value		42,619,620		7,902,753		(1,378,646	)

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
S&P 100	$	349,687,481	$	325,381,355
S&P 500 Growth		1,369,829,876		1,312,118,384
S&P 500 Value		883,690,934		864,285,491
S&P Small-Cap 600 Value		549,357,322		598,142,486

For the six months ended September 30, 2025, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	7,068,330,368	$	303,044,403
S&P 500 Growth		3,609,511,343		4,468,817,779
S&P 500 Value		2,798,849,621		1,586,106,517
S&P Small-Cap 600 Value		131,824,387		658,905,786

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 September 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.

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards ^(a)			Qualified Late-Year Ordinary Losses ^(b)
S&P 100	$	(491,781,124	)	$	—
S&P 500 Growth		(2,834,397,300	)		—
S&P 500 Value		(2,721,737,226	)		—
S&P Small-Cap 600 Value		(1,124,472,961	)		(12,149,573	)

^(a)	Amounts available to offset future realized capital gains.

^(b)	The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of September 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:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
S&P 100	$	20,145,926,230	$	7,716,873,179	$	(322,998,682)	$	7,393,874,497
S&P 500 Growth		41,013,225,438		25,755,628,045		(482,139,425)		25,273,488,620
S&P 500 Value		36,818,156,225		6,746,606,353		(1,778,278,814)		4,968,327,539
S&P Small-Cap 600 Value		6,841,241,582		982,057,898		(939,082,052)		42,975,846

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 each 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.


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Notes to Financial Statements (unaudited) (continued)

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each 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. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 09/30/25						Year Ended 03/31/25
iShares ETF	Shares			Amount			Shares			Amount

S&P 100
Shares sold		22,500,000		$	7,081,291,296			16,400,000		$	4,571,638,930
Shares redeemed		(1,050,000	)		(303,539,287	)		(2,350,000	)		(645,896,105	)

		21,450,000		$	6,777,752,009			14,050,000		$	3,925,742,825

S&P 500 Growth
Shares sold		34,050,000		$	3,618,475,396			127,000,000		$	11,949,199,662
Shares redeemed		(43,050,000	)		(4,480,185,269	)		(95,500,000	)		(9,179,151,626	)

		(9,000,000	)	$	(861,709,873	)		31,500,000		$	2,770,048,036

S&P 500 Value
Shares sold		14,700,000		$	2,810,897,326			50,550,000		$	9,696,343,900
Shares redeemed		(8,350,000	)		(1,593,520,739	)		(35,400,000	)		(6,763,868,949	)

		6,350,000		$	1,217,376,587			15,150,000		$	2,932,474,951

S&P Small-Cap 600 Value
Shares sold		1,350,000		$	133,097,192			13,400,000		$	1,447,744,012
Shares redeemed		(6,950,000	)		(665,079,911	)		(18,000,000	)		(1,872,454,765	)

		(5,600,000	)	$	(531,982,719	)		(4,600,000	)	$	(424,710,753	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund’s custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.	SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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Additional Information

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 Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com .


A D D I T I O N A L I N F O R M A T I O N		45

Board Review and Approval of Investment Advisory Contract

iShares S&P 100 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds.

The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		47

Board Review and Approval of Investment Advisory Contract (continued)

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


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Board Review and Approval of Investment Advisory Contract (continued)

detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		49

Board Review and Approval of Investment Advisory Contract (continued)

iShares S&P Small-Cap 600 Value ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


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Board Review and Approval of Investment Advisory Contract (continued)

compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		51

Board Review and Approval of Investment Advisory Contract (continued)

concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds.


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Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation


1D FEDL01		USD - 1D Overnight Fed Funds Effective Rate

1D OBFR01		USD - 1D Overnight Bank Funding Rate

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S		53

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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 S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

•

iShares Preferred and Income Securities ETF | PFF | NASDAQ

Table of Contents


	Page

Schedule of Investments		3

Statement of Assets and Liabilities		10

Statement of Operations		11

Statements of Changes in Net Assets		12

Financial Highlights		13

Notes to Financial Statements		14

Additional Information		20

Board Review and Approval of Investment Advisory Contract		21

Glossary of Terms Used in these Financial Statements		24


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Securities

Preferred Stocks — 98.9%

Aerospace & Defense — 4.3%
Boeing Co. (The), 6.00% ^(a)		9,118,305	$	634,360,479


Automobiles — 1.1%
Ford Motor Co.
6.00%		2,537,252		55,895,661
6.50%, NVS		1,902,978		45,519,234
6.20%		2,378,664		53,282,074

				154,696,969

Banks — 24.6%
Associated Banc-Corp
6.63%		958,756		23,642,923
Series E, 5.88%, NVS ^(b)		326,339		7,254,516
Series F, 5.63%, NVS ^(b)		317,176		6,714,616
Atlantic Union Bankshares Corp., Series A,
6.88%, NVS ^(b)		546,029		13,699,868
Banc of California, Inc., Series F, 7.75%, NVS ^(b)		1,640,353		41,008,825
Bank of America Corp.
Series 02, (3-mo. CME Term SOFR + 0.912%),
5.12%, NVS ^(b)(c)		571,436		11,680,152
Series 4, (3-mo. CME Term SOFR + 1.012%),
5.22%, NVS ^(b)(c)(d)		390,245		8,191,243
Series 5, (3-mo. CME Term SOFR + 0.762%),
4.98%, NVS ^(b)(c)		776,605		15,966,999
Series E, (3-mo. CME Term SOFR + 0.612%),
4.82%, NVS ^(b)(c)		591,477		12,894,199
Series GG, 6.00% ^(b)		2,710,860		68,476,324
Series HH, 5.88%, NVS ^(b)		1,698,397		42,629,765
Series K*, 6.45%		2,102,187		53,752,922
Series KK, 5.38%, NVS ^(b)		2,772,692		63,383,739
Series L, 7.25%, NVS ^(a)(b)		155,687		199,279,360
Series LL, 5.00%, NVS ^(b)		2,606,669		55,574,183
Series NN, 4.38%, NVS ^(b)		2,142,386		39,805,532
Series PP, 4.13%, NVS ^(b)		1,814,634		31,883,119
Series QQ, 4.25%, NVS ^(b)		2,591,919		46,835,976
Series SS, 4.75%, NVS ^(b)		1,357,889		27,795,988
Bank of Hawaii Corp.
8.00% ^(b)		523,301		13,684,321
Series A, 4.38%, NVS ^(b)		599,399		10,519,452
Bank OZK, Series A, 4.63%, NVS ^(b)		1,118,478		19,506,256
Cadence Bank, Series A, 5.50%, NVS ^(b)		551,216		12,231,483
Citizens Financial Group, Inc.
7.38%, NVS ^(b)		1,278,395		33,813,548
Series E, 5.00%, NVS ^(b)		1,438,193		29,885,651
Series I, 6.50%, NVS ^(b)		1,280,371		32,329,368
Comerica, Inc., Series B, 6.88% ^(b)		1,280,371		32,303,760
ConnectOne Bancorp, Inc., Series A, 5.25%, NVS ^(b)		367,582		8,770,506
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS ^(b)		489,651		8,847,994
Dime Community Bancshares, Inc., 5.50%, NVS ^(b)		420,161		8,050,285
Fifth Third Bancorp
Series A, 6.00%, NVS ^(b)(d)		639,236		15,418,372
Series I, (3-mo. CME Term SOFR + 3.972%),
8.27%, NVS ^(b)(c)		1,438,194		36,544,510
Series K, 4.95%, NVS ^(b)		798,958		16,538,431
First Busey Corp., Series B, 8.25%, NVS ^(b)		687,102		17,555,456
First Citizens BancShares, Inc.
Series A, 5.38%, NVS ^(b)		1,102,627		24,445,241
Series C, 5.63%, NVS ^(b)(d)		639,236		14,191,039


Security	Shares		Value

Banks (continued)
First Horizon Corp.
Series E, 6.50%, NVS ^(b)		489,661	$	12,148,489
Series F, 4.70% ^(b)		489,645		9,058,432
Flagstar Financial, Inc., Series A., 6.38%, NVS ^(b)		1,645,859		36,143,064
Fulton Financial Corp., Series A, 5.13%, NVS ^(b)		633,794		12,466,728
Hancock Whitney Corp., 6.25%		551,216		13,515,816
Huntington Bancshares, Inc.
Series C, 5.70%, NVS ^(b)		559,278		13,143,033
Series H, 4.50%, NVS ^(b)		1,597,916		29,689,279
Series J, 6.88%, NVS ^(b)		1,037,296		26,513,286
JPMorgan Chase & Co.
Series DD, 5.75%, NVS ^(b)		5,363,169		133,274,750
Series EE, 6.00%, NVS ^(b)		5,849,334		148,339,110
Series GG, 4.75%, NVS ^(b)		2,813,194		59,020,810
Series JJ, 4.55%, NVS ^(b)		4,763,194		95,120,984
Series LL, 4.63%, NVS ^(b)		5,847,058		118,519,866
Series MM, 4.20%, NVS ^(b)		6,359,745		120,071,986
KeyCorp
6.20%, NVS ^(b)		1,917,513		48,398,028
Series E, 6.13%, NVS ^(b)(d)		1,597,916		40,219,546
Series F, 5.65%, NVS ^(b)		1,358,212		31,279,622
Series G, 5.63%, NVS ^(b)		1,438,194		33,035,316
Live Oak Bancshares, Inc., Series A, 8.38%, NVS ^(b)		320,015		8,339,591
M&T Bank Corp.
Series H, 5.63%, NVS ^(b)(d)		798,971		19,838,450
Series J, 7.50%, NVS ^(b)		2,396,950		64,022,534
Midland States Bancorp, Inc., 7.75%, NVS ^(b)		367,582		9,082,951
New York Community Capital Trust V, 6.00%, NVS ^(a)		231,696		9,235,403
Old National Bancorp
Series A, 7.00%, NVS ^(b)		352,503		8,953,576
Series C, 7.00%, NVS ^(b)		399,800		10,054,970
Pinnacle Financial Partners, Inc., Series B,
6.75%, NVS ^(b)		718,764		18,069,727
Popular Capital Trust II, 6.13%		329,555		8,301,490
Regions Financial Corp.
6.95% ^(b)		1,597,916		41,162,316
Series C, 5.70%, NVS ^(b)		1,597,916		39,132,963
Series E, 4.45%, NVS ^(b)		1,278,381		23,713,968
Synovus Financial Corp.
Series D, (3-mo. CME Term SOFR + 3.614%),
7.59%, NVS ^(b)(c)(d)		639,236		16,012,862
Series E, 8.40%, NVS ^(b)		1,118,478		29,471,895
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS ^(b)		958,756		20,469,441
Truist Financial Corp.
Series I, (3-mo. CME Term SOFR + 0.792%),
4.77%, NVS ^(b)(c)		563,110		12,810,752
Series O, 5.25%, NVS ^(b)		1,837,689		42,395,485
Series R, 4.75%, NVS ^(b)		2,956,136		60,600,788
U.S. Bancorp
Series A, (3-mo. CME Term SOFR + 1.282%),
5.60%, NVS ^(b)(c)		45,881		37,737,122
Series B*, (3-mo. CME Term SOFR + 0.862%),
5.18%, NVS ^(b)(c)		3,195,908		62,607,838
Series K, 5.50%, NVS ^(b)		1,837,673		44,618,700
Series L, 3.75%, NVS ^(b)		1,597,916		25,502,739
Series M, 4.00%, NVS ^(b)		2,396,950		40,388,607
Series O, 4.50%, NVS ^(b)		1,438,193		28,389,930
UMB Financial Corp., 7.75%, NVS ^(b)		958,756		26,643,829


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Valley National Bancorp
Series A, (3-mo. CME Term SOFR + 4.112%),
8.11%, NVS ^(b)(c)(d)		367,582	$	9,343,934
Series B, 8.43%, NVS ^(b)(c)		319,521		8,055,124
Series C, 8.25% ^(b)		479,437		12,527,689
WaFd, Inc., Series A, 4.88%, NVS ^(b)		950,729		15,477,868
Webster Financial Corp.
Series F, 5.25%, NVS ^(b)		489,651		9,915,433
Series G, 6.50% ^(b)		440,474		11,042,683
Wells Fargo & Co.
Series AA, 4.70%, NVS ^(b)		3,182,279		62,340,846
Series CC, 4.38%, NVS ^(b)		2,835,862		51,584,330
Series DD, 4.25%, NVS ^(b)		3,397,286		60,369,772
Series L, 7.50%, NVS ^(a)(b)		278,896		344,238,544
Series Y, 5.63%, NVS ^(b)(d)		1,853,056		45,955,789
Series Z, 4.75%, NVS ^(b)		5,607,640		110,694,814
WesBanco, Inc., Series A, (5-yr. CMT + 6.557%), 6.75%, NVS ^(b)(c)		479,438		12,120,193
Western Alliance Bancorp, Series A, 4.25%, NVS ^(b)		958,756		21,715,823
Wintrust Financial Corp., Series F, 7.88% ^(b)		1,358,700		36,902,292

				3,604,907,128

Broadline Retail — 0.3%
Dillard’s Capital Trust I, 7.50%		639,236		16,632,921
QVC Group, Inc., 8.00%		1,016,059		6,929,522
QVC, Inc.
6.25%		1,598,756		16,147,436
6.38%		713,608		7,207,441

				46,917,320

Capital Markets — 12.6%
Affiliated Managers Group, Inc.
4.20%		634,350		10,200,348
4.75%		878,916		15,846,855
5.88%		958,680		21,340,217
6.75%		1,427,215		34,824,046
Ares Management Corp., Series B, 6.75%, NVS ^(a)		2,378,664		118,195,814
B Riley Financial, Inc.
6.50%		572,607		11,566,661
6.00%		696,558		9,612,500
5.50% ^(d)		322,246		7,669,455
5.25% ^(d)		1,222,085		13,992,873
5.00% ^(d)		632,626		12,000,915
Bank of New York Mellon Corp. (The), Series K,
6.15%, NVS ^(b)		1,585,817		40,866,504
Brookfield Finance I UK PLC, 4.50% ^(b)		727,130		11,379,585
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,268,628		20,234,617
Brookfield Oaktree Holdings LLC
Series A, 6.63%, NVS ^(b)		575,247		12,632,424
Series B, 6.55%, NVS ^(b)		747,998		16,179,197
Carlyle Finance LLC, 4.63%, NVS		1,585,803		28,512,738
Charles Schwab Corp. (The)
Series D, 5.95%, NVS ^(b)		2,378,665		59,585,558
Series J, 4.45%, NVS ^(b)(d)		1,902,978		37,393,518
CION Investment Corp., 7.50%		479,445		12,115,575
Crescent Capital BDC, Inc., 5.00%		356,653		8,902,059
DigitalBridge Group, Inc.
Series H, 7.13%, NVS ^(b)		670,675		14,989,586
Series I, 7.15%, NVS ^(b)		1,028,057		22,925,671
Series J, 7.13%, NVS ^(b)		927,935		20,433,129
Gladstone Investment Corp.
5.00%, NVS		408,838		10,282,276


Security	Shares		Value

Capital Markets (continued)
Gladstone Investment Corp.
4.88%		426,767	$	10,114,378
7.88%		401,192		10,242,432
Goldman Sachs Group, Inc. (The)
Series A, (3-mo. CME Term SOFR + 1.012%),
5.24%, NVS ^(b)(c)(d)		2,378,588		50,211,993
Series C, (3-mo. CME Term SOFR + 1.012%),
5.24%, NVS ^(b)(c)		639,236		13,462,310
Series D, (3-mo. CME Term SOFR + 0.932%),
5.16%, NVS ^(b)(c)		4,281,607		89,485,586
KKR & Co., Inc.
Series D, 6.25% ^(a)		4,103,241		215,050,861
Series T, 6.88%		1,871,258		48,559,145
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,585,829		28,957,238
Morgan Stanley
Series A, (3-mo. CME Term SOFR + 0.962%), 5.28% ^(b)(c)		3,488,705		74,693,174
Series E, 7.13%, NVS ^(b)		2,735,470		69,508,293
Series F, 6.88%, NVS ^(b)		2,695,840		67,800,376
Series I, 6.38%, NVS ^(b)		3,171,603		79,385,223
Series K, 5.85%, NVS ^(b)		3,171,564		77,671,602
Series L, 4.88%, NVS ^(b)		1,589,036		34,084,822
Series O, 4.25%, NVS ^(b)		4,123,055		76,029,134
Series P, 6.50%, NVS ^(b)		3,171,602		80,875,851
Series Q, 6.63%, NVS ^(b)		3,171,602		82,176,208
New Mountain Finance Corp., 8.25% ^(d)		367,582		9,292,473
Northern Trust Corp., Series E, 4.70%, NVS ^(b)		1,268,628		25,765,835
Prospect Capital Corp., Series A, 5.35% ^(b)(d)		419,489		6,904,789
Saratoga Investment Corp., Series 2027, 6.00%		334,609		8,278,227
State Street Corp., Series G, 5.35%, NVS ^(b)(c)		1,585,804		36,885,801
Stifel Financial Corp.
5.20%		719,000		15,293,130
Series B, 6.25%, NVS ^(b)		511,343		12,763,121
Series C, 6.13%, NVS ^(b)		719,000		17,291,950
Series D, 4.50%, NVS ^(b)		958,756		17,909,562
Trinity Capital, Inc.
7.88%, NVS		370,535		9,330,071
7.88%		380,913		9,579,962

				1,849,285,668

Chemicals — 1.0%
Albemarle Corp., 7.25%, NVS ^(a)		3,647,292		138,159,421
EIDP, Inc., Series B, 4.50%, NVS ^(b)		133,629		9,674,740

				147,834,161

Commercial Services & Supplies — 0.2%
Pitney Bowes, Inc., 6.70%		1,328,364		25,730,411


Consumer Finance — 2.7%
Atlanticus Holdings Corp.
6.13%		473,667		11,889,042
9.25%, NVS		530,185		13,662,867
Capital One Financial Corp.
Series I, 5.00%, NVS ^(b)		4,757,328		96,002,879
Series J, 4.80%, NVS ^(b)		3,964,467		76,395,279
Series K, 4.63%, NVS ^(b)		407,958		7,628,814
Series L, 4.38%, NVS ^(b)		2,140,819		37,507,149
Series N, 4.25%, NVS ^(b)		1,358,235		23,932,101
Navient Corp., 6.00%		958,756		19,175,120
SLM Corp., Series B, (3-mo. CME Term SOFR +
1.962%), 6.00% ^(b)(c)		199,059		15,196,164


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Synchrony Financial
Series A, 5.63%, NVS ^(b)		2,378,640	$	48,405,324
Series B, 8.25%, NVS ^(b)		1,585,803		41,040,582

				390,835,321

Diversified REITs — 0.4%
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS ^(b)		542,577		11,952,971
CTO Realty Growth, Inc., Series A, 6.38%, NVS ^(b)		379,636		8,086,285
Global Net Lease, Inc.
Series A, 7.25%, NVS ^(b)		539,122		12,642,411
Series B, 6.88% ^(b)		378,349		8,811,748
Series D, 7.50%, NVS ^(b)		633,848		15,833,523
LXP Industrial Trust, Series C, 6.50%, NVS ^(a)(b)		154,682		7,426,283

				64,753,221

Diversified Telecommunication Services — 2.7%
AT&T Inc.
5.35%		4,194,401		96,680,943
Series A, 5.00%, NVS ^(b)		3,805,880		79,733,186
Series C, 4.75%, NVS ^(b)		5,550,270		110,561,378
Qwest Corp.
6.75%		2,093,205		43,015,363
6.50%, NVS		3,100,213		62,314,281

				392,305,151

Electric Utilities — 7.7%
BIP Bermuda Holdings I Ltd., 5.13% ^(b)		958,067		16,430,849
Brookfield BRP Holdings Canada, Inc.
4.63%, NVS ^(b)		1,119,094		17,345,957
4.88% ^(b)		830,855		13,584,479
7.25% ^(b)		475,763		11,827,468
Brookfield Infrastructure Finance ULC
5.00%		797,082		13,478,657
7.25%		502,878		12,320,511
Duke Energy Corp.
5.63%		1,585,803		39,629,217
Series A, 5.75%, NVS ^(b)		3,171,602		79,321,766
Entergy Arkansas LLC, 4.88%		1,300,344		27,528,282
Entergy Louisiana LLC, 4.88%		862,886		18,293,183
Entergy Mississippi LLC, 4.90%		830,855		17,954,777
Georgia Power Co., Series 2017, 5.00%		856,297		20,131,542
NextEra Energy Capital Holdings, Inc.
Series N, 5.65%		2,180,450		53,006,740
Series U, 6.50%		2,775,100		71,458,825
NextEra Energy, Inc.
7.30% ^(a)		3,171,602		158,167,792
7.23% ^(a)		2,378,664		111,868,568
Pacific Gas & Electric Co., Series A, 6.00% ^(b)		333,919		7,349,557
PG&E Corp., Series A, 6.00%, NVS ^(a)		2,553,150		100,543,047
SCE Trust II, 5.10%, NVS ^(b)		703,148		12,058,988
SCE Trust IV, Series J, (3-mo. CME Term SOFR +
3.394%), 5.38%, NVS ^(b)(c)		1,030,783		24,110,014
SCE Trust V, Series K, 5.45%, NVS ^(b)		951,449		22,501,769
SCE Trust VI, 5.00%, NVS ^(b)		1,506,469		25,670,232
SCE Trust VII, Series M, 7.50% ^(b)		1,744,391		40,644,310
SCE Trust VIII, Series N, 6.95%, NVS ^(b)		1,110,040		24,154,470
Southern Co. (The)
5.25%		1,427,215		32,426,325
6.50%		1,791,928		46,213,823
Series 2020, 4.95%		3,171,602		66,540,210
Series C, 4.20%		2,378,664		44,100,431

				1,128,661,789


Security	Shares		Value

Electrical Equipment — 0.2%
Babcock & Wilcox Enterprises, Inc.
6.50%		322,610	$	7,303,891
8.13%		330,602		8,298,110
Series A, 7.75%, NVS ^(b)		612,761		9,798,048

				25,400,049

Financial Services — 5.8%
Apollo Global Management, Inc.
6.75% ^(a)		2,279,517		161,149,239
7.63%		1,902,978		49,934,143
Citigroup Capital XIII, (3-mo. CME Term SOFR +
6.632%), 10.94%, NVS ^(c)		7,123,399		214,912,948
Compass Diversified Holdings
Series A, 7.25%, NVS ^(b)		379,930		6,344,831
Series B, 7.88%, NVS ^(b)		596,569		10,953,007
Series C, 7.88%, NVS ^(b)		626,900		11,534,960
Corebridge Financial, Inc., 6.38%		1,902,978		46,718,110
Equitable Holdings, Inc.
Series A, 5.25%, NVS ^(b)		2,495,127		54,019,500
Series C, 4.30% ^(b)		930,089		16,350,965
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS ^(b)		326,341		7,669,013
Series F, 5.25%, NVS ^(b)		391,565		8,089,733
Series G, 4.88%, NVS ^(b)		407,958		7,934,783
Series H, 6.50% ^(b)		317,175		8,015,012
Jackson Financial, Inc., 8.00% ^(b)		1,714,427		44,660,823
Merchants Bancorp
8.25%, NVS ^(b)		451,958		11,226,637
7.63%, NVS ^(b)		735,045		16,979,539
Series C, 6.00%, NVS ^(b)		622,217		12,680,782
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		798,958		19,358,752
NewtekOne, Inc., 5.50%		367,582		9,218,957
Shift4 Payments, Inc., 6.00%, NVS ^(a)		792,861		74,953,115
TPG Operating Group II LP, 6.95%, NVS		1,268,628		32,755,975
Voya Financial, Inc., Series B, 5.35%, NVS ^(b)		951,449		22,787,204

				848,248,028

Food Products — 1.3%
CHS, Inc.
8.00%, NVS ^(b)		980,572		29,132,794
Series 1, 7.88%, NVS ^(b)(d)		1,701,459		45,258,810
Series 2, 7.10%, NVS ^(b)(c)		1,332,060		33,194,935
Series 3, 6.75%, NVS ^(b)(c)		1,562,032		38,691,533
Series 4, 7.50% ^(b)		1,641,328		42,100,063

				188,378,135

Gas Utilities — 0.2%
Entergy New Orleans LLC, 5.50%		351,536		7,993,928
Spire, Inc., Series A, 5.90%, NVS ^(b)		798,958		19,902,044

				27,895,972

Health Care Providers & Services — 0.4%
BrightSpring Health Services, Inc., 6.75%, NVS ^(a) .		634,350		64,126,441


Health Care REITs — 0.2%
Diversified Healthcare Trust
6.25%, NVS		798,958		14,077,640
5.63%		1,118,479		18,678,599

				32,756,239

Hotel & Resort REITs — 0.8%
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS ^(a)(b)		245,867		3,992,880
Chatham Lodging Trust, Series A, 6.63%, NVS ^(b)		386,723		8,144,387
DiamondRock Hospitality Co., 8.25%, NVS ^(b)		377,386		9,464,841


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotel & Resort REITs (continued)
Pebblebrook Hotel Trust
Series E, 6.38%, NVS ^(b)		354,364	$	7,161,697
Series F, 6.30%, NVS ^(b)		483,246		9,761,569
Series G, 6.38%, NVS ^(b)		729,430		14,515,657
Series H, 5.70%, NVS ^(b)		639,236		11,525,425
RLJ Lodging Trust, Series A, 1.95% ^(a)(b)		1,021,184		25,764,472
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS ^(b)		507,483		9,850,245
Series F, 5.88%, NVS ^(b)		317,176		6,102,466
Sunstone Hotel Investors, Inc.
Series H, 6.13% ^(b)		364,764		7,769,473
Series I, 5.70%, NVS ^(b)		322,282		6,803,373

				120,856,485

Hotels, Restaurants & Leisure — 0.0%
FAT Brands, Inc., Series B, 8.25%, NVS ^(b)		701,037		1,668,468


Independent Power and Renewable Electricity Producers — 0.3%
Brookfield Renewable Partners LP, Series 17,
5.25%, NVS ^(b)		639,950		12,101,455
Tennessee Valley Authority
Series A, (30-yr. CMT + 0.840%), 2.22% ^(c)(d)		665,931		15,689,334
Series D, (30-yr. CMT + 0.940%), 2.13% ^(c)		819,586		19,555,322

				47,346,111

Insurance — 10.4%
AEGON Funding Co. LLC, 5.10%, NVS		2,933,684		60,287,206
Allstate Corp. (The)
(3-mo. CME Term SOFR + 3.427%), 7.40%, NVS ^(c)(d)		1,585,803		41,437,032
Series H, 5.10%, NVS ^(b)		3,647,292		81,115,774
Series I, 4.75%, NVS ^(b)		958,756		19,970,888
Series J, 7.38% ^(b)		1,902,978		50,409,887
American Financial Group, Inc.
5.88%		396,427		9,121,785
4.50%		639,236		12,055,991
5.63%		475,763		10,514,362
5.13%		639,236		13,097,946
American National Group, Inc.
7.38%, NVS ^(b)		951,456		23,891,060
Series B, 9.98%, NVS ^(b)		958,741		24,179,448
Arch Capital Group Ltd.
Series F, 5.45%, NVS ^(b)(d)		1,054,684		23,002,658
Series G, 4.55% ^(b)		1,585,803		28,465,164
Aspen Insurance Holdings Ltd.
5.63%, NVS ^(b)		718,227		15,283,871
5.63%, NVS ^(b)		867,392		18,588,211
7.00%, NVS ^(b)		719,000		18,125,990
Assurant, Inc., 5.25%		798,958		16,035,087
Athene Holding Ltd.
7.25%, NVS		1,823,644		46,612,341
Series A, 6.35%, NVS ^(b)		2,735,470		69,617,712
Series B, 5.63%, NVS ^(b)		1,102,627		24,213,689
Series D, 4.88% ^(b)		1,823,644		33,153,848
Series E, 7.75%, NVS ^(b)		1,585,803		41,389,458
Axis Capital Holdings Ltd., Series E, 5.50%, NVS ^(b)		1,712,279		36,642,771
Brighthouse Financial, Inc.
6.25%		1,198,437		21,691,710
Series A, 6.60%, NVS ^(b)		1,358,235		22,424,460
Series B, 6.75%, NVS ^(b)		1,286,262		21,313,361
Series C, 5.38% ^(b)		1,837,672		24,863,702
Series D, 4.63%, NVS ^(b)		1,110,040		13,520,287
CNO Financial Group, Inc., 5.13%		475,763		9,605,655


Security	Shares		Value

Insurance (continued)
F&G Annuities & Life, Inc.
7.95%, NVS		1,094,219	$	28,734,191
7.30%		1,189,370		29,115,778
Globe Life, Inc., 4.25%, NVS		1,030,094		17,099,560
Hartford Insurance Group, Inc. (The), Series G,
6.00%, NVS ^(b)		1,094,224		27,432,196
Kemper Corp., 5.88%		479,437		11,290,741
Lincoln National Corp., Series D, 9.00% ^(b)		1,577,620		42,075,125
Maiden Holdings Ltd., 6.63%		351,543		5,308,299
Maiden Holdings North America Ltd., 7.75%		487,307		8,542,492
MetLife, Inc.
Series A, (3-mo. CME Term SOFR + 1.262%), 5.30%, NVS ^(b)(c)		1,902,978		45,747,591
Series E, 5.63%, NVS ^(b)(d)		2,553,150		63,522,372
Series F, 4.75%, NVS ^(b)		3,171,602		66,159,618
Prudential Financial, Inc.
5.95%		958,757		24,486,654
5.63%		1,791,929		44,565,274
4.13%, NVS		1,588,690		28,755,289
Reinsurance Group of America, Inc.
7.13%		2,220,133		57,390,438
5.75%, NVS		1,268,628		31,538,092
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS ^(b)		798,958		18,799,482
Series G, 4.20%, NVS ^(b)		1,585,803		26,562,200
Selective Insurance Group, Inc., Series B, 4.60% ^(b)		639,236		11,857,828
SiriusPoint Ltd., Series B, 8.00%, NVS ^(b)		619,741		15,716,632
Unum Group, 6.25%		951,449		22,901,377
W R Berkley Corp.
5.70%		591,293		13,682,520
5.10%		958,756		20,517,378
4.13%		958,772		17,976,975
4.25%		792,861		14,414,213

				1,524,823,669

Leisure Products — 0.2%
Brunswick Corp.
6.50%		591,293		14,876,932
6.38%		735,045		18,412,877

				33,289,809

Life Sciences Tools & Services — 0.3%
Bruker Corp., 6.38% ^(a)		190,303		51,724,355


Machinery — 0.3%
Chart Industries, Inc., Series B, 6.75%, NVS ^(a)		638,269		45,355,395


Marine Transportation — 0.1%
Global Ship Lease, Inc., 8.75%, NVS ^(b)		348,206		9,579,147


Media — 0.1%
Liberty Broadband Corp., Series A, 7.00% ^(b)		572,650		14,236,079


Mortgage Real Estate Investment Trusts (REITs) — 6.1%
ACRES Commercial Realty Corp.
Series C, (3-mo. CME Term SOFR + 5.927%), 9.90% ^(b)(c)		384,575		9,733,593
Series D, 7.88%, NVS ^(b)		357,416		7,973,951
Adamas Trust, Inc.
Series D, 8.00%, NVS ^(b)		487,436		10,874,697
Series E, 11.28%, NVS ^(b)(c)		593,355		14,911,011
Series F, 6.88%, NVS ^(b)		460,253		10,470,756
AGNC Investment Corp.
Series C, (3-mo. CME Term SOFR + 5.373%), 9.35%, NVS ^(b)(c)		1,038,715		27,079,300


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
AGNC Investment Corp.
Series D, (3-mo. CME Term SOFR + 4.594%), 8.91%, NVS ^(b)(c)		751,015	$	18,797,905
Series E, (3-mo. CME Term SOFR + 5.255%), 9.57%, NVS ^(b)(c)		1,276,535		32,806,949
Series F, (3-mo. CME Term SOFR + 4.959%), 9.28%, NVS ^(b)(c)		1,823,644		46,247,612
Series G, 7.75%, NVS ^(b)		479,438		12,072,249
Series H, 8.75% ^(b)		951,448		24,214,352
Annaly Capital Management, Inc.
Series F, (3-mo. CME Term SOFR + 5.255%), 9.23%, NVS ^(b)(c)		2,283,522		57,750,271
Series G, (3-mo. CME Term SOFR + 4.434%), 8.41%, NVS ^(b)(c)		1,347,980		33,861,258
Series I, (3-mo. CME Term SOFR + 5.251%), 9.23%, NVS ^(b)(c)		1,403,415		35,562,536
Series J, 8.88%, NVS ^(b)		800,173		20,876,514
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS ^(b)		735,046		13,664,505
Series E, 6.25%, NVS ^(b)		455,950		8,339,325
Series F, 6.25%, NVS ^(b)		906,231		20,480,821
ARMOUR Residential REIT, Inc., Series C, 7.00% ^(b)		548,391		11,795,890
Chimera Investment Corp.
8.88%		380,364		9,509,100
Series A, 8.00%, NVS ^(b)		459,869		10,176,901
Series B, (3-mo. CME Term SOFR + 6.053%), 10.05%, NVS ^(b)(c)		1,038,715		25,022,644
Series C, (3-mo. CME Term SOFR + 5.005%), 8.98%, NVS ^(b)(c)		830,856		19,192,774
Series D, (3-mo. CME Term SOFR + 5.600%), 9.60%, NVS ^(b)(c)		634,346		15,148,182
Dynex Capital, Inc., Series C, (3-mo. CME Term
SOFR + 5.723%), 10.04%, NVS ^(b)(c)		356,272		9,330,764
Ellington Financial, Inc.
10.05%, NVS ^(b)(c)		367,582		9,218,957
Series B, 6.25%, NVS ^(b)		385,114		8,996,263
Series C, 8.63% ^(b)		317,176		7,850,106
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS ^(b)		818,689		17,282,525
Granite Point Mortgage Trust, Inc., Series A,
7.00%, NVS ^(b)		657,573		13,578,882
Invesco Mortgage Capital, Inc., Series C, 7.50%, NVS ^(b)		558,132		13,596,095
KKR Real Estate Finance Trust, Inc., Series A,
6.50%, NVS ^(b)		1,039,477		20,425,723
MFA Financial, Inc.
8.88%, NVS		364,775		9,166,796
Series B, 7.50%, NVS ^(b)		634,351		13,295,997
Series C, (3-mo. CME Term SOFR + 5.607%), 9.58%, NVS ^(b)(c)		878,917		20,979,749
PennyMac Mortgage Investment Trust
9.00%, NVS		551,217		14,050,521
9.00%		338,221		8,577,285
Series A, 8.13%, NVS ^(b)(c)		364,713		8,986,528
Series B, 8.00%, NVS ^(b)(c)		623,190		15,455,112
Series C, 6.75%, NVS ^(b)		798,958		15,180,202
Ready Capital Corp.
5.75%		421,330		10,512,183
9.00%		415,525		9,926,892
Series E, 6.50%, NVS ^(b)		373,495		5,766,763


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Rithm Capital Corp.
Series A, (3-mo. CME Term SOFR + 6.064%), 10.04%, NVS ^(b)(c)		333,842	$	8,479,587
Series B, (3-mo. CME Term SOFR + 5.902%), 9.88% ^(b)(c)		899,698		22,870,323
Series C, (3-mo. CME Term SOFR + 5.231%), 9.21%, NVS ^(b)(c)		1,260,948		31,044,540
Series D, 7.00%, NVS ^(b)		1,474,753		36,219,934
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS ^(b)		643,117		11,415,327
Two Harbors Investment Corp.
9.38%		364,713		9,318,417
Series A, 8.13%, NVS ^(b)		400,425		9,610,200
Series B, 7.63%, NVS ^(b)		811,678		18,757,879
Series C, (3-mo. CME Term SOFR + 5.273%), 9.25%, NVS ^(b)(c)		771,879		18,579,128

				895,035,774

Multi-Utilities — 2.1%
Algonquin Power & Utilities Corp., Series 19-A,
8.86%, NVS ^(c)		1,110,040		28,306,020
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS ^(b)		636,055		11,220,010
Series 14, 5.00%, NVS ^(b)		635,721		11,061,545
CMS Energy Corp.
5.88%		1,998,130		48,234,858
5.88%, NVS		894,844		21,279,390
5.63%		639,236		15,693,244
Series C, 4.20%, NVS ^(b)		735,045		14,237,822
DTE Energy Co.
4.38%		888,017		16,081,988
Series E, 5.25%		1,278,395		28,482,641
Series G, 4.38%		735,045		13,605,683
Series H, 6.25%		1,902,978		48,316,611
Sempra, 5.75%		2,402,473		54,920,533

				311,440,345

Office REITs — 0.8%
City Office REIT, Inc., Series A, 6.63%, NVS ^(b)		357,994		9,021,485
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS ^(b)		1,347,959		19,221,895
Office Properties Income Trust, 6.38%		513,778		2,183,556
SL Green Realty Corp., Series I, 6.50%, NVS ^(b)		735,046		16,156,311
Vornado Realty Trust
Series L, 5.40%, NVS ^(b)		951,449		16,945,307
Series M, 5.25%, NVS ^(b)		1,021,065		18,522,119
Series N, 5.25%, NVS ^(b)(d)		951,449		16,897,734
Series O, 4.45%, NVS ^(b)		958,782		14,333,791

				113,282,198

Oil, Gas & Consumable Fuels — 0.4%
El Paso Energy Capital Trust I, 4.75% ^(a)		352,376		17,587,086
NGL Energy Partners LP, Series B, (3-mo. CME
Term SOFR + 7.475%), 11.45%, NVS ^(b)(c)		1,005,563		23,419,562
Seapeak LLC
9.00%, NVS ^(b)		369,822		9,441,556
Series B, 8.50%, NVS ^(b)		503,717		12,965,676

				63,413,880

Real Estate Management & Development — 0.5%
Brookfield Property Partners LP
Series A, 5.75%, NVS ^(b)		911,822		12,218,415
Series A-1, 6.50%, NVS ^(b)		583,589		8,695,476


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
Brookfield Property Partners LP
Series A2, 6.38%, NVS ^(b)		798,958	$	12,040,297
Brookfield Property Preferred LP, 6.25%		2,128,456		33,608,320

				66,562,508

Residential REITs — 0.3%
American Homes 4 Rent
Series G, 5.88%, NVS ^(b)		367,582		8,785,210
Series H, 6.25%, NVS ^(b)		367,582		8,858,726
UMH Properties, Inc., Series D, 6.38%, NVS ^(b)		1,020,646		23,117,632

				40,761,568

Retail REITs — 0.5%
Agree Realty Corp., Series A, 4.25%, NVS ^(b)		555,021		10,073,631
Federal Realty Investment Trust, Series C,
5.00%, NVS ^(b)		475,763		10,181,328
Kimco Realty Corp.
Series L, 5.13%, NVS ^(b)		705,851		15,098,153
Series M, 5.25%, NVS ^(b)		829,802		18,355,221
Regency Centers Corp.
Series A, 6.25%, NVS ^(b)		367,582		8,943,270
Series B, 5.88%, NVS ^(b)		367,582		8,781,534
Saul Centers, Inc., Series E, 6.00%, NVS ^(b)(d)		354,364		8,295,661

				79,728,798

Semiconductors & Semiconductor Equipment — 0.9%
Microchip Technology, Inc., 7.50% ^(a)		2,354,936		139,011,872


Software — 3.3%
Soluna Holdings, Inc., Series A, 9.00%, NVS ^(b)		396,638		2,705,071
Strategy, Inc.
8.00%, NVS ^(a)(b)		1,013,348		92,924,012
10.00%, NVS ^(b)(d)		833,655		93,369,360
Series A, 10.00%, NVS ^(b)		947,841		74,604,565
Series A., 10.00%, NVS ^(b)		2,220,998		215,570,066

				479,173,074

Specialized REITs — 2.6%
Digital Realty Trust, Inc.
Series J, 5.25%, NVS ^(b)(d)		639,228		14,318,707
Series K, 5.85%, NVS ^(b)(d)		671,133		15,885,718
Series L, 5.20%, NVS ^(b)		1,102,633		24,092,531
EPR Properties
Series C, 5.75%, NVS ^(a)(b)		427,612		10,874,173
Series E, 9.00%, NVS ^(a)(b)		273,246		8,623,644
Series G, 5.75%, NVS ^(b)		475,763		10,295,511
Gladstone Land Corp., Series B, 6.00% ^(b)		462,001		9,009,020
National Storage Affiliates Trust, Series A, 6.00%, NVS ^(b)		715,290		16,637,645
Public Storage
Series F, 5.15%, NVS ^(b)		894,844		20,420,340
Series G, 5.05%, NVS ^(b)		958,756		21,092,632
Series H, 5.60% ^(b)		910,813		22,287,594
Series I, 4.88%, NVS ^(b)		1,010,712		21,123,881
Series J, 4.70%, NVS ^(b)		820,662		16,364,000
Series K, 4.75%, NVS ^(b)		735,045		15,024,320
Series L, 4.63%, NVS ^(b)		1,791,928		35,175,547
Series M, 4.13%, NVS ^(b)		729,429		12,786,890
Series N, 3.88%, NVS ^(b)		902,829		15,230,725
Series O, 3.90%, NVS ^(b)		539,199		9,053,151
Series P, 4.00%, NVS ^(b)		1,914,748		33,086,846
Series Q, 3.95%, NVS ^(b)		455,949		7,801,287


Security	Shares		Value

Specialized REITs (continued)
Public Storage
Series R, 4.00%, NVS ^(b)		1,390,250	$	23,731,568
Series S, 4.10%, NVS ^(b)(d)		798,958		14,101,609

				377,017,339

Technology Hardware, Storage & Peripherals — 1.1%
Hewlett Packard Enterprise Co., 7.63% ^(a)		2,378,664		161,511,286


Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group, Inc., 7.00%		479,437		8,850,407


Trading Companies & Distributors — 0.8%
FTAI Aviation Ltd., Series C, 8.25%, NVS ^(b)		335,566		8,597,201
QXO, Inc., 5.50%, NVS ^(a)		911,822		50,141,092
Triton International Ltd.
8.00%, NVS ^(b)		455,949		11,453,439
7.38%, NVS ^(b)		559,275		14,048,988
6.88%, NVS ^(b)(d)		475,763		10,728,455
7.63% ^(b)		475,750		11,855,690
Series E, 5.75%, NVS ^(b)		555,020		10,661,934

				117,486,799

Wireless Telecommunication Services — 1.2%
Array Digital Infrastructure, Inc.
6.25% ^(d)		338,163		7,175,819
5.50%		334,115		6,274,680
Telephone & Data Systems, Inc.
Series UU, 6.63%, NVS ^(b)		1,342,307		30,215,330
Series VV, 6.00%, NVS ^(b)		2,188,339		43,329,112
T-Mobile U.S.A., Inc.
6.25%		1,247,966		30,949,557
5.50%		1,271,161		29,046,029
5.50%		1,251,962		28,356,939

				175,347,466


Total Long-Term Investments — 98.9% (Cost: $15,842,619,958)				14,504,595,314


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.26% ^(e)(f)(g)		57,853,671		57,882,597
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.09% ^(e)(f)		174,976,916		174,976,916


Total Short-Term Securities — 1.6% (Cost: $232,836,644)				232,859,513


Total Investments — 100.5% (Cost: $16,075,456,602)				14,737,454,827

Liabilities in Excess of Other Assets — (0.5)%				(76,249,728	)


Net Assets — 100.0%			$	14,661,205,099

^(a)	Convertible security.

^(b)	Perpetual security with no stated maturity date.

^(c)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(d)	All or a portion of this security is on loan.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Preferred and Income Securities ETF

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash
Funds: Institutional, SL Agency Shares	$	40,850,184	$	17,025,583	^(a)	$	—	$	1,696	$	5,134	$	57,882,597		57,853,671	$	1,563,902	^(b)	$	—
BlackRock Cash
Funds: Treasury, SL Agency Shares		168,468,346		6,508,570	^(a)		—		—		—		174,976,916		174,976,916		2,049,390			—


								$	1,696	$	5,134	$	232,859,513			$	3,613,292		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	14,504,595,314	$	—	$	—	$	14,504,595,314
Short-Term Securities
Money Market Funds		232,859,513		—		—		232,859,513


	$	14,737,454,827	$	—	$	—	$	14,737,454,827

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		9

Statement of Assets and Liabilities (unaudited)

September 30, 2025


	iShares Preferred and Income Securities ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	14,504,595,314
Investments, at value — affiliated ^(c)		232,859,513
Cash		3,377
Receivables:
Investments sold		94,489,028
Securities lending income — affiliated		224,156
Capital shares sold		185,225
Dividends — unaffiliated		33,766,556
Dividends — affiliated		348,349


Total assets		14,866,471,518


LIABILITIES
Collateral on securities loaned		57,730,153
Payables:
Investments purchased		142,075,527
Investment advisory fees		5,460,739


Total liabilities		205,266,419


Commitments and contingent liabilities

NET ASSETS	$	14,661,205,099


NET ASSETS CONSIST OF:
Paid-in capital	$	19,182,933,527
Accumulated loss		(4,521,728,428	)


NET ASSETS	$	14,661,205,099


NET ASSET VALUE
Shares outstanding		464,400,000


Net asset value	$	31.57


Shares authorized		Unlimited


Par value		None


^(a) Investments, at cost — unaffiliated	$	15,842,619,958
^(b) Securities loaned, at value	$	55,647,825
^(c) Investments, at cost — affiliated	$	232,836,644

See notes to financial statements.


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares Preferred and Income Securities ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	476,487,062
Dividends — affiliated		2,049,390
Interest — unaffiliated		22,330
Securities lending income — affiliated — net		1,563,902
Foreign taxes withheld		(783,476	)


Total investment income		479,339,208


EXPENSES
Investment advisory		31,966,332
Interest expense		666


Total expenses		31,966,998


Net investment income		447,372,210


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(224,646,309	)
Investments — affiliated		1,696
In-kind redemptions — unaffiliated ^(a)		5,042,671


		(219,601,942	)


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		638,975,046
Investments — affiliated		5,134


		638,980,180


Net realized and unrealized gain		419,378,238


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	866,750,448

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


S T A T E M E N T O F O P E R A T I O N S		11

Statements of Changes in Net Assets


	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	447,372,210		$	898,089,784
Net realized loss		(219,601,942	)		(510,548,912	)
Net change in unrealized appreciation (depreciation)		638,980,180			(192,286,678	)


Net increase in net assets resulting from operations		866,750,448			195,254,194


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(463,319,221	) ^(b)		(915,567,083	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		97,323,065			36,715,242


NET ASSETS
Total increase (decrease) in net assets		500,754,292			(683,597,647	)
Beginning of period		14,160,450,807			14,844,048,454


End of period	$	14,661,205,099		$	14,160,450,807

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


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Financial Highlights

(For a share outstanding throughout each period)


	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	30.65		$	32.15		$	31.18		$	36.39		$	38.27		$	31.50


Net investment income ^(a)		0.98			1.95			2.02			1.90			1.75			1.81
Net realized and unrealized gain (loss) ^(b)		0.96			(1.46	)		0.99			(5.13	)		(1.94	)		6.78


Net increase (decrease) from investment operations		1.94			0.49			3.01			(3.23	)		(0.19	)		8.59


Distributions from net investment income ^(c)		(1.02	) ^(d)		(1.99	)		(2.04	)		(1.98	)		(1.69	)		(1.82	)


Net asset value, end of period	$	31.57		$	30.65		$	32.15		$	31.18		$	36.39		$	38.27


Total Return ^(e)

Based on net asset value		6.46	% ^(f)		1.46	% ^(g)		10.14	%		(8.99	)%		(0.67	)%		27.88	%


Ratios to Average Net Assets ^(h)

Total expenses		0.46	% ⁽ⁱ⁾		0.45	% ^(j)		0.46	%		0.46	%		0.45	%		0.46	%


Net investment income		6.37	% ⁽ⁱ⁾		6.10	%		6.58	%		5.80	%		4.56	%		4.97	%


Supplemental Data

Net assets, end of period (000)	$	14,661,205		$	14,160,451		$	14,844,048		$	12,981,969		$	17,711,748		$	18,364,340


Portfolio turnover rate ^(k)		9	%		20	%		21	%		16	%		21	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Includes payment from an affiliate with no financial impact to the expense ratios.

^(k)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		13

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following fund (the “Fund”):



iShares ETF		Diversification Classification

Preferred and Income Securities		Diversified

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. The 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:

Foreign Taxes: The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 September 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Cash: The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is 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 Statement of Operations.

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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Segment Reporting: The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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 the Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.

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 the 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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS

Securities Lending: The 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 the 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, the 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 the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund 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


N O T E S T O F I N A N C I A L S T A T E M E N T S		15

Notes to Financial Statements (unaudited) (continued)

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:



Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Barclays Capital, Inc.	$	505,176	$	(505,176	)	$	—		$	—
BNP Paribas SA		875,928		(875,928	)		—			—
BofA Securities, Inc.		96,681		(96,681	)		—			—
J.P. Morgan Securities LLC		39,389,358		(39,389,358	)		—			—
Morgan Stanley		14,241,224		(14,241,224	)		—			—
Toronto-Dominion Bank		9,364		(9,364	)		—			—
UBS AG		490,280		(490,280	)		—			—
UBS Securities LLC		18,106		(18,106	)		—			—
Wells Fargo Securities LLC		21,708		(21,708	)		—			—


	$	55,647,825	$	(55,647,825	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

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, the 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. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5.	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 the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4800%
Over $46 billion, up to and including $81 billion		0.456000
Over $81 billion, up to and including $111 billion		0.433200
Over $111 billion, up to and including $141 billion		0.411540
Over $141 billion, up to and including $171 billion		0.390963
Over $171 billion		0.371400

Distributor : BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

ETF Servicing Fees : The 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 Fund does not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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 the Fund bears to an annual rate of 0.04%. The SLAgency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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. The 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, the 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, the 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.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the six months ended September 30, 2025, the Fund paid BTC $381,388 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: The 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 Statement of Operations.

6.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
Preferred and Income Securities	$	1,236,186,540	$	1,227,812,517

For the six months ended September 30, 2025, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales
Preferred and Income Securities	$	744,856,793	$	652,735,615

7.	INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of September 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 Fund’s 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 Fund’s NAV.

As of March 31, 2025, the Fund had non-expiring capital loss carryforwards of $2,995,430,407 available to offset future realized capital gains.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Preferred and Income Securities	$	16,091,107,135	$	314,496,410	$	(1,668,148,718	)	$	(1,353,652,308	)

8.	PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		17

Notes to Financial Statements (unaudited) (continued)

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 Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Fund 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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its 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 Fund invests.

The Fund invests a significant portion of its 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.

9.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 09/30/25						Year Ended 03/31/25

iShares ETF	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		24,650,000		$	764,110,119			41,100,000		$	1,325,665,881
Shares redeemed		(22,200,000	)		(666,787,054	)		(40,900,000	)		(1,288,950,639	)


		2,450,000		$	97,323,065			200,000		$	36,715,242


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its 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, the Fund’s custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund 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.

10.	SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


N O T E S T O F I N A N C I A L S T A T E M E N T S		19

Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract

iShares Preferred and Income Securities ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		21

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


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Board Review and Approval of Investment Advisory Contract (continued)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		23

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation



CME		Chicago Mercantile Exchange

CMT		Constant Maturity Treasury

LP		Limited Partnership

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate


24		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

THIS PAGE INTENTIONALLY LEFT BLANK.

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s 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 MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

•

iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

•

iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

•

iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

•

iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

Table of Contents


	Page

Schedules of Investments		3

Statements of Assets and Liabilities		50

Statements of Operations		51

Statements of Changes in Net Assets		52

Financial Highlights		54

Notes to Financial Statements		58

Additional Information		68

Board Review and Approval of Investment Advisory Contract		69

Glossary of Terms Used in these Financial Statements		74


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.0%
AeroVironment, Inc. ^(a)(b)		1,016,746	$	320,163,148
ATI, Inc. ^(a)(b)		4,404,896		358,294,241
BWX Technologies, Inc. ^(b)		2,920,956		538,536,658
Curtiss-Wright Corp. ^(b)		1,204,144		653,777,943
Hexcel Corp.		2,540,451		159,286,278
Kratos Defense & Security Solutions, Inc. ^(a)(b)		5,394,330		492,879,932
Woodward, Inc. ^(b)		1,916,443		484,304,310

				3,007,242,510

Air Freight & Logistics — 0.2%
GXO Logistics, Inc. ^(a)(b)		3,655,106		193,318,556


Automobile Components — 0.8%
Autoliv, Inc.		2,258,372		278,908,942
Gentex Corp.		7,017,199		198,586,732
Goodyear Tire & Rubber Co. (The) ^(a)(b)		9,133,563		68,319,051
Lear Corp.		1,698,899		170,926,228
Visteon Corp. ^(b)		870,899		104,385,954

				821,126,907

Automobiles — 0.3%
Harley-Davidson, Inc.		3,881,205		108,285,620
Thor Industries, Inc.		1,698,835		176,152,201

				284,437,821

Banks — 6.5%
Associated Banc-Corp.		5,216,645		134,119,943
Bank OZK		3,380,151		172,320,098
Cadence Bank		4,826,225		181,176,486
Columbia Banking System, Inc.		9,558,422		246,033,782
Comerica, Inc.		4,107,507		281,446,380
Commerce Bancshares, Inc.		3,965,956		237,005,531
Cullen/Frost Bankers, Inc.		2,053,895		260,372,269
East West Bancorp, Inc.		4,404,577		468,867,222
First Financial Bankshares, Inc.		4,168,251		140,261,646
First Horizon Corp.		16,226,642		366,884,376
Flagstar Financial, Inc. ^(b)		9,553,890		110,347,429
FNB Corp.		11,467,509		184,741,570
Glacier Bancorp, Inc.		3,790,459		184,481,640
Hancock Whitney Corp.		2,706,209		169,435,745
Home BancShares, Inc.		5,852,241		165,618,420
International Bancshares Corp.		1,730,263		118,955,581
Old National Bancorp		11,147,049		244,677,726
Pinnacle Financial Partners, Inc.		2,458,109		230,546,043
Prosperity Bancshares, Inc.		3,033,350		201,262,772
Southstate Bank Corp. ^(b)		3,234,433		319,788,391
Synovus Financial Corp.		4,432,031		217,524,081
Texas Capital Bancshares, Inc. ^(a)		1,460,975		123,496,217
UMB Financial Corp.		2,281,097		269,967,830
United Bankshares, Inc.		4,512,077		167,894,385
Valley National Bancorp		15,420,858		163,461,095
Webster Financial Corp.		5,311,104		315,692,022
Western Alliance Bancorp		3,308,318		286,897,337
Wintrust Financial Corp.		2,139,690		283,380,544
Zions Bancorp N.A.		4,713,643		266,697,921

				6,513,354,482

Beverages — 0.6%
Boston Beer Co., Inc. (The), Class A, NVS ^(a)(b)		252,499		53,383,339
Celsius Holdings, Inc. ^(a)		5,110,957		293,828,918
Coca-Cola Consolidated, Inc.		1,915,421		224,410,724

				571,622,981


Security	Shares		Value

Biotechnology — 2.4%
BioMarin Pharmaceutical, Inc. ^(a)(b)		6,136,433	$	332,349,211
Cytokinetics, Inc. ^(a)(b)		3,820,665		209,983,749
Exelixis, Inc. ^(a)(b)		8,603,177		355,311,210
Halozyme Therapeutics, Inc. ^(a)(b)		3,738,230		274,161,788
Neurocrine Biosciences, Inc. ^(a)(b)		3,169,632		444,952,940
Roivant Sciences Ltd. ^(a)(b)		13,748,757		208,018,694
United Therapeutics Corp. ^(a)		1,445,359		605,908,946

				2,430,686,538

Broadline Retail — 0.4%
Macy’s, Inc.		8,670,273		155,457,995
Ollie’s Bargain Outlet Holdings, Inc. ^(a)(b)		1,960,622		251,743,865

				407,201,860

Building Products — 2.1%
AAON, Inc. ^(b)		2,160,753		201,900,760
Advanced Drainage Systems, Inc. ^(b)		2,285,837		317,045,592
Carlisle Cos., Inc.		1,363,077		448,397,810
Fortune Brands Innovations, Inc.		3,837,640		204,891,600
Owens Corning		2,672,634		378,070,806
Simpson Manufacturing Co., Inc.		1,330,310		222,773,713
Trex Co., Inc. ^(a)(b)		3,428,896		177,171,056
UFP Industries, Inc.		1,870,011		174,827,328

				2,125,078,665

Capital Markets — 3.1%
Affiliated Managers Group, Inc. ^(b)		907,217		216,307,749
Carlyle Group, Inc. (The)		8,322,787		521,838,745
Evercore, Inc., Class A		1,233,522		416,091,641
Federated Hermes, Inc., Class B, NVS		2,360,072		122,558,539
Hamilton Lane, Inc., Class A		1,293,519		174,353,426
Houlihan Lokey, Inc., Class A		1,737,521		356,747,812
Janus Henderson Group PLC		3,989,925		177,591,562
Jefferies Financial Group, Inc.		5,275,454		345,120,201
Morningstar, Inc.		781,140		181,232,291
SEI Investments Co.		3,002,988		254,803,532
Stifel Financial Corp.		3,265,313		370,515,066

				3,137,160,564

Chemicals — 1.4%
Ashland, Inc.		1,459,413		69,920,477
Avient Corp.		2,922,938		96,310,807
Axalta Coating Systems Ltd. ^(a)(b)		6,915,225		197,913,739
Cabot Corp.		1,698,835		129,196,402
NewMarket Corp.		249,431		206,581,248
Olin Corp.		3,660,549		91,477,120
RPM International, Inc.		4,102,658		483,621,325
Scotts Miracle-Gro Co. (The)		1,420,823		80,915,870
Westlake Corp.		1,064,687		82,044,780

				1,437,981,768

Commercial Services & Supplies — 1.7%
Brink’s Co. (The)		1,330,244		155,452,314
Clean Harbors, Inc. ^(a)(b)		1,611,177		374,147,523
MSA Safety, Inc.		1,174,827		202,152,482
RB Global, Inc. ^(b)		5,931,409		642,727,479
Tetra Tech, Inc.		8,397,851		280,320,266

				1,654,800,064

Communications Equipment — 1.0%
Ciena Corp. ^(a)(b)		4,517,886		658,120,454
Lumentum Holdings, Inc. ^(a)(b)		2,230,729		362,961,915

				1,021,082,369

Construction & Engineering — 2.8%
AECOM		4,232,699		552,240,239


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
API Group Corp. ^(a)(b)		11,997,135	$	412,341,530
Comfort Systems U.S.A., Inc.		1,125,017		928,341,528
Fluor Corp. ^(a)(b)		5,161,961		217,163,699
MasTec, Inc. ^(a)		1,957,544		416,584,939
Valmont Industries, Inc. ^(b)		630,258		244,369,934

				2,771,041,869

Construction Materials — 0.4%
Eagle Materials, Inc. ^(b)		1,037,207		241,710,719
Knife River Corp. ^(a)(b)		1,809,279		139,079,277

				380,789,996

Consumer Finance — 0.7%
Ally Financial, Inc.		8,950,959		350,877,593
FirstCash Holdings, Inc.		1,249,795		197,992,524
SLM Corp.		6,656,840		184,261,331

				733,131,448

Consumer Staples Distribution & Retail — 2.9%
Albertsons Cos., Inc., Class A		12,870,688		225,365,747
BJ’s Wholesale Club Holdings, Inc. ^(a)(b)		4,220,110		393,525,257
Casey’s General Stores, Inc.		1,188,203		671,714,920
Maplebear, Inc. ^(a)(b)		5,888,093		216,446,299
Performance Food Group Co. ^(a)(b)		5,002,045		520,412,762
Sprouts Farmers Market, Inc. ^(a)		3,123,100		339,793,280
U.S. Foods Holding Corp. ^(a)(b)		7,196,061		551,362,194

				2,918,620,459

Containers & Packaging — 1.1%
AptarGroup, Inc.		2,103,600		281,167,176
Crown Holdings, Inc.		3,676,593		355,122,118
Graphic Packaging Holding Co.		9,472,246		185,371,854
Greif, Inc., Class A, NVS		843,507		50,407,978
Silgan Holdings, Inc.		2,835,543		121,956,705
Sonoco Products Co.		3,149,300		135,703,337

				1,129,729,168

Diversified Consumer Services — 1.3%
Duolingo, Inc., Class A ^(a)(b)		1,271,097		409,089,858
Graham Holdings Co., Class B		108,460		127,691,043
Grand Canyon Education, Inc. ^(a)(b)		885,743		194,438,303
H&R Block, Inc.		4,274,815		216,177,395
Service Corp. International		4,481,755		372,971,651

				1,320,368,250

Diversified REITs — 0.5%
WP Carey, Inc.		6,998,526		472,890,402


Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc. ^(a)		7,999,534		298,782,595
Iridium Communications, Inc.		3,388,243		59,158,723

				357,941,318

Electric Utilities — 1.0%
ALLETE, Inc.		1,848,760		122,757,664
IDACORP, Inc.		1,727,256		228,256,881
OGE Energy Corp.		6,436,249		297,805,241
Portland General Electric Co.		3,498,305		153,925,420
TXNM Energy, Inc.		3,030,891		171,396,886

				974,142,092

Electrical Equipment — 1.8%
Acuity, Inc.		969,737		333,967,726
EnerSys		1,196,319		135,136,194
NEXTracker, Inc., Class A ^(a)(b)		4,728,679		349,874,959
nVent Electric PLC		5,143,553		507,360,068


Security	Shares		Value

Electrical Equipment (continued)
Regal Rexnord Corp.		2,121,212	$	304,266,649
Sensata Technologies Holding PLC		4,650,266		142,065,626

				1,772,671,222

Electronic Equipment, Instruments & Components — 3.5%
Arrow Electronics, Inc. ^(a)(b)		1,646,577		199,235,817
Avnet, Inc.		2,677,588		139,984,301
Belden, Inc. ^(b)		1,278,935		153,817,512
Cognex Corp.		5,366,517		243,103,220
Coherent Corp. ^(a)(b)		4,967,632		535,113,319
Crane NXT Co. ^(b)		1,576,717		105,750,409
Fabrinet ^(a)(b)		1,144,065		417,148,980
Flex Ltd. ^(a)		11,994,676		695,331,368
IPG Photonics Corp. ^(a)(b)		808,828		64,051,089
Littelfuse, Inc.		791,299		204,954,354
Novanta, Inc. ^(a)(b)		1,148,678		115,040,102
TD SYNNEX Corp.		2,448,853		400,999,679
Vontier Corp. ^(b)		4,684,138		196,593,272

				3,471,123,422

Energy Equipment & Services — 0.9%
NOV, Inc.		11,857,740		157,115,055
TechnipFMC PLC		13,135,278		518,186,717
Valaris Ltd. ^(a)(b)		2,116,976		103,244,919
Weatherford International PLC		2,293,699		156,957,823

				935,504,514

Entertainment — 0.2%
Warner Music Group Corp., Class A		4,658,170		158,657,270


Financial Services — 1.6%
Equitable Holdings, Inc.		8,185,440		415,656,643
Essent Group Ltd.		3,146,208		199,972,980
Euronet Worldwide, Inc. ^(a)(b)		1,230,453		108,046,078
MGIC Investment Corp.		7,369,442		209,071,070
Shift4 Payments, Inc., Class A ^(a)(b)		2,148,595		166,301,253
Voya Financial, Inc.		3,078,656		230,283,469
Western Union Co. (The)		10,273,994		82,089,212
WEX, Inc. ^(a)(b)		1,094,066		172,348,217

				1,583,768,922

Food Products — 0.8%
Darling Ingredients, Inc. ^(a)(b)		5,050,887		155,920,882
Flowers Foods, Inc.		6,741,634		87,978,324
Ingredion, Inc.		2,051,406		250,497,187
Marzetti Co. (The)		651,391		112,553,851
Pilgrim’s Pride Corp.		1,365,302		55,595,097
Post Holdings, Inc. ^(a)(b)		1,526,315		164,048,336

				826,593,677

Gas Utilities — 1.1%
National Fuel Gas Co.		2,888,113		266,774,998
New Jersey Resources Corp.		3,207,418		154,437,177
ONE Gas, Inc.		1,915,763		155,061,857
Southwest Gas Holdings, Inc.		2,045,491		160,243,765
Spire, Inc.		1,884,696		153,640,418
UGI Corp.		6,870,124		228,500,324

				1,118,658,539

Ground Transportation — 1.4%
Avis Budget Group, Inc. ^(a)		539,419		86,617,206
Knight-Swift Transportation Holdings, Inc.		5,188,595		205,001,388
Landstar System, Inc.		1,106,496		135,612,150
Ryder System, Inc.		1,303,884		245,964,678


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ground Transportation (continued)
Saia, Inc. ^(a)(b)		851,401	$	254,875,403
XPO, Inc. ^(a)(b)		3,763,456		486,501,957

				1,414,572,782

Health Care Equipment & Supplies — 1.2%
DENTSPLY SIRONA, Inc.		6,369,530		80,829,336
Envista Holdings Corp. ^(a)(b)		5,306,181		108,086,907
Globus Medical, Inc., Class A ^(a)(b)		3,600,715		206,212,948
Haemonetics Corp. ^(a)(b)		1,538,280		74,975,767
Lantheus Holdings, Inc. ^(a)(b)		2,171,056		111,353,462
LivaNova PLC ^(a)(b)		1,743,415		91,320,078
Masimo Corp. ^(a)(b)		1,475,651		217,732,305
Penumbra, Inc. ^(a)(b)		1,246,358		315,727,408

				1,206,238,211

Health Care Providers & Services — 2.3%
Chemed Corp. ^(b)		465,874		208,590,425
Encompass Health Corp.		3,216,119		408,511,435
Ensign Group, Inc. (The) ^(b)		1,830,854		316,316,646
HealthEquity, Inc. ^(a)(b)		2,761,140		261,673,238
Hims & Hers Health, Inc., Class A ^(a)(b)		6,607,673		374,787,212
Option Care Health, Inc. ^(a)(b)		5,182,072		143,854,319
Tenet Healthcare Corp. ^(a)(b)		2,823,543		573,292,171

				2,287,025,446

Health Care REITs — 0.7%
Healthcare Realty Trust, Inc.		11,226,844		202,419,997
Omega Healthcare Investors, Inc.		9,427,565		398,031,794
Sabra Health Care REIT, Inc.		7,703,598		143,595,067

				744,046,858

Health Care Technology — 0.3%
Doximity, Inc., Class A ^(a)(b)		4,359,065		318,865,605


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		6,383,259		70,726,510


Hotels, Restaurants & Leisure — 2.9%
Aramark		8,400,237		322,569,101
Boyd Gaming Corp. ^(b)		1,894,613		163,789,294
Cava Group, Inc. ^(a)(b)		3,184,078		192,350,152
Choice Hotels International, Inc. ^(b)		659,942		70,554,399
Churchill Downs, Inc.		2,129,739		206,605,980
Hilton Grand Vacations, Inc. ^(a)(b)		1,969,465		82,343,332
Hyatt Hotels Corp., Class A ^(b)		1,357,968		192,736,398
Light & Wonder, Inc., Class A ^(a)(b)		2,680,457		224,997,561
Marriott Vacations Worldwide Corp.		883,882		58,831,186
Planet Fitness, Inc., Class A ^(a)(b)		2,681,900		278,381,220
Texas Roadhouse, Inc.		2,123,666		352,847,106
Travel + Leisure Co.		2,072,915		123,317,713
Vail Resorts, Inc.		1,186,279		177,431,750
Wingstop, Inc. ^(b)		891,608		224,399,901
Wyndham Hotels & Resorts, Inc.		2,438,071		194,801,873

				2,865,956,966

Household Durables — 1.8%
KB Home		2,172,841		138,279,601
Somnigroup International, Inc. ^(b)		6,707,600		565,651,908
Taylor Morrison Home Corp., Class A ^(a)		3,159,857		208,582,161
Toll Brothers, Inc.		3,137,702		433,442,154
TopBuild Corp. ^(a)(b)		894,129		349,479,261
Whirlpool Corp. ^(b)		1,800,357		141,508,060

				1,836,943,145


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.8%
Ormat Technologies, Inc. ^(b)		1,941,570	$	186,876,112
Talen Energy Corp. ^(a)(b)		1,460,044		621,073,517

				807,949,629

Industrial REITs — 1.0%
EastGroup Properties, Inc.		1,702,012		288,082,551
First Industrial Realty Trust, Inc.		4,227,693		217,599,359
Rexford Industrial Realty, Inc.		7,546,195		310,224,077
STAG Industrial, Inc.		5,968,460		210,626,953

				1,026,532,940

Insurance — 4.2%
American Financial Group, Inc.		2,211,992		322,331,474
Brighthouse Financial, Inc. ^(a)		1,824,888		96,865,055
CNO Financial Group, Inc.		3,095,038		122,408,753
Fidelity National Financial, Inc., Class A		8,162,694		493,761,360
First American Financial Corp.		3,250,470		208,810,193
Hanover Insurance Group, Inc. (The)		1,143,552		207,703,350
Kemper Corp.		2,003,362		103,273,311
Kinsale Capital Group, Inc. ^(b)		707,367		300,814,890
Old Republic International Corp.		7,305,399		310,260,296
Primerica, Inc.		1,035,258		287,377,268
Reinsurance Group of America, Inc.		2,112,288		405,833,893
RenaissanceRe Holdings Ltd. ^(b)		1,504,115		381,939,922
RLI Corp.		2,936,017		191,487,029
Ryan Specialty Holdings, Inc., Class A		3,597,751		202,769,246
Selective Insurance Group, Inc.		1,943,037		157,522,010
Unum Group		5,007,386		389,474,483

				4,182,632,533

Interactive Media & Services — 0.1%
ZoomInfo Technologies, Inc., Class A ^(a)(b)		8,953,066		97,677,950


IT Services — 1.3%
ASGN, Inc. ^(a)		1,398,554		66,221,532
Kyndryl Holdings, Inc. ^(a)(b)		7,380,435		221,634,463
Okta, Inc., Class A ^(a)(b)		5,342,203		489,880,015
Twilio, Inc., Class A ^(a)(b)		4,903,453		490,786,611

				1,268,522,621

Leisure Products — 0.5%
Brunswick Corp.		2,086,014		131,919,525
Mattel, Inc. ^(a)(b)		10,287,859		173,144,667
Polaris, Inc.		1,710,481		99,430,261
YETI Holdings, Inc. ^(a)(b)		2,593,502		86,052,396

				490,546,849

Life Sciences Tools & Services — 1.7%
Avantor, Inc. ^(a)(b)		21,789,156		271,928,667
Bio-Rad Laboratories, Inc., Class A ^(a)(b)		582,829		163,419,423
Bruker Corp. ^(b)		3,536,435		114,898,773
Illumina, Inc. ^(a)(b)		4,911,931		466,486,087
Medpace Holdings, Inc. ^(a)(b)		709,230		364,657,697
Repligen Corp. ^(a)(b)		1,691,701		226,129,673
Sotera Health Co. ^(a)(b)		5,628,085		88,529,777

				1,696,050,097

Machinery — 5.1%
AGCO Corp.		1,979,997		211,998,279
Chart Industries, Inc. ^(a)(b)		1,412,124		282,636,619
CNH Industrial NV		28,381,440		307,938,624
Crane Co. ^(b)		1,563,256		287,857,960
Donaldson Co., Inc.		3,723,816		304,794,340
Esab Corp. ^(b)		1,824,162		203,831,862
Flowserve Corp.		4,175,853		221,904,828
Graco, Inc.		5,295,228		449,882,571


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
ITT, Inc. ^(b)		2,492,724	$	445,599,342
Lincoln Electric Holdings, Inc.		1,763,616		415,913,561
Middleby Corp. (The) ^(a)(b)		1,488,837		197,911,102
Mueller Industries, Inc.		3,537,818		357,708,778
Oshkosh Corp.		2,043,537		265,046,749
RBC Bearings, Inc. ^(a)(b)		1,004,474		392,036,157
Terex Corp.		2,094,588		107,452,364
Timken Co. (The)		2,023,565		152,131,617
Toro Co. (The)		3,151,021		240,107,800
Watts Water Technologies, Inc., Class A		876,385		244,756,803

				5,089,509,356

Marine Transportation — 0.2%
Kirby Corp. ^(a)(b)		1,781,686		148,681,697


Media — 0.8%
EchoStar Corp., Class A ^(a)(b)		4,297,626		328,166,721
New York Times Co. (The), Class A		5,178,381		297,239,069
Nexstar Media Group, Inc., Class A		917,621		181,450,377

				806,856,167

Metals & Mining — 2.3%
Alcoa Corp.		8,274,566		272,150,476
Carpenter Technology Corp.		1,593,113		391,172,966
Cleveland-Cliffs, Inc. ^(a)(b)		15,809,416		192,874,875
Commercial Metals Co.		3,573,977		204,717,403
MP Materials Corp., Class A ^(a)(b)		4,301,387		288,494,026
Reliance, Inc.		1,680,837		472,029,455
Royal Gold, Inc.		2,102,006		421,620,363

				2,243,059,564

Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.		20,501,536		414,336,043
Starwood Property Trust, Inc.		11,032,303		213,695,709

				628,031,752

Multi-Utilities — 0.3%
Black Hills Corp.		2,326,169		143,268,749
Northwestern Energy Group, Inc.		1,960,280		114,892,011

				258,160,760

Office REITs — 0.6%
COPT Defense Properties		3,598,128		104,561,600
Cousins Properties, Inc.		5,363,216		155,211,471
Kilroy Realty Corp.		3,477,957		146,943,683
Vornado Realty Trust		5,156,964		209,011,751

				615,728,505

Oil, Gas & Consumable Fuels — 3.1%
Antero Midstream Corp.		10,695,028		207,911,344
Antero Resources Corp. ^(a)		9,379,167		314,764,845
Chord Energy Corp.		1,828,266		181,674,792
Civitas Resources, Inc.		2,662,776		86,540,220
CNX Resources Corp. ^(a)(b)		4,515,544		145,039,273
DT Midstream, Inc.		3,246,772		367,080,042
HF Sinclair Corp.		5,077,488		265,755,722
Matador Resources Co.		3,769,798		169,377,024
Murphy Oil Corp.		4,283,997		121,708,355
Ovintiv, Inc.		8,214,399		331,697,432
PBF Energy, Inc., Class A		2,622,953		79,134,492
Permian Resources Corp., Class A		22,346,434		286,034,355
Range Resources Corp.		7,605,482		286,270,343
Viper Energy, Inc., Class A ^(b)		5,387,207		205,899,052

				3,048,887,291

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		2,025,331		179,930,406


Security	Shares		Value

Passenger Airlines — 0.4%
Alaska Air Group, Inc. ^(a)(b)		3,681,839	$	183,281,945
American Airlines Group, Inc. ^(a)(b)		21,090,417		237,056,287

				420,338,232

Personal Care Products — 0.4%
BellRing Brands, Inc. ^(a)		4,022,493		146,217,621
Coty, Inc., Class A ^(a)(b)		11,827,753		47,784,122
elf Beauty, Inc. ^(a)(b)		1,894,002		250,917,385

				444,919,128

Pharmaceuticals — 0.7%
Elanco Animal Health, Inc. ^(a)(b)		15,877,285		319,768,520
Jazz Pharmaceuticals PLC ^(a)(b)		1,938,830		255,537,794
Perrigo Co. PLC		4,393,060		97,833,446

				673,139,760

Professional Services — 2.6%
CACI International, Inc., Class A ^(a)(b)		702,841		350,563,034
Concentrix Corp.		1,428,816		65,939,858
ExlService Holdings, Inc. ^(a)		5,157,148		227,069,227
Exponent, Inc.		1,612,518		112,037,751
FTI Consulting, Inc. ^(a)(b)		1,013,677		163,860,887
Genpact Ltd.		5,208,873		218,199,690
Insperity, Inc.		1,156,165		56,883,318
KBR, Inc.		4,119,310		194,802,170
Maximus, Inc.		1,799,271		164,399,391
Parsons Corp. ^(a)(b)		1,708,086		141,634,491
Paylocity Holding Corp. ^(a)(b)		1,426,696		227,229,872
Science Applications International Corp.		1,496,663		148,723,402
TransUnion ^(b)		6,225,464		521,569,374

				2,592,912,465

Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc. ^(a)		1,514,154		451,641,855


Residential REITs — 0.8%
American Homes 4 Rent, Class A		10,413,259		346,240,862
Equity LifeStyle Properties, Inc.		6,190,119		375,740,223
Independence Realty Trust, Inc.		7,453,270		122,159,095

				844,140,180

Retail REITs — 0.9%
Agree Realty Corp.		3,530,900		250,835,136
Brixmor Property Group, Inc.		9,782,973		270,792,692
Kite Realty Group Trust		7,020,059		156,547,316
NNN REIT, Inc.		6,033,824		256,859,888

				935,035,032

Semiconductors & Semiconductor Equipment — 2.8%
Allegro MicroSystems, Inc. ^(a)(b)		3,958,568		115,590,186
Amkor Technology, Inc.		3,630,016		103,092,454
Cirrus Logic, Inc. ^(a)(b)		1,641,159		205,620,811
Entegris, Inc. ^(b)		4,844,889		447,958,437
Lattice Semiconductor Corp. ^(a)(b)		4,374,908		320,768,254
MACOM Technology Solutions Holdings, Inc. ^(a)(b)		2,047,073		254,840,118
MKS, Inc. ^(b)		2,144,388		265,410,903
Onto Innovation, Inc. ^(a)(b)		1,566,694		202,448,199
Power Integrations, Inc.		1,791,176		72,023,187
Rambus, Inc. ^(a)(b)		3,438,469		358,288,470
Silicon Laboratories, Inc. ^(a)(b)		1,047,772		137,394,342
Synaptics, Inc. ^(a)(b)		1,230,732		84,108,225
Universal Display Corp.		1,413,314		202,994,290

				2,770,537,876

Software — 3.9%
Appfolio, Inc., Class A ^(a)(b)		731,212		201,565,900


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
BILL Holdings, Inc. ^(a)(b)		2,927,815	$	155,086,361
Blackbaud, Inc. ^(a)		1,187,876		76,392,306
Commvault Systems, Inc. ^(a)(b)		1,428,538		269,679,404
Docusign, Inc. ^(a)(b)		6,457,595		465,528,024
Dolby Laboratories, Inc., Class A		1,953,618		141,383,335
Dropbox, Inc., Class A ^(a)(b)		5,909,611		178,529,348
Dynatrace, Inc. ^(a)		9,635,531		466,841,477
Guidewire Software, Inc. ^(a)(b)		2,690,761		618,498,323
Manhattan Associates, Inc. ^(a)(b)		1,930,774		395,770,054
Nutanix, Inc., Class A ^(a)(b)		8,567,234		637,316,537
Pegasystems, Inc. ^(b)		2,952,405		169,763,287
Qualys, Inc. ^(a)		1,152,567		152,519,191

				3,928,873,547

Specialized REITs — 1.5%
CubeSmart		7,287,578		296,312,921
EPR Properties		2,434,798		141,242,632
Gaming & Leisure Properties, Inc.		9,036,449		421,188,888
Lamar Advertising Co., Class A		2,773,923		339,583,653
National Storage Affiliates Trust		2,276,644		68,800,182
PotlatchDeltic Corp.		2,270,317		92,515,418
Rayonier, Inc.		4,539,087		120,467,369

				1,480,111,063

Specialty Retail — 3.6%
Abercrombie & Fitch Co., Class A ^(a)(b)		1,521,261		130,143,879
AutoNation, Inc. ^(a)(b)		902,994		197,547,997
Bath & Body Works, Inc.		6,756,798		174,055,116
Burlington Stores, Inc. ^(a)(b)		1,991,294		506,784,323
Chewy, Inc., Class A ^(a)(b)		7,123,525		288,146,586
Dick’s Sporting Goods, Inc.		2,136,694		474,816,141
Five Below, Inc. ^(a)(b)		1,759,681		272,222,651
Floor & Decor Holdings, Inc., Class A ^(a)(b)		3,438,561		253,421,946
GameStop Corp., Class A ^(a)(b)		13,178,849		359,519,001
Gap, Inc. (The)		7,272,632		155,561,598
Lithia Motors, Inc., Class A		819,373		258,921,868
Murphy U.S.A., Inc.		561,238		217,906,266
Penske Automotive Group, Inc.		590,445		102,684,290
RH ^(a)(b)		491,159		99,783,862
Valvoline, Inc. ^(a)(b)		4,058,812		145,751,939

				3,637,267,463

Technology Hardware, Storage & Peripherals — 0.8%
Pure Storage, Inc., Class A ^(a)(b)		9,922,682		831,619,978


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd. ^(a)(b)		3,816,833	$	76,031,313
Columbia Sportswear Co.		821,949		42,987,933
Crocs, Inc. ^(a)(b)		1,743,925		145,704,934
PVH Corp. ^(b)		1,534,965		128,584,018
Under Armour, Inc., Class A ^(a)(b)		6,066,957		30,274,115
Under Armour, Inc., Class C, NVS ^(a)(b)		3,872,066		18,702,079
VF Corp		10,476,820		151,180,513

				593,464,905

Trading Companies & Distributors — 1.8%
Applied Industrial Technologies, Inc.		1,217,171		317,742,489
Core & Main, Inc., Class A ^(a)(b)		6,060,972		326,262,123
GATX Corp.		1,136,702		198,695,510
MSC Industrial Direct Co., Inc., Class A		1,459,012		134,433,366
Watsco, Inc.		1,115,432		450,969,157
WESCO International, Inc. ^(b)		1,555,226		328,930,299

				1,757,032,944

Water Utilities — 0.4%
Essential Utilities, Inc.		8,963,315		357,636,268


Total Long-Term Investments — 99.7% (Cost: $80,322,248,105)				99,582,531,989


Short-Term Securities

Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		4,690,458,582		4,692,803,812
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		255,527,548		255,527,548


Total Short-Term Securities — 5.0% (Cost: $4,945,936,992)				4,948,331,360


Total Investments — 104.7% (Cost: $85,268,185,097)				104,530,863,349

Liabilities in Excess of Other Assets — (4.7)%				(4,682,663,365	)


Net Assets — 100.0%			$	99,848,199,984

^(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.


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,933,875,204	$	758,781,195	^(a)	$	—		$	(92,163	)	$	239,576	$	4,692,803,812		4,690,458,582	$	5,074,652	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		396,535,059		—			(141,007,511	) ^(a)		—			—		255,527,548		255,527,548		5,584,267			—

									$	(92,163	)	$	239,576	$	4,948,331,360			$	10,658,919		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Mid 400 E-Mini Index		449		12/19/25	$	147,550	$	(1,953,463	)

Equity Swap Contracts


Reference Entity	Counterparty		Notional Amount		Termination Date		Spread			Reference Rate		Payment Frequency		Value/ Unrealized Appreciation (Depreciation)
Long Contracts ^(a)
Cadence Bank		Goldman Sachs Bank USA		USD 15,595,035		08/19/26		0.40	%		1D FEDL01		Monthly	$	309,274
Cadence Bank		HSBC Bank PLC		7,121,790		02/09/28		0.40	%		1D OBFR01		Monthly		(47,114	)
Cadence Bank		JPMorgan Chase Bank N.A.		20,031,950		02/09/26		0.40	%		1D OBFR01		Monthly		(132,521	)
Equitable Holdings, Inc.		Goldman Sachs Bank USA		27,086,040		08/18/26		0.40	%		1D FEDL01		Monthly		(1,352,209	)
Equitable Holdings, Inc.		HSBC Bank PLC		34,102,737		02/09/28		0.40	%		1D OBFR01		Monthly		(1,563,523	)
Equitable Holdings, Inc.		JPMorgan Chase Bank N.A.		12,262,124		02/09/26		0.40	%		1D OBFR01		Monthly		(521,534	)
Western Union Co. (The)		Goldman Sachs Bank USA		413,720		08/18/26		0.40	%		1D FEDL01		Monthly		(7,876	)


Total long positions of equity swaps															(3,315,503	)


Net dividends and financing fees															12,558


Total equity swap contracts including dividends and financing fees														$	(3,302,945	)

^(a)

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	321,832		$ (3,624,777	)


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

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:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps;
Swap premiums paid	$	—	$	—	$	321,832	$	—	$	—	$	—	$	321,832

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts ^(a)	$	—	$	—	$	1,953,463	$	—	$	—	$	—	$	1,953,463
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received		—		—		3,624,777		—		—		—		3,624,777

	$	—	$	—	$	5,578,240	$	—	$	—	$	—	$	5,578,240

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	13,328,587		$	—	$	—	$	—	$	13,328,587
Swaps		—		—		10,797,329			—		—		—		10,797,329

	$	—	$	—	$	24,125,916		$	—	$	—	$	—	$	24,125,916

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(6,354,730	)	$	—	$	—	$	—	$	(6,354,730	)
Swaps		—		—		(7,636,987	)		—		—		—		(7,636,987	)

	$	—	$	—	$	(13,991,717	)	$	—	$	—	$	—	$	(13,991,717	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	151,600,140
Equity swaps:
Average notional value — long		129,517,296

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	203,130		$	—
Swaps — OTC ^(a)		321,832			3,624,777

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	524,962		$	3,624,777

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(215,688	)		—

Total derivative assets and liabilities subject to an MNA	$	309,274		$	3,624,777

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Mid-Cap ETF

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)			Non- Cash Collateral Received ^(b)		Cash Collateral Received ^(b)			Net Amount of Derivative Assets ^(c)
Goldman Sachs Bank USA	$	309,274	$	(309,274	)	$	—	$	—		$	—


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)			Non- Cash Collateral Pledged ^(b)		Cash Collateral Pledged ^(b)			Net Amount of Derivative Liabilities ^(d)
Goldman Sachs Bank USA	$	1,360,085	$	(309,274	)	$	—	$	(200,000	)	$	850,811
HSBC Bank PLC		1,610,637		—			—		(960,000	)		650,637
JPMorgan Chase Bank N.A.		654,055		—			—		—			654,055

	$	3,624,777	$	(309,274	)	$	—	$	(1,160,000	)	$	2,155,503

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	99,582,531,989		$	—		$	—	$	99,582,531,989
Short-Term Securities
Money Market Funds		4,948,331,360			—			—		4,948,331,360

	$	104,530,863,349		$	—		$	—	$	104,530,863,349


Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	—		$	321,832		$	—	$	321,832
Liabilities
Equity Contracts		(1,953,463	)		(3,624,777	)		—		(5,578,240	)

	$	(1,953,463	)	$	(3,302,945	)	$	—	$	(5,256,408	)

^(a)	Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
AAR Corp. ^(a)(b)(c)		2,062,030	$	184,902,230
Mercury Systems, Inc. ^(a)(b)(c)		3,068,687		237,516,374
Moog, Inc., Class A ^(a)		1,654,245		343,537,059
National Presto Industries, Inc.		306,269		34,348,068

				800,303,731

Air Freight & Logistics — 0.2%
Forward Air Corp. ^(b)(c)		1,272,961		32,638,720
Hub Group, Inc., Class A ^(a)		3,531,229		121,615,527

				154,254,247

Automobile Components — 2.1%
Adient PLC ^(a)(b)(c)		4,719,233		113,639,131
American Axle & Manufacturing Holdings, Inc. ^(a)(b)(c)		7,042,870		42,327,649
BorgWarner, Inc. ^(a)		12,593,428		553,607,095
Dana, Inc. ^(a)		7,690,796		154,123,552
Dorman Products, Inc. ^(a)(b)(c)		1,617,136		252,079,160
Fox Factory Holding Corp. ^(a)(b)		2,429,954		59,023,583
Gentherm, Inc. ^(a)(b)(c)		1,774,148		60,427,481
LCI Industries ^(a)		1,411,406		131,472,469
Patrick Industries, Inc. ^(a)		1,936,881		200,331,602
Phinia, Inc. ^(a)		2,265,036		130,194,269
Standard Motor Products, Inc. ^(a)		1,214,439		49,573,400
XPEL, Inc. ^(a)(b)(c)		1,464,076		48,416,993

				1,795,216,384

Automobiles — 0.1%
Winnebago Industries, Inc. ^(a)		1,629,611		54,494,192


Banks — 8.5%
Ameris Bancorp ^(a)		3,737,523		273,997,811
Atlantic Union Bankshares Corp. ^(a)		8,277,855		292,125,503
Axos Financial, Inc. ^(a)(b)		3,280,871		277,725,730
Banc of California, Inc. ^(a)		7,630,714		126,288,317
BancFirst Corp.		1,201,996		151,992,394
Bancorp, Inc. (The) ^(a)(b)(c)		2,680,644		200,753,429
Bank of Hawaii Corp. ^(a)		2,314,657		151,934,085
BankUnited, Inc. ^(a)		4,368,801		166,713,446
Banner Corp. ^(a)		2,009,780		131,640,590
Beacon Financial Corp. ^(a)		4,831,176		114,547,183
Capitol Federal Financial, Inc. ^(a)		7,104,674		45,114,680
Cathay General Bancorp ^(a)		4,007,334		192,392,105
Central Pacific Financial Corp. ^(a)		1,567,355		47,553,551
City Holding Co. ^(a)		842,376		104,345,115
Community Financial System, Inc. ^(a)		3,076,401		180,400,155
Customers Bancorp, Inc. ^(a)(b)(c)		1,709,101		111,723,932
CVB Financial Corp. ^(a)		7,540,588		142,592,519
Dime Community Bancshares, Inc. ^(a)		2,338,139		69,746,686
Eagle Bancorp, Inc. ^(a)		1,606,767		32,488,829
FB Financial Corp.		2,440,812		136,050,861
First BanCorp/Puerto Rico ^(a)		9,235,945		203,652,587
First Bancorp/Southern Pines NC ^(a)		2,409,427		127,434,594
First Commonwealth Financial Corp. ^(a)		6,055,601		103,247,997
First Financial Bancorp ^(a)		5,564,262		140,497,615
First Hawaiian, Inc. ^(a)		7,253,652		180,108,179
Fulton Financial Corp. ^(a)		10,557,853		196,692,801
Hanmi Financial Corp. ^(a)		1,730,422		42,724,119
Heritage Financial Corp. ^(a)		1,973,987		47,750,746
Hilltop Holdings, Inc.		2,563,173		85,661,242
Hope Bancorp, Inc. ^(a)		7,539,507		81,200,490
Independent Bank Corp. ^(a)		2,876,370		198,958,513
Lakeland Financial Corp. ^(a)		1,483,746		95,256,493


Security	Shares		Value

Banks (continued)
National Bank Holdings Corp., Class A ^(a)		2,207,821	$	85,310,203
NBT Bancorp, Inc. ^(a)		3,044,666		127,145,252
Northwest Bancshares, Inc. ^(a)		8,564,490		106,114,031
OFG Bancorp ^(a)		2,590,893		112,677,937
Park National Corp. ^(a)		831,163		135,088,922
Pathward Financial, Inc. ^(a)(c)		1,335,379		98,831,400
Preferred Bank		546,812		49,426,337
Provident Financial Services, Inc. ^(a)		7,388,662		142,453,403
Renasant Corp. ^(a)		5,530,246		204,010,775
S&T Bancorp, Inc. ^(a)		2,228,696		83,776,683
Seacoast Banking Corp. of Florida ^(a)		5,050,928		153,699,739
ServisFirst Bancshares, Inc. ^(a)		2,924,588		235,517,072
Simmons First National Corp., Class A ^(a)		8,429,811		161,599,477
Southside Bancshares, Inc. ^(a)		1,643,919		46,440,712
Stellar Bancorp, Inc. ^(a)		2,725,655		82,696,373
Tompkins Financial Corp. ^(a)		747,436		49,487,738
Triumph Financial, Inc. ^(a)(b)(c)		1,320,885		66,097,085
TrustCo Bank Corp. ^(a)		1,096,003		39,784,909
Trustmark Corp. ^(a)		3,507,913		138,913,355
United Community Banks, Inc. ^(a)		7,037,909		220,638,447
Veritex Holdings, Inc. ^(a)		3,230,134		108,306,393
WaFd, Inc. ^(a)		4,565,017		138,274,365
Westamerica BanCorp ^(a)		1,479,988		73,984,600
WSFS Financial Corp. ^(a)		3,257,050		175,652,706

				7,289,240,211

Beverages — 0.1%
MGP Ingredients, Inc.		815,390		19,724,284
National Beverage Corp. ^(b)		1,387,451		51,224,691

				70,948,975

Biotechnology — 2.8%
ACADIA Pharmaceuticals, Inc. ^(b)(c)		7,254,533		154,811,734
ADMA Biologics, Inc. ^(a)(b)(c)		13,888,606		203,606,964
Alkermes PLC ^(a)(b)(c)		9,607,517		288,225,510
Arcus Biosciences, Inc. ^(b)(c)		4,033,004		54,848,854
Arrowhead Pharmaceuticals, Inc. ^(a)(b)(c)		8,046,618		277,527,855
Catalyst Pharmaceuticals, Inc. ^(a)(b)(c)		6,685,579		131,705,906
Dynavax Technologies Corp. ^(b)(c)		5,794,730		57,541,669
Krystal Biotech, Inc. ^(a)(b)(c)		1,507,968		266,201,591
Myriad Genetics, Inc. ^(a)(b)		5,485,863		39,662,789
Protagonist Therapeutics, Inc. ^(a)(b)(c)		3,403,498		226,094,372
Sarepta Therapeutics, Inc. ^(a)(b)(c)		5,678,690		109,428,356
TG Therapeutics, Inc. ^(b)(c)		7,896,714		285,268,793
Veracyte, Inc. ^(a)(b)(c)		4,579,011		157,197,448
Vericel Corp. ^(a)(b)(c)		2,984,713		93,928,918
Vir Biotechnology, Inc. ^(b)(c)		5,521,700		31,528,907
Xencor, Inc. ^(a)(b)(c)		4,235,791		49,685,828

				2,427,265,494

Broadline Retail — 0.6%
Etsy, Inc. ^(a)(b)(c)		5,767,985		382,936,524
Kohl’s Corp. ^(a)(c)		6,511,323		100,079,035

				483,015,559

Building Products — 2.8%
American Woodmark Corp. ^(a)(b)(c)		846,315		56,499,989
Apogee Enterprises, Inc. ^(a)		1,251,653		54,534,521
Armstrong World Industries, Inc. ^(a)		2,517,488		493,452,823
AZZ, Inc. ^(a)		1,748,336		190,795,908
CSW Industrials, Inc. ^(a)(c)		977,875		237,379,156
Gibraltar Industries, Inc. ^(a)(b)(c)		1,715,117		107,709,348
Griffon Corp.		2,276,284		173,339,027
Hayward Holdings, Inc. ^(a)(b)(c)		11,603,946		175,451,664
Insteel Industries, Inc. ^(a)(c)		1,157,000		44,359,380


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Masterbrand, Inc. ^(a)(b)(c)		7,365,298	$	97,000,975
Quanex Building Products Corp. ^(a)		2,657,995		37,796,689
Resideo Technologies, Inc. ^(a)(b)(c)		7,965,208		343,937,681
Zurn Elkay Water Solutions Corp. ^(a)(c)		8,678,618		408,155,405

				2,420,412,566

Capital Markets — 3.0%
Acadian Asset Management, Inc. ^(c)		1,540,350		74,183,256
Artisan Partners Asset Management, Inc.,
Class A ^(a)		4,101,577		178,008,442
BGC Group, Inc., Class A ^(a)		21,269,825		201,212,544
Cohen & Steers, Inc.		1,607,652		105,478,048
Donnelley Financial Solutions, Inc. ^(a)(b)(c)		1,598,062		82,188,329
MarketAxess Holdings, Inc.		309,035		53,849,349
Moelis & Co., Class A		3,545,796		252,886,171
Piper Sandler Cos. ^(a)		967,308		335,646,203
PJT Partners, Inc., Class A ^(a)(c)		1,414,540		251,406,194
StepStone Group, Inc., Class A ^(a)		4,206,008		274,694,382
StoneX Group, Inc. ^(a)(b)(c)		2,702,043		272,690,180
Victory Capital Holdings, Inc., Class A		2,876,319		186,270,418
Virtu Financial, Inc., Class A ^(a)		4,627,352		164,270,996
Virtus Investment Partners, Inc. ^(a)		368,689		70,061,971
WisdomTree, Inc.		6,999,598		97,294,412

				2,600,140,895

Chemicals — 2.9%
AdvanSix, Inc. ^(a)		1,594,806		30,907,340
Balchem Corp. ^(a)		1,888,848		283,440,531
Celanese Corp., Class A ^(a)(c)		6,373,109		268,180,427
Chemours Co. (The) ^(a)		8,713,628		138,023,868
Element Solutions, Inc. ^(a)		13,229,313		332,981,808
FMC Corp. ^(a)		7,269,897		244,486,636
Hawkins, Inc. ^(a)(c)		1,215,541		222,103,652
HB Fuller Co. ^(a)		3,140,834		186,188,640
Ingevity Corp. ^(a)(b)(c)		2,119,153		116,956,054
Innospec, Inc. ^(a)		1,443,131		111,351,988
Koppers Holdings, Inc. ^(a)		1,146,275		32,095,700
Minerals Technologies, Inc. ^(a)		1,823,392		113,269,111
Quaker Chemical Corp.		809,943		106,709,990
Sensient Technologies Corp. ^(a)		2,471,533		231,953,372
Stepan Co. ^(a)		1,263,132		60,251,396

				2,478,900,513

Commercial Services & Supplies — 1.9%
ABM Industries, Inc. ^(a)		3,623,618		167,121,262
Brady Corp., Class A, NVS ^(a)		2,547,899		198,812,559
CoreCivic, Inc. ^(a)(b)		6,233,385		126,849,385
Deluxe Corp. ^(a)		2,663,043		51,556,512
Enviri Corp. ^(a)(b)(c)		4,688,378		59,495,517
GEO Group, Inc. (The) ^(a)(b)		8,079,245		165,543,730
Healthcare Services Group, Inc. ^(a)(b)(c)		4,209,249		70,841,661
HNI Corp. ^(a)		2,663,874		124,802,497
Interface, Inc., Class A ^(a)(c)		3,391,814		98,159,097
Liquidity Services, Inc. ^(b)(c)		1,356,478		37,208,192
MillerKnoll, Inc. ^(a)		4,016,544		71,253,491
OPENLANE, Inc. ^(a)(b)(c)		6,187,179		178,067,012
Pitney Bowes, Inc.		7,476,812		85,310,425
UniFirst Corp. ^(a)		872,668		145,901,363
Vestis Corp.		6,515,548		29,515,432

				1,610,438,135

Communications Equipment — 1.1%
Calix, Inc. ^(a)(b)		3,460,026		212,341,796
Digi International, Inc. ^(a)(b)(c)		2,157,625		78,667,007
Extreme Networks, Inc. ^(b)		5,660,423		116,887,735


Security	Shares		Value

Communications Equipment (continued)
Harmonic, Inc. ^(a)(b)(c)		6,704,634	$	68,253,174
NetScout Systems, Inc. ^(a)(b)(c)		3,968,256		102,500,052
Viasat, Inc. ^(a)(b)(c)		7,814,213		228,956,441
Viavi Solutions, Inc. ^(a)(b)(c)		12,993,699		164,890,040

				972,496,245

Construction & Engineering — 2.7%
Arcosa, Inc. ^(a)(c)		2,854,408		267,486,574
Dycom Industries, Inc. ^(a)(b)(c)		1,683,345		491,132,737
Everus Construction Group, Inc. ^(a)(b)(c)		2,968,625		254,559,594
Granite Construction, Inc. ^(a)		2,548,322		279,423,507
MYR Group, Inc. ^(a)(b)(c)		903,473		187,949,488
Sterling Infrastructure, Inc. ^(a)(b)(c)		1,770,343		601,350,110
WillScot Holdings Corp., Class A ^(a)		10,596,900		223,700,559

				2,305,602,569

Consumer Finance — 0.7%
Bread Financial Holdings, Inc.		1,793,378		100,016,691
Encore Capital Group, Inc. ^(a)(b)(c)		1,337,724		55,836,600
Enova International, Inc. ^(a)(b)(c)		1,455,816		167,549,863
EZCORP, Inc., Class A, NVS ^(a)(b)(c)		3,367,359		64,114,515
Navient Corp.		3,988,664		52,450,932
PRA Group, Inc. ^(a)(b)		2,271,809		35,076,731
PROG Holdings, Inc. ^(a)		2,298,413		74,376,645
World Acceptance Corp. ^(b)(c)		185,697		31,408,791

				580,830,768

Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc. (The) ^(a)		1,974,295		78,596,684
Chefs’ Warehouse, Inc. (The) ^(a)(b)(c)		2,111,655		123,172,836
Grocery Outlet Holding Corp. ^(a)(b)(c)		5,716,765		91,754,078
PriceSmart, Inc.		1,475,742		178,845,173
United Natural Foods, Inc. ^(a)(b)(c)		3,528,263		132,733,254

				605,102,025

Containers & Packaging — 0.5%
O-I Glass, Inc. ^(a)(b)(c)		8,972,812		116,377,372
Sealed Air Corp. ^(a)		8,544,120		302,034,642

				418,412,014

Diversified Consumer Services — 1.5%
Adtalem Global Education, Inc. ^(a)(b)(c)		2,092,605		323,202,842
Frontdoor, Inc. ^(a)(b)(c)		4,239,782		285,294,931
Matthews International Corp., Class A ^(a)		1,790,235		43,466,906
Mister Car Wash, Inc. ^(b)(c)		5,716,810		30,470,597
Perdoceo Education Corp. ^(a)		3,553,261		133,815,809
Strategic Education, Inc. ^(a)		1,377,738		118,499,245
Stride, Inc. ^(a)(b)(c)		2,505,436		373,159,638

				1,307,909,968

Diversified REITs — 0.7%
Alexander & Baldwin, Inc. ^(a)		4,228,687		76,919,817
American Assets Trust, Inc.		2,745,439		55,787,320
Armada Hoffler Properties, Inc. ^(a)		4,770,585		33,441,801
Essential Properties Realty Trust, Inc. ^(a)		11,531,474		343,176,666
Global Net Lease, Inc.		8,657,260		70,383,524

				579,709,128

Diversified Telecommunication Services — 0.5%
Cogent Communications Holdings, Inc. ^(a)		2,768,824		106,184,400
Lumen Technologies, Inc. ^(b)		47,061,267		288,014,954
Uniti Group, Inc. ^(b)(c)		10,401,910		63,659,689

				457,859,043


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities — 0.4%
MGE Energy, Inc. ^(a)		2,126,841	$	179,037,475
Otter Tail Corp. ^(a)		2,443,954		200,330,909

				379,368,384

Electrical Equipment — 0.5%
Powell Industries, Inc. ^(c)		547,911		167,008,752
Sunrun, Inc. ^(a)(b)(c)		13,454,071		232,620,888
Vicor Corp. ^(b)(c)		1,330,793		66,167,028

				465,796,668

Electronic Equipment, Instruments & Components — 4.4%
Advanced Energy Industries, Inc. ^(a)(c)		2,191,446		372,852,622
Arlo Technologies, Inc. ^(a)(b)(c)		6,154,930		104,326,063
Badger Meter, Inc. ^(a)(c)		1,715,073		306,277,736
Benchmark Electronics, Inc. ^(a)		2,087,195		80,461,367
CTS Corp. ^(a)		1,713,390		68,432,797
ePlus, Inc. ^(a)		1,535,570		109,040,826
Insight Enterprises, Inc. ^(a)(b)(c)		1,835,163		208,125,836
Itron, Inc. ^(a)(b)(c)		2,660,724		331,419,781
Knowles Corp. ^(a)(b)(c)		5,002,402		116,605,991
Mirion Technologies, Inc., Class A ^(a)(b)(c)		14,269,859		331,916,920
OSI Systems, Inc. ^(a)(b)(c)		918,500		228,926,940
PC Connection, Inc.		664,241		41,176,300
Plexus Corp. ^(a)(b)(c)		1,571,849		227,430,832
Ralliant Corp. ^(a)		6,561,335		286,927,180
Rogers Corp. ^(a)(b)(c)		979,560		78,815,398
Sanmina Corp. ^(a)(b)(c)		3,101,038		356,960,484
ScanSource, Inc. ^(a)(b)(c)		1,208,559		53,164,510
TTM Technologies, Inc. ^(a)(b)(c)		6,026,187		347,108,371
Vishay Intertechnology, Inc. ^(a)		7,192,842		110,050,483

				3,760,020,437

Energy Equipment & Services — 1.9%
Archrock, Inc. ^(a)		10,232,807		269,225,152
Atlas Energy Solutions, Inc.		4,466,756		50,787,016
Bristow Group, Inc. ^(a)(b)(c)		1,473,209		53,153,381
Cactus, Inc., Class A ^(a)		3,991,303		157,536,729
Core Laboratories, Inc. ^(a)(c)		2,779,152		34,350,319
Helix Energy Solutions Group, Inc. ^(a)(b)(c)		7,947,167		52,133,416
Helmerich & Payne, Inc. ^(a)		5,790,930		127,921,644
Innovex International, Inc. ^(b)(c)		2,304,646		42,728,137
Kodiak Gas Services, Inc.		3,824,559		141,393,946
Liberty Energy, Inc., Class A ^(a)		9,412,103		116,145,351
Noble Corp. PLC		4,584,165		129,640,186
Oceaneering International, Inc. ^(a)(b)(c)		5,833,375		144,551,032
Patterson-UTI Energy, Inc. ^(a)		20,369,429		105,513,642
RPC, Inc.		5,034,049		23,962,073
Tidewater, Inc. ^(a)(b)(c)		2,673,544		142,580,102

				1,591,622,126

Entertainment — 0.5%
Cinemark Holdings, Inc. ^(a)(c)		5,985,384		167,710,460
Madison Square Garden Sports Corp., Class A ^(a)(b)(c)		1,043,471		236,867,917

				404,578,377

Financial Services — 2.6%
Enact Holdings, Inc.		1,717,463		65,847,531
EVERTEC, Inc. ^(a)		3,725,578		125,850,025
HA Sustainable Infrastructure Capital, Inc. ^(a)		7,223,034		221,747,144
Jackson Financial, Inc., Class A		1,620,247		164,017,604
Mr. Cooper Group, Inc. ^(a)		3,708,672		781,750,971
NCR Atleos Corp. ^(a)(b)(c)		4,282,936		168,362,214
NMI Holdings, Inc., Class A ^(a)(b)		4,515,022		173,105,943
Payoneer Global, Inc. ^(b)		16,491,619		99,774,295


Security	Shares		Value

Financial Services (continued)
Radian Group, Inc.		6,618,430	$	239,719,535
Walker & Dunlop, Inc. ^(a)		1,982,923		165,812,021

				2,205,987,283

Food Products — 1.0%
Cal-Maine Foods, Inc. ^(a)		2,653,181		249,664,332
Fresh Del Monte Produce, Inc.		1,924,188		66,807,807
Freshpet, Inc. ^(a)(b)(c)		2,839,483		156,483,908
J & J Snack Foods Corp.		905,166		86,977,401
John B Sanfilippo & Son, Inc. ^(a)		545,238		35,047,899
Simply Good Foods Co. (The) ^(a)(b)(c)		5,384,589		133,645,499
Tootsie Roll Industries, Inc.		1,142,432		47,890,749
TreeHouse Foods, Inc. ^(a)(b)(c)		2,583,725		52,217,082

				828,734,677

Gas Utilities — 0.6%
Chesapeake Utilities Corp. ^(a)		1,370,309		184,566,919
MDU Resources Group, Inc. ^(a)		11,897,413		211,892,926
Northwest Natural Holding Co. ^(a)		2,398,184		107,750,407

				504,210,252

Ground Transportation — 0.6%
ArcBest Corp. ^(a)(c)		1,320,855		92,288,139
Heartland Express, Inc.		2,588,910		21,695,066
Hertz Global Holdings, Inc. ^(b)(c)		7,361,041		50,055,079
Marten Transport Ltd.		3,443,445		36,707,124
RXO, Inc. ^(a)(b)(c)		9,544,706		146,797,578
Schneider National, Inc., Class B		2,895,208		61,262,601
Werner Enterprises, Inc. ^(a)		3,477,228		91,520,641

				500,326,228

Health Care Equipment & Supplies — 3.0%
Artivion, Inc. ^(a)(b)(c)		2,413,127		102,171,797
Avanos Medical, Inc. ^(a)(b)		2,752,279		31,816,345
CONMED Corp. ^(a)		1,799,085		84,610,968
Embecta Corp. ^(a)		3,400,246		47,977,471
Enovis Corp. ^(a)(b)(c)		3,321,894		100,786,264
Glaukos Corp. ^(a)(b)		3,337,754		272,193,839
ICU Medical, Inc. ^(a)(b)(c)		1,436,774		172,355,409
Inspire Medical Systems, Inc. ^(a)(b)(c)		1,563,946		116,044,793
Integer Holdings Corp. ^(a)(b)(c)		2,039,894		210,782,247
Integra LifeSciences Holdings Corp. ^(a)(b)(c)		3,895,237		55,818,746
LeMaitre Vascular, Inc. ^(a)		1,223,238		107,045,557
Merit Medical Systems, Inc. ^(a)(b)(c)		3,446,508		286,852,861
Neogen Corp. ^(a)(b)(c)		12,625,416		72,091,125
Omnicell, Inc. ^(a)(b)(c)		2,669,774		81,294,618
QuidelOrtho Corp. ^(a)(b)(c)		3,952,310		116,395,529
STAAR Surgical Co. ^(a)(b)(c)		2,880,196		77,390,867
Tandem Diabetes Care, Inc. ^(a)(b)(c)		3,967,242		48,162,318
Teleflex, Inc. ^(a)		2,571,982		314,707,718
TransMedics Group, Inc. ^(a)(b)(c)		1,984,051		222,610,522
UFP Technologies, Inc. ^(a)(b)(c)		448,138		89,448,345

				2,610,557,339

Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc. ^(a)(b)(c)		5,377,885		133,156,433
AdaptHealth Corp. ^(b)(c)		6,256,366		55,994,476
Addus HomeCare Corp. ^(a)(b)(c)		1,055,502		124,538,681
AMN Healthcare Services, Inc. ^(a)(b)(c)		2,278,162		44,105,216
Astrana Health, Inc. ^(b)(c)		2,460,891		69,766,260
Concentra Group Holdings Parent, Inc. ^(a)		6,938,782		145,228,707
CorVel Corp. ^(b)		1,822,033		141,061,795
National HealthCare Corp.		722,858		87,834,476
NeoGenomics, Inc. ^(a)(b)(c)		7,509,291		57,971,727
Pediatrix Medical Group, Inc. ^(a)(b)(c)		5,010,118		83,919,476


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Premier, Inc., Class A ^(a)		4,785,017	$	133,023,473
Privia Health Group, Inc. ^(a)(b)(c)		6,714,982		167,203,052
Progyny, Inc. ^(a)(b)(c)		4,658,767		100,256,666
RadNet, Inc. ^(b)(c)		3,513,849		267,790,432
Select Medical Holdings Corp. ^(a)		6,413,824		82,353,500
U.S. Physical Therapy, Inc. ^(a)		883,755		75,074,987

				1,769,279,357

Health Care REITs — 0.8%
CareTrust REIT, Inc. ^(a)		12,820,965		444,631,066
LTC Properties, Inc. ^(a)		2,669,410		98,394,453
Medical Properties Trust, Inc. ^(c)		28,692,726		145,472,121
Universal Health Realty Income Trust ^(a)		758,449		29,708,447

				718,206,087

Health Care Technology — 0.5%
Certara, Inc. ^(b)(c)		7,001,851		85,562,619
HealthStream, Inc.		1,378,659		38,933,330
Schrodinger, Inc. ^(a)(b)(c)		3,311,750		66,433,705
Waystar Holding Corp. ^(b)(c)		6,692,277		253,771,144

				444,700,798

Hotel & Resort REITs — 1.0%
Apple Hospitality REIT, Inc. ^(a)		12,828,166		154,066,274
DiamondRock Hospitality Co. ^(a)		11,941,678		95,055,757
Pebblebrook Hotel Trust ^(a)(c)		6,891,817		78,497,796
Ryman Hospitality Properties, Inc. ^(a)		3,666,506		328,482,273
Summit Hotel Properties, Inc. ^(a)		6,156,190		33,797,483
Sunstone Hotel Investors, Inc. ^(a)		11,065,750		103,686,077
Xenia Hotels & Resorts, Inc. ^(a)		5,566,967		76,378,787

				869,964,447

Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc. ^(a)(b)(c)		1,316,072		40,179,678
Bloomin’ Brands, Inc. ^(a)		4,508,525		32,326,124
Brinker International, Inc. ^(a)(b)(c)		2,586,968		327,717,106
Caesars Entertainment, Inc. ^(b)(c)		2,598,192		70,216,139
Cheesecake Factory, Inc. (The) ^(a)(c)		2,667,487		145,751,490
Cracker Barrel Old Country Store, Inc. ^(a)(c)		1,294,466		57,034,172
Dave & Buster’s Entertainment, Inc. ^(b)(c)		1,567,995		28,474,789
Golden Entertainment, Inc.		1,180,005		27,824,518
Monarch Casino & Resort, Inc.		721,987		76,415,104
Papa John’s International, Inc. ^(a)		1,903,910		91,673,266
Penn Entertainment, Inc. ^(a)(b)(c)		8,177,536		157,499,343
Pursuit Attractions & Hospitality, Inc. ^(b)		1,278,116		46,242,237
Sabre Corp. ^(a)(b)(c)		23,073,258		42,224,062
Shake Shack, Inc., Class A ^(a)(b)(c)		2,342,455		219,277,213
Six Flags Entertainment Corp. ^(a)(b)(c)		5,885,467		133,717,810
United Parks & Resorts, Inc. ^(b)(c)		1,598,759		82,655,840
Wendy’s Co. (The)		9,192,913		84,207,083

				1,663,435,974

Household Durables — 2.7%
Cavco Industries, Inc. ^(a)(b)(c)		460,814		267,608,514
Century Communities, Inc. ^(a)		1,500,681		95,098,155
Champion Homes, Inc. ^(a)(b)(c)		3,289,369		251,209,111
Dream Finders Homes, Inc., Class A ^(b)(c)		1,705,806		44,214,492
Ethan Allen Interiors, Inc. ^(a)		1,347,043		39,683,887
Green Brick Partners, Inc. ^(b)(c)		1,775,673		131,151,208
Helen of Troy Ltd. ^(a)(b)(c)		1,366,363		34,432,348
Installed Building Products, Inc. ^(c)		1,327,904		327,540,801
La-Z-Boy, Inc. ^(a)		2,400,150		82,373,148
Leggett & Platt, Inc. ^(a)		7,867,361		69,862,166
LGI Homes, Inc. ^(a)(b)(c)		1,179,453		60,989,515
M/I Homes, Inc. ^(a)(b)(c)		1,535,968		221,855,218


Security	Shares		Value

Household Durables (continued)
Meritage Homes Corp. ^(a)		4,141,225	$	299,948,927
Newell Brands, Inc. ^(a)		24,399,724		127,854,554
Sonos, Inc. ^(a)(b)		7,024,947		110,994,163
Tri Pointe Homes, Inc. ^(a)(b)(c)		5,093,168		173,014,917

				2,337,831,124

Household Products — 0.5%
Central Garden & Pet Co. ^(a)(b)		512,995		16,749,287
Central Garden & Pet Co., Class A, NVS ^(a)(b)		2,946,131		86,999,248
Energizer Holdings, Inc. ^(a)		3,531,187		87,891,244
Reynolds Consumer Products, Inc.		3,179,882		77,811,713
WD-40 Co. ^(a)		787,727		155,654,855

				425,106,347

Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc., Class A ^(a)		2,069,197		55,723,475
Clearway Energy, Inc., Class C ^(a)		4,847,463		136,940,830

				192,664,305

Industrial REITs — 0.7%
Innovative Industrial Properties, Inc. ^(a)		1,633,027		87,497,587
LXP Industrial Trust ^(a)		17,215,828		154,253,819
Terreno Realty Corp. ^(a)		6,012,042		341,183,383

				582,934,789

Insurance — 2.3%
AMERISAFE, Inc. ^(a)		1,103,402		48,373,144
Assured Guaranty Ltd. ^(a)		2,609,753		220,915,591
Employers Holdings, Inc. ^(a)		1,365,136		57,990,977
Genworth Financial, Inc., Class A ^(a)(b)(c)		23,779,551		211,638,004
Goosehead Insurance, Inc., Class A ^(a)		1,490,736		110,940,573
HCI Group, Inc. ^(c)		625,547		120,061,236
Horace Mann Educators Corp. ^(a)		2,368,455		106,983,112
Lincoln National Corp.		8,547,054		344,702,688
Mercury General Corp.		1,548,159		131,252,920
Palomar Holdings, Inc. ^(a)(b)(c)		1,558,827		181,993,052
ProAssurance Corp. ^(a)(b)(c)		2,988,513		71,694,427
Safety Insurance Group, Inc. ^(a)		865,799		61,203,331
SiriusPoint Ltd. ^(b)		4,936,263		89,296,998
Stewart Information Services Corp. ^(a)		1,630,420		119,542,394
Trupanion, Inc. ^(b)(c)		1,954,675		84,598,334
United Fire Group, Inc.		1,272,413		38,706,803

				1,999,893,584

Interactive Media & Services — 0.9%
Angi, Inc., Class A ^(b)(c)		2,139,814		34,793,376
Cargurus, Inc., Class A ^(a)(b)(c)		4,949,737		184,278,709
Cars.com, Inc. ^(a)(b)(c)		3,322,398		40,599,704
IAC, Inc. ^(a)(b)		3,939,496		134,218,629
QuinStreet, Inc. ^(a)(b)		3,310,978		51,220,830
Shutterstock, Inc.		1,447,775		30,186,109
TripAdvisor, Inc. ^(a)(b)(c)		6,762,176		109,952,982
Yelp, Inc. ^(a)(b)(c)		3,481,516		108,623,299
Ziff Davis, Inc. ^(a)(b)(c)		2,383,072		90,795,043

				784,668,681

IT Services — 0.4%
DigitalOcean Holdings, Inc. ^(b)(c)		3,974,427		135,766,426
DXC Technology Co. ^(a)(b)(c)		10,419,761		142,021,342
Grid Dynamics Holdings, Inc., Class A ^(b)(c)		3,723,667		28,709,473

				306,497,241

Leisure Products — 0.3%
Acushnet Holdings Corp. ^(c)		1,604,671		125,950,627


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products (continued)
Sturm Ruger & Co., Inc. ^(a)		939,663	$	40,847,151
Topgolf Callaway Brands Corp. ^(b)(c)		8,149,181		77,417,220

				244,214,998

Life Sciences Tools & Services — 0.2%
Azenta, Inc. ^(a)(b)(c)		2,371,400		68,106,608
BioLife Solutions, Inc. ^(b)(c)		2,208,135		56,329,524
Cytek Biosciences, Inc. ^(b)(c)		6,142,106		21,313,108
Fortrea Holdings, Inc. ^(a)(b)(c)		5,386,331		45,352,907
OmniAb, Inc., 12.50 Earnout Shares ^(b)(d)		450,637		5
OmniAb, Inc., 15.00 Earnout Shares ^(b)(d)		450,637		5

				191,102,157

Machinery — 5.0%
Alamo Group, Inc. ^(a)		618,572		118,085,395
Albany International Corp., Class A ^(a)		1,714,472		91,381,358
Astec Industries, Inc. ^(a)		1,329,717		63,999,279
Enerpac Tool Group Corp., Class A ^(a)		3,134,360		128,508,760
Enpro, Inc. ^(a)(c)		1,225,323		276,922,998
ESCO Technologies, Inc. ^(a)(c)		1,502,982		317,294,530
Federal Signal Corp. ^(a)(c)		3,537,954		420,981,146
Franklin Electric Co., Inc. ^(a)		2,226,606		211,972,891
Gates Industrial Corp. PLC ^(a)(b)(c)		14,990,941		372,075,156
Greenbrier Cos., Inc. (The) ^(a)		1,800,454		83,126,961
Hillenbrand, Inc. ^(a)		4,096,171		110,760,464
JBT Marel Corp. ^(a)(c)		3,024,544		424,797,205
Kadant, Inc. ^(a)(c)		685,428		203,969,664
Kennametal, Inc. ^(a)		4,418,324		92,475,521
Lindsay Corp. ^(a)		631,284		88,733,279
Mueller Water Products, Inc., Class A ^(a)		9,096,440		232,141,149
Proto Labs, Inc. ^(a)(b)(c)		1,409,235		70,504,027
SPX Technologies, Inc. ^(a)(b)		2,874,744		536,944,684
Standex International Corp. ^(a)(c)		702,474		148,854,241
Tennant Co. ^(a)		1,073,416		87,011,101
Titan International, Inc. ^(b)(c)		2,881,488		21,784,049
Trinity Industries, Inc. ^(a)		4,706,477		131,969,615
Worthington Enterprises, Inc.		1,834,957		101,821,764

				4,336,115,237

Marine Transportation — 0.2%
Matson, Inc. ^(a)		1,850,178		182,409,049


Media — 0.6%
Cable One, Inc.		273,574		48,436,277
DoubleVerify Holdings, Inc. ^(b)(c)		7,912,653		94,793,583
John Wiley & Sons, Inc., Class A ^(a)		2,422,125		98,023,399
Scholastic Corp., NVS ^(a)		1,312,425		35,934,197
TEGNA, Inc. ^(a)		9,363,385		190,357,617
Thryv Holdings, Inc. ^(a)(b)(c)		2,446,935		29,510,036

				497,055,109

Metals & Mining — 1.4%
Alpha Metallurgical Resources, Inc. ^(b)		637,253		104,566,845
Century Aluminum Co. ^(b)(c)		3,110,305		91,318,555
Hecla Mining Co. ^(a)(c)		38,481,253		465,623,161
Kaiser Aluminum Corp. ^(a)		931,592		71,881,639
Materion Corp. ^(a)		1,206,512		145,758,715
Metallus, Inc. ^(a)(b)(c)		2,091,367		34,570,297
SunCoke Energy, Inc. ^(a)		5,037,938		41,109,574
Warrior Met Coal, Inc. ^(c)		2,470,246		157,206,455
Worthington Steel, Inc.		1,892,666		57,518,120

				1,169,553,361

Mortgage Real Estate Investment Trusts (REITs) — 1.0%
Adamas Trust, Inc. ^(a)		4,883,415		34,037,403
Apollo Commercial Real Estate Finance, Inc. ^(a)		7,604,543		77,034,021


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Arbor Realty Trust, Inc. ^(a)(c)		10,206,812	$	124,625,175
ARMOUR Residential REIT, Inc. ^(a)		6,559,275		97,995,568
Blackstone Mortgage Trust, Inc., Class A ^(a)		9,281,368		170,869,985
Ellington Financial, Inc. ^(a)		5,825,299		75,612,381
Franklin BSP Realty Trust, Inc. ^(a)		4,783,225		51,945,824
KKR Real Estate Finance Trust, Inc.		3,169,277		28,523,493
PennyMac Mortgage Investment Trust ^(a)		5,058,447		62,016,560
Ready Capital Corp. ^(a)		8,980,860		34,755,928
Redwood Trust, Inc. ^(a)		7,513,187		43,501,353
Two Harbors Investment Corp. ^(a)		6,053,532		59,748,361

				860,666,052

Multi-Utilities — 0.3%
Avista Corp. ^(a)		4,720,898		178,497,153
Unitil Corp. ^(a)		1,028,250		49,212,045

				227,709,198

Office REITs — 0.9%
Brandywine Realty Trust ^(a)		10,293,948		42,925,763
Douglas Emmett, Inc.		8,150,864		126,908,952
Easterly Government Properties, Inc. ^(a)		2,504,464		57,427,360
Highwoods Properties, Inc. ^(a)		6,290,030		200,148,755
JBG SMITH Properties ^(a)		3,576,139		79,569,093
SL Green Realty Corp. ^(a)		4,133,498		247,224,515

				754,204,438

Oil, Gas & Consumable Fuels — 2.4%
California Resources Corp. ^(a)		4,237,112		225,329,616
Comstock Resources, Inc. ^(b)		4,599,102		91,200,193
Core Natural Resources, Inc. ^(a)(c)		2,995,707		250,081,620
Crescent Energy Co., Class A		10,933,464		97,526,499
CVR Energy, Inc.		1,753,220		63,957,466
Dorian LPG Ltd. ^(a)		2,157,008		64,278,838
International Seaways, Inc.		2,352,484		108,402,463
Kinetik Holdings, Inc., Class A		2,536,525		108,411,078
Magnolia Oil & Gas Corp., Class A ^(a)		10,783,965		257,413,245
Northern Oil & Gas, Inc. ^(a)		5,653,853		140,215,554
Par Pacific Holdings, Inc. ^(b)(c)		2,475,782		87,692,198
Peabody Energy Corp. ^(a)		7,077,490		187,695,035
REX American Resources Corp. ^(b)(c)		1,646,873		50,427,251
SM Energy Co. ^(a)		6,690,644		167,065,381
Talos Energy, Inc. ^(b)(c)		7,524,119		72,156,301
Vital Energy, Inc. ^(b)(c)		1,694,688		28,623,280
World Kinect Corp. ^(a)		3,237,793		84,020,728

				2,084,496,746

Paper & Forest Products — 0.1%
Sylvamo Corp.		1,976,787		87,413,521


Passenger Airlines — 0.5%
Allegiant Travel Co. ^(b)		783,970		47,641,857
JetBlue Airways Corp. ^(b)(c)		16,958,943		83,438,000
SkyWest, Inc. ^(a)(b)		2,350,007		236,457,704
Sun Country Airlines Holdings, Inc. ^(a)(b)(c)		3,099,842		36,609,134

				404,146,695

Personal Care Products — 0.2%
Edgewell Personal Care Co. ^(a)		2,701,254		54,997,531
Interparfums, Inc.		1,070,264		105,292,572
USANA Health Sciences, Inc. ^(b)(c)		659,115		18,158,618

				178,448,721

Pharmaceuticals — 1.9%
Amphastar Pharmaceuticals, Inc. ^(b)(c)		2,081,288		55,466,325
ANI Pharmaceuticals, Inc. ^(b)(c)		1,008,757		92,402,141
Collegium Pharmaceutical, Inc. ^(a)(b)(c)		1,831,187		64,073,233


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Corcept Therapeutics, Inc. ^(a)(b)(c)		5,457,832	$	453,600,418
Harmony Biosciences Holdings, Inc. ^(b)(c)		2,311,008		63,691,380
Innoviva, Inc. ^(a)(b)		3,480,127		63,512,318
Ligand Pharmaceuticals, Inc. ^(a)(b)(c)		1,143,998		202,647,806
Organon & Co. ^(a)		15,130,959		161,598,642
Pacira BioSciences, Inc. ^(a)(b)(c)		2,611,836		67,307,014
Phibro Animal Health Corp., Class A ^(a)		1,200,022		48,552,890
Prestige Consumer Healthcare, Inc. ^(a)(b)(c)		2,864,388		178,737,811
Supernus Pharmaceuticals, Inc. ^(a)(b)(c)		3,263,788		155,976,429

				1,607,566,407

Professional Services — 1.3%
Amentum Holdings, Inc. ^(b)(c)		8,945,246		214,238,642
CSG Systems International, Inc. ^(a)		1,596,853		102,805,396
Heidrick & Struggles International, Inc. ^(a)		1,205,417		59,993,604
Korn Ferry ^(a)		3,062,323		214,301,364
ManpowerGroup, Inc. ^(a)		2,690,260		101,960,854
Robert Half, Inc. ^(a)		5,819,132		197,734,105
Verra Mobility Corp., Class A ^(a)(b)(c)		9,299,118		229,688,215

				1,120,722,180

Real Estate Management & Development — 0.5%
Cushman & Wakefield PLC ^(b)(c)		9,772,752		155,582,212
eXp World Holdings, Inc. ^(c)		5,092,854		54,289,824
Kennedy-Wilson Holdings, Inc. ^(a)		7,050,684		58,661,691
Marcus & Millichap, Inc.		1,457,152		42,767,411
St. Joe Co. (The)		2,326,964		115,138,179

				426,439,317

Residential REITs — 0.3%
Centerspace ^(a)		974,153		57,377,612
Elme Communities ^(a)		5,138,834		86,640,741
NexPoint Residential Trust, Inc. ^(a)		1,268,241		40,862,725
Veris Residential, Inc. ^(a)		4,720,697		71,754,594

				256,635,672

Retail REITs — 1.5%
Acadia Realty Trust ^(a)		7,625,477		153,653,362
Curbline Properties Corp. ^(a)		5,634,198		125,642,615
Getty Realty Corp. ^(a)		3,024,045		81,135,127
Macerich Co. (The) ^(a)		14,710,167		267,725,039
Phillips Edison & Co., Inc. ^(a)		7,309,941		250,950,275
Saul Centers, Inc.		728,878		23,229,342
SITE Centers Corp.		2,516,603		22,674,593
Tanger, Inc. ^(a)		6,586,838		222,898,598
Urban Edge Properties ^(a)		7,321,824		149,877,737
Whitestone REIT ^(a)		2,673,912		32,835,639

				1,330,622,327

Semiconductors & Semiconductor Equipment — 3.7%
ACM Research, Inc., Class A ^(a)(b)(c)		3,062,058		119,818,330
Alpha & Omega Semiconductor Ltd. ^(b)(c)		1,452,330		40,607,147
Axcelis Technologies, Inc. ^(a)(b)(c)		1,828,671		178,551,436
CEVA, Inc. ^(a)(b)(c)		1,423,356		37,590,832
Cohu, Inc. ^(a)(b)(c)		2,756,610		56,041,881
Diodes, Inc. ^(a)(b)(c)		2,703,429		143,849,457
Enphase Energy, Inc. ^(a)(b)(c)		7,609,637		269,305,053
FormFactor, Inc. ^(a)(b)(c)		4,488,281		163,463,194
Ichor Holdings Ltd. ^(a)(b)(c)		2,030,475		35,573,922
Impinj, Inc. ^(a)(b)(c)		1,506,790		272,352,292
Kulicke & Soffa Industries, Inc. ^(a)		3,030,291		123,151,026
MaxLinear, Inc. ^(a)(b)(c)		4,765,057		76,622,117
PDF Solutions, Inc. ^(b)(c)		1,863,619		48,118,643
Penguin Solutions, Inc. ^(a)(b)(c)		2,771,679		72,839,724
Photronics, Inc. ^(a)(b)		3,496,033		80,233,957


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Qorvo, Inc. ^(a)(b)(c)		4,906,933	$	446,923,458
Semtech Corp. ^(a)(b)(c)		5,042,145		360,261,260
SiTime Corp. ^(b)(c)		1,271,232		383,034,914
SolarEdge Technologies, Inc. ^(a)(b)(c)		3,450,412		127,665,244
Ultra Clean Holdings, Inc. ^(a)(b)		2,676,436		72,932,881
Veeco Instruments, Inc. ^(a)(b)(c)		3,496,404		106,395,574

				3,215,332,342

Software — 4.2%
A10 Networks, Inc. ^(a)		4,193,842		76,118,232
ACI Worldwide, Inc. ^(a)(b)		6,005,683		316,919,892
Adeia, Inc. ^(a)		6,437,726		108,153,797
Agilysys, Inc. ^(a)(b)(c)		1,476,734		155,426,253
Alarm.com Holdings, Inc. ^(a)(b)		2,904,662		154,179,459
BlackLine, Inc. ^(b)(c)		3,025,752		160,667,431
Box, Inc., Class A ^(a)(b)(c)		8,428,021		271,972,238
Cleanspark, Inc. ^(a)(b)(c)		16,389,887		237,653,361
Clear Secure, Inc., Class A ^(a)		5,049,090		168,538,624
InterDigital, Inc. ^(a)		1,501,592		518,394,606
LiveRamp Holdings, Inc. ^(a)(b)(c)		3,821,781		103,723,136
MARA Holdings, Inc. ^(a)(b)(c)		21,559,955		393,684,778
N-able, Inc. ^(b)(c)		4,275,869		33,351,778
NCR Voyix Corp. ^(a)(b)(c)		8,033,587		100,821,517
Progress Software Corp. ^(a)		2,505,238		110,055,105
Q2 Holdings, Inc. ^(a)(b)(c)		3,634,096		263,072,209
Sprinklr, Inc., Class A ^(b)(c)		6,833,840		52,757,245
SPS Commerce, Inc. ^(a)(b)(c)		2,206,323		229,766,477
Teradata Corp. ^(a)(b)(c)		5,491,673		118,125,886

				3,573,382,024

Specialized REITs — 0.7%
Four Corners Property Trust, Inc. ^(a)		6,080,250		148,358,100
Millrose Properties, Inc., Class A		6,999,394		235,249,632
Outfront Media, Inc. ^(a)		8,467,816		155,130,389
Safehold, Inc.		2,731,903		42,317,177

				581,055,298

Specialty Retail — 3.1%
Academy Sports & Outdoors, Inc. ^(a)(c)		3,869,064		193,530,581
Advance Auto Parts, Inc. ^(a)		3,494,053		214,534,854
American Eagle Outfitters, Inc. ^(a)		9,378,804		160,471,336
Asbury Automotive Group, Inc. ^(a)(b)(c)		1,144,263		279,715,090
Boot Barn Holdings, Inc. ^(a)(b)(c)		1,778,325		294,704,019
Buckle, Inc. (The)		1,750,413		102,679,227
Caleres, Inc. ^(a)		2,029,110		26,459,594
Group 1 Automotive, Inc. ^(a)(c)		737,900		322,838,629
Guess?, Inc.		1,784,307		29,815,770
MarineMax, Inc. ^(a)(b)(c)		1,124,654		28,487,486
Monro, Inc. ^(a)		1,775,319		31,902,482
National Vision Holdings, Inc. ^(a)(b)(c)		4,602,296		134,341,020
Sally Beauty Holdings, Inc. ^(a)(b)(c)		5,750,663		93,620,794
Shoe Carnival, Inc. ^(c)		1,062,985		22,099,458
Signet Jewelers Ltd. ^(a)		2,394,957		229,724,275
Sonic Automotive, Inc., Class A		861,104		65,521,403
Upbound Group, Inc. ^(a)		3,062,359		72,363,543
Urban Outfitters, Inc. ^(b)(c)		3,130,341		223,600,258
Victoria’s Secret & Co. ^(a)(b)(c)		4,640,488		125,942,844

				2,652,352,663

Technology Hardware, Storage & Peripherals — 1.1%
Corsair Gaming, Inc. ^(b)(c)		2,709,545		24,169,141
Sandisk Corp. ^(a)(b)(c)		8,033,095		901,313,259

				925,482,400


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc. ^(a)		2,117,790	$	59,764,034
G-III Apparel Group Ltd. ^(a)(b)(c)		2,215,398		58,951,741
Hanesbrands, Inc. ^(a)(b)(c)		20,597,297		135,736,187
Kontoor Brands, Inc. ^(a)		2,975,683		237,370,233
Oxford Industries, Inc. ^(a)		832,200		33,737,388
Steven Madden Ltd. ^(a)		4,229,672		141,609,419
Wolverine World Wide, Inc. ^(a)		4,730,040		129,792,298

				796,961,300

Tobacco — 0.1%
Universal Corp. ^(a)		1,465,298		81,866,199


Trading Companies & Distributors — 1.1%
Air Lease Corp., Class A ^(a)		6,114,247		389,171,822
Boise Cascade Co. ^(a)		2,173,127		168,026,180
DNOW, Inc. ^(a)(b)(c)		6,258,934		95,448,743
DXP Enterprises, Inc. ^(b)(c)		738,823		87,971,655
Rush Enterprises, Inc., Class A ^(a)		3,568,957		190,832,131

				931,450,531

Water Utilities — 0.5%
American States Water Co. ^(a)		2,241,360		164,336,515
California Water Service Group ^(a)		3,467,836		159,138,994
H2O America ^(a)		1,907,278		92,884,439
Middlesex Water Co. ^(a)		1,066,534		57,720,820

				474,080,768

Wireless Telecommunication Services — 0.3%
Gogo, Inc. ^(b)(c)		4,339,514		37,276,425
Shenandoah Telecommunications Co.		2,649,140		35,551,459
Telephone & Data Systems, Inc. ^(a)		5,731,001		224,884,479

				297,712,363


Total Long-Term Investments — 98.1% (Cost: $70,960,036,442)				84,248,134,240


Security	Shares		Value

Short-Term Securities

Money Market Funds — 7.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(a)(e)(f)		4,750,447,402	$	4,752,822,625
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(a)(e)		1,490,989,177		1,490,989,177


Total Short-Term Securities — 7.3% (Cost: $6,241,349,586)				6,243,811,802


Total Investments — 105.4% (Cost: $77,201,386,028)				90,491,946,042

Liabilities in Excess of Other Assets — (5.4)%				(4,622,719,290	)


Net Assets — 100.0%			$	85,869,226,752

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

^(c)	All or a portion of this security is on loan.

^(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


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
A10 Networks, Inc.	$	74,448,096	$	4,412,565	$	(10,626,859	)	$	1,280,067		$	6,604,363		$	76,118,232		4,193,842	$	522,680	$	—
AAR Corp.		122,545,761		10,031,700		(17,898,814	)		5,367,189			64,856,394			184,902,230		2,062,030		—		—
ABM Industries, Inc.		182,160,436		10,808,179		(21,050,193	)		3,489,904			(8,287,064	)		167,121,262		3,623,618		2,000,278		—
Academy Sports & Outdoors, Inc.		195,720,765		11,724,885		(29,981,066	)		3,600,939			12,465,058			193,530,581		3,869,064		1,053,569		—
Acadia Healthcare Co., Inc.		—		119,193,743		(76,528	)		2,772			14,036,446			133,156,433		5,377,885		—		—
Acadia Realty Trust		155,006,452		21,791,418		(17,703,314	)		251,395			(5,692,589	)		153,653,362		7,625,477		3,084,608		—
ACI Worldwide, Inc.		354,852,507		17,676,137		(41,436,348	)		11,537,179			(25,709,583	)		316,919,892		6,005,683		—		—
ACM Research, Inc., Class A		—		116,288,326		(26,710	)		(45	)		3,556,759			119,818,330		3,062,058		—		—
Adamas Trust, Inc. ^(a)		37,018,136		1,944,485		(7,670,160	)		(8,522,211	)		11,267,153			34,037,403		4,883,415		2,209,993		—
Addus HomeCare Corp.		109,641,123		8,518,916		(14,118,560	)		2,468,408			18,028,794			124,538,681		1,055,502		—		—
Adeia, Inc.		89,399,483		—		(4,419,113	)		(2,257,174	)		25,430,601			108,153,797		6,437,726		657,930		—
Adient PLC		66,733,909		4,231,708		(13,725,304	)		(898,936	)		57,297,754			113,639,131		4,719,233		—		—
ADMA Biologics, Inc.		290,013,244		17,882,573		(31,570,858	)		(1,195,189	)		(71,522,806	)		203,606,964		13,888,606		—		—


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Adtalem Global Education, Inc.	$	231,904,953	$	15,378,505	$	(41,455,145	)	$	19,301,195		$	98,073,334		$	323,202,842		2,092,605	$	—	$	—
Advance Auto Parts, Inc.		143,868,861		12,903,737		(20,502,025	)		(2,161,135	)		80,425,416			214,534,854		3,494,053		1,801,394		—
Advanced Energy Industries, Inc.		222,030,840		17,560,008		(35,137,833	)		13,307,846			155,091,761			372,852,622		2,191,446		449,802		—
AdvanSix, Inc.		38,126,904		1,907,256		(3,803,697	)		(51,097	)		(5,272,026	)		30,907,340		1,594,806		516,879		—
AeroVironment, Inc. ^(b)		206,388,689		66,811,162		(549,150,435	)		337,755,163			(61,804,579	)		—		—		—		—
Agilysys, Inc. ^(c)		N/A		23,977,712		(13,452,526	)		9,250,710			74,874,092			155,426,253		1,476,734		—		—
Air Lease Corp., Class A		309,431,057		22,007,018		(36,995,329	)		3,415,950			91,313,126			389,171,822		6,114,247		2,730,315		—
Alamo Group, Inc.		114,285,360		9,659,456		(13,845,285	)		5,615,088			2,370,776			118,085,395		618,572		376,810		—
Alarm.com Holdings, Inc.		170,088,771		10,693,685		(18,963,342	)		600,783			(8,240,438	)		154,179,459		2,904,662		—		—
Albany International Corp., Class A		133,618,152		6,252,877		(20,016,434	)		(3,025,350	)		(25,447,887	)		91,381,358		1,714,472		992,200		—
Alexander & Baldwin, Inc.		77,373,727		2,361,540		(6,975,582	)		(1,118,181	)		5,278,313			76,919,817		4,228,687		1,966,542		—
Alkermes PLC		332,037,101		20,993,456		(33,464,976	)		449,059			(31,789,130	)		288,225,510		9,607,517		—		—
Alpha & Omega Semiconductor Ltd. ^(d)		37,319,061		2,579,928		(3,482,639	)		(734,435	)		21,154,621			N/A		N/A		—		—
Alpha Metallurgical Resources, Inc. ^(d)		84,667,246		5,169,275		(10,571,159	)		(3,446,865	)		63,674,107			N/A		N/A		—		—
American Axle & Manufacturing Holdings, Inc.		30,177,524		2,322,518		(3,654,234	)		(2,950,469	)		16,432,310			42,327,649		7,042,870		—		—
American Eagle Outfitters, Inc.		125,601,045		6,953,270		(21,551,965	)		(4,104,634	)		53,573,620			160,471,336		9,378,804		2,515,037		—
American States Water Co.		184,398,697		13,642,652		(21,272,103	)		3,548,394			(15,981,125	)		164,336,515		2,241,360		2,215,824		—
American Woodmark Corp.		54,755,199		3,247,547		(8,583,435	)		(1,305,936	)		8,386,614			56,499,989		846,315		—		—
Ameris Bancorp		230,464,742		14,494,247		(31,545,737	)		11,727,442			48,857,117			273,997,811		3,737,523		1,515,855		—
AMERISAFE, Inc.		61,860,178		4,194,843		(7,594,275	)		(572,409	)		(9,515,193	)		48,373,144		1,103,402		885,016		—
AMN Healthcare Services, Inc.		57,577,935		3,181,545		(4,626,662	)		(1,661,603	)		(10,365,999	)		44,105,216		2,278,162		—		—
Andersons, Inc. (The)		85,273,190		6,763,994		(7,021,771	)		1,224,200			(7,642,929	)		78,596,684		1,974,295		762,334		—
Apogee Enterprises, Inc.		62,881,856		3,340,579		(7,684,043	)		(338,592	)		(3,665,279	)		54,534,521		1,251,653		681,998		—
Apollo Commercial Real Estate Finance, Inc.		75,593,497		4,717,715		(7,385,837	)		(479,695	)		4,588,341			77,034,021		7,604,543		3,808,959		—
Apple Hospitality REIT, Inc.		178,121,749		9,279,220		(20,755,771	)		(3,972,092	)		(8,606,832	)		154,066,274		12,828,166		6,349,159		—
Arbor Realty Trust, Inc.		118,029,196		1,826,929		—			—			4,769,050			124,625,175		10,206,812		6,118,133		—
ArcBest Corp.		101,622,990		5,614,031		(13,590,699	)		3,461,776			(4,819,959	)		92,288,139		1,320,855		332,934		—
Archrock, Inc.		284,204,653		17,864,415		(31,992,077	)		13,463,693			(14,315,532	)		269,225,152		10,232,807		4,230,393		—
Arcosa, Inc.		232,607,724		15,382,546		(29,107,022	)		13,712,922			34,890,404			267,486,574		2,854,408		294,960		—
Arlo Technologies, Inc.		61,230,420		8,470,130		(8,086,763	)		4,139,967			38,572,309			104,326,063		6,154,930		—		—
Armada Hoffler Properties, Inc.		37,741,092		2,374,655		(4,081,231	)		(1,379,114	)		(1,213,601	)		33,441,801		4,770,585		1,335,287		—
ARMOUR Residential REIT, Inc.		80,790,352		36,841,642		(8,287,667	)		(628,771	)		(10,719,988	)		97,995,568		6,559,275		7,349,901		—
Armstrong World Industries, Inc.		379,726,543		24,755,427		(54,098,719	)		13,761,307			129,308,265			493,452,823		2,517,488		1,610,827		—
Arrowhead Pharmaceuticals, Inc.		99,950,485		26,984,800		(13,831,728	)		(2,569,095	)		166,993,393			277,527,855		8,046,618		—		—
Artisan Partners Asset Management, Inc., Class A		170,631,188		7,419,198		(18,054,979	)		960,786			17,052,249			178,008,442		4,101,577		5,959,360		—
Artivion, Inc.		57,334,644		10,958,844		(6,767,731	)		2,427,256			38,218,784			102,171,797		2,413,127		—		—
Asbury Automotive Group, Inc.		267,481,629		16,920,887		(32,059,414	)		15,329,935			12,042,053			279,715,090		1,144,263		—		—


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
Assured Guaranty Ltd.	$	260,546,588	$	14,168,446		$	(43,450,207	)	$	17,221,510		$	(27,570,746	)	$	220,915,591		2,609,753	$	1,908,113		$	—
Astec Industries, Inc.		48,566,163		3,524,788			(6,786,468	)		39,828			18,654,968			63,999,279		1,329,717		356,069			—
Astrana Health, Inc. ^(d)		79,694,987		4,572,204			(7,625,327	)		(3,130,972	)		85,903,551			N/A		N/A		—			—
Atlantic Union Bankshares Corp. ^(c)		N/A		83,080,104			(9,831,882	)		913,935			29,433,943			292,125,503		8,277,855		5,502,001			—
Avanos Medical, Inc.		40,716,474		2,316,260			(3,402,020	)		(1,012,896	)		(6,801,473	)		31,816,345		2,752,279		—			—
Avista Corp.		205,006,992		15,129,475			(21,922,046	)		7,570			(19,724,838	)		178,497,153		4,720,898		4,684,964			—
Axcelis Technologies, Inc.		99,831,336		8,398,691			(21,926,850	)		7,370,220			84,878,039			178,551,436		1,828,671		—			—
Axos Financial, Inc.		216,601,447		21,562,111			(24,491,598	)		10,113,344			53,940,426			277,725,730		3,280,871		—			—
Azenta, Inc.		97,872,098		5,355,068			(19,072,277	)		(7,018,531	)		(9,029,750	)		68,106,608		2,371,400		—			—
AZZ, Inc.		154,902,658		11,294,811			(21,076,165	)		7,802,138			37,872,466			190,795,908		1,748,336		665,747			—
B&G Foods, Inc. ^(b)		34,295,260		1,579,029			(24,977,602	)		(80,861,278	)		69,964,591			—		—		903,482			—
Badger Meter, Inc.		346,008,246		23,451,299			(43,299,641	)		20,845,321			(40,727,489	)		306,277,736		1,715,073		1,299,780			—
Balchem Corp.		333,694,860		19,612,999			(38,745,230	)		11,461,599			(42,583,697	)		283,440,531		1,888,848		—			—
Banc of California, Inc.		121,022,849		7,344,365			(19,451,308	)		(1,569,126	)		18,941,537			126,288,317		7,630,714		1,585,557			—
Bancorp, Inc. (The)		156,115,093		9,085,371			(25,198,808	)		10,255,180			50,496,593			200,753,429		2,680,644		—			—
Bank of Hawaii Corp.		169,667,235		3,977,610			(13,409,372	)		3,848,953			(12,150,341	)		151,934,085		2,314,657		3,346,162			—
BankUnited, Inc.		159,325,467		2,709,485			(11,716,946	)		3,153,345			13,242,095			166,713,446		4,368,801		2,814,813			—
Banner Corp.		136,004,766		5,520,033			(13,271,229	)		2,598,411			788,609			131,640,590		2,009,780		2,010,599			—
Beacon Financial Corp. ^(e)		69,333,758		70,046,682			(1,719,744	)		(279,545	)		(22,833,968	)		114,547,183		4,831,176		956,694			—
Benchmark Electronics, Inc.		84,640,823		5,304,762			(10,503,956	)		2,670,667			(1,650,929	)		80,461,367		2,087,195		720,179			—
BGC Group, Inc., Class A		196,061,725		23,128,098			(24,342,461	)		988,216			5,376,966			201,212,544		21,269,825		875,780			—
BJ’s Restaurants, Inc.		48,330,137		3,192,812			(7,007,409	)		1,113,010			(5,448,872	)		40,179,678		1,316,072		—			—
BlackLine, Inc. ^(d)		155,438,901		9,563,304			(18,836,087	)		(2,574,321	)		54,517,587			N/A		N/A		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		3,908,839,480		843,861,321	^(f)		—			130,660			(8,836	)		4,752,822,625		4,750,447,402		13,741,450	^(g)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,215,109,656		275,879,521	^(f)		—			—			—			1,490,989,177		1,490,989,177		21,034,820			—
Blackstone Mortgage Trust, Inc., Class A		212,213,860		11,515,700			(36,889,069	)		(2,042,407	)		(13,928,099	)		170,869,985		9,281,368		9,096,750			—
Bloomin’ Brands, Inc.		33,473,260		2,542,935			(3,680,129	)		(1,727,794	)		1,717,852			32,326,124		4,508,525		1,354,955			—
Boise Cascade Co.		232,945,701		11,714,219			(29,022,782	)		9,632,934			(57,243,892	)		168,026,180		2,173,127		976,962			—
Boot Barn Holdings, Inc.		203,228,124		16,743,574			(33,035,690	)		16,822,272			90,945,739			294,704,019		1,778,325		—			—
BorgWarner, Inc.		387,433,320		28,676,643			(62,936,399	)		8,362,163			192,071,368			553,607,095		12,593,428		3,667,271			—
Box, Inc., Class A		274,226,095		19,264,843			(33,852,588	)		1,748,490			10,585,398			271,972,238		8,428,021		—			—
Brady Corp., Class A		193,171,508		11,107,404			(24,518,938	)		7,257,384			11,795,201			198,812,559		2,547,899		1,276,448			—
Brandywine Realty Trust		47,611,611		2,832,439			(4,324,884	)		(452,494	)		(2,740,909	)		42,925,763		10,293,948		3,149,683			—
Brinker International, Inc.		409,297,560		24,849,534			(48,240,330	)		26,515,608			(84,705,266	)		327,717,106		2,586,968		—			—
Bristow Group, Inc.		48,069,844		3,327,310			(4,726,285	)		1,320,905			5,161,607			53,153,381		1,473,209		—			—
Brookline Bancorp, Inc. ^(b)		60,105,881		3,274,335			(75,094,010	)		92,008			11,621,786			—		—		1,443,724			—
Cable One, Inc. ^(d)		75,725,049		3,541,996			(5,928,641	)		(3,326,377	)		36,870,099			N/A		N/A		—			—
Cactus, Inc., Class A		188,895,586		15,202,068			(19,844,783	)		(2,999,146	)		(23,716,996	)		157,536,729		3,991,303		1,090,518			—
Caleres, Inc.		35,823,737		2,176,685			(3,050,418	)		(528,489	)		(7,961,921	)		26,459,594		2,029,110		283,222			—
California Resources Corp. ^(c)		N/A		17,604,727			(23,475,281	)		(897,461	)		32,652,492			225,329,616		4,237,112		3,257,433			—
California Water Service Group		178,730,802		9,845,198			(20,216,058	)		754,453			(9,975,401	)		159,138,994		3,467,836		2,148,004			—
Calix, Inc.		129,335,516		12,499,437			(20,167,942	)		4,654,658			86,020,127			212,341,796		3,460,026		—			—
Cal-Maine Foods, Inc.		228,747,759		38,142,868			(25,167,979	)		12,303,547			(4,361,863	)		249,664,332		2,653,181		15,223,058			—
Capitol Federal Financial, Inc.		42,336,314		3,305,126			(5,943,171	)		(1,256,896	)		6,673,307			45,114,680		7,104,674		1,250,981			—
CareTrust REIT, Inc.		331,656,867		76,328,347			(33,710,244	)		12,301,686			58,054,410			444,631,066		12,820,965		8,118,274			—
Cargurus, Inc., Class A		158,987,141		9,676,183			(25,564,622	)		4,289,025			36,890,982			184,278,709		4,949,737		—			—
Cars.com, Inc.		41,500,220		2,513,104			(6,776,114	)		(1,750,953	)		5,113,447			40,599,704		3,322,398		—			—


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Carter’s, Inc.	$	91,134,321	$	4,866,074	$	(8,514,798	)	$	(2,973,960	)	$	(24,747,603	)	$	59,764,034		2,117,790	$	1,081,644	$	—
Catalyst Pharmaceuticals, Inc.		168,115,501		12,898,287		(18,211,522	)		3,534,067			(34,630,427	)		131,705,906		6,685,579		—		—
Cathay General Bancorp		189,612,857		114,072		(18,021,855	)		3,076,149			17,610,882			192,392,105		4,007,334		2,887,271		—
Cavco Industries, Inc.		257,480,302		13,166,211		(30,568,135	)		13,982,528			13,547,608			267,608,514		460,814		—		—
Celanese Corp., Class A		383,743,571		20,118,283		(37,343,292	)		(5,322,334	)		(93,015,801	)		268,180,427		6,373,109		395,327		—
Centerspace		66,342,202		4,396,465		(7,319,305	)		(529,319	)		(5,512,431	)		57,377,612		974,153		1,514,811		—
Central Garden & Pet Co.		20,891,984		1,693,449		(3,602,879	)		449,794			(2,683,061	)		16,749,287		512,995		—		—
Central Garden & Pet Co., Class A		102,248,913		5,958,206		(11,500,815	)		1,881,557			(11,588,613	)		86,999,248		2,946,131		—		—
Central Pacific Financial Corp.		43,196,860		—		(933,273	)		(6,695	)		5,296,659			47,553,551		1,567,355		862,659		—
Century Communities, Inc.		113,038,606		5,983,538		(17,294,384	)		4,798,032			(11,427,637	)		95,098,155		1,500,681		938,448		—
CEVA, Inc.		37,410,320		2,442,312		(3,245,651	)		(47,599	)		1,031,450			37,590,832		1,423,356		—		—
Champion Homes, Inc.		308,769,964		25,432,547		(23,651,321	)		(2,719,495	)		(56,622,584	)		251,209,111		3,289,369		—		—
Cheesecake Factory, Inc. (The)		141,282,510		9,247,128		(22,293,061	)		8,436,702			9,078,211			145,751,490		2,667,487		1,497,837		—
Chefs’ Warehouse, Inc. (The)		118,524,130		9,890,605		(13,467,087	)		5,270,055			2,955,133			123,172,836		2,111,655		—		—
Chemours Co. (The)		124,995,768		7,055,059		(13,983,395	)		(386,611	)		20,343,047			138,023,868		8,713,628		1,565,008		—
Chesapeake Utilities Corp.		181,843,780		13,862,904		(19,805,178	)		4,740,523			3,924,890			184,566,919		1,370,309		1,885,218		—
Cinemark Holdings, Inc.		165,144,378		10,303,666		(30,081,486	)		9,428,334			12,915,568			167,710,460		5,985,384		992,594		—
City Holding Co.		106,887,245		6,137,353		(14,083,644	)		5,449,018			(44,857	)		104,345,115		842,376		1,393,765		—
Cleanspark, Inc.		115,513,232		11,211,764		(18,302,056	)		3,139,238			126,091,183			237,653,361		16,389,887		—		—
Clear Secure, Inc., Class A		150,699,219		9,863,148		(34,807,947	)		351,157			42,433,047			168,538,624		5,049,090		1,390,757		—
Clearway Energy, Inc., Class A		60,905,823		3,836,450		(5,695,597	)		1,250,773			(4,573,974	)		55,723,475		2,069,197		1,828,521		—
Clearway Energy, Inc., Class C		155,035,736		9,975,440		(17,729,588	)		2,638,985			(12,979,743	)		136,940,830		4,847,463		4,391,450		—
Cogent Communications Holdings, Inc.		160,068,516		17,508,304		(12,657,825	)		3,192,626			(61,927,221	)		106,184,400		2,768,824		5,116,966		—
Cohu, Inc.		42,393,896		3,776,634		(5,836,689	)		(923,487	)		16,631,527			56,041,881		2,756,610		—		—
Collegium Pharmaceutical, Inc.		59,517,855		4,180,791		(9,323,826	)		1,687,800			8,010,613			64,073,233		1,831,187		—		—
Community Financial System, Inc.		185,343,017		7,854,438		(18,082,923	)		1,908,025			3,377,598			180,400,155		3,076,401		2,942,693		—
Concentra Group Holdings Parent, Inc.		145,236,017		18,821,839		(13,827,602	)		6,709,394			(11,710,941	)		145,228,707		6,938,782		810,415		—
CONMED Corp.		115,345,444		5,946,561		(11,788,507	)		(3,748,060	)		(21,144,470	)		84,610,968		1,799,085		737,737		—
Corcept Therapeutics, Inc.		658,629,185		28,271,110		(52,662,201	)		25,184,760			(205,822,436	)		453,600,418		5,457,832		—		—
Core Laboratories, Inc.		43,398,284		2,779,238		(4,120,377	)		(1,371,190	)		(6,335,636	)		34,350,319		2,779,152		56,272		—
Core Natural Resources, Inc.		241,888,914		15,091,622		(25,204,479	)		8,847,106			9,458,457			250,081,620		2,995,707		603,078		—
CoreCivic, Inc.		137,829,706		8,610,499		(20,189,140	)		6,165,909			(5,567,589	)		126,849,385		6,233,385		—		—
Cracker Barrel Old Country Store, Inc.		53,423,618		5,040,614		(8,743,273	)		(2,119,993	)		9,433,206			57,034,172		1,294,466		674,601		—
Crescent Energy Co., Class A ^(d)		127,113,171		5,859,232		(8,982,331	)		(1,641,185	)		17,069,608			N/A		N/A		2,630,923		—
CSG Systems International, Inc.		103,217,997		6,368,110		(13,339,914	)		3,246,913			3,312,290			102,805,396		1,596,853		1,048,362		—
CSW Industrials, Inc.		302,544,412		16,457,448		(33,077,043	)		(5,384,939	)		(43,160,722	)		237,379,156		977,875		546,898		—
CTS Corp.		77,364,895		5,046,742		(10,981,524	)		2,458,124			(5,455,440	)		68,432,797		1,713,390		139,628		—
Curbline Properties Corp.		141,402,210		8,286,684		(13,074,456	)		7,876,691			(18,848,514	)		125,642,615		5,634,198		1,804,866		—


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Customers Bancorp, Inc.	$	90,574,354	$	7,432,014	$	(12,607,845	)	$	5,437,433		$	20,887,976		$	111,723,932		1,709,101	$	—	$	—
CVB Financial Corp.		149,927,505		9,290,291		(20,008,714	)		719,201			2,664,236			142,592,519		7,540,588		3,167,930		—
Cytek Biosciences, Inc. ^(d)		26,508,530		1,683,061		(3,298,249	)		(3,022,633	)		39,664,290			N/A		N/A		—		—
Dana, Inc.		106,349,113		8,883,757		(12,844,226	)		1,795,989			49,938,919			154,123,552		7,690,796		1,553,201		—
Dave & Buster’s Entertainment, Inc. ^(d)		33,460,115		2,601,028		(11,661,160	)		(3,439,242	)		35,067,409			N/A		N/A		—		—
Deluxe Corp.		43,274,421		3,185,738		(4,328,244	)		(369,039	)		9,793,636			51,556,512		2,663,043		1,596,817		—
DiamondRock Hospitality Co.		99,088,323		5,960,669		(12,782,669	)		(1,978,773	)		4,768,207			95,055,757		11,941,678		1,944,748		—
Digi International, Inc.		64,209,738		4,831,903		(9,417,174	)		3,921,116			15,121,424			78,667,007		2,157,625		—		—
Dime Community Bancshares, Inc.		67,672,566		4,991,432		(7,269,215	)		582,902			3,769,001			69,746,686		2,338,139		1,188,639		—
Diodes, Inc.		123,679,503		9,404,349		(16,608,440	)		1,570,538			25,803,507			143,849,457		2,703,429		—		—
DNOW, Inc.		111,575,134		5,614,675		(9,697,404	)		3,490,652			(15,534,314	)		95,448,743		6,258,934		—		—
Donnelley Financial Solutions, Inc.		71,748,042		10,117,676		(12,497,761	)		4,393,771			8,426,601			82,188,329		1,598,062		—		—
Dorian LPG Ltd.		50,252,467		3,986,019		(6,054,450	)		2,160,845			13,933,957			64,278,838		2,157,008		2,390,067		—
Dorman Products, Inc.		202,441,626		13,463,632		(20,828,434	)		7,642,412			49,359,924			252,079,160		1,617,136		—		—
DoubleVerify Holdings, Inc. ^(d)		116,072,725		7,428,449		(17,961,037	)		(11,949,894	)		127,259,260			N/A		N/A		—		—
DXC Technology Co.		190,876,540		10,460,424		(21,621,279	)		(5,795,291	)		(31,899,052	)		142,021,342		10,419,761		—		—
DXP Enterprises, Inc. ^(d)		64,656,689		4,133,898		(8,688,593	)		4,649,248			(39,468,461	)		N/A		N/A		—		—
Dycom Industries, Inc.		274,845,430		23,105,569		(49,067,842	)		18,288,149			223,961,431			491,132,737		1,683,345		—		—
Dynavax Technologies Corp. ^(d)		98,038,142		4,278,817		(21,871,980	)		(1,735,372	)		(21,240,073	)		N/A		N/A		—		—
Eagle Bancorp, Inc.		39,268,152		2,657,169		(8,055,559	)		(8,134,784	)		6,753,851			32,488,829		1,606,767		600,852		—
Easterly Government Properties, Inc.		65,134,435		2,816,731		(1,694,506	)		(1,986,101	)		(6,843,199	)		57,427,360		2,504,464		2,224,425		—
Edgewell Personal Care Co.		93,064,381		4,233,483		(10,951,331	)		(4,121,250	)		(27,227,752	)		54,997,531		2,701,254		853,139		—
Element Solutions, Inc.		311,493,923		18,008,539		(29,147,066	)		(2,565,499	)		35,191,911			332,981,808		13,229,313		2,132,643		—
Ellington Financial, Inc.		74,325,973		10,377,832		(7,383,437	)		144,862			(1,852,849	)		75,612,381		5,825,299		4,377,238		—
Elme Communities		94,702,580		5,698,036		(10,562,963	)		(1,049,111	)		(2,147,801	)		86,640,741		5,138,834		1,885,067		—
Embecta Corp.		46,393,412		2,631,067		(5,698,117	)		(2,279,428	)		6,930,537			47,977,471		3,400,246		1,045,083		—
Employers Holdings, Inc.		77,462,995		1,542,318		(8,898,396	)		1,222,529			(13,338,469	)		57,990,977		1,365,136		949,236		—
Encore Capital Group, Inc.		50,210,567		3,610,862		(8,609,798	)		(281,135	)		10,906,104			55,836,600		1,337,724		—		—
Energizer Holdings, Inc.		121,534,172		6,086,522		(20,914,128	)		(3,227,312	)		(15,588,010	)		87,891,244		3,531,187		2,355,663		—
Enerpac Tool Group Corp., Class A		150,895,761		6,970,369		(16,362,581	)		4,877,148			(17,871,937	)		128,508,760		3,134,360		—		—
Enova International, Inc.		154,341,021		9,605,596		(24,573,471	)		12,483,200			15,693,517			167,549,863		1,455,816		—		—
Enovis Corp.		134,741,451		6,222,461		(12,830,394	)		(2,929,032	)		(24,418,222	)		100,786,264		3,321,894		—		—
Enphase Energy, Inc.		—		292,591,896		(167,160	)		(319	)		(23,119,364	)		269,305,053		7,609,637		—		—
Enpro, Inc.		210,013,936		15,206,708		(28,727,596	)		12,614,522			67,815,428			276,922,998		1,225,323		779,218		—
Enviri Corp.		33,149,193		3,082,598		(5,552,840	)		(571,099	)		29,387,665			59,495,517		4,688,378		—		—
ePlus, Inc.		99,397,547		6,513,056		(12,756,062	)		4,060,816			11,825,469			109,040,826		1,535,570		390,749		—
ESCO Technologies, Inc.		253,917,172		17,523,148		(34,182,701	)		15,229,308			64,807,603			317,294,530		1,502,982		250,384		—
Essential Properties Realty Trust, Inc.		378,832,178		39,032,014		(40,448,647	)		7,164,772			(41,403,651	)		343,176,666		11,531,474		6,987,421		—
Ethan Allen Interiors, Inc.		39,535,878		2,708,539		(4,860,592	)		552,156			1,747,906			39,683,887		1,347,043		1,395,405		—
Etsy, Inc.		328,192,384		19,792,046		(88,651,534	)		5,034,246			118,569,382			382,936,524		5,767,985		—		—
EVERTEC, Inc.		144,960,761		8,948,445		(16,330,615	)		4,386,165			(16,114,731	)		125,850,025		3,725,578		382,195		—
Everus Construction Group, Inc.		116,916,841		11,295,892		(22,183,750	)		2,561,198			145,969,413			254,559,594		2,968,625		—		—
EZCORP, Inc., Class A		47,800,109		8,458,346		(5,871,135	)		2,331,760			11,395,435			64,114,515		3,367,359		—		—
Federal Signal Corp.		277,916,471		22,087,187		(46,506,695	)		23,469,379			144,014,804			420,981,146		3,537,954		1,022,724		—


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
First BanCorp/Puerto Rico	$	193,197,004	$	2,437,265	$	(19,441,296	)	$	10,017,613		$	17,442,001		$	203,652,587		9,235,945	$	3,506,640	$	—
First Bancorp/Southern Pines NC		102,717,377		5,201,920		(12,018,368	)		1,195,831			30,337,834			127,434,594		2,409,427		1,122,228		—
First Commonwealth Financial Corp.		97,563,430		7,277,081		(10,909,874	)		2,499,988			6,817,372			103,247,997		6,055,601		1,676,066		—
First Financial Bancorp		147,637,121		6,123,137		(14,508,501	)		1,345,770			(99,912	)		140,497,615		5,564,262		2,814,951		—
First Hawaiian, Inc.		191,055,692		11,357,123		(24,761,234	)		3,192,692			(736,094	)		180,108,179		7,253,652		3,921,708		—
FMC Corp.		325,685,916		18,035,874		(34,833,987	)		(2,098,141	)		(62,303,026	)		244,486,636		7,269,897		8,530,073		—
Foot Locker, Inc. ^(b)		71,966,781		6,716,119		(127,764,711	)		26,235,917			22,845,894			—		—		—		—
FormFactor, Inc.		135,483,215		8,551,684		(17,673,654	)		5,183,808			31,918,141			163,463,194		4,488,281		—		—
Fortrea Holdings, Inc.		41,914,270		2,305,508		(3,352,702	)		(3,577,588	)		8,063,419			45,352,907		5,386,331		—		—
Four Corners Property Trust, Inc.		178,263,564		12,589,587		(16,373,423	)		1,806,594			(27,928,222	)		148,358,100		6,080,250		4,282,115		—
Fox Factory Holding Corp.		60,149,444		4,332,604		(7,902,187	)		(3,310,292	)		5,754,014			59,023,583		2,429,954		—		—
Franklin BSP Realty Trust, Inc.		66,061,525		2,818,838		(7,324,500	)		(1,270,269	)		(8,339,770	)		51,945,824		4,783,225		3,454,246		—
Franklin Electric Co., Inc.		228,089,628		12,807,815		(31,336,219	)		8,957,747			(6,546,080	)		211,972,891		2,226,606		1,250,267		—
Freshpet, Inc.		249,623,028		12,695,032		(23,760,513	)		(3,466,030	)		(78,607,609	)		156,483,908		2,839,483		—		—
Frontdoor, Inc.		181,062,894		14,632,612		(40,919,490	)		14,701,448			115,817,467			285,294,931		4,239,782		—		—
Fulton Financial Corp.		203,865,997		—		(12,599,889	)		266,090			5,160,603			196,692,801		10,557,853		3,970,106		—
Gates Industrial Corp. PLC		258,782,908		55,696,922		(29,086,977	)		4,622,444			82,059,859			372,075,156		14,990,941		—		—
Gentherm, Inc.		51,216,967		3,421,971		(7,694,569	)		(3,021,606	)		16,504,718			60,427,481		1,774,148		—		—
Genworth Financial, Inc., Class A		187,382,560		2,257,980		(23,359,800	)		9,651,770			35,705,494			211,638,004		23,779,551		—		—
GEO Group, Inc. (The)		245,795,315		15,590,898		(24,330,421	)		11,066,695			(82,578,757	)		165,543,730		8,079,245		—		—
Getty Realty Corp.		97,597,547		5,682,622		(8,718,068	)		787,225			(14,214,199	)		81,135,127		3,024,045		2,846,044		—
Gibraltar Industries, Inc.		110,047,744		5,878,495		(15,222,166	)		2,653,261			4,352,014			107,709,348		1,715,117		—		—
G-III Apparel Group Ltd.		65,305,400		3,864,522		(8,160,912	)		(442,025	)		(1,615,244	)		58,951,741		2,215,398		—		—
Glaukos Corp.		335,566,632		30,834,038		(35,592,274	)		11,750,389			(70,364,946	)		272,193,839		3,337,754		—		—
GMS, Inc. ^(b)		176,455,455		9,556,956		(271,008,898	)		183,752,115			(98,755,628	)		—		—		—		—
Goosehead Insurance, Inc., Class A		178,931,500		13,103,192		(15,734,663	)		3,497,683			(68,857,139	)		110,940,573		1,490,736		—		—
Granite Construction, Inc.		202,510,300		16,501,479		(29,169,870	)		13,764,077			75,817,521			279,423,507		2,548,322		669,825		—
Greenbrier Cos., Inc. (The)		99,311,534		5,952,886		(12,048,772	)		1,354,358			(11,443,045	)		83,126,961		1,800,454		1,212,947		—
Griffon Corp. ^(d)		174,828,225		10,404,463		(22,346,367	)		10,307,802			(112,565,679	)		N/A		N/A		844,600		—
Grocery Outlet Holding Corp.		83,956,610		6,455,450		(10,914,483	)		(1,463,739	)		13,720,240			91,754,078		5,716,765		—		—
Group 1 Automotive, Inc.		306,643,974		19,062,077		(46,961,494	)		25,284,998			18,809,074			322,838,629		737,900		767,076		—
H2O America ^(h)		102,324,662		11,431,001		(9,742,484	)		(672,609	)		(10,456,131	)		92,884,439		1,907,278		1,548,004		—
HA Sustainable Infrastructure Capital, Inc.		215,087,569		16,636,735		(19,852,134	)		1,754,862			8,120,112			221,747,144		7,223,034		6,108,802		—
Hanesbrands, Inc.		125,979,168		6,905,453		(13,549,434	)		426			16,400,574			135,736,187		20,597,297		—		—
Hanmi Financial Corp.		42,878,589		—		(3,829,951	)		(1,136,806	)		4,812,287			42,724,119		1,730,422		992,461		—
Harmonic, Inc.		69,401,986		4,224,660		(8,948,137	)		1,118,603			2,456,062			68,253,174		6,704,634		—		—
Hawkins, Inc.		124,731,922		25,855,788		(16,713,981	)		11,462,427			76,767,496			222,103,652		1,215,541		419,610		—
Hayward Holdings, Inc. ^(c)		N/A		54,265,610		(11,752,805	)		(96,166	)		5,153,199			175,451,664		11,603,946		—		—
HB Fuller Co.		189,730,215		11,677,507		(25,031,807	)		581,853			9,230,872			186,188,640		3,140,834		1,540,916		—
Healthcare Services Group, Inc.		46,521,670		3,597,311		(9,251,019	)		(1,455,090	)		31,428,789			70,841,661		4,209,249		—		—
Hecla Mining Co.		—		422,341,683		(246,855	)		5,532			43,522,801			465,623,161		38,481,253		—		—
Heidrick & Struggles International, Inc.		54,043,365		4,387,261		(6,863,275	)		2,050,061			6,376,192			59,993,604		1,205,417		368,717		—


22		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Helen of Troy Ltd.	$	75,586,719	$	2,465,606	$	(3,969,770	)	$	(1,563,690	)	$	(38,086,517	)	$	34,432,348		1,366,363	$	—	$	—
Helix Energy Solutions Group, Inc.		73,458,306		3,837,765		(9,396,325	)		(675,002	)		(15,091,328	)		52,133,416		7,947,167		—		—
Helmerich & Payne, Inc.		160,676,370		6,392,699		(13,338,139	)		(2,227,558	)		(23,581,728	)		127,921,644		5,790,930		2,975,219		—
Heritage Financial Corp.		51,183,337		3,472,502		(6,480,653	)		(569,447	)		145,007			47,750,746		1,973,987		981,762		—
Highwoods Properties, Inc.		197,251,592		11,586,569		(22,296,364	)		3,755,306			9,851,652			200,148,755		6,290,030		6,443,818		—
Hillenbrand, Inc.		105,108,650		5,797,535		(11,494,115	)		(3,952,377	)		15,300,771			110,760,464		4,096,171		1,892,444		—
HNI Corp.		131,089,641		8,274,077		(21,446,385	)		2,077,584			4,807,580			124,802,497		2,663,874		1,915,862		—
Hope Bancorp, Inc.		78,248,843		8,981,944		(8,250,147	)		50,316			2,169,534			81,200,490		7,539,507		2,134,560		—
Horace Mann Educators Corp.		107,787,451		3,074,888		(9,806,687	)		790,929			5,136,531			106,983,112		2,368,455		1,718,644		—
Hub Group, Inc., Class A		139,615,389		7,186,533		(14,893,412	)		3,684,811			(13,977,794	)		121,615,527		3,531,229		903,575		—
IAC, Inc.		201,184,399		10,728,229		(68,133,334	)		(4,357,252	)		(5,203,413	)		134,218,629		3,939,496		—		—
Ichor Holdings Ltd.		47,332,249		2,773,020		(3,853,044	)		(495,286	)		(10,183,017	)		35,573,922		2,030,475		—		—
ICU Medical, Inc.		210,232,096		12,331,644		(22,755,964	)		3,779,170			(31,231,537	)		172,355,409		1,436,774		—		—
Impinj, Inc.		129,636,966		34,038,908		(16,036,227	)		(3,949,917	)		128,662,562			272,352,292		1,506,790		—		—
Independent Bank Corp.		164,763,486		30,598,662		(13,936,295	)		415,954			17,116,706			198,958,513		2,876,370		3,195,170		—
Ingevity Corp.		88,975,714		6,288,813		(11,898,126	)		(252,793	)		33,842,446			116,956,054		2,119,153		—		—
Innospec, Inc.		146,607,907		7,983,924		(16,605,653	)		800,636			(27,434,826	)		111,351,988		1,443,131		1,261,717		—
Innovative Industrial Properties, Inc.		94,753,942		5,120,574		(11,696,867	)		(10,108,127	)		9,428,065			87,497,587		1,633,027		6,271,537		—
Innoviva, Inc.		61,749,457		9,724,725		(8,203,817	)		2,529,399			(2,287,446	)		63,512,318		3,480,127		—		—
Insight Enterprises, Inc.		253,473,651		38,416,289		(21,868,670	)		12,353,535			(74,248,969	)		208,125,836		1,835,163		—		—
Inspire Medical Systems, Inc.		292,223,052		12,509,228		(38,886,796	)		(32,332,146	)		(117,468,545	)		116,044,793		1,563,946		—		—
Installed Building Products, Inc. ^(d)		246,207,644		16,024,858		(36,896,528	)		16,558,535			(125,449,980	)		N/A		N/A		1,016,016		—
Insteel Industries, Inc.		31,628,117		2,946,331		(4,299,336	)		680,721			13,403,547			44,359,380		1,157,000		69,398		—
Integer Holdings Corp.		244,765,485		24,114,814		(27,423,519	)		8,138,766			(38,813,299	)		210,782,247		2,039,894		—		—
Integra LifeSciences Holdings Corp.		90,225,014		3,574,141		(6,817,015	)		(2,480,233	)		(28,683,161	)		55,818,746		3,895,237		—		—
InterDigital, Inc.		328,370,067		25,293,411		(48,198,714	)		23,062,861			189,866,981			518,394,606		1,501,592		1,870,530		—
Interface, Inc., Class A		71,517,387		4,734,848		(9,918,592	)		3,265,541			28,559,913			98,159,097		3,391,814		104,750		—
International Seaways, Inc. ^(d)		82,801,165		6,366,911		(12,031,506	)		787,868			6,470,050			N/A		N/A		3,305,435		—
Itron, Inc.		292,094,870		23,773,643		(37,516,739	)		12,438,777			40,629,230			331,419,781		2,660,724		—		—
Jack in the Box, Inc. ^(b)		31,697,857		1,771,304		(24,022,897	)		(78,523,368	)		69,077,104			—		—		—		—
JBG SMITH Properties		84,142,224		1,038,780		(33,391,470	)		8,888,291			18,891,268			79,569,093		3,576,139		1,572,741		—
JBT Marel Corp.		348,897,497		58,364,279		(32,639,256	)		6,293,023			43,881,662			424,797,205		3,024,544		552,878		—
JetBlue Airways Corp. ^(d)		90,722,107		5,531,074		(14,290,268	)		(1,242,118	)		3,642,674			N/A		N/A		—		—
John B Sanfilippo & Son, Inc.		39,608,898		3,048,338		(3,975,039	)		(253,236	)		(3,381,062	)		35,047,899		545,238		816,093		—
John Wiley & Sons, Inc., Class A		112,974,305		6,218,765		(10,855,349	)		1,633,671			(11,947,993	)		98,023,399		2,422,125		1,751,656		—
Kadant, Inc.		244,690,321		13,886,039		(26,584,090	)		(3,449,088	)		(24,573,518	)		203,969,664		685,428		483,655		—
Kaiser Aluminum Corp.		59,741,677		4,710,971		(8,357,581	)		(515,641	)		16,302,213			71,881,639		931,592		1,486,166		—
Kennametal, Inc.		101,880,903		5,763,646		(13,245,622	)		(1,611,288	)		(312,118	)		92,475,521		4,418,324		1,844,379		—
Kennedy-Wilson Holdings, Inc.		63,418,224		3,531,908		(5,274,129	)		(1,318,934	)		(1,695,378	)		58,661,691		7,050,684		1,695,836		—
KKR Real Estate Finance Trust, Inc. ^(d)		38,540,718		2,433,311		(6,139,390	)		(3,038,550	)		23,002,562			N/A		N/A		1,650,381		—
Knowles Corp.		82,384,380		5,898,653		(13,732,327	)		2,611,439			39,443,846			116,605,991		5,002,402		—		—
Kohl’s Corp.		56,297,631		4,588,050		(8,654,912	)		(3,362,923	)		51,211,189			100,079,035		6,511,323		1,657,377		—
Kontoor Brands, Inc.		196,793,807		13,357,478		(18,890,506	)		6,651,719			39,457,735			237,370,233		2,975,683		3,091,200		—
Koppers Holdings, Inc.		35,088,088		2,249,956		(5,245,066	)		(547,295	)		550,017			32,095,700		1,146,275		193,635		—


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Korn Ferry	$	216,354,570	$	13,094,407	$	(21,288,475	)	$	9,154,286		$	(3,013,424	)	$	214,301,364		3,062,323	$	2,942,962	$	—
Kratos Defense & Security Solutions, Inc. ^(b)		280,610,374		62,575,325		(838,834,078	)		484,982,626			10,665,753			—		—		—		—
Krystal Biotech, Inc.		282,183,022		14,206,239		(22,829,158	)		(1,583,315	)		(5,775,197	)		266,201,591		1,507,968		—		—
Kulicke & Soffa Industries, Inc.		108,858,768		6,216,638		(15,910,057	)		2,643,016			21,342,661			123,151,026		3,030,291		1,290,227		—
Lakeland Financial Corp.		93,845,120		6,409,310		(12,034,978	)		(638,143	)		7,675,184			95,256,493		1,483,746		1,539,389		—
La-Z-Boy, Inc.		100,255,882		5,772,471		(11,883,523	)		2,101,797			(13,873,479	)		82,373,148		2,400,150		1,089,927		—
LCI Industries		137,648,306		8,658,220		(23,575,954	)		(3,310,958	)		12,052,855			131,472,469		1,411,406		3,487,511		—
Leggett & Platt, Inc.		65,727,473		4,894,812		(8,705,251	)		(1,668,042	)		9,613,174			69,862,166		7,867,361		803,724		—
LeMaitre Vascular, Inc.		106,139,037		7,178,163		(10,670,412	)		5,525,008			(1,126,239	)		107,045,557		1,223,238		490,081		—
LGI Homes, Inc.		85,036,799		4,197,876		(9,916,583	)		(2,743,922	)		(15,584,655	)		60,989,515		1,179,453		—		—
Liberty Energy, Inc., Class A		158,672,116		6,385,643		(13,306,898	)		(5,004,059	)		(30,601,451	)		116,145,351		9,412,103		1,547,506		—
Ligand Pharmaceuticals, Inc.		122,836,744		11,677,839		(14,237,943	)		4,486,379			77,884,787			202,647,806		1,143,998		—		—
Lincoln National Corp. ^(d)		306,924,709		—		—			—			(83,166,926	)		N/A		N/A		7,692,349		—
Lindsay Corp.		85,006,637		6,314,738		(11,709,171	)		2,587,810			6,533,265			88,733,279		631,284		474,997		—
LiveRamp Holdings, Inc.		106,286,364		8,127,508		(14,844,326	)		307,905			3,845,685			103,723,136		3,821,781		—		—
LTC Properties, Inc.		99,204,485		7,234,757		(11,768,897	)		(352,882	)		4,076,990			98,394,453		2,669,410		3,099,964		—
LXP Industrial Trust		158,967,702		9,610,746		(19,190,330	)		(1,914,494	)		6,780,195			154,253,819		17,215,828		4,705,061		—
M/I Homes, Inc.		192,075,994		11,579,376		(29,722,094	)		13,418,411			34,503,531			221,855,218		1,535,968		—		—
Macerich Co. (The)		263,869,144		17,798,714		(28,324,022	)		4,241,874			10,139,329			267,725,039		14,710,167		5,090,560		—
Madison Square Garden Sports Corp., Class A		201,712,590		22,921,442		(20,207,916	)		(663,799	)		33,105,600			236,867,917		1,043,471		—		—
Magnolia Oil & Gas Corp., Class A		298,398,224		14,992,737		(38,640,882	)		(1,915,650	)		(15,421,184	)		257,413,245		10,783,965		3,406,353		—
ManpowerGroup, Inc.		—		100,535,722		(64,394	)		623			1,488,903			101,960,854		2,690,260		—		—
MARA Holdings, Inc.		241,342,346		43,133,904		(31,297,212	)		1,906,504			138,599,236			393,684,778		21,559,955		—		—
MarineMax, Inc.		27,172,839		1,774,849		(4,849,862	)		(565,446	)		4,955,106			28,487,486		1,124,654		—		—
Masterbrand, Inc.		102,635,889		5,344,956		(11,217,373	)		1,175,250			(937,747	)		97,000,975		7,365,298		—		—
Materion Corp.		104,697,125		6,648,099		(14,132,575	)		4,452,617			44,093,449			145,758,715		1,206,512		347,062		—
Matson, Inc.		263,210,553		12,733,412		(34,357,058	)		13,135,503			(72,313,361	)		182,409,049		1,850,178		1,384,645		—
Matthews International Corp., Class A		42,851,965		3,127,073		(6,162,437	)		(1,931,450	)		5,581,755			43,466,906		1,790,235		931,632		—
MaxLinear, Inc.		51,711,443		7,129,770		(6,338,632	)		(1,782,102	)		25,901,638			76,622,117		4,765,057		—		—
MDU Resources Group, Inc.		213,192,724		12,848,971		(24,566,690	)		1,742,641			8,675,280			211,892,926		11,897,413		3,293,164		—
Medical Properties Trust, Inc. ^(d)		223,870,178		10,276,065		(52,423,774	)		7,713,310			(72,510,032	)		N/A		N/A		5,727,911		—
Mercury Systems, Inc.		135,161,136		15,134,909		(17,020,990	)		4,176,023			100,065,296			237,516,374		3,068,687		—		—
Merit Medical Systems, Inc.		380,961,926		23,594,935		(37,411,481	)		13,842,936			(94,135,455	)		286,852,861		3,446,508		—		—
Meritage Homes Corp.		317,151,497		17,696,736		(40,807,404	)		16,468,598			(10,560,500	)		299,948,927		4,141,225		3,701,363		—
Mesa Laboratories, Inc. ^(b)		40,583,025		2,347,417		(28,070,250	)		(51,309,909	)		36,449,717			—		—		104,145		—
Metallus, Inc.		30,887,919		2,569,325		(5,862,260	)		79,361			6,895,952			34,570,297		2,091,367		—		—
MGE Energy, Inc.		208,130,654		12,820,019		(22,533,177	)		2,036,375			(21,416,396	)		179,037,475		2,126,841		2,011,576		—
Middlesex Water Co.		71,031,389		3,990,959		(6,460,748	)		(320,737	)		(10,520,043	)		57,720,820		1,066,534		727,233		—
MillerKnoll, Inc.		80,655,692		4,840,897		(8,245,152	)		161,524			(6,159,470	)		71,253,491		4,016,544		1,524,601		—
Minerals Technologies, Inc.		125,344,910		6,113,411		(14,827,091	)		96,650			(3,458,769	)		113,269,111		1,823,392		418,517		—
Mirion Technologies, Inc., Class A		—		327,983,273		(1,554,121	)		95,036			5,392,732			331,916,920		14,269,859		—		—
Monro, Inc.		27,331,500		1,992,428		(3,651,012	)		(3,891,273	)		10,120,839			31,902,482		1,775,319		999,681		—
Moog, Inc., Class A		303,897,458		18,032,034		(35,601,744	)		15,376,030			41,833,281			343,537,059		1,654,245		986,706		—
Mr. Cooper Group, Inc.		470,772,151		—		(35,970,974	)		31,026,767			315,923,027			781,750,971		3,708,672		7,417,344		—


24		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Mueller Water Products, Inc., Class A	$	246,157,442	$	14,290,672	$	(28,756,320	)	$	(1,355,870	)	$	1,805,225		$	232,141,149		9,096,440	$	1,260,753	$	—
MYR Group, Inc.		112,734,671		9,245,304		(24,017,987	)		11,876,528			78,110,972			187,949,488		903,473		—		—
Myriad Genetics, Inc.		49,923,464		2,398,914		(3,465,193	)		(2,327,209	)		(6,867,187	)		39,662,789		5,485,863		—		—
National Bank Holdings Corp., Class A		90,132,471		1,459,896		(6,982,685	)		(129,776	)		830,297			85,310,203		2,207,821		1,381,101		—
National Vision Holdings, Inc.		62,223,366		6,292,255		(11,402,477	)		1,509,497			75,718,379			134,341,020		4,602,296		—		—
NBT Bancorp, Inc.		125,248,738		21,197,436		(15,417,086	)		4,470,428			(8,354,264	)		127,145,252		3,044,666		2,216,916		—
NCR Atleos Corp.		118,236,242		8,920,154		(15,119,305	)		3,265,181			53,059,942			168,362,214		4,282,936		—		—
NCR Voyix Corp.		87,992,755		5,737,967		(16,825,531	)		(4,919,584	)		28,835,910			100,821,517		8,033,587		—		—
Neogen Corp.		105,829,393		9,143,037		(6,899,418	)		(1,645,604	)		(34,336,283	)		72,091,125		12,625,416		—		—
NeoGenomics, Inc.		75,313,617		4,193,939		(7,606,889	)		(6,253,775	)		(7,675,165	)		57,971,727		7,509,291		—		—
NetScout Systems, Inc.		93,211,285		5,586,240		(16,823,470	)		(2,250,693	)		22,776,690			102,500,052		3,968,256		—		—
Newell Brands, Inc.		159,954,395		9,412,339		(16,801,707	)		(5,133,282	)		(19,577,191	)		127,854,554		24,399,724		3,489,783		—
NexPoint Residential Trust, Inc.		54,015,808		3,408,327		(6,669,608	)		(952,589	)		(8,939,213	)		40,862,725		1,268,241		1,343,610		—
NMI Holdings, Inc., Class A		175,302,714		10,675,367		(23,755,317	)		7,782,624			3,100,555			173,105,943		4,515,022		—		—
Northern Oil & Gas, Inc.		185,630,731		9,011,029		(21,538,596	)		(5,641,813	)		(27,245,797	)		140,215,554		5,653,853		5,168,630		—
Northwest Bancshares, Inc.		94,855,914		16,553,825		(7,866,652	)		584,944			1,986,000			106,114,031		8,564,490		3,288,146		—
Northwest Natural Holding Co.		106,002,289		6,375,337		(9,798,236	)		(6,268	)		5,177,285			107,750,407		2,398,184		2,372,038		—
Oceaneering International, Inc.		136,285,565		7,505,390		(16,161,321	)		3,297,180			13,624,218			144,551,032		5,833,375		—		—
ODP Corp. (The) ^(b)		27,344,993		—		(26,968,979	)		(21,003,816	)		20,627,802			—		—		—		—
OFG Bancorp		113,682,413		3,173,298		(13,358,969	)		5,543,091			3,638,104			112,677,937		2,590,893		1,579,260		—
O-I Glass, Inc.		109,265,158		8,988,729		(15,779,687	)		(584,016	)		14,487,188			116,377,372		8,972,812		—		—
Omnicell, Inc.		100,116,176		5,596,636		(11,671,422	)		(4,029,774	)		(8,716,998	)		81,294,618		2,669,774		—		—
OPENLANE, Inc.		127,372,664		9,891,545		(20,185,923	)		5,249,701			55,739,025			178,067,012		6,187,179		—		—
Organon & Co.		237,126,690		11,097,141		(19,535,229	)		(5,823,701	)		(61,266,259	)		161,598,642		15,130,959		621,166		—
OSI Systems, Inc.		187,742,546		12,706,414		(22,956,591	)		11,317,387			40,117,184			228,926,940		918,500		—		—
Otter Tail Corp.		207,872,022		12,849,453		(24,194,848	)		1,503,664			2,300,618			200,330,909		2,443,954		2,631,727		—
Outfront Media, Inc.		137,489,462		14,074,100		(14,030,164	)		112,417			17,484,574			155,130,389		8,467,816		4,957,177		—
Owens & Minor, Inc. ^(b)		41,262,007		2,378,140		(26,685,669	)		(62,737,060	)		45,782,582			—		—		—		—
Oxford Industries, Inc.		53,535,612		2,332,211		(5,944,347	)		(2,773,208	)		(13,412,880	)		33,737,388		832,200		1,201,382		—
Pacific Premier Bancorp, Inc. ^(b)		127,255,306		3,449,024		(148,688,596	)		(45,373,158	)		63,357,424			—		—		3,857,717		—
Pacira BioSciences, Inc.		70,939,494		4,582,228		(10,867,243	)		(4,374,288	)		7,026,823			67,307,014		2,611,836		—		—
Palomar Holdings, Inc.		224,869,185		14,811,602		(25,741,069	)		9,113,873			(41,060,539	)		181,993,052		1,558,827		—		—
Papa John’s International, Inc.		82,907,615		5,547,687		(10,268,750	)		(2,492,632	)		15,979,346			91,673,266		1,903,910		1,800,104		—
Park National Corp.		136,145,542		8,962,920		(19,845,655	)		5,500,452			4,325,663			135,088,922		831,163		1,863,494		—
Pathward Financial, Inc.		107,662,236		1,749,270		(12,130,154	)		6,724,195			(5,174,147	)		98,831,400		1,335,379		142,962		—
Patrick Industries, Inc.		175,927,756		11,389,683		(24,592,603	)		10,333,694			27,273,072			200,331,602		1,936,881		1,600,576		—
Patterson Cos., Inc. ^(b)		152,320,336		—		(152,849,619	)		13,128,079			(12,598,796	)		—		—		—		—
Patterson-UTI Energy, Inc.		178,718,944		7,171,221		(14,826,618	)		(1,021,497	)		(64,528,408	)		105,513,642		20,369,429		3,362,657		—
Peabody Energy Corp.		101,792,139		7,035,061		(14,183,961	)		(3,457,548	)		96,509,344			187,695,035		7,077,490		1,091,717		—
Pebblebrook Hotel Trust		74,963,702		4,655,259		(9,704,108	)		(1,768,039	)		10,350,982			78,497,796		6,891,817		140,148		—
Pediatrix Medical Group, Inc.		75,720,712		4,444,298		(7,271,032	)		530,196			10,495,302			83,919,476		5,010,118		—		—
Penguin Solutions, Inc.		57,230,033		4,558,287		(17,431,669	)		2,619,545			25,863,528			72,839,724		2,771,679		—		—
Penn Entertainment, Inc.		151,755,237		10,086,328		(29,392,441	)		(3,006,442	)		28,056,661			157,499,343		8,177,536		—		—
PennyMac Mortgage Investment Trust		78,674,763		5,663,776		(9,500,805	)		(983,749	)		(11,837,425	)		62,016,560		5,058,447		4,186,217		—


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Perdoceo Education Corp.	$	96,266,942	$	3,748,030	$	(12,386,724	)	$	5,588,644		$	40,598,917		$	133,815,809		3,553,261	$	1,039,372	$	—
Phibro Animal Health Corp., Class A		27,397,404		1,938,720		(3,899,581	)		940,489			22,175,858			48,552,890		1,200,022		293,680		—
Phillips Edison & Co., Inc.		282,451,246		15,213,514		(30,296,484	)		518,114			(16,936,115	)		250,950,275		7,309,941		4,665,810		—
Phinia, Inc.		107,074,905		6,613,567		(19,184,654	)		3,908,223			31,782,228			130,194,269		2,265,036		1,299,073		—
Photronics, Inc.		81,292,652		4,754,525		(14,320,253	)		4,231,286			4,275,747			80,233,957		3,496,033		—		—
Piper Sandler Cos.		246,562,866		22,255,282		(29,922,466	)		16,505,472			80,245,049			335,646,203		967,308		1,313,195		—
PJT Partners, Inc., Class A		202,081,340		21,711,960		(30,026,867	)		7,745,643			49,894,118			251,406,194		1,414,540		719,508		—
Plexus Corp.		214,237,588		13,202,893		(26,069,902	)		10,095,474			15,964,779			227,430,832		1,571,849		—		—
PRA Group, Inc.		50,263,642		2,547,350		(5,305,646	)		(2,561,715	)		(9,866,900	)		35,076,731		2,271,809		—		—
Premier, Inc., Class A		108,845,221		6,718,327		(25,934,254	)		621,055			42,773,124			133,023,473		4,785,017		2,180,513		—
Prestige Consumer Healthcare, Inc.		263,347,860		13,367,637		(28,274,715	)		7,964,986			(77,667,957	)		178,737,811		2,864,388		—		—
PriceSmart, Inc. ^(d)		134,777,274		9,552,794		(15,382,609	)		3,646,099			(20,059,588	)		N/A		N/A		931,039		—
Privia Health Group, Inc.		143,812,275		20,684,932		(13,863,783	)		(48,282	)		16,617,910			167,203,052		6,714,982		—		—
ProAssurance Corp.		73,927,501		2,841,918		(6,959,069	)		(3,180,627	)		5,064,704			71,694,427		2,988,513		—		—
PROG Holdings, Inc.		68,320,610		4,375,976		(12,619,107	)		824,457			13,474,709			74,376,645		2,298,413		635,490		—
Progress Software Corp.		138,211,477		7,663,663		(17,362,020	)		3,312,639			(21,770,654	)		110,055,105		2,505,238		—		—
Progyny, Inc.		102,327,946		11,451,273		(9,761,494	)		2,217,420			(5,978,479	)		100,256,666		4,658,767		—		—
Protagonist Therapeutics, Inc.		178,218,255		19,408,796		(35,880,281	)		7,165,429			57,182,173			226,094,372		3,403,498		—		—
Proto Labs, Inc.		53,098,179		3,614,587		(7,591,637	)		(2,723,401	)		24,106,299			70,504,027		1,409,235		—		—
Provident Financial Services, Inc.		117,685,515		9,962,047		—			—			14,805,841			142,453,403		7,388,662		3,438,332		—
Q2 Holdings, Inc.		—		284,283,531		(161,897	)		658			(21,050,083	)		263,072,209		3,634,096		—		—
Qorvo, Inc.		418,203,014		26,481,503		(100,526,158	)		12,876,305			89,888,794			446,923,458		4,906,933		—		—
Quanex Building Products Corp.		54,259,432		3,448,533		(7,489,094	)		(2,729,060	)		(9,693,122	)		37,796,689		2,657,995		448,810		—
QuidelOrtho Corp.		142,520,795		7,902,871		(11,365,849	)		(2,201,399	)		(20,460,889	)		116,395,529		3,952,310		—		—
QuinStreet, Inc.		62,284,275		3,962,741		(6,920,885	)		1,220,760			(9,326,061	)		51,220,830		3,310,978		—		—
Ralliant Corp.		—		337,880,196		(18,586,892	)		(1,259,234	)		(31,106,890	)		286,927,180		6,561,335		336,480		—
Ready Capital Corp.		53,035,744		3,287,887		(9,500,063	)		(10,617,818	)		(1,449,822	)		34,755,928		8,980,860		2,391,660		—
Redwood Trust, Inc.		49,732,682		3,124,628		(7,072,688	)		(3,810,646	)		1,527,377			43,501,353		7,513,187		2,775,070		—
Renasant Corp.		133,662,383		62,311,745		(17,655,724	)		3,402,568			22,289,803			204,010,775		5,530,246		2,425,085		—
Resideo Technologies, Inc.		161,262,364		15,011,813		(56,132,330	)		23,768,003			200,027,831			343,937,681		7,965,208		—		—
REX American Resources Corp. ^(d)		36,626,655		2,925,770		(10,377,059	)		2,523,944			(8,039,647	)		N/A		N/A		—		—
Robert Half, Inc.		338,813,268		15,181,142		(31,183,872	)		(10,576,830	)		(114,499,603	)		197,734,105		5,819,132		7,075,305		—
Rogers Corp.		70,900,152		1,570,527		(6,495,089	)		(4,351,239	)		17,191,047			78,815,398		979,560		—		—
Rush Enterprises, Inc., Class A		205,858,911		11,805,918		(26,634,279	)		415,465			(613,884	)		190,832,131		3,568,957		1,372,050		—
RXO, Inc.		167,323,315		26,290,958		(13,087,407	)		(1,740,441	)		(31,988,847	)		146,797,578		9,544,706		—		—
Ryman Hospitality Properties, Inc.		338,706,379		29,880,312		(32,581,724	)		(25,877	)		(7,496,817	)		328,482,273		3,666,506		8,328,991		—
S&T Bancorp, Inc.		87,729,250		3,705,156		(8,858,852	)		1,313,784			(112,655	)		83,776,683		2,228,696		1,576,826		—
Sabre Corp.		67,035,956		3,946,974		(5,630,532	)		(1,322,452	)		(21,805,884	)		42,224,062		23,073,258		—		—
Safety Insurance Group, Inc.		72,362,934		4,797,385		(8,611,463	)		854,059			(8,199,584	)		61,203,331		865,799		1,604,923		—
Sally Beauty Holdings, Inc.		56,919,801		4,021,224		(10,545,262	)		814,356			42,410,675			93,620,794		5,750,663		—		—
Sandisk Corp. ^(c)		N/A		73,478,754		(33,282,782	)		135,492			514,580,781			901,313,259		8,033,095		—		—
Sanmina Corp.		255,909,036		18,386,686		(42,701,459	)		18,487,661			106,878,560			356,960,484		3,101,038		—		—


26		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Sarepta Therapeutics, Inc.	$	—	$	107,110,647	$	(3,609,019	)	$	(105,562	)	$	6,032,290		$	109,428,356		5,678,690	$	—	$	—
ScanSource, Inc.		45,391,038		2,925,352		(7,852,718	)		898,436			11,802,402			53,164,510		1,208,559		—		—
Scholastic Corp.		29,590,416		1,916,549		(7,069,828	)		(4,015,813	)		15,512,873			35,934,197		1,312,425		579,846		—
Schrodinger, Inc.		67,630,622		4,816,060		(7,379,148	)		(590,430	)		1,956,601			66,433,705		3,311,750		—		—
Seacoast Banking Corp. of Florida		135,046,632		9,340,029		(14,045,835	)		930,011			22,428,902			153,699,739		5,050,928		1,823,903		—
Sealed Air Corp.		247,726,581		9,087,853		(10,991,831	)		(921,382	)		57,133,421			302,034,642		8,544,120		3,490,005		—
Select Medical Holdings Corp.		107,886,476		8,607,800		(9,922,133	)		3,469,897			(27,688,540	)		82,353,500		6,413,824		781,552		—
Semtech Corp.		183,220,661		16,179,405		(28,210,841	)		4,575,571			184,496,464			360,261,260		5,042,145		—		—
Sensient Technologies Corp.		194,960,305		16,556,010		(30,021,174	)		6,160,284			44,297,947			231,953,372		2,471,533		2,092,536		—
ServisFirst Bancshares, Inc.		256,503,149		14,877,132		(28,527,233	)		10,168,841			(17,504,817	)		235,517,072		2,924,588		2,039,993		—
Shake Shack, Inc., Class A		218,230,537		18,222,091		(31,006,449	)		8,815,666			5,015,368			219,277,213		2,342,455		—		—
Shenandoah Telecommunications Co. ^(d)		35,644,749		2,541,422		(4,964,408	)		(2,731,774	)		54,402,690			N/A		N/A		—		—
Signet Jewelers Ltd.		156,134,720		11,932,176		(36,302,368	)		16,430,074			81,529,673			229,724,275		2,394,957		1,668,037		—
Simmons First National Corp., Class A		159,654,399		25,947,215		(12,284,938	)		(3,334,729	)		(8,382,470	)		161,599,477		8,429,811		3,423,186		—
Simply Good Foods Co. (The)		196,075,891		10,687,756		(20,363,373	)		240,025			(52,994,800	)		133,645,499		5,384,589		—		—
Simulations Plus, Inc. ^(b)		25,097,863		1,349,934		(17,708,896	)		(34,431,794	)		25,692,893			—		—		—		—
SiTime Corp. ^(d)		180,685,461		47,112,960		(22,732,633	)		7,294,126			(36,384,306	)		N/A		N/A		—		—
Six Flags Entertainment Corp.		205,700,472		18,523,234		(17,965,458	)		(2,741,812	)		(69,798,626	)		133,717,810		5,885,467		—		—
SkyWest, Inc.		217,886,626		15,412,540		(29,257,013	)		13,664,035			18,751,516			236,457,704		2,350,007		—		—
SL Green Realty Corp.		249,888,429		17,821,154		(28,775,973	)		10,263,534			(1,972,629	)		247,224,515		4,133,498		6,511,631		—
SM Energy Co.		211,900,054		10,558,120		(19,802,334	)		6,313,349			(41,903,808	)		167,065,381		6,690,644		2,767,916		—
SolarEdge Technologies, Inc.		57,970,060		6,183,043		(9,355,003	)		(3,649,904	)		76,517,048			127,665,244		3,450,412		—		—
Sonos, Inc.		78,559,508		5,406,056		(9,278,991	)		(3,245,134	)		39,552,724			110,994,163		7,024,947		—		—
Southside Bancshares, Inc.		51,250,541		2,307,818		(5,910,331	)		(352,199	)		(855,117	)		46,440,712		1,643,919		1,239,223		—
SpartanNash Co. ^(b)		43,064,798		3,372,951		(59,697,874	)		6,849,972			6,410,153			—		—		887,706		—
Sprinklr, Inc., Class A ^(d)		58,336,766		5,165,842		(6,264,487	)		(853,868	)		29,999,618			N/A		N/A		—		—
SPS Commerce, Inc.		311,446,830		17,373,835		(34,629,210	)		12,821,448			(77,246,426	)		229,766,477		2,206,323		—		—
SPX Technologies, Inc.		369,180,323		60,402,461		(54,845,484	)		28,669,935			133,537,449			536,944,684		2,874,744		—		—
STAAR Surgical Co.		53,693,223		4,044,450		(7,662,254	)		(2,714,951	)		30,030,399			77,390,867		2,880,196		—		—
Standard Motor Products, Inc.		32,395,662		2,980,909		(5,512,929	)		(834,669	)		20,544,427			49,573,400		1,214,439		770,529		—
Standex International Corp.		118,729,943		9,225,060		(14,955,554	)		5,318,482			30,536,310			148,854,241		702,474		460,640		—
Stellar Bancorp, Inc.		81,319,377		4,973,656		(10,604,947	)		844,506			6,163,781			82,696,373		2,725,655		779,454		—
Stepan Co.		71,955,608		4,173,678		(6,357,293	)		(1,389,060	)		(8,131,537	)		60,251,396		1,263,132		974,751		—
StepStone Group, Inc., Class A		214,059,693		32,815,347		(23,137,526	)		3,345,084			47,611,784			274,694,382		4,206,008		3,624,342		—
Sterling Infrastructure, Inc.		—		287,158,175		(50,450,937	)		14,813,721			349,829,151			601,350,110		1,770,343		—		—
Steven Madden Ltd.		118,911,050		6,927,730		(13,073,733	)		(1,449,266	)		30,293,638			141,609,419		4,229,672		1,812,539		—
Stewart Information Services Corp.		122,484,690		7,167,989		(13,106,346	)		5,115,793			(2,119,732	)		119,542,394		1,630,420		1,702,630		—
StoneX Group, Inc.		203,338,530		28,209,653		(23,340,118	)		14,885,003			49,597,112			272,690,180		2,702,043		—		—
Strategic Education, Inc.		126,275,084		7,016,538		(17,472,210	)		(282,973	)		2,962,806			118,499,245		1,377,738		1,736,326		—


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Stride, Inc.	$	334,565,303	$	22,777,011	$	(42,170,577	)	$	20,210,751		$	37,777,150		$	373,159,638		2,505,436	$	—	$	—
Sturm Ruger & Co., Inc.		40,788,206		2,653,768		(6,454,332	)		(1,964,295	)		5,823,804			40,847,151		939,663		338,827		—
Summit Hotel Properties, Inc.		36,263,495		2,326,084		(5,168,738	)		(2,936,690	)		3,313,332			33,797,483		6,156,190		1,042,938		—
Sun Country Airlines Holdings, Inc. ^(c)		N/A		11,989,725		(3,888,717	)		(935,222	)		(15,113,418	)		36,609,134		3,099,842		—		—
SunCoke Energy, Inc.		47,979,343		2,792,923		(4,330,465	)		626,805			(5,959,032	)		41,109,574		5,037,938		1,212,516		—
Sunrun, Inc.		81,281,435		11,245,568		(16,078,381	)		(310,806	)		156,483,072			232,620,888		13,454,071		—		—
Sunstone Hotel Investors, Inc.		116,890,644		6,126,188		(18,590,814	)		(1,894,683	)		1,154,742			103,686,077		11,065,750		2,061,550		—
Supernus Pharmaceuticals, Inc.		111,815,050		8,774,015		(14,550,061	)		3,118,256			46,819,169			155,976,429		3,263,788		—		—
Sylvamo Corp. ^(d)		141,432,521		6,075,868		(12,687,393	)		2,796,494			(68,941,297	)		N/A		N/A		1,863,178		—
Tandem Diabetes Care, Inc.		77,801,039		5,048,687		(6,784,561	)		(2,505,608	)		(25,397,239	)		48,162,318		3,967,242		—		—
Tanger, Inc.		231,284,035		16,599,517		(24,944,800	)		9,903,764			(9,943,918	)		222,898,598		6,586,838		3,942,068		—
TEGNA, Inc.		181,524,457		10,137,907		(20,879,497	)		2,090,464			17,484,286			190,357,617		9,363,385		2,406,390		—
Teleflex, Inc.		396,882,371		18,709,816		(55,331,124	)		(6,217,488	)		(39,335,857	)		314,707,718		2,571,982		1,843,618		—
Telephone & Data Systems, Inc.		233,609,987		15,349,464		(26,303,298	)		9,067,058			(6,838,732	)		224,884,479		5,731,001		468,258		—
Tennant Co.		93,059,717		5,075,569		(12,201,778	)		823,616			253,977			87,011,101		1,073,416		661,627		—
Teradata Corp.		133,022,095		7,374,173		(16,586,684	)		(576,788	)		(5,106,910	)		118,125,886		5,491,673		—		—
Terreno Realty Corp.		390,071,636		31,563,116		(40,357,160	)		(818,269	)		(39,275,940	)		341,183,383		6,012,042		6,132,219		—
TG Therapeutics, Inc. ^(d)		325,440,394		21,689,614		(33,656,675	)		6,132,117			(121,434,513	)		N/A		N/A		—		—
Thryv Holdings, Inc.		32,575,625		2,547,931		(3,718,802	)		(1,501,492	)		(393,226	)		29,510,036		2,446,935		—		—
Tidewater, Inc. ^(c)		N/A		20,428,365		(14,732,245	)		(12,233,273	)		(85,874,333	)		142,580,102		2,673,544		—		—
Tompkins Financial Corp.		48,903,718		2,966,748		(4,685,974	)		36,286			2,266,960			49,487,738		747,436		933,974		—
TransMedics Group, Inc.		139,621,744		15,675,373		(25,335,165	)		(3,076,180	)		95,724,750			222,610,522		1,984,051		—		—
TreeHouse Foods, Inc.		75,670,795		3,915,883		(8,063,565	)		(4,371,009	)		(14,935,022	)		52,217,082		2,583,725		—		—
Tri Pointe Homes, Inc.		184,724,296		10,035,346		(32,279,489	)		7,243,348			3,291,416			173,014,917		5,093,168		—		—
Trinity Industries, Inc.		143,111,163		8,800,948		(19,174,346	)		894,717			(1,662,867	)		131,969,615		4,706,477		2,975,483		—
TripAdvisor, Inc.		96,449,593		13,409,377		(15,519,613	)		816,589			14,797,036			109,952,982		6,762,176		—		—
Triumph Financial, Inc.		78,508,122		5,686,497		(7,635,618	)		1,590,975			(12,052,891	)		66,097,085		1,320,885		—		—
Triumph Group, Inc. ^(b)		103,301,019		—		(105,991,574	)		8,930,964			(6,240,409	)		—		—		—		—
TrustCo Bank Corp.		35,879,623		2,651,479		(5,398,640	)		130,192			6,522,255			39,784,909		1,096,003		836,933		—
Trustmark Corp.		130,227,445		5,585,030		(15,263,098	)		2,279,941			16,084,037			138,913,355		3,507,913		1,757,822		—
TTM Technologies, Inc.		129,316,719		13,316,626		(21,043,705	)		10,681,130			214,837,601			347,108,371		6,026,187		—		—
Two Harbors Investment Corp.		85,641,782		4,480,325		(8,335,652	)		(4,357,938	)		(17,680,156	)		59,748,361		6,053,532		5,300,093		—
U.S. Physical Therapy, Inc.		67,531,707		5,174,090		(8,844,824	)		(713,941	)		11,927,955			75,074,987		883,755		813,332		—
UFP Technologies, Inc.		90,920,984		8,982,611		(9,846,830	)		996,478			(1,604,898	)		89,448,345		448,138		—		—
Ultra Clean Holdings, Inc.		59,645,776		4,489,697		(6,679,440	)		(517,190	)		15,994,038			72,932,881		2,676,436		—		—
UniFirst Corp.		161,463,648		9,769,280		(19,421,746	)		1,657,232			(7,567,051	)		145,901,363		872,668		627,747		—
United Community Banks, Inc.		207,872,739		5,043,152		(15,079,104	)		(3,107,601	)		25,909,261			220,638,447		7,037,909		3,545,223		—
United Fire Group, Inc. ^(d)		38,772,542		2,438,341		(3,625,633	)		502,998			5,825,886			N/A		N/A		405,531		—
United Natural Foods, Inc.		101,472,500		6,237,007		(11,299,976	)		2,753,893			33,569,830			132,733,254		3,528,263		—		—
Uniti Group, Inc. ^(b)		76,066,991		3,585,561		(72,542,302	)		(56,995,766	)		49,885,516			—		—		—		—
Unitil Corp.		57,945,336		6,274,412		(5,553,231	)		88,448			(9,542,920	)		49,212,045		1,028,250		876,569		—
Universal Corp.		85,570,806		5,746,508		(9,160,977	)		645,978			(936,116	)		81,866,199		1,465,298		2,434,138		—
Universal Health Realty Income Trust		32,267,878		1,905,907		(3,014,485	)		(114,973	)		(1,335,880	)		29,708,447		758,449		1,121,044		—
Upbound Group, Inc.		75,663,572		5,291,607		(7,373,372	)		2,963,597			(4,181,861	)		72,363,543		3,062,359		3,610,873		—
Urban Edge Properties		147,393,564		6,427,644		(14,691,495	)		602,807			10,145,217			149,877,737		7,321,824		2,865,533		—
Veeco Instruments, Inc.		72,023,787		6,865,798		(9,181,382	)		1,558,318			35,129,053			106,395,574		3,496,404		—		—


28		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Affiliates (continued)


Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income		Capital Gain Distributions from Underlying Funds
Veracyte, Inc.	$	—	$	119,603,687	$	(5,749,456	)	$	902,727		$	42,440,490		$	157,197,448		4,579,011	$	—	$	—
Vericel Corp.		136,177,920		9,403,346		(12,104,320	)		361,613			(39,909,641	)		93,928,918		2,984,713		—		—
Veris Residential, Inc.		84,500,933		4,660,058		(8,828,735	)		725,376			(9,303,038	)		71,754,594		4,720,697		764,087		—
Veritex Holdings, Inc.		84,250,603		2,401,412		(5,946,894	)		(553,232	)		28,154,504			108,306,393		3,230,134		2,171,028		—
Verra Mobility Corp., Class A		229,393,445		14,011,516		(34,938,807	)		5,558,008			15,664,053			229,688,215		9,299,118		—		—
Vestis Corp. ^(d)		70,155,152		3,251,174		(6,355,801	)		(7,916,360	)		65,489,046			N/A		N/A		—		—
Viasat, Inc. ^(c)		N/A		86,964,019		(8,497,304	)		(420,893	)		(17,426,757	)		228,956,441		7,814,213		—		—
Viavi Solutions, Inc.		153,782,559		9,784,431		(17,704,572	)		(9,708	)		19,037,330			164,890,040		12,993,699		—		—
Victoria’s Secret & Co.		90,321,505		7,078,549		(12,214,847	)		349,995			40,407,642			125,942,844		4,640,488		—		—
Virtu Financial, Inc., Class A		190,449,235		12,244,952		(25,885,527	)		5,613,948			(18,151,612	)		164,270,996		4,627,352		2,318,275		—
Virtus Investment Partners, Inc.		70,299,611		4,603,063		(11,486,878	)		1,675,978			4,970,197			70,061,971		368,689		1,777,615		—
Vishay Intertechnology, Inc.		110,460,766		13,839,945		(9,345,304	)		(1,203,828	)		(3,701,096	)		110,050,483		7,192,842		1,338,952		—
WaFd, Inc.		144,074,524		1,628,250		(15,744,648	)		(2,372,314	)		10,688,553			138,274,365		4,565,017		2,643,155		—
Walker & Dunlop, Inc.		169,730,934		15,959,844		(15,628,785	)		3,263,085			(7,513,057	)		165,812,021		1,982,923		2,576,366		—
WD-40 Co.		204,378,792		12,178,250		(23,493,743	)		6,180,621			(43,589,065	)		155,654,855		787,727		1,537,415		—
Werner Enterprises, Inc.		112,049,470		6,523,717		(15,946,716	)		(3,160,813	)		(7,945,017	)		91,520,641		3,477,228		1,044,148		—
Westamerica BanCorp		83,984,841		4,867,972		(13,329,497	)		(1,124,192	)		(414,524	)		73,984,600		1,479,988		1,462,513		—
Whitestone REIT		40,891,375		2,314,395		(3,972,511	)		715,808			(7,113,428	)		32,835,639		2,673,912		731,631		—
WillScot Holdings Corp., Class A		317,618,058		17,017,552		(37,480,479	)		(4,567,419	)		(68,887,153	)		223,700,559		10,596,900		1,537,061		—
Winnebago Industries, Inc.		60,500,561		3,800,200		(7,823,728	)		(2,164,664	)		181,823			54,494,192		1,629,611		1,751,303		—
Wolfspeed, Inc. ^(b)		29,432,093		494,293		(5,011,681	)		(70,725,640	)		45,810,935			—		—		—		—
Wolverine World Wide, Inc.		68,857,588		6,936,942		(11,549,800	)		1,651,694			63,895,874			129,792,298		4,730,040		976,425		—
World Kinect Corp.		101,838,605		5,560,462		(14,811,660	)		(1,473,992	)		(7,092,687	)		84,020,728		3,237,793		1,336,849		—
WSFS Financial Corp.		188,303,609		3,107,571		(22,832,688	)		106,280			6,967,934			175,652,706		3,257,050		1,186,419		—
Xencor, Inc.		46,036,131		2,958,011		(3,758,477	)		(2,186,877	)		6,637,040			49,685,828		4,235,791		—		—
Xenia Hotels & Resorts, Inc.		74,029,000		4,489,932		(13,847,048	)		(4,657,478	)		16,364,381			76,378,787		5,566,967		1,602,144		—
Xerox Holdings Corp. ^(b)		34,557,616		2,417,877		(31,684,862	)		(83,465,763	)		78,175,132			—		—		174,205		—
XPEL, Inc.		41,181,858		7,251,114		(5,012,849	)		(1,105,284	)		6,102,154			48,416,993		1,464,076		—		—
Yelp, Inc.		150,701,621		8,653,772		(28,228,722	)		1,948,350			(24,451,722	)		108,623,299		3,481,516		—		—
Ziff Davis, Inc.		99,313,192		4,834,964		(13,904,762	)		(4,352,523	)		4,904,172			90,795,043		2,383,072		—		—
Zurn Elkay Water Solutions Corp.		291,319,958		32,145,802		(33,961,309	)		1,386,697			117,264,257			408,155,405		8,678,618		1,527,248		—

								$	1,593,320,453		$	6,318,237,804		$	77,743,777,501			$	642,332,651	$	—

^(a)	Formerly the New York Mortgage Trust, Inc.

^(b)	As of period end, the entity is no longer held.

^(c)	As of the beginning of the period, the entity was not considered an affiliate.

^(d)	As of period end, the entity was not considered an affiliate.

^(e)	Formerly the Berkshire Hills Bancorp, Inc.

^(f)	Represents net amount purchased (sold).

^(g)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

^(h)	Formerly the SJW Group.


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 2000 E-Mini Index

1,589

12/19/25

195,089

1,003,093

Equity Swap Contracts


Reference Entity	Counterparty	Notional Amount		Termination Date		Spread			Reference Rate		Payment Frequency		Value/ Unrealized Appreciation (Depreciation)
Long Contracts ^(a)
Adeia, Inc.	Goldman Sachs Bank USA		USD 66,511		08/18/26		0.40	%		1D FEDL01		Monthly	$	5,578
Arbor Realty Trust, Inc.	Goldman Sachs Bank USA		11,241,804		08/19/26		(2.25	)%		1D FEDL01		Monthly		518,025
Bread Financial Holdings, Inc.	Goldman Sachs Bank USA		10,604,050		08/19/26		0.40	%		1D FEDL01		Monthly		(1,338,756	)
Bread Financial Holdings, Inc.	HSBC Bank PLC		49,159,337		02/09/28		0.40	%		1D OBFR01		Monthly		(7,347,285	)
Caesars Entertainment, Inc.	BNP Paribas S.A.		29,958,801		09/07/27		0.20	%		1D OBFR01		Monthly		1,701,527
Caesars Entertainment, Inc.	Goldman Sachs Bank USA		41,206,795		08/18/26		0.40	%		1D FEDL01		Monthly		2,348,181
Caesars Entertainment, Inc.	HSBC Bank PLC		65,461,750		02/09/28		0.40	%		1D OBFR01		Monthly		3,730,357
Caesars Entertainment, Inc.	Merrill Lynch International		105,821,081		02/15/28		0.40	%		1D OBFR01		Monthly		6,054,311
Cathay General Bancorp	Goldman Sachs Bank USA		135,101		08/18/26		0.40	%		1D FEDL01		Monthly		(1,969	)
Central Pacific Financial Corp.	Goldman Sachs Bank USA		126,301		08/19/26		0.40	%		1D FEDL01		Monthly		(663	)
Douglas Emmett, Inc.	Goldman Sachs Bank USA		7,189,355		08/19/26		0.40	%		1D FEDL01		Monthly		(423,536	)
Douglas Emmett, Inc.	HSBC Bank PLC		18,880,521		02/09/28		0.40	%		1D OBFR01		Monthly		(1,118,001	)
Extreme Networks, Inc.	BNP Paribas S.A.		316,937		09/07/27		0.20	%		1D OBFR01		Monthly		(22,427	)
Extreme Networks, Inc.	Goldman Sachs Bank USA		42,802,732		08/19/26		0.40	%		1D FEDL01		Monthly		(3,167,018	)
Extreme Networks, Inc.	JPMorgan Chase Bank N.A.		1,920,149		02/09/26		0.40	%		1D OBFR01		Monthly		(89,113	)
First BanCorp/Puerto Rico	Goldman Sachs Bank USA		519,583		08/18/26		0.40	%		1D FEDL01		Monthly		1,172
Fulton Financial Corp.	Goldman Sachs Bank USA		137,094		08/18/26		0.40	%		1D FEDL01		Monthly		(3,163	)
Genworth Financial, Inc.	Merrill Lynch International		882,354		02/15/28		0.40	%		1D OBFR01		Monthly		(12,664	)
Global Net Lease, Inc.	Goldman Sachs Bank USA		1,849,386		08/18/26		0.40	%		1D FEDL01		Monthly		(9,055	)
Global Net Lease, Inc.	HSBC Bank PLC		20,419,475		02/09/28		0.40	%		1D OBFR01		Monthly		(223,571	)
Jackson Financial, Inc., Class A	Goldman Sachs Bank USA		122,443,302		08/19/26		0.40	%		1D FEDL01		Monthly		5,568,512
Jackson Financial, Inc., Class A	HSBC Bank PLC		111,390,082		02/09/28		0.40	%		1D OBFR01		Monthly		6,129,647
JBG SMITH Properties	BNP Paribas S.A.		249,608		09/07/27		0.20	%		1D OBFR01		Monthly		(15,494	)
Lincoln National Corp.	Goldman Sachs Bank USA		11,113,212		08/18/26		0.40	%		1D FEDL01		Monthly		(242,543	)
Lincoln National Corp.	HSBC Bank PLC		41,012,578		02/09/28		0.40	%		1D OBFR01		Monthly		(1,328,382	)
Lumen Technologies, Inc.	Goldman Sachs Bank USA		11,268,472		08/18/26		0.40	%		1D FEDL01		Monthly		464,921
Lumen Technologies, Inc.	HSBC Bank PLC		29,217,746		02/09/28		0.40	%		1D OBFR01		Monthly		5,706,591
Lumen Technologies, Inc.	JPMorgan Chase Bank N.A.		771,768		02/09/26		0.40	%		1D OBFR01		Monthly		150,736
MarketAxess Holdings, Inc.	BNP Paribas S.A.		80,779,719		09/07/27		0.20	%		1D OBFR01		Monthly		(1,847,780	)
MarketAxess Holdings, Inc.	HSBC Bank PLC		251,139,144		02/09/28		0.40	%		1D OBFR01		Monthly		(5,743,043	)
Moelis & Co., Class A	Goldman Sachs Bank USA		56,833,425		08/19/26		0.40	%		1D FEDL01		Monthly		(2,424,324	)
Mr. Cooper Group, Inc.	Goldman Sachs Bank USA		1,730,676		08/18/26		0.40	%		1D FEDL01		Monthly		(31,077	)
Mr. Cooper Group, Inc.	JPMorgan Chase Bank N.A.		74,203		02/09/26		0.40	%		1D OBFR01		Monthly		(1,480	)
Noble Corp. PLC	BNP Paribas S.A.		76,959,040		09/07/27		0.20	%		1D OBFR01		Monthly		93,808
Par Pacific Holdings, Inc.	Goldman Sachs Bank USA		15,637,071		08/19/26		0.40	%		1D FEDL01		Monthly		950,682
Payoneer Global, Inc.	Merrill Lynch International		3,047,517		02/15/28		0.40	%		1D OBFR01		Monthly		(258,183	)
Pitney Bowes, Inc.	Goldman Sachs Bank USA		19,597,469		08/19/26		0.40	%		1D FEDL01		Monthly		41,960
Preferred Bank	Goldman Sachs Bank USA		3,059,898		08/18/26		0.40	%		1D FEDL01		Monthly		(92,575	)
Preferred Bank	HSBC Bank PLC		8,322,654		02/09/28		0.40	%		1D OBFR01		Monthly		(440,375	)
Provident Financial Services, Inc.	Goldman Sachs Bank USA		1,479,031		08/18/26		0.40	%		1D FEDL01		Monthly		(25,397	)
Provident Financial Services, Inc.	HSBC Bank PLC		2,454,307		02/09/28		0.40	%		1D OBFR01		Monthly		(76,466	)
Radian Group, Inc.	Goldman Sachs Bank USA		528,947		08/18/26		0.40	%		1D FEDL01		Monthly		5,479
Radian Group, Inc.	JPMorgan Chase Bank N.A.		43,430,660		02/09/26		0.40	%		1D OBFR01		Monthly		1,283,908
RadNet, Inc.	Goldman Sachs Bank USA		18,691,766		08/19/26		0.40	%		1D FEDL01		Monthly		301,671
RadNet, Inc.	JPMorgan Chase Bank N.A.		18,564,493		02/09/26		0.40	%		1D OBFR01		Monthly		1,088,237
SiriusPoint Ltd.	Goldman Sachs Bank USA		19,910,092		08/18/26		0.40	%		1D FEDL01		Monthly		(14,765	)
SITE Centers Corp.	Goldman Sachs Bank USA		474,201		08/18/26		0.40	%		1D FEDL01		Monthly		17,700
SITE Centers Corp.	JPMorgan Chase Bank N.A.		2,427,753		02/09/26		0.40	%		1D OBFR01		Monthly		(108,129	)
United Community Banks, Inc.	BNP Paribas S.A.		571,802		09/07/27		0.20	%		1D OBFR01		Monthly		(7,596	)


30		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Equity Swap Contracts (continued)

Reference Entity

Counterparty

Notional Amount

Termination Date

Spread

Reference Rate

Payment

Frequency

Value/ Unrealized
Appreciation
(Depreciation)

Long Contracts ^(a) (continued)

WaFd, Inc.

BNP Paribas S.A.

USD 364,899

09/07/27

0.20

1D OBFR01

Monthly

(11,293

)

Warrior Met Coal, Inc.

Goldman Sachs Bank USA

375,141

08/18/26

0.40

1D FEDL01

Monthly

10,199

Warrior Met Coal, Inc.

JPMorgan Chase Bank N.A.

33,521,176

02/09/26

0.40

1D OBFR01

Monthly

3,234,297

Total long positions of equity swaps

12,981,376

Net dividends and financing fees

(2,312,749

)

Total equity swap contracts including dividends and financing fees

10,668,627

^(a)

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	39,407,499	$	(28,738,872	)

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:


	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)	$	—	$	—	$	1,003,093	$	—	$	—	$	—	$	1,003,093
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		39,407,499		—		—		—		39,407,499

	$	—	$	—	$	40,410,592	$	—	$	—	$	—	$	40,410,592

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	28,738,872	$	—	$	—	$	—	$	28,738,872

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	41,725,385		$	—	$	—	$	—	$	41,725,385
Swaps		—		—		130,734,850			—		—		—		130,734,850

	$	—	$	—	$	172,460,235		$	—	$	—	$	—	$	172,460,235

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(486,072	)	$	—	$	—	$	—	$	(486,072	)
Swaps		—		—		16,468,453			—		—		—		16,468,453

	$	—	$	—	$	15,982,381		$	—	$	—	$	—	$	15,982,381


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	181,815,603
Equity swaps:
Average notional value — long		1,058,370,952

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	289,844		$	—
Swaps — OTC ^(a)		39,407,499			28,738,872

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	39,697,343		$	28,738,872

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(289,844	)		(2,312,749	)

Total derivative assets and liabilities subject to an MNA	$	39,407,499		$	26,426,123

^(a)	Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)			Non- Cash Collateral Received ^(b)		Cash Collateral Received ^(b)			Net Amount of Derivative Assets ^(c)
BNP Paribas S.A.	$	1,795,335	$	(1,795,335	)	$	—	$	—		$	—
Goldman Sachs Bank USA		10,234,080		(7,774,841	)		—		(2,459,239	)		—
HSBC Bank PLC		15,566,595		(15,566,595	)		—		—			—
JPMorgan Chase Bank N.A.		5,757,178		(198,722	)		—		(2,558,000	)		3,000,456
Merrill Lynch International		6,054,311		(270,847	)		—		—			5,783,464

	$	39,407,499	$	(25,606,340	)	$	—	$	(5,017,239	)	$	8,783,920


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)			Non- Cash Collateral Pledged ^(b)		Cash Collateral Pledged ^(b)			Net Amount of Derivative Liabilities ^(d)
BNP Paribas S.A.	$	1,904,590	$	(1,795,335	)	$	—	$	(109,255	)	$	—
Goldman Sachs Bank USA		7,774,841		(7,774,841	)		—		—			—
HSBC Bank PLC		16,277,123		(15,566,595	)		—		—			710,528
JPMorgan Chase Bank N.A.		198,722		(198,722	)		—		—			—
Merrill Lynch International		270,847		(270,847	)		—		—			—

	$	26,426,123	$	(25,606,340	)	$	—	$	(109,255	)	$	710,528

^(a)	The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)	Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)	Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)	Net amount represents the net amount payable due to the counterparty in the event of default.


32		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P Small-Cap ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	84,248,134,230	$	—		$	10	$	84,248,134,240
Short-Term Securities
Money Market Funds		6,243,811,802		—			—		6,243,811,802

	$	90,491,946,032	$	—		$	10	$	90,491,946,042

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	1,003,093	$	39,407,499		$	—	$	40,410,592
Liabilities
Equity Contracts		—		(28,738,872	)		—		(28,738,872	)

	$	1,003,093	$	10,668,627		$	—	$	11,671,720

^(a)	Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Aerospace & Defense — 1.7%
AeroVironment, Inc. ^(a)		24,706	$	7,779,672
ATI, Inc. ^(a)		105,815		8,606,992
Axon Enterprise, Inc. ^(a)(b)		60,265		43,248,575
BWX Technologies, Inc.		69,895		12,886,541
Curtiss-Wright Corp.		28,829		15,652,417
General Electric Co.		333,849		100,428,456
Hexcel Corp.		31,240		1,958,748
Howmet Aerospace, Inc.		309,546		60,742,212
Kratos Defense & Security Solutions, Inc. ^(a)		75,153		6,866,730
RTX Corp.		585,864		98,032,623
TransDigm Group, Inc.		43,275		57,037,316
Woodward, Inc.		46,558		11,765,672


				425,005,954

Automobile Components — 0.0%
Gentex Corp.		72,439		2,050,024


Automobiles — 3.8%
Tesla, Inc. ^(a)		2,154,739		958,255,528


Banks — 1.7%
Commerce Bancshares, Inc.		54,776		3,273,414
Cullen/Frost Bankers, Inc.		35,000		4,436,950
East West Bancorp, Inc.		106,789		11,367,689
First Financial Bankshares, Inc.		55,223		1,858,254
Glacier Bancorp, Inc.		39,300		1,912,731
Home BancShares, Inc.		58,305		1,650,032
International Bancshares Corp.		29,446		2,024,412
JPMorgan Chase & Co.		1,203,506		379,621,898
Pinnacle Financial Partners, Inc.		38,598		3,620,106
Synovus Financial Corp.		51,251		2,515,399
UMB Financial Corp.		32,922		3,896,319
Western Alliance Bancorp		79,487		6,893,113
Wintrust Financial Corp.		27,792		3,680,772
Zions Bancorp N.A.		46,452		2,628,254


				429,379,343

Beverages — 0.1%
Celsius Holdings, Inc. ^(a)		78,521		4,514,172
Coca-Cola Consolidated, Inc.		45,060		5,279,230
Monster Beverage Corp. ^(a)		239,270		16,105,264


				25,898,666

Biotechnology — 1.2%
AbbVie, Inc.		569,716		131,912,043
Amgen, Inc.		177,757		50,163,025
Cytokinetics, Inc. ^(a)		46,026		2,529,589
Exelixis, Inc. ^(a)		205,805		8,499,747
Halozyme Therapeutics, Inc. ^(a)		89,828		6,587,986
Incyte Corp. ^(a)		74,764		6,340,735
Neurocrine Biosciences, Inc. ^(a)		77,269		10,847,022
Roivant Sciences Ltd. ^(a)		332,865		5,036,247
United Therapeutics Corp. ^(a)		34,969		14,659,354
Vertex Pharmaceuticals, Inc. ^(a)		196,885		77,108,041


				313,683,789

Broadline Retail — 3.9%
Amazon.com, Inc. ^(a)		4,322,279		949,042,800
eBay, Inc.		235,099		21,382,254
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		28,345		3,639,498


				974,064,552

Building Products — 0.6%
AAON, Inc.		52,337		4,890,369
Advanced Drainage Systems, Inc.		26,567		3,684,843


Security	Shares		Value
Building Products (continued)
Allegion PLC		34,333	$	6,088,957
Builders FirstSource, Inc. ^(a)(b)		44,728		5,423,270
Carlisle Cos., Inc.		32,736		10,768,834
Carrier Global Corp.		297,444		17,757,407
Lennox International, Inc.		24,436		12,935,441
Masco Corp.		66,048		4,649,119
Owens Corning		64,133		9,072,254
Simpson Manufacturing Co., Inc.		21,684		3,631,203
Trane Technologies PLC		170,850		72,091,866
Trex Co., Inc. ^(a)(b)		40,586		2,097,079


				153,090,642

Capital Markets — 2.0%
Affiliated Managers Group, Inc.		8,791		2,096,038
Ameriprise Financial, Inc.		73,475		36,094,594
Bank of New York Mellon Corp. (The)		292,446		31,864,916
Carlyle Group, Inc. (The)		73,997		4,639,612
Coinbase Global, Inc., Class A ^(a)		85,082		28,714,324
Evercore, Inc., Class A		29,623		9,992,430
FactSet Research Systems, Inc.		13,199		3,781,382
Federated Hermes, Inc., Class B, NVS		36,101		1,874,725
Hamilton Lane, Inc., Class A		31,070		4,187,925
Houlihan Lokey, Inc., Class A		41,677		8,557,122
Interactive Brokers Group, Inc., Class A		338,300		23,278,423
Intercontinental Exchange, Inc.		228,543		38,504,925
Janus Henderson Group PLC		39,510		1,758,590
Jefferies Financial Group, Inc.		67,011		4,383,860
KKR & Co., Inc., Class A		230,283		29,925,276
Moody’s Corp.		61,609		29,355,456
Morgan Stanley		419,203		66,636,509
Morningstar, Inc.		18,790		4,359,468
MSCI, Inc., Class A		59,423		33,717,204
Nasdaq, Inc.		142,689		12,620,842
Raymond James Financial, Inc.		84,461		14,577,969
Robinhood Markets, Inc., Class A ^(a)		398,177		57,010,983
S&P Global, Inc.		112,771		54,886,773
SEI Investments Co.		44,319		3,760,467
Stifel Financial Corp.		56,568		6,418,771


				512,998,584

Chemicals — 0.3%
Axalta Coating Systems Ltd. ^(a)		93,586		2,678,431
Cabot Corp.		24,943		1,896,915
Ecolab, Inc.		95,630		26,189,232
NewMarket Corp.		2,492		2,063,899
RPM International, Inc.		56,962		6,714,681
Scotts Miracle-Gro Co. (The)		13,726		781,696
Sherwin-Williams Co. (The)		101,495		35,143,659


				75,468,513

Commercial Services & Supplies — 0.8%
Brink’s Co. (The)		15,805		1,846,972
Cintas Corp.		263,009		53,985,227
Clean Harbors, Inc. ^(a)		39,081		9,075,390
Copart, Inc. ^(a)		682,727		30,702,233
MSA Safety, Inc.		14,109		2,427,736
RB Global, Inc. ^(b)		142,073		15,395,030
Republic Services, Inc.		155,824		35,758,492
Rollins, Inc.		128,477		7,546,739
Tetra Tech, Inc.		202,617		6,763,355
Veralto Corp.		91,924		9,800,018
Waste Management, Inc.		150,087		33,143,712


				206,444,904


34		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment — 0.8%
Arista Networks, Inc. ^(a)		791,394	$	115,314,020
Ciena Corp. ^(a)		65,992		9,613,055
F5, Inc. ^(a)		20,053		6,480,929
Lumentum Holdings, Inc. ^(a)		33,978		5,528,560
Motorola Solutions, Inc.		127,917		58,495,165


				195,431,729

Construction & Engineering — 0.5%
AECOM		53,855		7,026,462
API Group Corp. ^(a)		167,861		5,769,383
Comfort Systems U.S.A., Inc.		26,934		22,225,398
EMCOR Group, Inc.		34,383		22,333,134
MasTec, Inc. ^(a)		47,955		10,205,304
Quanta Services, Inc. ^(b)		114,756		47,557,181
Valmont Industries, Inc.		11,328		4,392,205


				119,509,067

Construction Materials — 0.2%
Eagle Materials, Inc.		24,922		5,807,823
Knife River Corp. ^(a)		44,023		3,384,048
Martin Marietta Materials, Inc.		23,991		15,121,047
Vulcan Materials Co.		62,879		19,342,838


				43,655,756

Consumer Finance — 0.7%
American Express Co.		416,787		138,439,970
FirstCash Holdings, Inc.		19,349		3,065,268
SLM Corp.		166,295		4,603,046
Synchrony Financial		285,700		20,298,985

				166,407,269

Consumer Staples Distribution & Retail — 2.3%
BJ’s Wholesale Club Holdings, Inc. ^(a)		48,423		4,515,445
Casey’s General Stores, Inc.		19,761		11,171,288
Costco Wholesale Corp.		340,535		315,209,412
Maplebear, Inc. ^(a)		65,147		2,394,804
Sprouts Farmers Market, Inc. ^(a)		76,187		8,289,145
Walmart, Inc.		2,258,115		232,721,332


				574,301,426

Containers & Packaging — 0.1%
AptarGroup, Inc.		28,066		3,751,302
Graphic Packaging Holding Co.		93,799		1,835,646
Packaging Corp. of America		34,598		7,539,942


				13,126,890

Diversified Consumer Services — 0.1%
Duolingo, Inc., Class A ^(a)		30,568		9,838,005
Grand Canyon Education, Inc. ^(a)		22,151		4,862,588
H&R Block, Inc.		103,265		5,222,111
Service Corp. International		67,050		5,579,901


				25,502,605

Diversified Telecommunication Services — 0.0%
Iridium Communications, Inc.		43,470		758,986


Electric Utilities — 0.8%
Constellation Energy Corp.		239,898		78,943,235
IDACORP, Inc.		17,194		2,272,187
NextEra Energy, Inc.		1,059,429		79,976,295
NRG Energy, Inc.		148,550		24,057,672
PPL Corp.		296,366		11,012,961


				196,262,350

Electrical Equipment — 1.3%
Acuity, Inc.		23,082		7,949,210
AMETEK, Inc.		83,360		15,671,680


Security	Shares		Value

Electrical Equipment (continued)
Eaton Corp. PLC		298,908	$	111,866,319
Emerson Electric Co.		293,860		38,548,555
GE Vernova, Inc.		209,041		128,539,311
Generac Holdings, Inc. ^(a)		28,846		4,828,820
Hubbell, Inc.		40,819		17,564,824
nVent Electric PLC		123,600		12,191,904


				337,160,623

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		939,124		116,216,595
Belden, Inc.		31,194		3,751,702
Cognex Corp.		52,922		2,397,367
Coherent Corp. ^(a)		120,355		12,964,640
Crane NXT Co. ^(b)		15,359		1,030,128
Fabrinet ^(a)		27,510		10,030,696
Novanta, Inc. ^(a)		17,871		1,789,781
Trimble, Inc. ^(a)(b)		80,770		6,594,870
Vontier Corp.		46,145		1,936,706
Zebra Technologies Corp., Class A ^(a)		17,223		5,117,987


				161,830,472

Energy Equipment & Services — 0.1%
TechnipFMC PLC		315,604		12,450,578
Valaris Ltd. ^(a)(b)		53,023		2,585,932
Weatherford International PLC		27,784		1,901,259


				16,937,769

Entertainment — 1.7%
Electronic Arts, Inc.		69,145		13,946,547
Live Nation Entertainment, Inc. ^(a)(b)		121,041		19,778,099
Netflix, Inc. ^(a)		326,307		391,215,989
TKO Group Holdings, Inc., Class A		52,992		10,702,264
Warner Music Group Corp., Class A		54,185		1,845,541


				437,488,440

Financial Services — 5.3%
Apollo Global Management, Inc.		353,347		47,090,555
Berkshire Hathaway, Inc., Class B ^(a)		689,955		346,867,977
Block, Inc., Class A ^(a)(b)		156,137		11,284,021
Corpay, Inc. ^(a)		54,208		15,615,156
Equitable Holdings, Inc.		49,865		2,532,145
Euronet Worldwide, Inc. ^(a)		18,960		1,664,878
Fiserv, Inc. ^(a)		417,415		53,817,316
Jack Henry & Associates, Inc.		23,773		3,540,513
Mastercard, Inc., Class A		633,858		360,544,769
MGIC Investment Corp.		88,738		2,517,497
PayPal Holdings, Inc. ^(a)		491,530		32,962,002
Shift4 Payments, Inc., Class A ^(a)(b)		51,664		3,998,793
Visa, Inc., Class A		1,304,340		445,275,589
Voya Financial, Inc.		38,857		2,906,503
WEX, Inc. ^(a)(b)		18,972		2,988,659


				1,333,606,373

Food Products — 0.0%
Ingredion, Inc.		22,440		2,740,149
Marzetti Co. (The)		6,944		1,199,854
Pilgrim’s Pride Corp.		32,295		1,315,052
Post Holdings, Inc. ^(a)		19,888		2,137,562


				7,392,617

Ground Transportation — 0.8%
CSX Corp.		658,489		23,382,944
Old Dominion Freight Line, Inc.		64,859		9,130,850
Ryder System, Inc.		16,838		3,176,320
Saia, Inc. ^(a)		20,697		6,195,854


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ground Transportation (continued)
Uber Technologies, Inc. ^(a)(b)		1,601,342	$	156,883,476
XPO, Inc. ^(a)(b)		44,765		5,786,772


				204,556,216

Health Care Equipment & Supplies — 1.4%
Boston Scientific Corp. ^(a)		1,137,796		111,083,023
Dexcom, Inc. ^(a)		131,054		8,818,624
Globus Medical, Inc., Class A ^(a)		88,452		5,065,646
Haemonetics Corp. ^(a)		22,808		1,111,662
Insulet Corp. ^(a)		54,563		16,845,235
Intuitive Surgical, Inc. ^(a)		275,253		123,101,399
Lantheus Holdings, Inc. ^(a)		54,201		2,779,969
LivaNova PLC ^(a)		17,323		907,379
Masimo Corp. ^(a)		34,614		5,107,296
Penumbra, Inc. ^(a)		19,508		4,941,767
ResMed, Inc.		112,412		30,770,537
Stryker Corp.		140,014		51,758,975


				362,291,512

Health Care Providers & Services — 0.3%
Chemed Corp.		5,190		2,323,771
DaVita, Inc. ^(a)		27,449		3,647,149
Encompass Health Corp.		55,735		7,079,460
Ensign Group, Inc. (The)		44,134		7,625,031
HCA Healthcare, Inc. ^(b)		74,216		31,630,859
HealthEquity, Inc. ^(a)		67,943		6,438,958
Hims & Hers Health, Inc., Class A ^(a)(b)		158,755		9,004,583
Tenet Healthcare Corp. ^(a)		41,393		8,404,435


				76,154,246

Health Care REITs — 0.2%
Omega Healthcare Investors, Inc.		91,424		3,859,921
Welltower, Inc.		277,349		49,406,951


				53,266,872

Health Care Technology — 0.0%
Doximity, Inc., Class A ^(a)		103,672		7,583,607


Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		309,317		5,264,575
Park Hotels & Resorts, Inc.		86,045		953,379


				6,217,954

Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A ^(a)(b)		329,499		40,007,769
Booking Holdings, Inc.		24,892		134,398,629
Boyd Gaming Corp.		29,017		2,508,520
Carnival Corp. ^(a)(b)		833,660		24,101,111
Cava Group, Inc. ^(a)(b)		59,748		3,609,377
Chipotle Mexican Grill, Inc. ^(a)		1,029,616		40,350,651
Choice Hotels International, Inc. ^(b)		15,878		1,697,517
Churchill Downs, Inc.		51,139		4,960,994
Darden Restaurants, Inc.		39,120		7,446,883
Domino’s Pizza, Inc.		10,086		4,354,227
DoorDash, Inc., Class A ^(a)		284,230		77,307,718
Expedia Group, Inc.		90,738		19,395,247
Hilton Grand Vacations, Inc. ^(a)(b)		49,355		2,063,533
Hilton Worldwide Holdings, Inc.		180,594		46,853,307
Hyatt Hotels Corp., Class A		33,010		4,685,109
Las Vegas Sands Corp.		237,207		12,759,365
Light & Wonder, Inc., Class A ^(a)(b)		65,717		5,516,285
Marriott International, Inc., Class A		173,028		45,063,412
Norwegian Cruise Line Holdings Ltd. ^(a)		351,577		8,659,341
Planet Fitness, Inc., Class A ^(a)		65,561		6,805,232
Royal Caribbean Cruises Ltd.		193,844		62,724,041
Texas Roadhouse, Inc.		50,444		8,381,271


Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Travel + Leisure Co.		49,985	$	2,973,608
Vail Resorts, Inc.		15,590		2,331,796
Wingstop, Inc. ^(b)		21,729		5,468,755
Wyndham Hotels & Resorts, Inc.		57,635		4,605,036
Wynn Resorts Ltd.		64,834		8,316,257
Yum! Brands, Inc.		87,107		13,240,264


				600,585,255

Household Durables — 0.4%
Garmin Ltd.		125,638		30,934,588
KB Home		29,868		1,900,800
NVR, Inc. ^(a)		1,409		11,320,836
PulteGroup, Inc.		151,518		20,020,073
Somnigroup International, Inc.		94,368		7,958,054
Toll Brothers, Inc.		75,371		10,411,750
TopBuild Corp. ^(a)		21,483		8,396,845


				90,942,946

Household Products — 0.1%
Colgate-Palmolive Co.		273,070		21,829,216


Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		20,164		1,940,785
Vistra Corp.		244,548		47,911,844


				49,852,629

Industrial REITs — 0.0%
EastGroup Properties, Inc.		19,728		3,339,161
First Industrial Realty Trust, Inc.		57,269		2,947,636


				6,286,797

Insurance — 1.4%
American Financial Group, Inc.		23,369		3,405,331
Aon PLC, Class A		84,421		30,102,840
Arch Capital Group Ltd.		285,415		25,895,703
Arthur J. Gallagher & Co. ^(b)		88,579		27,436,459
Brown & Brown, Inc.		225,002		21,102,938
Cincinnati Financial Corp.		64,355		10,174,525
Erie Indemnity Co., Class A, NVS		19,264		6,129,034
Hartford Insurance Group, Inc. (The)		118,735		15,838,062
Kinsale Capital Group, Inc.		17,232		7,328,080
Marsh & McLennan Cos., Inc.		166,109		33,475,947
Primerica, Inc.		24,877		6,905,606
Progressive Corp. (The)		450,123		111,157,875
RenaissanceRe Holdings Ltd.		36,131		9,174,745
RLI Corp.		70,513		4,598,858
Ryan Specialty Holdings, Inc., Class A		82,982		4,676,866
W R Berkley Corp.		128,846		9,872,180
Willis Towers Watson PLC		35,942		12,416,164


				339,691,213

Interactive Media & Services — 12.6%
Alphabet, Inc., Class A		4,466,689		1,085,852,096
Alphabet, Inc., Class C, NVS		3,585,775		873,315,501
Meta Platforms, Inc., Class A		1,665,489		1,223,101,812


				3,182,269,409

IT Services — 1.0%
Gartner, Inc. ^(a)(b)		58,154		15,286,942
GoDaddy, Inc., Class A ^(a)		106,296		14,544,482
International Business Machines Corp.		715,298		201,828,484
Kyndryl Holdings, Inc. ^(a)(b)		101,929		3,060,928
Okta, Inc., Class A ^(a)		130,169		11,936,497
Twilio, Inc., Class A ^(a)		118,626		11,873,276


				258,530,609


36		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products — 0.0%
YETI Holdings, Inc. ^(a)		27,492	$	912,185


Life Sciences Tools & Services — 0.1%
Bruker Corp.		40,280		1,308,697
Illumina, Inc. ^(a)		61,372		5,828,499
Medpace Holdings, Inc. ^(a)		17,021		8,751,517
Mettler-Toledo International, Inc. ^(a)(b)		6,457		7,926,678
Repligen Corp. ^(a)		17,271		2,308,615
Sotera Health Co. ^(a)		56,917		895,304
Waters Corp. ^(a)		21,258		6,373,361


				33,392,671

Machinery — 2.0%
Caterpillar, Inc.		359,746		171,652,804
Chart Industries, Inc. ^(a)		33,740		6,753,061
Crane Co.		20,464		3,768,241
Cummins, Inc.		105,779		44,677,876
Deere & Co.		85,086		38,906,424
Donaldson Co., Inc.		50,315		4,118,283
Dover Corp.		47,204		7,875,043
Esab Corp.		44,822		5,008,410
Flowserve Corp.		72,183		3,835,805
Graco, Inc.		62,278		5,291,139
Illinois Tool Works, Inc.		83,523		21,779,457
Ingersoll Rand, Inc.		277,705		22,943,987
ITT, Inc.		43,166		7,716,354
Lincoln Electric Holdings, Inc.		24,149		5,695,059
Mueller Industries, Inc.		85,949		8,690,303
PACCAR, Inc.		221,510		21,778,863
Parker-Hannifin Corp.		98,117		74,387,404
Pentair PLC		82,627		9,151,766
RBC Bearings, Inc. ^(a)		24,023		9,375,937
Toro Co. (The)		30,599		2,331,644
Watts Water Technologies, Inc., Class A		11,032		3,081,017
Westinghouse Air Brake Technologies Corp.		131,261		26,313,893


				505,132,770

Marine Transportation — 0.0%
Kirby Corp. ^(a)		44,134		3,682,982


Media — 0.1%
EchoStar Corp., Class A ^(a)(b)		50,956		3,891,000
New York Times Co. (The), Class A		69,195		3,971,793
Trade Desk, Inc. (The), Class A ^(a)		342,196		16,771,026


				24,633,819

Metals & Mining — 0.1%
Carpenter Technology Corp.		38,790		9,524,496
MP Materials Corp., Class A ^(a)		45,467		3,049,472
Royal Gold, Inc.		22,457		4,504,425


				17,078,393

Multi-Utilities — 0.1%
Public Service Enterprise Group, Inc.		179,904		15,014,788


Office REITs — 0.0%
COPT Defense Properties		45,047		1,309,066
Vornado Realty Trust		94,310		3,822,384


				5,131,450

Oil, Gas & Consumable Fuels — 0.5%
Antero Midstream Corp.		130,073		2,528,619
CNX Resources Corp. ^(a)(b)		111,736		3,588,960
DT Midstream, Inc.		78,687		8,896,352
Matador Resources Co.		60,163		2,703,124
ONEOK, Inc.		272,343		19,872,869
Permian Resources Corp., Class A		503,744		6,447,923


Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Range Resources Corp.		82,504	$	3,105,451
Targa Resources Corp.		165,234		27,683,304
Texas Pacific Land Corp. ^(b)		14,619		13,648,883
Viper Energy, Inc., Class A		131,097		5,010,527
Williams Cos., Inc. (The)		487,608		30,889,967


				124,375,979

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		48,419		4,301,544


Passenger Airlines — 0.3%
Alaska Air Group, Inc. ^(a)		88,537		4,407,372
American Airlines Group, Inc. ^(a)		512,417		5,759,567
Delta Air Lines, Inc.		498,078		28,265,926
United Airlines Holdings, Inc. ^(a)		248,587		23,988,646


				62,421,511

Personal Care Products — 0.0%
BellRing Brands, Inc. ^(a)		45,804		1,664,975
elf Beauty, Inc. ^(a)(b)		45,541		6,033,272


				7,698,247

Pharmaceuticals — 1.8%
Eli Lilly & Co.		610,341		465,690,183


Professional Services — 0.6%
Automatic Data Processing, Inc.		177,274		52,029,919
Broadridge Financial Solutions, Inc.		39,982		9,522,513
CACI International, Inc., Class A ^(a)		9,995		4,985,306
Dayforce, Inc. ^(a)		122,902		8,466,719
ExlService Holdings, Inc. ^(a)		127,358		5,607,573
Exponent, Inc.		25,328		1,759,789
Genpact Ltd.		67,006		2,806,881
KBR, Inc.		44,390		2,099,203
Leidos Holdings, Inc.		50,741		9,588,019
Parsons Corp. ^(a)		41,019		3,401,296
Paychex, Inc.		116,717		14,795,047
Paycom Software, Inc.		37,961		7,901,203
Paylocity Holding Corp. ^(a)		33,819		5,386,352
TransUnion		149,571		12,531,058
Verisk Analytics, Inc.		47,799		12,021,927


				152,902,805

Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A ^(a)		225,079		35,463,447
Jones Lang LaSalle, Inc. ^(a)		19,582		5,840,919


				41,304,366

Residential REITs — 0.2%
American Homes 4 Rent, Class A		97,504		3,242,008
AvalonBay Communities, Inc.		48,272		9,324,702
Camden Property Trust		42,080		4,493,302
Equity LifeStyle Properties, Inc.		75,656		4,592,319
Essex Property Trust, Inc.		23,875		6,390,383
Independence Realty Trust, Inc.		113,602		1,861,937
Mid-America Apartment Communities, Inc.		37,054		5,177,555
UDR, Inc.		104,522		3,894,490


				38,976,696

Retail REITs — 0.2%
Agree Realty Corp.		34,075		2,420,688
Brixmor Property Group, Inc.		133,580		3,697,495
Kite Realty Group Trust		72,511		1,616,995
Simon Property Group, Inc.		250,687		47,046,429


				54,781,607


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 19.6%
Allegro MicroSystems, Inc. ^(a)		33,472	$	977,382
Applied Materials, Inc.		258,829		52,992,649
Broadcom, Inc.		3,611,649		1,191,519,122
Cirrus Logic, Inc. ^(a)		24,037		3,011,596
Entegris, Inc.		61,184		5,657,073
First Solar, Inc. ^(a)(b)		44,127		9,731,327
KLA Corp.		101,331		109,295,617
Lattice Semiconductor Corp. ^(a)		52,420		3,843,434
MACOM Technology Solutions Holdings, Inc. ^(a)		49,180		6,122,418
MKS, Inc.		21,584		2,671,452
Monolithic Power Systems, Inc.		36,775		33,856,536
NVIDIA Corp.		18,735,913		3,495,746,647
NXP Semiconductors NV ^(b)		77,427		17,632,451
Onto Innovation, Inc. ^(a)		21,537		2,783,011
Power Integrations, Inc.		14,670		589,881
Rambus, Inc. ^(a)(b)		82,899		8,638,076
Silicon Laboratories, Inc. ^(a)		11,631		1,525,173
Universal Display Corp.		15,749		2,262,029


				4,948,855,874

Software — 13.7%
Adobe, Inc. ^(a)		136,789		48,252,320
Appfolio, Inc., Class A ^(a)		17,897		4,933,487
AppLovin Corp., Class A ^(a)		207,868		149,361,473
Autodesk, Inc. ^(a)		164,305		52,194,769
Blackbaud, Inc. ^(a)		15,544		999,635
Cadence Design Systems, Inc. ^(a)		115,059		40,415,624
Commvault Systems, Inc. ^(a)		33,649		6,352,258
Crowdstrike Holdings, Inc., Class A ^(a)		191,409		93,863,145
Datadog, Inc., Class A ^(a)		248,321		35,360,910
Docusign, Inc. ^(a)		154,811		11,160,325
Dropbox, Inc., Class A ^(a)		85,331		2,577,850
Dynatrace, Inc. ^(a)		232,898		11,283,908
Fair Isaac Corp. ^(a)		18,432		27,584,041
Fortinet, Inc. ^(a)		500,139		42,051,687
Gen Digital, Inc.		245,727		6,976,190
Guidewire Software, Inc. ^(a)		65,051		14,952,623
Intuit, Inc.		214,188		146,271,127
Manhattan Associates, Inc. ^(a)		46,149		9,459,622
Microsoft Corp.		2,968,006		1,537,278,708
Nutanix, Inc., Class A ^(a)		205,854		15,313,479
Oracle Corp.		1,272,524		357,884,650
Palantir Technologies, Inc., Class A ^(a)		1,746,317		318,563,147
Palo Alto Networks, Inc. ^(a)		512,901		104,436,902
Pegasystems, Inc.		69,427		3,992,052
PTC, Inc. ^(a)(b)		43,442		8,819,595
Qualys, Inc. ^(a)		16,246		2,149,833
Salesforce, Inc.		734,057		173,971,509
ServiceNow, Inc. ^(a)		159,721		146,988,042
Synopsys, Inc. ^(a)(b)		73,891		36,457,080
Tyler Technologies, Inc. ^(a)		33,401		17,474,067
Workday, Inc., Class A ^(a)(b)		77,974		18,770,681


				3,446,150,739

Specialized REITs — 0.4%
CubeSmart		96,719		3,932,595
Equinix, Inc.		35,297		27,646,022
Extra Space Storage, Inc.		73,871		10,411,379
Gaming & Leisure Properties, Inc.		91,624		4,270,595
Iron Mountain, Inc.		226,202		23,059,032
Lamar Advertising Co., Class A		41,505		5,081,042


Security	Shares		Value
Specialized REITs (continued)
National Storage Affiliates Trust		53,702	$	1,622,874
Public Storage		121,232		35,017,863


				111,041,402

Specialty Retail — 1.6%
Abercrombie & Fitch Co., Class A ^(a)		37,030		3,167,917
AutoZone, Inc. ^(a)		12,854		55,146,745
Bath & Body Works, Inc.		85,774		2,209,538
Burlington Stores, Inc. ^(a)		47,829		12,172,480
Chewy, Inc., Class A ^(a)		170,839		6,910,438
Dick’s Sporting Goods, Inc.		30,212		6,713,711
Floor & Decor Holdings, Inc., Class A ^(a)(b)		46,944		3,459,773
GameStop Corp., Class A ^(a)(b)		139,255		3,798,876
Home Depot, Inc. (The)		336,132		136,197,325
Murphy U.S.A., Inc.		13,366		5,189,483
O’Reilly Automotive, Inc. ^(a)		651,512		70,239,509
RH ^(a)(b)		5,858		1,190,111
TJX Cos., Inc. (The)		505,415		73,052,684
Tractor Supply Co.		219,729		12,495,988
Valvoline, Inc. ^(a)		98,179		3,525,608
Williams-Sonoma, Inc.		94,304		18,431,717


				413,901,903

Technology Hardware, Storage & Peripherals — 5.5%
Apple Inc.		5,241,906		1,334,746,525
Dell Technologies, Inc., Class C		109,621		15,540,969
NetApp, Inc.		72,195		8,552,220
Pure Storage, Inc., Class A ^(a)		238,405		19,980,723
Super Micro Computer, Inc. ^(a)(b)		384,934		18,453,736


				1,397,274,173

Textiles, Apparel & Luxury Goods — 0.2%
Crocs, Inc. ^(a)		43,527		3,636,681
Deckers Outdoor Corp. ^(a)		113,915		11,547,563
Lululemon Athletica, Inc. ^(a)		39,440		7,017,559
Ralph Lauren Corp., Class A		29,697		9,311,791
Tapestry, Inc.		160,748		18,199,889


				49,713,483

Tobacco — 0.6%
Altria Group, Inc.		593,349		39,196,635
Philip Morris International, Inc.		645,416		104,686,475


				143,883,110

Trading Companies & Distributors — 0.5%
Applied Industrial Technologies, Inc.		29,336		7,658,163
Core & Main, Inc., Class A ^(a)(b)		92,047		4,954,890
Fastenal Co.		502,296		24,632,596
GATX Corp.		17,600		3,076,480
United Rentals, Inc.		49,411		47,170,705
Watsco, Inc.		16,795		6,790,219
WW Grainger, Inc.		34,041		32,439,711


				126,722,764

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		196,365		47,005,854


Total Long-Term Investments — 99.9% (Cost: $15,101,800,238)				25,207,752,650


38		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		198,741,849	$	198,841,220
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		16,264,293		16,264,293


Total Short-Term Securities — 0.9% (Cost: $215,063,189)				215,105,513


Total Investments — 100.8% (Cost: $15,316,863,427)				25,422,858,163
Liabilities in Excess of Other Assets — (0.8)%				(195,333,955	)


Net Assets — 100.0%			$	25,227,524,208

^(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


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash
Funds: Institutional, SL
Agency Shares	$	187,239,641	$	11,596,005	^(a)	$	—		$	(3,040	)	$	8,614	$	198,841,220		198,741,849	$	198,717	^(b)	$	—
BlackRock Cash
Funds: Treasury, SL
Agency Shares		26,360,483		—			(10,096,190	) ^(a)		—			—		16,264,293		16,264,293		474,587			—


									$	(3,040	)	$	8,614	$	215,105,513			$	673,304		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
NASDAQ 100 E-Mini Index		21		12/19/25	$	10,459	$	273,384
S&P 500 E-Mini Index		11		12/19/25		3,706		49,666


							$	323,050


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Growth ETF

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:


	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)	$	—	$	—	$	323,050	$	—	$	—	$	—	$	323,050

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	5,149,519	$	—	$	—	$	—	$	5,149,519


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	313,643	$	—	$	—	$	—	$	313,643

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	14,922,060

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


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	25,207,752,650	$	—	$	—	$	25,207,752,650
Short-Term Securities
Money Market Funds		215,105,513		—		—		215,105,513

	$	25,422,858,163	$	—	$	—	$	25,422,858,163

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	323,050	$	—	$	—	$	323,050

^(a)	Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


40		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Aerospace & Defense — 3.0%
Boeing Co. (The) ^(a)		630,867	$	136,160,025
General Dynamics Corp.		210,870		71,906,670
General Electric Co.		522,830		157,277,721
Hexcel Corp.		33,868		2,123,524
Huntington Ingalls Industries, Inc.		32,528		9,365,136
Kratos Defense & Security Solutions, Inc. ^(a)		59,152		5,404,718
L3Harris Technologies, Inc.		156,725		47,865,382
Lockheed Martin Corp.		171,372		85,550,616
Northrop Grumman Corp.		112,322		68,440,041
RTX Corp.		480,689		80,433,690
Textron, Inc.		148,640		12,558,594


				677,086,117

Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		98,771		13,077,280
Expeditors International of Washington, Inc.		114,355		14,018,780
FedEx Corp.		181,095		42,704,012
GXO Logistics, Inc. ^(a)		94,752		5,011,433
United Parcel Service, Inc., Class B		615,862		51,442,953


				126,254,458

Automobile Components — 0.2%
Aptiv PLC ^(a)		182,036		15,695,144
Autoliv, Inc.		59,915		7,399,502
Gentex Corp.		111,305		3,149,932
Goodyear Tire & Rubber Co. (The) ^(a)		238,399		1,783,225
Lear Corp.		45,584		4,586,206
Visteon Corp.		22,792		2,731,849


				35,345,858

Automobiles — 0.4%
Ford Motor Co.		3,268,928		39,096,379
General Motors Co.		794,341		48,430,971
Harley-Davidson, Inc.		101,399		2,829,032
Thor Industries, Inc.		44,551		4,619,493


				94,975,875

Banks — 6.1%
Associated Banc-Corp.		138,048		3,549,214
Bank of America Corp.		5,690,145		293,554,580
Bank OZK		86,542		4,411,911
Cadence Bank		42,877		1,609,603
Citigroup, Inc.		1,535,874		155,891,211
Citizens Financial Group, Inc.		363,818		19,340,565
Columbia Banking System, Inc.		250,318		6,443,185
Comerica, Inc.		109,895		7,530,005
Commerce Bancshares, Inc.		45,806		2,737,367
Cullen/Frost Bankers, Inc.		16,815		2,131,638
Fifth Third Bancorp		555,702		24,756,524
First Financial Bankshares, Inc.		49,414		1,662,781
First Horizon Corp.		423,422		9,573,571
Flagstar Financial, Inc. ^(b)		252,997		2,922,115
FNB Corp.		297,872		4,798,718
Glacier Bancorp, Inc.		53,801		2,618,495
Hancock Whitney Corp.		73,081		4,575,601
Home BancShares, Inc.		95,039		2,689,604
Huntington Bancshares, Inc.		1,233,416		21,301,094
International Bancshares Corp.		15,369		1,056,619
JPMorgan Chase & Co.		987,332		311,434,133
KeyCorp		777,598		14,533,307
M&T Bank Corp.		130,339		25,757,593
Old National Bancorp		290,990		6,387,230
Pinnacle Financial Partners, Inc.		23,619		2,215,226


Security	Shares		Value
Banks (continued)
PNC Financial Services Group, Inc. (The)		329,804	$	66,267,518
Prosperity Bancshares, Inc.		81,395		5,400,558
Regions Financial Corp.		749,802		19,772,279
Southstate Bank Corp.		84,406		8,345,221
Synovus Financial Corp.		61,473		3,017,095
Texas Capital Bancshares, Inc. ^(a)		39,344		3,325,748
Truist Financial Corp.		1,081,205		49,432,693
U.S. Bancorp		1,299,516		62,805,608
UMB Financial Corp.		26,000		3,077,100
United Bankshares, Inc.		118,729		4,417,906
Valley National Bancorp		401,587		4,256,822
Webster Financial Corp.		140,572		8,355,600
Wells Fargo & Co.		2,675,558		224,265,272
Wintrust Financial Corp.		28,220		3,737,457
Zions Bancorp N.A.		75,778		4,287,519


				1,404,246,286

Beverages — 2.0%
Boston Beer Co., Inc. (The), Class A, NVS ^(a)		7,276		1,538,292
Brown-Forman Corp., Class B, NVS		144,336		3,908,619
Celsius Holdings, Inc. ^(a)		46,994		2,701,685
Coca-Cola Co. (The)		3,234,632		214,520,794
Constellation Brands, Inc., Class A		119,114		16,041,082
Keurig Dr. Pepper, Inc.		1,135,157		28,957,855
Molson Coors Beverage Co., Class B		141,443		6,400,296
Monster Beverage Corp. ^(a)		333,035		22,416,586
PepsiCo, Inc.		1,143,583		160,604,797


				457,090,006

Biotechnology — 2.1%
AbbVie, Inc.		855,663		198,120,211
Amgen, Inc.		256,558		72,400,668
Biogen, Inc. ^(a)		121,437		17,010,895
BioMarin Pharmaceutical, Inc. ^(a)		161,757		8,760,759
Cytokinetics, Inc. ^(a)		49,220		2,705,131
Gilead Sciences, Inc.		1,035,180		114,904,980
Incyte Corp. ^(a)		56,394		4,782,775
Moderna, Inc. ^(a)		291,786		7,536,832
Regeneron Pharmaceuticals, Inc.		85,020		47,804,196


				474,026,447

Broadline Retail — 3.3%
Amazon.com, Inc. ^(a)		3,403,627		747,334,380
eBay, Inc.		127,196		11,568,476
Macy’s, Inc.		231,309		4,147,370
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		20,921		2,686,257


				765,736,483

Building Products — 0.5%
A. O. Smith Corp.		95,505		7,011,022
Advanced Drainage Systems, Inc.		30,447		4,222,999
Allegion PLC		34,072		6,042,669
Builders FirstSource, Inc. ^(a)		44,007		5,335,849
Carrier Global Corp.		346,573		20,690,408
Fortune Brands Innovations, Inc.		98,975		5,284,275
Johnson Controls International PLC		545,927		60,024,674
Masco Corp.		103,250		7,267,767
Simpson Manufacturing Co., Inc.		11,815		1,978,540
Trex Co., Inc. ^(a)		45,341		2,342,769
UFP Industries, Inc.		48,677		4,550,813


				124,751,785

Capital Markets — 5.2%
Affiliated Managers Group, Inc.		13,787		3,287,234
Bank of New York Mellon Corp. (The)		270,644		29,489,370


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Capital Markets (continued)
BlackRock, Inc. ^(c)		120,132	$	140,058,295
Blackstone, Inc., Class A, NVS		616,343		105,302,202
Carlyle Group, Inc. (The)		136,888		8,582,878
Cboe Global Markets, Inc.		87,683		21,504,256
Charles Schwab Corp. (The)		1,424,516		135,998,543
CME Group, Inc., Class A		300,587		81,215,602
Coinbase Global, Inc., Class A ^(a)		96,225		32,474,975
FactSet Research Systems, Inc.		17,519		5,019,018
Federated Hermes, Inc., Class B, NVS		26,240		1,362,643
Franklin Resources, Inc.		258,071		5,969,182
Goldman Sachs Group, Inc. (The)		252,855		201,361,079
Intercontinental Exchange, Inc.		229,026		38,586,301
Invesco Ltd.		373,884		8,576,899
Janus Henderson Group PLC		63,839		2,841,474
Jefferies Financial Group, Inc.		63,585		4,159,731
KKR & Co., Inc., Class A		320,513		41,650,664
Moody’s Corp.		61,983		29,533,660
Morgan Stanley		556,722		88,496,529
Nasdaq, Inc.		223,145		19,737,175
Northern Trust Corp.		159,554		21,475,968
Raymond James Financial, Inc.		56,237		9,706,506
Robinhood Markets, Inc., Class A ^(a)		213,116		30,513,949
S&P Global, Inc.		138,166		67,246,774
SEI Investments Co.		30,299		2,570,870
State Street Corp.		236,361		27,420,240
Stifel Financial Corp.		24,940		2,829,942
T Rowe Price Group, Inc.		182,049		18,685,509


				1,185,657,468

Chemicals — 2.1%
Air Products & Chemicals, Inc.		185,655		50,631,831
Albemarle Corp.		97,812		7,930,597
Ashland, Inc.		36,718		1,759,159
Avient Corp.		76,785		2,530,066
Axalta Coating Systems Ltd. ^(a)		81,827		2,341,889
Cabot Corp.		19,790		1,505,029
CF Industries Holdings, Inc.		135,497		12,154,081
Corteva, Inc.		568,501		38,447,723
Dow, Inc.		590,752		13,545,943
DuPont de Nemours, Inc.		348,057		27,113,640
Eastman Chemical Co.		96,674		6,095,296
Ecolab, Inc.		108,630		29,749,412
International Flavors & Fragrances, Inc.		213,000		13,108,020
Linde PLC		391,244		185,840,900
LyondellBasell Industries NV, Class A		217,425		10,662,522
Mosaic Co. (The)		265,613		9,211,459
NewMarket Corp.		3,533		2,926,066
Olin Corp.		95,812		2,394,342
PPG Industries, Inc.		189,652		19,934,322
RPM International, Inc.		46,267		5,453,954
Scotts Miracle-Gro Co. (The)		22,394		1,275,338
Sherwin-Williams Co. (The)		83,599		28,946,990
Westlake Corp.		28,718		2,213,009


				475,771,588

Commercial Services & Supplies — 0.2%
Brink’s Co. (The)		17,475		2,042,129
MSA Safety, Inc.		15,324		2,636,801
Rollins, Inc.		99,518		5,845,687
Veralto Corp.		107,312		11,440,532
Waste Management, Inc.		145,337		32,094,770


				54,059,919


Security	Shares		Value
Communications Equipment — 1.1%
Ciena Corp. ^(a)		48,236	$	7,026,538
Cisco Systems, Inc.		3,307,490		226,298,466
F5, Inc. ^(a)		25,593		8,271,401
Lumentum Holdings, Inc. ^(a)(b)		21,273		3,461,330


				245,057,735

Construction & Engineering — 0.1%
AECOM		52,799		6,888,686
API Group Corp. ^(a)		125,161		4,301,784
Fluor Corp. ^(a)		137,621		5,789,715
Valmont Industries, Inc.		4,566		1,770,375


				18,750,560

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		24,019		15,138,695
Vulcan Materials Co.		41,699		12,827,447


				27,966,142

Consumer Finance — 0.5%
Ally Financial, Inc.		232,986		9,133,051
Capital One Financial Corp.		533,521		113,415,894
FirstCash Holdings, Inc.		11,132		1,763,532


				124,312,477

Consumer Staples Distribution & Retail — 1.3%
Albertsons Cos., Inc., Class A		335,813		5,880,086
BJ’s Wholesale Club Holdings, Inc. ^(a)		58,791		5,482,261
Casey’s General Stores, Inc.		9,466		5,351,319
Dollar General Corp.		182,725		18,884,629
Dollar Tree, Inc. ^(a)(b)		161,898		15,278,314
Kroger Co. (The)		507,477		34,209,024
Maplebear, Inc. ^(a)		83,067		3,053,543
Performance Food Group Co. ^(a)		129,795		13,503,872
Sysco Corp.		398,367		32,801,539
Target Corp.		380,902		34,166,909
U.S. Foods Holding Corp. ^(a)(b)		187,856		14,393,527
Walmart, Inc.		1,210,848		124,789,995


				307,795,018

Containers & Packaging — 0.5%
Amcor PLC		1,915,178		15,666,156
AptarGroup, Inc.		26,171		3,498,016
Avery Dennison Corp.		65,299		10,589,539
Ball Corp.		227,079		11,449,323
Crown Holdings, Inc.		95,354		9,210,243
Graphic Packaging Holding Co.		153,558		3,005,130
Greif, Inc., Class A, NVS		21,980		1,313,525
International Paper Co.		441,311		20,476,830
Packaging Corp. of America		37,065		8,077,575
Silgan Holdings, Inc.		74,075		3,185,966
Smurfit WestRock PLC		435,591		18,543,109
Sonoco Products Co.		82,254		3,544,325


				108,559,737

Distributors — 0.1%
Genuine Parts Co.		115,701		16,036,159
LKQ Corp.		216,873		6,623,301
Pool Corp.		27,399		8,495,608


				31,155,068

Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,800		3,296,468
Service Corp. International		46,797		3,894,446


				7,190,914

Diversified REITs — 0.1%
WP Carey, Inc.		182,526		12,333,282


42		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Diversified Telecommunication Services — 1.5%
AT&T Inc.		5,965,538	$	168,466,793
Frontier Communications Parent, Inc. ^(a)		208,861		7,800,958
Iridium Communications, Inc.		49,086		857,042
Verizon Communications, Inc.		3,522,263		154,803,459


				331,928,252

Electric Utilities — 2.3%
ALLETE, Inc.		47,241		3,136,802
Alliant Energy Corp.		213,671		14,403,562
American Electric Power Co., Inc.		447,174		50,307,075
Duke Energy Corp.		650,344		80,480,070
Edison International		321,327		17,762,957
Entergy Corp.		373,092		34,768,443
Evergy, Inc.		190,773		14,502,563
Eversource Energy		309,643		22,028,003
Exelon Corp.		843,684		37,974,217
FirstEnergy Corp.		433,570		19,866,177
IDACORP, Inc.		26,290		3,474,224
NextEra Energy, Inc.		567,468		42,838,159
OGE Energy Corp.		167,260		7,739,120
PG&E Corp.		1,830,373		27,602,025
Pinnacle West Capital Corp.		99,818		8,949,682
Portland General Electric Co.		92,763		4,081,572
PPL Corp.		300,295		11,158,962
Southern Co. (The)		919,323		87,124,241
TXNM Energy, Inc.		78,725		4,451,899
Xcel Energy, Inc.		493,435		39,795,533


				532,445,286

Electrical Equipment — 0.4%
AMETEK, Inc.		102,127		19,199,876
Emerson Electric Co.		150,316		19,718,453
EnerSys		30,615		3,458,270
Generac Holdings, Inc. ^(a)		18,810		3,148,794
NEXTracker, Inc., Class A ^(a)		123,447		9,133,844
Regal Rexnord Corp.		55,269		7,927,785
Rockwell Automation, Inc.		93,832		32,797,099
Sensata Technologies Holding PLC		125,169		3,823,913


				99,208,034

Electronic Equipment, Instruments & Components — 1.2%
Arrow Electronics, Inc. ^(a)		42,109		5,095,189
Avnet, Inc.		69,072		3,611,084
CDW Corp.		109,634		17,462,503
Cognex Corp.		81,789		3,705,042
Corning, Inc.		650,342		53,347,554
Crane NXT Co.		24,887		1,669,171
Flex Ltd. ^(a)		313,100		18,150,407
IPG Photonics Corp. ^(a)(b)		21,989		1,741,309
Jabil, Inc.		89,788		19,499,260
Keysight Technologies, Inc. ^(a)		143,322		25,069,884
Littelfuse, Inc.		20,875		5,406,834
Novanta, Inc. ^(a)		12,254		1,227,238
TD SYNNEX Corp.		63,987		10,477,871
TE Connectivity PLC		247,162		54,259,474
Teledyne Technologies, Inc. ^(a)		39,273		23,015,549
Trimble, Inc. ^(a)		111,485		9,102,750
Vontier Corp.		70,548		2,960,900
Zebra Technologies Corp., Class A ^(a)		23,643		7,025,754


				262,827,773

Energy Equipment & Services — 0.5%
Baker Hughes Co., Class A		822,530		40,073,662
Halliburton Co.		714,656		17,580,538
NOV, Inc.		312,310		4,138,107


Security	Shares		Value
Energy Equipment & Services (continued)
Schlumberger NV		1,244,335	$	42,767,794
Weatherford International PLC		30,714		2,101,759


				106,661,860

Entertainment — 1.2%
Electronic Arts, Inc.		113,057		22,803,597
Take-Two Interactive Software, Inc. ^(a)		144,695		37,383,400
Walt Disney Co. (The)		1,501,648		171,938,696
Warner Bros Discovery, Inc., Class A ^(a)		2,065,491		40,339,039
Warner Music Group Corp., Class A		67,011		2,282,395


				274,747,127

Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B ^(a)		780,894		392,586,650
Block, Inc., Class A ^(a)		288,850		20,875,189
Essent Group Ltd.		81,276		5,165,903
Euronet Worldwide, Inc. ^(a)		14,469		1,270,523
Fidelity National Information Services, Inc.		438,246		28,897,941
Global Payments, Inc.		203,913		16,941,092
Jack Henry & Associates, Inc.		36,793		5,479,581
MGIC Investment Corp.		103,281		2,930,082
PayPal Holdings, Inc. ^(a)		262,997		17,636,579
Voya Financial, Inc.		38,178		2,855,714
Western Union Co. (The)		211,947		1,693,457
WEX, Inc. ^(a)(b)		8,755		1,379,175


				497,711,886

Food Products — 1.1%
Archer-Daniels-Midland Co.		401,942		24,012,015
Bunge Global SA		116,870		9,495,687
Campbell’s Co. (The)		164,515		5,195,384
Conagra Brands, Inc.		397,808		7,283,864
Darling Ingredients, Inc. ^(a)		133,094		4,108,612
Flowers Foods, Inc.		186,431		2,432,924
General Mills, Inc.		446,121		22,493,421
Hershey Co. (The)		123,780		23,153,049
Hormel Foods Corp.		242,544		6,000,539
Ingredion, Inc.		31,090		3,796,400
J M Smucker Co. (The)		88,591		9,620,983
Kellanova		223,290		18,314,246
Kraft Heinz Co. (The)		718,306		18,704,688
Lamb Weston Holdings, Inc.		118,428		6,878,298
Marzetti Co. (The)		8,467		1,463,013
McCormick & Co., Inc., NVS		210,271		14,069,233
Mondelez International, Inc., Class A		1,079,964		67,465,351
Post Holdings, Inc. ^(a)		17,531		1,884,232
Tyson Foods, Inc., Class A		237,396		12,890,603


				259,262,542

Gas Utilities — 0.2%
Atmos Energy Corp.		133,905		22,864,279
National Fuel Gas Co.		76,499		7,066,213
New Jersey Resources Corp.		83,040		3,998,376
ONE Gas, Inc.		50,155		4,059,546
Southwest Gas Holdings, Inc.		53,469		4,188,761
Spire, Inc.		48,381		3,944,019
UGI Corp.		178,604		5,940,369


				52,061,563

Ground Transportation — 1.1%
Avis Budget Group, Inc. ^(a)		13,822		2,219,468
CSX Corp.		839,923		29,825,666
JB Hunt Transport Services, Inc.		63,648		8,539,652
Knight-Swift Transportation Holdings, Inc.		135,835		5,366,841
Landstar System, Inc.		28,309		3,469,551


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Ground Transportation (continued)
Norfolk Southern Corp.		187,184	$	56,231,945
Old Dominion Freight Line, Inc.		83,879		11,808,486
Ryder System, Inc.		16,813		3,171,604
Union Pacific Corp.		494,760		116,946,421
XPO, Inc. ^(a)(b)		49,347		6,379,087


				243,958,721

Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		1,453,300		194,655,002
Align Technology, Inc. ^(a)		56,878		7,122,263
Baxter International, Inc.		434,222		9,887,235
Becton Dickinson & Co.		238,925		44,719,592
Cooper Cos., Inc. (The) ^(a)(b)		167,402		11,477,081
DENTSPLY SIRONA, Inc.		165,643		2,102,010
Dexcom, Inc. ^(a)		187,689		12,629,593
Edwards Lifesciences Corp. ^(a)		490,427		38,140,508
Envista Holdings Corp. ^(a)		143,411		2,921,282
GE HealthCare Technologies, Inc.		380,415		28,569,166
Haemonetics Corp. ^(a)		17,652		860,358
Hologic, Inc. ^(a)		187,294		12,640,472
IDEXX Laboratories, Inc. ^(a)		66,928		42,759,630
LivaNova PLC ^(a)		26,852		1,406,508
Medtronic PLC		1,069,752		101,883,180
Penumbra, Inc. ^(a)		10,986		2,782,974
Solventum Corp. ^(a)		123,120		8,987,760
STERIS PLC		82,384		20,385,097
Stryker Corp.		135,210		49,983,081
Zimmer Biomet Holdings, Inc.		165,762		16,327,557


				610,240,349

Health Care Providers & Services — 3.4%
Cardinal Health, Inc.		199,556		31,322,310
Cencora, Inc.		161,726		50,544,227
Centene Corp. ^(a)		389,257		13,888,690
Chemed Corp.		6,641		2,973,441
Cigna Group (The)		222,841		64,233,918
CVS Health Corp.		1,058,137		79,772,948
Elevance Health, Inc.		187,861		60,701,646
Encompass Health Corp.		24,217		3,076,043
HCA Healthcare, Inc.		56,011		23,871,888
Henry Schein, Inc. ^(a)		86,012		5,708,616
Humana, Inc.		100,162		26,059,148
Labcorp Holdings, Inc.		69,530		19,959,282
McKesson Corp.		103,796		80,186,562
Molina Healthcare, Inc. ^(a)(b)		45,318		8,672,053
Option Care Health, Inc. ^(a)		132,732		3,684,640
Quest Diagnostics, Inc.		92,776		17,681,250
Tenet Healthcare Corp. ^(a)		28,521		5,790,904
UnitedHealth Group, Inc.		756,313		261,154,879
Universal Health Services, Inc., Class B		47,582		9,727,664


				769,010,109

Health Care REITs — 0.5%
Alexandria Real Estate Equities, Inc.		129,565		10,797,947
Healthcare Realty Trust, Inc.		295,762		5,332,589
Healthpeak Properties, Inc.		585,839		11,218,817
Omega Healthcare Investors, Inc.		146,957		6,204,524
Sabra Health Care REIT, Inc.		196,824		3,668,799
Ventas, Inc.		380,735		26,647,643
Welltower, Inc.		256,672		45,723,550


				109,593,869


Security	Shares		Value
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		197,370	$	3,359,237
Park Hotels & Resorts, Inc.		76,262		844,983


				4,204,220

Hotels, Restaurants & Leisure — 1.4%
Aramark		219,700		8,436,480
Boyd Gaming Corp.		18,657		1,612,898
Cava Group, Inc. ^(a)(b)		19,140		1,156,247
Darden Restaurants, Inc.		55,780		10,618,281
Domino’s Pizza, Inc.		15,092		6,515,367
Marriott Vacations Worldwide Corp.		23,091		1,536,937
McDonald’s Corp.		596,173		181,171,013
MGM Resorts International ^(a)		172,936		5,993,962
Starbucks Corp.		947,825		80,185,995
Vail Resorts, Inc.		14,543		2,175,196
Yum! Brands, Inc.		137,486		20,897,872


				320,300,248

Household Durables — 0.4%
DR Horton, Inc.		231,164		39,175,363
KB Home		29,382		1,869,870
Lennar Corp., Class A		189,922		23,937,769
Mohawk Industries, Inc. ^(a)		43,780		5,644,118
NVR, Inc. ^(a)		887		7,126,743
Somnigroup International, Inc.		70,518		5,946,783
Taylor Morrison Home Corp., Class A ^(a)		82,365		5,436,914
Whirlpool Corp. ^(b)		45,911		3,608,605


				92,746,165

Household Products — 1.7%
Church & Dwight Co., Inc.		202,837		17,774,606
Clorox Co. (The)		103,155		12,719,011
Colgate-Palmolive Co.		378,504		30,257,610
Kimberly-Clark Corp.		277,959		34,561,422
Procter & Gamble Co. (The)		1,955,481		300,459,656


				395,772,305

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		591,946		7,790,009
Ormat Technologies, Inc.		28,963		2,787,689
Talen Energy Corp. ^(a)		37,935		16,136,790


				26,714,488

Industrial Conglomerates — 0.8%
3M Co.		444,362		68,956,095
Honeywell International, Inc.		529,707		111,503,324


				180,459,419

Industrial REITs — 0.5%
EastGroup Properties, Inc.		22,971		3,888,072
First Industrial Realty Trust, Inc.		51,052		2,627,647
Prologis, Inc.		776,135		88,882,980
Rexford Industrial Realty, Inc.		197,320		8,111,825
STAG Industrial, Inc.		158,246		5,584,501


				109,095,025

Insurance — 2.7%
Aflac, Inc.		401,602		44,858,943
Allstate Corp. (The)		219,739		47,166,976
American Financial Group, Inc.		32,066		4,672,658
American International Group, Inc.		462,201		36,301,267
Aon PLC, Class A		87,998		31,378,327
Arthur J. Gallagher & Co.		117,774		36,479,319
Assurant, Inc.		42,614		9,230,192
Brighthouse Financial, Inc. ^(a)		49,914		2,649,435
Chubb Ltd.		309,369		87,319,400


44		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Insurance (continued)
Cincinnati Financial Corp.		61,553	$	9,731,529
CNO Financial Group, Inc.		79,121		3,129,236
Everest Group Ltd.		35,239		12,341,755
Fidelity National Financial, Inc., Class A		213,067		12,888,423
First American Financial Corp.		85,872		5,516,417
Globe Life, Inc.		68,264		9,759,704
Hanover Insurance Group, Inc. (The)		30,161		5,478,142
Hartford Insurance Group, Inc. (The)		105,543		14,078,381
Kemper Corp.		50,180		2,586,779
Loews Corp.		141,904		14,245,743
Marsh & McLennan Cos., Inc.		230,426		46,437,752
MetLife, Inc.		466,065		38,389,774
Old Republic International Corp.		193,884		8,234,254
Principal Financial Group, Inc.		169,130		14,022,568
Prudential Financial, Inc.		294,096		30,509,519
Reinsurance Group of America, Inc.		54,685		10,506,629
Selective Insurance Group, Inc.		51,727		4,193,508
Travelers Cos., Inc. (The)		187,824		52,444,217
Unum Group		130,755		10,170,124
W R Berkley Corp.		113,492		8,695,757
Willis Towers Watson PLC		42,165		14,565,899


				627,982,627

Interactive Media & Services — 0.0%
Match Group, Inc.		203,153		7,175,364
ZoomInfo Technologies, Inc., Class A ^(a)		244,674		2,669,393


				9,844,757

IT Services — 0.9%
Accenture PLC, Class A		519,673		128,151,362
Akamai Technologies, Inc. ^(a)		118,972		9,013,319
ASGN, Inc. ^(a)		37,090		1,756,212
Cognizant Technology Solutions Corp., Class A		407,095		27,303,862
EPAM Systems, Inc. ^(a)		47,031		7,091,804
Kyndryl Holdings, Inc. ^(a)(b)		85,149		2,557,024
VeriSign, Inc.		70,323		19,660,201


				195,533,784

Leisure Products — 0.1%
Brunswick Corp.		54,175		3,426,027
Hasbro, Inc.		112,392		8,524,933
Mattel, Inc. ^(a)		266,982		4,493,307
Polaris, Inc.		44,581		2,591,494
YETI Holdings, Inc. ^(a)(b)		37,357		1,239,505


				20,275,266

Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		237,258		30,452,064
Avantor, Inc. ^(a)		577,350		7,205,328
Bio-Rad Laboratories, Inc., Class A ^(a)(b)		15,205		4,263,330
Bio-Techne Corp.		132,612		7,377,206
Bruker Corp.		48,685		1,581,776
Charles River Laboratories International, Inc. ^(a)(b)		41,056		6,423,622
Danaher Corp.		532,599		105,593,078
Illumina, Inc. ^(a)		61,255		5,817,388
IQVIA Holdings, Inc. ^(a)		141,830		26,939,190
Mettler-Toledo International, Inc. ^(a)		10,115		12,417,275
Repligen Corp. ^(a)		24,790		3,313,679
Revvity, Inc.		98,598		8,642,115
Sotera Health Co. ^(a)		81,384		1,280,170
Thermo Fisher Scientific, Inc. ^(a)		315,412		152,981,128
Waters Corp. ^(a)		26,757		8,022,016
West Pharmaceutical Services, Inc.		59,719		15,666,085


				397,975,450


Security	Shares		Value
Machinery — 1.3%
AGCO Corp.		51,798	$	5,546,012
CNH Industrial NV		728,798		7,907,458
Crane Co.		19,685		3,624,796
Deere & Co.		117,918		53,919,185
Donaldson Co., Inc.		41,544		3,400,376
Dover Corp.		63,533		10,599,210
Flowserve Corp.		33,005		1,753,886
Fortive Corp.		284,210		13,923,448
Graco, Inc.		70,615		5,999,450
IDEX Corp.		63,491		10,333,795
Illinois Tool Works, Inc.		130,820		34,112,623
ITT, Inc.		18,574		3,320,288
Lincoln Electric Holdings, Inc.		19,681		4,641,370
Middleby Corp. (The) ^(a)		38,936		5,175,763
Nordson Corp.		44,577		10,116,750
Oshkosh Corp.		53,073		6,883,568
Otis Worldwide Corp.		326,959		29,893,861
PACCAR, Inc.		197,884		19,455,955
Pentair PLC		48,626		5,385,816
Snap-on, Inc.		43,750		15,160,688
Stanley Black & Decker, Inc.		128,370		9,541,742
Terex Corp.		54,833		2,812,933
Timken Co. (The)		52,844		3,972,812
Toro Co. (The)		46,970		3,579,114
Watts Water Technologies, Inc., Class A		10,841		3,027,674
Xylem, Inc.		202,583		29,880,993


				303,969,566

Media — 0.8%
Charter Communications, Inc., Class A ^(a)(b)		77,495		21,319,262
Comcast Corp., Class A		3,072,541		96,539,238
EchoStar Corp., Class A ^(a)(b)		58,397		4,459,195
Fox Corp., Class A, NVS		176,974		11,159,981
Fox Corp., Class B		123,763		7,090,382
Interpublic Group of Cos., Inc. (The)		311,597		8,696,672
New York Times Co. (The), Class A		61,097		3,506,968
News Corp., Class A, NVS		315,531		9,689,957
News Corp., Class B ^(b)		103,777		3,585,495
Nexstar Media Group, Inc., Class A		24,392		4,823,274
Omnicom Group, Inc.		162,166		13,221,394
Paramount Skydance Corp., Class B, NVS ^(b)		257,524		4,872,354


				188,964,172

Metals & Mining — 0.9%
Alcoa Corp.		215,132		7,075,691
Cleveland-Cliffs, Inc. ^(a)(b)		406,750		4,962,350
Commercial Metals Co.		92,642		5,306,534
Freeport-McMoRan, Inc.		1,202,036		47,143,852
MP Materials Corp., Class A ^(a)		62,901		4,218,770
Newmont Corp.		916,410		77,262,527
Nucor Corp.		192,843		26,116,727
Reliance, Inc.		44,022		12,362,698
Royal Gold, Inc.		30,591		6,135,943
Steel Dynamics, Inc.		115,362		16,084,924


				206,670,016

Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Annaly Capital Management, Inc.		535,675		10,825,992
Starwood Property Trust, Inc.		290,321		5,623,518


				16,449,510

Multi-Utilities — 1.2%
Ameren Corp.		225,217		23,508,150
Black Hills Corp.		59,603		3,670,949
CenterPoint Energy, Inc.		542,507		21,049,272


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Multi-Utilities (continued)
CMS Energy Corp.		251,551	$	18,428,626
Consolidated Edison, Inc.		301,139		30,270,492
Dominion Energy, Inc.		711,251		43,507,224
DTE Energy Co.		173,768		24,576,008
NiSource, Inc.		392,277		16,985,594
Northwestern Energy Group, Inc.		51,749		3,033,009
Public Service Enterprise Group, Inc.		219,563		18,324,728
Sempra		544,759		49,017,415
WEC Energy Group, Inc.		269,339		30,863,556


				283,235,023

Office REITs — 0.1%
BXP, Inc.		124,239		9,235,927
COPT Defense Properties		44,518		1,293,693
Cousins Properties, Inc.		138,974		4,021,908
Kilroy Realty Corp.		88,480		3,738,280
Vornado Realty Trust		37,325		1,512,782


				19,802,590

Oil, Gas & Consumable Fuels — 5.3%
Antero Midstream Corp.		141,365		2,748,136
Antero Resources Corp. ^(a)		244,179		8,194,647
APA Corp.		295,993		7,186,710
Chevron Corp.		1,607,249		249,589,697
Chord Energy Corp.		48,351		4,804,639
Civitas Resources, Inc.		72,726		2,363,595
ConocoPhillips		1,042,004		98,563,158
Coterra Energy, Inc.		637,801		15,083,994
Devon Energy Corp.		529,628		18,568,758
Diamondback Energy, Inc.		156,264		22,361,378
EOG Resources, Inc.		455,266		51,044,424
EQT Corp.		520,662		28,339,633
Expand Energy Corp.		198,654		21,105,001
Exxon Mobil Corp.		3,559,870		401,375,342
HF Sinclair Corp.		133,940		7,010,420
Kinder Morgan, Inc.		1,631,434		46,185,896
Marathon Petroleum Corp.		253,611		48,880,984
Matador Resources Co.		34,561		1,552,826
Murphy Oil Corp.		112,870		3,206,637
Occidental Petroleum Corp.		599,555		28,328,974
ONEOK, Inc.		230,153		16,794,264
Ovintiv, Inc.		213,921		8,638,130
PBF Energy, Inc., Class A		68,536		2,067,731
PetroCorp Escrow ^(a)(d)		190		—
Phillips 66		337,180		45,863,224
Range Resources Corp.		106,404		4,005,046
Valero Energy Corp.		259,200		44,131,392
Williams Cos., Inc. (The)		490,276		31,058,985


				1,219,053,621

Passenger Airlines — 0.1%
Southwest Airlines Co.		438,178		13,982,260


Personal Care Products — 0.2%
BellRing Brands, Inc. ^(a)		58,500		2,126,475
Coty, Inc., Class A ^(a)		319,661		1,291,430
Estee Lauder Cos., Inc. (The), Class A		194,141		17,107,705
Kenvue, Inc.		1,604,676		26,043,892


				46,569,502

Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		1,697,410		76,553,191
Elanco Animal Health, Inc. ^(a)		415,301		8,364,162
Jazz Pharmaceuticals PLC ^(a)		50,192		6,615,306
Johnson & Johnson		2,010,998		372,879,249


Security	Shares		Value
Pharmaceuticals (continued)
Merck & Co., Inc.		2,083,854	$	174,897,866
Perrigo Co. PLC		113,641		2,530,785
Pfizer, Inc.		4,752,519		121,094,184
Viatris, Inc.		970,939		9,612,296
Zoetis, Inc., Class A		371,076		54,295,841


				826,842,880

Professional Services — 0.7%
Automatic Data Processing, Inc.		145,961		42,839,554
Broadridge Financial Solutions, Inc.		54,532		12,987,886
CACI International, Inc., Class A ^(a)		7,174		3,578,248
Concentrix Corp.		39,411		1,818,818
Equifax, Inc.		103,970		26,671,424
Exponent, Inc.		17,507		1,216,386
FTI Consulting, Inc. ^(a)		26,048		4,210,659
Genpact Ltd.		64,074		2,684,060
Insperity, Inc.		29,029		1,428,227
Jacobs Solutions, Inc.		100,299		15,030,808
KBR, Inc.		64,421		3,046,469
Leidos Holdings, Inc.		51,942		9,814,960
Maximus, Inc.		46,602		4,258,025
Paychex, Inc.		143,774		18,224,792
Science Applications International Corp.		38,994		3,874,834
Verisk Analytics, Inc.		64,857		16,312,184


				167,997,334

Real Estate Management & Development — 0.2%
CoStar Group, Inc. ^(a)		354,149		29,879,551
Jones Lang LaSalle, Inc. ^(a)		18,551		5,533,392


				35,412,943

Residential REITs — 0.4%
American Homes 4 Rent, Class A		166,633		5,540,547
AvalonBay Communities, Inc.		66,571		12,859,520
Camden Property Trust		43,768		4,673,547
Equity LifeStyle Properties, Inc.		80,414		4,881,130
Equity Residential		289,914		18,766,133
Essex Property Trust, Inc.		27,806		7,442,554
Independence Realty Trust, Inc.		76,070		1,246,787
Invitation Homes, Inc.		474,918		13,929,345
Mid-America Apartment Communities, Inc.		57,643		8,054,457
UDR, Inc.		137,501		5,123,287


				82,517,307

Retail REITs — 0.4%
Agree Realty Corp.		53,994		3,835,734
Brixmor Property Group, Inc.		114,102		3,158,343
Federal Realty Investment Trust		66,186		6,705,304
Kimco Realty Corp.		561,803		12,275,396
Kite Realty Group Trust		105,214		2,346,272
NNN REIT, Inc.		158,372		6,741,896
Realty Income Corp.		762,820		46,371,828
Regency Centers Corp.		135,967		9,911,994


				91,346,767

Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices, Inc. ^(a)		1,355,486		219,304,080
Allegro MicroSystems, Inc. ^(a)(b)		62,110		1,813,612
Amkor Technology, Inc.		95,553		2,713,705
Analog Devices, Inc.		414,671		101,884,665
Applied Materials, Inc.		388,330		79,506,684
Cirrus Logic, Inc. ^(a)		17,520		2,195,081
Entegris, Inc.		60,344		5,579,406
First Solar, Inc. ^(a)		41,864		9,232,268
Intel Corp.		3,651,698		122,514,468


46		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lam Research Corp.		1,055,916	$	141,387,152
Lattice Semiconductor Corp. ^(a)(b)		58,486		4,288,193
Microchip Technology, Inc.		449,570		28,871,385
Micron Technology, Inc.		935,201		156,477,831
MKS, Inc.		33,206		4,109,907
NXP Semiconductors NV ^(b)		126,786		28,872,976
ON Semiconductor Corp. ^(a)(b)		341,235		16,826,298
Onto Innovation, Inc. ^(a)		18,037		2,330,741
Power Integrations, Inc.		30,494		1,226,164
QUALCOMM, Inc.		901,343		149,947,421
Silicon Laboratories, Inc. ^(a)		14,883		1,951,608
Skyworks Solutions, Inc.		125,420		9,654,832
Synaptics, Inc. ^(a)		32,952		2,251,940
Teradyne, Inc.		133,496		18,374,389
Texas Instruments, Inc.		759,152		139,478,997
Universal Display Corp.		19,663		2,824,197


				1,253,618,000

Software — 7.8%
Adobe, Inc. ^(a)		205,276		72,411,109
BILL Holdings, Inc. ^(a)(b)		78,980		4,183,571
Blackbaud, Inc. ^(a)		15,485		995,840
Cadence Design Systems, Inc. ^(a)		102,457		35,989,046
Dolby Laboratories, Inc., Class A		51,875		3,754,194
Dropbox, Inc., Class A ^(a)		63,980		1,932,836
Gen Digital, Inc.		199,523		5,664,458
Microsoft Corp.		2,979,286		1,543,121,184
PTC, Inc. ^(a)		52,478		10,654,083
Qualys, Inc. ^(a)		12,849		1,700,308
Roper Technologies, Inc.		89,915		44,839,711
Synopsys, Inc. ^(a)		74,391		36,703,775
Workday, Inc., Class A ^(a)		95,968		23,102,377


				1,785,052,492

Specialized REITs — 1.3%
American Tower Corp.		390,438		75,089,036
Crown Castle, Inc.		364,026		35,124,869
CubeSmart		86,644		3,522,945
Digital Realty Trust, Inc.		267,431		46,233,471
EPR Properties		64,528		3,743,269
Equinix, Inc.		43,230		33,859,465
Extra Space Storage, Inc.		97,136		13,690,348
Gaming & Leisure Properties, Inc.		135,398		6,310,901
Lamar Advertising Co., Class A		27,096		3,317,092
PotlatchDeltic Corp.		60,404		2,461,463
Rayonier, Inc.		119,309		3,166,461
SBA Communications Corp., Class A		90,119		17,424,509
VICI Properties, Inc.		890,847		29,050,521
Weyerhaeuser Co.		605,587		15,012,502


				288,006,852

Specialty Retail — 2.2%
AutoNation, Inc. ^(a)		23,582		5,159,034
Bath & Body Works, Inc.		88,502		2,279,812
Best Buy Co., Inc.		163,994		12,401,226
CarMax, Inc. ^(a)(b)		125,062		5,611,532
Dick’s Sporting Goods, Inc.		22,320		4,959,950
Five Below, Inc. ^(a)		45,681		7,066,851
Floor & Decor Holdings, Inc., Class A ^(a)(b)		39,249		2,892,651
GameStop Corp., Class A ^(a)(b)		189,291		5,163,859
Gap, Inc. (The)		196,326		4,199,413
Home Depot, Inc. (The)		465,479		188,607,436
Lithia Motors, Inc., Class A		21,559		6,812,644
Lowe’s Cos., Inc.		467,969		117,605,289


Security	Shares		Value
Specialty Retail (continued)
Penske Automotive Group, Inc.		15,559	$	2,705,866
RH ^(a)		6,100		1,239,276
Ross Stores, Inc.		272,899		41,587,079
TJX Cos., Inc. (The)		381,235		55,103,707
Tractor Supply Co.		204,662		11,639,128
Ulta Beauty, Inc. ^(a)		37,691		20,607,554


				495,642,307

Technology Hardware, Storage & Peripherals — 8.1%
Apple Inc.		6,691,657		1,703,896,622
Dell Technologies, Inc., Class C		134,583		19,079,832
Hewlett Packard Enterprise Co.		1,096,282		26,924,686
HP, Inc.		783,146		21,325,066
NetApp, Inc.		88,455		10,478,379
Seagate Technology Holdings PLC		177,434		41,885,070
Western Digital Corp.		290,386		34,863,743


				1,858,453,398

Textiles, Apparel & Luxury Goods — 0.4%
Capri Holdings Ltd. ^(a)		97,594		1,944,072
Columbia Sportswear Co.		21,498		1,124,345
Lululemon Athletica, Inc. ^(a)(b)		49,748		8,851,662
NIKE, Inc., Class B		991,182		69,115,121
PVH Corp.		40,163		3,364,455
Under Armour, Inc., Class A ^(a)(b)		151,495		755,960
Under Armour, Inc., Class C, NVS ^(a)(b)		116,067		560,604
VF Corp.		276,293		3,986,908


				89,703,127

Tobacco — 0.6%
Altria Group, Inc.		757,679		50,052,275
Philip Morris International, Inc.		598,764		97,119,521


				147,171,796

Trading Companies & Distributors — 0.2%
Core & Main, Inc., Class A ^(a)		60,994		3,283,307
Fastenal Co.		411,528		20,181,333
GATX Corp.		11,205		1,958,634
MSC Industrial Direct Co., Inc., Class A		38,925		3,586,550
Watsco, Inc.		11,138		4,503,093
WESCO International, Inc.		40,608		8,588,592


				42,101,509

Water Utilities — 0.1%
American Water Works Co., Inc.		162,746		22,652,616
Essential Utilities, Inc.		233,984		9,335,961


				31,988,577

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		189,724		45,416,131


Total Long-Term Investments — 99.8% (Cost: $19,978,523,112)				22,828,652,028


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(e)(f)		81,842,846	$	81,883,767
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(e)		43,060,266		43,060,266


Total Short-Term Securities — 0.6% (Cost: $124,907,112)				124,944,033


Total Investments — 100.4% (Cost: $20,103,430,224)				22,953,596,061

Liabilities in Excess of Other Assets — (0.4)%				(84,244,772	)


Net Assets — 100.0%			$	22,869,351,289

^(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



Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	112,890,025	$	—		$	(31,015,424	) ^(a)	$	3,745	$	5,421	$	81,883,767		81,842,846	$	895,902 ^(b	⁾	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,277,756		1,782,510	^(a)		—			—		—		43,060,266		43,060,266		732,388			—
BlackRock, Inc.		110,132,413		10,497,158			(6,409,843	)		959,333		24,879,234		140,058,295		120,132		1,225,126			—


									$	963,078	$	24,884,655	$	265,002,328			$	2,853,416		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Consumer Staples Select Sector Index		15		12/19/25	$	1,196	$	(15,169	)
Russell 1000 Value E-Mini Index		353		12/19/25		35,604		107,620

							$	92,451


48		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Core S&P U.S. Value ETF

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:



	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)	$	—	$	—	$	107,620	$	—	$	—	$	—	$	107,620


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts ^(a)	$	—	$	—	$	15,169	$	—	$	—	$	—	$	15,169

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,973,190		$	—	$	—	$	—	$	3,973,190


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(929,752	)	$	—	$	—	$	—	$	(929,752	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	41,737,063

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




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	22,828,652,028		$	—	$	—	$	22,828,652,028
Short-Term Securities
Money Market Funds		124,944,033			—		—		124,944,033


	$	22,953,596,061		$	—	$	—	$	22,953,596,061

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	107,620		$	—	$	—	$	107,620
Liabilities
Equity Contracts		(15,169	)		—		—		(15,169	)


	$	92,451		$	—	$	—	$	92,451

^(a)	Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		49

Statements of Assets and Liabilities (unaudited)

September 30, 2025


	iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF		iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	99,582,531,989	$	12,748,168,541	$	25,207,752,650	$	22,688,593,733
Investments, at value — affiliated ^(c)		4,948,331,360		77,743,777,501		215,105,513		265,002,328
Cash		408,607		1,548,626		34		41,540
Cash pledged:
Collateral — OTC derivatives		1,160,000		18,580,000		—		—
Futures contracts		11,955,000		12,020,000		947,620		3,998,190
Receivables:
Investments sold		—		159,235		—		—
Securities lending income — affiliated		965,056		7,991,480		33,936		18,020
Swaps		205,936		8,762,420		—		—
Capital shares sold		867,928		276,210		23,676		510,510
Dividends — unaffiliated		86,514,006		94,131,743		3,936,730		17,538,343
Dividends — affiliated		993,794		3,849,899		69,166		131,979
Variation margin on futures contracts		203,130		289,844		40,768		124,510
Unrealized appreciation on OTC swaps		321,832		39,407,499		—		—


Total assets		104,634,458,638		90,678,962,998		25,427,910,093		22,975,959,153


LIABILITIES
Cash received:
Collateral — OTC derivatives		—		25,268,000		—		—
Collateral on securities loaned		4,691,126,838		4,751,506,146		198,777,895		81,782,408
Payables:
Investments purchased		87,386,066		—		—		24,096,119
Capital shares redeemed		—		—		781,318		—
Investment advisory fees		4,120,973		4,223,228		826,672		729,337
Unrealized depreciation on OTC swaps		3,624,777		28,738,872		—		—


Total liabilities		4,786,258,654		4,809,736,246		200,385,885		106,607,864


Commitments and contingent liabilities

NET ASSETS	$	99,848,199,984	$	85,869,226,752	$	25,227,524,208	$	22,869,351,289


NET ASSETS CONSIST OF:
Paid-in capital	$	81,966,248,941	$	75,591,522,405	$	16,425,421,201	$	21,658,776,030
Accumulated earnings		17,881,951,043		10,277,704,347		8,802,103,007		1,210,575,259


NET ASSETS	$	99,848,199,984	$	85,869,226,752	$	25,227,524,208	$	22,869,351,289


NET ASSET VALUE
Shares outstanding		1,529,900,000		722,800,000		153,250,000		228,750,000


Net asset value	$	65.26	$	118.80	$	164.62	$	99.98


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a) Investments, at cost — unaffiliated	$	80,322,248,105	$	11,633,724,067	$	15,101,800,238	$	19,885,926,474
^(b) Securities loaned, at value	$	4,591,930,351	$	4,658,101,315	$	194,835,327	$	79,940,277
^(c) Investments, at cost — affiliated	$	4,945,936,992	$	65,567,661,961	$	215,063,189	$	217,503,750

See notes to financial statements.


50		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	714,895,854		$	74,762,187		$	76,037,884		$	208,295,029
Dividends — affiliated		5,584,267			628,591,201			474,587			1,957,514
Interest — unaffiliated		227,966			356,321			4,296			12,873
Securities lending income — affiliated — net		5,074,652			13,741,450			198,717			895,902
Foreign taxes withheld		(526,726	)		(766,646	)		(37,554	)		(37,515	)


Total investment income		725,256,013			716,684,513			76,677,930			211,123,803


EXPENSES
Investment advisory		23,563,299			23,913,870			4,546,298			4,153,723
Interest expense		9,729			50,719			136			2,535


Total expenses		23,573,028			23,964,589			4,546,434			4,156,258


Net investment income		701,682,985			692,719,924			72,131,496			206,967,545


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		20,091,615			351,530,025			23,096,578			(39,598,734	)
Investments — affiliated		(92,163	)		196,929,027			(3,040	)		(16,514	)
Futures contracts		13,328,587			41,725,385			5,149,519			3,973,190
In-kind redemptions — unaffiliated ^(a)		2,142,185,366			124,204,072			507,503,057			122,499,313
In-kind redemptions — affiliated ^(a)		—			1,396,391,426			—			979,592
Swaps		10,797,329			130,734,850			—			—


		2,186,310,734			2,241,514,785			535,746,114			87,836,847


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		8,282,112,326			1,497,682,833			5,286,412,408			1,594,953,929
Investments — affiliated		239,576			6,318,237,804			8,614			24,884,655
Futures contracts		(6,354,730	)		(486,072	)		313,643			(929,752	)
Swaps		(7,636,987	)		16,468,453			—			—


		8,268,360,185			7,831,903,018			5,286,734,665			1,618,908,832


Net realized and unrealized gain		10,454,670,919			10,073,417,803			5,822,480,779			1,706,745,679


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,156,353,904		$	10,766,137,727		$	5,894,612,275		$	1,913,713,224

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		51

Statements of Changes in Net Assets


	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	701,682,985		$	1,294,855,543		$	692,719,924		$	1,251,462,662
Net realized gain		2,186,310,734			3,362,427,779			2,241,514,785			2,134,314,862
Net change in unrealized appreciation (depreciation)		8,268,360,185			(7,394,368,452	)		7,831,903,018			(6,442,836,841	)


Net increase (decrease) in net assets resulting from operations		11,156,353,904			(2,737,085,130	)		10,766,137,727			(3,057,059,317	)


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(613,431,962	) ^(b)		(1,228,803,824	)		(602,946,654	) ^(b)		(1,760,277,664	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(159,924,765	)		8,369,383,012			(2,718,492,554	)		2,882,602,598


NET ASSETS
Total increase (decrease) in net assets		10,382,997,177			4,403,494,058			7,444,698,519			(1,934,734,383	)
Beginning of period		89,465,202,807			85,061,708,749			78,424,528,233			80,359,262,616


End of period	$	99,848,199,984		$	89,465,202,807		$	85,869,226,752		$	78,424,528,233

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


52		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets (continued)


	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	72,131,496		$	128,169,647		$	206,967,545		$	394,475,640
Net realized gain		535,746,114			2,821,458,523			87,836,847			1,479,321,670
Net change in unrealized appreciation (depreciation)		5,286,734,665			(1,284,335,276	)		1,618,908,832			(1,084,242,849	)


Net increase in net assets resulting from operations		5,894,612,275			1,665,292,894			1,913,713,224			789,554,461


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(71,267,961	) ^(b)		(124,512,004	)		(200,479,087	) ^(b)		(393,543,488	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(53,111,627	)		994,309,005			942,690,068			2,815,407,464


NET ASSETS
Total increase in net assets		5,770,232,687			2,535,089,895			2,655,924,205			3,211,418,437
Beginning of period		19,457,291,521			16,922,201,626			20,213,427,084			17,002,008,647


End of period	$	25,227,524,208		$	19,457,291,521		$	22,869,351,289		$	20,213,427,084

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		53

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P Mid-Cap ETF
		Six Months Ended 09/30/25 (unaudited	)		Year Ended 03/31/25			Year Ended 03/31/24	^(a)		Year Ended 03/31/23	^(a)		Year Ended 03/31/22	^(a)		Year Ended 03/31/21	^(a)

Net asset value, beginning of period	$	58.33		$	60.80		$	50.03		$	53.68		$	52.03		$	28.77

Net investment income ^(b)		0.46			0.88			0.83			0.80			0.68			0.55
Net realized and unrealized gain (loss) ^(c)		6.87			(2.52	)		10.72			(3.62	)		1.68			23.27


Net increase (decrease) from investment operations		7.33			(1.64	)		11.55			(2.82	)		2.36			23.82


Distributions from net investment income ^(d)		(0.40	) ^(e)		(0.83	)		(0.78	)		(0.83	)		(0.71	)		(0.56	)


Net asset value, end of period	$	65.26		$	58.33		$	60.80		$	50.03		$	53.68		$	52.03


Total Return ^(f)
Based on net asset value		12.61	% ^(g)		(2.76	)%		23.30	%		(5.13	)%		4.51	%		83.36	%


Ratios to Average Net Assets ^(h)
Total expenses		0.05	% ⁽ⁱ⁾		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%


Net investment income		1.49	% ⁽ⁱ⁾		1.44	%		1.59	%		1.62	%		1.26	%		1.36	%


Supplemental Data
Net assets, end of period (000)	$	99,848,200		$	89,465,203		$	85,061,709		$	66,508,277		$	66,023,819		$	61,137,875


Portfolio turnover rate ^(j)(k)		8	%		18	%		19	%		18	%		16	%		20	%

^(a)	Per share amounts reflect a five-for-one stock split effective after the close of trading on February 21, 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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

^(k)	Excludes underlying investments in equity swaps.

See notes to financial statements.


54		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Small-Cap ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	104.59		$	110.59		$	96.76		$	107.93		$	108.34		$	56.22

Net investment income ^(a)		0.95			1.69			1.70			1.57			1.13			1.03
Net realized and unrealized gain (loss) ^(b)		14.09			(5.33	)		13.55			(11.24	)		0.12			52.13


Net increase (decrease) from investment operations		15.04			(3.64	)		15.25			(9.67	)		1.25			53.16


Distributions from net investment income ^(c)		(0.83	) ^(d)		(2.36	)		(1.42	)		(1.50	)		(1.66	)		(1.04	)


Net asset value, end of period	$	118.80		$	104.59		$	110.59		$	96.76		$	107.93		$	108.34


Total Return ^(e)
Based on net asset value		14.43	% ^(f)		(3.46	)%		15.91	%		(8.90	)%		1.12	%		95.23	% ^(g)


Ratios to Average Net Assets ^(h)
Total expenses		0.06	% ⁽ⁱ⁾		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%


Net investment income		1.74	% ⁽ⁱ⁾		1.49	%		1.71	%		1.60	%		1.02	%		1.28	%


Supplemental Data
Net assets, end of period (000)	$	85,869,227		$	78,424,528		$	80,359,263		$	66,756,826		$	72,070,280		$	68,273,012


Portfolio turnover rate ^(j)(k)		8	%		25	%		25	%		19	%		16	%		20	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

^(k)	Excludes underlying investments in equity swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Growth ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	127.26		$	117.27		$	88.82		$	105.47		$	90.74		$	57.16

Net investment income ^(a)		0.46			0.86			1.09			0.96			0.72			0.76
Net realized and unrealized gain (loss) ^(b)		37.36			9.96			28.42			(16.67	)		14.73			33.62


Net increase (decrease) from investment operations		37.82			10.82			29.51			(15.71	)		15.45			34.38


Distributions from net investment income ^(c)		(0.46	) ^(d)		(0.83	)		(1.06	)		(0.94	)		(0.72	)		(0.80	)


Net asset value, end of period	$	164.62		$	127.26		$	117.27		$	88.82		$	105.47		$	90.74


Total Return ^(e)
Based on net asset value		29.74	% ^(f)		9.19	%		33.45	%		(14.86	)%		17.03	%		60.34	%


Ratios to Average Net Assets ^(g)
Total expenses		0.04	% ^(h)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%


Net investment income		0.63	% ^(h)		0.66	%		1.09	%		1.10	%		0.69	%		0.96	%


Supplemental Data
Net assets, end of period (000)	$	25,227,524		$	19,457,292		$	16,922,202		$	12,323,462		$	12,857,333		$	10,461,747


Portfolio turnover rate ⁽ⁱ⁾		2	%		21	%		31	%		36	%		15	%		14	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


56		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	92.28		$	90.46		$	73.78		$	75.80		$	68.82		$	46.23

Net investment income ^(a)		0.94			1.94			1.63			1.55			1.50			1.43
Net realized and unrealized gain (loss) ^(b)		7.66			1.80			16.62			(2.02	)		6.93			22.60


Net increase (decrease) from investment operations		8.60			3.74			18.25			(0.47	)		8.43			24.03


Distributions from net investment income ^(c)		(0.90	) ^(d)		(1.92	)		(1.57	)		(1.55	)		(1.45	)		(1.44	)


Net asset value, end of period	$	99.98		$	92.28		$	90.46		$	73.78		$	75.80		$	68.82


Total Return ^(e)
Based on net asset value		9.37	% ^(f)		4.14	%		25.02	%		(0.46	)%		12.33	%		52.59	%


Ratios to Average Net Assets ^(g)
Total expenses		0.04	% ^(h)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%


Net investment income		1.99	% ^(h)		2.09	%		2.05	%		2.18	%		2.04	%		2.48	%


Supplemental Data
Net assets, end of period (000)	$	22,869,351		$	20,213,427		$	17,002,009		$	13,283,986		$	12,123,855		$	9,084,867


Portfolio turnover rate ⁽ⁱ⁾		2	%		31	%		33	%		31	%		20	%		25	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		57

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):


iShares ETF		Diversification Classification
Core S&P Mid-Cap		Diversified

Core S&P Small-Cap		Diversified

Core S&P U.S. Growth ^(a)		Diversified

Core S&P U.S. Value		Diversified

^(a)

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.


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Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)

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

Core S&P Mid-Cap

Barclays Bank PLC	$	92,446,064	$	(92,446,064	)	$	—	$	—

Barclays Capital, Inc.		1,806,903		(1,806,903	)		—		—

BMO Capital Markets Corp.		108,588		(108,300	)		—		288	^(b)

BNP Paribas SA		567,827,429		(567,827,429	)		—		—

BofA Securities, Inc.		277,001,791		(277,001,791	)		—		—

Citadel Clearing LLC		5,865,678		(5,865,678	)		—		—

Citigroup Global Markets, Inc.		544,138,439		(544,138,439	)		—		—

Deutsche Bank Securities, Inc.		251,988		(246,675	)		—		5,313

Goldman Sachs & Co. LLC		510,013,591		(510,013,591	)		—		—

HSBC Bank PLC		74,911,663		(74,911,663	)		—		—

ING Financial Markets LLC		6,307,200		(6,307,200	)		—		—

J.P. Morgan Securities LLC		526,091,574		(526,091,574	)		—		—

Jefferies LLC		65,627,001		(65,627,001	)		—		—

Morgan Stanley		620,911,551		(620,911,551	)		—		—

National Bank of Canada		6,925,442		(6,925,442	)		—		—

National Financial Services LLC		238,992,072		(238,992,072	)		—		—

Natixis SA		134,182,797		(133,676,850	)		—		505,947	^(b)

Nomura Securities International, Inc.		13,113		(13,113	)		—		—

Pershing LLC		77,763		(77,763	)		—		—

Scotia Capital (USA), Inc.		86,209,149		(86,209,149	)		—		—

SG Americas Securities LLC		28,033,509		(28,033,509	)		—		—

State Street Bank & Trust Co.		176,086,185		(176,086,185	)		—		—

Toronto-Dominion Bank		3,582,732		(3,582,732	)		—		—

UBS AG		204,472,023		(204,472,023	)		—		—

UBS Securities LLC		214,512,352		(214,512,352	)		—		—

Virtu Americas LLC		15,814,726		(15,814,726	)		—		—

Wells Fargo Bank N.A.		86,968,029		(86,968,029	)		—		—

Wells Fargo Securities LLC		102,750,999		(102,750,999	)		—		—


	$	4,591,930,351	$	(4,591,418,803	)	$	—	$	511,548


Core S&P Small-Cap

Barclays Bank PLC	$	171,382,262	$	(171,382,262	)	$	—	$	—

Barclays Capital, Inc.		1,443,447		(1,443,447	)		—		—

BMO Capital Markets Corp.		1,083,413		(1,083,413	)		—		—

BNP Paribas SA		509,577,589		(503,047,203	)		—		6,530,386


60		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)			Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount

Core S&P Small-Cap (continued)

BofA Securities, Inc.	$	490,512,219	$	(490,512,219	)	$	—	$	—

Citadel Clearing LLC		3,330,612		(3,330,612	)		—		—

Citigroup Global Markets, Inc.		626,613,898		(626,613,898	)		—		—

Goldman Sachs & Co. LLC		774,408,853		(774,408,853	)		—		—

HSBC Bank PLC		60,904,260		(60,904,260	)		—		—

J.P. Morgan Securities LLC		246,478,056		(246,478,056	)		—		—

Jefferies LLC		62,674,705		(62,674,705	)		—		—

Morgan Stanley		864,923,905		(864,923,905	)		—		—

National Bank of Canada		2,476,275		(2,476,275	)		—		—

National Financial Services LLC		132,288,952		(132,288,952	)		—		—

Natixis SA		106,009,916		(106,009,916	)		—		—

Nomura Securities International, Inc.		117,365		(117,365	)		—		—

Pershing LLC		114,889		(114,889	)		—		—

RBC Capital Market LLC		9,545,281		(9,545,281	)		—		—

Scotia Capital (USA), Inc.		5,091,608		(5,091,608	)		—		—

Scotia Capital, Inc.		22,915,488		(22,915,488	)		—		—

State Street Bank & Trust Co.		66,792,073		(66,792,073	)		—		—

Toronto-Dominion Bank		33,705,351		(33,705,351	)		—		—

UBS AG		106,319,472		(106,319,472	)		—		—

UBS Securities LLC		7,984,356		(7,984,356	)		—		—

Virtu Americas LLC		22,765,547		(22,765,547	)		—		—

Wells Fargo Bank N.A.		76,874,600		(76,874,600	)		—		—

Wells Fargo Securities LLC		251,766,923		(251,766,923	)		—		—


	$	4,658,101,315	$	(4,651,570,929	)	$	—	$	6,530,386


Core S&P U.S. Growth

Barclays Bank PLC	$	7,359,530	$	(7,359,530	)	$	—	$	—

BNP Paribas SA		12,817,850		(12,817,850	)		—		—

BofA Securities, Inc.		100,945,842		(100,945,842	)		—		—

Citigroup Global Markets, Inc.		5,961,145		(5,961,145	)		—		—

Goldman Sachs & Co. LLC		5,089,088		(5,089,088	)		—		—

J.P. Morgan Securities LLC		5,292,709		(5,292,709	)		—		—

Jefferies LLC		4,715,879		(4,670,346	)		—		45,533

Morgan Stanley		11,505,210		(11,505,210	)		—		—

National Bank of Canada		6,403		(6,360	)		—		43	^(b)

National Financial Services LLC		9,110,597		(9,110,597	)		—		—

State Street Bank & Trust Co.		24,130,413		(24,130,413	)		—		—

UBS AG		125,222		(125,222	)		—		—

Wells Fargo Bank N.A.		1,442,792		(1,442,792	)		—		—

Wells Fargo Securities LLC		6,332,647		(6,332,647	)		—		—


	$	194,835,327	$	(194,789,751	)	$	—	$	45,576


Core S&P U.S. Value

Barclays Bank PLC	$	4,107,541	$	(4,031,598	)	$	—	$	75,943	^(b)

Barclays Capital, Inc.		14,490		(14,490	)		—		—

BNP Paribas SA		1,676,896		(1,676,896	)		—		—

BofA Securities, Inc.		8,950,604		(8,950,604	)		—		—

Citigroup Global Markets, Inc.		7,760,416		(7,760,416	)		—		—

Goldman Sachs & Co. LLC		28,279,308		(28,279,308	)		—		—

J.P. Morgan Securities LLC		5,541,997		(5,541,997	)		—		—

Jefferies LLC		106,904		(105,349	)		—		1,555	^(b)

Morgan Stanley		7,779,189		(7,779,189	)		—		—

National Financial Services LLC		2,227,132		(2,227,132	)		—		—


N O T E S T O F I N A N C I A L S T A T E M E N T S		61

Notes to Financial Statements (unaudited) (continued)


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)			Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount

Core S&P U.S. Value (continued)

Scotia Capital (USA), Inc.	$	3,375,094	$	(3,375,094	)	$	—	$	—

SG Americas Securities LLC		533,790		(533,790	)		—		—

State Street Bank & Trust Co.		8,054		(8,054	)		—		—

UBS Securities LLC		4,843,400		(4,843,400	)		—		—

Virtu Americas LLC		183,115		(183,115	)		—		—

Wells Fargo Bank N.A.		3,734,744		(3,724,575	)		—		10,169	^(b)

Wells Fargo Securities LLC		817,603		(817,603	)		—		—


	$	79,940,277	$	(79,852,610	)	$	—	$	87,667

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.


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Notes to Financial Statements (unaudited) (continued)

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fees
Core S&P Mid-Cap		0.05%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

Notes to Financial Statements (unaudited) (continued)

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.

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.


iShares ETF	Amounts
Core S&P Mid-Cap	$	2,087,394
Core S&P Small-Cap		4,067,498
Core S&P U.S. Growth		84,406
Core S&P U.S. Value		228,903

Trustees and Officers : Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core S&P Mid-Cap	$	444,071,622	$	322,538,813	$	10,118,772
Core S&P Small-Cap		66,404,307		379,013,701		180,239,708
Core S&P U.S. Growth		209,584,415		153,581,898		4,302,359
Core S&P U.S. Value		120,943,219		77,091,187		(13,995,622	)

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Core S&P Mid-Cap	$	7,763,332,234	$	7,510,502,758
Core S&P Small-Cap		6,547,009,866		6,633,987,409
Core S&P U.S. Growth		566,089,469		547,008,155
Core S&P U.S. Value		536,187,156		501,513,420

For the six months ended September 30, 2025, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Core S&P Mid-Cap	$	5,183,183,022	$	5,351,313,924
Core S&P Small-Cap		3,284,398,312		5,976,960,982
Core S&P U.S. Growth		865,134,563		918,188,029
Core S&P U.S. Value		1,534,852,252		595,881,418


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Notes to Financial Statements (unaudited) (continued)

8.	INCOME TAX INFORMATION

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards ^(a)			Qualified Late-Year Ordinary Losses ^(b)
Core S&P Mid-Cap	$	(3,519,221,967	)	$	—
Core S&P Small-Cap		(4,902,101,296	)		(160,656,213	)
Core S&P U.S. Growth		(1,842,554,345	)		—
Core S&P U.S. Value		(1,724,253,023	)		—

^(a)	Amounts available to offset future realized capital gains.

^(b)	The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core S&P Mid-Cap	$	85,634,676,243	$	24,503,119,406	$	(5,612,188,708	)	$	18,890,930,698
Core S&P Small-Cap		77,498,754,622		22,484,261,920		(9,479,398,780	)		13,004,863,140
Core S&P U.S. Growth		15,323,179,236		10,262,948,198		(162,946,221	)		10,100,001,977
Core S&P U.S. Value		20,125,567,475		3,710,802,766		(882,681,729	)		2,828,121,037

9.	PRINCIPAL RISKS

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		65

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/25						Year Ended 03/31/25

iShares ETF	Shares			Amount			Shares			Amount
Core S&P Mid-Cap
Shares sold		85,400,000		$	5,254,320,271			256,200,000		$	15,854,479,058
Shares redeemed		(89,350,000	)		(5,414,245,036	)		(121,450,000	)		(7,485,096,046	)

		(3,950,000	)	$	(159,924,765	)		134,750,000		$	8,369,383,012

Core S&P Small-Cap
Shares sold		29,600,000		$	3,317,364,930			75,700,000		$	8,732,983,572
Shares redeemed		(56,650,000	)		(6,035,857,484	)		(52,500,000	)		(5,850,380,974	)

		(27,050,000	)	$	(2,718,492,554	)		23,200,000		$	2,882,602,598


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Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 09/30/25						Year Ended 03/31/25
iShares ETF	Shares			Amount			Shares			Amount
Core S&P U.S. Growth
Shares sold		6,450,000		$	868,035,784			49,450,000		$	6,702,273,543
Shares redeemed		(6,100,000	)		(921,147,411	)		(40,850,000	)		(5,707,964,538	)

		350,000		$	(53,111,627	)		8,600,000		$	994,309,005

Core S&P U.S. Value
Shares sold		16,350,000		$	1,541,768,551			89,500,000		$	8,256,381,910
Shares redeemed		(6,650,000	)		(599,078,483	)		(58,400,000	)		(5,440,974,446	)

		9,700,000		$	942,690,068			31,100,000		$	2,815,407,464

11.	SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		67

Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


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Board Review and Approval of Investment Advisory Contract

iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund’s Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		69

Board Review and Approval of Investment Advisory Contract (continued)


70		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		71

Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


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Board Review and Approval of Investment Advisory Contract (continued)

for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		73

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation



1D FEDL01		USD - 1D Overnight Fed Funds Effective Rate

1D OBFR01		USD - 1D Overnight Bank Funding Rate

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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”).


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

• iShares Russell Top 200 ETF | IWL | NYSE Arca

• iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

• iShares Russell Top 200 Value ETF | IWX | NYSE Arca

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		21
Notes to Financial Statements		24
Additional Information		31
Board Review and Approval of Investment Advisory Contract		32
Glossary of Terms Used in these Financial Statements		39


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.1%
Boeing Co. (The) ^(a)		27,677	$	5,973,527
General Dynamics Corp.		9,661		3,294,401
General Electric Co.		40,228		12,101,387
Lockheed Martin Corp.		7,984		3,985,693
Northrop Grumman Corp.		5,184		3,158,715
RTX Corp.		51,173		8,562,778
TransDigm Group, Inc.		2,113		2,784,976

				39,861,477

Air Freight & Logistics — 0.2%
FedEx Corp.		8,197		1,932,934
United Parcel Service, Inc., Class B		28,098		2,347,026

				4,279,960

Automobiles — 2.7%
General Motors Co.		36,417		2,220,345
Tesla, Inc. ^(a)		107,589		47,846,980

				50,067,325

Banks — 4.0%
Bank of America Corp.		257,982		13,309,291
Citigroup, Inc.		69,839		7,088,659
JPMorgan Chase & Co.		106,229		33,507,814
NU Holdings Ltd., Class A ^(a)		127,942		2,048,351
PNC Financial Services Group, Inc. (The)		15,106		3,035,249
Truist Financial Corp.		49,341		2,255,871
U.S. Bancorp		59,586		2,879,791
Wells Fargo & Co.		123,353		10,339,448

				74,464,474

Beverages — 1.1%
Coca-Cola Co. (The)		148,807		9,868,880
Keurig Dr. Pepper, Inc.		49,508		1,262,949
Monster Beverage Corp. ^(a)		26,668		1,795,023
PepsiCo, Inc.		52,414		7,361,022

				20,287,874

Biotechnology — 1.8%
AbbVie, Inc.		67,762		15,689,613
Amgen, Inc.		20,573		5,805,701
Gilead Sciences, Inc.		47,611		5,284,821
Regeneron Pharmaceuticals, Inc.		3,987		2,241,771
Vertex Pharmaceuticals, Inc. ^(a)		9,832		3,850,604

				32,872,510

Broadline Retail — 4.3%
Amazon.com, Inc. ^(a)		366,914		80,563,307


Building Products — 0.4%
Carrier Global Corp.		30,344		1,811,537
Johnson Controls International PLC		25,239		2,775,028
Trane Technologies PLC		8,523		3,596,365

				8,182,930

Capital Markets — 2.9%
BlackRock, Inc. ^(b)		5,832		6,799,354
Blackstone, Inc., Class A, NVS		27,981		4,780,554
Brookfield Asset Management Ltd., Class A		14,618		832,349
Charles Schwab Corp. (The)		65,244		6,228,845
CME Group, Inc., Class A		13,749		3,714,842
Goldman Sachs Group, Inc. (The)		11,498		9,156,432
Interactive Brokers Group, Inc., Class A		16,489		1,134,608
Intercontinental Exchange, Inc.		21,780		3,669,494
KKR & Co., Inc., Class A		25,939		3,370,773
Moody’s Corp.		5,942		2,831,244


Security	Shares		Value

Capital Markets (continued)
Morgan Stanley		44,106	$	7,011,090
S&P Global, Inc.		11,762		5,724,683

				55,254,268

Chemicals — 0.9%
Air Products & Chemicals, Inc.		8,486		2,314,302
Ecolab, Inc.		9,539		2,612,351
Linde PLC		17,952		8,527,200
Sherwin-Williams Co. (The)		8,921		3,088,985

				16,542,838

Commercial Services & Supplies — 0.5%
Cintas Corp.		13,143		2,697,732
Copart, Inc. ^(a)		33,956		1,527,001
Republic Services, Inc.		7,744		1,777,093
Waste Management, Inc.		14,143		3,123,199

				9,125,025

Communications Equipment — 1.0%
Arista Networks, Inc. ^(a)		39,438		5,746,511
Cisco Systems, Inc.		152,293		10,419,887
Motorola Solutions, Inc.		6,378		2,916,596

				19,082,994

Construction Materials — 0.2%
CRH PLC		25,928		3,108,767


Consumer Finance — 0.6%
American Express Co.		21,033		6,986,321
Capital One Financial Corp.		24,042		5,110,849

				12,097,170

Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.		16,977		15,714,420
Target Corp.		17,376		1,558,627
Walmart, Inc.		166,412		17,150,421

				34,423,468

Diversified Telecommunication Services — 0.8%
AT&T Inc.		268,173		7,573,206
Verizon Communications, Inc.		161,730		7,108,033

				14,681,239

Electric Utilities — 1.1%
American Electric Power Co., Inc.		20,561		2,313,113
Constellation Energy Corp.		11,974		3,940,284
Duke Energy Corp.		29,775		3,684,656
NextEra Energy, Inc.		78,837		5,951,405
Southern Co. (The)		42,147		3,994,271

				19,883,729

Electrical Equipment — 0.8%
Eaton Corp. PLC		15,018		5,620,487
Emerson Electric Co.		21,546		2,826,404
GE Vernova, Inc.		10,457		6,430,009

				14,876,900

Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp., Class A		46,099		5,704,751


Energy Equipment & Services — 0.1%
Schlumberger NV		57,365		1,971,635


Entertainment — 1.7%
Netflix, Inc. ^(a)		16,211		19,435,692
Spotify Technology SA ^(a)		5,881		4,104,938
Walt Disney Co. (The)		69,167		7,919,622

				31,460,252


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financial Services — 4.4%
Apollo Global Management, Inc.		15,761	$	2,100,469
Berkshire Hathaway, Inc., Class B ^(a)		70,547		35,466,799
Fiserv, Inc. ^(a)		20,691		2,667,691
Mastercard, Inc., Class A		31,119		17,700,798
PayPal Holdings, Inc. ^(a)		36,589		2,453,658
Visa, Inc., Class A		65,148		22,240,224

				82,629,639

Food Products — 0.2%
Mondelez International, Inc., Class A		49,530		3,094,139


Ground Transportation — 1.0%
CSX Corp.		71,763		2,548,304
Norfolk Southern Corp.		8,625		2,591,036
Uber Technologies, Inc. ^(a)		76,968		7,540,555
Union Pacific Corp.		22,927		5,419,255

				18,099,150

Health Care Equipment & Supplies — 1.8%
Abbott Laboratories		66,274		8,876,739
Becton Dickinson & Co.		10,935		2,046,704
Boston Scientific Corp. ^(a)		56,374		5,503,794
Edwards Lifesciences Corp. ^(a)		22,002		1,711,095
Intuitive Surgical, Inc. ^(a)		13,659		6,108,715
Medtronic PLC.		49,026		4,669,236
Stryker Corp.		13,195		4,877,796

				33,794,079

Health Care Providers & Services — 1.5%
Cigna Group (The)		10,077		2,904,695
CVS Health Corp.		47,684		3,594,897
Elevance Health, Inc.		8,645		2,793,372
HCA Healthcare, Inc.		6,536		2,785,643
McKesson Corp.		4,798		3,706,647
UnitedHealth Group, Inc.		34,810		12,019,893

				27,805,147

Health Care REITs — 0.2%
Welltower, Inc.		25,596		4,559,671


Hotels, Restaurants & Leisure — 1.5%
Airbnb, Inc., Class A ^(a)		16,258		1,974,046
Booking Holdings, Inc.		1,246		6,727,491
Chipotle Mexican Grill, Inc. ^(a)		51,280		2,009,663
DoorDash, Inc., Class A ^(a)		13,717		3,730,887
Marriott International, Inc., Class A		8,735		2,274,944
McDonald’s Corp.		27,343		8,309,264
Starbucks Corp.		43,482		3,678,577

				28,704,872

Household Products — 1.0%
Colgate-Palmolive Co.		30,734		2,456,876
Kimberly-Clark Corp.		12,785		1,589,687
Procter & Gamble Co. (The)		89,843		13,804,377

				17,850,940

Industrial Conglomerates — 0.4%
3M Co.		20,397		3,165,206
Honeywell International, Inc.		24,325		5,120,413

				8,285,619

Industrial REITs — 0.2%
Prologis, Inc.		35,461		4,060,994


Insurance — 1.5%
Aflac, Inc.		18,622		2,080,077
American International Group, Inc.		22,038		1,730,865
Aon PLC, Class A		8,027		2,862,268


Security	Shares		Value

Insurance (continued)
Arthur J. Gallagher & Co.		9,695	$	3,002,929
Chubb Ltd.		14,228		4,015,853
Marsh & McLennan Cos., Inc.		18,866		3,802,065
MetLife, Inc.		21,507		1,771,532
Progressive Corp. (The)		22,381		5,526,988
Travelers Cos., Inc. (The)		8,642		2,413,019

				27,205,596

Interactive Media & Services — 8.5%
Alphabet, Inc., Class A		222,337		54,050,125
Alphabet, Inc., Class C, NVS		181,036		44,091,318
Meta Platforms, Inc., Class A		83,514		61,331,011

				159,472,454

IT Services — 1.0%
Accenture PLC, Class A		23,932		5,901,631
International Business Machines Corp.		35,608		10,047,153
Snowflake, Inc., Class A ^(a)		11,949		2,695,097

				18,643,881

Life Sciences Tools & Services — 0.6%
Danaher Corp.		24,367		4,831,002
Thermo Fisher Scientific, Inc. ^(a)		14,463		7,014,844

				11,845,846

Machinery — 1.1%
Caterpillar, Inc.		17,701		8,446,032
Deere & Co.		9,340		4,270,809
Illinois Tool Works, Inc.		11,179		2,915,036
PACCAR, Inc.		19,806		1,947,326
Parker-Hannifin Corp.		4,928		3,736,163

				21,315,366

Media — 0.2%
Comcast Corp., Class A		140,085		4,401,471


Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		54,679		2,144,510
Newmont Corp.		42,022		3,542,875
Southern Copper Corp.		3,155		382,891

				6,070,276

Multi-Utilities — 0.2%
Dominion Energy, Inc.		32,626		1,995,732
Sempra		24,954		2,245,361

				4,241,093

Oil, Gas & Consumable Fuels — 2.1%
Chevron Corp.		73,476		11,410,088
ConocoPhillips		48,394		4,577,588
EOG Resources, Inc.		20,902		2,343,532
Exxon Mobil Corp.		165,745		18,687,749
Williams Cos., Inc. (The)		46,559		2,949,513

				39,968,470

Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.		78,196		3,526,639
Eli Lilly & Co.		30,643		23,380,609
Johnson & Johnson		92,045		17,066,984
Merck & Co., Inc.		96,374		8,088,670
Pfizer, Inc.		217,183		5,533,823
Zoetis, Inc., Class A		17,059		2,496,073

				60,092,798

Professional Services — 0.2%
Automatic Data Processing, Inc.		15,576		4,571,556


Semiconductors & Semiconductor Equipment — 15.3%
Advanced Micro Devices, Inc. ^(a)		61,625		9,970,309


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		18,967	$	4,660,192
Applied Materials, Inc.		30,679		6,281,218
Broadcom, Inc.		176,649		58,278,271
Intel Corp.		167,209		5,609,862
KLA Corp.		5,102		5,503,017
Lam Research Corp.		48,884		6,545,568
Marvell Technology, Inc.		32,990		2,773,469
Micron Technology, Inc.		42,737		7,150,755
NVIDIA Corp.		895,200		167,026,416
QUALCOMM, Inc.		41,322		6,874,328
Texas Instruments, Inc.		34,745		6,383,699

				287,057,104

Software — 13.1%
Adobe, Inc. ^(a)		16,270		5,739,243
AppLovin Corp., Class A ^(a)		9,119		6,552,366
Atlassian Corp., Class A ^(a)		6,234		995,570
Autodesk, Inc. ^(a)		8,145		2,587,422
Cadence Design Systems, Inc. ^(a)		10,431		3,663,993
Crowdstrike Holdings, Inc., Class A ^(a)		9,337		4,578,678
Fortinet, Inc. ^(a)		24,314		2,044,321
Intuit, Inc.		10,456		7,140,507
Microsoft Corp.		283,676		146,929,984
Oracle Corp.		63,335		17,812,335
Palantir Technologies, Inc., Class A ^(a)		83,550		15,241,191
Palo Alto Networks, Inc. ^(a)		25,112		5,113,306
Roper Technologies, Inc.		4,096		2,042,634
Salesforce, Inc.		35,737		8,469,669
ServiceNow, Inc. ^(a)		7,913		7,282,176
Strategy, Inc., Class A ^(a)(c)		10,098		3,253,677
Synopsys, Inc. ^(a)(c)		7,085		3,495,668
Workday, Inc., Class A ^(a)		8,225		1,980,004

				244,922,744

Specialized REITs — 0.4%
American Tower Corp.		17,882		3,439,066
Equinix, Inc.		3,737		2,926,968
Public Storage		6,036		1,743,499

				8,109,533

Specialty Retail — 1.8%
AutoZone, Inc. ^(a)		644		2,762,915
Home Depot, Inc. (The)		38,084		15,431,256


Security	Shares		Value

Specialty Retail (continued)
Lowe’s Cos., Inc.		21,424	$	5,384,065
O’Reilly Automotive, Inc. ^(a)		32,580		3,512,450
TJX Cos., Inc. (The)		42,783		6,183,855

				33,274,541

Technology Hardware, Storage & Peripherals — 7.7%
Apple Inc.		557,632		141,989,836
Dell Technologies, Inc., Class C		11,550		1,637,444

				143,627,280

Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		44,233		3,084,367


Tobacco — 0.7%
Altria Group, Inc.		64,489		4,260,143
Philip Morris International, Inc.		59,617		9,669,878

				13,930,021

Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		17,361		4,155,876


Total Long-Term Investments — 99.8% (Cost: $1,339,891,753)				1,873,667,416


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(b)(d)(e)		4,738,404		4,740,774
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(b)(d)		2,729,887		2,729,887


Total Short-Term Securities — 0.4% (Cost: $7,470,478)				7,470,661


Total Investments — 100.2% (Cost: $1,347,362,231)				1,881,138,077

Liabilities in Excess of Other Assets — (0.2)%				(4,182,699	)


Net Assets — 100.0%			$	1,876,955,378

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	All or a portion of this security is on loan.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 ETF

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,423,547	$	—		$	(681,042	) ^(a)	$	(1,914	)	$	183	$	4,740,774		4,738,404	$	3,072	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,330,601		399,286	^(a)		—			—			—		2,729,887		2,729,887		47,014			—
BlackRock, Inc.		5,441,314		464,181			(374,803	)		111,825			1,156,837		6,799,354		5,832		59,415			—

									$	109,911		$	1,157,020	$	14,270,015			$	109,501		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

12/19/25

3,032

36,031

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:


	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)	$	—	$	—	$	36,031	$	—	$	—	$	—	$	36,031

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	510,612	$	—	$	—	$	—	$	510,612


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	2,922	$	—	$	—	$	—	$	2,922

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	3,392,344


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 ETF

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,873,667,416	$	—	$	—	$	1,873,667,416
Short-Term Securities
Money Market Funds		7,470,661		—		—		7,470,661

	$	1,881,138,077	$	—	$	—	$	1,881,138,077

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	36,031	$	—	$	—	$	36,031

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
Boeing Co. (The) ^(a)		61,506	$	13,274,840
General Electric Co.		630,890		189,784,330
Lockheed Martin Corp.		34,881		17,412,944
TransDigm Group, Inc.		5,798		7,641,880

				228,113,994

Automobiles — 4.0%
Tesla, Inc. ^(a)		1,452,428		645,923,780


Banks — 0.4%
Bank of America Corp.		321,554		16,588,971
Citigroup, Inc.		195,562		19,849,543
NU Holdings Ltd., Class A ^(a)		2,006,793		32,128,756

				68,567,270

Beverages — 0.7%
Coca-Cola Co. (The)		1,140,035		75,607,121
Monster Beverage Corp. ^(a)		418,511		28,169,975
PepsiCo, Inc.		112,586		15,811,578

				119,588,674

Biotechnology — 2.5%
AbbVie, Inc.		1,062,848		246,091,826
Amgen, Inc.		238,033		67,172,913
Gilead Sciences, Inc.		201,136		22,326,096
Vertex Pharmaceuticals, Inc. ^(a)		154,300		60,430,052

				396,020,887

Broadline Retail — 4.1%
Amazon.com, Inc. ^(a)		3,001,320		658,999,832


Building Products — 0.4%
Trane Technologies PLC		133,744		56,434,618


Capital Markets — 1.0%
Blackstone, Inc., Class A, NVS		439,106		75,021,260
Brookfield Asset Management Ltd., Class A		79,139		4,506,175
Charles Schwab Corp. (The)		89,459		8,540,651
Goldman Sachs Group, Inc. (The)		9,695		7,720,613
Interactive Brokers Group, Inc., Class A		14,220		978,478
KKR & Co., Inc., Class A		101,410		13,178,230
Moody’s Corp.		93,273		44,442,719

				154,388,126

Chemicals — 0.3%
Ecolab, Inc.		36,678		10,044,637
Sherwin-Williams Co. (The)		126,841		43,919,965

				53,964,602

Commercial Services & Supplies — 0.7%
Cintas Corp.		206,268		42,338,570
Copart, Inc. ^(a)		494,137		22,221,341
Waste Management, Inc.		221,944		49,011,893

				113,571,804

Communications Equipment — 0.7%
Arista Networks, Inc. ^(a)		618,917		90,182,396
Motorola Solutions, Inc.		42,107		19,255,110

				109,437,506

Consumer Finance — 0.2%
American Express Co.		108,044		35,887,895


Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.		266,292		246,487,864
Walmart, Inc.		260,794		26,877,430

				273,365,294


Security	Shares		Value

Electrical Equipment — 0.6%
GE Vernova, Inc.		164,026	$	100,859,587


Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		723,404		89,521,245


Energy Equipment & Services — 0.0%
Schlumberger NV		71,095		2,443,535


Entertainment — 2.3%
Netflix, Inc. ^(a)		254,269		304,848,190
Spotify Technology SA ^(a)(b)		92,293		64,420,514

				369,268,704

Financial Services — 4.1%
Apollo Global Management, Inc.		172,253		22,956,157
Fiserv, Inc. ^(a)		89,638		11,557,028
Mastercard, Inc., Class A		488,093		277,632,179
Visa, Inc., Class A		1,021,848		348,838,470

				660,983,834

Ground Transportation — 0.8%
Uber Technologies, Inc. ^(a)		1,207,879		118,335,905
Union Pacific Corp.		28,318		6,693,526

				125,029,431

Health Care Equipment & Supplies — 0.8%
Boston Scientific Corp. ^(a)		152,651		14,903,317
Intuitive Surgical, Inc. ^(a)		214,124		95,762,676
Stryker Corp.		53,098		19,628,738

				130,294,731

Health Care Providers & Services — 0.4%
Cigna Group (The)		12,570		3,623,302
HCA Healthcare, Inc.		21,673		9,237,033
McKesson Corp.		69,491		53,684,577

				66,544,912

Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A ^(a)		255,145		30,979,706
Booking Holdings, Inc.		18,340		99,022,612
Chipotle Mexican Grill, Inc. ^(a)		804,742		31,537,839
DoorDash, Inc., Class A ^(a)		215,266		58,550,199
Marriott International, Inc., Class A		104,778		27,288,382
McDonald’s Corp.		24,259		7,372,068
Starbucks Corp.		90,260		7,635,996

				262,386,802

Household Products — 0.2%
Colgate-Palmolive Co.		228,589		18,273,405
Kimberly-Clark Corp.		71,793		8,926,741

				27,200,146

Industrial Conglomerates — 0.1%
3M Co.		51,482		7,988,977


Insurance — 0.4%
Aon PLC, Class A		116,356		41,490,222
Arthur J. Gallagher & Co.		9,165		2,838,767
Marsh & McLennan Cos., Inc.		35,109		7,075,517
Progressive Corp. (The)		17,541		4,331,750

				55,736,256

Interactive Media & Services — 8.2%
Alphabet, Inc., Class A		1,609,976		391,385,166
Alphabet, Inc., Class C, NVS		1,310,912		319,272,618
Meta Platforms, Inc., Class A		818,888		601,374,969

				1,312,032,753

IT Services — 0.3%
Snowflake, Inc., Class A ^(a)		187,522		42,295,587


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 0.2%
Caterpillar, Inc.		34,189	$	16,313,281
Illinois Tool Works, Inc.		57,550		15,006,738

				31,320,019

Oil, Gas & Consumable Fuels — 0.0%
Williams Cos., Inc. (The)		40,606		2,572,390


Pharmaceuticals — 2.5%
Bristol-Myers Squibb Co.		235,242		10,609,414
Eli Lilly & Co.		480,644		366,731,372
Zoetis, Inc., Class A		213,566		31,248,977

				408,589,763

Professional Services — 0.4%
Automatic Data Processing, Inc.		226,649		66,521,482


Semiconductors & Semiconductor Equipment — 22.3%
Advanced Micro Devices, Inc. ^(a)		565,166		91,438,207
Applied Materials, Inc.		136,477		27,942,301
Broadcom, Inc.		2,514,074		829,418,153
KLA Corp.		79,837		86,112,188
Lam Research Corp.		767,123		102,717,770
Marvell Technology, Inc.		35,701		3,001,383
NVIDIA Corp.		12,700,743		2,369,704,629
QUALCOMM, Inc.		148,158		24,647,565
Texas Instruments, Inc.		223,078		40,986,121

				3,575,968,317

Software — 21.2%
Adobe, Inc. ^(a)		255,342		90,071,891
AppLovin Corp., Class A ^(a)		143,038		102,778,525
Atlassian Corp., Class A ^(a)		97,102		15,507,189
Autodesk, Inc. ^(a)		127,817		40,603,626
Cadence Design Systems, Inc. ^(a)		163,708		57,504,072
Crowdstrike Holdings, Inc., Class A ^(a)		146,527		71,853,910
Fortinet, Inc. ^(a)(b)		381,721		32,095,102
Intuit, Inc.		163,818		111,872,950
Microsoft Corp.		4,025,721		2,085,122,192
Oracle Corp.		993,421		279,389,722
Palantir Technologies, Inc., Class A ^(a)		1,310,479		239,057,579
Palo Alto Networks, Inc. ^(a)		394,090		80,244,606
Salesforce, Inc.		62,726		14,866,062
ServiceNow, Inc. ^(a)		124,003		114,117,481
Strategy, Inc., Class A ^(a)(b)		8,675		2,795,172
Synopsys, Inc. ^(a)		81,271		40,098,299
Workday, Inc., Class A ^(a)		129,085		31,074,632

				3,409,053,010


Security	Shares		Value

Specialized REITs — 0.4%
American Tower Corp.		280,622	$	53,969,223
Public Storage		12,480		3,604,848

				57,574,071

Specialty Retail — 1.8%
AutoZone, Inc. ^(a)		1,561		6,697,065
Home Depot, Inc. (The)		455,231		184,455,049
O’Reilly Automotive, Inc. ^(a)		469,914		50,661,428
TJX Cos., Inc. (The)		335,527		48,497,073

				290,310,615

Technology Hardware, Storage & Peripherals — 12.6%
Apple Inc.		7,915,874		2,015,618,997
Dell Technologies, Inc., Class C		24,794		3,515,045

				2,019,134,042


Total Long-Term Investments — 99.9% (Cost: $11,121,659,915)				16,027,894,491


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		14,519,612		14,526,872
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		20,120,517		20,120,517


Total Short-Term Securities — 0.2% (Cost: $34,647,093)				34,647,389


Total Investments — 100.1% (Cost: $11,156,307,008)				16,062,541,880

Liabilities in Excess of Other Assets — (0.1)%				(13,212,827	)


Net Assets — 100.0%			$	16,049,329,053

^(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.


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Growth ETF

Affiliates


Affiliated Issuer	Value at 03/31/25			Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25			Shares Held at 09/30/25		Income				Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$	75,782,792		$	—			$	(61,261,725)(a	)		$	5,509		$	296		$	14,526,872		14,519,612		$	44,809	^(b)		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares			16,726,822			3,393,695	^(a)			—				—			—			20,120,517		20,120,517			453,185				—

													$	5,509		$	296		$	34,647,389				$	497,994			$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 1000 Growth E-Mini Index

12/19/25

17,375

343,544

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:


	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)	$	—	$	—	$	343,544	$	—	$	—	$	—	$	343,544

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	5,127,976	$	—	$	—	$	—	$	5,127,976


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	656,558	$	—	$	—	$	—	$	656,558

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	19,372,123


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Growth ETF

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	16,027,894,491	$	—	$	—	$	16,027,894,491
Short-Term Securities
Money Market Funds		34,647,389		—		—		34,647,389

	$	16,062,541,880	$	—	$	—	$	16,062,541,880

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	343,544	$	—	$	—	$	343,544

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.4%
Boeing Co. (The) ^(a)		90,030	$	19,431,175
General Dynamics Corp.		36,602		12,481,282
Lockheed Martin Corp.		21,779		10,872,294
Northrop Grumman Corp.		19,644		11,969,482
RTX Corp.		193,605		32,395,925
TransDigm Group, Inc.		6,591		8,687,070

				95,837,228

Air Freight & Logistics — 0.6%
FedEx Corp.		31,016		7,313,883
United Parcel Service, Inc., Class B		106,060		8,859,192

				16,173,075

Automobiles — 0.3%
General Motors Co.		137,781		8,400,508


Banks — 9.3%
Bank of America Corp.		898,503		46,353,770
Citigroup, Inc.		217,062		22,031,793
JPMorgan Chase & Co.		401,892		126,768,793
PNC Financial Services Group, Inc. (The)		57,234		11,500,028
Truist Financial Corp.		186,683		8,535,147
U.S. Bancorp		225,688		10,907,501
Wells Fargo & Co.		466,692		39,118,123

				265,215,155

Beverages — 1.7%
Coca-Cola Co. (The)		287,784		19,085,835
Keurig Dr. Pepper, Inc.		187,577		4,785,089
PepsiCo, Inc.		171,140		24,034,902

				47,905,826

Biotechnology — 1.0%
Amgen, Inc.		20,392		5,754,622
Gilead Sciences, Inc.		131,764		14,625,804
Regeneron Pharmaceuticals, Inc.		15,070		8,473,409

				28,853,835

Broadline Retail — 2.9%
Amazon.com, Inc. ^(a)		381,632		83,794,938


Building Products — 0.6%
Carrier Global Corp.		114,807		6,853,978
Johnson Controls International PLC		95,396		10,488,790

				17,342,768

Capital Markets — 6.0%
BlackRock, Inc. ^(b)		22,076		25,737,746
Brookfield Asset Management Ltd., Class A		36,435		2,074,609
Charles Schwab Corp. (The)		225,384		21,517,410
CME Group, Inc., Class A		51,966		14,040,694
Goldman Sachs Group, Inc. (The)		41,162		32,779,359
Interactive Brokers Group, Inc., Class A		58,736		4,041,624
Intercontinental Exchange, Inc.		82,599		13,916,279
KKR & Co., Inc., Class A		73,762		9,585,372
Morgan Stanley		166,660		26,492,274
S&P Global, Inc.		44,434		21,626,472

				171,811,839

Chemicals — 1.7%
Air Products & Chemicals, Inc.		32,101		8,754,585
Ecolab, Inc.		27,307		7,478,295
Linde PLC.		67,955		32,278,625
Sherwin-Williams Co. (The)		3,174		1,099,029

				49,610,534


Security	Shares		Value

Commercial Services & Supplies — 0.3%
Copart, Inc. ^(a)		8,817	$	396,500
Republic Services, Inc.		29,364		6,738,451

				7,134,951

Communications Equipment — 1.6%
Cisco Systems, Inc.		575,970		39,407,867
Motorola Solutions, Inc.		13,936		6,372,794

				45,780,661

Construction Materials — 0.4%
CRH PLC		98,000		11,750,200


Consumer Finance — 1.3%
American Express Co.		53,426		17,745,980
Capital One Financial Corp.		90,960		19,336,277

				37,082,257

Consumer Staples Distribution & Retail — 2.3%
Target Corp.		65,848		5,906,565
Walmart, Inc.		566,678		58,401,835

				64,308,400

Diversified Telecommunication Services — 2.0%
AT&T Inc.		1,015,094		28,666,255
Verizon Communications, Inc.		611,170		26,860,921

				55,527,176

Electric Utilities — 2.6%
American Electric Power Co., Inc.		77,307		8,697,037
Constellation Energy Corp.		45,348		14,922,666
Duke Energy Corp.		112,417		13,911,604
NextEra Energy, Inc.		298,416		22,527,424
Southern Co. (The)		159,532		15,118,848

				75,177,579

Electrical Equipment — 1.1%
Eaton Corp. PLC		56,711		21,224,092
Emerson Electric Co.		81,658		10,711,896

				31,935,988

Energy Equipment & Services — 0.2%
Schlumberger NV		199,579		6,859,530


Entertainment — 1.1%
Walt Disney Co. (The)		262,058		30,005,641


Financial Services — 5.4%
Apollo Global Management, Inc.		18,005		2,399,526
Berkshire Hathaway, Inc., Class B ^(a)		266,901		134,181,809
Fiserv, Inc. ^(a)		56,657		7,304,787
PayPal Holdings, Inc. ^(a)		138,434		9,283,384

				153,169,506

Food Products — 0.4%
Mondelez International, Inc., Class A		187,662		11,723,245


Ground Transportation — 1.3%
CSX Corp.		271,249		9,632,052
Norfolk Southern Corp.		32,632		9,802,979
Union Pacific Corp.		79,727		18,845,071

				38,280,102

Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		250,573		33,561,748
Becton Dickinson & Co.		41,454		7,758,945
Boston Scientific Corp. ^(a)		176,814		17,262,351
Edwards Lifesciences Corp. ^(a)		83,389		6,485,162


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Medtronic PLC		185,606	$	17,677,115
Stryker Corp.		36,946		13,657,828

				96,403,149

Health Care Providers & Services — 3.1%
Cigna Group (The)		35,095		10,116,134
CVS Health Corp.		180,982		13,644,233
Elevance Health, Inc.		32,679		10,559,239
HCA Healthcare, Inc.		19,497		8,309,621
McKesson Corp.		1,407		1,086,964
UnitedHealth Group, Inc.		131,681		45,469,449

				89,185,640

Health Care REITs — 0.6%
Welltower, Inc.		96,831		17,249,474


Hotels, Restaurants & Leisure — 1.6%
Booking Holdings, Inc.		287		1,549,591
Marriott International, Inc., Class A		7,707		2,007,211
McDonald’s Corp.		97,596		29,658,448
Starbucks Corp.		142,953		12,093,824

				45,309,074

Household Products — 2.1%
Colgate-Palmolive Co.		61,211		4,893,207
Kimberly-Clark Corp.		30,712		3,818,730
Procter & Gamble Co. (The)		339,900		52,225,635

				60,937,572

Industrial Conglomerates — 1.0%
3M Co.		64,754		10,048,526
Honeywell International, Inc.		92,029		19,372,104

				29,420,630

Industrial REITs — 0.5%
Prologis, Inc.		134,285		15,378,318


Insurance — 3.2%
Aflac, Inc.		70,349		7,857,983
American International Group, Inc.		83,378		6,548,508
Aon PLC, Class A		2,327		829,762
Arthur J. Gallagher & Co.		34,413		10,659,082
Chubb Ltd.		53,881		15,207,912
Marsh & McLennan Cos., Inc.		63,004		12,697,196
MetLife, Inc.		81,516		6,714,473
Progressive Corp. (The)		80,545		19,890,588
Travelers Cos., Inc. (The)		32,667		9,121,280

				89,526,784

Interactive Media & Services — 6.1%
Alphabet, Inc., Class A		298,567		72,581,637
Alphabet, Inc., Class C, NVS		243,105		59,208,223
Meta Platforms, Inc., Class A		56,350		41,382,313

				173,172,173

IT Services — 2.1%
Accenture PLC, Class A		90,586		22,338,508
International Business Machines Corp.		134,638		37,989,458

				60,327,966

Life Sciences Tools & Services — 1.6%
Danaher Corp.		92,335		18,306,337
Thermo Fisher Scientific, Inc. ^(a)		54,647		26,504,888

				44,811,225

Machinery — 2.6%
Caterpillar, Inc.		58,758		28,036,380
Deere & Co.		35,366		16,171,457
Illinois Tool Works, Inc.		28,566		7,448,870


Security	Shares		Value

Machinery (continued)
PACCAR, Inc.		74,700	$	7,344,504
Parker-Hannifin Corp.		18,599		14,100,832

				73,102,043

Media — 0.6%
Comcast Corp., Class A		529,999		16,652,569


Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		206,676		8,105,833
Newmont Corp.		158,989		13,404,362
Southern Copper Corp.		12,011		1,457,655

				22,967,850

Multi-Utilities — 0.6%
Dominion Energy, Inc.		123,324		7,543,729
Sempra		94,611		8,513,098

				16,056,827

Oil, Gas & Consumable Fuels — 5.3%
Chevron Corp.		277,945		43,162,079
ConocoPhillips		183,222		17,330,969
EOG Resources, Inc.		79,084		8,866,898
Exxon Mobil Corp.		627,062		70,701,241
Williams Cos., Inc. (The)		166,655		10,557,594

				150,618,781

Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		237,831		10,726,178
Johnson & Johnson		348,234		64,569,549
Merck & Co., Inc.		364,611		30,601,801
Pfizer, Inc.		822,089		20,946,828
Zoetis, Inc., Class A		13,135		1,921,913

				128,766,269

Professional Services — 0.0%
Automatic Data Processing, Inc.		4,317		1,267,040


Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices, Inc. ^(a)		96,763		15,655,286
Analog Devices, Inc.		71,807		17,642,980
Applied Materials, Inc.		83,149		17,023,926
Intel Corp.		632,610		21,224,066
Marvell Technology, Inc.		116,197		9,768,682
Micron Technology, Inc.		161,687		27,053,469
QUALCOMM, Inc.		120,598		20,062,683
Texas Instruments, Inc.		77,754		14,285,742

				142,716,834

Software — 1.8%
Roper Technologies, Inc.		15,514		7,736,677
Salesforce, Inc.		119,974		28,433,838
Strategy, Inc., Class A ^(a)(c)		36,083		11,626,304
Synopsys, Inc. ^(a)		7,119		3,512,443

				51,309,262

Specialized REITs — 0.6%
Equinix, Inc.		14,159		11,089,895
Public Storage		19,851		5,733,962

				16,823,857

Specialty Retail — 2.0%
AutoZone, Inc. ^(a)		2,035		8,730,638
Home Depot, Inc. (The)		34,297		13,896,802
Lowe’s Cos., Inc.		81,104		20,382,246
O’Reilly Automotive, Inc. ^(a)		10,031		1,081,442
TJX Cos., Inc. (The)		81,016		11,710,053

				55,801,181


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 0.2%
Dell Technologies, Inc., Class C		37,722	$	5,347,848


Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		167,579		11,685,284


Tobacco — 1.9%
Altria Group, Inc.		244,186		16,130,927
Philip Morris International, Inc.		225,456		36,568,963

				52,699,890

Wireless Telecommunication Services — 0.6%
T-Mobile U.S., Inc.		65,739		15,736,602


Total Long-Term Investments — 99.7%
(Cost: $2,577,703,297)				2,836,955,084


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(b)(d)(e)		11,201,105		11,206,705
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(b)(d)		5,237,288		5,237,288


Total Short-Term Securities — 0.6% (Cost: $16,442,961)				16,443,993


Total Investments — 100.3% (Cost: $2,594,146,258)				2,853,399,077

Liabilities in Excess of Other Assets — (0.3)%				(9,575,396	)


Net Assets — 100.0%			$	2,843,823,681

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	All or a portion of this security is on loan.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/25			Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25			Shares Held at 09/30/25		Income				Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares		$	148,126		$	11,056,992	^(a)		$	—			$	555		$	1,032		$	11,206,705		11,201,105		$	4,725	^(b)		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares			5,002,035			235,253	^(a)			—				—			—			5,237,288		5,237,288			90,537				—
BlackRock, Inc.			26,269,552			2,063,786				(7,123,484	)			1,034,720			3,493,172			25,737,746		22,076			239,921				—

													$	1,035,275		$	3,494,204		$	42,181,739				$	335,183			$	—

^(a)

Represents net amount purchased (sold).

^(b)


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Russell 1000 Value E-Mini Index

12/19/25

6,052

14,243

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:


	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)	$	—	$	—	$	14,243	$	—	$	—	$	—	$	14,243

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	454,019		$	—	$	—	$	—	$	454,019


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(83,227	)	$	—	$	—	$	—	$	(83,227	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	5,239,435

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Top 200 Value ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	2,836,955,084	$	—	$	—	$	2,836,955,084
Short-Term Securities
Money Market Funds		16,443,993		—		—		16,443,993

	$	2,853,399,077	$	—	$	—	$	2,853,399,077

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	14,243	$	—	$	—	$	14,243

^(a)	Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

September 30, 2025


	iShares Russell Top 200 ETF		iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	1,866,868,062	$	16,027,894,491	$	2,811,217,338
Investments, at value — affiliated ^(c)		14,270,015		34,647,389		42,181,739
Cash		1		587		2
Cash pledged:
Futures contracts		169,000		1,177,000		398,971
Receivables:
Securities lending income — affiliated		796		6,715		1,904
Dividends — unaffiliated		595,255		2,476,246		1,662,442
Dividends — affiliated		9,502		78,310		16,232
Variation margin on futures contracts		10,011		70,445		13,200

Total assets		1,881,922,642		16,066,351,183		2,855,491,828


LIABILITIES
Collateral on securities loaned		4,741,338		14,508,830		11,205,118
Payables:
Investment advisory fees		225,926		2,513,300		463,029

Total liabilities		4,967,264		17,022,130		11,668,147


Commitments and contingent liabilities

NET ASSETS	$	1,876,955,378	$	16,049,329,053	$	2,843,823,681


NET ASSETS CONSIST OF:
Paid-in capital	$	1,355,748,661	$	11,299,869,173	$	2,637,182,578
Accumulated earnings		521,206,717		4,749,459,880		206,641,103

NET ASSETS	$	1,876,955,378	$	16,049,329,053	$	2,843,823,681


NET ASSET VALUE
Shares outstanding		11,300,000		58,650,000		32,350,000


Net asset value	$	166.10	$	273.65	$	87.91


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a) Investments, at cost — unaffiliated	$	1,335,177,145	$	11,121,659,915	$	2,558,582,413
^(b) Securities loaned, at value	$	4,647,295	$	13,964,814	$	10,842,044
^(c) Investments, at cost — affiliated	$	12,185,086	$	34,647,093	$	35,563,845

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		17

Statements of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	9,892,385		$	42,784,444		$	27,886,809
Dividends — affiliated		106,429			453,185			330,458
Interest — unaffiliated		14			729			142
Securities lending income — affiliated — net		3,072			44,809			4,725
Foreign taxes withheld		(951	)		(5,225	)		(2,387	)

Total investment income		10,000,949			43,277,942			28,219,747


EXPENSES
Investment advisory		1,264,954			13,649,713			2,715,228
Interest expense		—			2			—

Total expenses		1,264,954			13,649,715			2,715,228

Net investment income		8,735,995			29,628,227			25,504,519


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,069,290	)		(61,385,263	)		(97,274	)
Investments — affiliated		(3,502	)		5,509			97,275
Futures contracts		510,612			5,127,976			454,019
In-kind redemptions — unaffiliated ^(a)		37,266,904			276,267,393			85,932,160
In-kind redemptions — affiliated ^(a)		113,413			—			938,000

		29,818,137			220,015,615			87,324,180

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		292,984,887			3,360,527,393			46,165,552
Investments — affiliated		1,157,020			296			3,494,204
Futures contracts		2,922			656,558			(83,227	)

		294,144,829			3,361,184,247			49,576,529

Net realized and unrealized gain		323,962,966			3,581,199,862			136,900,709


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	332,698,961		$	3,610,828,089		$	162,405,228

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,735,995		$	16,913,119		$	29,628,227		$	53,952,702
Net realized gain		29,818,137			105,202,792			220,015,615			1,301,847,957
Net change in unrealized appreciation (depreciation)		294,144,829			1,415,473			3,361,184,247			(665,471,380	)

Net increase in net assets resulting from operations		332,698,961			123,531,384			3,610,828,089			690,329,279


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(8,432,136	) ^(b)		(16,927,143	)		(28,608,505	) ^(b)		(53,727,357	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(13,961,817	)		150,691,155			716,867,010			892,207,702


NET ASSETS
Total increase in net assets		310,305,008			257,295,396			4,299,086,594			1,528,809,624
Beginning of period		1,566,650,370			1,309,354,974			11,750,242,459			10,221,432,835


End of period	$	1,876,955,378		$	1,566,650,370		$	16,049,329,053		$	11,750,242,459

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		19

Statements of Changes in Net Assets (continued)


	iShares Russell Top 200 Value ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	25,504,519		$	49,876,367
Net realized gain		87,324,180			274,497,775
Net change in unrealized appreciation (depreciation)		49,576,529			(61,520,849	)

Net increase in net assets resulting from operations		162,405,228			262,853,293


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(25,319,870	) ^(b)		(49,326,184	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(387,982,902	)		739,577,805


NET ASSETS
Total increase (decrease) in net assets		(250,897,544	)		953,104,914
Beginning of period		3,094,721,225			2,141,616,311


End of period	$	2,843,823,681		$	3,094,721,225

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


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Financial Highlights

(For a share outstanding throughout each period)


	iShares Russell Top 200 ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	137.43		$	127.12		$	97.38		$	107.99		$	94.64		$	61.54

Net investment income ^(a)		0.78			1.53			1.47			1.42			1.26			1.23
Net realized and unrealized gain (loss) ^(b)		28.64			10.30			29.74			(10.59	)		13.37			33.09

Net increase (decrease) from investment operations		29.42			11.83			31.21			(9.17	)		14.63			34.32

Distributions from net investment income ^(c)		(0.75	) ^(d)		(1.52	)		(1.47	)		(1.44	)		(1.28	)		(1.22	)


Net asset value, end of period	$	166.10		$	137.43		$	127.12		$	97.38		$	107.99		$	94.64


Total Return ^(e)
Based on net asset value		21.45	% ^(f)		9.29	%		32.29	%		(8.41	)%		15.48	%		56.06	%


Ratios to Average Net Assets ^(g)
Total expenses		0.15	% ^(h)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income		1.04	% ^(h)		1.11	%		1.34	%		1.51	%		1.20	%		1.48	%


Supplemental Data
Net assets, end of period (000)	$	1,876,955		$	1,566,650		$	1,309,355		$	803,407		$	1,042,089		$	865,920

Portfolio turnover rate ⁽ⁱ⁾		3	%		5	%		4	%		5	%		4	%		5	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	210.77		$	195.25		$	138.98		$	158.56		$	134.47		$	84.14

Net investment income ^(a)		0.52			0.98			1.10			1.14			0.89			0.93
Net realized and unrealized gain (loss) ^(b)		62.86			15.52			56.34			(19.62	)		24.09			50.31

Net increase (decrease) from investment operations		63.38			16.50			57.44			(18.48	)		24.98			51.24

Distributions from net investment income ^(c)		(0.50	) ^(d)		(0.98	)		(1.17	)		(1.10	)		(0.89	)		(0.91	)


Net asset value, end of period	$	273.65		$	210.77		$	195.25		$	138.98		$	158.56		$	134.47


Total Return ^(e)
Based on net asset value		30.09	% ^(f)		8.43	%		41.48	%		(11.60	)%		18.58	%		61.04	%


Ratios to Average Net Assets ^(g)
Total expenses		0.20	% ^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		0.43	% ^(h)		0.45	%		0.66	%		0.87	%		0.57	%		0.77	%


Supplemental Data
Net assets, end of period (000)	$	16,049,329		$	11,750,242		$	10,221,433		$	5,934,551		$	4,820,372		$	3,529,895

Portfolio turnover rate ⁽ⁱ⁾		14	%		28	%		11	%		12	%		10	%		11	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	82.20		$	76.35		$	65.15		$	69.61		$	63.58		$	44.04

Net investment income ^(a)		0.78			1.58			1.55			1.40			1.30			1.26
Net realized and unrealized gain (loss) ^(b)		5.71			5.77			11.18			(4.52	)		6.01			19.49

Net increase (decrease) from investment operations		6.49			7.35			12.73			(3.12	)		7.31			20.75

Distributions from net investment income ^(c)		(0.78	) ^(d)		(1.50	)		(1.53	)		(1.34	)		(1.28	)		(1.21	)


Net asset value, end of period	$	87.91		$	82.20		$	76.35		$	65.15		$	69.61		$	63.58


Total Return ^(e)
Based on net asset value		7.93	% ^(f)		9.71	%		19.82	%		(4.37	)%		11.56	%		47.63	%


Ratios to Average Net Assets ^(g)
Total expenses		0.20	% ^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.88	% ^(h)		1.99	%		2.28	%		2.17	%		1.91	%		2.31	%


Supplemental Data
Net assets, end of period (000)	$	2,843,824		$	3,094,721		$	2,141,616		$	1,557,158		$	1,287,723		$	1,153,937

Portfolio turnover rate ⁽ⁱ⁾		18	%		18	%		14	%		18	%		15	%		17	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		23

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):


iShares ETF		Diversification Classification

Russell Top 200 ^(a)		Diversified
Russell Top 200 Growth ^(a)		Diversified
Russell Top 200 Value		Diversified

^(a)

2.	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.


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Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		25

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)			Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount

Russell Top 200
Barclays Bank PLC	$	1,628,187	$	(1,621,125	)	$	—	$	7,062	^(b)
J.P. Morgan Securities LLC		3,019,108		(3,019,108	)		—		—


	$	4,647,295	$	(4,640,233	)	$	—	$	7,062

Russell Top 200 Growth
Barclays Bank PLC	$	1,084,632	$	(1,084,632	)	$	—	$	—
Citigroup Global Markets, Inc		6,322,816		(6,322,816	)		—		—
J.P. Morgan Securities LLC		2,648,566		(2,648,566	)		—		—
Wells Fargo Bank N.A		3,908,800		(3,908,800	)		—		—


	$	13,964,814	$	(13,964,814	)	$	—	$	—

Russell Top 200 Value
J.P. Morgan Securities LLC	$	10,842,044	$	(10,842,044	)	$	—	$	—

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


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Notes to Financial Statements (unaudited) (continued)

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


iShares ETF	Investment Advisory Fees

Russell Top 200		0.15	%
Russell Top 200 Value		0.20

For its investment advisory services to the iShares Russell Top 200 Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:


Average Daily Net Assets	Investment Advisory Fees

First $13 billion		0.2000	%
Over $13 billion		0.1900

Prior to August 1, 2025, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the iShares Russell Top 200 Growth ETF, based on the average daily net asset of the fund.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Multi-Asset 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 securities lending income in an amount equal to 85% 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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		27

Notes to Financial Statements (unaudited) (continued)

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 six months ended September 30, 2025, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

Russell Top 200	$	1,313
Russell Top 200 Growth		19,167
Russell Top 200 Value		2,014

Trustees and Officers : Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Russell Top 200	$	33,939,105	$	22,061,221	$	(5,591,768	)
Russell Top 200 Growth		1,217,056,383		1,136,627,414		4,907,773
Russell Top 200 Value		442,462,482		261,323,750		19,802,022

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales

Russell Top 200	$	44,674,256	$	44,098,409
Russell Top 200 Growth		1,971,907,873		1,960,735,361
Russell Top 200 Value		496,507,369		496,574,538

For the six months ended September 30, 2025, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales

Russell Top 200	$	90,061,962	$	104,069,449
Russell Top 200 Growth		1,341,305,198		631,502,721
Russell Top 200 Value		221,033,354		607,896,644

8.	INCOME TAX INFORMATION

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards ^(a)

Russell Top 200	$	(41,055,528	)
Russell Top 200 Growth		(335,650,507	)
Russell Top 200 Value		(137,574,885	)

^(a)	Amounts available to offset future realized capital gains.


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Notes to Financial Statements (unaudited) (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Russell Top 200	$	1,349,429,897	$	580,521,258	$	(48,777,047	)	$	531,744,211
Russell Top 200 Growth		11,200,605,338		4,944,042,938		(81,762,852	)		4,862,280,086
Russell Top 200 Value		2,598,361,093		377,844,510		(122,792,283	)		255,052,227

9.	PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		29

Notes to Financial Statements (unaudited) (continued)

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/25						Year Ended 03/31/25
iShares ETF	Shares			Amount			Shares			Amount

Russell Top 200
Shares sold		650,000		$	90,260,506			3,300,000		$	450,814,008
Shares redeemed		(750,000	)		(104,222,323	)		(2,200,000	)		(300,122,853	)


		(100,000	)	$	(13,961,817	)		1,100,000		$	150,691,155

Russell Top 200 Growth
Shares sold		5,450,000		$	1,343,616,974			19,050,000		$	4,187,470,365
Shares redeemed		(2,550,000	)		(626,749,964	)		(15,650,000	)		(3,295,262,663	)


		2,900,000		$	716,867,010			3,400,000		$	892,207,702

Russell Top 200 Value
Shares sold		2,750,000		$	221,858,902			24,750,000		$	1,971,403,174
Shares redeemed		(8,050,000	)		(609,841,804	)		(15,150,000	)		(1,231,825,369	)


		(5,300,000	)	$	(387,982,902	)		9,600,000		$	739,577,805

11.	SUBSEQUENT EVENTS


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Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		31

Board Review and Approval of Investment Advisory Contract

iShares Russell Top 200 ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		33

Board Review and Approval of Investment Advisory Contract (continued)

iShares Russell Top 200 Growth ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


34		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not previously provide for any breakpoints in the Fund’s investment advisory fee rate but that BFA and the Board agreed during the June 10-11, 2025 meeting to revise the Advisory Agreement for the Fund to provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		35

Board Review and Approval of Investment Advisory Contract (continued)

iShares Russell Top 200 Value ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


36		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		37

Board Review and Approval of Investment Advisory Contract (continued)

authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds.


38		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in this Report

Portfolio Abbreviation



NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		39

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

• iShares Russell 3000 ETF | IWV | NYSE Arca

• iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

Table of Contents


		Page

Schedules of Investments		3
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		39
Notes to Financial Statements		41
Additional Information		49
Board Review and Approval of Investment Advisory Contract		50
Glossary of Terms Used in these Financial Statements		55


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.3%
AAR Corp. ^(a)		9,322	$	835,904
AeroVironment, Inc. ^(a)		8,376		2,637,519
AerSale Corp. ^(a)		7,379		60,434
Archer Aviation, Inc., Class A ^(a)(b)		143,061		1,370,524
Astronics Corp. ^(a)(b)		7,659		349,327
ATI, Inc. ^(a)		37,092		3,017,063
Axon Enterprise, Inc. ^(a)(b)		19,784		14,197,790
Boeing Co. (The) ^(a)		192,904		41,634,470
BWX Technologies, Inc.		24,028		4,430,042
Byrna Technologies, Inc. ^(a)(b)		5,725		126,866
Cadre Holdings, Inc.		6,664		243,303
Curtiss-Wright Corp.		10,010		5,434,829
Ducommun, Inc. ^(a)(b)		2,594		249,361
General Dynamics Corp.		67,020		22,853,820
General Electric Co.		279,509		84,081,897
HEICO Corp.		11,256		3,633,662
HEICO Corp., Class A		19,888		5,053,342
Hexcel Corp.		23,059		1,445,799
Howmet Aerospace, Inc.		106,349		20,868,864
Huntington Ingalls Industries, Inc.		10,739		3,091,865
Intuitive Machines, Inc., Class A ^(a)(b)		28,711		302,040
Karman Holdings, Inc. ^(a)		7,035		507,927
Kratos Defense & Security Solutions, Inc. ^(a)(b)		43,216		3,948,646
L3Harris Technologies, Inc.		49,531		15,127,263
Leonardo DRS, Inc.		19,417		881,532
Loar Holdings, Inc. ^(a)(b)		11,449		915,920
Lockheed Martin Corp.		55,735		27,823,469
Mercury Systems, Inc. ^(a)(b)		13,040		1,009,296
Moog, Inc., Class A		7,636		1,585,768
Northrop Grumman Corp.		35,959		21,910,538
Park Aerospace Corp.		6,330		128,752
Redwire Corp. ^(a)(b)		9,717		87,356
Rocket Lab Corp. ^(a)(b)		109,937		5,267,082
RTX Corp.		355,397		59,468,580
Spirit AeroSystems Holdings, Inc., Class A ^(a)		32,262		1,245,313
StandardAero, Inc. ^(a)		36,039		983,504
Textron, Inc.		47,724		4,032,201
TransDigm Group, Inc.		14,777		19,476,382
V2X, Inc. ^(a)		3,317		192,685
VSE Corp. ^(b)		5,811		966,021
Woodward, Inc.		15,348		3,878,593

				385,355,549

Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.		30,554		4,045,350
Expeditors International of Washington, Inc.		36,977		4,533,011
FedEx Corp.		56,953		13,430,087
Forward Air Corp. ^(a)(b)		7,285		186,787
GXO Logistics, Inc. ^(a)(b)		30,837		1,630,969
Hub Group, Inc., Class A		17,241		593,780
United Parcel Service, Inc., Class B		194,346		16,233,721

				40,653,705

Automobile Components — 0.1%
Adient PLC ^(a)		24,669		594,030
American Axle & Manufacturing Holdings, Inc. ^(a)		29,952		180,012
Aptiv PLC ^(a)		57,718		4,976,446
BorgWarner, Inc.		56,976		2,504,665
Cooper-Standard Holdings, Inc. ^(a)		6,593		243,479
Dana, Inc.		33,888		679,115
Dorman Products, Inc. ^(a)(b)		7,367		1,148,368
Fox Factory Holding Corp. ^(a)		11,159		271,052


Security	Shares		Value

Automobile Components (continued)
Garrett Motion, Inc.		33,317	$	453,778
Gentex Corp.		62,340		1,764,222
Gentherm, Inc. ^(a)		8,411		286,479
Goodyear Tire & Rubber Co. (The) ^(a)		74,767		559,257
LCI Industries		6,909		643,573
Lear Corp.		14,309		1,439,628
Luminar Technologies, Inc., Class A ^(a)(b)		4,379		8,364
Modine Manufacturing Co. ^(a)(b)		14,167		2,013,981
Patrick Industries, Inc.		8,770		907,081
Phinia, Inc.		12,397		712,580
QuantumScape Corp., Class A ^(a)(b)		109,458		1,348,523
Solid Power, Inc., Class A ^(a)(b)		37,584		130,416
Standard Motor Products, Inc.		5,053		206,263
Visteon Corp.		6,938		831,589
XPEL, Inc. ^(a)(b)		6,599		218,229

				22,121,130

Automobiles — 2.1%
Ford Motor Co.		1,031,873		12,341,201
General Motors Co.		253,002		15,425,532
Harley-Davidson, Inc.		31,625		882,337
Lucid Group, Inc. ^(a)(b)		33,562		798,440
Rivian Automotive, Inc., Class A ^(a)(b)		205,545		3,017,401
Tesla, Inc. ^(a)		747,853		332,585,186
Thor Industries, Inc.		13,238		1,372,648
Winnebago Industries, Inc.		7,772		259,896

				366,682,641

Banks — 3.9%
1st Source Corp.		4,019		247,410
ACNB Corp.		3,171		139,651
Amalgamated Financial Corp.		5,033		136,646
Amerant Bancorp, Inc., Class A		7,701		148,398
Ameris Bancorp		16,068		1,177,945
Arrow Financial Corp.		4,958		140,311
Associated Banc-Corp.		42,680		1,097,303
Atlantic Union Bankshares Corp.		41,657		1,470,076
Axos Financial, Inc. ^(a)		13,687		1,158,605
Banc of California, Inc.		32,753		542,062
BancFirst Corp.		5,927		749,469
Bancorp, Inc. (The) ^(a)(b)		11,611		869,548
Bank First Corp.		2,926		354,953
Bank of America Corp.		1,792,305		92,465,015
Bank of Hawaii Corp.		10,346		679,111
Bank of Marin Bancorp		4,473		108,604
Bank of NT Butterfield & Son Ltd. (The)		13,959		599,120
Bank OZK		29,319		1,494,683
BankUnited, Inc.		20,108		767,321
Banner Corp.		9,776		640,328
Bar Harbor Bankshares		4,781		145,629
BayCom Corp.		6,177		177,589
BCB Bancorp, Inc.		5,721		49,658
Beacon Financial Corp.		19,109		453,074
Blue Foundry Bancorp ^(a)(b)		8,802		80,010
BOK Financial Corp.		6,014		670,200
Bridgewater Bancshares, Inc. ^(a)		8,118		142,877
Burke & Herbert Financial Services Corp.		3,899		240,529
Business First Bancshares, Inc.		6,500		153,465
Byline Bancorp, Inc.		7,310		202,706
Cadence Bank		38,190		1,433,653
California BanCorp ^(a)		8,897		148,402
Camden National Corp.		3,698		142,706
Capital City Bank Group, Inc.		4,535		189,518
Capitol Federal Financial, Inc.		39,519		250,946


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Carter Bankshares, Inc. ^(a)(b)		8,257	$	160,268
Cathay General Bancorp		17,603		845,120
Central Pacific Financial Corp.		8,258		250,548
Citigroup, Inc.		485,200		49,247,800
Citizens & Northern Corp.		5,775		114,403
Citizens Financial Group, Inc.		116,489		6,192,555
Citizens Financial Services, Inc.		1,376		82,945
City Holding Co.		3,758		465,503
Civista Bancshares, Inc.		5,989		121,637
CNB Financial Corp.		5,031		121,750
Coastal Financial Corp. ^(a)(b)		2,779		300,604
Colony Bankcorp, Inc.		2,308		39,259
Columbia Banking System, Inc.		81,292		2,092,456
Columbia Financial, Inc. ^(a)(b)		8,559		128,471
Comerica, Inc.		35,717		2,447,329
Commerce Bancshares, Inc.		33,225		1,985,526
Community Financial System, Inc.		14,021		822,191
Community Trust Bancorp, Inc.		3,824		213,953
Community West Bancshares		7,098		147,922
ConnectOne Bancorp, Inc.		13,770		341,634
Cullen/Frost Bankers, Inc.		16,084		2,038,969
Customers Bancorp, Inc. ^(a)		7,288		476,417
CVB Financial Corp.		34,388		650,277
Dime Community Bancshares, Inc.		9,301		277,449
Eagle Bancorp, Inc.		7,770		157,109
East West Bancorp, Inc.		37,054		3,944,398
Eastern Bankshares, Inc.		48,231		875,393
Enterprise Financial Services Corp.		9,300		539,214
Equity Bancshares, Inc., Class A		3,946		160,602
Esquire Financial Holdings, Inc. ^(b)		2,267		231,359
Farmers & Merchants Bancorp, Inc.		4,321		108,068
Farmers National Banc Corp.		10,750		154,908
FB Financial Corp.		10,346		576,686
Fidelity D&D Bancorp, Inc.		2,306		101,072
Fifth Third Bancorp		179,265		7,986,256
Financial Institutions, Inc.		4,596		125,011
First Bancorp, Inc. (The)		3,765		98,869
First BanCorp/Puerto Rico		43,678		963,100
First Bancorp/Southern Pines NC		11,973		633,252
First Bank		9,330		151,986
First Busey Corp.		22,418		518,977
First Business Financial Services, Inc.		3,288		168,543
First Citizens BancShares, Inc., Class A		2,524		4,515,840
First Commonwealth Financial Corp.		23,447		399,771
First Community Bankshares, Inc.		4,379		152,389
First Financial Bancorp		24,018		606,454
First Financial Bankshares, Inc.		34,250		1,152,512
First Financial Corp.		2,780		156,903
First Foundation, Inc. ^(a)(b)		11,532		64,233
First Hawaiian, Inc.		35,164		873,122
First Horizon Corp.		133,100		3,009,391
First Internet Bancorp		4,001		89,742
First Interstate BancSystem, Inc., Class A		23,532		749,965
First Merchants Corp.		14,229		536,433
First Mid Bancshares, Inc.		6,897		261,258
Five Star Bancorp		3,899		125,548
Flagstar Financial, Inc.		79,748		921,089
Flushing Financial Corp.		8,449		116,681
FNB Corp.		93,365		1,504,110
FS Bancorp, Inc.		3,205		127,944
Fulton Financial Corp.		43,550		811,336
German American Bancorp, Inc.		10,514		412,885
Glacier Bancorp, Inc.		31,435		1,529,941


Security	Shares		Value

Banks (continued)
Great Southern Bancorp, Inc.		2,564	$	157,045
Guaranty Bancshares, Inc.		3,109		151,564
Hancock Whitney Corp.		23,468		1,469,331
Hanmi Financial Corp.		8,508		210,063
HarborOne Bancorp, Inc.		16,956		230,602
HBT Financial, Inc.		5,092		128,318
Heritage Commerce Corp.		16,424		163,090
Heritage Financial Corp.		9,092		219,935
Hilltop Holdings, Inc.		13,725		458,689
Hingham Institution For Savings (The) ^(b)		460		121,339
Home Bancorp, Inc.		2,883		156,619
Home BancShares, Inc.		52,132		1,475,336
HomeTrust Bancshares, Inc.		5,400		221,076
Hope Bancorp, Inc.		29,097		313,375
Horizon Bancorp, Inc.		10,486		167,881
Huntington Bancshares, Inc.		381,368		6,586,225
Independent Bank Corp.		14,010		969,072
Independent Bank Corp.		5,188		160,698
International Bancshares Corp.		14,562		1,001,137
John Marshall Bancorp, Inc.		5,869		116,324
JPMorgan Chase & Co.		738,555		232,962,404
Kearny Financial Corp.		15,563		102,249
KeyCorp		251,822		4,706,553
Lakeland Financial Corp.		5,867		376,661
Live Oak Bancshares, Inc.		8,419		296,517
M&T Bank Corp.		41,601		8,221,190
Mechanics Bancorp, Class A ^(a)		4,862		64,713
Mercantile Bank Corp.		4,735		213,075
Metrocity Bankshares, Inc.		7,533		208,589
Metropolitan Bank Holding Corp.		2,445		182,935
Mid Penn Bancorp, Inc.		5,567		159,439
Middlefield Banc Corp.		4,179		125,412
Midland States Bancorp, Inc.		6,182		105,959
MidWestOne Financial Group, Inc.		6,031		170,617
MVB Financial Corp.		5,560		139,334
National Bank Holdings Corp., Class A		8,169		315,650
NB Bancorp, Inc. ^(b)		10,264		181,160
NBT Bancorp, Inc.		11,712		489,093
Nicolet Bankshares, Inc.		3,243		436,183
Northeast Bank ^(b)		1,261		126,302
Northeast Community Bancorp, Inc.		7,043		144,875
Northfield Bancorp, Inc.		12,188		143,818
Northrim BanCorp, Inc.		9,888		214,174
Northwest Bancshares, Inc.		38,145		472,617
NU Holdings Ltd., Class A ^(a)		888,867		14,230,761
OceanFirst Financial Corp.		15,077		264,903
OFG Bancorp		11,285		490,785
Old National Bancorp		92,122		2,022,078
Old Second Bancorp, Inc.		11,859		204,983
Orange County Bancorp, Inc.		5,480		138,151
Origin Bancorp, Inc.		6,973		240,708
Orrstown Financial Services, Inc.		6,463		219,613
Park National Corp.		3,540		575,356
Pathward Financial, Inc.		6,553		484,988
Peapack-Gladstone Financial Corp.		4,823		133,115
Peoples Bancorp, Inc.		9,584		287,424
Peoples Financial Services Corp.		3,216		156,330
Pinnacle Financial Partners, Inc.		20,143		1,889,212
PNC Financial Services Group, Inc. (The)		105,640		21,226,245
Popular, Inc.		17,699		2,247,950
Preferred Bank		2,234		201,931
Primis Financial Corp.		9,664		101,569
Prosperity Bancshares, Inc.		24,569		1,630,153


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Provident Financial Services, Inc.		36,608	$	705,802
QCR Holdings, Inc.		5,023		379,940
RBB Bancorp		4,860		91,174
Red River Bancshares, Inc.		2,052		133,011
Regions Financial Corp.		239,137		6,306,043
Renasant Corp.		25,216		930,218
Republic Bancorp, Inc., Class A		3,121		225,492
S&T Bancorp, Inc.		8,909		334,889
Seacoast Banking Corp. of Florida		22,337		679,715
ServisFirst Bancshares, Inc.		13,598		1,095,047
Shore Bancshares, Inc.		6,765		111,014
Sierra Bancorp		2,148		62,099
Simmons First National Corp., Class A		37,243		713,948
SmartFinancial, Inc.		6,388		228,243
South Plains Financial, Inc.		3,525		136,241
Southern First Bancshares, Inc. ^(a)		2,897		127,816
Southern Missouri Bancorp, Inc.		2,541		133,555
Southside Bancshares, Inc.		9,446		266,849
Southstate Bank Corp.		26,419		2,612,047
Stellar Bancorp, Inc.		13,505		409,742
Stock Yards Bancorp, Inc.		7,549		528,355
Synovus Financial Corp.		37,315		1,831,420
Texas Capital Bancshares, Inc. ^(a)		12,963		1,095,762
Third Coast Bancshares, Inc. ^(a)		1,128		42,830
Timberland Bancorp, Inc.		3,780		125,798
Tompkins Financial Corp.		3,398		224,982
Towne Bank		16,884		583,680
TriCo Bancshares		7,239		321,484
Triumph Financial, Inc. ^(a)(b)		5,778		289,131
Truist Financial Corp.		342,797		15,672,679
TrustCo Bank Corp.		5,240		190,212
Trustmark Corp.		16,786		664,726
U.S. Bancorp		415,130		20,063,233
UMB Financial Corp.		19,430		2,299,540
United Bankshares, Inc.		35,521		1,321,736
United Community Banks, Inc.		31,602		990,723
Unity Bancorp, Inc.		3,460		169,090
Univest Financial Corp.		7,145		214,493
Valley National Bancorp		123,494		1,309,036
Veritex Holdings, Inc.		12,039		403,668
WaFd, Inc.		19,364		586,536
Washington Trust Bancorp, Inc.		3,568		103,115
Webster Financial Corp.		46,387		2,757,243
Wells Fargo & Co.		856,980		71,832,064
WesBanco, Inc.		23,921		763,798
West BanCorp, Inc.		5,700		115,824
Westamerica BanCorp		7,659		382,873
Western Alliance Bancorp		28,088		2,435,791
Wintrust Financial Corp.		17,014		2,253,334
WSFS Financial Corp.		15,622		842,494
Zions Bancorp N.A		39,317		2,224,556

				674,751,441

Beverages — 0.9%
Boston Beer Co., Inc. (The), Class A, NVS ^(a)		2,399		507,196
Brown-Forman Corp., Class A		14,059		378,328
Brown-Forman Corp., Class B, NVS		39,167		1,060,642
Celsius Holdings, Inc. ^(a)		43,639		2,508,806
Coca-Cola Co. (The)		1,033,336		68,530,843
Coca-Cola Consolidated, Inc.		13,729		1,608,490
Constellation Brands, Inc., Class A		38,398		5,171,059
Keurig Dr. Pepper, Inc.		343,464		8,761,767
MGP Ingredients, Inc.		3,847		93,059


Security	Shares		Value

Beverages (continued)
Molson Coors Beverage Co., Class B		46,112	$	2,086,568
Monster Beverage Corp. ^(a)		185,010		12,453,023
National Beverage Corp. ^(a)		6,689		246,958
PepsiCo, Inc.		364,582		51,201,896
Primo Brands Corp., Class A		64,835		1,432,853
Vita Coco Co., Inc. (The) ^(a)(b)		11,778		500,212


			156,541,700

Biotechnology — 2.0%
4D Molecular Therapeutics, Inc. ^(a)		12,379		107,574
89bio, Inc. ^(a)(b)		36,743		540,122
AbbVie, Inc.		471,055		109,068,075
ABSCI CORP ^(a)(b)		34,610		105,214
ACADIA Pharmaceuticals, Inc. ^(a)		34,338		732,773
ADC Therapeutics SA ^(a)(b)		46,573		186,292
ADMA Biologics, Inc. ^(a)(b)		64,225		941,539
Agios Pharmaceuticals, Inc. ^(a)		16,158		648,582
Akebia Therapeutics, Inc. ^(a)(b)		44,679		121,974
Akero Therapeutics, Inc. ^(a)(b)		20,130		955,772
Aldeyra Therapeutics, Inc. ^(a)(b)		14,574		76,076
Alector, Inc. ^(a)		16,058		47,532
Alkermes PLC ^(a)		42,211		1,266,330
Allogene Therapeutics, Inc. ^(a)(b)		24,713		30,644
Alnylam Pharmaceuticals, Inc. ^(a)		33,103		15,094,968
Altimmune, Inc. ^(a)(b)		22,762		85,813
Amgen, Inc.		143,185		40,406,807
Amicus Therapeutics, Inc. ^(a)		79,836		629,108
AnaptysBio, Inc. ^(a)(b)		7,218		221,015
Anavex Life Sciences Corp. ^(a)(b)		19,156		170,488
Anika Therapeutics, Inc. ^(a)		5,963		56,052
Annexon, Inc. ^(a)		23,085		70,409
Apellis Pharmaceuticals, Inc. ^(a)		26,280		594,716
Apogee Therapeutics, Inc. ^(a)(b)		10,939		434,606
Arbutus Biopharma Corp. ^(a)(b)		48,140		218,556
Arcellx, Inc. ^(a)(b)		10,795		886,270
Arcturus Therapeutics Holdings, Inc. ^(a)(b)		8,718		160,673
Arcus Biosciences, Inc. ^(a)		11,999		163,186
Arcutis Biotherapeutics, Inc. ^(a)(b)		24,544		462,654
Ardelyx, Inc. ^(a)		55,638		306,565
ArriVent Biopharma, Inc. ^(a)(b)		7,457		137,582
Arrowhead Pharmaceuticals, Inc. ^(a)		30,576		1,054,566
ARS Pharmaceuticals, Inc. ^(a)(b)		17,273		173,594
Astria Therapeutics, Inc. ^(a)		11,239		81,820
aTyr Pharma, Inc. ^(a)(b)		30,459		21,973
Aura Biosciences, Inc. ^(a)(b)		8,640		53,395
Aurinia Pharmaceuticals, Inc. ^(a)(b)		37,456		413,889
Avidity Biosciences, Inc. ^(a)(b)		28,482		1,240,961
Avita Medical, Inc. ^(a)(b)		7,091		36,235
Beam Therapeutics, Inc. ^(a)(b)		24,225		587,941
Bicara Therapeutics, Inc. ^(a)(b)		9,224		145,647
BioCryst Pharmaceuticals, Inc. ^(a)		63,932		485,244
Biogen, Inc. ^(a)		39,012		5,464,801
Biohaven Ltd. ^(a)		23,396		351,174
BioMarin Pharmaceutical, Inc. ^(a)		49,535		2,682,816
Bridgebio Pharma, Inc. ^(a)(b)		41,553		2,158,263
Capricor Therapeutics, Inc. ^(a)(b)		7,279		52,482
CareDx, Inc. ^(a)		12,799		186,097
Catalyst Pharmaceuticals, Inc. ^(a)		32,255		635,424
Celcuity, Inc. ^(a)(b)		7,846		387,592
Celldex Therapeutics, Inc. ^(a)(b)		16,432		425,096
CG oncology, Inc. ^(a)(b)		12,547		505,393
Cidara Therapeutics, Inc. ^(a)(b)		4,412		422,493
Cogent Biosciences, Inc. ^(a)		38,249		549,256


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Coherus Oncology, Inc. ^(a)(b)		16,472	$	27,014
Compass Therapeutics, Inc. ^(a)(b)		33,095		115,833
CRISPR Therapeutics AG ^(a)(b)		21,715		1,407,349
Cullinan Therapeutics, Inc. ^(a)		16,463		97,626
Cytokinetics, Inc. ^(a)		29,419		1,616,868
Day One Biopharmaceuticals, Inc. ^(a)(b)		18,110		127,676
Denali Therapeutics, Inc. ^(a)(b)		32,085		465,874
Design Therapeutics, Inc. ^(a)(b)		8,844		66,595
Dianthus Therapeutics, Inc. ^(a)(b)		6,296		247,748
Disc Medicine, Inc. ^(a)(b)		5,315		351,215
Dynavax Technologies Corp. ^(a)		37,095		368,353
Dyne Therapeutics, Inc. ^(a)		21,236		268,635
Editas Medicine, Inc. ^(a)(b)		18,579		64,469
Enanta Pharmaceuticals, Inc. ^(a)(b)		4,804		57,504
Entrada Therapeutics, Inc. ^(a)		7,426		43,071
Erasca, Inc. ^(a)(b)		67,149		146,385
Exact Sciences Corp. ^(a)		48,011		2,626,682
Exelixis, Inc. ^(a)		71,541		2,954,643
Fate Therapeutics, Inc. ^(a)		20,155		25,395
Geron Corp. ^(a)		164,158		224,896
Gilead Sciences, Inc.		331,675		36,815,925
GRAIL, Inc. ^(a)(b)		7,008		414,383
Halozyme Therapeutics, Inc. ^(a)		32,871		2,410,759
Heron Therapeutics, Inc. ^(a)(b)		28,130		35,444
Humacyte, Inc. ^(a)(b)		24,303		42,287
Ideaya Biosciences, Inc. ^(a)(b)		21,592		587,518
ImmunityBio, Inc. ^(a)(b)		47,437		116,695
Immunome, Inc. ^(a)(b)		13,541		158,565
Immunovant, Inc. ^(a)(b)		16,042		258,597
Incyte Corp. ^(a)		42,393		3,595,350
Inhibrx Biosciences, Inc. ^(a)(b)		1,901		64,026
Insmed, Inc. ^(a)		49,496		7,127,919
Intellia Therapeutics, Inc. ^(a)(b)		23,117		399,231
Ionis Pharmaceuticals, Inc. ^(a)(b)		41,618		2,722,650
Iovance Biotherapeutics, Inc. ^(a)(b)		63,087		136,899
Ironwood Pharmaceuticals, Inc., Class A ^(a)		40,103		52,535
Jade Biosciences, Inc. ^(b)		14,559		125,644
Janux Therapeutics, Inc. ^(a)(b)		13,196		322,510
KalVista Pharmaceuticals, Inc. ^(a)(b)		6,449		78,549
Keros Therapeutics, Inc. ^(a)(b)		6,911		109,332
Kodiak Sciences, Inc. ^(a)(b)		14,024		229,573
Korro Bio, Inc. ^(a)(b)		3,208		153,631
Krystal Biotech, Inc. ^(a)		6,595		1,164,215
Kura Oncology, Inc. ^(a)		16,575		146,689
Kymera Therapeutics, Inc. ^(a)(b)		12,863		728,046
Larimar Therapeutics, Inc. ^(a)(b)		16,797		54,254
Madrigal Pharmaceuticals, Inc. ^(a)(b)		5,029		2,306,601
MannKind Corp. ^(a)(b)		81,330		436,742
MeiraGTx Holdings PLC ^(a)(b)		17,036		140,206
Metsera, Inc. ^(a)(b)		14,033		734,347
MiMedx Group, Inc. ^(a)(b)		33,199		231,729
Mineralys Therapeutics, Inc. ^(a)(b)		10,823		410,408
Mirum Pharmaceuticals, Inc. ^(a)		10,342		758,172
Moderna, Inc. ^(a)		94,070		2,429,828
Monte Rosa Therapeutics, Inc. ^(a)(b)		14,084		104,362
Myriad Genetics, Inc. ^(a)		22,601		163,405
Natera, Inc. ^(a)		34,434		5,542,841
Neurocrine Biosciences, Inc. ^(a)		26,113		3,665,743
Neurogene, Inc. ^(a)(b)		4,356		75,489
Nkarta, Inc. ^(a)(b)		8,663		17,932
Novavax, Inc. ^(a)(b)		40,685		352,739
Nurix Therapeutics, Inc. ^(a)(b)		17,348		160,296
Nuvalent, Inc., Class A ^(a)(b)		11,382		984,315


Security	Shares		Value

Biotechnology (continued)
Olema Pharmaceuticals, Inc. ^(a)(b)		11,707	$	114,612
Organogenesis Holdings, Inc., Class A ^(a)(b)		30,826		130,086
ORIC Pharmaceuticals, Inc. ^(a)		17,100		205,200
Perspective Therapeutics, Inc. ^(a)		14,679		50,349
Praxis Precision Medicines, Inc. ^(a)(b)		4,543		240,779
Precigen, Inc. ^(a)(b)		60,123		197,805
Prime Medicine, Inc. ^(a)(b)		10,331		57,234
Protagonist Therapeutics, Inc. ^(a)(b)		15,728		1,044,811
Prothena Corp. PLC ^(a)		10,692		104,354
PTC Therapeutics, Inc. ^(a)(b)		19,700		1,208,989
Recursion Pharmaceuticals, Inc., Class A ^(a)(b)		95,838		467,689
Regeneron Pharmaceuticals, Inc.		27,871		15,671,027
REGENXBIO, Inc. ^(a)(b)		9,214		88,915
Relay Therapeutics, Inc. ^(a)(b)		19,855		103,643
Replimune Group, Inc. ^(a)(b)		22,403		93,869
Revolution Medicines, Inc. ^(a)		43,717		2,041,584
Rhythm Pharmaceuticals, Inc. ^(a)		13,732		1,386,795
Rigel Pharmaceuticals, Inc. ^(a)(b)		6,336		179,499
Rocket Pharmaceuticals, Inc. ^(a)(b)		18,551		60,476
Roivant Sciences Ltd. ^(a)		113,405		1,715,818
Sana Biotechnology, Inc. ^(a)(b)		48,521		172,250
Sarepta Therapeutics, Inc. ^(a)		24,733		476,605
Savara, Inc. ^(a)(b)		41,686		148,819
Scholar Rock Holding Corp. ^(a)(b)		21,709		808,443
Soleno Therapeutics, Inc. ^(a)(b)		10,542		712,639
Spyre Therapeutics, Inc. ^(a)(b)		9,122		152,885
Stoke Therapeutics, Inc. ^(a)(b)		7,714		181,279
Summit Therapeutics, Inc. ^(a)(b)		30,978		640,006
Syndax Pharmaceuticals, Inc. ^(a)(b)		19,507		300,115
Tango Therapeutics, Inc. ^(a)		12,855		107,982
Taysha Gene Therapies, Inc. ^(a)(b)		68,399		223,665
TG Therapeutics, Inc. ^(a)		39,865		1,440,123
Tourmaline Bio, Inc. ^(a)		4,998		239,054
Travere Therapeutics, Inc. ^(a)		26,439		631,892
Twist Bioscience Corp. ^(a)(b)		14,994		421,931
Tyra Biosciences, Inc. ^(a)(b)		6,459		90,361
Ultragenyx Pharmaceutical, Inc. ^(a)		24,914		749,413
United Therapeutics Corp. ^(a)		11,914		4,994,468
Upstream Bio, Inc. ^(a)(b)		9,359		176,043
UroGen Pharma Ltd. ^(a)(b)		9,391		187,350
Vanda Pharmaceuticals, Inc. ^(a)(b)		14,775		73,727
Vaxcyte, Inc. ^(a)(b)		33,279		1,198,710
Vera Therapeutics, Inc., Class A ^(a)(b)		10,601		308,065
Veracyte, Inc. ^(a)		19,787		679,288
Vericel Corp. ^(a)		14,211		447,220
Vertex Pharmaceuticals, Inc. ^(a)		68,205		26,711,806
Viking Therapeutics, Inc. ^(a)(b)		27,201		714,842
Vir Biotechnology, Inc. ^(a)		19,976		114,063
Viridian Therapeutics, Inc. ^(a)(b)		18,934		408,596
Voyager Therapeutics, Inc. ^(a)(b)		8,903		41,577
Xencor, Inc. ^(a)		14,850		174,191
Xenon Pharmaceuticals, Inc. ^(a)(b)		19,935		800,390
Zymeworks, Inc. ^(a)(b)		13,941		238,112

				350,843,775

Broadline Retail — 3.4%
Amazon.com, Inc. ^(a)		2,550,119		559,929,629
Coupang, Inc., Class A ^(a)		329,282		10,602,880
Dillard’s, Inc., Class A ^(b)		751		461,475
eBay, Inc.		122,153		11,109,815
Etsy, Inc. ^(a)		27,374		1,817,360
Groupon, Inc. ^(a)(b)		6,563		153,246
Kohl’s Corp.		29,141		447,897


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Broadline Retail (continued)
Macy’s, Inc.		73,325	$	1,314,717
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		16,887		2,168,291
Savers Value Village, Inc. ^(a)(b)		6,807		90,193

				588,095,503

Building Products — 0.6%
A. O. Smith Corp.		31,624		2,321,518
AAON, Inc.		17,450		1,630,528
Advanced Drainage Systems, Inc.		19,030		2,639,461
Allegion PLC		22,948		4,069,828
American Woodmark Corp. ^(a)		4,736		316,175
Apogee Enterprises, Inc.		6,925		301,722
Armstrong World Industries, Inc.		12,051		2,362,117
AZZ, Inc.		8,343		910,472
Builders FirstSource, Inc. ^(a)(b)		29,314		3,554,323
Carlisle Cos., Inc.		11,372		3,740,933
Carrier Global Corp.		210,815		12,585,655
CSW Industrials, Inc.		4,372		1,061,303
Fortune Brands Innovations, Inc.		32,468		1,733,467
Gibraltar Industries, Inc. ^(a)		8,084		507,675
Griffon Corp.		11,039		840,620
Hayward Holdings, Inc. ^(a)		52,627		795,720
Insteel Industries, Inc.		4,923		188,748
Janus International Group, Inc. ^(a)(b)		37,382		368,960
JELD-WEN Holding, Inc. ^(a)		21,636		106,233
Johnson Controls International PLC		175,341		19,278,743
Lennox International, Inc.		8,359		4,424,920
Masco Corp.		56,386		3,969,011
Masterbrand, Inc. ^(a)		33,960		447,253
Owens Corning		22,825		3,228,825
Quanex Building Products Corp.		11,665		165,876
Resideo Technologies, Inc. ^(a)		37,615		1,624,216
Simpson Manufacturing Co., Inc.		11,539		1,932,321
Tecnoglass, Inc.		5,909		395,371
Trane Technologies PLC		59,124		24,947,963
Trex Co., Inc. ^(a)		28,336		1,464,121
UFP Industries, Inc.		16,229		1,517,249
Zurn Elkay Water Solutions Corp.		38,683		1,819,261

				105,250,588

Capital Markets — 3.5%
Acadian Asset Management, Inc.		8,483		408,541
Affiliated Managers Group, Inc.		7,410		1,766,766
Ameriprise Financial, Inc.		25,520		12,536,700
Ares Management Corp., Class A		49,630		7,935,341
Artisan Partners Asset Management, Inc., Class A		14,903		646,790
Bank of New York Mellon Corp. (The)		187,508		20,430,872
BGC Group, Inc., Class A		87,989		832,376
BlackRock, Inc. ^(c)		40,462		47,173,432
Blackstone, Inc., Class A, NVS		195,061		33,326,172
Blue Owl Capital, Inc., Class A		161,785		2,739,020
Brookfield Asset Management Ltd., Class A		101,410		5,774,285
Carlyle Group, Inc. (The)		69,359		4,348,809
Cboe Global Markets, Inc.		28,280		6,935,670
Charles Schwab Corp. (The)		454,349		43,376,699
CME Group, Inc., Class A		95,855		25,899,063
Cohen & Steers, Inc.		7,903		518,516
Coinbase Global, Inc., Class A ^(a)		55,841		18,845,779
Diamond Hill Investment Group, Inc., Class A		680		95,207
DigitalBridge Group, Inc., Class A		41,666		487,492
Donnelley Financial Solutions, Inc. ^(a)		6,410		329,666
Evercore, Inc., Class A		9,939		3,352,624
FactSet Research Systems, Inc.		10,241		2,933,944


Security	Shares		Value

Capital Markets (continued)
Forge Global Holdings, Inc. ^(a)(b)		3,091	$	52,238
Franklin Resources, Inc.		79,906		1,848,226
Freedom Holding Corp. ^(a)(b)		4,678		805,224
GCM Grosvenor, Inc., Class A		12,945		156,246
Goldman Sachs Group, Inc. (The)		79,883		63,614,827
Hamilton Lane, Inc., Class A		10,538		1,420,417
Houlihan Lokey, Inc., Class A		14,617		3,001,162
Interactive Brokers Group, Inc., Class A ^(b)		113,952		7,841,037
Intercontinental Exchange, Inc.		152,032		25,614,351
Invesco Ltd.		99,506		2,282,668
Janus Henderson Group PLC		34,453		1,533,503
Jefferies Financial Group, Inc.		40,606		2,656,445
KKR & Co., Inc., Class A		179,944		23,383,723
Lazard, Inc.		24,444		1,290,154
LPL Financial Holdings, Inc.		21,027		6,995,473
Marex Group PLC		14,152		475,790
MarketAxess Holdings, Inc.		9,922		1,728,909
Moelis & Co., Class A		16,331		1,164,727
Moody’s Corp.		41,228		19,644,317
Morgan Stanley		306,097		48,657,179
Morningstar, Inc.		6,235		1,446,582
MSCI, Inc., Class A		19,945		11,316,993
Nasdaq, Inc.		109,342		9,671,300
Northern Trust Corp.		50,508		6,798,377
Open Lending Corp., Class A ^(a)		26,720		56,379
P10, Inc., Class A		9,742		105,993
Patria Investments Ltd., Class A		14,211		207,481
Perella Weinberg Partners, Class A		15,903		339,052
Piper Sandler Cos		4,418		1,533,002
PJT Partners, Inc., Class A ^(b)		6,247		1,110,279
Raymond James Financial, Inc.		48,489		8,369,201
Robinhood Markets, Inc., Class A ^(a)		197,486		28,276,046
S&P Global, Inc.		81,733		39,780,268
SEI Investments Co.		26,719		2,267,107
State Street Corp.		76,384		8,861,308
StepStone Group, Inc., Class A		17,457		1,140,117
Stifel Financial Corp.		27,262		3,093,419
StoneX Group, Inc. ^(a)(b)		11,839		1,194,792
T Rowe Price Group, Inc.		58,064		5,959,689
TPG, Inc., Class A		34,337		1,972,661
Tradeweb Markets, Inc., Class A		31,341		3,478,224
Victory Capital Holdings, Inc., Class A		10,836		701,739
Virtu Financial, Inc., Class A		21,607		767,049
Virtus Investment Partners, Inc.		1,739		330,462
WisdomTree, Inc.		39,826		553,581
XP, Inc., Class A		108,294		2,034,844

				596,226,325

Chemicals — 1.1%
AdvanSix, Inc.		7,823		151,610
Air Products & Chemicals, Inc.		58,747		16,021,482
Albemarle Corp.		30,747		2,492,967
American Vanguard Corp. ^(a)		8,762		50,294
Ashland, Inc.		13,615		652,295
Aspen Aerogels, Inc. ^(a)		15,660		108,994
Avient Corp.		22,885		754,061
Axalta Coating Systems Ltd. ^(a)		60,326		1,726,530
Balchem Corp.		8,105		1,216,236
Cabot Corp.		14,024		1,066,525
Celanese Corp., Class A		29,561		1,243,927
CF Industries Holdings, Inc.		43,930		3,940,521
Chemours Co. (The)		38,024		602,300
Core Molding Technologies, Inc. ^(a)		4,090		84,050


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Corteva, Inc.		182,854	$	12,366,416
Dow, Inc.		187,532		4,300,109
DuPont de Nemours, Inc.		111,026		8,648,925
Eastman Chemical Co.		31,606		1,992,758
Ecolab, Inc.		66,480		18,206,213
Ecovyst, Inc. ^(a)		25,490		223,292
Element Solutions, Inc.		58,557		1,473,880
FMC Corp.		32,818		1,103,669
Hawkins, Inc. ^(b)		5,570		1,017,750
HB Fuller Co.		14,981		888,074
Huntsman Corp.		44,802		402,322
Ingevity Corp. ^(a)		9,665		533,411
Innospec, Inc.		6,472		499,380
International Flavors & Fragrances, Inc.		67,965		4,182,566
Intrepid Potash, Inc. ^(a)		2,876		87,948
Koppers Holdings, Inc.		5,176		144,928
Linde PLC		124,890		59,322,750
LSB Industries, Inc. ^(a)(b)		19,365		152,596
LyondellBasell Industries NV, Class A		69,027		3,385,084
Mativ Holdings, Inc.		13,712		155,083
Minerals Technologies, Inc.		8,032		498,948
Mosaic Co. (The)		82,755		2,869,943
NewMarket Corp.		1,556		1,288,695
Olin Corp.		33,223		830,243
Orion SA		15,886		120,416
Perimeter Solutions, Inc. ^(a)(b)		38,264		856,731
PPG Industries, Inc.		60,846		6,395,523
PureCycle Technologies, Inc. ^(a)(b)		27,579		362,664
Quaker Chemical Corp.		3,526		464,550
Rayonier Advanced Materials, Inc. ^(a)(b)		16,124		116,415
RPM International, Inc.		34,411		4,056,369
Scotts Miracle-Gro Co. (The)		10,660		607,087
Sensient Technologies Corp.		11,343		1,064,541
Sherwin-Williams Co. (The)		61,781		21,392,289
Stepan Co.		6,065		289,300
Tronox Holdings PLC, Class A		33,813		135,928
Westlake Corp.		8,989		692,692

				191,241,280

Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		17,428		803,779
ACCO Brands Corp.		27,610		110,164
ACV Auctions, Inc., Class A ^(a)(b)		41,114		407,440
BrightView Holdings, Inc. ^(a)(b)		13,846		185,536
Brink’s Co. (The)		11,585		1,353,823
Casella Waste Systems, Inc., Class A ^(a)(b)		17,178		1,629,849
CECO Environmental Corp. ^(a)(b)		8,396		429,875
Cimpress PLC ^(a)(b)		4,424		278,889
Cintas Corp.		91,820		18,846,973
Clean Harbors, Inc. ^(a)		13,404		3,112,677
Copart, Inc. ^(a)		235,926		10,609,592
CoreCivic, Inc. ^(a)		30,376		618,152
Deluxe Corp.		10,826		209,591
Driven Brands Holdings, Inc. ^(a)(b)		16,868		271,743
Ennis, Inc.		6,474		118,345
Enviri Corp. ^(a)		22,798		289,307
GEO Group, Inc. (The) ^(a)		32,940		674,941
Healthcare Services Group, Inc. ^(a)		20,107		338,401
HNI Corp.		12,835		601,320
Interface, Inc., Class A		14,341		415,028
Liquidity Services, Inc. ^(a)		6,712		184,110
MillerKnoll, Inc.		20,909		370,926
Montrose Environmental Group, Inc. ^(a)(b)		8,924		245,053


Security	Shares		Value

Commercial Services & Supplies (continued)
MSA Safety, Inc.		9,572	$	1,647,054
OPENLANE, Inc. ^(a)		28,332		815,395
Pitney Bowes, Inc.		49		559
RB Global, Inc. ^(b)		49,558		5,370,105
Republic Services, Inc.		53,724		12,328,583
Rollins, Inc.		74,178		4,357,216
Steelcase, Inc., Class A		25,086		431,479
Tetra Tech, Inc.		70,732		2,361,034
UniFirst Corp.		4,086		683,138
Veralto Corp.		63,231		6,741,057
Vestis Corp.		40,202		182,115
Waste Management, Inc.		98,108		21,665,190

				98,688,439

Communications Equipment — 0.9%
ADTRAN Holdings, Inc. ^(a)(b)		18,398		172,573
Applied Optoelectronics, Inc. ^(a)(b)		11,741		304,444
Arista Networks, Inc. ^(a)		274,305		39,968,982
Aviat Networks, Inc. ^(a)(b)		3,516		80,622
Calix, Inc. ^(a)		14,438		886,060
Ciena Corp. ^(a)		38,042		5,541,578
Cisco Systems, Inc.		1,057,938		72,384,118
Clearfield, Inc. ^(a)(b)		3,383		116,307
CommScope Holding Co., Inc. ^(a)		51,620		799,078
Digi International, Inc. ^(a)		8,602		313,629
Extreme Networks, Inc. ^(a)		34,916		721,015
F5, Inc. ^(a)		15,113		4,884,370
Harmonic, Inc. ^(a)		31,918		324,925
Lumentum Holdings, Inc. ^(a)(b)		18,607		3,027,545
Motorola Solutions, Inc.		44,302		20,258,862
NETGEAR, Inc. ^(a)(b)		8,698		281,728
NetScout Systems, Inc. ^(a)		16,460		425,162
Ribbon Communications, Inc. ^(a)		23,299		88,536
Ubiquiti, Inc.		1,053		695,591
Viasat, Inc. ^(a)		30,960		907,128
Viavi Solutions, Inc. ^(a)		63,498		805,790


			152,988,043

Construction & Engineering — 0.4%
AECOM		35,438		4,623,596
Ameresco, Inc., Class A ^(a)(b)		7,942		266,692
API Group Corp. ^(a)		97,710		3,358,293
Arcosa, Inc.		12,717		1,191,710
Argan, Inc.		3,821		1,031,861
Bowman Consulting Group Ltd. ^(a)		3,311		140,254
Centuri Holdings, Inc. ^(a)(b)		15,745		333,322
Comfort Systems U.S.A., Inc.		9,234		7,619,712
Construction Partners, Inc., Class A ^(a)(b)		11,647		1,479,169
Dycom Industries, Inc. ^(a)		7,787		2,271,935
EMCOR Group, Inc.		11,730		7,619,104
Everus Construction Group, Inc. ^(a)		12,963		1,111,577
Fluor Corp. ^(a)		44,979		1,892,267
Granite Construction, Inc.		10,990		1,205,054
Great Lakes Dredge & Dock Corp. ^(a)		14,628		175,390
IES Holdings, Inc. ^(a)(b)		2,502		994,920
Limbach Holdings, Inc. ^(a)(b)		2,527		245,422
MasTec, Inc. ^(a)		16,667		3,546,904
MYR Group, Inc. ^(a)		4,054		843,354
NWPX Infrastructure, Inc. ^(a)		3,980		210,661
Primoris Services Corp.		13,554		1,861,371
Quanta Services, Inc.		39,127		16,215,011
Sterling Infrastructure, Inc. ^(a)(b)		8,201		2,785,716
Tutor Perini Corp. ^(a)		13,175		864,148


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Valmont Industries, Inc.		5,477	$	2,123,597
WillScot Holdings Corp., Class A		48,968		1,033,715

				65,044,755

Construction Materials — 0.3%
CRH PLC		179,872		21,566,653
Eagle Materials, Inc.		8,955		2,086,873
James Hardie Industries PLC ^(a)		40,653		780,944
Knife River Corp. ^(a)		15,191		1,167,732
Martin Marietta Materials, Inc.		15,905		10,024,604
United States Lime & Minerals, Inc. ^(b)		3,403		447,665
Vulcan Materials Co.		35,157		10,814,996

				46,889,467

Consumer Finance — 0.7%
Ally Financial, Inc.		71,490		2,802,408
American Express Co.		146,195		48,560,131
Bread Financial Holdings, Inc.		12,214		681,175
Capital One Financial Corp.		167,467		35,600,135
Credit Acceptance Corp. ^(a)(b)		1,186		553,779
Dave, Inc., Class A ^(a)(b)		2,075		413,651
Encore Capital Group, Inc. ^(a)		6,474		270,225
Enova International, Inc. ^(a)		7,198		828,418
FirstCash Holdings, Inc.		9,690		1,535,090
Green Dot Corp., Class A ^(a)(b)		14,156		190,115
LendingClub Corp. ^(a)		25,569		388,393
LendingTree, Inc. ^(a)(b)		3,848		249,081
Navient Corp.		25,181		331,130
Nelnet, Inc., Class A		3,216		403,222
NerdWallet, Inc., Class A ^(a)(b)		5,883		63,301
OneMain Holdings, Inc.		32,020		1,807,849
PRA Group, Inc. ^(a)		9,498		146,649
PROG Holdings, Inc.		10,587		342,595
Regional Management Corp.		3,361		130,944
SLM Corp.		57,663		1,596,112
SoFi Technologies, Inc. ^(a)		300,704		7,944,600
Synchrony Financial		100,894		7,168,519
Upstart Holdings, Inc. ^(a)(b)		22,552		1,145,642
World Acceptance Corp. ^(a)		979		165,588

				113,318,752

Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		109,783		1,922,300
Andersons, Inc. (The)		9,770		388,944
BJ’s Wholesale Club Holdings, Inc. ^(a)		34,826		3,247,524
Casey’s General Stores, Inc.		9,924		5,610,236
Chefs’ Warehouse, Inc. (The) ^(a)(b)		10,430		608,382
Costco Wholesale Corp.		118,015		109,238,224
Dollar General Corp.		58,705		6,067,162
Dollar Tree, Inc. ^(a)(b)		52,972		4,998,968
Grocery Outlet Holding Corp. ^(a)(b)		26,033		417,830
Ingles Markets, Inc., Class A		4,202		292,291
Kroger Co. (The)		160,830		10,841,550
Maplebear, Inc. ^(a)		45,666		1,678,682
Natural Grocers by Vitamin Cottage, Inc.		3,520		140,800
Performance Food Group Co. ^(a)		41,508		4,318,492
PriceSmart, Inc.		7,314		886,384
Sprouts Farmers Market, Inc. ^(a)		26,216		2,852,301
Sysco Corp.		128,678		10,595,346
Target Corp.		120,546		10,812,976
U.S. Foods Holding Corp. ^(a)		60,897		4,665,928
United Natural Foods, Inc. ^(a)		14,005		526,868


Security	Shares		Value

Consumer Staples Distribution & Retail (continued)
Walmart, Inc.		1,156,610	$	119,200,227
Weis Markets, Inc.		4,711		338,580

				299,649,995

Containers & Packaging — 0.2%
Amcor PLC		606,811		4,963,714
AptarGroup, Inc.		17,258		2,306,704
Ardagh Metal Packaging SA		41,863		167,034
Avery Dennison Corp.		21,506		3,487,628
Ball Corp.		74,899		3,776,408
Crown Holdings, Inc.		31,041		2,998,250
Graphic Packaging Holding Co.		77,318		1,513,113
Greif, Inc., Class A, NVS		6,282		375,412
Greif, Inc., Class B		1,985		122,296
International Paper Co.		139,485		6,472,104
Myers Industries, Inc.		9,647		163,420
O-I Glass, Inc. ^(a)		43,361		562,392
Packaging Corp. of America		23,830		5,193,272
Ranpak Holdings Corp., Class A ^(a)(b)		17,825		100,177
Sealed Air Corp.		38,026		1,344,219
Silgan Holdings, Inc.		21,910		942,349
Smurfit WestRock PLC		137,823		5,867,125
Sonoco Products Co.		25,902		1,116,117
TriMas Corp. ^(b)		9,796		378,518

				41,850,252

Distributors — 0.1%
A-Mark Precious Metals, Inc.		5,114		132,299
Genuine Parts Co.		36,816		5,102,698
GigaCloud Technology, Inc., Class A ^(a)(b)		6,181		175,540
LKQ Corp.		70,222		2,144,580
Pool Corp.		9,774		3,030,624

				10,585,741

Diversified Consumer Services — 0.1%
ADT, Inc.		135,640		1,181,424
Adtalem Global Education, Inc. ^(a)		10,499		1,621,571
Bright Horizons Family Solutions, Inc. ^(a)		14,889		1,616,499
Carriage Services, Inc.		3,886		173,082
Coursera, Inc. ^(a)(b)		34,616		405,353
Duolingo, Inc., Class A ^(a)(b)		9,831		3,164,009
European Wax Center, Inc., Class A ^(a)(b)		6,773		27,024
Frontdoor, Inc. ^(a)		20,055		1,349,501
Graham Holdings Co., Class B		840		988,940
Grand Canyon Education, Inc. ^(a)		8,006		1,757,477
H&R Block, Inc.		36,381		1,839,787
KinderCare Learning Cos., Inc. ^(a)		8,561		56,845
Laureate Education, Inc., Class A ^(a)		35,111		1,107,401
Lincoln Educational Services Corp. ^(a)		11,371		267,219
Matthews International Corp., Class A		7,870		191,084
Mister Car Wash, Inc. ^(a)		20,093		107,096
OneSpaWorld Holdings Ltd.		26,473		559,639
Perdoceo Education Corp.		20,279		763,707
Service Corp. International		38,049		3,166,438
Strategic Education, Inc.		5,868		504,707
Stride, Inc. ^(a)		11,091		1,651,894
Udemy, Inc. ^(a)(b)		22,206		155,664
Universal Technical Institute, Inc. ^(a)		13,722		446,651

				23,103,012

Diversified REITs — 0.0%
Alexander & Baldwin, Inc.		20,409		371,240
American Assets Trust, Inc.		12,381		251,582
Armada Hoffler Properties, Inc.		14,730		103,257
Broadstone Net Lease, Inc.		46,318		827,703


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified REITs (continued)
CTO Realty Growth, Inc.		6,662	$	108,590
Essential Properties Realty Trust, Inc.		52,159		1,552,252
Gladstone Commercial Corp.		9,727		119,837
Global Net Lease, Inc.		54,682		444,565
NexPoint Diversified Real Estate Trust		11,708		43,202
One Liberty Properties, Inc.		4,587		101,464
WP Carey, Inc.		57,945		3,915,344

				7,839,036

Diversified Telecommunication Services — 0.7%
Anterix, Inc. ^(a)(b)		3,172		68,103
AST SpaceMobile, Inc., Class A ^(a)(b)		51,138		2,509,853
AT&T Inc.		1,866,613		52,713,151
ATN International, Inc.		3,052		45,688
Bandwidth, Inc., Class A ^(a)(b)		8,465		141,112
Cogent Communications Holdings, Inc.		11,479		440,220
Frontier Communications Parent, Inc. ^(a)		62,185		2,322,610
GCI Liberty, Inc., Class A ^(a)		817		30,682
GCI Liberty, Inc., Class C, NVS ^(a)		5,743		214,042
GCI Liberty, Inc. Escrow, Class A ^(a)(d)		28,033		—
Globalstar, Inc. ^(a)		11,402		414,919
IDT Corp., Class B		5,221		273,110
Iridium Communications, Inc.		28,234		492,966
Liberty Global Ltd., Class A ^(a)		44,020		504,469
Liberty Global Ltd., Class C, NVS ^(a)		45,645		536,329
Liberty Latin America Ltd., Class A ^(a)		11,826		98,037
Liberty Latin America Ltd., Class C, NVS ^(a)(b)		42,571		359,299
Lumen Technologies, Inc. ^(a)		266,882		1,633,318
Uniti Group, Inc. ^(a)(b)		36,887		225,748
Verizon Communications, Inc.		1,120,368		49,240,174

				112,263,830

Electric Utilities — 1.4%
ALLETE, Inc.		14,909		989,958
Alliant Energy Corp.		67,191		4,529,345
American Electric Power Co., Inc.		141,917		15,965,662
Constellation Energy Corp.		83,071		27,336,174
Duke Energy Corp.		206,651		25,573,061
Edison International		101,670		5,620,318
Entergy Corp.		118,652		11,057,180
Evergy, Inc.		61,522		4,676,902
Eversource Energy		96,382		6,856,615
Exelon Corp.		268,175		12,070,557
FirstEnergy Corp.		145,529		6,668,139
Genie Energy Ltd., Class B		3,920		58,604
Hawaiian Electric Industries, Inc. ^(a)(b)		43,679		482,216
IDACORP, Inc.		14,231		1,880,627
MGE Energy, Inc.		9,444		794,996
NextEra Energy, Inc.		547,867		41,358,480
NRG Energy, Inc.		50,553		8,187,058
OGE Energy Corp.		54,793		2,535,272
Oklo, Inc., Class A ^(a)(b)		28,722		3,206,237
Otter Tail Corp.		10,507		861,259
PG&E Corp.		580,388		8,752,251
Pinnacle West Capital Corp.		32,256		2,892,073
Portland General Electric Co.		30,561		1,344,684
PPL Corp.		198,225		7,366,041
Southern Co. (The)		293,282		27,794,335
TXNM Energy, Inc.		24,990		1,413,185
Xcel Energy, Inc.		157,268		12,683,664

				242,954,893

Electrical Equipment — 1.0%
Acuity, Inc.		8,504		2,928,693
Allient, Inc. ^(b)		3,486		155,999


Security	Shares		Value

Electrical Equipment (continued)
American Superconductor Corp. ^(a)		11,786	$	699,971
AMETEK, Inc.		61,672		11,594,336
Array Technologies, Inc. ^(a)(b)		40,959		333,816
Atkore, Inc.		9,907		621,565
Bloom Energy Corp., Class A ^(a)(b)		54,780		4,632,745
Eaton Corp. PLC		104,411		39,075,817
Emerson Electric Co.		149,480		19,608,786
EnerSys		11,426		1,290,681
Enovix Corp. ^(a)(b)		38,009		378,950
Eos Energy Enterprises, Inc., Class A ^(a)(b)		58,385		665,005
Fluence Energy, Inc., Class A ^(a)(b)		15,480		167,184
GE Vernova, Inc.		72,665		44,681,708
Generac Holdings, Inc. ^(a)		15,444		2,585,326
Hubbell, Inc.		14,343		6,171,936
LSI Industries, Inc.		8,938		211,026
NANO Nuclear Energy, Inc. ^(a)(b)		6,468		249,406
NEXTracker, Inc., Class A ^(a)		38,161		2,823,532
NuScale Power Corp., Class A ^(a)(b)		33,265		1,197,540
nVent Electric PLC		43,933		4,333,551
Plug Power, Inc. ^(a)(b)		288,528		672,270
Powell Industries, Inc. ^(b)		2,824		860,783
Preformed Line Products Co.		875		171,631
Regal Rexnord Corp.		17,257		2,475,344
Rockwell Automation, Inc.		30,050		10,503,376
Sensata Technologies Holding PLC		40,161		1,226,919
Shoals Technologies Group, Inc., Class A ^(a)		42,751		316,785
Sunrun, Inc. ^(a)(b)		53,352		922,456
Thermon Group Holdings, Inc. ^(a)		8,700		232,464
Vertiv Holdings Co., Class A		100,899		15,221,623
Vicor Corp. ^(a)(b)		5,511		274,007

				177,285,231

Electronic Equipment, Instruments & Components — 0.8%
908 Devices, Inc. ^(a)(b)		7,864		68,889
Advanced Energy Industries, Inc.		9,520		1,619,733
Aeva Technologies, Inc. ^(a)		8,040		116,580
Amphenol Corp., Class A		319,793		39,574,384
Arlo Technologies, Inc. ^(a)		21,554		365,340
Arrow Electronics, Inc. ^(a)		14,257		1,725,097
Avnet, Inc.		24,220		1,266,222
Badger Meter, Inc.		8,025		1,433,104
Bel Fuse, Inc., Class B, NVS ^(b)		2,734		385,549
Belden, Inc.		11,143		1,340,169
Benchmark Electronics, Inc.		10,582		407,936
CDW Corp.		34,453		5,487,674
Climb Global Solutions, Inc. ^(b)		769		103,692
Cognex Corp.		45,083		2,042,260
Coherent Corp. ^(a)		40,684		4,382,480
Corning, Inc.		207,464		17,018,272
Crane NXT Co.		12,553		841,930
CTS Corp.		8,237		328,986
Daktronics, Inc. ^(a)		13,606		284,638
ePlus, Inc.		7,556		536,552
Evolv Technologies Holdings, Inc., Class A ^(a)(b)		34,078		257,289
Fabrinet ^(a)		9,389		3,423,417
Flex Ltd. ^(a)		101,090		5,860,187
Ingram Micro Holding Corp. ^(b)		7,358		158,123
Insight Enterprises, Inc. ^(a)		7,315		829,594
IPG Photonics Corp. ^(a)		8,470		670,739
Itron, Inc. ^(a)		11,729		1,460,964
Jabil, Inc.		28,354		6,157,638
Keysight Technologies, Inc. ^(a)		45,247		7,914,605
Kimball Electronics, Inc. ^(a)		6,001		179,190


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Knowles Corp. ^(a)		25,937	$	604,591
Littelfuse, Inc.		6,256		1,620,367
Methode Electronics, Inc.		9,242		69,777
MicroVision, Inc. ^(a)(b)		41,500		51,460
Mirion Technologies, Inc., Class A ^(a)(b)		63,557		1,478,336
Napco Security Technologies, Inc.		10,153		436,071
nLight, Inc. ^(a)		10,841		321,219
Novanta, Inc. ^(a)		9,749		976,362
OSI Systems, Inc. ^(a)(b)		4,536		1,130,553
Ouster, Inc., Class A ^(a)(b)		14,310		387,086
PAR Technology Corp. ^(a)(b)		9,961		394,256
PC Connection, Inc.		2,975		184,420
Plexus Corp. ^(a)		7,420		1,073,600
Powerfleet, Inc. NJ ^(a)		31,557		165,359
Ralliant Corp.		29,811		1,303,635
Rogers Corp. ^(a)(b)		4,968		399,725
Sanmina Corp. ^(a)(b)		13,943		1,604,979
ScanSource, Inc. ^(a)		6,787		298,560
TD SYNNEX Corp.		21,132		3,460,365
Teledyne Technologies, Inc. ^(a)		12,312		7,215,324
Trimble, Inc. ^(a)		64,291		5,249,360
TTM Technologies, Inc. ^(a)		28,237		1,626,451
Vishay Intertechnology, Inc.		32,157		492,002
Vishay Precision Group, Inc. ^(a)(b)		3,236		103,714
Vontier Corp.		42,512		1,784,229
Zebra Technologies Corp., Class A ^(a)		13,443		3,994,722

				142,667,756

Energy Equipment & Services — 0.3%
Archrock, Inc.		41,979		1,104,468
Aris Water Solutions, Inc., Class A		6,455		159,180
Atlas Energy Solutions, Inc.		17,893		203,443
Baker Hughes Co., Class A		262,912		12,809,073
Borr Drilling Ltd. ^(b)		62,473		168,052
Bristow Group, Inc. ^(a)		6,146		221,748
Cactus, Inc., Class A		17,305		683,028
Core Laboratories, Inc. ^(b)		12,255		151,472
DMC Global, Inc. ^(a)		6,377		53,886
Expro Group Holdings NV ^(a)(b)		25,362		301,301
Halliburton Co.		226,466		5,571,064
Helix Energy Solutions Group, Inc. ^(a)		35,536		233,116
Helmerich & Payne, Inc.		26,874		593,647
Innovex International, Inc. ^(a)(b)		9,892		183,398
Kodiak Gas Services, Inc.		19,539		722,357
Liberty Energy, Inc., Class A		41,089		507,038
Nabors Industries Ltd. ^(a)(b)		2,242		91,631
Noble Corp. PLC		36,976		1,045,681
NOV, Inc.		104,548		1,385,261
NPK International, Inc. ^(a)(b)		26,162		295,892
Oceaneering International, Inc. ^(a)		24,634		610,431
Oil States International, Inc. ^(a)(b)		22,987		139,301
Patterson-UTI Energy, Inc.		105,184		544,853
ProFrac Holding Corp., Class A ^(a)(b)		8,156		30,177
ProPetro Holding Corp. ^(a)		19,911		104,334
RPC, Inc.		20,678		98,427
Schlumberger NV		398,387		13,692,561
Seadrill Ltd. ^(a)(b)		19,597		592,025
Select Water Solutions, Inc., Class A		22,460		240,097
Solaris Energy Infrastructure, Inc., Class A		10,743		429,398
TechnipFMC PLC		110,158		4,345,733
TETRA Technologies, Inc. ^(a)(b)		42,231		242,828
Tidewater, Inc. ^(a)(b)		12,992		692,863
Transocean Ltd. ^(a)(b)		192,128		599,439


Security	Shares		Value

Energy Equipment & Services (continued)
Valaris Ltd. ^(a)		15,618	$	761,690
Weatherford International PLC		19,324		1,322,341

				50,931,234

Entertainment — 1.8%
AMC Entertainment Holdings, Inc., Class A ^(a)(b)		89,558		259,718
Atlanta Braves Holdings, Inc., Class A ^(a)(b)		3,123		142,003
Atlanta Braves Holdings, Inc., Class C, NVS ^(a)		13,368		555,975
Cinemark Holdings, Inc. ^(b)		29,097		815,298
Electronic Arts, Inc.		66,822		13,477,997
Eventbrite, Inc., Class A ^(a)		18,539		46,718
IMAX Corp. ^(a)		9,388		307,457
Liberty Media Corp. - Liberty Formula One, Class A ^(a)		6,537		622,453
Liberty Media Corp. - Liberty Formula One, Class C, NVS ^(a)		56,364		5,887,220
Liberty Media Corp. - Liberty Live, Class A ^(a)		4,979		469,520
Liberty Media Corp. - Liberty Live, Class C, NVS ^(a)		12,197		1,182,743
Lionsgate Studios Corp. ^(a)(b)		49,385		340,756
Live Nation Entertainment, Inc. ^(a)(b)		41,755		6,822,767
Madison Square Garden Entertainment Corp., Class A ^(a)(b)		11,293		510,895
Madison Square Garden Sports Corp., Class A ^(a) .		4,271		969,517
Marcus Corp. (The)		7,234		112,199
Netflix, Inc. ^(a)		112,643		135,049,946
Playstudios, Inc., Class A ^(a)		27,493		26,465
Playtika Holding Corp.		25,339		98,569
ROBLOX Corp., Class A ^(a)		162,343		22,487,752
Roku, Inc., Class A ^(a)		33,170		3,321,312
Sphere Entertainment Co., Class A ^(a)(b)		6,840		424,901
Spotify Technology SA ^(a)		41,035		28,642,430
Starz Entertainment Corp. ^(a)(b)		3,331		49,066
Take-Two Interactive Software, Inc. ^(a)		48,530		12,538,211
TKO Group Holdings, Inc., Class A		18,230		3,681,731
Vivid Seats, Inc., Class A ^(a)(b)		1,116		18,548
Walt Disney Co. (The)		481,749		55,160,260
Warner Bros Discovery, Inc., Class A ^(a)		618,905		12,087,215

				306,109,642

Financial Services — 3.8%
Acacia Research Corp. ^(a)(b)		30,725		99,856
Affirm Holdings, Inc., Class A ^(a)		71,353		5,214,477
Alerus Financial Corp.		5,554		122,966
Apollo Global Management, Inc.		110,592		14,738,596
AvidXchange Holdings, Inc. ^(a)		49,813		495,639
Banco Latinoamericano de Comercio Exterior SA, Class E		10,842		498,407
Berkshire Hathaway, Inc., Class B ^(a)		490,465		246,576,374
Block, Inc., Class A ^(a)		144,427		10,437,739
Burford Capital Ltd.		52,794		631,416
Cannae Holdings, Inc.		16,679		305,392
Cantaloupe, Inc. ^(a)(b)		24,450		258,436
Cass Information Systems, Inc.		3,383		133,053
Compass Diversified Holdings		20,146		133,366
Corpay, Inc. ^(a)		18,208		5,244,996
Enact Holdings, Inc.		8,441		323,628
Equitable Holdings, Inc.		79,897		4,057,170
Essent Group Ltd.		26,091		1,658,344
Euronet Worldwide, Inc. ^(a)		10,972		963,451
EVERTEC, Inc.		19,028		642,766
Federal Agricultural Mortgage Corp., Class C, NVS		2,506		420,958
Fidelity National Information Services, Inc.		139,651		9,208,587


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financial Services (continued)
Fiserv, Inc. ^(a)		143,745	$	18,533,043
Flywire Corp. ^(a)		30,208		409,016
Global Payments, Inc.		64,752		5,379,596
HA Sustainable Infrastructure Capital, Inc.		31,437		965,116
I3 Verticals, Inc., Class A ^(a)(b)		6,098		197,941
International Money Express, Inc. ^(a)		9,500		132,715
Jack Henry & Associates, Inc.		19,821		2,951,942
Jackson Financial, Inc., Class A		18,498		1,872,553
Marqeta, Inc., Class A ^(a)		100,934		532,931
Mastercard, Inc., Class A		216,256		123,008,575
Merchants Bancorp		5,167		164,311
MGIC Investment Corp.		61,868		1,755,195
Mr. Cooper Group, Inc.		16,742		3,529,046
NCR Atleos Corp. ^(a)		21,306		837,539
NewtekOne, Inc.		6,606		75,639
NMI Holdings, Inc., Class A ^(a)		22,031		844,669
Onity Group, Inc. ^(a)		3,438		137,382
Pagseguro Digital Ltd., Class A		52,302		523,020
Payoneer Global, Inc. ^(a)		73,536		444,893
PayPal Holdings, Inc. ^(a)		254,200		17,046,652
Paysafe Ltd. ^(a)(b)		7,716		99,691
Paysign, Inc. ^(a)		30,216		190,059
PennyMac Financial Services, Inc., Class A		8,293		1,027,337
Priority Technology Holdings, Inc. ^(a)		15,709		107,921
Radian Group, Inc.		39,266		1,422,214
Remitly Global, Inc. ^(a)(b)		43,569		710,175
Repay Holdings Corp., Class A ^(a)(b)		20,749		108,517
Rocket Cos., Inc., Class A ^(b)		69,230		1,341,677
Sezzle, Inc. ^(a)(b)		3,490		277,560
Shift4 Payments, Inc., Class A ^(a)(b)		18,385		1,422,999
StoneCo Ltd., Class A ^(a)(b)		63,634		1,203,319
TFS Financial Corp.		15,106		199,022
Toast, Inc., Class A ^(a)		122,302		4,465,246
UWM Holdings Corp., Class A		32,951		200,672
Velocity Financial, Inc. ^(a)		7,754		140,658
Visa, Inc., Class A		453,139		154,692,592
Voya Financial, Inc.		25,873		1,935,300
Walker & Dunlop, Inc.		9,410		786,864
Waterstone Financial, Inc.		8,225		128,310
Western Union Co. (The)		71,496		571,253
WEX, Inc. ^(a)		9,001		1,417,928

				653,956,705

Food Products — 0.5%
Archer-Daniels-Midland Co.		127,135		7,595,045
B&G Foods, Inc.		16,802		74,433
Beyond Meat, Inc. ^(a)(b)		14,990		28,331
BRC, Inc., Class A ^(a)(b)		14,037		21,898
Bunge Global SA		35,286		2,866,987
Calavo Growers, Inc.		4,109		105,766
Cal-Maine Foods, Inc.		11,610		1,092,501
Campbell’s Co. (The)		50,461		1,593,558
Conagra Brands, Inc.		125,577		2,299,315
Darling Ingredients, Inc. ^(a)		42,150		1,301,170
Dole PLC		18,694		251,247
Flowers Foods, Inc.		49,134		641,199
Fresh Del Monte Produce, Inc.		8,900		309,008
Freshpet, Inc. ^(a)		12,090		666,280
General Mills, Inc.		146,430		7,383,001
Hain Celestial Group, Inc. (The) ^(a)(b)		23,282		36,786
Hershey Co. (The)		38,371		7,177,295
Hormel Foods Corp.		77,805		1,924,896
Ingredion, Inc.		17,798		2,173,314


Security	Shares		Value

Food Products (continued)
J & J Snack Foods Corp.		4,088	$	392,816
J M Smucker Co. (The)		27,183		2,952,074
John B Sanfilippo & Son, Inc.		1,962		126,117
Kellanova		73,684		6,043,562
Kraft Heinz Co. (The)		226,436		5,896,393
Lamb Weston Holdings, Inc.		38,540		2,238,403
Limoneira Co.		7,385		109,667
Marzetti Co. (The)		5,023		867,924
McCormick & Co., Inc., NVS		67,466		4,514,150
Mission Produce, Inc. ^(a)(b)		10,402		125,032
Mondelez International, Inc., Class A		343,614		21,465,567
Pilgrim’s Pride Corp.		10,370		422,266
Post Holdings, Inc. ^(a)		13,282		1,427,549
Seaboard Corp.		75		273,525
Seneca Foods Corp., Class A ^(a)(b)		2,090		225,595
Simply Good Foods Co. (The) ^(a)		22,701		563,439
Smithfield Foods, Inc.		13,895		326,255
SunOpta, Inc. ^(a)		27,832		163,095
Tootsie Roll Industries, Inc.		4,653		195,054
TreeHouse Foods, Inc. ^(a)		13,188		266,529
Tyson Foods, Inc., Class A		74,734		4,058,056
Utz Brands, Inc., Class A		15,511		188,459
Vital Farms, Inc. ^(a)(b)		8,666		356,606
Westrock Coffee Co. ^(a)(b)		10,002		48,610

				90,788,773

Gas Utilities — 0.1%
Atmos Energy Corp.		42,222		7,209,407
Brookfield Infrastructure Corp., Class A ^(b)		31,427		1,292,278
Chesapeake Utilities Corp.		5,826		784,704
MDU Resources Group, Inc.		51,838		923,235
National Fuel Gas Co.		24,391		2,252,997
New Jersey Resources Corp.		26,233		1,263,119
Northwest Natural Holding Co.		8,628		387,656
ONE Gas, Inc.		16,528		1,337,776
Southwest Gas Holdings, Inc.		17,057		1,336,245
Spire, Inc.		15,604		1,272,038
UGI Corp.		56,038		1,863,824

				19,923,279

Ground Transportation — 0.9%
ArcBest Corp.		6,132		428,443
Avis Budget Group, Inc. ^(a)		4,152		666,707
Covenant Logistics Group, Inc., Class A		7,418		160,674
CSX Corp.		497,852		17,678,725
FTAI Infrastructure, Inc.		32,333		140,972
Heartland Express, Inc.		11,831		99,144
Hertz Global Holdings, Inc. ^(a)(b)		35,433		240,944
JB Hunt Transport Services, Inc.		21,854		2,932,151
Knight-Swift Transportation Holdings, Inc.		41,805		1,651,716
Landstar System, Inc.		9,172		1,124,120
Lyft, Inc., Class A ^(a)		101,252		2,228,557
Marten Transport Ltd.		14,020		149,453
Norfolk Southern Corp.		60,015		18,029,106
Old Dominion Freight Line, Inc.		49,424		6,957,911
RXO, Inc. ^(a)(b)		42,126		647,898
Ryder System, Inc.		10,877		2,051,837
Saia, Inc. ^(a)		7,045		2,108,991
Schneider National, Inc., Class B		14,714		311,348
Uber Technologies, Inc. ^(a)		535,718		52,484,292
U-Haul Holding Co. ^(a)(b)		2,296		131,033
U-Haul Holding Co., NVS ^(b)		26,574		1,352,617
Union Pacific Corp.		159,350		37,665,560
Universal Logistics Holdings, Inc.		3,498		81,993


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ground Transportation (continued)
Werner Enterprises, Inc.		16,270	$	428,226
XPO, Inc. ^(a)(b)		30,018		3,880,427

				153,632,845

Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		460,549		61,685,933
Accuray, Inc. ^(a)		29,299		48,929
Align Technology, Inc. ^(a)		18,178		2,276,249
Alphatec Holdings, Inc. ^(a)		33,037		480,358
AngioDynamics, Inc. ^(a)(b)		10,160		113,487
Artivion, Inc. ^(a)		10,486		443,977
AtriCure, Inc. ^(a)(b)		11,974		422,083
Avanos Medical, Inc. ^(a)		11,998		138,697
Axogen, Inc. ^(a)		10,900		194,456
Baxter International, Inc.		135,333		3,081,532
Becton Dickinson & Co.		75,863		14,199,278
Beta Bionics, Inc. ^(a)(b)		10,819		214,974
Bioventus, Inc., Class A ^(a)(b)		14,550		97,339
Boston Scientific Corp. ^(a)		392,489		38,318,701
Ceribell, Inc. ^(a)(b)		8,057		92,575
Cerus Corp. ^(a)		38,582		61,345
CONMED Corp.		7,788		366,270
Cooper Cos., Inc. (The) ^(a)		51,755		3,548,323
CVRx, Inc. ^(a)(b)		5,113		41,262
DENTSPLY SIRONA, Inc.		52,416		665,159
Dexcom, Inc. ^(a)		103,878		6,989,951
Edwards Lifesciences Corp. ^(a)		152,644		11,871,124
Embecta Corp.		16,001		225,774
Enovis Corp. ^(a)		13,905		421,878
Envista Holdings Corp. ^(a)		42,905		873,975
GE HealthCare Technologies, Inc.		120,954		9,083,645
Glaukos Corp. ^(a)		14,750		1,202,862
Globus Medical, Inc., Class A ^(a)		29,715		1,701,778
Haemonetics Corp. ^(a)		13,616		663,644
Hologic, Inc. ^(a)		59,924		4,044,271
ICU Medical, Inc. ^(a)		5,928		711,123
IDEXX Laboratories, Inc. ^(a)		21,638		13,824,302
Inogen, Inc. ^(a)(b)		4,645		37,950
Inspire Medical Systems, Inc. ^(a)		7,665		568,743
Insulet Corp. ^(a)		18,345		5,663,652
Integer Holdings Corp. ^(a)		9,044		934,517
Integra LifeSciences Holdings Corp. ^(a)		19,191		275,007
Intuitive Surgical, Inc. ^(a)		94,964		42,470,750
iRadimed Corp.		2,739		194,907
iRhythm Technologies, Inc. ^(a)		8,811		1,515,404
Lantheus Holdings, Inc. ^(a)		18,719		960,098
LeMaitre Vascular, Inc.		4,740		414,797
LivaNova PLC ^(a)		13,715		718,392
Masimo Corp. ^(a)(b)		11,434		1,687,087
Medtronic PLC		341,906		32,563,127
Merit Medical Systems, Inc. ^(a)		15,442		1,285,238
Neogen Corp. ^(a)		56,782		324,225
Novocure Ltd. ^(a)		26,736		345,429
Omnicell, Inc. ^(a)		11,510		350,479
OraSure Technologies, Inc. ^(a)		20,543		65,943
Orthofix Medical, Inc. ^(a)		9,032		132,228
OrthoPediatrics Corp. ^(a)		2,845		52,718
Penumbra, Inc. ^(a)		10,253		2,597,290
PROCEPT BioRobotics Corp. ^(a)(b)		13,783		491,915
Pulmonx Corp. ^(a)		7,979		12,926
Pulse Biosciences, Inc. ^(a)(b)		9,263		163,955
QuidelOrtho Corp. ^(a)		16,541		487,132
ResMed, Inc.		38,967		10,666,437


Security	Shares		Value

Health Care Equipment & Supplies (continued)
RxSight, Inc. ^(a)(b)		8,111	$	72,918
SI-BONE, Inc. ^(a)		13,729		202,091
Solventum Corp. ^(a)		39,244		2,864,812
STAAR Surgical Co. ^(a)		12,568		337,702
STERIS PLC		26,081		6,453,483
Stryker Corp.		91,726		33,908,350
Surmodics, Inc. ^(a)		3,823		114,269
Tactile Systems Technology, Inc. ^(a)(b)		7,192		99,537
Tandem Diabetes Care, Inc. ^(a)		16,283		197,676
Teleflex, Inc.		12,735		1,558,255
TransMedics Group, Inc. ^(a)(b)		8,703		976,477
Treace Medical Concepts, Inc. ^(a)		10,666		71,569
UFP Technologies, Inc. ^(a)		1,969		393,012
Utah Medical Products, Inc.		1,141		71,849
Varex Imaging Corp. ^(a)		9,754		120,950
Zimmer Biomet Holdings, Inc.		52,750		5,195,875
Zimvie, Inc. ^(a)		8,956		169,627

				335,894,052

Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc. ^(a)(b)		24,439		605,110
AdaptHealth Corp. ^(a)(b)		20,025		179,224
Addus HomeCare Corp. ^(a)(b)		4,402		519,392
agilon health, Inc. ^(a)(b)		75,324		77,584
Alignment Healthcare, Inc. ^(a)(b)		40,211		701,682
AMN Healthcare Services, Inc. ^(a)		9,534		184,578
Astrana Health, Inc. ^(a)(b)		12,318		349,215
BrightSpring Health Services, Inc. ^(a)(b)		24,781		732,526
Brookdale Senior Living, Inc. ^(a)		49,177		416,529
Cardinal Health, Inc.		64,423		10,111,834
Castle Biosciences, Inc. ^(a)		5,340		121,592
Cencora, Inc.		48,562		15,177,082
Centene Corp. ^(a)		134,364		4,794,108
Chemed Corp.		3,912		1,751,559
Cigna Group (The)		70,008		20,179,806
Clover Health Investments Corp. ^(a)(b)		105,924		324,127
Community Health Systems, Inc. ^(a)(b)		40,782		130,910
Concentra Group Holdings Parent, Inc.		27,364		572,729
CorVel Corp. ^(a)		7,601		588,469
Cross Country Healthcare, Inc. ^(a)		11,933		169,449
CVS Health Corp.		331,806		25,014,854
DaVita, Inc. ^(a)		10,141		1,347,435
DocGo, Inc. ^(a)		24,449		33,251
Elevance Health, Inc.		59,976		19,379,445
Encompass Health Corp.		27,049		3,435,764
Enhabit, Inc. ^(a)		14,301		114,551
Ensign Group, Inc. (The)		14,855		2,566,498
Fulgent Genetics, Inc. ^(a)(b)		5,219		117,949
GeneDx Holdings Corp., Class A ^(a)(b)		4,332		466,730
Guardant Health, Inc. ^(a)(b)		32,478		2,029,225
HCA Healthcare, Inc.		45,405		19,351,611
HealthEquity, Inc. ^(a)		22,867		2,167,106
Henry Schein, Inc. ^(a)		29,052		1,928,181
Hims & Hers Health, Inc., Class A ^(a)(b)		50,000		2,836,000
Humana, Inc.		32,016		8,329,603
Labcorp Holdings, Inc.		22,583		6,482,676
LifeStance Health Group, Inc. ^(a)(b)		44,708		245,894
McKesson Corp.		33,286		25,714,766
Molina Healthcare, Inc. ^(a)(b)		14,222		2,721,522
Nano-X Imaging Ltd. ^(a)(b)		14,458		53,495
National HealthCare Corp.		3,483		423,219
National Research Corp., Class A		3,743		47,836
NeoGenomics, Inc. ^(a)		34,178		263,854


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
OPKO Health, Inc. ^(a)(b)		100,120	$	155,186
Option Care Health, Inc. ^(a)		43,891		1,218,414
Owens & Minor, Inc. ^(a)		19,386		93,053
PACS Group, Inc. ^(a)(b)		10,420		143,067
Pediatrix Medical Group, Inc. ^(a)		20,568		344,514
Pennant Group, Inc. (The) ^(a)		8,547		215,555
Performant Healthcare, Inc. ^(a)(b)		17,950		138,753
Premier, Inc., Class A		25,432		707,010
Privia Health Group, Inc. ^(a)		29,002		722,150
Progyny, Inc. ^(a)		20,914		450,069
Quest Diagnostics, Inc.		29,238		5,572,178
RadNet, Inc. ^(a)(b)		17,927		1,366,217
Select Medical Holdings Corp.		26,278		337,410
Surgery Partners, Inc. ^(a)(b)		19,777		427,974
Talkspace, Inc. ^(a)(b)		52,746		145,579
Tenet Healthcare Corp. ^(a)		23,146		4,699,564
U.S. Physical Therapy, Inc.		3,510		298,174
UnitedHealth Group, Inc.		241,916		83,533,595
Universal Health Services, Inc., Class B		15,178		3,102,990
Viemed Healthcare, Inc. ^(a)		11,589		78,689

				286,509,111

Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc.		45,120		3,760,301
American Healthcare REIT, Inc.		40,183		1,688,088
CareTrust REIT, Inc.		54,969		1,906,325
Community Healthcare Trust, Inc.		5,744		87,883
Diversified Healthcare Trust		81,971		361,492
Global Medical REIT, Inc.		2,314		78,005
Healthcare Realty Trust, Inc.		87,022		1,569,007
Healthpeak Properties, Inc.		187,103		3,583,022
LTC Properties, Inc.		9,809		361,560
Medical Properties Trust, Inc. ^(b)		156,677		794,352
National Health Investors, Inc.		11,307		898,906
Omega Healthcare Investors, Inc.		76,157		3,215,349
Sabra Health Care REIT, Inc.		62,767		1,169,977
Sila Realty Trust, Inc.		14,604		366,560
Universal Health Realty Income Trust		3,221		126,167
Ventas, Inc.		120,377		8,425,186
Welltower, Inc.		177,828		31,678,280

				60,070,460

Health Care Technology — 0.1%
Certara, Inc. ^(a)		28,387		346,889
Definitive Healthcare Corp., Class A ^(a)		10,368		42,094
Doximity, Inc., Class A ^(a)		35,605		2,604,506
Evolent Health, Inc., Class A ^(a)		28,779		243,470
Health Catalyst, Inc. ^(a)(b)		12,014		34,240
HealthStream, Inc.		6,851		193,472
OptimizeRx Corp. ^(a)(b)		5,190		106,395
Phreesia, Inc. ^(a)(b)		12,708		298,892
Schrodinger, Inc. ^(a)(b)		15,571		312,354
Simulations Plus, Inc. ^(a)		4,136		62,330
Teladoc Health, Inc. ^(a)(b)		44,242		341,991
Veeva Systems, Inc., Class A ^(a)		39,462		11,756,125
Waystar Holding Corp. ^(a)		28,974		1,098,694

				17,441,452

Hotel & Resort REITs — 0.0%
Apple Hospitality REIT, Inc.		63,375		761,134
Braemar Hotels & Resorts, Inc.		22,587		61,663
Chatham Lodging Trust		12,808		85,942
DiamondRock Hospitality Co.		56,442		449,278
Host Hotels & Resorts, Inc.		186,024		3,166,129
Park Hotels & Resorts, Inc.		59,040		654,163


Security	Shares		Value

Hotel & Resort REITs (continued)
Pebblebrook Hotel Trust		33,862	$	385,688
RLJ Lodging Trust		46,527		334,994
Ryman Hospitality Properties, Inc.		15,387		1,378,521
Service Properties Trust		43,028		116,606
Summit Hotel Properties, Inc.		28,778		157,991
Sunstone Hotel Investors, Inc.		54,405		509,775
Xenia Hotels & Resorts, Inc.		30,740		421,753

				8,483,637

Hotels, Restaurants & Leisure — 2.0%
Accel Entertainment, Inc., Class A ^(a)		12,929		143,124
Airbnb, Inc., Class A ^(a)		112,433		13,651,615
Aramark		69,391		2,664,614
BJ’s Restaurants, Inc. ^(a)(b)		5,979		182,539
Bloomin’ Brands, Inc.		23,002		164,924
Booking Holdings, Inc.		8,629		46,590,301
Boyd Gaming Corp.		16,866		1,458,066
Brightstar Lottery PLC		28,627		493,816
Brinker International, Inc. ^(a)(b)		11,974		1,516,866
Caesars Entertainment, Inc. ^(a)(b)		57,039		1,541,479
Carnival Corp. ^(a)		286,654		8,287,167
Cava Group, Inc. ^(a)(b)		26,463		1,598,630
Cheesecake Factory, Inc. (The)		11,555		631,365
Chipotle Mexican Grill, Inc. ^(a)		355,755		13,942,038
Choice Hotels International, Inc. ^(b)		7,493		801,077
Churchill Downs, Inc.		17,244		1,672,840
Cracker Barrel Old Country Store, Inc.		5,762		253,874
Darden Restaurants, Inc.		31,049		5,910,488
Dave & Buster’s Entertainment, Inc. ^(a)(b)		9,460		171,794
Denny’s Corp. ^(a)(b)		17,424		91,128
Dine Brands Global, Inc.		4,524		111,833
Domino’s Pizza, Inc.		8,430		3,639,315
DoorDash, Inc., Class A ^(a)		95,157		25,881,752
DraftKings, Inc., Class A ^(a)		127,457		4,766,892
Dutch Bros, Inc., Class A ^(a)		29,130		1,524,664
El Pollo Loco Holdings, Inc. ^(a)		11,293		109,542
Expedia Group, Inc.		31,924		6,823,755
First Watch Restaurant Group, Inc. ^(a)		6,341		99,173
Flutter Entertainment PLC ^(a)		46,465		11,802,110
Genius Sports Ltd. ^(a)(b)		58,118		719,501
Global Business Travel Group I, Class A ^(a)(b)		33,053		267,068
Golden Entertainment, Inc.		5,195		122,498
Hilton Grand Vacations, Inc. ^(a)		16,074		672,054
Hilton Worldwide Holdings, Inc.		61,858		16,048,440
Hyatt Hotels Corp., Class A		11,615		1,648,517
Inspired Entertainment, Inc. ^(a)		6,580		61,720
Jack in the Box, Inc.		5,405		106,857
.Krispy Kreme, Inc. ^(b)		22,162		85,767
Kura Sushi U.S.A., Inc., Class A ^(a)(b)		1,504		89,353
Las Vegas Sands Corp.		84,945		4,569,192
Life Time Group Holdings, Inc. ^(a)(b)		35,630		983,388
Light & Wonder, Inc., Class A ^(a)(b)		23,490		1,971,751
Lindblad Expeditions Holdings, Inc. ^(a)(b)		12,410		158,848
Marriott International, Inc., Class A		60,196		15,677,446
Marriott Vacations Worldwide Corp.		7,328		487,752
McDonald’s Corp.		190,132		57,779,213
MGM Resorts International ^(a)(b)		54,335		1,883,251
Monarch Casino & Resort, Inc.		3,617		382,823
Norwegian Cruise Line Holdings Ltd. ^(a)		114,663		2,824,150
Papa John’s International, Inc.		8,679		417,894
Penn Entertainment, Inc. ^(a)		42,992		828,026
Planet Fitness, Inc., Class A ^(a)		22,432		2,328,442
Portillo’s, Inc., Class A ^(a)(b)		10,424		67,235


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Potbelly Corp. ^(a)		10,102	$	172,138
Pursuit Attractions & Hospitality, Inc. ^(a)		5,008		181,189
RCI Hospitality Holdings, Inc. ^(b)		2,925		89,242
Red Rock Resorts, Inc., Class A		12,788		780,835
Restaurant Brands International, Inc.		85,808		5,503,725
Royal Caribbean Cruises Ltd.		67,194		21,742,635
Rush Street Interactive, Inc., Class A ^(a)		22,905		469,094
Sabre Corp. ^(a)(b)		85,086		155,707
Shake Shack, Inc., Class A ^(a)		9,413		881,151
Six Flags Entertainment Corp. ^(a)		24,554		557,867
Starbucks Corp.		302,919		25,626,947
Super Group SGHC Ltd. ^(b)		35,645		470,514
Sweetgreen, Inc., Class A ^(a)(b)		24,927		198,917
Target Hospitality Corp. ^(a)		9,543		80,925
Texas Roadhouse, Inc.		18,118		3,010,306
Travel + Leisure Co.		18,815		1,119,304
United Parks & Resorts, Inc. ^(a)(b)		10,025		518,292
Vail Resorts, Inc.		10,091		1,509,311
Viking Holdings Ltd. ^(a)		46,313		2,878,816
Wendy’s Co. (The)		47,673		436,685
Wingstop, Inc.		7,745		1,949,262
Wyndham Hotels & Resorts, Inc.		19,842		1,585,376
Wynn Resorts Ltd.		22,150		2,841,180
Xponential Fitness, Inc., Class A ^(a)		4,824		37,579
Yum! Brands, Inc.		73,758		11,211,216

				350,716,180

Household Durables — 0.4%
Beazer Homes U.S.A., Inc. ^(a)		9,776		240,001
Cavco Industries, Inc. ^(a)		2,091		1,214,306
Century Communities, Inc.		7,121		451,258
Champion Homes, Inc. ^(a)		14,996		1,145,245
Cricut, Inc., Class A		12,496		78,600
DR Horton, Inc.		70,758		11,991,358
Dream Finders Homes, Inc., Class A ^(a)(b)		7,789		201,891
Ethan Allen Interiors, Inc.		5,990		176,465
Garmin Ltd.		43,224		10,642,613
Green Brick Partners, Inc. ^(a)		8,223		607,351
Helen of Troy Ltd. ^(a)		6,359		160,247
Hovnanian Enterprises, Inc., Class A ^(a)		1,520		195,305
Installed Building Products, Inc. ^(b)		5,981		1,475,273
KB Home		18,034		1,147,684
La-Z-Boy, Inc.		12,698		435,795
Leggett & Platt, Inc.		36,078		320,373
Lennar Corp., Class A		59,483		7,497,237
Lennar Corp., Class B		2,995		359,370
LGI Homes, Inc. ^(a)(b)		5,916		305,916
Lovesac Co. (The) ^(a)(b)		3,814		64,571
M/I Homes, Inc. ^(a)		7,247		1,046,757
Meritage Homes Corp.		19,472		1,410,357
Mohawk Industries, Inc. ^(a)		13,785		1,777,162
Newell Brands, Inc.		114,578		600,389
NVR, Inc. ^(a)		743		5,969,752
PulteGroup, Inc.		52,242		6,902,735
SharkNinja, Inc. ^(a)		22,005		2,269,816
Somnigroup International, Inc.		53,614		4,521,269
Sonos, Inc. ^(a)		32,084		506,927
Taylor Morrison Home Corp., Class A ^(a)		26,696		1,762,203
Toll Brothers, Inc.		27,148		3,750,225
TopBuild Corp. ^(a)		7,573		2,959,983
Tri Pointe Homes, Inc. ^(a)		25,625		870,481
Whirlpool Corp.		14,186		1,115,020

				74,173,935


Security	Shares		Value

Household Products — 0.8%
Central Garden & Pet Co. ^(a)		2,571	$	83,943
Central Garden & Pet Co., Class A, NVS ^(a)		15,044		444,249
Church & Dwight Co., Inc.		65,339		5,725,656
Clorox Co. (The)		32,825		4,047,322
Colgate-Palmolive Co.		213,219		17,044,727
Energizer Holdings, Inc.		19,193		477,714
Kimberly-Clark Corp.		88,099		10,954,230
Oil-Dri Corp. of America		3,872		236,347
Procter & Gamble Co. (The)		624,649		95,977,319
Reynolds Consumer Products, Inc.		14,229		348,184
Spectrum Brands Holdings, Inc.		8,053		423,024
WD-40 Co.		3,563		704,049

				136,466,764

Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		188,246		2,477,317
Brookfield Renewable Corp. ^(b)		34,316		1,181,157
Clearway Energy, Inc., Class A		8,261		222,469
Clearway Energy, Inc., Class C		22,791		643,846
Hallador Energy Co. ^(a)		10,057		196,815
Montauk Renewables, Inc. ^(a)(b)		18,794		37,776
Ormat Technologies, Inc.		16,040		1,543,850
Talen Energy Corp. ^(a)(b)		12,029		5,116,896
Vistra Corp.		90,305		17,692,556

				29,112,682

Industrial Conglomerates — 0.3%
3M Co.		141,708		21,990,247
Brookfield Business Corp., Class A ^(b)		5,411		181,431
Honeywell International, Inc.		168,990		35,572,395

				57,744,073

Industrial REITs — 0.2%
Americold Realty Trust, Inc.		75,612		925,491
EastGroup Properties, Inc.		13,913		2,354,914
First Industrial Realty Trust, Inc.		34,222		1,761,406
Industrial Logistics Properties Trust		28,531		166,336
Innovative Industrial Properties, Inc.		7,734		414,388
Lineage, Inc.		16,427		634,739
LXP Industrial Trust		74,029		663,300
Plymouth Industrial REIT, Inc.		11,718		261,663
Prologis, Inc.		246,856		28,269,949
Rexford Industrial Realty, Inc.		62,851		2,583,805
STAG Industrial, Inc.		49,657		1,752,396
Terreno Realty Corp.		25,163		1,428,000

				41,216,387

Insurance — 2.0%
Aflac, Inc.		129,191		14,430,635
Allstate Corp. (The)		70,283		15,086,246
Ambac Financial Group, Inc. ^(a)		13,068		108,987
American Coastal Insurance Corp.		11,810		134,516
American Financial Group, Inc.		17,534		2,555,054
American International Group, Inc.		154,782		12,156,578
AMERISAFE, Inc.		4,876		213,764
Aon PLC, Class A		55,688		19,857,227
Arch Capital Group Ltd.		95,973		8,707,630
Arthur J. Gallagher & Co.		67,256		20,831,873
Assurant, Inc.		13,699		2,967,203
Assured Guaranty Ltd.		12,901		1,092,070
Axis Capital Holdings Ltd.		21,005		2,012,279
Baldwin Insurance Group, Inc. (The), Class A ^(a)(b) .		16,189		456,692
Bowhead Specialty Holdings, Inc. ^(a)		4,387		118,624
Brighthouse Financial, Inc. ^(a)		14,653		777,781
Brown & Brown, Inc.		74,262		6,965,033


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Chubb Ltd.		98,703	$	27,858,922
Cincinnati Financial Corp.		40,616		6,421,390
CNA Financial Corp.		5,061		235,134
CNO Financial Group, Inc.		27,429		1,084,817
Donegal Group, Inc., Class A		6,930		134,373
Employers Holdings, Inc.		6,518		276,885
Everest Group Ltd.		11,138		3,900,862
F&G Annuities & Life, Inc.		4,673		146,125
Fidelis Insurance Holdings Ltd.		16,018		290,727
Fidelity National Financial, Inc., Class A		69,078		4,178,528
First American Financial Corp.		27,379		1,758,827
Genworth Financial, Inc., Class A ^(a)		107,420		956,038
Globe Life, Inc.		22,002		3,145,626
Goosehead Insurance, Inc., Class A		6,298		468,697
Greenlight Capital Re Ltd., Class A ^(a)(b)		10,889		138,290
Hamilton Insurance Group Ltd., Class B ^(a)		10,469		259,631
Hanover Insurance Group, Inc. (The)		9,368		1,701,510
Hartford Insurance Group, Inc. (The)		75,276		10,041,066
HCI Group, Inc.		2,423		465,046
Heritage Insurance Holdings, Inc. ^(a)		8,892		223,901
Hippo Holdings, Inc. ^(a)(b)		6,367		230,231
Horace Mann Educators Corp.		10,919		493,211
Investors Title Co.		630		168,733
James River Group Holdings Ltd. ^(b)		8,130		45,121
Kemper Corp.		16,273		838,873
Kinsale Capital Group, Inc. ^(b)		5,753		2,446,521
Lemonade, Inc. ^(a)(b)		13,954		746,958
Lincoln National Corp.		45,044		1,816,624
Loews Corp.		45,313		4,548,972
Markel Group, Inc. ^(a)		3,293		6,294,108
Marsh & McLennan Cos., Inc.		131,547		26,510,667
MBIA, Inc. ^(a)		14,924		111,184
Mercury General Corp.		6,989		592,527
MetLife, Inc.		149,209		12,290,345
Old Republic International Corp.		62,409		2,650,510
Oscar Health, Inc., Class A ^(a)(b)		52,366		991,288
Palomar Holdings, Inc. ^(a)		7,210		841,767
Primerica, Inc.		8,830		2,451,120
Principal Financial Group, Inc.		58,871		4,880,995
ProAssurance Corp. ^(a)		13,043		312,902
Progressive Corp. (The)		155,525		38,406,899
Prudential Financial, Inc.		93,846		9,735,584
Reinsurance Group of America, Inc.		17,481		3,358,625
RenaissanceRe Holdings Ltd.		12,669		3,217,039
RLI Corp.		22,929		1,495,429
Root, Inc., Class A ^(a)		2,033		181,974
Ryan Specialty Holdings, Inc., Class A		26,636		1,501,205
Safety Insurance Group, Inc.		3,749		265,017
Selective Insurance Group, Inc.		16,610		1,346,573
Selectquote, Inc. ^(a)		44,418		87,059
SiriusPoint Ltd. ^(a)		17,678		319,795
Skyward Specialty Insurance Group, Inc. ^(a)(b)		8,473		402,976
Stewart Information Services Corp.		6,904		506,201
Tiptree, Inc.		6,787		130,107
Travelers Cos., Inc. (The)		60,107		16,783,077
Trupanion, Inc. ^(a)(b)		9,566		414,016
United Fire Group, Inc.		5,946		180,877
Universal Insurance Holdings, Inc.		9,159		240,882
Unum Group		45,896		3,569,791
W R Berkley Corp.		77,106		5,907,862
White Mountains Insurance Group Ltd. ^(b)		644		1,076,459
Willis Towers Watson PLC		26,304		9,086,717

				339,635,408


Security	Shares		Value

Interactive Media & Services — 6.6%
Alphabet, Inc., Class A		1,545,367	$	375,678,718
Alphabet, Inc., Class C, NVS		1,257,735		306,321,359
Angi, Inc., Class A ^(a)(b)		10,634		172,909
Bumble, Inc., Class A ^(a)(b)		23,084		140,582
Cargurus, Inc., Class A ^(a)		25,606		953,311
Cars.com, Inc. ^(a)		18,652		227,927
EverQuote, Inc., Class A ^(a)		7,715		176,442
fuboTV, Inc. ^(a)(b)		87,998		365,192
Getty Images Holdings, Inc., Class A ^(a)(b)		38,428		76,087
Grindr, Inc. ^(a)		6,471		97,194
IAC, Inc. ^(a)		20,258		690,190
Match Group, Inc.		68,521		2,420,162
MediaAlpha, Inc., Class A ^(a)		7,510		85,464
Meta Platforms, Inc., Class A		580,433		426,258,386
Nextdoor Holdings, Inc., Class A ^(a)		38,933		81,370
Pinterest, Inc., Class A ^(a)		155,735		5,009,995
QuinStreet, Inc. ^(a)		12,314		190,498
Reddit, Inc., Class A ^(a)		30,918		7,110,831
Rumble, Inc. ^(a)(b)		20,670		149,651
Shutterstock, Inc.		5,994		124,975
Teads Holding Co. ^(a)(b)		3,831		6,321
TripAdvisor, Inc. ^(a)(b)		27,486		446,922
TrueCar, Inc. ^(a)		35,986		66,214
Trump Media & Technology Group Corp., Class A ^(a)(b)		42,619		699,804
Vimeo, Inc. ^(a)		38,605		299,189
Yelp, Inc. ^(a)(b)		18,652		581,942
Ziff Davis, Inc. ^(a)(b)		12,987		494,805
ZipRecruiter, Inc., Class A ^(a)(b)		21,335		90,034
ZoomInfo Technologies, Inc., Class A ^(a)		82,214		896,955

				1,129,913,429

IT Services — 1.2%
Accenture PLC, Class A		165,972		40,928,695
Akamai Technologies, Inc. ^(a)		39,436		2,987,671
Amdocs Ltd.		30,507		2,503,099
Applied Digital Corp. ^(a)(b)		53,946		1,237,521
ASGN, Inc. ^(a)		11,933		565,028
BigBear.ai Holdings, Inc. ^(a)(b)		79,613		519,077
Cloudflare, Inc., Class A ^(a)		82,230		17,645,736
Cognizant Technology Solutions Corp., Class A		131,696		8,832,851
Commerce.com, Inc., Series 1 ^(a)		19,781		98,707
DigitalOcean Holdings, Inc. ^(a)		17,556		599,713
DXC Technology Co. ^(a)		47,672		649,769
EPAM Systems, Inc. ^(a)		14,869		2,242,097
Fastly, Inc., Class A ^(a)(b)		32,769		280,175
Gartner, Inc. ^(a)(b)		20,170		5,302,088
Globant SA ^(a)(b)		10,823		621,024
GoDaddy, Inc., Class A ^(a)		36,453		4,987,864
Grid Dynamics Holdings, Inc., Class A ^(a)		11,282		86,984
Hackett Group, Inc. (The)		7,843		149,095
International Business Machines Corp.		247,432		69,815,413
Kyndryl Holdings, Inc. ^(a)(b)		62,372		1,873,031
MongoDB, Inc., Class A ^(a)		20,915		6,491,598
Okta, Inc., Class A ^(a)		43,311		3,971,619
Snowflake, Inc., Class A ^(a)		83,009		18,722,680
Tucows, Inc., Class A ^(a)(b)		2,715		50,377
Twilio, Inc., Class A ^(a)		37,498		3,753,175
Unisys Corp. ^(a)		17,960		70,044
VeriSign, Inc.		22,383		6,257,615

				201,242,746

Leisure Products — 0.1%
Acushnet Holdings Corp.		7,080		555,709


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products (continued)
Brunswick Corp.		18,774	$	1,187,268
Funko, Inc., Class A ^(a)(b)		7,064		24,300
Hasbro, Inc.		36,911		2,799,699
JAKKS Pacific, Inc.		3,441		64,450
Johnson Outdoors, Inc., Class A		1,478		59,696
Malibu Boats, Inc., Class A ^(a)		5,066		164,392
MasterCraft Boat Holdings, Inc. ^(a)(b)		5,202		111,635
Mattel, Inc. ^(a)		88,053		1,481,932
Outdoor Holding Co. ^(a)(b)		36,492		54,008
Peloton Interactive, Inc., Class A ^(a)(b)		98,783		889,047
Polaris, Inc.		14,496		842,652
Smith & Wesson Brands, Inc.		14,926		146,723
Sturm Ruger & Co., Inc.		4,109		178,618
Topgolf Callaway Brands Corp. ^(a)		37,873		359,794
YETI Holdings, Inc. ^(a)		22,511		746,915

				9,666,838

Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A ^(a)(b)		30,008		350,794
Adaptive Biotechnologies Corp. ^(a)(b)		42,282		632,539
Agilent Technologies, Inc.		76,451		9,812,486
Avantor, Inc. ^(a)		177,861		2,219,705
Azenta, Inc. ^(a)		10,406		298,860
BioLife Solutions, Inc. ^(a)		9,481		241,860
Bio-Rad Laboratories, Inc., Class A ^(a)(b)		5,118		1,435,036
Bio-Techne Corp.		41,660		2,317,546
Bruker Corp.		29,106		945,654
Charles River Laboratories International, Inc. ^(a)		13,700		2,143,502
Codexis, Inc. ^(a)(b)		16,548		40,377
CryoPort, Inc. ^(a)(b)		10,040		95,179
Cytek Biosciences, Inc. ^(a)		27,705		96,136
Danaher Corp.		169,159		33,537,463
Fortrea Holdings, Inc. ^(a)		23,239		195,672
Illumina, Inc. ^(a)		42,073		3,995,673
IQVIA Holdings, Inc. ^(a)		44,887		8,525,837
Maravai LifeSciences Holdings, Inc., Class A ^(a)(b) .		29,666		85,141
MaxCyte, Inc. ^(a)		24,932		39,393
Medpace Holdings, Inc. ^(a)		6,057		3,114,267
Mesa Laboratories, Inc.		1,371		91,871
Mettler-Toledo International, Inc. ^(a)		5,476		6,722,392
Niagen Bioscience, Inc. ^(a)(b)		20,587		192,077
OmniAb, Inc. ^(a)(b)		18,998		30,397
OmniAb, Inc., 12.50 Earnout Shares ^(a)(d)		1,502		—
OmniAb, Inc., 15.00 Earnout Shares ^(a)(d)		1,502		—
Pacific Biosciences of California, Inc. ^(a)(b)		67,355		86,214
QIAGEN NV		57,170		2,554,356
Quanterix Corp. ^(a)(b)		12,212		66,311
Quantum-Si, Inc., Class A ^(a)(b)		34,780		49,040
Repligen Corp. ^(a)		14,553		1,945,300
Revvity, Inc.		31,685		2,777,190
Sotera Health Co. ^(a)		46,326		728,708
Standard BioTools, Inc. ^(a)		81,127		105,465
Tempus AI, Inc., Class A ^(a)(b)		21,828		1,761,738
Thermo Fisher Scientific, Inc. ^(a)		100,144		48,571,843
Waters Corp. ^(a)		15,795		4,735,499
West Pharmaceutical Services, Inc.		19,278		5,057,198

				145,598,719

Machinery — 1.8%
3D Systems Corp. ^(a)(b)		30,865		89,509
Aebi Schmidt Holding AG ^(b)		9,201		114,736
AGCO Corp.		16,252		1,740,102
Alamo Group, Inc.		2,376		453,578
Albany International Corp., Class A		7,927		422,509


Security	Shares		Value

Machinery (continued)
Allison Transmission Holdings, Inc.		23,061	$	1,957,418
Astec Industries, Inc.		5,938		285,796
Atmus Filtration Technologies, Inc. ^(b)		22,257		1,003,568
Blue Bird Corp. ^(a)(b)		9,809		564,508
Caterpillar, Inc.		123,171		58,771,043
Chart Industries, Inc. ^(a)		12,018		2,405,403
CNH Industrial NV		231,732		2,514,292
Columbus McKinnon Corp.		6,574		94,271
Crane Co.		13,488		2,483,680
Cummins, Inc.		36,712		15,506,047
Deere & Co.		64,801		29,630,905
Donaldson Co., Inc.		32,448		2,655,869
Douglas Dynamics, Inc.		5,436		169,929
Dover Corp.		36,259		6,049,089
Energy Recovery, Inc. ^(a)		14,783		227,954
Enerpac Tool Group Corp., Class A		15,758		646,078
Enpro, Inc.		5,997		1,355,322
Esab Corp.		15,018		1,678,111
ESCO Technologies, Inc.		6,582		1,389,526
Federal Signal Corp. ^(b)		16,714		1,988,799
Flowserve Corp.		35,319		1,876,852
Fortive Corp.		89,434		4,381,372
Franklin Electric Co., Inc.		11,706		1,114,411
Gates Industrial Corp. PLC ^(a)		62,976		1,563,064
Gorman-Rupp Co. (The)		4,718		218,962
Graco, Inc.		43,993		3,737,645
Graham Corp. ^(a)		4,462		244,964
Greenbrier Cos., Inc. (The)		8,320		384,134
Helios Technologies, Inc.		8,092		421,836
Hillenbrand, Inc.		18,839		509,407
Hillman Solutions Corp. ^(a)		46,124		423,418
Hyliion Holdings Corp., Class A ^(a)(b)		54,329		107,028
Hyster-Yale, Inc., Class A		2,669		98,379
IDEX Corp.		19,991		3,253,735
Illinois Tool Works, Inc.		77,957		20,328,067
Ingersoll Rand, Inc.		106,171		8,771,848
ITT, Inc.		20,633		3,688,355
JBT Marel Corp.		13,722		1,927,255
Kadant, Inc.		3,299		981,716
Kennametal, Inc.		22,012		460,711
Lincoln Electric Holdings, Inc.		14,832		3,497,831
Lindsay Corp.		3,087		433,909
Luxfer Holdings PLC		7,224		100,414
Manitowoc Co., Inc. (The) ^(a)		9,144		91,531
Microvast Holdings, Inc. ^(a)(b)		52,204		200,985
Middleby Corp. (The) ^(a)		14,307		1,901,830
Miller Industries, Inc.		3,030		122,473
Mueller Industries, Inc.		28,913		2,923,393
Mueller Water Products, Inc., Class A		39,957		1,019,703
Nordson Corp.		14,294		3,244,023
Omega Flex, Inc.		1,082		33,742
Oshkosh Corp.		17,772		2,305,028
Otis Worldwide Corp.		105,823		9,675,397
PACCAR, Inc.		136,911		13,461,090
Parker-Hannifin Corp.		34,077		25,835,478
Pentair PLC		43,877		4,859,817
Proto Labs, Inc. ^(a)		7,086		354,513
RBC Bearings, Inc. ^(a)		8,219		3,207,794
REV Group, Inc.		14,906		844,723
Snap-on, Inc.		13,766		4,770,332
SPX Technologies, Inc. ^(a)		12,679		2,368,184
Standex International Corp.		3,082		653,076
Stanley Black & Decker, Inc.		40,504		3,010,662


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Tennant Co.		4,596	$	372,552
Terex Corp.		17,847		915,551
Timken Co. (The)		16,575		1,246,108
Titan International, Inc. ^(a)		11,103		83,939
Toro Co. (The)		27,770		2,116,074
Trinity Industries, Inc.		20,028		561,585
Wabash National Corp.		12,476		123,138
Watts Water Technologies, Inc., Class A		6,970		1,946,582
Westinghouse Air Brake Technologies Corp.		45,391		9,099,534
Worthington Enterprises, Inc.		7,749		429,992
Xylem, Inc.		63,714		9,397,815

				299,899,999

Marine Transportation — 0.0%
Costamare Bulkers Holdings Ltd. ^(a)(b)		3,578		51,416
Costamare, Inc.		17,893		213,106
Genco Shipping & Trading Ltd.		8,992		160,058
Kirby Corp. ^(a)		15,561		1,298,565
Matson, Inc.		8,205		808,931
Pangaea Logistics Solutions Ltd.		16,812		85,405
Safe Bulkers, Inc.		13,642		60,570

				2,678,051

Media — 0.4%
Advantage Solutions, Inc., Class A ^(a)(b)		38,195		58,438
Altice U.S.A., Inc., Class A ^(a)		74,470		179,473
AMC Networks, Inc., Class A ^(a)		7,609		62,698
Boston Omaha Corp., Class A ^(a)(b)		4,916		64,301
Cable One, Inc.		1,437		254,421
Charter Communications, Inc., Class A ^(a)(b)		24,051		6,616,550
Comcast Corp., Class A		973,230		30,578,887
DoubleVerify Holdings, Inc. ^(a)		36,723		439,942
EchoStar Corp., Class A ^(a)(b)		36,427		2,781,566
Entravision Communications Corp., Class A		23,280		54,242
EW Scripps Co. (The), Class A, NVS ^(a)(b)		13,605		33,468
Fox Corp., Class A, NVS		58,468		3,686,992
Fox Corp., Class B		39,633		2,270,575
Gannett Co., Inc. ^(a)(b)		26,025		107,483
Gray Media, Inc.		21,365		123,490
Ibotta, Inc., Class A ^(a)(b)		4,346		121,036
iHeartMedia, Inc., Class A ^(a)(b)		28,146		80,779
Integral Ad Science Holding Corp. ^(a)(b)		23,377		237,744
Interpublic Group of Cos., Inc. (The)		99,008		2,763,313
John Wiley & Sons, Inc., Class A		11,996		485,478
Liberty Broadband Corp., Class A ^(a)		4,087		258,830
Liberty Broadband Corp., Class C, NVS ^(a)		28,720		1,824,869
Magnite, Inc. ^(a)(b)		33,765		735,402
National CineMedia, Inc.		24,226		109,259
New York Times Co. (The), Class A		43,420		2,492,308
News Corp., Class A, NVS		103,054		3,164,788
News Corp., Class B		31,291		1,081,104
Nexstar Media Group, Inc., Class A		8,133		1,608,219
Omnicom Group, Inc.		51,198		4,174,173
PubMatic, Inc., Class A ^(a)(b)		11,288		93,465
Scholastic Corp., NVS		6,893		188,730
Sinclair, Inc., Class A		11,826		178,573
Sirius XM Holdings, Inc.		50,339		1,171,640
Stagwell, Inc., Class A ^(a)(b)		33,708		189,776
TechTarget, Inc. ^(a)(b)		7,329		42,582
TEGNA, Inc.		44,903		912,878
Thryv Holdings, Inc. ^(a)		6,614		79,765
Trade Desk, Inc. (The), Class A ^(a)		118,885		5,826,554
WideOpenWest, Inc. ^(a)		14,745		76,084

				75,209,875


Security	Shares		Value

Metals & Mining — 0.6%
Alcoa Corp.		66,452	$	2,185,606
Alpha Metallurgical Resources, Inc. ^(a)		3,008		493,583
Anglogold Ashanti PLC		133,584		9,394,963
Caledonia Mining Corp. PLC		4,336		157,007
Carpenter Technology Corp.		12,922		3,172,868
Century Aluminum Co. ^(a)		15,192		446,037
Cleveland-Cliffs, Inc. ^(a)		129,761		1,583,084
Coeur Mining, Inc. ^(a)		165,297		3,100,972
Commercial Metals Co.		31,508		1,804,778
Compass Minerals International, Inc. ^(a)		8,948		171,802
Constellium SE, Class A ^(a)(b)		30,292		450,745
Freeport-McMoRan, Inc.		378,635		14,850,065
Hecla Mining Co.		166,326		2,012,545
Ivanhoe Electric, Inc. ^(a)(b)		27,266		342,188
Kaiser Aluminum Corp.		4,320		333,331
MAC Copper Ltd., Class A ^(a)(b)		14,185		173,199
Materion Corp.		4,980		601,634
Metallus, Inc. ^(a)		9,986		165,069
MP Materials Corp., Class A ^(a)		34,528		2,315,793
Newmont Corp.		291,946		24,613,967
Novagold Resources, Inc. ^(a)(b)		85,194		749,707
Nucor Corp.		60,914		8,249,583
Olympic Steel, Inc.		2,519		76,703
Perpetua Resources Corp. ^(a)(b)		16,845		340,774
Ramaco Resources, Inc., Class A ^(b)		11,265		373,885
Reliance, Inc.		14,322		4,022,047
Royal Gold, Inc.		17,798		3,569,923
Ryerson Holding Corp.		8,959		204,803
Southern Copper Corp.		23,122		2,806,086
SSR Mining, Inc. ^(a)		52,792		1,289,181
Steel Dynamics, Inc.		38,063		5,307,124
SunCoke Energy, Inc.		26,153		213,408
Tredegar Corp. ^(a)(b)		11,339		91,052
Warrior Met Coal, Inc.		14,468		920,743
Worthington Steel, Inc.		7,749		235,492

				96,819,747

Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Adamas Trust, Inc.		24,291		169,308
Advanced Flower Capital, Inc.		6,433		24,638
AGNC Investment Corp.		276,359		2,705,555
Annaly Capital Management, Inc.		170,721		3,450,271
Apollo Commercial Real Estate Finance, Inc.		40,894		414,256
Arbor Realty Trust, Inc.		41,214		503,223
Ares Commercial Real Estate Corp.		11,035		49,768
ARMOUR Residential REIT, Inc.		26,574		397,016
Blackstone Mortgage Trust, Inc., Class A		47,340		871,529
BrightSpire Capital, Inc., Class A		40,415		219,453
Chicago Atlantic Real Estate Finance, Inc.		7,423		94,940
Chimera Investment Corp.		19,923		263,382
Claros Mortgage Trust, Inc.		23,347		77,512
Dynex Capital, Inc.		30,404		373,665
Ellington Financial, Inc.		18,979		246,347
Franklin BSP Realty Trust, Inc.		21,853		237,324
Invesco Mortgage Capital, Inc.		8,644		65,349
KKR Real Estate Finance Trust, Inc.		15,866		142,794
Ladder Capital Corp., Class A		27,852		303,865
MFA Financial, Inc.		29,651		272,493
Orchid Island Capital, Inc.		29,717		208,316
PennyMac Mortgage Investment Trust		23,619		289,569
Ready Capital Corp.		38,439		148,759
Redwood Trust, Inc.		31,464		182,177
Rithm Capital Corp.		134,907		1,536,591


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Starwood Property Trust, Inc.		91,345	$	1,769,353
Sunrise Realty Trust, Inc.		2,150		22,338
TPG RE Finance Trust, Inc.		14,819		126,851
Two Harbors Investment Corp.		23,906		235,952

				15,402,594

Multi-Utilities — 0.6%
Ameren Corp.		71,249		7,436,971
Avista Corp.		21,631		817,868
Black Hills Corp.		19,950		1,228,721
CenterPoint Energy, Inc.		169,988		6,595,534
CMS Energy Corp.		79,241		5,805,196
Consolidated Edison, Inc.		95,597		9,609,410
Dominion Energy, Inc.		226,346		13,845,585
DTE Energy Co.		55,505		7,850,072
NiSource, Inc.		124,334		5,383,662
Northwestern Energy Group, Inc.		15,436		904,704
Public Service Enterprise Group, Inc.		132,367		11,047,350
Sempra		173,126		15,577,877
Unitil Corp.		3,401		162,772
WEC Energy Group, Inc.		84,797		9,716,888

				95,982,610

Office REITs — 0.1%
Brandywine Realty Trust		49,257		205,402
BXP, Inc.		41,441		3,080,724
City Office REIT, Inc.		12,987		90,390
COPT Defense Properties		29,599		860,147
Cousins Properties, Inc.		42,850		1,240,079
Douglas Emmett, Inc.		44,551		693,659
Easterly Government Properties, Inc.		10,371		237,807
Empire State Realty Trust, Inc., Class A		38,465		294,642
Highwoods Properties, Inc.		26,938		857,167
Hudson Pacific Properties, Inc. ^(a)		98,458		271,744
JBG SMITH Properties		17,992		400,322
Kilroy Realty Corp.		30,872		1,304,342
NET Lease Office Properties		3,722		110,394
Paramount Group, Inc. ^(a)		46,705		305,451
Peakstone Realty Trust, Class E		7,268		95,356
Piedmont Realty Trust, Inc., Class A		33,739		303,651
Postal Realty Trust, Inc., Class A		3,842		60,281
SL Green Realty Corp.		18,585		1,111,569
Vornado Realty Trust		47,074		1,907,909

				13,431,036

Oil, Gas & Consumable Fuels — 2.7%
Antero Midstream Corp.		88,507		1,720,576
Antero Resources Corp. ^(a)		76,635		2,571,871
APA Corp.		98,601		2,394,032
Ardmore Shipping Corp.		13,233		157,076
Berry Corp.		22,866		86,433
California Resources Corp.		19,325		1,027,704
Calumet, Inc. ^(a)(b)		18,095		330,234
Centrus Energy Corp., Class A ^(a)(b)		4,203		1,303,224
Cheniere Energy, Inc.		58,501		13,746,565
Chevron Corp.		510,394		79,259,084
Chord Energy Corp.		16,826		1,672,000
Civitas Resources, Inc.		26,532		862,290
Clean Energy Fuels Corp. ^(a)(b)		41,595		107,315
CNX Resources Corp. ^(a)		39,118		1,256,470
Comstock Resources, Inc. ^(a)		22,289		441,991
ConocoPhillips		337,392		31,913,909
Core Natural Resources, Inc.		14,635		1,221,730
Coterra Energy, Inc.		201,384		4,762,732
Crescent Energy Co., Class A		43,962		392,141


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
CVR Energy, Inc.		7,499	$	273,564
Delek U.S. Holdings, Inc.		19,068		615,324
Devon Energy Corp.		167,062		5,857,194
DHT Holdings, Inc.		31,131		372,015
Diamondback Energy, Inc.		50,283		7,195,497
Diversified Energy Co. PLC		12,375		173,374
Dorian LPG Ltd.		9,401		280,150
DT Midstream, Inc.		26,357		2,979,922
Encore Energy Corp. ^(a)(b)		43,276		138,916
Energy Fuels, Inc. ^(a)(b)		56,658		869,700
EOG Resources, Inc.		146,469		16,422,104
EQT Corp.		165,147		8,988,951
Evolution Petroleum Corp.		13,983		67,398
Excelerate Energy, Inc., Class A		4,844		122,020
Expand Energy Corp.		58,276		6,191,242
Exxon Mobil Corp.		1,151,962		129,883,715
FLEX LNG Ltd. ^(b)		7,205		181,566
Golar LNG Ltd.		25,108		1,014,614
Granite Ridge Resources, Inc.		21,505		116,342
Green Plains, Inc. ^(a)		9,707		85,325
Gulfport Energy Corp. ^(a)		3,716		672,522
HF Sinclair Corp.		42,650		2,232,301
Infinity Natural Resources, Inc., Class A ^(a)(b)		3,365		44,115
International Seaways, Inc.		10,634		490,015
Kinder Morgan, Inc.		514,780		14,573,422
Kinetik Holdings, Inc., Class A		9,625		411,373
Kosmos Energy Ltd. ^(a)(b)		123,513		205,032
Magnolia Oil & Gas Corp., Class A		48,057		1,147,121
Marathon Petroleum Corp.		81,661		15,739,341
Matador Resources Co.		32,646		1,466,785
Murphy Oil Corp.		37,791		1,073,642
New Fortress Energy, Inc., Class A ^(a)(b)		57,648		127,402
NextDecade Corp. ^(a)(b)		31,347		212,846
Nordic American Tankers Ltd.		51,235		160,878
Northern Oil & Gas, Inc.		24,264		601,747
Occidental Petroleum Corp.		187,406		8,854,933
ONEOK, Inc.		167,061		12,190,441
Ovintiv, Inc.		71,190		2,874,652
Par Pacific Holdings, Inc. ^(a)		16,062		568,916
PBF Energy, Inc., Class A		22,020		664,343
Peabody Energy Corp.		30,359		805,121
Permian Resources Corp., Class A		177,106		2,266,957
PetroCorp Escrow ^(a)(d)		1,248		—
Phillips 66		108,116		14,705,938
Range Resources Corp.		61,991		2,333,341
REX American Resources Corp. ^(a)		9,138		279,806
Riley Exploration Permian, Inc.		3,286		89,083
Sable Offshore Corp., Class A ^(a)(b)		20,200		352,692
SandRidge Energy, Inc.		9,936		112,078
Scorpio Tankers, Inc.		12,722		713,068
SFL Corp. Ltd.		34,942		263,113
SM Energy Co.		31,703		791,624
Talos Energy, Inc. ^(a)		35,672		342,094
Targa Resources Corp.		57,258		9,593,005
Teekay Corp. Ltd.		21,854		178,766
Teekay Tankers Ltd., Class A		6,343		320,639
Texas Pacific Land Corp. ^(b)		5,017		4,684,072
Uranium Energy Corp. ^(a)(b)		104,473		1,393,670
VAALCO Energy, Inc.		27,744		111,531
Valero Energy Corp.		82,785		14,094,974
Viper Energy, Inc., Class A		43,233		1,652,365
Vital Energy, Inc. ^(a)		7,247		122,402
Vitesse Energy, Inc.		6,330		147,046


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
W&T Offshore, Inc. ^(b)		32,969	$	60,004
Williams Cos., Inc. (The)		323,688		20,505,635
World Kinect Corp.		17,689		459,030

				467,746,191

Paper & Forest Products — 0.0%
Clearwater Paper Corp. ^(a)		4,493		93,275
Louisiana-Pacific Corp.		16,733		1,486,560
Sylvamo Corp.		9,329		412,528

				1,992,363

Passenger Airlines — 0.2%
Alaska Air Group, Inc. ^(a)		32,422		1,613,967
Allegiant Travel Co. ^(a)		3,647		221,628
American Airlines Group, Inc. ^(a)		173,439		1,949,454
Delta Air Lines, Inc.		172,497		9,789,205
Frontier Group Holdings, Inc. ^(a)(b)		9,756		43,073
JetBlue Airways Corp. ^(a)(b)		79,991		393,556
Joby Aviation, Inc., Class A ^(a)(b)		121,203		1,956,216
SkyWest, Inc. ^(a)		11,285		1,135,497
Southwest Airlines Co.		125,189		3,994,781
Strata Critical Medical, Inc., Class A ^(a)(b)		23,285		117,822
Sun Country Airlines Holdings, Inc. ^(a)		12,030		142,074
United Airlines Holdings, Inc. ^(a)		86,691		8,365,682

				29,722,955

Personal Care Products — 0.1%
Beauty Health Co. (The), Class A ^(a)(b)		23,998		47,756
BellRing Brands, Inc. ^(a)		35,300		1,283,155
Coty, Inc., Class A ^(a)(b)		98,241		396,894
Edgewell Personal Care Co.		15,040		306,214
elf Beauty, Inc. ^(a)		14,234		1,885,720
Estee Lauder Cos., Inc. (The), Class A		60,915		5,367,830
Herbalife Ltd. ^(a)(b)		28,181		237,848
Honest Co., Inc. (The) ^(a)(b)		16,118		59,314
Interparfums, Inc.		5,002		492,097
Kenvue, Inc.		508,433		8,251,867
Medifast, Inc. ^(a)(b)		3,172		43,361
Nu Skin Enterprises, Inc., Class A		11,798		143,818
Olaplex Holdings, Inc. ^(a)(b)		34,357		45,008
USANA Health Sciences, Inc. ^(a)		3,596		99,070
Waldencast PLC, Class A ^(a)(b)		11,472		22,714

				18,682,666

Pharmaceuticals — 2.6%
Alumis, Inc. ^(a)(b)		5,131		20,473
Amneal Pharmaceuticals, Inc., Class A ^(a)(b)		47,498		475,455
Amphastar Pharmaceuticals, Inc. ^(a)		10,404		277,267
ANI Pharmaceuticals, Inc. ^(a)		5,310		486,396
Aquestive Therapeutics, Inc. ^(a)(b)		33,167		185,403
Arvinas, Inc. ^(a)(b)		14,437		123,003
Atea Pharmaceuticals, Inc. ^(a)(b)		18,117		52,539
Avadel Pharmaceuticals PLC ^(a)(b)		24,346		371,763
Axsome Therapeutics, Inc. ^(a)		9,909		1,203,448
Bristol-Myers Squibb Co.		542,465		24,465,171
Collegium Pharmaceutical, Inc. ^(a)		9,016		315,470
Corcept Therapeutics, Inc. ^(a)(b)		24,925		2,071,517
CorMedix, Inc. ^(a)(b)		22,281		259,128
Crinetics Pharmaceuticals, Inc. ^(a)(b)		23,127		963,239
Edgewise Therapeutics, Inc. ^(a)(b)		20,415		331,131
Elanco Animal Health, Inc. ^(a)(b)		129,143		2,600,940
Eli Lilly & Co.		212,895		162,438,885
Enliven Therapeutics, Inc. ^(a)(b)		11,763		240,789
Esperion Therapeutics, Inc. ^(a)(b)		64,009		169,624
Evolus, Inc. ^(a)		11,491		70,555


Security	Shares		Value

Pharmaceuticals (continued)
EyePoint Pharmaceuticals, Inc. ^(a)(b)		11,178	$	159,175
Fulcrum Therapeutics, Inc. ^(a)(b)		22,618		208,086
Harmony Biosciences Holdings, Inc. ^(a)		11,460		315,838
Harrow, Inc. ^(a)(b)		6,794		327,335
Indivior PLC ^(a)(b)		31,826		767,325
Innoviva, Inc. ^(a)		18,420		336,165
Jazz Pharmaceuticals PLC ^(a)		16,356		2,155,721
Johnson & Johnson		639,768		118,625,782
LENZ Therapeutics, Inc. ^(a)(b)		5,686		264,854
Ligand Pharmaceuticals, Inc. ^(a)		5,252		930,339
Liquidia Corp. ^(a)(b)		20,803		473,060
Merck & Co., Inc.		670,305		56,258,699
Mind Medicine MindMed, Inc. ^(a)(b)		19,200		226,368
Nuvation Bio, Inc., Class A ^(a)(b)		46,214		170,992
Ocular Therapeutix, Inc. ^(a)		44,376		518,755
Omeros Corp. ^(a)(b)		19,298		79,122
Organon & Co.		67,867		724,820
Pacira BioSciences, Inc. ^(a)		11,747		302,720
Perrigo Co. PLC		36,736		818,111
Pfizer, Inc.		1,511,705		38,518,243
Phathom Pharmaceuticals, Inc. ^(a)(b)		9,078		106,848
Phibro Animal Health Corp., Class A		3,795		153,546
Prestige Consumer Healthcare, Inc. ^(a)		13,554		845,770
Royalty Pharma PLC, Class A		103,882		3,664,957
scPharmaceuticals, Inc. ^(a)(b)		10,830		61,406
Septerna, Inc. ^(a)(b)		6,736		126,704
SIGA Technologies, Inc.		12,053		110,285
Supernus Pharmaceuticals, Inc. ^(a)		13,032		622,799
Tarsus Pharmaceuticals, Inc. ^(a)(b)		9,650		573,499
Terns Pharmaceuticals, Inc. ^(a)		11,192		84,052
Theravance Biopharma, Inc. ^(a)(b)		15,305		223,453
Third Harmonic Bio, Inc. ^(a)(d)		10,547		316
Viatris, Inc.		318,000		3,148,200
WaVe Life Sciences Ltd. ^(a)(b)		19,287		141,181
Xeris Biopharma Holdings, Inc. ^(a)		45,700		371,998
Zevra Therapeutics, Inc. ^(a)(b)		18,445		175,412
Zoetis, Inc., Class A		118,353		17,317,411

				447,031,543

Professional Services — 0.8%
Acuren Corp. ^(a)(b)		44,035		586,106
Alight, Inc., Class A		115,448		376,360
Amentum Holdings, Inc. ^(a)		41,536		994,787
Asure Software, Inc. ^(a)(b)		3,400		27,880
Automatic Data Processing, Inc.		108,073		31,719,426
Barrett Business Services, Inc.		6,924		306,872
Booz Allen Hamilton Holding Corp., Class A		32,299		3,228,285
Broadridge Financial Solutions, Inc.		31,222		7,436,144
CACI International, Inc., Class A ^(a)(b)		6,026		3,005,648
CBIZ, Inc. ^(a)(b)		13,487		714,272
Clarivate PLC ^(a)(b)		122,393		468,765
Concentrix Corp.		13,156		607,149
Conduent, Inc. ^(a)		40,909		114,545
CRA International, Inc.		1,723		359,297
CSG Systems International, Inc.		7,811		502,872
Dayforce, Inc. ^(a)		41,346		2,848,326
Equifax, Inc.		32,715		8,392,379
ExlService Holdings, Inc. ^(a)		40,240		1,771,767
Exponent, Inc.		13,319		925,404
First Advantage Corp. ^(a)(b)		18,814		289,547
Forrester Research, Inc. ^(a)		3,611		38,277
Franklin Covey Co. ^(a)(b)		4,348		84,395
FTI Consulting, Inc. ^(a)		9,341		1,509,973


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
Genpact Ltd.		42,683	$	1,787,991
Heidrick & Struggles International, Inc.		4,430		220,481
Huron Consulting Group, Inc. ^(a)(b)		4,666		684,829
ICF International, Inc.		4,830		448,224
Innodata, Inc. ^(a)(b)		8,478		653,399
Insperity, Inc.		9,356		460,315
Jacobs Solutions, Inc.		32,070		4,806,010
KBR, Inc.		36,212		1,712,466
Kelly Services, Inc., Class A, NVS		10,028		131,567
Kforce, Inc.		5,023		150,590
Korn Ferry		14,066		984,339
Legalzoom.com, Inc. ^(a)(b)		35,799		371,594
Leidos Holdings, Inc.		33,817		6,390,060
ManpowerGroup, Inc.		11,840		448,736
Maximus, Inc.		14,158		1,293,616
Parsons Corp. ^(a)(b)		14,422		1,195,872
Paychex, Inc.		85,379		10,822,642
Paycom Software, Inc.		13,857		2,884,196
Paylocity Holding Corp. ^(a)		11,967		1,905,984
Planet Labs PBC, Class A ^(a)(b)		61,397		796,933
Resolute Holdings Management, Inc. ^(a)(b)		891		64,286
Resources Connection, Inc.		10,643		53,747
Robert Half, Inc.		28,168		957,149
Science Applications International Corp.		13,444		1,335,930
SS&C Technologies Holdings, Inc.		56,651		5,028,343
TransUnion		51,625		4,325,143
TriNet Group, Inc.		8,454		565,488
TrueBlue, Inc. ^(a)		9,932		60,883
TTEC Holdings, Inc. ^(a)		4,636		15,577
Upwork, Inc. ^(a)		30,251		561,761
Verisk Analytics, Inc.		36,935		9,289,522
Verra Mobility Corp., Class A ^(a)		43,856		1,083,243
Willdan Group, Inc. ^(a)		4,052		391,788
WNS Holdings Ltd. ^(a)(b)		9,875		753,166

				128,944,346

Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc. ^(a)		31,332		331,806
CBRE Group, Inc., Class A ^(a)		78,858		12,424,867
Compass, Inc., Class A ^(a)		126,698		1,017,385
CoStar Group, Inc. ^(a)		109,947		9,276,228
Cushman & Wakefield PLC ^(a)		40,265		641,019
eXp World Holdings, Inc.		16,129		171,935
Forestar Group, Inc. ^(a)		6,559		174,404
FRP Holdings, Inc. ^(a)		5,006		121,946
Howard Hughes Holdings, Inc. ^(a)(b)		7,716		634,024
Jones Lang LaSalle, Inc. ^(a)		12,643		3,771,154
Kennedy-Wilson Holdings, Inc.		31,508		262,147
Marcus & Millichap, Inc.		5,857		171,903
Newmark Group, Inc., Class A		41,405		772,203
Real Brokerage, Inc. (The) ^(a)		25,086		104,859
REX Holdings, Inc., Class A ^(a)		5,408		50,997
RMR Group, Inc. (The), Class A		4,109		64,635
Seaport Entertainment Group, Inc. ^(a)(b)		2,413		55,306
St. Joe Co. (The)		11,653		576,590
Tejon Ranch Co. ^(a)(b)		8,393		134,120
Zillow Group, Inc., Class A ^(a)		12,479		928,937
Zillow Group, Inc., Class C, NVS ^(a)		41,962		3,233,172

				34,919,637

Residential REITs — 0.3%
American Homes 4 Rent, Class A		87,768		2,918,286
Apartment Investment & Management Co., Class A		40,150		318,390


Security	Shares		Value

Residential REITs (continued)
AvalonBay Communities, Inc.		37,821	$	7,305,883
Camden Property Trust		28,922		3,088,291
Centerspace		4,637		273,119
Elme Communities		23,628		398,368
Equity LifeStyle Properties, Inc.		51,216		3,108,811
Equity Residential		101,102		6,544,332
Essex Property Trust, Inc.		17,117		4,581,536
Independence Realty Trust, Inc.		57,568		943,540
Invitation Homes, Inc.		162,371		4,762,341
Mid-America Apartment Communities, Inc.		30,881		4,315,002
NexPoint Residential Trust, Inc.		6,166		198,669
Sun Communities, Inc.		34,092		4,397,868
UDR, Inc.		87,704		3,267,851
UMH Properties, Inc.		15,461		229,596
Veris Residential, Inc.		24,018		365,074

				47,016,957

Retail REITs — 0.3%
Acadia Realty Trust		31,197		628,620
Agree Realty Corp.		29,297		2,081,259
Alexander’s, Inc.		550		128,969
Brixmor Property Group, Inc.		79,738		2,207,148
CBL & Associates Properties, Inc.		8,920		272,774
Curbline Properties Corp.		23,840		531,632
Federal Realty Investment Trust		22,275		2,256,680
Getty Realty Corp.		11,779		316,031
InvenTrust Properties Corp.		18,421		527,209
Kimco Realty Corp.		179,122		3,913,816
Kite Realty Group Trust		55,038		1,227,347
Macerich Co. (The)		62,491		1,137,336
NETSTREIT Corp.		25,054		452,475
NNN REIT, Inc.		48,456		2,062,772
Phillips Edison & Co., Inc.		33,401		1,146,656
Realty Income Corp.		240,334		14,609,904
Regency Centers Corp.		47,942		3,494,972
Saul Centers, Inc.		3,174		101,155
Simon Property Group, Inc.		86,518		16,236,833
SITE Centers Corp.		11,920		107,399
Tanger, Inc.		28,680		970,531
Urban Edge Properties		30,721		628,859
Whitestone REIT		15,660		192,305

				55,232,682

Semiconductors & Semiconductor Equipment — 12.2%
ACM Research, Inc., Class A ^(a)(b)		15,886		621,619
Advanced Micro Devices, Inc. ^(a)		428,146		69,269,741
Aehr Test Systems ^(a)(b)		6,756		203,423
Allegro MicroSystems, Inc. ^(a)		32,744		956,125
Alpha & Omega Semiconductor Ltd. ^(a)		6,340		177,266
Ambarella, Inc. ^(a)		11,528		951,291
Amkor Technology, Inc.		28,836		818,942
Analog Devices, Inc.		131,635		32,342,719
Applied Materials, Inc.		213,138		43,637,874
Astera Labs, Inc. ^(a)		33,475		6,554,405
Axcelis Technologies, Inc. ^(a)(b)		8,776		856,889
Broadcom, Inc.		1,227,768		405,052,941
CEVA, Inc. ^(a)(b)		5,627		148,609
Cirrus Logic, Inc. ^(a)		14,245		1,784,756
Cohu, Inc. ^(a)		11,030		224,240
Credo Technology Group Holding Ltd. ^(a)		38,958		5,672,674
Diodes, Inc. ^(a)		12,064		641,925
Enphase Energy, Inc. ^(a)		35,717		1,264,025
Entegris, Inc.		39,628		3,664,005
First Solar, Inc. ^(a)		26,920		5,936,668


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
FormFactor, Inc. ^(a)(b)		20,285	$	738,780
GLOBALFOUNDRIES, Inc. ^(a)(b)		26,096		935,281
Ichor Holdings Ltd. ^(a)		7,277		127,493
Impinj, Inc. ^(a)		7,060		1,276,095
indie Semiconductor, Inc., Class A ^(a)(b)		32,580		132,601
Intel Corp.		1,159,826		38,912,162
KLA Corp.		35,353		38,131,746
Kulicke & Soffa Industries, Inc.		14,978		608,706
Lam Research Corp.		339,276		45,429,056
Lattice Semiconductor Corp. ^(a)		36,341		2,664,522
MACOM Technology Solutions Holdings, Inc. ^(a)(b) .		16,568		2,062,550
Marvell Technology, Inc.		230,316		19,362,666
MaxLinear, Inc. ^(a)		18,631		299,586
Microchip Technology, Inc.		141,784		9,105,368
Micron Technology, Inc.		296,609		49,628,618
MKS, Inc.		17,489		2,164,614
Monolithic Power Systems, Inc.		12,262		11,288,888
Navitas Semiconductor Corp. ^(a)(b)		26,675		192,594
NVE Corp.		1,245		81,261
NVIDIA Corp.		6,221,808		1,160,864,937
ON Semiconductor Corp. ^(a)		110,952		5,471,043
Onto Innovation, Inc. ^(a)		13,314		1,720,435
PDF Solutions, Inc. ^(a)		7,502		193,702
Penguin Solutions, Inc. ^(a)(b)		14,005		368,051
Photronics, Inc. ^(a)		16,137		370,344
Power Integrations, Inc.		15,538		624,783
Qorvo, Inc. ^(a)		22,539		2,052,852
QUALCOMM, Inc.		287,077		47,758,130
Rambus, Inc. ^(a)		29,070		3,029,094
Rigetti Computing, Inc. ^(a)(b)		84,023		2,503,045
Semtech Corp. ^(a)(b)		23,028		1,645,351
Silicon Laboratories, Inc. ^(a)		8,316		1,090,477
SiTime Corp. ^(a)(b)		5,539		1,668,956
SkyWater Technology, Inc. ^(a)(b)		9,547		178,147
Skyworks Solutions, Inc.		40,648		3,129,083
Synaptics, Inc. ^(a)		10,194		696,658
Teradyne, Inc.		41,759		5,747,709
Texas Instruments, Inc.		241,786		44,423,342
Ultra Clean Holdings, Inc. ^(a)		11,424		311,304
Universal Display Corp.		12,540		1,801,120
Veeco Instruments, Inc. ^(a)(b)		15,095		459,341

				2,090,030,628

Software — 10.9%
8x8, Inc. ^(a)		27,928		59,207
A10 Networks, Inc.		22,808		413,965
ACI Worldwide, Inc. ^(a)		27,395		1,445,634
Adeia, Inc.		27,850		467,880
Adobe, Inc. ^(a)		113,356		39,986,329
Agilysys, Inc. ^(a)(b)		6,239		656,655
Alarm.com Holdings, Inc. ^(a)		12,135		644,126
Alkami Technology, Inc. ^(a)(b)		18,093		449,430
Amplitude, Inc., Class A ^(a)		17,105		183,366
Appfolio, Inc., Class A ^(a)		5,998		1,653,409
Appian Corp., Class A ^(a)		10,246		313,220
AppLovin Corp., Class A ^(a)		63,290		45,476,397
Arteris, Inc. ^(a)(b)		13,586		137,219
Asana, Inc., Class A ^(a)(b)		19,564		261,375
Atlassian Corp., Class A ^(a)		42,712		6,821,106
Aurora Innovation, Inc., Class A ^(a)(b)		273,926		1,476,461
Autodesk, Inc. ^(a)		56,505		17,949,943
AvePoint, Inc., Class A ^(a)		38,997		585,345
Bentley Systems, Inc., Class B		41,745		2,149,033


Security	Shares		Value

Software (continued)
BILL Holdings, Inc. ^(a)		26,771	$	1,418,060
Bit Digital, Inc. ^(a)(b)		83,640		250,920
Bitdeer Technologies Group, Class A ^(a)(b)		23,554		402,538
Blackbaud, Inc. ^(a)		11,225		721,880
BlackLine, Inc. ^(a)		14,792		785,455
Blend Labs, Inc., Class A ^(a)(b)		60,830		222,029
Box, Inc., Class A ^(a)		37,197		1,200,347
Braze, Inc., Class A ^(a)(b)		17,888		508,735
C3.ai, Inc., Class A ^(a)(b)		29,237		506,970
Cadence Design Systems, Inc. ^(a)		72,742		25,551,355
CCC Intelligent Solutions Holdings, Inc. ^(a)(b)		145,450		1,325,049
Cerence, Inc. ^(a)(b)		9,867		122,943
Cipher Mining, Inc. ^(a)(b)		72,052		907,135
Circle Internet Group, Inc., Class A ^(a)(b)		12,541		1,662,686
Cleanspark, Inc. ^(a)(b)		78,957		1,144,876
Clear Secure, Inc., Class A		21,786		727,217
Clearwater Analytics Holdings, Inc., Class A ^(a)(b)		64,759		1,166,957
Commvault Systems, Inc. ^(a)		11,346		2,141,898
Confluent, Inc., Class A ^(a)		73,411		1,453,538
Consensus Cloud Solutions, Inc. ^(a)(b)		5,642		165,705
Core Scientific, Inc. ^(a)(b)		72,454		1,299,825
Crowdstrike Holdings, Inc., Class A ^(a)		64,775		31,764,364
CS Disco, Inc. ^(a)		9,646		62,313
Daily Journal Corp. ^(a)(b)		396		184,195
Datadog, Inc., Class A ^(a)		81,873		11,658,715
Digimarc Corp. ^(a)(b)		5,266		51,449
Digital Turbine, Inc. ^(a)		22,474		143,834
Docusign, Inc. ^(a)		53,388		3,848,741
Dolby Laboratories, Inc., Class A		15,406		1,114,932
Domo, Inc., Class B ^(a)(b)		6,851		108,520
Dropbox, Inc., Class A ^(a)		49,311		1,489,685
D-Wave Quantum, Inc. ^(a)(b)		75,610		1,868,323
Dynatrace, Inc. ^(a)		78,609		3,808,606
Elastic NV ^(a)		23,165		1,957,211
EverCommerce, Inc. ^(a)(b)		11,279		125,535
Fair Isaac Corp. ^(a)		6,325		9,465,552
Five9, Inc. ^(a)		19,277		466,503
Fortinet, Inc. ^(a)		169,234		14,229,195
Freshworks, Inc., Class A ^(a)		53,715		632,226
Gen Digital, Inc.		145,480		4,130,177
Gitlab, Inc., Class A ^(a)(b)		34,448		1,552,916
Guidewire Software, Inc. ^(a)		22,323		5,131,165
HubSpot, Inc. ^(a)		13,521		6,325,124
Hut 8 Corp. ^(a)(b)		25,607		891,380
Informatica, Inc., Class A ^(a)		27,885		692,663
Intapp, Inc. ^(a)(b)		14,079		575,831
InterDigital, Inc.		6,968		2,405,563
Intuit, Inc.		72,646		49,610,680
Jamf Holding Corp. ^(a)		25,899		277,119
Life360, Inc. ^(a)(b)		4,856		516,193
LiveRamp Holdings, Inc. ^(a)		16,571		449,737
Manhattan Associates, Inc. ^(a)		16,406		3,362,902
MARA Holdings, Inc. ^(a)(b)		99,716		1,820,814
MeridianLink, Inc. ^(a)		6,007		119,719
Microsoft Corp.		1,971,600		1,021,190,220
Mitek Systems, Inc. ^(a)		10,891		106,405
N-able, Inc. ^(a)		17,845		139,191
nCino, Inc. ^(a)(b)		28,273		766,481
NCR Voyix Corp. ^(a)(b)		43,958		551,673
NextNav, Inc. ^(a)(b)		22,772		325,640
Nutanix, Inc., Class A ^(a)		67,099		4,991,495
ON24, Inc. ^(a)		15,043		86,046
OneSpan, Inc.		10,921		173,535


22		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Ooma, Inc. ^(a)		7,059	$	84,637
Oracle Corp.		440,128		123,781,599
Pagaya Technologies Ltd., Class A ^(a)(b)		11,384		337,991
PagerDuty, Inc. ^(a)(b)		26,516		438,044
Palantir Technologies, Inc., Class A ^(a)		580,866		105,961,576
Palo Alto Networks, Inc. ^(a)		174,255		35,481,803
Pegasystems, Inc. ^(b)		25,088		1,442,560
Porch Group, Inc. ^(a)(b)		27,930		468,665
Procore Technologies, Inc. ^(a)(b)		30,389		2,215,966
Progress Software Corp.		11,667		512,531
PROS Holdings, Inc. ^(a)(b)		11,712		268,322
PTC, Inc. ^(a)		31,422		6,379,294
Q2 Holdings, Inc. ^(a)(b)		16,129		1,167,578
Qualys, Inc. ^(a)		9,931		1,314,169
Rapid7, Inc. ^(a)		15,080		282,750
Red Violet, Inc.		2,451		128,065
Rimini Street, Inc. ^(a)(b)		25,080		117,374
RingCentral, Inc., Class A ^(a)(b)		24,262		687,585
Riot Platforms, Inc. ^(a)(b)		90,563		1,723,414
Roper Technologies, Inc.		28,569		14,247,075
Rubrik, Inc., Class A ^(a)		30,896		2,541,196
SailPoint, Inc. ^(a)(b)		15,946		352,088
Salesforce, Inc.		248,337		58,855,869
Samsara, Inc., Class A ^(a)		71,149		2,650,300
Sapiens International Corp. NV		6,830		293,690
SEMrush Holdings, Inc., Class A ^(a)		12,123		85,831
SentinelOne, Inc., Class A ^(a)		73,262		1,290,144
ServiceNow, Inc. ^(a)		54,982		50,598,835
SoundHound AI, Inc., Class A ^(a)(b)		98,249		1,579,844
SoundThinking, Inc. ^(a)		2,862		34,516
Sprinklr, Inc., Class A ^(a)		30,561		235,931
Sprout Social, Inc., Class A ^(a)(b)		13,592		175,609
SPS Commerce, Inc. ^(a)		9,758		1,016,198
Strategy, Inc., Class A ^(a)(b)		70,156		22,604,965
Synopsys, Inc. ^(a)		49,117		24,233,837
Tenable Holdings, Inc. ^(a)		31,152		908,392
Teradata Corp. ^(a)		26,132		562,099
Terawulf, Inc. ^(a)(b)		66,726		762,011
Tyler Technologies, Inc. ^(a)(b)		11,273		5,897,583
UiPath, Inc., Class A ^(a)		118,359		1,583,643
Unity Software, Inc. ^(a)(b)		82,814		3,315,873
Varonis Systems, Inc. ^(a)		30,029		1,725,767
Verint Systems, Inc. ^(a)(b)		17,654		357,493
Vertex, Inc., Class A ^(a)(b)		18,827		466,721
Viant Technology, Inc., Class A ^(a)		7,725		66,667
Weave Communications, Inc. ^(a)(b)		13,323		88,998
Workday, Inc., Class A ^(a)		57,065		13,737,257
Workiva, Inc., Class A ^(a)(b)		12,986		1,117,835
Xperi, Inc. ^(a)(b)		12,319		79,827
Yext, Inc. ^(a)(b)		25,366		216,118
Zeta Global Holdings Corp., Class A ^(a)(b)		47,067		935,221
Zoom Communications, Inc., Class A ^(a)		70,383		5,806,597
Zscaler, Inc. ^(a)		25,895		7,759,696

				1,862,966,435

Specialized REITs — 0.8%
American Tower Corp.		124,307		23,906,722
Crown Castle, Inc.		115,378		11,132,823
CubeSmart		58,349		2,372,470
Digital Realty Trust, Inc.		89,457		15,465,326
EPR Properties		20,540		1,191,525
Equinix, Inc.		25,920		20,301,581
Extra Space Storage, Inc.		55,930		7,882,774


Security	Shares		Value

Specialized REITs (continued)
Farmland Partners, Inc.		10,187	$	110,835
Four Corners Property Trust, Inc.		27,620		673,928
Gaming & Leisure Properties, Inc.		71,303		3,323,433
Gladstone Land Corp.		9,204		84,309
Iron Mountain, Inc.		78,150		7,966,611
Lamar Advertising Co., Class A		23,156		2,834,757
Millrose Properties, Inc., Class A		33,775		1,135,178
National Storage Affiliates Trust		18,323		553,721
Outfront Media, Inc.		38,561		706,438
PotlatchDeltic Corp.		21,519		876,899
Public Storage		42,218		12,194,669
Rayonier, Inc.		39,202		1,040,421
Safehold, Inc.		14,398		223,025
SBA Communications Corp., Class A		28,302		5,472,192
Smartstop Self Storage REIT, Inc.		7,426		279,515
VICI Properties, Inc.		280,315		9,141,072
Weyerhaeuser Co.		194,830		4,829,836


			133,700,060

Specialty Retail — 1.9%
1-800-Flowers.com, Inc., Class A ^(a)(b)		10,656		49,018
Abercrombie & Fitch Co., Class A ^(a)		13,621		1,165,277
Academy Sports & Outdoors, Inc.		20,020		1,001,400
Advance Auto Parts, Inc.		15,490		951,086
American Eagle Outfitters, Inc.		48,270		825,900
America’s Car-Mart, Inc. ^(a)(b)		1,944		56,784
Arhaus, Inc., Class A ^(a)		13,496		143,462
Arko Corp., Class A		20,710		94,645
Asbury Automotive Group, Inc. ^(a)		5,384		1,316,119
AutoNation, Inc. ^(a)		6,833		1,494,855
AutoZone, Inc. ^(a)		4,430		19,005,763
Bath & Body Works, Inc.		60,870		1,568,011
Bed Bath & Beyond, Inc. ^(a)(b)		11,480		112,389
Best Buy Co., Inc.		51,260		3,876,281
Boot Barn Holdings, Inc. ^(a)		8,128		1,346,972
Buckle, Inc. (The)		6,759		396,483
Build-A-Bear Workshop, Inc.		4,237		276,295
Burlington Stores, Inc. ^(a)		16,926		4,307,667
Caleres, Inc.		10,618		138,459
Camping World Holdings, Inc., Class A		14,819		233,992
CarMax, Inc. ^(a)(b)		40,774		1,829,529
Carvana Co., Class A ^(a)(b)		35,073		13,230,939
Chewy, Inc., Class A ^(a)		55,465		2,243,559
Designer Brands, Inc., Class A		17,634		62,424
Dick’s Sporting Goods, Inc.		17,439		3,875,295
EVgo, Inc., Class A ^(a)(b)		20,580		97,343
Five Below, Inc. ^(a)		14,537		2,248,874
Floor & Decor Holdings, Inc., Class A ^(a)		27,673		2,039,500
GameStop Corp., Class A ^(a)(b)		108,670		2,964,518
Gap, Inc. (The)		61,007		1,304,940
Genesco, Inc. ^(a)(b)		3,172		91,956
Group 1 Automotive, Inc.		3,348		1,464,783
Haverty Furniture Cos., Inc.		4,562		100,045
Home Depot, Inc. (The)		264,312		107,096,579
Lithia Motors, Inc., Class A		7,009		2,214,844
Lowe’s Cos., Inc.		148,645		37,355,975
MarineMax, Inc. ^(a)		5,388		136,478
Monro, Inc.		8,368		150,373
Murphy U.S.A., Inc.		4,895		1,900,533
National Vision Holdings, Inc. ^(a)		20,540		599,563
ODP Corp. (The) ^(a)		8,957		249,452
OneWater Marine, Inc., Class A ^(a)(b)		3,354		53,127
O’Reilly Automotive, Inc. ^(a)		226,027		24,367,971


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Penske Automotive Group, Inc.		5,292	$	920,332
Petco Health & Wellness Co., Inc. ^(a)(b)		23,274		90,070
RealReal, Inc. (The) ^(a)(b)		26,567		282,407
Revolve Group, Inc., Class A ^(a)(b)		9,669		205,950
RH ^(a)		4,141		841,286
Ross Stores, Inc.		85,950		13,097,920
Sally Beauty Holdings, Inc. ^(a)		27,580		449,002
Shoe Carnival, Inc.		5,501		114,366
Signet Jewelers Ltd.		11,675		1,119,866
Sleep Number Corp. ^(a)(b)		5,752		40,379
Sonic Automotive, Inc., Class A		3,315		252,238
Stitch Fix, Inc., Class A ^(a)(b)		26,128		113,657
ThredUp, Inc., Class A ^(a)(b)		29,318		277,055
TJX Cos., Inc. (The)		296,654		42,878,369
Tractor Supply Co.		141,101		8,024,414
Ulta Beauty, Inc. ^(a)		11,866		6,487,736
Upbound Group, Inc.		16,274		384,555
Urban Outfitters, Inc. ^(a)(b)		16,476		1,176,881
Valvoline, Inc. ^(a)		33,891		1,217,026
Victoria’s Secret & Co. ^(a)(b)		21,086		572,274
Warby Parker, Inc., Class A ^(a)(b)		25,719		709,330
Wayfair, Inc., Class A ^(a)(b)		24,505		2,189,032
Williams-Sonoma, Inc.		31,409		6,138,889
Winmark Corp.		769		382,785
Zumiez, Inc. ^(a)(b)		5,372		105,345

				332,110,622

Technology Hardware, Storage & Peripherals — 6.2%
Apple Inc.		3,875,647		986,855,995
CompoSecure, Inc., Class A ^(a)		10,702		222,816
Corsair Gaming, Inc. ^(a)		10,159		90,618
Dell Technologies, Inc., Class C		80,244		11,376,192
Diebold Nixdorf, Inc. ^(a)(b)		6,666		380,162
Eastman Kodak Co. ^(a)(b)		19,921		127,694
Hewlett Packard Enterprise Co.		352,537		8,658,309
HP, Inc.		249,156		6,784,518
Immersion Corp.		4,985		36,590
IonQ, Inc. ^(a)(b)		72,719		4,472,218
NetApp, Inc.		53,411		6,327,067
Pure Storage, Inc., Class A ^(a)		81,827		6,857,921
Quantum Computing, Inc. ^(a)(b)		30,247		556,847
Sandisk Corp. ^(a)		35,630		3,997,686
Super Micro Computer, Inc. ^(a)(b)		136,173		6,528,134
Turtle Beach Corp. ^(a)		8,412		133,751
Western Digital Corp.		91,976		11,042,638
Xerox Holdings Corp.		33,380		125,509

				1,054,574,665

Textiles, Apparel & Luxury Goods — 0.3%
Amer Sports, Inc. ^(a)		39,564		1,374,849
Birkenstock Holding PLC ^(a)(b)		13,901		629,020
Capri Holdings Ltd. ^(a)		30,261		602,799
Carter’s, Inc.		9,767		275,625
Columbia Sportswear Co.		8,117		424,519
Crocs, Inc. ^(a)		14,769		1,233,950
Deckers Outdoor Corp. ^(a)		40,635		4,119,170
Figs, Inc., Class A ^(a)(b)		37,719		252,340
G-III Apparel Group Ltd. ^(a)		11,180		297,500
Hanesbrands, Inc. ^(a)		94,583		623,302
Kontoor Brands, Inc.		14,057		1,121,327
Lululemon Athletica, Inc. ^(a)		27,914		4,966,738
Movado Group, Inc.		4,325		82,045
NIKE, Inc., Class B		306,862		21,397,487
On Holding AG, Class A ^(a)		58,420		2,474,087


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Oxford Industries, Inc.		4,571	$	185,308
PVH Corp.		14,544		1,218,351
Ralph Lauren Corp., Class A		10,353		3,246,287
Steven Madden Ltd.		19,173		641,912
Tapestry, Inc.		54,847		6,209,777
Under Armour, Inc., Class A ^(a)		49,958		249,291
Under Armour, Inc., Class C, NVS ^(a)		50,841		245,562
VF Corp.		91,923		1,326,449
Wolverine World Wide, Inc.		22,452		616,083

				53,813,778

Tobacco — 0.6%
Altria Group, Inc.		447,392		29,554,715
Philip Morris International, Inc.		413,594		67,084,947
Turning Point Brands, Inc.		4,015		396,923
Universal Corp.		6,615		369,580

				97,406,165

Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		28,202		1,795,057
Alta Equipment Group, Inc., Class A		8,892		64,378
Applied Industrial Technologies, Inc.		10,510		2,743,636
BlueLinx Holdings, Inc. ^(a)		2,268		165,746
Boise Cascade Co.		10,888		841,860
Core & Main, Inc., Class A ^(a)		51,140		2,752,866
Custom Truck One Source, Inc. ^(a)(b)		17,114		109,872
Distribution Solutions Group, Inc. ^(a)(b)		3,967		119,327
DNOW, Inc. ^(a)		27,507		419,482
DXP Enterprises, Inc. ^(a)		2,820		335,777
Fastenal Co.		306,174		15,014,773
Ferguson Enterprises, Inc.		51,365		11,535,552
FTAI Aviation Ltd.		27,167		4,533,086
GATX Corp.		8,973		1,568,480
Global Industrial Co.		3,939		144,443
Herc Holdings, Inc.		8,430		983,444
Hudson Technologies, Inc. ^(a)		11,273		111,941
McGrath RentCorp		6,112		716,938
MRC Global, Inc. ^(a)		23,196		334,486
MSC Industrial Direct Co., Inc., Class A		12,270		1,130,558
QXO, Inc. ^(a)(b)		157,839		3,008,411
Rush Enterprises, Inc., Class A		15,388		822,796
Rush Enterprises, Inc., Class B		3,336		191,553
SiteOne Landscape Supply, Inc. ^(a)(b)		12,167		1,567,110
Titan Machinery, Inc. ^(a)(b)		5,687		95,200
Transcat, Inc. ^(a)(b)		2,597		190,100
United Rentals, Inc.		17,196		16,416,333
Watsco, Inc.		9,182		3,712,283
WESCO International, Inc.		12,707		2,687,531
Willis Lease Finance Corp.		1,175		161,081
WW Grainger, Inc.		11,747		11,194,421
Xometry, Inc., Class A ^(a)(b)		9,420		513,107

				85,981,628

Water Utilities — 0.1%
American States Water Co.		10,142		743,611
American Water Works Co., Inc.		51,835		7,214,914
California Water Service Group		15,410		707,165
Consolidated Water Co. Ltd.		4,688		165,393
Essential Utilities, Inc.		73,098		2,916,610
H2O America		7,630		371,581
Middlesex Water Co.		5,175		280,071
York Water Co. (The)		3,275		99,625

				12,498,970


24		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Wireless Telecommunication Services — 0.2%
Gogo, Inc. ^(a)		17,326	$	148,830
Millicom International Cellular SA		27,244		1,322,424
Shenandoah Telecommunications Co.		13,228		177,520
Spok Holdings, Inc.		7,619		131,428
Telephone & Data Systems, Inc.		27,423		1,076,078
T-Mobile U.S., Inc.		120,443		28,831,645

				31,687,925


Total Common Stocks — 99.8% (Cost: $9,871,432,961)				17,097,605,318


Rights

Biotechnology — 0.0%
Aduro Biotech CVR ^(a)(d)		4,039		2,020
Chinook Therapeutics, Inc., CVR ^(a)(d)		16,679		2,835
GTX, Inc., Contingent Rights ^(a)(b)(d)		684		701
Inhibrx, Inc., CVR ^(a)(d)		7,685		8,992

				14,548


Total Rights — 0.0% (Cost: $1,402)				14,548


Total Long-Term Investments — 99.8% (Cost: $9,871,434,363)				17,097,619,866


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(e)(f)		293,771,972	$	293,918,858
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(e)		28,047,390		28,047,390


Total Short-Term Securities — 1.9% (Cost: $321,804,201)				321,966,248


Total Investments — 101.7% (Cost: $10,193,238,564)				17,419,586,114

Liabilities in Excess of Other Assets — (1.7)%				(293,439,568	)


Net Assets — 100.0%			$	17,126,146,546

^(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


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	206,421,024	$	87,489,347	^(a)	$	—		$	2,021	$	6,466	$	293,918,858		293,771,972	$	760,385	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,775,370		4,272,020	^(a)		—			—		—		28,047,390		28,047,390		471,297			—
BlackRock, Inc.		37,352,833		2,560,430			(1,528,034	)		894,954		7,893,249		47,173,432		40,462		414,393			—

									$	896,975	$	7,899,715	$	369,139,680			$	1,646,075		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		19		12/19/25	$	2,333	$	17,552
S&P 500 E-Mini Index		67		12/19/25		22,575		302,508

							$	320,060


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell 3000 ETF

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:


	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)	$	—	$	—	$	320,060	$	—	$	—	$	—	$	320,060

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	4,975,774		$	—	$	—	$	—	$	4,975,774


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(14,326	)	$	—	$	—	$	—	$	(14,326	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	25,236,675

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


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	17,097,605,002	$	—	$	316	$	17,097,605,318
Rights		—		—		14,548		14,548
Short-Term Securities
Money Market Funds		321,966,248		—		—		321,966,248

	$	17,419,571,250	$	—	$	14,864	$	17,419,586,114

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	320,060	$	—	$	—	$	320,060

^(a)	Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


26		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
ATI, Inc. ^(a)		207,603	$	16,886,428
BWX Technologies, Inc.		112,161		20,679,124
Curtiss-Wright Corp.		56,015		30,412,784
Hexcel Corp.		117,570		7,371,639
Huntington Ingalls Industries, Inc.		57,817		16,646,092
L3Harris Technologies, Inc.		277,492		84,748,832
Leonardo DRS, Inc.		66,334		3,011,564
Loar Holdings, Inc. ^(a)(b)		6,382		510,560
Spirit AeroSystems Holdings, Inc., Class A ^(a)		153,684		5,932,202
StandardAero, Inc. ^(a)		193,722		5,286,673
Textron, Inc.		263,904		22,297,249
Woodward, Inc.		88,020		22,243,534

				236,026,681

Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		174,761		23,138,356
Expeditors International of Washington, Inc.		203,696		24,971,093
GXO Logistics, Inc. ^(a)		166,725		8,818,085

				56,927,534

Automobile Components — 0.5%
Aptiv PLC ^(a)		322,651		27,818,969
BorgWarner, Inc.		326,402		14,348,632
Gentex Corp.		336,433		9,521,054
Lear Corp.		79,854		8,034,111
QuantumScape Corp., Class A ^(a)(b)		616,141		7,590,857

				67,313,623

Automobiles — 0.7%
Ford Motor Co.		5,801,945		69,391,262
Harley-Davidson, Inc.		164,939		4,601,798
Lucid Group, Inc. ^(a)(b)		186,379		4,433,956
Rivian Automotive, Inc., Class A ^(a)(b)		1,155,133		16,957,353
Thor Industries, Inc.		76,216		7,902,837

				103,287,206

Banks — 3.3%
Bank OZK		157,430		8,025,781
BOK Financial Corp.		33,692		3,754,637
Citizens Financial Group, Inc.		647,490		34,420,568
Columbia Banking System, Inc.		440,233		11,331,597
Comerica, Inc.		191,684		13,134,188
Commerce Bancshares, Inc.		185,152		11,064,684
Cullen/Frost Bankers, Inc.		89,247		11,313,842
East West Bancorp, Inc.		202,281		21,532,812
Fifth Third Bancorp		990,320		44,118,756
First Citizens BancShares, Inc., Class A		14,116		25,255,783
First Hawaiian, Inc.		187,993		4,667,866
First Horizon Corp.		748,679		16,927,632
FNB Corp.		530,754		8,550,447
Huntington Bancshares, Inc.		2,144,221		37,030,697
KeyCorp.		1,401,599		26,195,885
M&T Bank Corp.		232,631		45,972,538
Pinnacle Financial Partners, Inc.		106,316		9,971,378
Popular, Inc.		90,073		11,440,172
Prosperity Bancshares, Inc.		135,984		9,022,538
Regions Financial Corp.		1,332,406		35,135,546
Southstate Bank Corp.		150,052		14,835,641
Synovus Financial Corp.		207,948		10,206,088
Webster Financial Corp.		247,936		14,737,316
Western Alliance Bancorp		127,572		11,063,044


Security	Shares		Value

Banks (continued)
Wintrust Financial Corp.		98,942	$	13,103,879
Zions Bancorp N.A.		215,098		12,170,245

				464,983,560

Beverages — 0.5%
Boston Beer Co., Inc. (The), Class A, NVS ^(a)		11,783		2,491,162
Brown-Forman Corp., Class A		64,687		1,740,727
Brown-Forman Corp., Class B, NVS		221,428		5,996,270
Coca-Cola Consolidated, Inc.		65,874		7,717,798
Constellation Brands, Inc., Class A		214,825		28,930,483
Molson Coors Beverage Co., Class B		251,876		11,397,389
Primo Brands Corp., Class A		383,802		8,482,024

				66,755,853

Biotechnology — 1.1%
Biogen, Inc. ^(a)		216,612		30,343,009
BioMarin Pharmaceutical, Inc. ^(a)		282,803		15,316,611
Caris Life Sciences, Inc. ^(a)		16,834		509,229
Exact Sciences Corp. ^(a)		262,913		14,383,970
Exelixis, Inc. ^(a)		76,344		3,153,007
Incyte Corp. ^(a)		173,866		14,745,575
Insmed, Inc. ^(a)		17,366		2,500,878
Ionis Pharmaceuticals, Inc. ^(a)		16,314		1,067,262
Moderna, Inc. ^(a)(b)		531,332		13,724,306
Neurocrine Biosciences, Inc. ^(a)		20,405		2,864,454
Revolution Medicines, Inc. ^(a)(b)		259,563		12,121,592
Roivant Sciences Ltd. ^(a)		579,379		8,766,004
Sarepta Therapeutics, Inc. ^(a)		22,675		436,947
United Therapeutics Corp. ^(a)		66,110		27,713,973
Viking Therapeutics, Inc. ^(a)(b)		150,718		3,960,869

				151,607,686

Broadline Retail — 0.6%
Dillard’s, Inc., Class A ^(b)		4,356		2,676,675
eBay, Inc.		684,669		62,270,646
Etsy, Inc. ^(a)		62,093		4,122,354
Macy’s, Inc.		401,246		7,194,341
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		91,526		11,751,938

				88,015,954

Building Products — 1.2%
A. O. Smith Corp.		170,726		12,532,996
Advanced Drainage Systems, Inc. ^(b)		104,569		14,503,720
Allegion PLC		127,864		22,676,680
Armstrong World Industries, Inc.		45,112		8,842,403
Builders FirstSource, Inc. ^(a)		161,178		19,542,833
Carlisle Cos., Inc.		56,190		18,484,262
Fortune Brands Innovations, Inc.		181,028		9,665,085
Hayward Holdings, Inc. ^(a)		295,684		4,470,742
Masco Corp.		314,682		22,150,466
Owens Corning		126,469		17,890,305
Simpson Manufacturing Co., Inc.		57,290		9,593,783
Trex Co., Inc. ^(a)		159,255		8,228,706

				168,581,981

Capital Markets — 6.0%
Affiliated Managers Group, Inc.		40,997		9,774,915
Ameriprise Financial, Inc.		12,922		6,347,933
Bank of New York Mellon Corp. (The)		972,263		105,937,777
Carlyle Group, Inc. (The)		388,274		24,344,780
Cboe Global Markets, Inc.		155,898		38,233,985
Coinbase Global, Inc., Class A ^(a)		281,774		95,095,907
Evercore, Inc., Class A		54,635		18,429,478
FactSet Research Systems, Inc.		52,758		15,114,639
Franklin Resources, Inc.		461,639		10,677,710


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Freedom Holding Corp. ^(a)(b)		3,621	$	623,283
Hamilton Lane, Inc., Class A		21,145		2,850,135
Houlihan Lokey, Inc., Class A		49,878		10,240,951
Invesco Ltd.		542,492		12,444,766
Janus Henderson Group PLC		186,320		8,293,103
Jefferies Financial Group, Inc.		173,077		11,322,697
Lazard, Inc.		110,076		5,809,811
MarketAxess Holdings, Inc.		54,360		9,472,230
Morningstar, Inc.		11,121		2,580,183
MSCI, Inc., Class A		56,874		32,270,876
Nasdaq, Inc.		613,139		54,232,145
Northern Trust Corp.		282,402		38,011,309
Raymond James Financial, Inc.		271,868		46,924,417
Robinhood Markets, Inc., Class A ^(a)		953,026		136,454,263
SEI Investments Co.		155,725		13,213,266
State Street Corp.		420,528		48,785,453
Stifel Financial Corp.		148,765		16,880,365
T Rowe Price Group, Inc.		324,185		33,274,348
TPG, Inc., Class A		10,912		626,894
Tradeweb Markets, Inc., Class A		158,804		17,624,068
Virtu Financial, Inc., Class A		119,152		4,229,896
XP, Inc., Class A		555,934		10,446,000

				840,567,583

Chemicals — 2.6%
Albemarle Corp.		176,034		14,272,837
Ashland, Inc.		67,318		3,225,205
Axalta Coating Systems Ltd. ^(a)		325,531		9,316,697
Celanese Corp., Class A		164,690		6,930,155
CF Industries Holdings, Inc.		239,487		21,481,984
Corteva, Inc.		1,016,629		68,754,619
Dow, Inc.		1,050,730		24,093,239
DuPont de Nemours, Inc.		622,617		48,501,864
Eastman Chemical Co.		171,251		10,797,376
Element Solutions, Inc.		336,181		8,461,676
FMC Corp.		185,389		6,234,632
Huntsman Corp.		248,544		2,231,925
International Flavors & Fragrances, Inc.		381,619		23,484,833
LyondellBasell Industries NV, Class A		381,211		18,694,588
Mosaic Co. (The)		470,208		16,306,813
NewMarket Corp.		8,867		7,343,738
Olin Corp.		170,477		4,260,220
PPG Industries, Inc.		338,119		35,539,688
RPM International, Inc.		188,429		22,212,011
Scotts Miracle-Gro Co. (The)		63,898		3,638,991
Westlake Corp.		49,308		3,799,675

				359,582,766

Commercial Services & Supplies — 0.6%
Clean Harbors, Inc. ^(a)		75,449		17,520,767
MSA Safety, Inc.		54,775		9,425,134
RB Global, Inc.		258,613		28,023,305
Tetra Tech, Inc.		317,585		10,600,987
Veralto Corp.		214,460		22,863,581

				88,433,774

Communications Equipment — 0.5%
Ciena Corp. ^(a)		209,779		30,558,507
F5, Inc. ^(a)		85,841		27,742,953
Lumentum Holdings, Inc. ^(a)		94,229		15,332,000

				73,633,460

Construction & Engineering — 0.9%
AECOM		196,261		25,606,173
API Group Corp. ^(a)		550,423		18,918,038


Security	Shares		Value

Construction & Engineering (continued)
EMCOR Group, Inc.		42,940	$	27,891,248
Everus Construction Group, Inc. ^(a)		76,296		6,542,382
MasTec, Inc. ^(a)		73,480		15,637,279
Quanta Services, Inc.		49,321		20,439,609
Valmont Industries, Inc.		29,787		11,549,313
WillScot Holdings Corp., Class A		195,263		4,122,002

				130,706,044

Construction Materials — 0.9%
Eagle Materials, Inc. ^(b)		44,831		10,447,416
James Hardie Industries PLC ^(a)		77,211		1,483,224
Martin Marietta Materials, Inc.		89,171		56,202,698
Vulcan Materials Co.		196,560		60,465,787

				128,599,125

Consumer Finance — 0.8%
Ally Financial, Inc.		360,285		14,123,172
Credit Acceptance Corp. ^(a)(b)		5,917		2,762,825
OneMain Holdings, Inc.		178,713		10,090,136
SLM Corp.		266,955		7,389,314
SoFi Technologies, Inc. ^(a)		1,454,162		38,418,960
Synchrony Financial		552,510		39,255,836

				112,040,243

Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		606,112		10,613,021
BJ’s Wholesale Club Holdings, Inc. ^(a)(b)		165,346		15,418,515
Casey’s General Stores, Inc.		46,776		26,443,408
Dollar General Corp.		326,794		33,774,160
Dollar Tree, Inc. ^(a)(b)		292,874		27,638,519
Kroger Co. (The)		901,504		60,770,385
Maplebear, Inc. ^(a)		257,826		9,477,684
Performance Food Group Co. ^(a)		198,292		20,630,300
Sysco Corp.		334,704		27,559,527
U.S. Foods Holding Corp. ^(a)		340,555		26,093,324

				258,418,843

Containers & Packaging — 1.6%
Amcor PLC		3,424,828		28,015,093
AptarGroup, Inc.		98,068		13,107,769
Avery Dennison Corp.		115,710		18,764,691
Ball Corp.		412,210		20,783,628
Crown Holdings, Inc.		172,078		16,621,014
Graphic Packaging Holding Co.		434,341		8,500,053
International Paper Co.		777,343		36,068,715
Packaging Corp. of America		131,579		28,675,011
Sealed Air Corp.		213,756		7,556,275
Silgan Holdings, Inc.		131,390		5,651,084
Smurfit WestRock PLC		772,680		32,892,988
Sonoco Products Co.		146,622		6,317,942

				222,954,263

Distributors — 0.4%
Genuine Parts Co.		206,623		28,637,948
LKQ Corp.		381,558		11,652,781
Pool Corp.		43,802		13,581,686

				53,872,415

Diversified Consumer Services — 0.3%
ADT, Inc.		759,289		6,613,407
Bright Horizons Family Solutions, Inc. ^(a)		73,109		7,937,444
Grand Canyon Education, Inc. ^(a)		30,066		6,600,088
H&R Block, Inc.		164,637		8,325,693
Service Corp. International		206,493		17,184,348

				46,660,980


28		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified REITs — 0.2%
WP Carey, Inc.		322,260	$	21,775,108


Diversified Telecommunication Services — 0.2%
AST SpaceMobile, Inc., Class A ^(a)(b)		22,431		1,100,913
Frontier Communications Parent, Inc. ^(a)		362,571		13,542,027
GCI Liberty, Inc., Class A ^(a)(b)		3,943		148,079
GCI Liberty, Inc., Class C, NVS ^(a)		26,017		969,654
GCI Liberty, Inc. Escrow, Class A ^(a)(c)		193,912		2
Iridium Communications, Inc.		127,928		2,233,623
Liberty Global Ltd., Class A ^(a)		248,882		2,852,188
Liberty Global Ltd., Class C, NVS ^(a)		214,778		2,523,641

				23,370,127

Electric Utilities — 3.5%
Alliant Energy Corp.		380,712		25,663,796
Edison International		567,469		31,369,686
Entergy Corp.		663,591		61,840,045
Evergy, Inc.		341,157		25,934,755
Eversource Energy		546,613		38,886,049
Exelon Corp.		1,502,370		67,621,674
FirstEnergy Corp.		813,842		37,290,240
IDACORP, Inc.		80,778		10,674,813
OGE Energy Corp.		301,072		13,930,601
PG&E Corp.		3,258,958		49,145,087
Pinnacle West Capital Corp.		176,845		15,855,923
PPL Corp.		1,100,798		40,905,654
Xcel Energy, Inc.		879,506		70,932,159

				490,050,482

Electrical Equipment — 1.6%
Acuity, Inc.		45,687		15,734,146
AMETEK, Inc.		342,431		64,377,028
Generac Holdings, Inc. ^(a)		86,351		14,455,157
Hubbell, Inc.		79,639		34,269,458
nVent Electric PLC		242,333		23,903,727
Regal Rexnord Corp.		98,478		14,125,684
Rockwell Automation, Inc.		154,756		54,091,865
Sensata Technologies Holding PLC		216,416		6,611,509

				227,568,574

Electronic Equipment, Instruments & Components — 2.9%
Arrow Electronics, Inc. ^(a)		76,560		9,263,760
Avnet, Inc.		123,722		6,468,186
CDW Corp.		181,742		28,947,866
Cognex Corp.		252,031		11,417,004
Coherent Corp. ^(a)		227,507		24,507,054
Corning, Inc.		1,160,146		95,166,776
Crane NXT Co.		71,787		4,814,754
Flex Ltd. ^(a)		554,805		32,162,046
Ingram Micro Holding Corp. ^(b)		29,879		642,100
IPG Photonics Corp. ^(a)(b)		37,575		2,975,564
Jabil, Inc.		54,948		11,933,057
Keysight Technologies, Inc. ^(a)		255,872		44,757,130
Littelfuse, Inc.		36,643		9,490,904
Ralliant Corp.		167,057		7,305,403
TD SYNNEX Corp.		114,881		18,811,764
Teledyne Technologies, Inc. ^(a)		69,148		40,523,494
Trimble, Inc. ^(a)(b)		354,785		28,968,195
Vontier Corp.		218,179		9,156,973
Zebra Technologies Corp., Class A ^(a)		75,776		22,517,596

				409,829,626

Energy Equipment & Services — 1.0%
Baker Hughes Co., Class A		1,473,798		71,803,439
Halliburton Co.		1,277,337		31,422,490


Security	Shares		Value

Energy Equipment & Services (continued)
NOV, Inc.		554,187	$	7,342,978
TechnipFMC PLC		605,004		23,867,408
Weatherford International PLC		105,922		7,248,242

				141,684,557

Entertainment — 1.8%
Electronic Arts, Inc.		373,663		75,367,827
Liberty Media Corp. - Liberty Formula One, Class A ^(a)		23,753		2,261,761
Liberty Media Corp. - Liberty Formula One, Class C, NVS ^(a)		214,421		22,396,273
Liberty Media Corp. - Liberty Live, Class A ^(a)		29,608		2,792,034
Liberty Media Corp. - Liberty Live, Class C, NVS ^(a)(b)		68,998		6,690,736
Madison Square Garden Sports Corp., Class A ^(a)(b)		24,002		5,448,454
Roku, Inc., Class A ^(a)		167,229		16,744,640
Take-Two Interactive Software, Inc. ^(a)		178,915		46,224,479
TKO Group Holdings, Inc., Class A		59,210		11,958,052
Warner Bros Discovery, Inc., Class A ^(a)(b)		3,461,549		67,604,052

				257,488,308

Financial Services — 1.5%
Affirm Holdings, Inc., Class A ^(a)		162,841		11,900,420
Block, Inc., Class A ^(a)		510,574		36,899,183
Euronet Worldwide, Inc. ^(a)(b)		61,105		5,365,630
Fidelity National Information Services, Inc.		783,128		51,639,460
Global Payments, Inc.		363,728		30,218,522
Jack Henry & Associates, Inc.		108,607		16,174,841
MGIC Investment Corp.		348,032		9,873,668
Mr. Cooper Group, Inc.		93,493		19,707,390
Rocket Cos., Inc., Class A ^(b)		373,374		7,235,988
TFS Financial Corp.		79,764		1,050,891
UWM Holdings Corp., Class A		228,078		1,388,995
Voya Financial, Inc.		143,190		10,710,612
Western Union Co. (The)		412,581		3,296,522
WEX, Inc. ^(a)		46,009		7,247,798

				212,709,920

Food Products — 2.5%
Archer-Daniels-Midland Co.		710,903		42,469,345
Bunge Global SA		200,159		16,262,919
Campbell’s Co. (The)		289,423		9,139,978
Conagra Brands, Inc.		712,185		13,040,107
Darling Ingredients, Inc. ^(a)		207,240		6,397,499
Flowers Foods, Inc.		276,151		3,603,770
Freshpet, Inc. ^(a)(b)		50,699		2,794,022
General Mills, Inc.		814,483		41,066,233
Hershey Co. (The)		190,597		35,651,169
Hormel Foods Corp.		432,236		10,693,519
Ingredion, Inc.		95,523		11,664,313
J M Smucker Co. (The)		154,256		16,752,202
Kellanova		411,949		33,788,057
Kraft Heinz Co. (The)		1,270,550		33,085,122
Lamb Weston Holdings, Inc.		202,057		11,735,471
McCormick & Co., Inc., NVS		376,269		25,176,159
Pilgrim’s Pride Corp.		61,040		2,485,549
Post Holdings, Inc. ^(a)(b)		74,549		8,012,526
Seaboard Corp.		375		1,367,625
Smithfield Foods, Inc.		67,149		1,576,658
Tyson Foods, Inc., Class A		416,172		22,598,140

				349,360,383

Gas Utilities — 0.5%
Atmos Energy Corp.		235,485		40,209,064


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Gas Utilities (continued)
MDU Resources Group, Inc.		304,514	$	5,423,395
National Fuel Gas Co.		133,490		12,330,471
UGI Corp.		322,385		10,722,525

				68,685,455

Ground Transportation — 0.9%
Avis Budget Group, Inc. ^(a)		16,692		2,680,318
JB Hunt Transport Services, Inc.		115,701		15,523,603
Knight-Swift Transportation Holdings, Inc.		232,300		9,178,173
Landstar System, Inc.		51,910		6,362,090
Lyft, Inc., Class A ^(a)		498,917		10,981,163
Old Dominion Freight Line, Inc.		261,592		36,826,922
Ryder System, Inc.		58,956		11,121,460
Saia, Inc. ^(a)(b)		39,889		11,941,171
Schneider National, Inc., Class B		74,998		1,586,958
U-Haul Holding Co. ^(a)(b)		6,879		392,584
U-Haul Holding Co., NVS		92,664		4,716,598
XPO, Inc. ^(a)(b)		135,220		17,479,889

				128,790,929

Health Care Equipment & Supplies — 2.0%
Align Technology, Inc. ^(a)(b)		102,655		12,854,459
Baxter International, Inc.		760,543		17,317,564
Cooper Cos., Inc. (The) ^(a)(b)		295,398		20,252,487
DENTSPLY SIRONA, Inc.		298,629		3,789,602
Envista Holdings Corp. ^(a)		249,465		5,081,602
GE HealthCare Technologies, Inc.		680,688		51,119,669
Globus Medical, Inc., Class A ^(a)(b)		166,090		9,511,974
Hologic, Inc. ^(a)		330,835		22,328,054
ResMed, Inc.		165,750		45,370,747
Solventum Corp. ^(a)(b)		219,249		16,005,177
STERIS PLC		145,533		36,010,686
Teleflex, Inc.		66,723		8,164,226
Zimmer Biomet Holdings, Inc.		295,023		29,059,766

				276,866,013

Health Care Providers & Services — 1.8%
Acadia Healthcare Co., Inc. ^(a)		132,975		3,292,461
Cardinal Health, Inc.		176,362		27,681,780
Centene Corp. ^(a)		728,204		25,982,319
Chemed Corp.		19,492		8,727,348
Encompass Health Corp.		148,002		18,799,214
Henry Schein, Inc. ^(a)(b)		160,292		10,638,580
Humana, Inc.		179,537		46,710,141
Labcorp Holdings, Inc.		124,421		35,716,292
Molina Healthcare, Inc. ^(a)		35,651		6,822,175
Quest Diagnostics, Inc.		166,093		31,654,004
Tenet Healthcare Corp. ^(a)		129,393		26,271,955
Universal Health Services, Inc., Class B		80,732		16,504,850

				258,801,119

Health Care REITs — 0.8%
Alexandria Real Estate Equities, Inc.		256,028		21,337,373
Healthcare Realty Trust, Inc.		485,902		8,760,813
Healthpeak Properties, Inc.		1,031,684		19,756,749
Medical Properties Trust, Inc.		728,031		3,691,117
Omega Healthcare Investors, Inc.		428,126		18,075,480
Ventas, Inc.		673,260		47,121,467

				118,742,999

Health Care Technology — 0.1%
Certara, Inc. ^(a)(b)		177,686		2,171,323
Veeva Systems, Inc., Class A ^(a)		44,846		13,360,072

				15,531,395


Security	Shares		Value

Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		1,016,751	$	17,305,102
Park Hotels & Resorts, Inc.		291,762		3,232,723

				20,537,825

Hotels, Restaurants & Leisure — 1.4%
Aramark		387,636		14,885,222
Boyd Gaming Corp.		83,874		7,250,907
Caesars Entertainment, Inc. ^(a)		309,516		8,364,670
Carnival Corp. ^(a)		1,112,555		32,163,965
Choice Hotels International, Inc. ^(b)		27,739		2,965,577
Churchill Downs, Inc.		14,797		1,435,457
Darden Restaurants, Inc.		8,466		1,611,588
Domino’s Pizza, Inc.		33,199		14,332,340
Flutter Entertainment PLC ^(a)(b)		45,112		11,458,448
Hyatt Hotels Corp., Class A ^(b)		59,885		8,499,478
MGM Resorts International ^(a)(b)		307,908		10,672,091
Norwegian Cruise Line Holdings Ltd. ^(a)		63,356		1,560,458
Penn Entertainment, Inc. ^(a)(b)		221,883		4,273,467
Restaurant Brands International, Inc.		175,706		11,269,783
Travel + Leisure Co.		62,360		3,709,796
Vail Resorts, Inc.		9,514		1,423,009
Wendy’s Co. (The)		138,570		1,269,301
Wyndham Hotels & Resorts, Inc.		12,523		1,000,588
Wynn Resorts Ltd.		122,199		15,674,466
Yum! Brands, Inc.		275,293		41,844,536

				195,665,147

Household Durables — 2.2%
DR Horton, Inc.		395,671		67,054,364
Garmin Ltd.		242,180		59,629,560
Lennar Corp., Class A		332,667		41,929,349
Lennar Corp., Class B		14,151		1,697,979
Mohawk Industries, Inc. ^(a)		76,373		9,846,007
Newell Brands, Inc.		609,397		3,193,240
NVR, Inc. ^(a)(b)		4,171		33,512,567
PulteGroup, Inc. ^(b)		292,096		38,594,644
SharkNinja, Inc. ^(a)		102,078		10,529,346
Toll Brothers, Inc.		145,113		20,045,910
TopBuild Corp. ^(a)		39,368		15,387,376
Whirlpool Corp. ^(b)		79,898		6,279,983

				307,700,325

Household Products — 0.4%
Church & Dwight Co., Inc.		366,495		32,115,957
Clorox Co. (The)		183,273		22,597,561
Reynolds Consumer Products, Inc.		80,063		1,959,141

				56,672,659

Independent Power and Renewable Electricity Producers — 0.4%
AES Corp. (The)		1,062,951		13,988,435
Brookfield Renewable Corp.		198,982		6,848,960
Clearway Energy, Inc., Class A		50,457		1,358,807
Clearway Energy, Inc., Class C		119,522		3,376,497
Talen Energy Corp. ^(a)		67,604		28,757,390

				54,330,089

Industrial REITs — 0.4%
Americold Realty Trust, Inc.		425,093		5,203,138
EastGroup Properties, Inc.		78,672		13,316,023
First Industrial Realty Trust, Inc.		192,684		9,917,445
Lineage, Inc. ^(b)		105,628		4,081,466
Rexford Industrial Realty, Inc.		353,423		14,529,220
STAG Industrial, Inc.		280,111		9,885,117

				56,932,409


30		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance — 5.1%
Allstate Corp. (The)		392,112	$	84,166,841
American Financial Group, Inc.		99,034		14,431,234
Arch Capital Group Ltd.		542,120		49,186,548
Assurant, Inc.		75,170		16,281,822
Assured Guaranty Ltd.		68,507		5,799,118
Axis Capital Holdings Ltd.		113,387		10,862,475
Brighthouse Financial, Inc. ^(a)		84,767		4,499,432
Brown & Brown, Inc.		370,679		34,765,983
Cincinnati Financial Corp.		228,467		36,120,633
CNA Financial Corp.		31,046		1,442,397
Everest Group Ltd.		53,823		18,850,429
Fidelity National Financial, Inc., Class A		386,251		23,364,323
First American Financial Corp.		146,074		9,383,794
Globe Life, Inc.		122,961		17,579,734
Hanover Insurance Group, Inc. (The)		53,129		9,649,820
Hartford Insurance Group, Inc. (The)		417,361		55,671,784
Kemper Corp.		91,377		4,710,484
Lincoln National Corp.		253,726		10,232,770
Loews Corp.		253,752		25,474,163
Markel Group, Inc. ^(a)(b)		14,739		28,171,535
Old Republic International Corp.		342,344		14,539,350
Primerica, Inc.		49,414		13,716,832
Principal Financial Group, Inc.		329,300		27,302,263
Prudential Financial, Inc.		525,954		54,562,468
Reinsurance Group of America, Inc.		97,657		18,762,839
RenaissanceRe Holdings Ltd.		68,659		17,434,580
RLI Corp.		116,039		7,568,064
Unum Group		251,124		19,532,425
W R Berkley Corp.		431,052		33,027,204
White Mountains Insurance Group Ltd. ^(b)		3,723		6,223,069
Willis Towers Watson PLC		145,325		50,202,521

				723,516,934

Interactive Media & Services — 0.3%
IAC, Inc. ^(a)		100,262		3,415,926
Match Group, Inc.		364,012		12,856,904
Pinterest, Inc., Class A ^(a)		441,985		14,218,658
Trump Media & Technology Group Corp., Class A ^(a)(b)		109,270		1,794,213
ZoomInfo Technologies, Inc., Class A ^(a)		434,502		4,740,417

				37,026,118

IT Services — 1.5%
Akamai Technologies, Inc. ^(a)		213,823		16,199,230
Amdocs Ltd.		165,226		13,556,793
Cognizant Technology Solutions Corp., Class A		732,239		49,111,270
DXC Technology Co. ^(a)		264,058		3,599,110
EPAM Systems, Inc. ^(a)		81,899		12,349,550
Globant SA ^(a)(b)		56,960		3,268,365
Kyndryl Holdings, Inc. ^(a)		323,887		9,726,327
MongoDB, Inc., Class A ^(a)		105,829		32,847,205
Okta, Inc., Class A ^(a)		149,310		13,691,727
Twilio, Inc., Class A ^(a)		173,908		17,406,452
VeriSign, Inc.		125,521		35,091,906

				206,847,935

Leisure Products — 0.2%
Brunswick Corp.		96,421		6,097,664
Hasbro, Inc.		197,141		14,953,145
Mattel, Inc. ^(a)		478,254		8,049,015
YETI Holdings, Inc. ^(a)(b)		122,868		4,076,760

				33,176,584

Life Sciences Tools & Services — 2.1%
Agilent Technologies, Inc.		423,723		54,384,847


Security	Shares		Value

Life Sciences Tools & Services (continued)
Avantor, Inc. ^(a)		989,681	$	12,351,219
Bio-Rad Laboratories, Inc., Class A ^(a)(b)		27,801		7,795,122
Bio-Techne Corp.		234,788		13,061,257
Bruker Corp.		153,740		4,995,013
Charles River Laboratories International, Inc. ^(a)		73,194		11,451,933
Illumina, Inc. ^(a)		235,785		22,392,502
IQVIA Holdings, Inc. ^(a)		250,945		47,664,493
Mettler-Toledo International, Inc. ^(a)		30,959		38,005,578
QIAGEN NV ^(b)		316,693		14,149,843
Repligen Corp. ^(a)		68,803		9,196,897
Revvity, Inc.		175,097		15,347,252
Sotera Health Co. ^(a)		234,220		3,684,281
Waters Corp. ^(a)		42,363		12,700,851
West Pharmaceutical Services, Inc.		106,134		27,842,132

				295,023,220

Machinery — 4.8%
AGCO Corp.		93,136		9,972,072
Allison Transmission Holdings, Inc		103,799		8,810,459
CNH Industrial NV		1,305,650		14,166,302
Crane Co.		73,425		13,520,479
Cummins, Inc.		204,501		86,375,087
Donaldson Co., Inc.		172,523		14,121,008
Dover Corp.		201,768		33,660,955
Esab Corp.		84,420		9,433,091
Flowserve Corp.		195,701		10,399,551
Fortive Corp.		503,511		24,667,004
Gates Industrial Corp. PLC ^(a)(b)		375,552		9,321,201
Graco, Inc.		246,897		20,976,369
IDEX Corp.		112,492		18,309,198
Ingersoll Rand, Inc. ^(b)		599,840		49,558,781
ITT, Inc.		115,351		20,620,145
Lincoln Electric Holdings, Inc.		80,376		18,955,072
Middleby Corp. (The) ^(a)(b)		75,821		10,078,886
Mueller Industries, Inc.		161,328		16,311,874
Nordson Corp.		79,732		18,095,177
Oshkosh Corp.		95,896		12,437,711
Otis Worldwide Corp.		587,676		53,731,217
Pentair PLC		242,792		26,891,642
RBC Bearings, Inc. ^(a)		36,901		14,402,091
Snap-on, Inc.		75,990		26,332,815
Stanley Black & Decker, Inc.		228,751		17,003,062
Timken Co. (The)		92,238		6,934,453
Toro Co. (The)		147,889		11,269,142
Westinghouse Air Brake Technologies Corp.		252,225		50,563,546
Xylem, Inc.		361,673		53,346,767

				680,265,157

Marine Transportation — 0.1%
Kirby Corp. ^(a)(b)		83,940		7,004,793


Media — 1.2%
Charter Communications, Inc., Class A ^(a)(b)		131,096		36,065,165
DoubleVerify Holdings, Inc. ^(a)		108,244		1,296,763
Fox Corp., Class A, NVS ^(b)		314,988		19,863,143
Fox Corp., Class B		221,917		12,713,625
Interpublic Group of Cos., Inc. (The)		551,343		15,387,983
Liberty Broadband Corp., Class A ^(a)		19,728		1,249,374
Liberty Broadband Corp., Class C, NVS ^(a)		131,639		8,364,342
New York Times Co. (The), Class A		239,350		13,738,690
News Corp., Class A, NVS		564,555		17,337,484
News Corp., Class B ^(b)		187,491		6,477,814
Nexstar Media Group, Inc., Class A		39,056		7,722,934
NIQ Global Intelligence PLC ^(a)		35,671		560,035


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
Omnicom Group, Inc.		286,847	$	23,386,636
Sirius XM Holdings, Inc.		282,806		6,582,310

				170,746,298

Metals & Mining — 1.5%
Alcoa Corp.		387,496		12,744,743
Anglogold Ashanti PLC		656,081		46,142,177
Carpenter Technology Corp.		59,357		14,574,518
Cleveland-Cliffs, Inc. ^(a)		723,109		8,821,930
MP Materials Corp., Class A ^(a)(b)		195,126		13,087,101
Nucor Corp.		341,635		46,267,628
Reliance, Inc.		78,279		21,983,091
Royal Gold, Inc.		97,827		19,622,140
Steel Dynamics, Inc.		188,356		26,262,477

				209,505,805

Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		1,546,053		15,135,859
Annaly Capital Management, Inc.		955,000		19,300,550
Rithm Capital Corp.		790,208		9,000,469
Starwood Property Trust, Inc.		518,331		10,040,071

				53,476,949

Multi-Utilities — 2.5%
Ameren Corp.		401,364		41,894,374
CenterPoint Energy, Inc.		969,518		37,617,299
CMS Energy Corp.		442,825		32,441,360
Consolidated Edison, Inc.		536,048		53,883,545
DTE Energy Co.		308,133		43,579,250
NiSource, Inc.		697,848		30,216,818
Public Service Enterprise Group, Inc.		742,359		61,957,282
WEC Energy Group, Inc.		474,980		54,427,958

				356,017,886

Office REITs — 0.3%
BXP, Inc.		236,306		17,566,988
Cousins Properties, Inc.		246,357		7,129,572
Highwoods Properties, Inc.		158,428		5,041,179
Kilroy Realty Corp.		175,123		7,398,947
Vornado Realty Trust		262,225		10,627,979

				47,764,665

Oil, Gas & Consumable Fuels — 5.7%
Antero Midstream Corp.		494,121		9,605,712
Antero Resources Corp. ^(a)		431,671		14,486,879
APA Corp.		529,941		12,866,967
Cheniere Energy, Inc.		179,906		42,274,312
Chord Energy Corp.		85,194		8,465,728
Civitas Resources, Inc.		138,948		4,515,810
Coterra Energy, Inc.		1,120,778		26,506,400
Devon Energy Corp.		925,824		32,459,389
Diamondback Energy, Inc.		283,670		40,593,177
DT Midstream, Inc.		151,112		17,084,723
EQT Corp.		923,660		50,274,814
Expand Energy Corp.		327,137		34,755,035
HF Sinclair Corp.		215,076		11,257,078
Kinder Morgan, Inc.		2,889,611		81,804,887
Marathon Petroleum Corp.		456,642		88,013,179
Matador Resources Co.		173,076		7,776,305
Occidental Petroleum Corp.		1,048,266		49,530,569
ONEOK, Inc.		928,772		67,772,493
Ovintiv, Inc.		380,845		15,378,521
Permian Resources Corp., Class A		1,003,424		12,843,827
Phillips 66		562,459		76,505,673
Range Resources Corp.		352,805		13,279,580


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.		463,823	$	78,970,504
Viper Energy, Inc., Class A		250,305		9,566,657

				806,588,219

Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		94,236		8,371,926


Passenger Airlines — 1.0%
Alaska Air Group, Inc. ^(a)		141,113		7,024,605
American Airlines Group, Inc. ^(a)(b)		909,904		10,227,321
Delta Air Lines, Inc.		969,643		55,027,240
Southwest Airlines Co.		626,082		19,978,277
United Airlines Holdings, Inc. ^(a)		484,052		46,711,018

				138,968,461

Personal Care Products — 0.7%
BellRing Brands, Inc. ^(a)		189,802		6,899,303
Coty, Inc., Class A ^(a)		503,767		2,035,219
elf Beauty, Inc. ^(a)(b)		82,238		10,894,890
Estee Lauder Cos., Inc. (The), Class A		346,635		30,545,476
Kenvue, Inc.		2,826,584		45,875,458

				96,250,346

Pharmaceuticals — 0.5%
Elanco Animal Health, Inc. ^(a)(b)		737,208		14,847,369
Jazz Pharmaceuticals PLC ^(a)(b)		86,520		11,403,336
Organon & Co.		384,304		4,104,367
Perrigo Co. PLC		199,021		4,432,197
Royalty Pharma PLC, Class A		563,285		19,872,695
Viatris, Inc.		1,743,959		17,265,194

				71,925,158

Professional Services — 2.2%
Amentum Holdings, Inc. ^(a)		238,074		5,701,872
Broadridge Financial Solutions, Inc.		15,710		3,741,651
CACI International, Inc., Class A ^(a)(b)		32,379		16,149,998
Clarivate PLC ^(a)(b)		513,987		1,968,570
Concentrix Corp.		66,391		3,063,945
Dayforce, Inc. ^(a)		207,629		14,303,562
Equifax, Inc.		152,217		39,048,227
FTI Consulting, Inc. ^(a)		46,864		7,575,565
Genpact Ltd.		242,129		10,142,784
Jacobs Solutions, Inc.		176,838		26,500,943
KBR, Inc.		177,589		8,398,184
Leidos Holdings, Inc.		189,431		35,794,882
ManpowerGroup, Inc.		67,685		2,565,261
Parsons Corp. ^(a)(b)		79,110		6,559,801
Paychex, Inc.		328,805		41,679,322
Paycom Software, Inc.		34,651		7,212,259
Paylocity Holding Corp. ^(a)		5,384		857,510
Robert Half, Inc.		145,100		4,930,498
Science Applications International Corp.		70,255		6,981,239
SS&C Technologies Holdings, Inc.		314,218		27,889,990
TransUnion		288,911		24,204,963
Verisk Analytics, Inc.		83,050		20,887,905

				316,158,931

Real Estate Management & Development — 1.1%
CBRE Group, Inc., Class A ^(a)(b)		393,421		61,987,413
CoStar Group, Inc. ^(a)		543,894		45,888,337
Howard Hughes Holdings, Inc. ^(a)(b)		45,739		3,758,373
Jones Lang LaSalle, Inc. ^(a)		51,247		15,285,955
Zillow Group, Inc., Class A ^(a)(b)		74,109		5,516,674
Zillow Group, Inc., Class C, NVS ^(a)		241,058		18,573,519

				151,010,271


32		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Residential REITs — 1.7%
American Homes 4 Rent, Class A		507,491	$	16,874,076
AvalonBay Communities, Inc.		211,477		40,851,012
Camden Property Trust		159,630		17,045,291
Equity LifeStyle Properties, Inc.		285,488		17,329,122
Equity Residential		561,726		36,360,524
Essex Property Trust, Inc.		94,473		25,286,643
Invitation Homes, Inc.		911,582		26,736,700
Mid-America Apartment Communities, Inc.		173,486		24,241,199
Sun Communities, Inc.		151,780		19,579,620
UDR, Inc.		465,303		17,337,190

				241,641,377

Retail REITs — 1.7%
Agree Realty Corp.		162,515		11,545,065
Brixmor Property Group, Inc.		454,116		12,569,931
Federal Realty Investment Trust		127,573		12,924,421
Kimco Realty Corp.		990,621		21,645,069
NNN REIT, Inc.		280,615		11,945,780
Realty Income Corp.		1,343,997		81,701,578
Regency Centers Corp.		268,340		19,561,986
Simon Property Group, Inc.		374,661		70,312,630

				242,206,460

Semiconductors & Semiconductor Equipment — 1.8%
Allegro MicroSystems, Inc. ^(a)		183,548		5,359,602
Amkor Technology, Inc.		167,442		4,755,353
Cirrus Logic, Inc. ^(a)		75,913		9,511,140
Entegris, Inc.		186,212		17,217,161
First Solar, Inc. ^(a)		150,485		33,186,457
GLOBALFOUNDRIES, Inc. ^(a)		153,100		5,487,104
Lattice Semiconductor Corp. ^(a)		31,111		2,281,058
MACOM Technology Solutions Holdings, Inc. ^(a)		70,263		8,747,041
Microchip Technology, Inc.		784,865		50,404,030
MKS, Inc. ^(b)		100,692		12,462,649
ON Semiconductor Corp. ^(a)		627,433		30,938,721
Onto Innovation, Inc. ^(a)		56,576		7,310,751
Qorvo, Inc. ^(a)		127,409		11,604,412
Skyworks Solutions, Inc.		222,591		17,135,055
Teradyne, Inc.		239,286		32,935,325
Universal Display Corp.		64,701		9,293,005

				258,628,864

Software — 1.6%
Aurora Innovation, Inc., Class A ^(a)(b)		1,556,281		8,388,355
BILL Holdings, Inc. ^(a)(b)		137,954		7,307,423
CCC Intelligent Solutions Holdings, Inc. ^(a)(b)		813,137		7,407,678
Circle Internet Group, Inc., Class A ^(a)(b)		59,563		7,896,863
Docusign, Inc. ^(a)		73,142		5,272,807
Dolby Laboratories, Inc., Class A		90,265		6,532,478
Dropbox, Inc., Class A ^(a)		202,628		6,121,392
Fair Isaac Corp. ^(a)		6,177		9,244,066
Gen Digital, Inc.		725,678		20,601,998
Informatica, Inc., Class A ^(a)		159,131		3,952,814
nCino, Inc. ^(a)		137,798		3,735,704
Nutanix, Inc., Class A ^(a)		285,498		21,238,196
Pegasystems, Inc.		87,604		5,037,230
PTC, Inc. ^(a)		157,043		31,882,870
Rubrik, Inc., Class A ^(a)		69,680		5,731,180
SailPoint, Inc. ^(a)(b)		87,502		1,932,044
SentinelOne, Inc., Class A ^(a)		120,852		2,128,204
Teradata Corp. ^(a)		111,906		2,407,098
Tyler Technologies, Inc. ^(a)		10,962		5,734,880
UiPath, Inc., Class A ^(a)		597,413		7,993,386


Security	Shares		Value

Software (continued)
Unity Software, Inc. ^(a)		442,285	$	17,709,091
Zoom Communications, Inc., Class A ^(a)		389,685		32,149,012

				220,404,769

Specialized REITs — 2.8%
Crown Castle, Inc.		644,962		62,232,383
CubeSmart		339,206		13,792,116
Digital Realty Trust, Inc.		501,208		86,648,839
EPR Properties		111,397		6,462,140
Extra Space Storage, Inc.		313,424		44,173,979
Gaming & Leisure Properties, Inc.		403,479		18,806,156
Iron Mountain, Inc.		436,293		44,475,709
Millrose Properties, Inc., Class A		179,966		6,048,657
National Storage Affiliates Trust		103,183		3,118,190
Rayonier, Inc.		227,455		6,036,656
SBA Communications Corp., Class A		159,804		30,898,103
VICI Properties, Inc.		1,570,699		51,220,494
Weyerhaeuser Co.		1,079,698		26,765,714

				400,679,136

Specialty Retail — 1.8%
AutoNation, Inc. ^(a)		40,477		8,855,153
Bath & Body Works, Inc.		316,912		8,163,653
Best Buy Co., Inc.		287,393		21,732,659
CarMax, Inc. ^(a)(b)		222,612		9,988,600
Dick’s Sporting Goods, Inc.		94,160		20,924,235
Five Below, Inc. ^(a)		80,718		12,487,075
Floor & Decor Holdings, Inc., Class A ^(a)		107,938		7,955,031
GameStop Corp., Class A ^(a)(b)		607,385		16,569,463
Gap, Inc. (The)		343,772		7,353,283
Lithia Motors, Inc., Class A		34,095		10,774,020
Penske Automotive Group, Inc.		27,144		4,720,613
RH ^(a)		18,564		3,771,462
Ross Stores, Inc.		383,292		58,409,868
Ulta Beauty, Inc. ^(a)		50,303		27,503,165
Valvoline, Inc. ^(a)(b)		21,695		779,068
Wayfair, Inc., Class A ^(a)(b)		115,812		10,345,486
Williams-Sonoma, Inc.		149,738		29,266,292

				259,599,126

Technology Hardware, Storage & Peripherals — 1.5%
Hewlett Packard Enterprise Co.		1,950,471		47,903,568
HP, Inc.		1,403,522		38,217,904
NetApp, Inc.		179,650		21,281,339
Pure Storage, Inc., Class A ^(a)		65,229		5,466,842
Sandisk Corp. ^(a)		200,951		22,546,702
Super Micro Computer, Inc. ^(a)(b)		413,836		19,839,298
Western Digital Corp.		514,600		61,782,876

				217,038,529

Textiles, Apparel & Luxury Goods — 0.5%
Amer Sports, Inc. ^(a)		218,223		7,583,249
Birkenstock Holding PLC ^(a)(b)		54,846		2,481,781
Columbia Sportswear Co.		37,735		1,973,541
Crocs, Inc. ^(a)(b)		81,020		6,769,221
Lululemon Athletica, Inc. ^(a)(b)		66,548		11,840,886
PVH Corp.		70,823		5,932,843
Ralph Lauren Corp., Class A		52,233		16,378,179
Tapestry, Inc.		25,693		2,908,961
Under Armour, Inc., Class A ^(a)(b)		298,217		1,488,103
Under Armour, Inc., Class C, NVS ^(a)		276,331		1,334,679
VF Corp.		525,917		7,588,982

				66,280,425


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors — 1.9%
Air Lease Corp., Class A		155,248	$	9,881,535
Applied Industrial Technologies, Inc.		56,463		14,739,666
Core & Main, Inc., Class A ^(a)		118,572		6,382,731
Fastenal Co.		304,170		14,916,497
Ferguson Enterprises, Inc.		270,941		60,847,930
MSC Industrial Direct Co., Inc., Class A		66,057		6,086,492
QXO, Inc. ^(a)(b)		907,814		17,302,935
SiteOne Landscape Supply, Inc. ^(a)(b)		44,549		5,737,911
United Rentals, Inc.		95,369		91,044,970
Watsco, Inc.		51,811		20,947,187
WESCO International, Inc. ^(b)		71,467		15,115,270
WW Grainger, Inc.		9,629		9,176,052

				272,179,176

Water Utilities — 0.4%
American Water Works Co., Inc.		289,889		40,349,650
Essential Utilities, Inc.		416,738		16,627,846

				56,977,496

Wireless Telecommunication Services — 0.1%
Millicom International Cellular SA		152,654		7,409,825


Total Long-Term Investments — 99.7%
(Cost: $11,988,589,981)				14,064,753,862


Security	Shares		Value

Short-Term Securities

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(d)(e)(f)		321,830,990	$	321,991,906
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(d)(e)		25,242,809		25,242,809


Total Short-Term Securities — 2.5% (Cost: $347,015,824)				347,234,715


Total Investments — 102.2% (Cost: $12,335,605,805)				14,411,988,577

Liabilities in Excess of Other Assets — (2.2)%				(305,586,739	)


Net Assets — 100.0%			$	14,106,401,838

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(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


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	423,380,361	$	—		$	(101,374,603	) ^(a)	$	(23,657	)	$	9,805	$	321,991,906		321,830,990	$	2,036,782	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,015,923		11,226,886	^(a)		—			—			—		25,242,809		25,242,809		497,874			—

									$	(23,657	)	$	9,805	$	347,234,715			$	2,534,656		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		11		12/19/25		$ 3,706	$	40,457
S&P Mid 400 E-Mini Index		103		12/19/25		33,848		(449,839	)

							$	(409,382	)


34		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Russell Mid-Cap Value ETF

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:


	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)	$	—	$	—	$	40,457	$	—	$	—	$	—	$	40,457

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts ^(a)	$	—	$	—	$	449,839	$	—	$	—	$	—	$	449,839

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement 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).

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	5,091,504		$	—	$	—	$	—	$	5,091,504

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(804,010	)	$	—	$	—	$	—	$	(804,010	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	32,373,905

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


	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	14,064,753,860		$	—	$	2	$	14,064,753,862
Short-Term Securities
Money Market Funds		347,234,715			—		—		347,234,715

	$	14,411,988,575		$	—	$	2	$	14,411,988,577

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	40,457		$	—	$	—	$	40,457
Liabilities
Equity Contracts		(449,839	)		—		—		(449,839	)

	$	(409,382	)	$	—	$	—	$	(409,382	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Statement of Assets and Liabilities (unaudited)

September 30, 2025


	iShares Russell 3000 ETF		iShares Russell Mid-Cap Value ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	17,050,446,434	$	14,064,753,862
Investments, at value — affiliated ^(c)		369,139,680		347,234,715
Cash		1,737		1,606
Cash pledged:
Futures contracts		2,111,459		2,184,590
Receivables:
Investments sold		—		4,950
Securities lending income — affiliated		97,003		154,934
Dividends — unaffiliated		7,811,012		16,153,608
Dividends — affiliated		84,040		90,636
Variation margin on futures contracts		108,372		41,670

Total assets		17,429,799,737		14,430,620,571


LIABILITIES
Collateral on securities loaned		293,741,212		321,493,265
Payables:
Investments purchased		7,153,880		—
Capital shares redeemed		—		101,071
Investment advisory fees		2,758,099		2,624,397

Total liabilities		303,653,191		324,218,733


Commitments and contingent liabilities

NET ASSETS	$	17,126,146,546	$	14,106,401,838


NET ASSETS CONSIST OF:
Paid-in capital	$	9,973,444,115	$	12,665,979,298
Accumulated earnings		7,152,702,431		1,440,422,540

NET ASSETS	$	17,126,146,546	$	14,106,401,838


NET ASSET VALUE

Shares outstanding		45,200,000		100,950,000


Net asset value	$	378.90	$	139.74


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a) Investments, at cost — unaffiliated	$	9,845,284,415	$	11,988,589,981
^(b) Securities loaned, at value	$	286,053,939	$	313,759,682
^(c) Investments, at cost — affiliated	$	347,954,149	$	347,015,824

See notes to financial statements.


36		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	100,409,144		$	135,255,186
Dividends — affiliated		885,690			497,874
Interest — unaffiliated		8,795			27,820
Securities lending income — affiliated — net		760,385			2,036,782
Foreign taxes withheld		(42,067	)		(112,490	)

Total investment income		102,021,947			137,705,172


EXPENSES
Investment advisory		15,598,406			15,253,048
Interest expense		250			1,477

Total expenses		15,598,656			15,254,525

Net investment income		86,423,291			122,450,647


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(54,106,130	)		(176,595,341	)
Investments — affiliated		2,021			(23,657	)
Futures contracts		4,975,774			5,091,504
In-kind redemptions — unaffiliated ^(a)		353,096,259			894,069,548
In-kind redemptions — affiliated ^(a)		894,954			—

		304,862,878			722,542,054

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		2,471,959,168			656,769,701
Investments — affiliated		7,899,715			9,805
Futures contracts		(14,326	)		(804,010	)


		2,479,844,557			655,975,496


Net realized and unrealized gain		2,784,707,435			1,378,517,550


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,871,130,726		$	1,500,968,197

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		37

Statements of Changes in Net Assets


	iShares Russell 3000 ETF						iShares Russell Mid-Cap Value ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	86,423,291		$	165,420,553		$	122,450,647		$	215,868,139
Net realized gain		304,862,878			620,486,762			722,542,054			1,080,597,402
Net change in unrealized appreciation (depreciation)		2,479,844,557			197,872,710			655,975,496			(1,065,184,661	)

Net increase in net assets resulting from operations		2,871,130,726			983,780,025			1,500,968,197			231,280,880


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(82,379,377	) ^(b)		(169,322,017	)		(107,245,857	) ^(b)		(207,879,928	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(94,772,765	)		(37,513,336	)		(569,543,985	)		(870,180,334	)


NET ASSETS
Total increase (decrease) in net assets		2,693,978,584			776,944,672			824,178,355			(846,779,382	)
Beginning of period		14,432,167,962			13,655,223,290			13,282,223,483			14,129,002,865


End of period	$	17,126,146,546		$	14,432,167,962		$	14,106,401,838		$	13,282,223,483

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


38		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	iShares Russell 3000 ETF

	Six Months Ended
	09/30/25			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			03/31/25			03/31/24			03/31/23			03/31/22			03/31/21

Net asset value, beginning of period	$	317.54		$	300.11		$	235.52		$	262.10		$	237.19		$	148.31

Net investment income ^(a)		1.91			3.60			3.47			3.37			2.87			2.73
Net realized and unrealized gain (loss) ^(b)		61.28			17.52			64.59			(26.44	)		25.00			89.03

Net increase (decrease) from investment operations		63.19			21.12			68.06			(23.07	)		27.87			91.76


Distributions from net investment income ^(c)		(1.83	) ^(d)		(3.69	)		(3.47	)		(3.51	)		(2.96	)		(2.88	)


Net asset value, end of period	$	378.90		$	317.54		$	300.11		$	235.52		$	262.10		$	237.19


Total Return ^(e)
Based on net asset value		19.93	% ^(f)		7.02	%		29.12	%		(8.72	)%		11.75	%		62.21	%


Ratios to Average Net Assets ^(g)
Total expenses		0.20	% ^(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%


Net investment income		1.11	% ^(h)		1.12	%		1.34	%		1.47	%		1.10	%		1.37	%


Supplemental Data
Net assets, end of period (000)	$	17,126,147		$	14,432,168		$	13,655,223		$	10,727,904		$	12,017,483		$	10,958,347


Portfolio turnover rate ⁽ⁱ⁾		2	%		3	%		3	%		4	%		5	%		4	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Russell Mid-Cap Value ETF

	Six Months Ended
	09/30/25			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			03/31/25			03/31/24			03/31/23			03/31/22			03/31/21

Net asset value, beginning of period	$	126.02		$	125.42		$	106.21		$	119.55		$	109.15		$	64.10

Net investment income ^(a)		1.20			2.07			2.03			2.04			1.62			1.43
Net realized and unrealized gain (loss) ^(b)		13.58			0.53			19.12			(13.31	)		10.55			45.22

Net increase (decrease) from investment operations		14.78			2.60			21.15			(11.27	)		12.17			46.65


Distributions from net investment income ^(c)		(1.06	) ^(d)		(2.00	)		(1.94	)		(2.07	)		(1.77	)		(1.60	)


Net asset value, end of period	$	139.74		$	126.02		$	125.42		$	106.21		$	119.55		$	109.15


Total Return ^(e)
Based on net asset value		11.76	% ^(f)		2.06	% ^(g)		20.17	%		(9.37	)%		11.19	%		73.40	%


Ratios to Average Net Assets ^(h)
Total expenses		0.23	% ⁽ⁱ⁾		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%


Net investment income		1.83	% ⁽ⁱ⁾		1.62	%		1.84	%		1.88	%		1.39	%		1.65	%


Supplemental Data
Net assets, end of period (000)	$	14,106,402		$	13,282,223		$	14,129,003		$	12,676,126		$	14,907,745		$	13,120,026


Portfolio turnover rate ^(j)		13	%		19	%		19	%		19	%		21	%		25	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


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Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF	Diversification Classification

Russell 3000		Diversified
Russell Mid-Cap Value		Diversified

2.	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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)		Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount

Russell 3000

Barclays Bank PLC	$	11,800,479	$	(11,800,479)	$	—	$	—

Barclays Capital, Inc.		605,062		(599,485)		—		5,577

BMO Capital Markets Corp.		711,861		(711,861)		—		—

BNP Paribas SA		37,192,224		(37,192,224)		—		—

BofA Securities, Inc.		44,041,902		(44,041,902)		—		—

Citadel Clearing LLC		497,189		(497,189)		—		—

Citigroup Global Markets, Inc.		28,931,746		(28,931,746)		—		—

Deutsche Bank Securities, Inc.		310,739		(298,787)		—		11,952

Goldman Sachs & Co. LLC		27,731,701		(27,731,701)		—		—

HSBC Bank PLC		3,972,139		(3,972,139)		—		—

J.P. Morgan Securities LLC		50,471,168		(50,471,168)		—		—

Jefferies LLC		4,954,614		(4,954,614)		—		—

Mizuho Securities USA LLC		27,839		(27,839)		—		—

Morgan Stanley		24,255,994		(24,255,994)		—		—

National Bank of Canada		1,031,118		(1,025,850)		—		5,268	^(b)

National Financial Services LLC		7,217,005		(7,217,005)		—		—

Natixis SA		2,779,508		(2,779,508)		—		—

Nomura Securities International, Inc.		50,907		(50,907)		—		—

Pershing LLC		200,956		(200,956)		—		—

RBC Capital Market LLC		805,057		(805,057)		—		—

Scotia Capital (USA), Inc.		3,005,218		(3,005,218)		—		—

Scotia Capital, Inc.		305,173		(305,173)		—		—

SG Americas Securities LLC		30,877		(30,877)		—		—

State Street Bank & Trust Co.		2,132,935		(2,132,935)		—		—

Toronto-Dominion Bank		3,195,993		(3,195,993)		—		—

UBS AG		6,051,310		(6,051,310)		—		—

UBS Securities LLC		194,957		(194,957)		—		—

Virtu Americas LLC		3,338,999		(3,338,999)		—		—

Wells Fargo Bank N.A		9,113,755		(9,113,755)		—		—

Wells Fargo Securities LLC		11,095,514		(11,095,514)		—		—


	$	286,053,939	$	(286,031,142)	$	—	$	22,797


Russell Mid-Cap Value

Barclays Bank PLC	$	23,216,304	$	(23,216,304)	$	—	$	—

Barclays Capital, Inc.		9,778		(9,778)		—		—

BNP Paribas SA		39,629,050		(39,629,050)		—		—

BofA Securities, Inc.		21,675,715		(21,675,715)		—		—

Citigroup Global Markets, Inc.		24,399,849		(24,399,849)		—		—

Goldman Sachs & Co. LLC		15,066,046		(15,066,046)		—		—

HSBC Bank PLC		12,427,888		(12,427,888)		—		—

J.P. Morgan Securities LLC		56,187,800		(56,187,800)		—		—

Jefferies LLC		953,760		(953,760)		—		—


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)		Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount

Russell Mid-Cap Value (continued)

Morgan Stanley	$	41,187,306	$	(41,187,306)	$	—	$	—

National Financial Services LLC		35,156,927		(35,156,927)		—		—

Pershing LLC		183,739		(183,739)		—		—

Scotia Capital (USA), Inc		156,123		(156,123)		—		—

SG Americas Securities LLC		3,165,929		(3,165,929)		—		—

State Street Bank & Trust Co		8,504,708		(8,504,708)		—		—

Toronto-Dominion Bank		106,145		(106,145)		—		—

UBS AG		17,460,219		(17,460,219)		—		—

UBS Securities LLC		81,696		(81,696)		—		—

Virtu Americas LLC		5,440,017		(5,440,017)		—		—

Wells Fargo Bank N.A		8,699,794		(8,699,794)		—		—

Wells Fargo Securities LLC		50,889		(50,889)		—		—


	$	313,759,682	$	(313,759,682)	$	—	$	—

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to the iShares Russell 3000 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:



Average Daily Net Assets	Investment Advisory Fees

First $15 billion		0.2000%

Over $15 billion		0.1900


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Notes to Financial Statements (unaudited) (continued)

Prior to August 1, 2025, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the iShares Russell 3000 ETF, based on the average daily net asset of the fund.

For its investment advisory services to the iShares Russell Mid-Cap Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $121 billion		0.250000	%

Over $121 billion, up to and including $181 billion		0.237500

Over $181 billion, up to and including $231 billion		0.225625

Over $231 billion, up to and including $281 billion		0.214343

Over $281 billion		0.203626

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.



iShares ETF	Amounts

Russell 3000	$	227,008
Russell Mid-Cap Value		549,262

Trustees and Officers : Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell 3000	$	49,598,040	$	48,137,356	$	(995,217)


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Russell Mid-Cap Value	$	895,993,480	$	474,361,624	$	(62,248,830)

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Russell 3000	$	282,852,370	$	270,218,553
Russell Mid-Cap Value		1,812,024,385		1,802,570,824

For the six months ended September 30, 2025, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Russell 3000	$	504,589,247	$	599,325,156
Russell Mid-Cap Value		1,703,126,227		2,273,851,518

8.	INCOME TAX INFORMATION

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards ^(a)

Russell 3000	$	(323,445,112	)
Russell Mid-Cap Value		(1,344,766,416	)

^(a)	Amounts available to offset future realized capital gains.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Russell 3000	$	10,255,056,956	$	7,872,508,666	$	(707,659,448	)	$	7,164,849,218
Russell Mid-Cap Value		12,387,060,485		3,020,827,208		(996,308,498	)		2,024,518,710

9.	PRINCIPAL RISKS


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Notes to Financial Statements (unaudited) (continued)

10.	CAPITAL SHARE TRANSACTIONS


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:



	Six Months Ended 09/30/25						Year Ended 03/31/25


iShares ETF	Shares			Amount			Shares			Amount

Russell 3000

Shares sold		1,550,000		$	507,492,771			3,300,000		$	1,066,361,962

Shares redeemed		(1,800,000	)		(602,265,536	)		(3,350,000	)		(1,103,875,298	)


		(250,000	)	$	(94,772,765	)		(50,000	)	$	(37,513,336	)


Russell Mid-Cap Value

Shares sold		13,200,000		$	1,716,070,500			25,650,000		$	3,176,533,677

Shares redeemed		(17,650,000	)		(2,285,614,485	)		(32,900,000	)		(4,046,714,011	)


		(4,450,000	)	$	(569,543,985)			(7,250,000	)	$	(870,180,334	)

11.	SUBSEQUENT EVENTS


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Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		49

Board Review and Approval of Investment Advisory Contract

iShares Russell 3000 ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


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Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not previously provide for any breakpoints in the Fund’s investment advisory fee rate but that BFA and the Board agreed during the June 10-11, 2025 meeting to revise the Advisory Agreement for the Fund to provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		51

Board Review and Approval of Investment Advisory Contract (continued)

Conclusion : Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Mid-Cap Value ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.


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Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		53

Board Review and Approval of Investment Advisory Contract (continued)

Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock’s potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.


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Glossary of Terms Used in these Financial Statements


Portfolio Abbreviation

CVR		Contingent Value Rights

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S		55

Want to know more?

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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”).

LOGO

SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

• iShares Mortgage Real Estate ETF | REM | Cboe BZX Exchange

• iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

Table of Contents


	Page
Schedules of Investments		3
Statements of Assets and Liabilities		9
Statements of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		14
Additional Information		21
Board Review and Approval of Investment Advisory Contract		22
Glossary of Terms Used in these Financial Statements		25


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Mortgage Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Mortgage REITs — 97.8%
Adamas Trust, Inc.		1,094,644	$	7,629,669
AG Mortgage Investment Trust, Inc.		358,879		2,598,284
AGNC Investment Corp.		9,093,863		89,028,919
Angel Oak Mortgage REIT, Inc.		158,331		1,483,561
Annaly Capital Management, Inc.		5,619,183		113,563,688
Apollo Commercial Real Estate Finance, Inc.		1,797,800		18,211,714
Arbor Realty Trust, Inc. ^(a)		2,327,447		28,418,128
Ares Commercial Real Estate Corp.		680,382		3,068,523
ARMOUR Residential REIT, Inc.		1,429,497		21,356,685
Blackstone Mortgage Trust, Inc., Class A		1,397,766		25,732,872
BrightSpire Capital, Inc., Class A		1,660,039		9,014,012
Chicago Atlantic Real Estate Finance, Inc.		233,523		2,986,759
Chimera Investment Corp.		1,024,330		13,541,643
Claros Mortgage Trust, Inc.		1,187,558		3,942,693
Dynex Capital, Inc.		1,673,487		20,567,155
Ellington Financial, Inc.		1,188,243		15,423,394
Franklin BSP Realty Trust, Inc.		1,053,462		11,440,597
Invesco Mortgage Capital, Inc.		861,888		6,515,873
KKR Real Estate Finance Trust, Inc.		734,925		6,614,325
Ladder Capital Corp., Class A		1,470,125		16,039,064
MFA Financial, Inc.		1,325,489		12,181,244
Nexpoint Real Estate Finance, Inc.		98,372		1,394,915
Orchid Island Capital, Inc.		1,648,277		11,554,422
PennyMac Mortgage Investment Trust		1,122,946		13,767,318
Ready Capital Corp.		2,144,577		8,299,513
Redwood Trust, Inc.		1,710,504		9,903,818
Rithm Capital Corp.		2,224,027		25,331,668


Security	Shares		Value

Mortgage REITs (continued)
Seven Hills Realty Trust		187,378	$	1,931,867
Starwood Property Trust, Inc.		3,022,974		58,555,006
TPG RE Finance Trust, Inc.		867,788		7,428,265
Two Harbors Investment Corp.		1,343,722		13,262,536


				580,788,130


Total Long-Term Investments — 97.8% (Cost: $781,652,855)				580,788,130


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(b)(c)(d)		3,997,957		3,999,956
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(b)(c)		989,116		989,116


Total Short-Term Securities — 0.9% (Cost: $4,989,072)				4,989,072


Total Investments — 98.7% (Cost: $786,641,927)				585,777,202

Other Assets Less Liabilities — 1.3%				7,946,076


Net Assets — 100.0%			$	593,723,278

^(a)	All or a portion of this security is on loan.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

^(d)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,505,282	$	—			$ (4,505,833	) ^(a)	$	2,284	$	(1,777	)	$	3,999,956		3,997,957	$	57,657	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		216,674		772,442	^(a)		—			—		—			989,116		989,116		28,020			—

									$	2,284	$	(1,777	)	$	4,989,072			$	85,677		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Mortgage Real Estate ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Dow Jones U.S. Real Estate Index

365

12/19/25

13,523

44,273

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:



	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)	$	—	$	—	$	44,273	$	—	$	—	$	—	$	44,273

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(95,584	)	$	—	$	—	$	—	$	(95,584	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(106,054	)	$	—	$	—	$	—	$	(106,054	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	13,275,680

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Mortgage Real Estate ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	580,788,130	$	—	$	—	$	580,788,130
Short-Term Securities
Money Market Funds		4,989,072		—		—		4,989,072

	$	585,777,202	$	—	$	—	$	585,777,202

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	44,273	$	—	$	—	$	44,273

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® Residential and Multisector Real Estate ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Health Care REITs — 46.4%
Alexandria Real Estate Equities, Inc.		318,631	$	26,554,708
American Healthcare REIT, Inc.		292,732		12,297,671
CareTrust REIT, Inc.		391,871		13,590,086
Community Healthcare Trust, Inc.		50,302		769,621
Diversified Healthcare Trust		403,549		1,779,651
Global Medical REIT, Inc.		23,656		797,444
Healthcare Realty Trust, Inc.		609,573		10,990,601
Healthpeak Properties, Inc.		1,287,692		24,659,302
LTC Properties, Inc.		83,659		3,083,671
Medical Properties Trust, Inc.		926,719		4,698,465
National Health Investors, Inc.		84,995		6,757,102
Omega Healthcare Investors, Inc.		533,462		22,522,766
Sabra Health Care REIT, Inc.		437,188		8,149,184
Sila Realty Trust, Inc.		102,299		2,567,705
Universal Health Realty Income Trust		23,667		927,036
Ventas, Inc.		595,231		41,660,218
Welltower, Inc.		1,069,623		190,542,641

				372,347,872
Residential REITs — 37.7%
American Homes 4 Rent, Class A		634,693		21,103,542
Apartment Investment & Management Co., Class A		242,715		1,924,730
AvalonBay Communities, Inc.		186,854		36,094,587
BRT Apartments Corp.		20,043		313,873
Camden Property Trust		199,659		21,319,588
Centerspace		30,973		1,824,310
Elme Communities		161,798		2,727,914
Equity LifeStyle Properties, Inc.		356,919		21,664,983
Equity Residential		537,357		34,783,119
Essex Property Trust, Inc.		118,394		31,689,338
Independence Realty Trust, Inc.		432,612		7,090,511
Invitation Homes, Inc.		1,136,644		33,337,769


Security	Shares		Value

Residential REITs (continued)
Mid-America Apartment Communities, Inc.		216,150	$	30,202,640
NexPoint Residential Trust, Inc.		41,332		1,331,717
Sun Communities, Inc.		234,714		30,278,106
UDR, Inc.		613,705		22,866,648
UMH Properties, Inc.		146,149		2,170,313
Veris Residential, Inc.		145,161		2,206,447

				302,930,135
Specialized REITs — 15.2%
CubeSmart		420,495		17,097,327
Extra Space Storage, Inc.		276,802		39,012,474
National Storage Affiliates Trust		130,791		3,952,504
Public Storage		207,526		59,943,885
Smartstop Self Storage REIT, Inc.		57,369		2,159,369

				122,165,559


Total Long-Term Investments — 99.3% (Cost: $874,227,916)				797,443,566


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(a)(b)		2,441,418		2,441,418


Total Short-Term Securities — 0.3% (Cost: $2,441,418)				2,441,418


Total Investments — 99.6% (Cost: $876,669,334)				799,884,984

Other Assets Less Liabilities — 0.4%				3,324,730


Net Assets — 100.0%			$	803,209,714

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,772,017	$	—			$ (7,770,578)	^(a)	$	(1,331	)	$	(108	)	$	—		—	$	5,666	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,770,542		670,876	^(a)		—			—			—			2,441,418		2,441,418		33,237			—

									$	(1,331	)	$	(108	)	$	2,441,418			$	38,903		$	—

^(a)

Represents net amount purchased (sold).

^(b)


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Residential and Multisector Real Estate ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Dow Jones U.S. Real Estate Index		158		12/19/25	$	5,854	$	(690	)

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:



	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)	$	—	$	—	$	690	$	—	$	—	$	—	$	690

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(108,576	)	$	—	$	—	$	—	$	(108,576	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(77,099	)	$	—	$	—	$	—	$	(77,099	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	5,376,525

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® Residential and Multisector Real Estate ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	797,443,566		$	—	$	—	$	797,443,566
Short-Term Securities
Money Market Funds		2,441,418			—		—		2,441,418


	$	799,884,984		$	—	$	—	$	799,884,984

Derivative Financial Instruments ^(a)
Liabilities
Equity Contracts	$	(690	)	$	—	$	—	$	(690	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

September 30, 2025


	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF

ASSETS

Investments, at value — unaffiliated ^(a)(b)	$	580,788,130		$	797,443,566

Investments, at value — affiliated ^(c)		4,989,072			2,441,418

Cash		92			—

Cash pledged:

Futures contracts		903,000			395,000

Receivables:

Securities lending income — affiliated		15,771			—

Capital shares sold		76,447			—

Dividends — unaffiliated		11,279,421			3,213,801

Dividends — affiliated		7,216			6,519

Variation margin on futures contracts		59,470			26,000


Total assets		598,118,619			803,526,304


LIABILITIES

Collateral on securities loaned		3,999,961			—

Payables:

Capital shares redeemed		152,895			—

Investment advisory fees		242,485			316,590


Total liabilities		4,395,341			316,590

Commitments and contingent liabilities

NET ASSETS	$	593,723,278		$	803,209,714


NET ASSETS CONSIST OF:

Paid-in capital	$	1,236,500,304		$	955,720,009

Accumulated loss		(642,777,026	)		(152,510,295	)


NET ASSETS	$	593,723,278		$	803,209,714


NET ASSET VALUE

Shares outstanding	$	27,050,000		$	9,450,000


Net asset value	$	21.95		$	85.00


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a) Investments, at cost — unaffiliated	$	781,652,855		$	874,227,916

^(b) Securities loaned, at value	$	3,970,692		$	—

^(c) Investments, at cost — affiliated	$	4,989,072		$	2,441,418

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		9

Statements of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF

INVESTMENT INCOME

Dividends — unaffiliated	$	35,435,490		$	16,081,432

Dividends — affiliated		28,020			33,237

Interest — unaffiliated		350			13

Securities lending income — affiliated — net		57,657			5,666


Total investment income		35,521,517			16,120,348


EXPENSES

Investment advisory		1,382,032			1,921,036

Interest expense		51			—


Total expenses		1,382,083			1,921,036


Net investment income		34,139,434			14,199,312


REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments — unaffiliated		(26,215,227	)		(10,994,827	)

Investments — affiliated		2,284			(1,331	)

Futures contracts		(95,584	)		(108,576	)

In-kind redemptions — unaffiliated ^(a)		(5,737,904	)		2,794,655


		(32,046,431	)		(8,310,079	)


Net change in unrealized appreciation (depreciation) on:

Investments — unaffiliated		2,982,823			(12,688,811	)

Investments — affiliated		(1,777	)		(108	)

Futures contracts		(106,054	)		(77,099	)


		2,874,992			(12,766,018	)


Net realized and unrealized loss		(29,171,439	)		(21,076,097	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,967,995		$	(6,876,785	)

^(a)

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	34,139,434		$	52,260,533		$	14,199,312		$	20,251,457
Net realized gain (loss)		(32,046,431	)		(34,356,095	)		(8,310,079	)		7,655,038
Net change in unrealized appreciation (depreciation)		2,874,992			11,818,741			(12,766,018	)		84,707,491


Net increase (decrease) in net assets resulting from operations		4,967,995			29,723,179			(6,876,785	)		112,613,986


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(26,777,813	) ^(b)		(56,819,167	)		(9,498,173	) ^(b)		(21,608,968	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(35,471,615	)		59,070,723			(39,782,059	)		144,885,427


NET ASSETS
Total increase (decrease) in net assets		(57,281,433	)		31,974,735			(56,157,017	)		235,890,445
Beginning of period		651,004,711			619,029,976			859,366,731			623,476,286


End of period	$	593,723,278		$	651,004,711		$	803,209,714		$	859,366,731

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		11

Financial Highlights

(For a share outstanding throughout each period)


	iShares Mortgage Real Estate ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	22.45		$	23.23		$	21.84		$	32.67		$	35.20		$	18.67

Net investment income ^(a)		1.29			1.91			2.31			2.26			0.82			1.38
Net realized and unrealized gain (loss) ^(b)		(0.79	)		(0.64	)		1.28			(10.57	)		(1.27	)		17.37

Net increase (decrease) from investment operations		0.50			1.27			3.59			(8.31	)		(0.45	)		18.75


Distributions ^(c)
From net investment income		(1.00	) ^(d)		(2.05	)		(2.20	)		(2.29	)		(2.08	)		(1.34	)
Return of capital		—			—			—			(0.23	)		—			(0.88	)

Total distributions		(1.00	)		(2.05	)		(2.20	)		(2.52	)		(2.08	)		(2.22	)


Net asset value, end of period	$	21.95		$	22.45		$	23.23		$	21.84		$	32.67		$	35.20


Total Return ^(e)
Based on net asset value		2.36	% ^(f)		5.82	%		16.91	%		(26.00	)%		(1.65	)%		103.62	%


Ratios to Average Net Assets ^(g)
Total expenses		0.48	% ^(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Net investment income		11.86	% ^(h)		8.38	%		10.23	%		8.57	%		2.30	%		4.94	%


Supplemental Data
Net assets, end of period (000)	$	593,723		$	651,005		$	619,030		$	594,163		$	975,109		$	1,513,587

Portfolio turnover rate ⁽ⁱ⁾		11	%		24	%		29	%		28	%		20	%		30	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Residential and Multisector Real Estate ETF

	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	86.37		$	72.08		$	70.60		$	95.78		$	73.95		$	55.26

Net investment income ^(a)		1.47			1.93			1.96			1.66			1.46			1.51
Net realized and unrealized gain (loss) ^(b)		(1.85	)		14.25			1.62			(24.47	)		21.98			19.29


Net increase (decrease) from investment operations		(0.38	)		16.18			3.58			(22.81	)		23.44			20.80


Distributions ^(c)
From net investment income		(0.99	) ^(d)		(1.89	)		(2.10	)		(2.37	)		(1.50	)		(2.11	)
From net realized gain		—			—			—			—			(0.11	)		—

Total distributions		(0.99	)		(1.89	)		(2.10	)		(2.37	)		(1.61	)		(2.11	)


Net asset value, end of period	$	85.00		$	86.37		$	72.08		$	70.60		$	95.78		$	73.95


Total Return ^(e)
Based on net asset value		(0.40	)% ^(f)		22.58	%		5.21	%		(23.84	)%		31.85	%		38.23	%


Ratios to Average Net Assets ^(g)
Total expenses		0.48	% ^(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%


Net investment income		3.55	% ^(h)		2.35	%		2.79	%		2.10	%		1.64	%		2.36	%


Supplemental Data
Net assets, end of period (000)	$	803,210		$	859,367		$	623,476		$	628,342		$	1,288,274		$	495,459


Portfolio turnover rate ⁽ⁱ⁾		6	%		13	%		14	%		18	%		8	%		7	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		13

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

Mortgage Real Estate		Non-Diversified
Residential and Multisector Real Estate		Non-Diversified

2.	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. 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.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		15

Notes to Financial Statements (unaudited) (continued)

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

Mortgage Real Estate

Morgan Stanley	$	3,970,692	$	(3,970,692	)	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES



iShares ETF	Investment Advisory Fees

Mortgage Real Estate		0.48	%
Residential and Multisector Real Estate		0.48


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Pursuant to the current securities lending agreement, each Fund retains 82% 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.



iShares ETF	Amounts

Mortgage Real Estate	$	14,516
Residential and Multisector Real Estate		1,533

Trustees and Officers : Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Mortgage Real Estate	$	1,443,451	$	10,769,628	$	(2,863,999)
Residential and Multisector Real Estate		6,178,212		16,664,385		(2,439,520	)

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Mortgage Real Estate	$	70,473,512	$	64,295,853
Residential and Multisector Real Estate		48,578,848		44,948,026

For the six months ended September 30, 2025, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Mortgage Real Estate	$	89,393,139	$	122,776,099
Residential and Multisector Real Estate		20,880,272		60,570,637


N O T E S T O F I N A N C I A L S T A T E M E N T S		17

Notes to Financial Statements (unaudited) (continued)

8.	INCOME TAX INFORMATION

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards ^(a)

Mortgage Real Estate	$	(399,539,908	)
Residential and Multisector Real Estate		(67,746,716	)

^(a)	Amounts available to offset future realized capital gains.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Mortgage Real Estate	$	804,223,456	$	3,344,755	$	(221,746,736	)	$	(218,401,981	)
Residential and Multisector Real Estate		880,962,524		74,594,168		(155,672,398	)		(81,078,230	)

9.	PRINCIPAL RISKS


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 09/30/25						Year Ended 03/31/25

iShares ETF	Shares			Amount			Shares			Amount

Mortgage Real Estate
Shares sold		4,300,000		$	94,330,696			11,500,000		$	266,864,836
Shares redeemed		(6,250,000	)		(129,802,311	)		(9,150,000	)		(207,794,113	)


		(1,950,000	)	$	(35,471,615	)		2,350,000		$	59,070,723


Residential and Multisector Real Estate
Shares sold		250,000		$	21,068,116			7,600,000		$	655,979,636
Shares redeemed		(750,000	)		(60,850,175	)		(6,300,000	)		(511,094,209	)


		(500,000	)	$	(39,782,059	)		1,300,000		$	144,885,427


N O T E S T O F I N A N C I A L S T A T E M E N T S		19

Notes to Financial Statements (unaudited) (continued)

11.	SUBSEQUENT EVENTS


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		21

Board Review and Approval of Investment Advisory Contract

iShares Mortgage Real Estate ETF, iShares Residential and Multisector Real Estate ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.


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Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		23

Board Review and Approval of Investment Advisory Contract (continued)


24		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation


REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S		25

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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 International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)

iShares Trust

•

iShares MSCI USA Quality GARP ETF | GARP | Cboe BZX Exchange

Table of Contents


	Page
Schedule of Investments		3
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Additional Information		17
Board Review and Approval of Investment Advisory Contract		18
Glossary of Terms Used in these Financial Statements		21


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® MSCI USA Quality GARP ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Axon Enterprise, Inc. ^(a)		687	$	493,019
Boeing Co. (The) ^(a)		7,008		1,512,537
General Electric Co.		29,712		8,937,964
HEICO Corp.		2,870		926,493
Howmet Aerospace, Inc.		49,878		9,787,560
Rocket Lab Corp. ^(a)		12,026		576,166
TransDigm Group, Inc.		519		684,052


				22,917,791

Automobile Components — 0.3%
Aptiv PLC ^(a)		28,312		2,441,061


Banks — 0.2%
Citizens Financial Group, Inc.		25,090		1,333,784


Biotechnology — 1.4%
Alnylam Pharmaceuticals, Inc. ^(a)		1,207		550,392
Gilead Sciences, Inc.		23,105		2,564,655
Incyte Corp. ^(a)		9,167		777,453
Neurocrine Biosciences, Inc. ^(a)		5,513		773,915
Vertex Pharmaceuticals, Inc. ^(a)		14,316		5,606,718


				10,273,133

Broadline Retail — 3.2%
Amazon.com, Inc. ^(a)		44,385		9,745,614
MercadoLibre, Inc. ^(a)		5,933		13,865,065


				23,610,679

Capital Markets — 1.8%
Ares Management Corp., Class A		2,113		337,848
Charles Schwab Corp. (The)		96,226		9,186,696
KKR & Co., Inc., Class A		11,586		1,505,601
LPL Financial Holdings, Inc.		4,483		1,491,449
Robinhood Markets, Inc., Class A ^(a)		6,774		969,901


				13,491,495

Communications Equipment — 2.4%
Arista Networks, Inc. ^(a)		125,469		18,282,088


Construction & Engineering — 1.6%
EMCOR Group, Inc.		5,830		3,786,818
Quanta Services, Inc.		19,282		7,990,847


				11,777,665

Consumer Finance — 1.8%
American Express Co.		31,268		10,385,979
Capital One Financial Corp.		12,015		2,554,149
SoFi Technologies, Inc. ^(a)		20,674		546,207


				13,486,335

Containers & Packaging — 0.1%
Smurfit WestRock PLC		14,603		621,650


Electric Utilities — 0.1%
NRG Energy, Inc.		3,635		588,688


Electrical Equipment — 1.0%
GE Vernova, Inc.		7,601		4,673,855
Vertiv Holdings Co., Class A		20,188		3,045,562


				7,719,417

Electronic Equipment, Instruments & Components — 1.0%
Amphenol Corp., Class A		47,392		5,864,760
Jabil, Inc.		8,411		1,826,617


				7,691,377


Security	Shares		Value

Entertainment — 0.9%
Liberty Media Corp. - Liberty Formula One, Class C, NVS ^(a)		2,525	$	263,736
Live Nation Entertainment, Inc. ^(a)		1,950		318,630
Netflix, Inc. ^(a)		5,069		6,077,326


				6,659,692

Financial Services — 5.8%
Block, Inc., Class A ^(a)		10,308		744,959
Corpay, Inc. ^(a)		1,269		365,548
Fiserv, Inc. ^(a)		10,298		1,327,721
Mastercard, Inc., Class A		23,867		13,575,788
Toast, Inc., Class A ^(a)		12,493		456,120
Visa, Inc., Class A		79,476		27,131,517


				43,601,653

Ground Transportation — 2.4%
Uber Technologies, Inc. ^(a)		184,534		18,078,796


Health Care Equipment & Supplies — 1.2%
Dexcom, Inc. ^(a)		21,856		1,470,690
IDEXX Laboratories, Inc. ^(a)		10,461		6,683,428
Insulet Corp. ^(a)		1,968		607,581


				8,761,699

Health Care Providers & Services — 0.2%
McKesson Corp.		2,321		1,793,065


Health Care REITs — 0.1%
Welltower, Inc.		6,080		1,083,091


Hotels, Restaurants & Leisure — 5.5%
Airbnb, Inc., Class A ^(a)		56,126		6,814,819
Booking Holdings, Inc.		298		1,608,982
Carnival Corp. ^(a)		19,660		568,370
Chipotle Mexican Grill, Inc. ^(a)		87,609		3,433,397
DoorDash, Inc., Class A ^(a)		23,326		6,344,439
DraftKings, Inc., Class A ^(a)		29,038		1,086,021
Expedia Group, Inc.		15,783		3,373,616
Flutter Entertainment PLC ^(a)		11,483		2,916,682
Hilton Worldwide Holdings, Inc.		2,213		574,141
Hyatt Hotels Corp., Class A		2,775		393,856
Las Vegas Sands Corp.		45,891		2,468,477
Marriott International, Inc., Class A		2,157		561,769
Royal Caribbean Cruises Ltd.		33,548		10,855,462


				41,000,031

Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp.		9,449		1,851,248


Insurance — 0.2%
American International Group, Inc.		10,781		846,740
Everest Group Ltd.		826		289,290
Markel Group, Inc. ^(a)		237		452,992


				1,589,022

Interactive Media & Services — 9.9%
Alphabet, Inc., Class A		126,895		30,848,175
Alphabet, Inc., Class C, NVS		36,224		8,822,355
Meta Platforms, Inc., Class A		45,417		33,353,336
Pinterest, Inc., Class A ^(a)		14,163		455,624
Reddit, Inc., Class A ^(a)		1,232		283,348


				73,762,838

IT Services — 1.3%
Cloudflare, Inc., Class A ^(a)		12,161		2,609,629
GoDaddy, Inc., Class A ^(a)		11,166		1,527,844
Okta, Inc., Class A ^(a)		13,092		1,200,536


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® MSCI USA Quality GARP ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Snowflake, Inc., Class A ^(a)		12,411	$	2,799,301
Twilio, Inc., Class A ^(a)		11,956		1,196,676


				9,333,986

Media — 0.1%
Charter Communications, Inc., Class A ^(a)		2,114		581,572
Trade Desk, Inc. (The), Class A ^(a)		5,318		260,635


				842,207

Metals & Mining — 1.2%
Freeport-McMoRan, Inc.		13,390		525,156
Newmont Corp.		102,274		8,622,721


				9,147,877

Oil, Gas & Consumable Fuels — 1.8%
Cheniere Energy, Inc.		2,080		488,758
Coterra Energy, Inc.		99,257		2,347,428
EQT Corp.		55,078		2,997,896
Expand Energy Corp.		29,402		3,123,669
Phillips 66		11,371		1,546,683
Targa Resources Corp.		6,064		1,015,963
Texas Pacific Land Corp.		1,277		1,192,258
Valero Energy Corp.		5,853		996,532


				13,709,187

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		15,227		864,132
United Airlines Holdings, Inc. ^(a)		4,575		441,488


				1,305,620

Pharmaceuticals — 2.5%
Bristol-Myers Squibb Co.		37,811		1,705,276
Eli Lilly & Co.		22,442		17,123,246


				18,828,522

Professional Services — 0.5%
Jacobs Solutions, Inc.		15,597		2,337,367
Paycom Software, Inc.		6,772		1,409,524


				3,746,891

Real Estate Management & Development — 0.5%
CoStar Group, Inc. ^(a)		27,428		2,314,100
Zillow Group, Inc., Class C, NVS ^(a)		21,459		1,653,416


				3,967,516

Residential REITs — 0.0%
UDR, Inc.		6,115		227,845


Retail REITs — 0.7%
Realty Income Corp.		83,891		5,099,734


Semiconductors & Semiconductor Equipment — 20.9%
Advanced Micro Devices, Inc. ^(a)		63,531		10,278,680
Broadcom, Inc.		114,152		37,659,886
First Solar, Inc. ^(a)		7,983		1,760,491
KLA Corp.		15,540		16,761,444
Lam Research Corp.		300,690		40,262,391
Marvell Technology, Inc.		67,554		5,679,265
Microchip Technology, Inc.		42,280		2,715,222
Monolithic Power Systems, Inc.		5,632		5,185,044
NVIDIA Corp.		195,172		36,415,192


				156,717,615


Security	Shares		Value

Software — 19.3%
Adobe, Inc. ^(a)		101,914	$	35,950,163
AppLovin Corp., Class A ^(a)		9,046		6,499,913
Atlassian Corp., Class A ^(a)		6,527		1,042,362
Autodesk, Inc. ^(a)		8,388		2,664,616
Cadence Design Systems, Inc. ^(a)		10,699		3,758,131
Crowdstrike Holdings, Inc., Class A ^(a)		9,768		4,790,032
Datadog, Inc., Class A ^(a)		11,259		1,603,282
Dynatrace, Inc. ^(a)		23,649		1,145,794
Fair Isaac Corp. ^(a)		951		1,423,200
Fortinet, Inc. ^(a)		178,437		15,002,983
HubSpot, Inc. ^(a)		1,969		921,098
Microsoft Corp.		67,989		35,214,903
Nutanix, Inc., Class A ^(a)		9,981		742,487
Palantir Technologies, Inc., Class A ^(a)		88,710		16,182,478
Palo Alto Networks, Inc. ^(a)		26,132		5,320,998
Samsara, Inc., Class A ^(a)		11,110		413,847
ServiceNow, Inc. ^(a)		8,122		7,474,514
Workday, Inc., Class A ^(a)		16,921		4,073,392


				144,224,193

Specialty Retail — 0.6%
Burlington Stores, Inc. ^(a)		4,102		1,043,959
Carvana Co., Class A ^(a)		1,130		426,281
Ulta Beauty, Inc. ^(a)		5,851		3,199,034


				4,669,274

Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc.		152,607		38,858,320
Dell Technologies, Inc., Class C		25,356		3,594,720
Super Micro Computer, Inc. ^(a)(b)		19,872		952,664


				43,405,704


Total Long-Term Investments — 99.9% (Cost: $662,963,460)				747,642,469


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		402,434		402,635
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		820,618		820,618


Total Short-Term Securities — 0.1% (Cost: $1,223,197)				1,223,253


Total Investments — 100.0% (Cost: $664,186,657)				748,865,722

Liabilities in Excess of Other Assets — (0.0)%				(299,590	)


Net Assets — 100.0%			$	748,566,132

^(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.


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Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® MSCI USA Quality GARP ETF

Affiliates


Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,182,991	$	—		$	(1,782,064) ^(a)	$	1,652	$	56	$	402,635		402,434	$	3,679	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		255,937		564,681	^(a)		—		—		—		820,618		820,618		18,406			—

								$	1,652	$	56	$	1,223,253			$	22,085		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

NASDAQ 100 Micro E-Mini Index

12/19/25

548

14,290

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	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)	$	—	$	—	$	14,290	$	—	$	—	$	—	$	14,290

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	139,619	$	—	$	—	$	—	$	139,619


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	19,086	$	—	$	—	$	—	$	19,086

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	892,037

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® MSCI USA Quality GARP ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	747,642,469	$	—	$	—	$	747,642,469
Short-Term Securities
Money Market Funds		1,223,253		—		—		1,223,253

	$	748,865,722	$	—	$	—	$	748,865,722

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	14,290	$	—	$	—	$	14,290

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Assets and Liabilities (unaudited)

September 30, 2025


	iShares MSCI USA Quality GARP ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	747,642,469
Investments, at value — affiliated ^(c)		1,223,253
Cash		2,457
Cash pledged:
Futures contracts		37,000
Receivables:
Securities lending income — affiliated		680
Capital shares sold		4,994
Dividends — unaffiliated		137,899
Dividends — affiliated		3,091
Variation margin on futures contracts		1,408


Total assets		749,053,251


LIABILITIES
Collateral on securities loaned		401,327
Payables:
Investment advisory fees		85,792

Total liabilities		487,119

Commitments and contingent liabilities

NET ASSETS	$	748,566,132


NET ASSETS CONSIST OF:
Paid-in capital	$	650,737,466
Accumulated earnings		97,828,666


NET ASSETS	$	748,566,132


NET ASSET VALUE
Shares outstanding	$	11,400,000


Net asset value	$	65.66


Shares authorized		Unlimited


Par value		None


^(a) Investments, at cost — unaffiliated	$	662,963,460

^(b) Securities loaned, at value	$	405,045

^(c) Investments, at cost — affiliated	$	1,223,197

See notes to financial statements.


S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S		7

Statement of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares MSCI USA Quality GARP ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	1,511,031
Dividends — affiliated		18,406
Interest — unaffiliated		224
Securities lending income — affiliated — net		3,679


Total investment income		1,533,340


EXPENSES
Investment advisory		390,240


Total expenses		390,240


Net investment income		1,143,100


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(13,876,064	)
Investments — affiliated		1,652
Futures contracts		139,619
In-kind redemptions — unaffiliated ^(a)		34,364,794


		20,630,001

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		105,525,525
Investments — affiliated		56
Futures contracts		19,086


		105,544,667


Net realized and unrealized gain		126,174,668


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	127,317,768

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


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Statements of Changes in Net Assets


	iShares MSCI USA Quality GARP ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,143,100		$	825,437
Net realized gain		20,630,001			7,134,939
Net change in unrealized appreciation (depreciation)		105,544,667			(25,251,049	)


Net increase (decrease) in net assets resulting from operations		127,317,768			(17,290,673	)


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(977,640	) ^(b)		(794,675	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		306,041,535			286,701,630


NET ASSETS
Total increase in net assets		432,381,663			268,616,282
Beginning of period		316,184,469			47,568,187


End of period	$	748,566,132		$	316,184,469

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		9

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI USA Quality GARP ETF
		Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21

Net asset value, beginning of period	$	51.00		$	47.57		$	33.10		$	36.39		$	32.35		$	20.27

Net investment income ^(a)		0.13			0.28			0.30			0.32			0.24			0.25
Net realized and unrealized gain (loss) ^(b)		14.63			3.38			14.46			(3.08	)		4.06			12.08


Net increase (decrease) from investment operations		14.76			3.66			14.76			(2.76	)		4.30			12.33

Distributions from net investment income ^(c)		(0.10	) ^(d)		(0.23	)		(0.29	)		(0.53	)		(0.26	)		(0.25	)


Net asset value, end of period	$	65.66		$	51.00		$	47.57		$	33.10		$	36.39		$	32.35


Total Return ^(e)

Based on net asset value		28.97	% ^(f)		7.67	%		44.83	%		(7.47	)%		13.28	%		61.00	%


Ratios to Average Net Assets ^(g)

Total expenses		0.15	% ^(h)		0.15	%		0.25	%		0.25	%		0.25	%		0.25	%


Net investment income		0.44	% ^(h)		0.51	%		0.73	%		1.01	%		0.66	%		0.88	%


Supplemental Data

Net assets, end of period (000)	$	748,566		$	316,184		$	47,568		$	1,655		$	5,459		$	4,852


Portfolio turnover rate ⁽ⁱ⁾		40	%		69	%		53	%		67	%		111	%		103	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following fund (the “Fund”):


iShares ETF		Diversification Classification
MSCI USA Quality GARP ETF		Non-Diversified

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. The 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. 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.

Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The 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 the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The 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 the Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.


N O T E S T O F I N A N C I A L S T A T E M E N T S		11

Notes to Financial Statements (unaudited) (continued)

•

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 the 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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS

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 the 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 Statement of Assets and Liabilities.


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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:


Counterparty	Securities Loaned at Value		Cash Collateral Received ^(a)			Non-Cash Collateral Received, at Fair Value ^(a)		Net Amount
J.P. Morgan Securities LLC	$	405,045	$	(401,328	)	$	—	$	3,717	^(b)

^(a)

^(b)

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, the 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. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures contracts are exchange-traded agreements between the Fund 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 Fund is 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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:


iShares ETF	Investment Advisory Fees
MSCI USA Quality GARP ETF		0.15	%

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

ETF Servicing Fees: The 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 Fund does not pay BRIL for ETF Services.


N O T E S T O F I N A N C I A L S T A T E M E N T S		13

Notes to Financial Statements (unaudited) (continued)

discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The 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.

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, the 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.

Trustees and Officers : Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

For the six months ended September 30, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI USA Quality GARP ETF	$	74,006,050	$	73,702,916	$	(6,497,537)

The 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 Statement of Operations.

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
MSCI USA Quality GARP ETF	$	211,103,854	$	209,040,924

For the six months ended September 30, 2025, in-kind transactions were as follows:

iShares ETF

In-kind
Purchases

In-kind

Sales

MSCI USA Quality GARP ETF

456,655,394

152,971,941

8.	INCOME TAX INFORMATION


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2025, the Fund had non-expiring capital loss carryforwards of $7,635,766 available to offset future realized capital gains.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI USA Quality GARP ETF	$	664,253,083	$	96,408,523	$	(11,781,594	)	$	84,626,929

9.	PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the 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 Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The 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.

With exchange-traded futures, there is less counterparty credit risk to the Fund 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, the 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 Fund.

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 the Fund’s portfolio are disclosed in its Schedule of Investments.


N O T E S T O F I N A N C I A L S T A T E M E N T S		15

Notes to Financial Statements (unaudited) (continued)

The Fund invests a significant portion of its 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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/25						Year Ended 03/31/25
iShares ETF	Shares			Amount			Shares			Amount
MSCI USA Quality GARP ETF
Shares sold		7,700,000		$	458,533,242			6,600,000		$	358,709,832
Shares redeemed		(2,500,000	)		(152,491,707	)		(1,400,000	)		(72,008,202	)

		5,200,000		$	306,041,535			5,200,000		$	286,701,630

11.	SUBSEQUENT EVENTS


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N		17

Board Review and Approval of Investment Advisory Contract

iShares MSCI USA Quality GARP ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		19

Board Review and Approval of Investment Advisory Contract (continued)


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation


NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S		21

THIS PAGE INTENTIONALLY LEFT BLANK.

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”).


		SEPTEMBER 30, 2025

2025 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

• iShares ESG Select Screened S&P 500 ETF | XVV | Cboe BZX Exchange

• iShares ESG Select Screened S&P Mid-Cap ETF | XJH | Cboe BZX Exchange

• iShares ESG Select Screened S&P Small-Cap ETF | XJR | Cboe BZX Exchange

Table of Contents


		Page

Schedules of Investments		3
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		34
Additional Information		42
Board Review and Approval of Investment Advisory Contract		43
Glossary of Terms Used in these Financial Statements		46


2

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Axon Enterprise, Inc. ^(a)		727	$	521,724
General Electric Co.		9,820		2,954,053
Howmet Aerospace, Inc.		3,732		732,330


				4,208,107

Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.		1,103		146,037
Expeditors International of Washington, Inc.		1,260		154,464
FedEx Corp.		2,010		473,978
United Parcel Service, Inc., Class B		6,779		566,250


				1,340,729

Automobile Components — 0.0%
Aptiv PLC ^(a)		2,009		173,216


Automobiles — 2.6%
Ford Motor Co.		36,172		432,617
General Motors Co.		8,864		540,438
Tesla, Inc. ^(a)		25,984		11,555,605


				12,528,660

Banks — 3.9%
Bank of America Corp.		63,095		3,255,071
Citigroup, Inc.		17,047		1,730,271
Citizens Financial Group, Inc.		3,967		210,886
Fifth Third Bancorp		6,166		274,695
Huntington Bancshares, Inc.		13,573		234,406
JPMorgan Chase & Co.		25,461		8,031,163
KeyCorp		8,628		161,257
M&T Bank Corp.		1,448		286,154
PNC Financial Services Group, Inc. (The)		3,663		736,007
Regions Financial Corp.		8,218		216,709
Truist Financial Corp.		11,938		545,805
U.S. Bancorp		14,364		694,212
Wells Fargo & Co.		29,660		2,486,101


				18,862,737

Beverages — 1.1%
Brown-Forman Corp., Class B, NVS		1,700		46,036
Coca-Cola Co. (The)		35,864		2,378,500
Constellation Brands, Inc., Class A		1,322		178,034
Keurig Dr. Pepper, Inc.		12,498		318,824
Molson Coors Beverage Co., Class B		1,546		69,957
Monster Beverage Corp. ^(a)		6,598		444,111
PepsiCo, Inc.		12,661		1,778,111


				5,213,573

Biotechnology — 1.7%
AbbVie, Inc.		16,357		3,787,300
Amgen, Inc.		4,986		1,407,049
Biogen, Inc. ^(a)		1,331		186,446
Gilead Sciences, Inc.		11,461		1,272,171
Incyte Corp. ^(a)		1,484		125,858
Moderna, Inc. ^(a)		3,150		81,365
Regeneron Pharmaceuticals, Inc.		943		530,221
Vertex Pharmaceuticals, Inc. ^(a)		2,375		930,145


				8,320,555

Broadline Retail — 4.2%
Amazon.com, Inc. ^(a)		89,861		19,730,780
eBay, Inc.		4,250		386,537


				20,117,317

Building Products — 0.5%
A. O. Smith Corp.		1,095		80,384


Security	Shares		Value

Building Products (continued)
Allegion PLC		785	$	139,220
Builders FirstSource, Inc. ^(a)		1,013		122,826
Carrier Global Corp.		7,353		438,974
Johnson Controls International PLC		6,088		669,375
Lennox International, Inc.		299		158,279
Masco Corp.		1,921		135,219
Trane Technologies PLC		2,054		866,706


				2,610,983

Capital Markets — 3.6%
Ameriprise Financial, Inc.		826		405,773
Bank of New York Mellon Corp. (The)		6,530		711,509
BlackRock, Inc. ^(b)		1,333		1,554,105
Blackstone, Inc., Class A, NVS		6,826		1,166,222
Cboe Global Markets, Inc.		969		237,647
Charles Schwab Corp. (The)		15,789		1,507,376
CME Group, Inc., Class A		3,327		898,922
Coinbase Global, Inc., Class A ^(a)		2,093		706,367
FactSet Research Systems, Inc.		357		102,277
Franklin Resources, Inc.		2,803		64,833
Goldman Sachs Group, Inc. (The)		2,803		2,232,169
Intercontinental Exchange, Inc.		5,291		891,428
Invesco Ltd.		4,050		92,907
KKR & Co., Inc., Class A		6,352		825,442
Moody’s Corp.		1,429		680,890
Morgan Stanley		11,232		1,785,439
MSCI, Inc., Class A		713		404,563
Nasdaq, Inc.		4,199		371,402
Northern Trust Corp.		1,804		242,818
Raymond James Financial, Inc.		1,644		283,754
S&P Global, Inc.		2,902		1,412,433
State Street Corp.		2,642		306,498
T Rowe Price Group, Inc.		2,035		208,872


				17,093,646

Chemicals — 1.1%
Air Products & Chemicals, Inc.		2,059		561,531
Albemarle Corp.		1,081		87,647
CF Industries Holdings, Inc.		1,493		133,922
Corteva, Inc.		6,266		423,770
Dow, Inc.		6,500		149,045
Ecolab, Inc.		2,365		647,679
International Flavors & Fragrances, Inc.		2,386		146,834
Linde PLC		4,345		2,063,875
LyondellBasell Industries NV, Class A		2,408		118,088
Mosaic Co. (The)		2,842		98,561
PPG Industries, Inc.		2,068		217,367
Sherwin-Williams Co. (The)		2,149		744,113


				5,392,432

Commercial Services & Supplies — 0.5%
Cintas Corp.		3,174		651,495
Copart, Inc. ^(a)		8,236		370,373
Republic Services, Inc.		1,872		429,586
Rollins, Inc.		2,570		150,962
Veralto Corp.		2,270		242,005
Waste Management, Inc.		3,430		757,447


				2,601,868

Communications Equipment — 1.0%
Arista Networks, Inc. ^(a)		9,542		1,390,365
Cisco Systems, Inc.		36,672		2,509,098


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
F5, Inc. ^(a)		537	$	173,553
Motorola Solutions, Inc.		1,537		702,855


				4,775,871

Construction & Engineering — 0.1%
Quanta Services, Inc.		1,378		571,071


Construction Materials — 0.2%
Martin Marietta Materials, Inc.		555		349,805
Vulcan Materials Co.		1,222		375,912


				725,717

Consumer Finance — 0.7%
American Express Co.		5,026		1,669,436
Capital One Financial Corp.		5,922		1,258,899
Synchrony Financial		3,505		249,030


				3,177,365

Consumer Staples Distribution & Retail — 1.1%
Costco Wholesale Corp.		4,106		3,800,637
Dollar General Corp.		2,026		209,387
Dollar Tree, Inc. ^(a)(c)		1,823		172,037
Kroger Co. (The)		5,641		380,260
Sysco Corp.		4,422		364,107
Target Corp.		4,167		373,780


				5,300,208

Containers & Packaging — 0.2%
Amcor PLC		21,122		172,778
Avery Dennison Corp.		732		118,708
Ball Corp.		2,559		129,025
International Paper Co.		4,834		224,298
Packaging Corp. of America		821		178,921
Smurfit WestRock PLC		4,834		205,783


				1,029,513

Distributors — 0.1%
Genuine Parts Co.		1,293		179,210
LKQ Corp.		2,367		72,288
Pool Corp.		306		94,881


				346,379

Diversified Telecommunication Services — 0.8%
AT&T Inc.		66,318		1,872,820
Verizon Communications, Inc.		38,951		1,711,897


				3,584,717

Electric Utilities — 0.8%
Constellation Energy Corp.		2,896		952,987
Edison International		3,563		196,962
Entergy Corp.		4,112		383,197
Eversource Energy		3,391		241,236
Exelon Corp.		9,278		417,603
NextEra Energy, Inc.		19,069		1,439,519


				3,631,504

Electrical Equipment — 1.0%
AMETEK, Inc.		2,132		400,816
Eaton Corp. PLC		3,602		1,348,048
Emerson Electric Co.		5,192		681,087
GE Vernova, Inc.		2,521		1,550,163
Generac Holdings, Inc. ^(a)		556		93,074
Hubbell, Inc.		496		213,434
Rockwell Automation, Inc.		1,043		364,560


				4,651,182

Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		11,306		1,399,118


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
CDW Corp.		1,218	$	194,003
Corning, Inc.		7,219		592,175
Jabil, Inc.		985		213,912
Keysight Technologies, Inc. ^(a)		1,590		278,123
TE Connectivity PLC		2,744		602,390
Trimble, Inc. ^(a)(c)		2,174		177,507
Zebra Technologies Corp., Class A ^(a)		474		140,854


				3,598,082

Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		9,103		443,498
Halliburton Co.		7,987		196,480
Schlumberger NV		13,832		475,406


				1,115,384

Entertainment — 1.7%
Electronic Arts, Inc.		2,100		423,570
Live Nation Entertainment, Inc. ^(a)		1,465		239,381
Netflix, Inc. ^(a)		3,934		4,716,551
Take-Two Interactive Software, Inc. ^(a)		1,607		415,184
TKO Group Holdings, Inc., Class A		637		128,649
Walt Disney Co. (The)		16,650		1,906,425
Warner Bros Discovery, Inc., Class A ^(a)		22,923		447,686


				8,277,446

Financial Services — 4.3%
Berkshire Hathaway, Inc., Class B ^(a)		16,978		8,535,520
Block, Inc., Class A ^(a)		5,087		367,637
Corpay, Inc. ^(a)		644		185,511
Fidelity National Information Services, Inc.		4,863		320,666
Fiserv, Inc. ^(a)		5,033		648,905
Global Payments, Inc.		2,266		188,259
Jack Henry & Associates, Inc.		662		98,592
Mastercard, Inc., Class A		7,643		4,347,415
PayPal Holdings, Inc. ^(a)		8,848		593,347
Visa, Inc., Class A		15,730		5,369,907


				20,655,759

Food Products — 0.6%
Archer-Daniels-Midland Co.		4,442		265,365
Bunge Global SA		1,304		105,950
Campbell’s Co. (The)		1,850		58,423
Conagra Brands, Inc.		4,461		81,681
General Mills, Inc.		4,952		249,680
Hershey Co. (The)		1,371		256,446
Hormel Foods Corp.		2,629		65,041
J M Smucker Co. (The)		968		105,125
Kellanova		2,458		201,605
Kraft Heinz Co. (The)		8,017		208,763
Lamb Weston Holdings, Inc.		1,294		75,155
McCormick & Co., Inc., NVS		2,284		152,822
Mondelez International, Inc., Class A		11,979		748,328
Tyson Foods, Inc., Class A		2,649		143,841


				2,718,225

Gas Utilities — 0.1%
Atmos Energy Corp.		1,467		250,490


Ground Transportation — 1.0%
CSX Corp.		17,311		614,714
JB Hunt Transport Services, Inc.		738		99,017
Norfolk Southern Corp.		2,079		624,552
Old Dominion Freight Line, Inc.		1,722		242,423
Uber Technologies, Inc. ^(a)		19,277		1,888,568
Union Pacific Corp.		5,510		1,302,399


				4,771,673


4		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies — 2.2%
Abbott Laboratories		16,117	$	2,158,711
Align Technology, Inc. ^(a)		624		78,137
Baxter International, Inc.		4,658		106,063
Becton Dickinson & Co.		2,655		496,936
Boston Scientific Corp. ^(a)		13,721		1,339,581
Cooper Cos., Inc. (The) ^(a)		1,826		125,191
Dexcom, Inc. ^(a)		3,646		245,339
Edwards Lifesciences Corp. ^(a)		5,423		421,747
GE HealthCare Technologies, Inc.		4,238		318,274
Hologic, Inc. ^(a)		2,059		138,962
IDEXX Laboratories, Inc. ^(a)		740		472,779
Insulet Corp. ^(a)		639		197,278
Intuitive Surgical, Inc. ^(a)		3,320		1,484,804
Medtronic PLC		11,836		1,127,261
ResMed, Inc.		1,359		371,999
STERIS PLC		900		222,696
Stryker Corp.		3,175		1,173,702
Zimmer Biomet Holdings, Inc.		1,841		181,338


				10,660,798

Health Care Providers & Services — 1.8%
Cardinal Health, Inc.		2,201		345,469
Cencora, Inc.		1,797		561,616
Centene Corp. ^(a)		4,319		154,102
Cigna Group (The)		2,459		708,807
CVS Health Corp.		11,683		880,781
DaVita, Inc. ^(a)		332		44,113
Elevance Health, Inc.		2,080		672,090
HCA Healthcare, Inc.		1,516		646,119
Henry Schein, Inc. ^(a)		954		63,317
Humana, Inc.		1,118		290,870
Labcorp Holdings, Inc.		762		218,740
McKesson Corp.		1,151		889,193
Molina Healthcare, Inc. ^(a)		503		96,254
Quest Diagnostics, Inc.		1,034		197,060
UnitedHealth Group, Inc.		8,386		2,895,686
Universal Health Services, Inc., Class B		538		109,989


				8,774,206

Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.		1,426		118,843
Healthpeak Properties, Inc.		6,458		123,671
Ventas, Inc.		4,155		290,808
Welltower, Inc.		6,192		1,103,043


				1,636,365

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		5,921		100,775


Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A ^(a)		3,966		481,552
Booking Holdings, Inc.		302		1,630,579
Carnival Corp. ^(a)		10,052		290,603
Chipotle Mexican Grill, Inc. ^(a)		12,464		488,464
Darden Restaurants, Inc.		1,084		206,350
Domino’s Pizza, Inc.		291		125,628
DoorDash, Inc., Class A ^(a)		3,426		931,838
Expedia Group, Inc.		1,095		234,056
Hilton Worldwide Holdings, Inc.		2,193		568,952
Las Vegas Sands Corp.		2,859		153,786
Marriott International, Inc., Class A		2,090		544,320
McDonald’s Corp.		6,592		2,003,243
MGM Resorts International ^(a)		1,899		65,819
Norwegian Cruise Line Holdings Ltd. ^(a)		4,070		100,244
Royal Caribbean Cruises Ltd.		2,341		757,501


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Starbucks Corp.		10,485	$	887,031
Wynn Resorts Ltd.		807		103,514
Yum! Brands, Inc.		2,580		392,160


				9,965,640

Household Durables — 0.3%
DR Horton, Inc.		2,551		432,318
Garmin Ltd.		1,514		372,777
Lennar Corp., Class A		2,129		268,339
Mohawk Industries, Inc. ^(a)		474		61,108
NVR, Inc. ^(a)		26		208,901
PulteGroup, Inc.		1,827		241,402


				1,584,845

Household Products — 1.0%
Church & Dwight Co., Inc.		2,253		197,430
Clorox Co. (The)		1,137		140,192
Colgate-Palmolive Co.		7,457		596,113
Kimberly-Clark Corp.		3,061		380,605
Procter & Gamble Co. (The)		21,690		3,332,668


				4,647,008

Industrial REITs — 0.2%
Prologis, Inc.		8,592		983,956


Insurance — 2.1%
Aflac, Inc.		4,483		500,751
Allstate Corp. (The)		2,435		522,673
American International Group, Inc.		5,131		402,989
Aon PLC, Class A		1,993		710,664
Arch Capital Group Ltd.		3,429		311,113
Arthur J. Gallagher & Co.		2,372		734,703
Assurant, Inc.		473		102,452
Brown & Brown, Inc.		2,715		254,640
Chubb Ltd.		3,431		968,400
Cincinnati Financial Corp.		1,451		229,403
Erie Indemnity Co., Class A, NVS		231		73,495
Everest Group Ltd.		391		136,940
Globe Life, Inc.		758		108,371
Hartford Insurance Group, Inc. (The)		2,627		350,415
Loews Corp.		1,590		159,620
Marsh & McLennan Cos., Inc.		4,536		914,140
MetLife, Inc.		5,197		428,077
Principal Financial Group, Inc.		1,908		158,192
Progressive Corp. (The)		5,427		1,340,198
Prudential Financial, Inc.		3,272		339,437
Travelers Cos., Inc. (The)		2,094		584,687
W R Berkley Corp.		2,731		209,249
Willis Towers Watson PLC		904		312,287


				9,852,896

Interactive Media & Services — 8.0%
Alphabet, Inc., Class A		53,863		13,094,095
Alphabet, Inc., Class C, NVS		43,237		10,530,371
Match Group, Inc.		2,250		79,470
Meta Platforms, Inc., Class A		20,083		14,748,554


				38,452,490

IT Services — 0.5%
Accenture PLC, Class A		5,775		1,424,115
Akamai Technologies, Inc. ^(a)		1,360		103,033
Cognizant Technology Solutions Corp., Class A		4,523		303,358
EPAM Systems, Inc. ^(a)		537		80,974
Gartner, Inc. ^(a)		715		187,952


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
GoDaddy, Inc., Class A ^(a)		1,306	$	178,700
VeriSign, Inc.		775		216,667


				2,494,799

Leisure Products — 0.0%
Hasbro, Inc.		1,235		93,675


Life Sciences Tools & Services — 0.9%
Agilent Technologies, Inc.		2,610		334,993
Bio-Techne Corp.		1,476		82,110
Charles River Laboratories International, Inc. ^(a)		448		70,094
Danaher Corp.		5,902		1,170,130
IQVIA Holdings, Inc. ^(a)		1,572		298,586
Mettler-Toledo International, Inc. ^(a)		190		233,246
Revvity, Inc.		1,109		97,204
Thermo Fisher Scientific, Inc. ^(a)		3,497		1,696,115
Waters Corp. ^(a)		548		164,296
West Pharmaceutical Services, Inc.		667		174,974


				4,321,748

Machinery — 1.5%
Caterpillar, Inc.		4,342		2,071,785
Cummins, Inc.		1,276		538,944
Deere & Co.		2,336		1,068,159
Dover Corp.		1,254		209,205
Fortive Corp.		3,134		153,535
IDEX Corp.		705		114,746
Illinois Tool Works, Inc.		2,465		642,773
Ingersoll Rand, Inc.		3,349		276,694
Nordson Corp.		500		113,475
Otis Worldwide Corp.		3,638		332,622
PACCAR, Inc.		4,863		478,130
Pentair PLC		1,498		165,919
Snap-on, Inc.		486		168,414
Stanley Black & Decker, Inc.		1,434		106,589
Westinghouse Air Brake Technologies Corp.		1,572		315,139
Xylem, Inc.		2,242		330,695


				7,086,824

Media — 0.4%
Charter Communications, Inc., Class A ^(a)		862		237,140
Comcast Corp., Class A		34,098		1,071,359
Fox Corp., Class A, NVS		2,011		126,814
Fox Corp., Class B		1,167		66,857
Interpublic Group of Cos., Inc. (The)		3,481		97,155
News Corp., Class A, NVS		3,522		108,161
News Corp., Class B		983		33,963
Omnicom Group, Inc.		1,801		146,836
Trade Desk, Inc. (The), Class A ^(a)		4,126		202,215


				2,090,500

Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		13,218		518,410
Newmont Corp.		10,172		857,601
Nucor Corp.		2,122		287,382
Steel Dynamics, Inc.		1,257		175,264


				1,838,657

Multi-Utilities — 0.4%
CenterPoint Energy, Inc.		5,990		232,412
Consolidated Edison, Inc.		3,322		333,927
Dominion Energy, Inc.		7,856		480,552
Public Service Enterprise Group, Inc.		4,613		385,001
Sempra		6,007		540,510


				1,972,402


Security	Shares		Value

Office REITs — 0.0%
BXP, Inc.		1,323	$	98,352


Oil, Gas & Consumable Fuels — 0.7%
Kinder Morgan, Inc.		18,104		512,524
Marathon Petroleum Corp.		2,829		545,262
ONEOK, Inc.		5,791		422,569
Phillips 66		3,746		509,531
Targa Resources Corp.		2,010		336,755
Valero Energy Corp.		2,892		492,392
Williams Cos., Inc. (The)		11,279		714,525


				3,533,558

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		6,028		342,089
Southwest Airlines Co.		4,862		155,146
United Airlines Holdings, Inc. ^(a)		2,989		288,439


				785,674

Personal Care Products — 0.0%
Estee Lauder Cos., Inc. (The), Class A		2,178		191,925


Pharmaceuticals — 2.2%
Bristol-Myers Squibb Co.		18,833		849,368
Eli Lilly & Co.		7,363		5,617,969
Merck & Co., Inc.		23,138		1,941,972
Pfizer, Inc.		52,644		1,341,369
Viatris, Inc.		11,015		109,049
Zoetis, Inc., Class A		4,112		601,668


				10,461,395

Professional Services — 0.6%
Automatic Data Processing, Inc.		3,746		1,099,451
Broadridge Financial Solutions, Inc.		1,087		258,891
Dayforce, Inc. ^(a)		1,472		101,406
Equifax, Inc.		1,136		291,418
Jacobs Solutions, Inc.		1,108		166,045
Paychex, Inc.		3,001		380,407
Paycom Software, Inc.		445		92,622
Verisk Analytics, Inc.		1,283		322,687


				2,712,927

Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A ^(a)		2,708		426,672
CoStar Group, Inc. ^(a)		3,883		327,609


				754,281

Residential REITs — 0.2%
AvalonBay Communities, Inc.		1,311		253,246
Camden Property Trust		975		104,110
Equity Residential		3,162		204,676
Essex Property Trust, Inc.		583		156,046
Invitation Homes, Inc.		5,205		152,663
Mid-America Apartment Communities, Inc.		1,087		151,886
UDR, Inc.		2,784		103,732


				1,126,359

Retail REITs — 0.3%
Federal Realty Investment Trust		719		72,842
Kimco Realty Corp.		6,265		136,890
Realty Income Corp.		8,468		514,770
Regency Centers Corp.		1,489		108,548
Simon Property Group, Inc.		3,022		567,139


				1,400,189

Semiconductors & Semiconductor Equipment — 14.7%
Analog Devices, Inc.		4,589		1,127,517
Applied Materials, Inc.		7,431		1,521,423


6		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc.		43,550	$	14,367,581
First Solar, Inc. ^(a)		989		218,104
Intel Corp.		40,528		1,359,714
KLA Corp.		1,222		1,318,049
Lam Research Corp.		11,719		1,569,174
Microchip Technology, Inc.		4,989		320,394
Micron Technology, Inc.		10,363		1,733,937
Monolithic Power Systems, Inc.		443		407,844
NVIDIA Corp.		225,927		42,153,460
NXP Semiconductors NV		2,329		530,383
ON Semiconductor Corp. ^(a)		3,785		186,638
QUALCOMM, Inc.		9,988		1,661,604
Skyworks Solutions, Inc.		1,379		106,156
Teradyne, Inc.		1,463		201,367
Texas Instruments, Inc.		8,417		1,546,455


				70,329,800

Software — 12.2%
Adobe, Inc. ^(a)		3,926		1,384,897
Autodesk, Inc. ^(a)		1,976		627,716
Cadence Design Systems, Inc. ^(a)		2,528		887,985
Crowdstrike Holdings, Inc., Class A ^(a)		2,306		1,130,816
Datadog, Inc., Class A ^(a)		2,993		426,203
Fair Isaac Corp. ^(a)		222		332,230
Fortinet, Inc. ^(a)		6,029		506,918
Gen Digital, Inc.		5,190		147,344
Intuit, Inc.		2,583		1,763,957
Microsoft Corp.		68,825		35,647,909
Oracle Corp.		15,347		4,316,190
Palantir Technologies, Inc., Class A ^(a)		21,057		3,841,218
Palo Alto Networks, Inc. ^(a)		6,184		1,259,186
PTC, Inc. ^(a)		1,103		223,931
Roper Technologies, Inc.		997		497,194
Salesforce, Inc.		8,844		2,096,028
ServiceNow, Inc. ^(a)		1,925		1,771,539
Synopsys, Inc. ^(a)		1,711		844,190
Tyler Technologies, Inc. ^(a)(c)		396		207,171
Workday, Inc., Class A ^(a)		2,005		482,664


				58,395,286

Specialized REITs — 0.9%
American Tower Corp.		4,318		830,438
Crown Castle, Inc.		4,038		389,627
Digital Realty Trust, Inc.		2,969		513,281
Equinix, Inc.		909		711,965
Extra Space Storage, Inc.		1,961		276,383
Iron Mountain, Inc.		2,735		278,806
Public Storage		1,461		422,010
SBA Communications Corp., Class A		976		188,709
VICI Properties, Inc.		9,887		322,415
Weyerhaeuser Co.		6,673		165,424


				4,099,058

Specialty Retail — 1.9%
AutoZone, Inc. ^(a)		155		664,987
Best Buy Co., Inc.		1,824		137,931
CarMax, Inc. ^(a)		1,368		61,382
Home Depot, Inc. (The)		9,214		3,733,421


Security	Shares		Value

Specialty Retail (continued)
Lowe’s Cos., Inc.		5,190	$	1,304,299
O’Reilly Automotive, Inc. ^(a)		7,874		848,896
Ross Stores, Inc.		3,051		464,942
TJX Cos., Inc. (The)		10,332		1,493,387
Ulta Beauty, Inc. ^(a)		418		228,542
Williams-Sonoma, Inc.		1,132		221,249


				9,159,036

Technology Hardware, Storage & Peripherals — 7.7%
Apple Inc.		137,412		34,989,218
Dell Technologies, Inc., Class C		2,807		397,948
HP, Inc.		8,608		234,396
NetApp, Inc.		1,879		222,586
Seagate Technology Holdings PLC		1,961		462,914
Super Micro Computer, Inc. ^(a)(c)		4,730		226,756
Western Digital Corp.		3,227		387,434


				36,921,252

Textiles, Apparel & Luxury Goods — 0.3%
Deckers Outdoor Corp. ^(a)		1,379		139,789
Lululemon Athletica, Inc. ^(a)		1,013		180,243
NIKE, Inc., Class B		11,000		767,030
Ralph Lauren Corp., Class A		365		114,449
Tapestry, Inc.		1,893		214,326


				1,415,837

Trading Companies & Distributors — 0.2%
Fastenal Co.		10,635		521,540
United Rentals, Inc.		598		570,887


				1,092,427

Water Utilities — 0.1%
American Water Works Co., Inc.		1,802		250,820


Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		4,480		1,072,422


Total Long-Term Investments — 99.8% (Cost: $381,467,351)				478,002,591


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(b)(d)(e)		703,916		704,268
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(b)(d)		740,274		740,274


Total Short-Term Securities — 0.3% (Cost: $1,444,506)				1,444,542


Total Investments — 100.1% (Cost: $382,911,857)				479,447,133

Liabilities in Excess of Other Assets — (0.1)%				(478,098	)


Net Assets — 100.0%			$	478,969,035

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	All or a portion of this security is on loan.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

Affiliates



Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	119,148	$	584,920	^(a)	$	—		$	160		$	40	$	704,268		703,916	$	10,544	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		491,759		248,515	^(a)		—			—			—		740,274		740,274		13,811			—
BlackRock, Inc.		954,052		325,770			(11,428	)		(169	)		285,880		1,554,105		1,333		13,270			—


									$	(9	)	$	285,920	$	2,998,647			$	37,625		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Micro E-Mini S&P 500 Index

12/19/25

809

10,342

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:



	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)	$	—	$	—	$	10,342	$	—	$	—	$	—	$	10,342

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	113,934	$	—	$	—	$	—	$	113,934


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	14,254	$	—	$	—	$	—	$	14,254

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long			$ 779,550


8		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P 500 ETF

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	478,002,591	$	—	$	—	$	478,002,591
Short-Term Securities
Money Market Funds		1,444,542		—		—		1,444,542


	$	479,447,133	$	—	$	—	$	479,447,133


Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	10,342	$	—	$	—	$	10,342

^(a)	Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
AeroVironment, Inc. ^(a)		3,657	$	1,151,553
ATI, Inc. ^(a)		15,842		1,288,588
Curtiss-Wright Corp.		4,331		2,351,473
Hexcel Corp.		9,145		573,392
Woodward, Inc.		6,931		1,751,533


				7,116,539

Air Freight & Logistics — 0.2%
GXO Logistics, Inc. ^(a)		13,333		705,182


Automobile Components — 0.9%
Autoliv, Inc.		8,122		1,003,067
Gentex Corp.		25,228		713,953
Goodyear Tire & Rubber Co. (The) ^(a)		33,490		250,505
Lear Corp.		6,115		615,230
Visteon Corp.		3,179		381,035


				2,963,790

Automobiles — 0.3%
Harley-Davidson, Inc.		13,971		389,791
Thor Industries, Inc.		6,198		642,671


				1,032,462

Banks — 7.5%
Associated Banc-Corp.		18,908		486,125
Bank OZK		12,402		632,254
Cadence Bank		16,578		622,338
Columbia Banking System, Inc.		34,749		894,439
Comerica, Inc.		14,884		1,019,852
Commerce Bancshares, Inc.		14,152		845,724
Cullen/Frost Bankers, Inc.		7,471		947,099
East West Bancorp, Inc.		15,841		1,686,274
First Financial Bankshares, Inc.		15,007		504,986
First Horizon Corp.		58,948		1,332,814
Flagstar Financial, Inc. ^(b)		35,317		407,911
FNB Corp.		41,814		673,624
Glacier Bancorp, Inc.		13,757		669,553
Hancock Whitney Corp.		9,742		609,947
Home BancShares, Inc.		21,341		603,950
International Bancshares Corp.		6,212		427,075
Old National Bancorp		40,085		879,866
Pinnacle Financial Partners, Inc.		8,839		829,010
Prosperity Bancshares, Inc.		11,105		736,817
Southstate Bank Corp.		11,440		1,131,073
Synovus Financial Corp.		16,156		792,937
Texas Capital Bancshares, Inc. ^(a)		5,223		441,500
UMB Financial Corp.		8,227		973,665
United Bankshares, Inc.		16,516		614,560
Valley National Bancorp		55,352		586,731
Webster Financial Corp.		19,242		1,143,745
Western Alliance Bancorp		12,027		1,042,981
Wintrust Financial Corp.		7,778		1,030,118
Zions Bancorp N.A.		16,968		960,049


				23,527,017

Beverages — 0.6%
Boston Beer Co., Inc. (The), Class A, NVS ^(a)		909		192,181
Celsius Holdings, Inc. ^(a)		18,328		1,053,677
Coca-Cola Consolidated, Inc.		6,834		800,671


				2,046,529

Biotechnology — 2.8%
BioMarin Pharmaceutical, Inc. ^(a)		22,070		1,195,311
Cytokinetics, Inc. ^(a)		13,879		762,790


Security	Shares		Value

Biotechnology (continued)
Exelixis, Inc. ^(a)		30,942	$	1,277,905
Halozyme Therapeutics, Inc. ^(a)		13,444		985,983
Neurocrine Biosciences, Inc. ^(a)		11,502		1,614,651
Roivant Sciences Ltd. ^(a)		49,056		742,217
United Therapeutics Corp. ^(a)		5,198		2,179,053


			8,757,910

Broadline Retail — 0.5%
Macy’s, Inc.		31,210		559,595
Ollie’s Bargain Outlet Holdings, Inc. ^(a)		7,050		905,220


			1,464,815

Building Products — 2.4%
AAON, Inc.		7,872		735,560
Advanced Drainage Systems, Inc.		8,226		1,140,946
Carlisle Cos., Inc.		4,902		1,612,562
Fortune Brands Innovations, Inc.		14,016		748,314
Owens Corning		9,612		1,359,714
Simpson Manufacturing Co., Inc.		4,783		800,961
Trex Co., Inc. ^(a)		12,325		636,833
UFP Industries, Inc.		6,731		629,281


			7,664,171

Capital Markets — 2.8%
Affiliated Managers Group, Inc.		3,316		790,634
Evercore, Inc., Class A		4,436		1,496,352
Federated Hermes, Inc., Class B, NVS		8,496		441,197
Hamilton Lane, Inc., Class A		4,650		626,773
Houlihan Lokey, Inc., Class A		6,252		1,283,661
Janus Henderson Group PLC		14,342		638,362
Jefferies Financial Group, Inc.		18,937		1,238,859
SEI Investments Co.		10,799		916,295
Stifel Financial Corp.		11,744		1,332,592


			8,764,725

Chemicals — 1.5%
Ashland, Inc.		5,322		254,977
Avient Corp.		10,668		351,511
Axalta Coating Systems Ltd. ^(a)		24,893		712,438
Cabot Corp.		6,115		465,046
NewMarket Corp.		880		728,825
RPM International, Inc.		14,755		1,739,319
Scotts Miracle-Gro Co. (The)		5,050		287,597
Westlake Corp.		3,891		299,840


			4,839,553

Commercial Services & Supplies — 1.9%
Brink’s Co. (The)		4,867		568,758
Clean Harbors, Inc. ^(a)(b)		5,795		1,345,715
MSA Safety, Inc.		4,229		727,684
RB Global, Inc.		21,332		2,311,535
Tetra Tech, Inc.		30,203		1,008,176


			5,961,868

Communications Equipment — 1.2%
Ciena Corp. ^(a)		16,248		2,366,846
Lumentum Holdings, Inc. ^(a)		8,065		1,312,256


			3,679,102

Construction & Engineering — 2.9%
AECOM		15,223		1,986,145
API Group Corp. ^(a)		42,543		1,462,203
Comfort Systems U.S.A., Inc.		4,046		3,338,678
MasTec, Inc. ^(a)		7,047		1,499,672
Valmont Industries, Inc.		2,269		879,759


			9,166,457


10		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction Materials — 0.4%
Eagle Materials, Inc.		3,730	$	869,239
Knife River Corp. ^(a)		6,601		507,419


				1,376,658

Consumer Finance — 0.6%
Ally Financial, Inc.		32,167		1,260,946
SLM Corp.		23,963		663,296


				1,924,242

Consumer Staples Distribution & Retail — 2.5%
Albertsons Cos., Inc., Class A		46,975		822,532
BJ’s Wholesale Club Holdings, Inc. ^(a)		15,178		1,415,348
Casey’s General Stores, Inc.		4,274		2,416,178
Sprouts Farmers Market, Inc. ^(a)		11,232		1,222,042
U.S. Foods Holding Corp. ^(a)		25,881		1,983,002


				7,859,102

Containers & Packaging — 1.3%
AptarGroup, Inc.		7,572		1,012,074
Crown Holdings, Inc.		13,223		1,277,210
Graphic Packaging Holding Co.		34,050		666,358
Greif, Inc., Class A, NVS		3,066		183,224
Silgan Holdings, Inc.		10,207		439,003
Sonoco Products Co.		11,463		493,941


				4,071,810

Diversified Consumer Services — 1.5%
Duolingo, Inc., Class A ^(a)		4,562		1,468,234
Graham Holdings Co., Class B		391		460,328
Grand Canyon Education, Inc. ^(a)		3,214		705,538
H&R Block, Inc.		15,605		789,145
Service Corp. International		16,119		1,341,423


				4,764,668

Diversified REITs — 0.5%
WP Carey, Inc.		25,170		1,700,737


Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc. ^(a)		28,771		1,074,597
Iridium Communications, Inc.		12,604		220,066


				1,294,663

Electrical Equipment — 2.0%
Acuity, Inc.		3,488		1,201,232
EnerSys		4,329		489,004
NEXTracker, Inc., Class A ^(a)(b)		17,007		1,258,348
nVent Electric PLC		18,781		1,852,558
Regal Rexnord Corp.		7,629		1,094,304
Sensata Technologies Holding PLC		16,739		511,376


				6,406,822

Electronic Equipment, Instruments & Components — 4.0%
Arrow Electronics, Inc. ^(a)		5,920		716,320
Avnet, Inc.		9,774		510,985
Belden, Inc.		4,607		554,084
Cognex Corp.		19,565		886,294
Coherent Corp. ^(a)		17,866		1,924,526
Crane NXT Co.		5,741		385,049
Fabrinet ^(a)		4,118		1,501,505
Flex Ltd. ^(a)		43,139		2,500,768
IPG Photonics Corp. ^(a)		2,912		230,601
Littelfuse, Inc.		2,882		746,467
Novanta, Inc. ^(a)		4,181		418,727
TD SYNNEX Corp.		8,679		1,421,186
Vontier Corp.		16,861		707,656


				12,504,168


Security	Shares		Value

Energy Equipment & Services — 0.5%
NOV, Inc.		42,684	$	565,563
Valaris Ltd. ^(a)		7,616		371,432
Weatherford International PLC		8,257		565,027


				1,502,022

Entertainment — 0.2%
Warner Music Group Corp., Class A		16,954		577,453


Financial Services — 1.8%
Equitable Holdings, Inc.		26,474		1,344,350
Essent Group Ltd.		11,573		735,580
Euronet Worldwide, Inc. ^(a)(b)		4,429		388,910
MGIC Investment Corp.		26,496		751,691
Shift4 Payments, Inc., Class A ^(a)(b)		7,734		598,612
Voya Financial, Inc.		11,191		837,087
Western Union Co. (The)		34,391		274,784
WEX, Inc. ^(a)		4,008		631,380


				5,562,394

Food Products — 0.9%
Darling Ingredients, Inc. ^(a)		18,432		568,996
Flowers Foods, Inc.		22,887		298,675
Ingredion, Inc.		7,377		900,806
Marzetti Co. (The)		2,246		388,086
Pilgrim’s Pride Corp.		4,685		190,773
Post Holdings, Inc. ^(a)		5,260		565,345


				2,912,681

Gas Utilities — 1.0%
New Jersey Resources Corp.		11,698		563,259
ONE Gas, Inc.		6,986		565,447
Southwest Gas Holdings, Inc.		7,020		549,947
Spire, Inc.		6,895		562,080
UGI Corp.		24,992		831,234


				3,071,967

Ground Transportation — 1.6%
Avis Budget Group, Inc. ^(a)		1,966		315,690
Knight-Swift Transportation Holdings, Inc.		18,884		746,107
Landstar System, Inc.		3,983		488,157
Ryder System, Inc.		4,688		884,344
Saia, Inc. ^(a)(b)		3,102		928,615
XPO, Inc. ^(a)		13,535		1,749,669


				5,112,582

Health Care Equipment & Supplies — 1.4%
DENTSPLY SIRONA, Inc.		23,227		294,751
Envista Holdings Corp. ^(a)		19,101		389,087
Globus Medical, Inc., Class A ^(a)		12,945		741,360
Haemonetics Corp. ^(a)		5,537		269,874
Lantheus Holdings, Inc. ^(a)(b)		7,815		400,831
LivaNova PLC ^(a)		6,379		334,132
Masimo Corp. ^(a)		5,226		771,096
Penumbra, Inc. ^(a)		4,514		1,143,487


				4,344,618

Health Care Providers & Services — 2.6%
Chemed Corp.		1,675		749,965
Encompass Health Corp.		11,577		1,470,511
Ensign Group, Inc. (The)		6,655		1,149,784
HealthEquity, Inc. ^(a)		10,068		954,144
Hims & Hers Health, Inc., Class A ^(a)(b)		23,765		1,347,951
Option Care Health, Inc. ^(a)		18,654		517,835
Tenet Healthcare Corp. ^(a)		10,155		2,061,871


				8,252,061


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care REITs — 0.8%
Healthcare Realty Trust, Inc.		40,962	$	738,545
Omega Healthcare Investors, Inc.		33,729		1,424,038
Sabra Health Care REIT, Inc.		27,651		515,415


				2,677,998

Health Care Technology — 0.4%
Doximity, Inc., Class A ^(a)		15,563		1,138,433


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		23,301		258,175


Hotels, Restaurants & Leisure — 3.1%
Aramark		30,543		1,172,851
Boyd Gaming Corp.		6,820		589,589
Choice Hotels International, Inc. ^(b)		2,375		253,911
Churchill Downs, Inc.		7,657		742,806
Hilton Grand Vacations, Inc. ^(a)(b)		7,090		296,433
Hyatt Hotels Corp., Class A ^(b)		4,885		693,328
Light & Wonder, Inc., Class A ^(a)(b)		9,649		809,937
Marriott Vacations Worldwide Corp.		3,182		211,794
Planet Fitness, Inc., Class A ^(a)		9,645		1,001,151
Texas Roadhouse, Inc.		7,638		1,269,054
Travel + Leisure Co.		7,568		450,220
Vail Resorts, Inc.		4,270		638,664
Wingstop, Inc.		3,250		817,960
Wyndham Hotels & Resorts, Inc.		8,776		701,202


				9,648,900

Household Durables — 2.1%
KB Home		7,822		497,792
Somnigroup International, Inc.		24,069		2,029,739
Taylor Morrison Home Corp., Class A ^(a)		11,361		749,940
Toll Brothers, Inc.		11,285		1,558,910
TopBuild Corp. ^(a)		3,216		1,257,006
Whirlpool Corp.		6,479		509,249


				6,602,636

Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		6,717		646,511


Industrial REITs — 1.2%
EastGroup Properties, Inc.		6,113		1,034,686
First Industrial Realty Trust, Inc.		15,433		794,337
Rexford Industrial Realty, Inc.		27,140		1,115,725
STAG Industrial, Inc.		21,751		767,593


				3,712,341

Insurance — 4.8%
American Financial Group, Inc.		7,956		1,159,348
Brighthouse Financial, Inc. ^(a)		6,696		355,424
CNO Financial Group, Inc.		11,280		446,124
Fidelity National Financial, Inc., Class A		29,358		1,775,865
First American Financial Corp.		11,701		751,672
Hanover Insurance Group, Inc. (The)		4,122		748,679
Kemper Corp.		7,011		361,417
Kinsale Capital Group, Inc.		2,574		1,094,619
Old Republic International Corp.		26,506		1,125,710
Primerica, Inc.		3,723		1,033,468
Reinsurance Group of America, Inc.		7,597		1,459,612
RenaissanceRe Holdings Ltd.		5,410		1,373,761
RLI Corp.		10,555		688,397
Ryan Specialty Holdings, Inc., Class A		12,501		704,556
Selective Insurance Group, Inc.		7,087		574,543
Unum Group		18,010		1,400,818


				15,054,013


Security	Shares		Value

Interactive Media & Services — 0.1%
ZoomInfo Technologies, Inc., Class A ^(a)		30,335	$	330,955


IT Services — 0.9%
ASGN, Inc. ^(a)		5,090		241,012
Kyndryl Holdings, Inc. ^(a)(b)		26,567		797,807
Okta, Inc., Class A ^(a)		19,213		1,761,832


				2,800,651

Leisure Products — 0.6%
Brunswick Corp.		7,509		474,869
Mattel, Inc. ^(a)		37,033		623,265
Polaris, Inc.		6,139		356,860
YETI Holdings, Inc. ^(a)		9,336		309,769


				1,764,763

Life Sciences Tools & Services — 1.8%
Avantor, Inc. ^(a)		78,358		977,908
Bio-Rad Laboratories, Inc., Class A ^(a)		2,098		588,258
Bruker Corp.		12,891		418,828
Illumina, Inc. ^(a)		17,666		1,677,740
Medpace Holdings, Inc. ^(a)		2,551		1,311,622
Repligen Corp. ^(a)		6,092		814,318


				5,788,674

Machinery — 5.4%
AGCO Corp.		7,212		772,189
Chart Industries, Inc. ^(a)		5,079		1,016,562
CNH Industrial NV		101,641		1,102,805
Crane Co.		5,622		1,035,235
Donaldson Co., Inc.		13,462		1,101,865
Esab Corp.		6,558		732,791
Flowserve Corp.		15,234		809,535
Graco, Inc.		19,192		1,630,552
ITT, Inc.		8,965		1,602,583
Lincoln Electric Holdings, Inc.		6,343		1,495,870
Middleby Corp. (The) ^(a)		5,359		712,372
Mueller Industries, Inc.		12,724		1,286,524
Oshkosh Corp.		7,356		954,073
Terex Corp.		7,623		391,060
Timken Co. (The)		7,284		547,611
Toro Co. (The)		11,343		864,336
Watts Water Technologies, Inc., Class A		3,186		889,786


				16,945,749

Marine Transportation — 0.2%
Kirby Corp. ^(a)		6,540		545,763


Media — 0.9%
EchoStar Corp., Class A ^(a)(b)		15,456		1,180,220
New York Times Co. (The), Class A		18,624		1,069,018
Nexstar Media Group, Inc., Class A		3,306		653,728


				2,902,966

Metals & Mining — 2.2%
Alcoa Corp.		29,759		978,774
Carpenter Technology Corp		5,730		1,406,944
Cleveland-Cliffs, Inc. ^(a)		56,500		689,300
Commercial Metals Co.		12,960		742,349
Reliance, Inc.		6,045		1,697,617
Royal Gold, Inc.		7,566		1,517,588


				7,032,572

Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Annaly Capital Management, Inc.		73,799		1,491,478
Starwood Property Trust, Inc.		39,666		768,330


				2,259,808


12		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Office REITs — 0.7%
COPT Defense Properties		12,997	$	377,693
Cousins Properties, Inc.		19,570		566,356
Kilroy Realty Corp.		12,407		524,196
Vornado Realty Trust		18,541		751,466


				2,219,711

Oil, Gas & Consumable Fuels — 1.0%
Antero Midstream Corp.		39,099		760,085
DT Midstream, Inc.		11,677		1,320,202
HF Sinclair Corp.		18,277		956,618
PBF Energy, Inc., Class A		9,442		284,865


				3,321,770

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		7,215		640,981


Passenger Airlines — 0.5%
Alaska Air Group, Inc. ^(a)		13,443		669,193
American Airlines Group, Inc. ^(a)(b)		76,863		863,940


				1,533,133

Personal Care Products — 0.5%
BellRing Brands, Inc. ^(a)		14,480		526,348
Coty, Inc., Class A ^(a)		42,765		172,770
elf Beauty, Inc. ^(a)		6,818		903,249


				1,602,367

Pharmaceuticals — 0.3%
Jazz Pharmaceuticals PLC ^(a)		6,972		918,910


Professional Services — 1.4%
Concentrix Corp.		5,143		237,349
ExlService Holdings, Inc. ^(a)		18,564		817,373
Exponent, Inc.		5,918		411,183
FTI Consulting, Inc. ^(a)		3,649		589,861
Genpact Ltd.		18,697		783,217
Insperity, Inc.		4,153		204,328
Maximus, Inc.		6,568		600,118
Paylocity Holding Corp. ^(a)		5,018		799,217


				4,442,646

Real Estate Management & Development — 0.5%
Jones Lang LaSalle, Inc. ^(a)		5,446		1,624,433


Residential REITs — 1.0%
American Homes 4 Rent, Class A		37,041		1,231,614
Equity LifeStyle Properties, Inc.		22,286		1,352,760
Independence Realty Trust, Inc.		27,290		447,283


				3,031,657

Retail REITs — 1.1%
Agree Realty Corp.		12,800		909,312
Brixmor Property Group, Inc.		35,183		973,866
Kite Realty Group Trust		25,616		571,237
NNN REIT, Inc.		21,906		932,538


				3,386,953

Semiconductors & Semiconductor Equipment — 3.2%
Allegro MicroSystems, Inc. ^(a)		14,250		416,100
Amkor Technology, Inc.		13,206		375,050
Cirrus Logic, Inc. ^(a)		5,900		739,211
Entegris, Inc. ^(b)		17,425		1,611,116
Lattice Semiconductor Corp. ^(a)		15,735		1,153,690
MACOM Technology Solutions Holdings, Inc. ^(a)		7,361		916,371
MKS, Inc.		7,820		967,881
Onto Innovation, Inc. ^(a)		5,696		736,037
Power Integrations, Inc.		6,564		263,939
Rambus, Inc. ^(a)(b)		12,367		1,288,641


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Silicon Laboratories, Inc. ^(a)		3,785	$	496,327
Synaptics, Inc. ^(a)		4,502		307,667
Universal Display Corp.		5,110		733,949


				10,005,979

Software — 3.8%
Appfolio, Inc., Class A ^(a)		2,661		733,531
BILL Holdings, Inc. ^(a)		10,692		566,355
Blackbaud, Inc. ^(a)		4,276		274,990
Commvault Systems, Inc. ^(a)		5,159		973,916
Docusign, Inc. ^(a)		23,225		1,674,290
Dolby Laboratories, Inc., Class A		7,137		516,505
Dropbox, Inc., Class A ^(a)		21,273		642,658
Dynatrace, Inc. ^(a)		34,654		1,678,986
Guidewire Software, Inc. ^(a)		9,677		2,224,355
Manhattan Associates, Inc. ^(a)		6,950		1,424,611
Pegasystems, Inc.		10,618		610,535
Qualys, Inc. ^(a)		4,149		549,037


				11,869,769

Specialized REITs — 1.7%
CubeSmart		26,210		1,065,699
EPR Properties		8,868		514,433
Gaming & Leisure Properties, Inc.		32,029		1,492,872
Lamar Advertising Co., Class A		9,977		1,221,384
National Storage Affiliates Trust		8,242		249,073
PotlatchDeltic Corp.		8,312		338,714
Rayonier, Inc.		16,341		433,690


				5,315,865

Specialty Retail — 3.4%
Abercrombie & Fitch Co., Class A ^(a)		5,552		474,974
AutoNation, Inc. ^(a)		3,250		711,002
Bath & Body Works, Inc.		24,322		626,535
Burlington Stores, Inc. ^(a)		7,162		1,822,729
Chewy, Inc., Class A ^(a)		25,577		1,034,590
Five Below, Inc. ^(a)		6,328		978,941
Floor & Decor Holdings, Inc., Class A ^(a)		12,378		912,259
GameStop Corp., Class A ^(a)(b)		47,305		1,290,480
Gap, Inc. (The)		25,894		553,873
Lithia Motors, Inc., Class A		2,947		931,252
Penske Automotive Group, Inc.		2,161		375,819
RH ^(a)		1,763		358,171
Valvoline, Inc. ^(a)		14,812		531,899


				10,602,524

Technology Hardware, Storage & Peripherals — 0.9%
Pure Storage, Inc., Class A ^(a)		35,687		2,990,927


Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd. ^(a)		13,738		273,661
Columbia Sportswear Co.		2,959		154,756
Crocs, Inc. ^(a)		6,278		524,527
PVH Corp.		5,591		468,358
Under Armour, Inc., Class A ^(a)(b)		21,943		109,495
Under Armour, Inc., Class C, NVS ^(a)		15,567		75,189
VF Corp.		38,240		551,803


				2,157,789

Trading Companies & Distributors — 2.0%
Applied Industrial Technologies, Inc		4,377		1,142,616
Core & Main, Inc., Class A ^(a)		22,012		1,184,906
GATX Corp.		4,157		726,644
MSC Industrial Direct Co., Inc., Class A		5,198		478,944


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors (continued)
Watsco, Inc.		4,012	$	1,622,051
WESCO International, Inc.		5,593		1,182,919


				6,338,080

Water Utilities — 0.4%
Essential Utilities, Inc.		32,237		1,286,256


Total Long-Term Investments — 99.7% (Cost: $275,379,327)				314,329,426


Short-Term Securities

Money Market Funds — 3.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(c)(d)(e)		11,025,573		11,031,086
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(c)(d)		566,356		566,356


Total Short-Term Securities — 3.7% (Cost: $11,595,550)				11,597,442


Total Investments — 103.4% (Cost: $286,974,877)				325,926,868

Liabilities in Excess of Other Assets — (3.4)%				(10,715,916	)


Net Assets — 100.0%			$	315,210,952

^(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



Affiliated Issuer	Value at 03/31/25		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,012,215	$	—			$ (980,787	) ^(a)	$	(855	)	$	513	$	11,031,086		11,025,573	$	12,207	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		440,236		126,120	^(a)		—			—			—		566,356		566,356		12,982			—


									$	(855	)	$	513	$	11,597,442			$	25,189		$	—

^(a)

Represents net amount purchased (sold).

^(b)


14		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Micro E-Mini Russell 2000 Index		11		12/19/25	$	135	$	754
Russell 1000 Value E-Mini Index		1		12/19/25		101		86
S&P Mid 400 E-Mini Index		1		12/19/25		329		(6,083	)

							$	(5,243	)

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:



	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	$	—	$	—	$	840	$	—	$	—	$	—	$	840


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts ^(a)	$	—	$	—	$	6,083	$	—	$	—	$	—	$	6,083

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	25,692		$	—	$	—	$	—	$	25,692


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(4,042	)	$	—	$	—	$	—	$	(4,042	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	246,072

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	314,329,426		$	—	$	—	$	314,329,426
Short-Term Securities
Money Market Funds		11,597,442			—		—		11,597,442


	$	325,926,868		$	—	$	—	$	325,926,868

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	840		$	—	$	—	$	840
Liabilities
Equity Contracts		(6,083	)		—		—		(6,083	)


	$	(5,243	)	$	—	$	—	$	(5,243	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


16		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.6%
AAR Corp. ^(a)		2,830	$	253,766
Mercury Systems, Inc. ^(a)		4,208		325,699


				579,465

Air Freight & Logistics — 0.2%
Forward Air Corp. ^(a)(b)		1,739		44,588
Hub Group, Inc., Class A		4,849		166,999


				211,587

Automobile Components — 2.2%
Adient PLC ^(a)		6,464		155,653
American Axle & Manufacturing Holdings, Inc. ^(a)		9,484		56,999
BorgWarner, Inc.		17,262		758,837
Dana, Inc.		10,486		210,139
Dorman Products, Inc. ^(a)(b)		2,217		345,586
Fox Factory Holding Corp. ^(a)		3,350		81,372
Gentherm, Inc. ^(a)		2,453		83,549
LCI Industries		1,941		180,804
Patrick Industries, Inc.		2,656		274,710
Standard Motor Products, Inc.		1,670		68,169
XPEL, Inc. ^(a)		2,003		66,239


				2,282,057

Automobiles — 0.1%
Winnebago Industries, Inc.		2,232		74,638


Banks — 9.6%
Ameris Bancorp		5,109		374,541
Atlantic Union Bankshares Corp.		11,367		401,141
Axos Financial, Inc. ^(a)		4,484		379,571
Banc of California, Inc.		10,492		173,643
BancFirst Corp.		1,651		208,769
Bancorp, Inc. (The) ^(a)		3,664		274,397
Bank of Hawaii Corp.		3,161		207,488
BankUnited, Inc.		5,984		228,349
Banner Corp.		2,751		180,190
Beacon Financial Corp.		6,572		155,822
Capitol Federal Financial, Inc.		9,745		61,881
Cathay General Bancorp		5,496		263,863
Central Pacific Financial Corp.		2,116		64,199
City Holding Co.		1,154		142,946
Community Financial System, Inc.		4,205		246,581
Customers Bancorp, Inc. ^(a)		2,350		153,619
CVB Financial Corp.		10,343		195,586
Dime Community Bancshares, Inc.		3,282		97,902
Eagle Bancorp, Inc.		2,250		45,495
FB Financial Corp.		3,361		187,342
First BanCorp/Puerto Rico		12,617		278,205
First Bancorp/Southern Pines NC		3,295		174,273
First Commonwealth Financial Corp.		8,336		142,129
First Financial Bancorp		7,617		192,329
First Hawaiian, Inc.		9,955		247,183
Fulton Financial Corp.		14,489		269,930
Hanmi Financial Corp.		2,348		57,972
Heritage Financial Corp.		2,718		65,748
Hilltop Holdings, Inc.		3,539		118,273
Hope Bancorp, Inc.		10,318		111,125
Independent Bank Corp.		3,970		274,605
Lakeland Financial Corp.		2,021		129,748
National Bank Holdings Corp., Class A		3,013		116,422
NBT Bancorp, Inc.		4,163		173,847
Northwest Bancshares, Inc.		11,715		145,149
OFG Bancorp		3,541		153,998


Security	Shares		Value

Banks (continued)
Park National Corp.		1,138	$	184,959
Pathward Financial, Inc.		1,826		135,142
Preferred Bank		561		50,709
Provident Financial Services, Inc.		10,000		192,800
Renasant Corp.		7,557		278,778
S&T Bancorp, Inc.		3,034		114,048
Seacoast Banking Corp. of Florida		6,937		211,093
ServisFirst Bancshares, Inc.		4,018		323,570
Simmons First National Corp., Class A		11,509		220,627
Southside Bancshares, Inc.		2,263		63,930
Stellar Bancorp, Inc.		3,712		112,622
Tompkins Financial Corp.		1,017		67,336
Triumph Financial, Inc. ^(a)		1,814		90,773
TrustCo Bank Corp.		1,492		54,160
Trustmark Corp.		4,812		190,555
United Community Banks, Inc.		9,602		301,023
Veritex Holdings, Inc.		4,354		145,990
WaFd, Inc.		6,268		189,858
Westamerica BanCorp		2,026		101,280
WSFS Financial Corp.		4,452		240,096


				9,963,610

Beverages — 0.1%
MGP Ingredients, Inc.		1,142		27,625
National Beverage Corp. ^(a)		1,858		68,597


				96,222

Biotechnology — 3.0%
ACADIA Pharmaceuticals, Inc. ^(a)		9,977		212,909
ADMA Biologics, Inc. ^(a)		19,034		279,038
Alkermes PLC ^(a)		13,177		395,310
Arcus Biosciences, Inc. ^(a)		5,503		74,841
Arrowhead Pharmaceuticals, Inc. ^(a)		11,033		380,528
Catalyst Pharmaceuticals, Inc. ^(a)		9,161		180,472
Dynavax Technologies Corp. ^(a)		7,929		78,735
Krystal Biotech, Inc. ^(a)		2,056		362,946
Myriad Genetics, Inc. ^(a)		7,398		53,488
Protagonist Therapeutics, Inc. ^(a)		4,669		310,162
TG Therapeutics, Inc. ^(a)		10,840		391,595
Veracyte, Inc. ^(a)		6,289		215,901
Vericel Corp. ^(a)		4,045		127,296
Vir Biotechnology, Inc. ^(a)(b)		7,464		42,619
Xencor, Inc. ^(a)		5,695		66,802


				3,172,642

Broadline Retail — 0.6%
Etsy, Inc. ^(a)		7,918		525,676
Kohl’s Corp.		8,912		136,977


				662,653

Building Products — 3.2%
American Woodmark Corp. ^(a)		1,158		77,308
Apogee Enterprises, Inc.		1,715		74,723
Armstrong World Industries, Inc.		3,453		676,822
AZZ, Inc.		2,398		261,694
CSW Industrials, Inc.		1,343		326,013
Gibraltar Industries, Inc. ^(a)		2,348		147,454
Griffon Corp.		3,124		237,893
Hayward Holdings, Inc. ^(a)		15,931		240,877
Insteel Industries, Inc.		1,549		59,389
Masterbrand, Inc. ^(a)(b)		10,106		133,096
Quanex Building Products Corp.		3,637		51,718


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Resideo Technologies, Inc. ^(a)		10,937	$	472,260
Zurn Elkay Water Solutions Corp.		11,909		560,080


				3,319,327

Capital Markets — 3.4%
Acadian Asset Management, Inc.		2,108		101,521
Artisan Partners Asset Management, Inc., Class A		5,636		244,602
BGC Group, Inc., Class A		29,133		275,598
Cohen & Steers, Inc.		2,191		143,752
Donnelley Financial Solutions, Inc. ^(a)		2,187		112,477
Moelis & Co., Class A		5,130		365,872
Piper Sandler Cos		1,328		460,803
PJT Partners, Inc., Class A		1,939		344,618
StepStone Group, Inc., Class A		5,766		376,577
StoneX Group, Inc. ^(a)		3,705		373,909
Victory Capital Holdings, Inc., Class A		3,947		255,608
Virtu Financial, Inc., Class A		6,355		225,603
Virtus Investment Partners, Inc.		505		95,965
WisdomTree, Inc.		9,638		133,968


				3,510,873

Chemicals — 3.1%
AdvanSix, Inc.		2,148		41,628
Balchem Corp.		2,589		388,505
Celanese Corp., Class A		8,739		367,737
Element Solutions, Inc.		18,107		455,753
FMC Corp.		9,984		335,762
Hawkins, Inc.		1,668		304,777
HB Fuller Co.		4,311		255,556
Ingevity Corp. ^(a)		2,920		161,155
Innospec, Inc.		1,983		153,008
Koppers Holdings, Inc.		1,600		44,800
Minerals Technologies, Inc.		2,496		155,052
Quaker Chemical Corp.		1,101		145,057
Sensient Technologies Corp.		3,384		317,589
Stepan Co.		1,709		81,519


				3,207,898

Commercial Services & Supplies — 1.9%
ABM Industries, Inc.		4,962		228,848
Brady Corp., Class A, NVS		3,505		273,495
Deluxe Corp.		3,572		69,154
Enviri Corp. ^(a)		6,421		81,483
GEO Group, Inc. (The) ^(a)		11,053		226,476
Healthcare Services Group, Inc. ^(a)		5,794		97,513
HNI Corp.		3,671		171,986
Interface, Inc., Class A ^(b)		4,679		135,410
Liquidity Services, Inc. ^(a)		1,889		51,815
MillerKnoll, Inc.		5,414		96,044
OPENLANE, Inc. ^(a)		8,493		244,429
Pitney Bowes, Inc.		8,698		99,244
UniFirst Corp.		1,199		200,461


				1,976,358

Communications Equipment — 1.3%
Calix, Inc. ^(a)		4,744		291,139
Digi International, Inc. ^(a)		2,967		108,177
Extreme Networks, Inc. ^(a)		10,554		217,940
Harmonic, Inc. ^(a)		9,083		92,465
NetScout Systems, Inc. ^(a)		5,473		141,368
Viasat, Inc. ^(a)(b)		10,717		314,008
Viavi Solutions, Inc. ^(a)		17,821		226,148


				1,391,245


Security	Shares		Value

Construction & Engineering — 2.7%
Arcosa, Inc.		3,913	$	366,687
Dycom Industries, Inc. ^(a)		2,309		673,674
Granite Construction, Inc.		3,495		383,227
MYR Group, Inc. ^(a)		1,239		257,749
Sterling Infrastructure, Inc. ^(a)		2,426		824,064
WillScot Holdings Corp., Class A		14,531		306,749


				2,812,150

Consumer Finance — 0.7%
Bread Financial Holdings, Inc.		2,460		137,194
Encore Capital Group, Inc. ^(a)		1,831		76,426
Enova International, Inc. ^(a)		1,999		230,065
Navient Corp.		5,458		71,773
PRA Group, Inc. ^(a)		3,108		47,987
PROG Holdings, Inc.		3,146		101,805
World Acceptance Corp. ^(a)		252		42,623


				707,873

Consumer Staples Distribution & Retail — 0.8%
Andersons, Inc. (The)		2,730		108,681
Chefs’ Warehouse, Inc. (The) ^(a)		2,903		169,332
Grocery Outlet Holding Corp. ^(a)		7,821		125,527
PriceSmart, Inc.		2,013		243,956
United Natural Foods, Inc. ^(a)		4,823		181,441


				828,937

Containers & Packaging — 0.5%
O-I Glass, Inc. ^(a)		12,289		159,388
Sealed Air Corp.		11,717		414,196


				573,584

Diversified Consumer Services — 1.7%
Adtalem Global Education, Inc. ^(a)		2,870		443,271
Frontdoor, Inc. ^(a)		5,811		391,022
Matthews International Corp., Class A		2,472		60,020
Mister Car Wash, Inc. ^(a)		7,810		41,627
Perdoceo Education Corp.		4,857		182,915
Strategic Education, Inc.		1,895		162,989
Stride, Inc. ^(a)		3,440		512,354


				1,794,198

Diversified REITs — 0.8%
Alexander & Baldwin, Inc.		5,755		104,683
American Assets Trust, Inc.		3,752		76,241
Armada Hoffler Properties, Inc.		6,432		45,088
Essential Properties Realty Trust, Inc.		15,797		470,119
Global Net Lease, Inc.		15,939		129,584


				825,715

Diversified Telecommunication Services — 0.7%
Cogent Communications Holdings, Inc.		3,807		145,999
Lumen Technologies, Inc. ^(a)		75,283		460,732
Uniti Group, Inc. ^(a)		14,235		87,118


				693,849

Electric Utilities — 0.3%
Otter Tail Corp.		3,334		273,288


Electrical Equipment — 0.6%
Powell Industries, Inc. ^(b)		752		229,217
Sunrun, Inc. ^(a)		18,419		318,465
Vicor Corp. ^(a)		1,832		91,087


				638,769

Electronic Equipment, Instruments & Components — 4.1%
Advanced Energy Industries, Inc.		3,005		511,271
Arlo Technologies, Inc. ^(a)		8,303		140,736


18		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Badger Meter, Inc.		2,353	$	420,199
Benchmark Electronics, Inc.		2,883		111,140
CTS Corp.		2,364		94,418
ePlus, Inc.		2,111		149,902
Insight Enterprises, Inc. ^(a)		2,513		284,999
Itron, Inc. ^(a)		3,646		454,146
Knowles Corp. ^(a)		6,877		160,303
OSI Systems, Inc. ^(a)		1,260		314,042
PC Connection, Inc.		909		56,349
Plexus Corp. ^(a)		2,152		311,373
Rogers Corp. ^(a)		1,343		108,058
Sanmina Corp. ^(a)		4,258		490,138
ScanSource, Inc. ^(a)		1,656		72,847
TTM Technologies, Inc. ^(a)		8,240		474,624
Vishay Intertechnology, Inc.		9,824		150,307


				4,304,852

Energy Equipment & Services — 1.3%
Archrock, Inc.		14,031		369,156
Bristow Group, Inc. ^(a)		1,997		72,052
Cactus, Inc., Class A		5,486		216,532
Core Laboratories, Inc.		3,761		46,486
Helix Energy Solutions Group, Inc. ^(a)		10,874		71,333
Innovex International, Inc. ^(a)		3,064		56,807
Liberty Energy, Inc., Class A		12,970		160,050
Patterson-UTI Energy, Inc.		27,883		144,434
Tidewater, Inc. ^(a)(b)		3,680		196,254


				1,333,104

Entertainment — 0.5%
Cinemark Holdings, Inc.		8,182		229,260
Madison Square Garden Sports Corp., Class A ^(a)		1,431		324,837


				554,097

Financial Services — 2.6%
Enact Holdings, Inc.		2,347		89,984
EVERTEC, Inc.		5,122		173,021
HA Sustainable Infrastructure Capital, Inc.		9,894		303,746
Jackson Financial, Inc., Class A		428		43,327
Mr. Cooper Group, Inc.		5,103		1,075,661
NMI Holdings, Inc., Class A ^(a)		6,198		237,631
Payoneer Global, Inc. ^(a)		22,457		135,865
Radian Group, Inc.		10,804		391,321
Walker & Dunlop, Inc.		2,723		227,697


				2,678,253

Food Products — 1.1%
Cal-Maine Foods, Inc.		3,637		342,242
Fresh Del Monte Produce, Inc.		2,661		92,390
Freshpet, Inc. ^(a)		3,893		214,543
J & J Snack Foods Corp.		1,240		119,152
John B Sanfilippo & Son, Inc.		733		47,117
Simply Good Foods Co. (The) ^(a)		7,399		183,643
Tootsie Roll Industries, Inc.		1,563		65,521
TreeHouse Foods, Inc. ^(a)		3,535		71,442


				1,136,050

Gas Utilities — 0.4%
Chesapeake Utilities Corp.		1,882		253,487
Northwest Natural Holding Co.		3,282		147,460


				400,947

Ground Transportation — 0.7%
ArcBest Corp.		1,808		126,325
Heartland Express, Inc.		3,633		30,444
Hertz Global Holdings, Inc. ^(a)(b)		9,987		67,912


Security	Shares		Value

Ground Transportation (continued)
Marten Transport Ltd.		4,613	$	49,175
RXO, Inc. ^(a)(b)		13,110		201,632
Schneider National, Inc., Class B		3,962		83,836
Werner Enterprises, Inc.		4,798		126,283


				685,607

Health Care Equipment & Supplies — 3.4%
Artivion, Inc. ^(a)		3,328		140,908
Avanos Medical, Inc. ^(a)		3,710		42,888
CONMED Corp.		2,466		115,976
Embecta Corp.		4,669		65,880
Enovis Corp. ^(a)		4,549		138,017
Glaukos Corp. ^(a)		4,575		373,091
ICU Medical, Inc. ^(a)(b)		1,970		236,321
Inspire Medical Systems, Inc. ^(a)		2,155		159,901
Integer Holdings Corp. ^(a)		2,798		289,117
Integra LifeSciences Holdings Corp. ^(a)		5,324		76,293
LeMaitre Vascular, Inc.		1,657		145,004
Merit Medical Systems, Inc. ^(a)		4,724		393,179
Neogen Corp. ^(a)		17,279		98,663
Omnicell, Inc. ^(a)		3,654		111,264
QuidelOrtho Corp. ^(a)(b)		5,437		160,120
STAAR Surgical Co. ^(a)		3,980		106,943
Tandem Diabetes Care, Inc. ^(a)		5,375		65,252
Teleflex, Inc.		3,529		431,808
TransMedics Group, Inc. ^(a)(b)		2,721		305,296
UFP Technologies, Inc. ^(a)		619		123,552


				3,579,473

Health Care Providers & Services — 2.0%
AdaptHealth Corp. ^(a)		8,529		76,335
Addus HomeCare Corp. ^(a)(b)		1,455		171,675
AMN Healthcare Services, Inc. ^(a)		3,054		59,125
Astrana Health, Inc. ^(a)		3,416		96,844
CorVel Corp. ^(a)		2,504		193,860
National HealthCare Corp.		991		120,416
NeoGenomics, Inc. ^(a)		10,359		79,971
Pediatrix Medical Group, Inc. ^(a)		6,793		113,783
Premier, Inc., Class A		6,582		182,980
Privia Health Group, Inc. ^(a)		9,222		229,628
Progyny, Inc. ^(a)		6,410		137,943
RadNet, Inc. ^(a)		5,521		420,755
Select Medical Holdings Corp.		8,778		112,710
U.S. Physical Therapy, Inc.		1,220		103,639


				2,099,664

Health Care REITs — 0.9%
CareTrust REIT, Inc.		17,587		609,917
LTC Properties, Inc.		3,659		134,871
Medical Properties Trust, Inc.		39,421		199,865
Universal Health Realty Income Trust		1,026		40,188


				984,841

Health Care Technology — 0.3%
Certara, Inc. ^(a)		9,674		118,216
HealthStream, Inc.		1,886		53,261
Schrodinger, Inc. ^(a)		4,484		89,949


				261,426

Hotel & Resort REITs — 1.1%
Apple Hospitality REIT, Inc.		17,618		211,592
DiamondRock Hospitality Co.		16,428		130,767
Pebblebrook Hotel Trust		9,490		108,091
Ryman Hospitality Properties, Inc.		5,035		451,086
Summit Hotel Properties, Inc.		8,423		46,242


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotel & Resort REITs (continued)
Sunstone Hotel Investors, Inc.		15,222	$	142,630
Xenia Hotels & Resorts, Inc.		7,619		104,533


				1,194,941

Hotels, Restaurants & Leisure — 1.9%
BJ’s Restaurants, Inc. ^(a)		1,761		53,763
Bloomin’ Brands, Inc.		6,195		44,418
Brinker International, Inc. ^(a)		3,547		449,334
Cheesecake Factory, Inc. (The)		3,656		199,764
Cracker Barrel Old Country Store, Inc.		1,781		78,471
Dave & Buster’s Entertainment, Inc. ^(a)(b)		2,145		38,953
Golden Entertainment, Inc.		1,589		37,468
Monarch Casino & Resort, Inc.		988		104,570
Papa John’s International, Inc.		2,613		125,816
Penn Entertainment, Inc. ^(a)		11,231		216,309
Pursuit Attractions & Hospitality, Inc. ^(a)		1,716		62,085
Sabre Corp. ^(a)		31,384		57,433
Shake Shack, Inc., Class A ^(a)(b)		3,218		301,237
Six Flags Entertainment Corp. ^(a)(b)		8,104		184,123


				1,953,744

Household Durables — 3.1%
Cavco Industries, Inc. ^(a)		632		367,022
Century Communities, Inc.		2,071		131,239
Champion Homes, Inc. ^(a)		4,511		344,505
Dream Finders Homes, Inc., Class A ^(a)		2,291		59,383
Ethan Allen Interiors, Inc.		1,845		54,354
Green Brick Partners, Inc. ^(a)		2,441		180,292
Helen of Troy Ltd. ^(a)		1,843		46,444
Installed Building Products, Inc		1,820		448,921
La-Z-Boy, Inc.		3,294		113,050
Leggett & Platt, Inc.		10,806		95,957
LGI Homes, Inc. ^(a)		1,614		83,460
M/I Homes, Inc. ^(a)		2,107		304,335
Meritage Homes Corp.		5,689		412,054
Newell Brands, Inc.		33,366		174,838
Sonos, Inc. ^(a)		9,654		152,533
Tri Pointe Homes, Inc. ^(a)		6,993		237,552


				3,205,939

Household Products — 0.5%
Central Garden & Pet Co. ^(a)		645		21,059
Central Garden & Pet Co., Class A, NVS ^(a)		4,106		121,250
Energizer Holdings, Inc.		4,870		121,215
WD-40 Co.		1,080		213,408


				476,932

Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy, Inc., Class A		2,788		75,081
Clearway Energy, Inc., Class C		6,652		187,919


				263,000

Industrial REITs — 0.8%
Innovative Industrial Properties, Inc.		2,235		119,751
LXP Industrial Trust		23,605		211,501
Terreno Realty Corp.		8,245		467,904


				799,156

Insurance — 2.6%
AMERISAFE, Inc.		1,516		66,461
Assured Guaranty Ltd.		3,572		302,370
Employers Holdings, Inc.		1,870		79,438
Genworth Financial, Inc., Class A ^(a)		32,755		291,519
Goosehead Insurance, Inc., Class A		2,031		151,147
HCI Group, Inc.		860		165,060
Horace Mann Educators Corp.		3,250		146,803


Security	Shares		Value

Insurance (continued)
Lincoln National Corp.		9,926	$	400,316
Mercury General Corp.		2,126		180,242
Palomar Holdings, Inc. ^(a)		2,135		249,261
ProAssurance Corp. ^(a)		4,067		97,567
Safety Insurance Group, Inc.		1,197		84,616
SiriusPoint Ltd. ^(a)		6,838		123,699
Stewart Information Services Corp		2,236		163,944
Trupanion, Inc. ^(a)		2,668		115,471
United Fire Group, Inc.		1,745		53,083


				2,670,997

Interactive Media & Services — 1.0%
Angi, Inc., Class A ^(a)		2,928		47,609
Cargurus, Inc., Class A ^(a)		6,777		252,308
Cars.com, Inc. ^(a)		4,617		56,420
IAC, Inc. ^(a)		5,415		184,489
QuinStreet, Inc. ^(a)		4,531		70,095
Shutterstock, Inc.		1,961		40,887
TripAdvisor, Inc. ^(a)		9,294		151,120
Yelp, Inc. ^(a)		4,766		148,699
Ziff Davis, Inc. ^(a)(b)		3,289		125,311


				1,076,938

IT Services — 0.4%
DigitalOcean Holdings, Inc. ^(a)(b)		5,461		186,548
DXC Technology Co. ^(a)		14,315		195,114
Grid Dynamics Holdings, Inc., Class A ^(a)		5,254		40,508


				422,170

Leisure Products — 0.3%
Acushnet Holdings Corp.		2,208		173,306
Topgolf Callaway Brands Corp. ^(a)		11,116		105,602


				278,908

Life Sciences Tools & Services — 0.2%
Azenta, Inc. ^(a)		3,279		94,173
BioLife Solutions, Inc. ^(a)		3,087		78,749
Cytek Biosciences, Inc. ^(a)		8,704		30,203
OmniAb, Inc., 12.50 Earnout Shares ^(a)(c)		262		—
OmniAb, Inc., 15.00 Earnout Shares ^(a)(c)		262		—


				203,125

Machinery — 5.6%
Alamo Group, Inc.		863		164,747
Astec Industries, Inc.		1,819		87,548
Enerpac Tool Group Corp., Class A		4,301		176,341
Enpro, Inc		1,682		380,132
ESCO Technologies, Inc.		2,062		435,309
Federal Signal Corp.		4,853		577,458
Franklin Electric Co., Inc.		3,054		290,741
Gates Industrial Corp. PLC ^(a)		20,575		510,671
Greenbrier Cos., Inc. (The)		2,457		113,440
Hillenbrand, Inc.		5,613		151,776
JBT Marel Corp.		4,150		582,867
Kadant, Inc.		943		280,618
Kennametal, Inc.		6,074		127,129
Lindsay Corp.		869		122,147
Mueller Water Products, Inc., Class A		12,490		318,745
Proto Labs, Inc. ^(a)		1,911		95,607
SPX Technologies, Inc. ^(a)		3,942		736,287
Standex International Corp.		965		204,483
Tennant Co.		1,469		119,077
Titan International, Inc. ^(a)		3,796		28,698


20		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Trinity Industries, Inc.		6,431	$	180,325
Worthington Enterprises, Inc.		2,497		138,559


				5,822,705

Marine Transportation — 0.2%
Matson, Inc.		2,539		250,320


Media — 0.7%
Cable One, Inc.		369		65,331
DoubleVerify Holdings, Inc. ^(a)		10,887		130,426
John Wiley & Sons, Inc., Class A		3,282		132,823
Scholastic Corp., NVS		1,796		49,175
TEGNA, Inc.		12,863		261,505
Thryv Holdings, Inc. ^(a)		3,308		39,894


				679,154

Metals & Mining — 0.5%
Century Aluminum Co. ^(a)		4,271		125,397
Kaiser Aluminum Corp.		1,267		97,762
Materion Corp.		1,654		199,820
Metallus, Inc. ^(a)		2,861		47,292
SunCoke Energy, Inc.		6,777		55,300


				525,571

Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Adamas Trust, Inc.		6,682		46,574
Apollo Commercial Real Estate Finance, Inc.		10,390		105,251
Arbor Realty Trust, Inc.		14,568		177,875
ARMOUR Residential REIT, Inc.		9,029		134,893
Blackstone Mortgage Trust, Inc., Class A		12,741		234,562
Ellington Financial, Inc.		7,947		103,152
Franklin BSP Realty Trust, Inc.		6,539		71,013
KKR Real Estate Finance Trust, Inc		4,336		39,024
PennyMac Mortgage Investment Trust		6,990		85,697
Ready Capital Corp.		12,288		47,555
Redwood Trust, Inc.		10,280		59,521
Two Harbors Investment Corp.		8,362		82,533


				1,187,650

Multi-Utilities — 0.3%
Avista Corp.		6,481		245,047
Unitil Corp.		1,407		67,339


				312,386

Office REITs — 1.0%
Brandywine Realty Trust		13,794		57,521
Douglas Emmett, Inc.		13,188		205,337
Easterly Government Properties, Inc.		3,424		78,512
Highwoods Properties, Inc.		8,632		274,670
JBG SMITH Properties		4,910		109,248
SL Green Realty Corp.		5,677		339,542


				1,064,830

Oil, Gas & Consumable Fuels — 0.6%
CVR Energy, Inc.		2,399		87,516
Dorian LPG Ltd.		2,923		87,105
International Seaways, Inc.		3,236		149,115
Par Pacific Holdings, Inc. ^(a)		4,072		144,230
REX American Resources Corp. ^(a)		2,253		68,987
World Kinect Corp.		4,419		114,673


				651,626

Paper & Forest Products — 0.1%
Sylvamo Corp.		2,723		120,411


Passenger Airlines — 0.5%
Allegiant Travel Co. ^(a)		1,073		65,207


Security	Shares		Value

Passenger Airlines (continued)
JetBlue Airways Corp. ^(a)		23,350	$	114,882
SkyWest, Inc. ^(a)		3,226		324,600
Sun Country Airlines Holdings, Inc. ^(a)		4,241		50,086


				554,775

Personal Care Products — 0.2%
Edgewell Personal Care Co.		3,728		75,902
Interparfums, Inc.		1,467		144,323
USANA Health Sciences, Inc. ^(a)		883		24,327


				244,552

Pharmaceuticals — 2.1%
Amphastar Pharmaceuticals, Inc. ^(a)		2,848		75,899
ANI Pharmaceuticals, Inc. ^(a)		1,387		127,049
Collegium Pharmaceutical, Inc. ^(a)		2,506		87,685
Corcept Therapeutics, Inc. ^(a)		7,487		622,245
Harmony Biosciences Holdings, Inc. ^(a)		3,158		87,034
Innoviva, Inc. ^(a)		4,763		86,925
Ligand Pharmaceuticals, Inc. ^(a)(b)		1,566		277,401
Organon & Co.		20,753		221,642
Pacira BioSciences, Inc. ^(a)		3,574		92,102
Phibro Animal Health Corp., Class A		1,626		65,788
Prestige Consumer Healthcare, Inc. ^(a)(b)		3,932		245,357
Supernus Pharmaceuticals, Inc. ^(a)(b)		4,472		213,717


				2,202,844

Professional Services — 1.1%
CSG Systems International, Inc.		2,198		141,507
Heidrick & Struggles International, Inc.		1,660		82,618
Korn Ferry		4,178		292,376
Robert Half, Inc.		7,977		271,059
Verra Mobility Corp., Class A ^(a)		12,753		314,999


				1,102,559

Real Estate Management & Development — 0.5%
Cushman & Wakefield PLC ^(a)		11,824		188,238
eXp World Holdings, Inc.		7,224		77,008
Kennedy-Wilson Holdings, Inc.		9,581		79,714
Marcus & Millichap, Inc.		1,961		57,555
St. Joe Co. (The)		3,200		158,336


				560,851

Residential REITs — 0.3%
Centerspace		1,347		79,338
Elme Communities		7,036		118,627
NexPoint Residential Trust, Inc.		1,755		56,546
Veris Residential, Inc.		6,498		98,770


				353,281

Retail REITs — 1.8%
Acadia Realty Trust		10,455		210,668
Curbline Properties Corp.		7,747		172,758
Getty Realty Corp.		4,141		111,103
Macerich Co. (The)		20,192		367,494
Phillips Edison & Co., Inc.		10,023		344,090
Saul Centers, Inc.		989		31,520
SITE Centers Corp.		4,172		37,590
Tanger, Inc.		9,054		306,387
Urban Edge Properties		10,038		205,478
Whitestone REIT		3,589		44,073


				1,831,161

Semiconductors & Semiconductor Equipment — 3.7%
Alpha & Omega Semiconductor Ltd. ^(a)		1,987		55,557
Axcelis Technologies, Inc. ^(a)(b)		2,510		245,076
CEVA, Inc. ^(a)		1,923		50,786


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Cohu, Inc. ^(a)		3,746	$	76,156
Diodes, Inc. ^(a)(b)		3,706		197,196
FormFactor, Inc. ^(a)		6,156		224,202
Ichor Holdings Ltd. ^(a)		2,720		47,654
Impinj, Inc. ^(a)		2,066		373,430
Kulicke & Soffa Industries, Inc.		4,173		169,591
MaxLinear, Inc. ^(a)		6,512		104,713
PDF Solutions, Inc. ^(a)		2,550		65,841
Penguin Solutions, Inc. ^(a)(b)		3,793		99,680
Photronics, Inc. ^(a)		4,785		109,816
Qorvo, Inc. ^(a)		6,731		613,059
Semtech Corp. ^(a)		6,917		494,220
SiTime Corp. ^(a)		1,742		524,882
SolarEdge Technologies, Inc. ^(a)		4,732		175,084
Ultra Clean Holdings, Inc. ^(a)		3,622		98,700
Veeco Instruments, Inc. ^(a)		4,789		145,729


				3,871,372

Software — 4.1%
A10 Networks, Inc.		5,768		104,689
ACI Worldwide, Inc. ^(a)		8,230		434,297
Adeia, Inc.		8,714		146,395
Agilysys, Inc. ^(a)		2,028		213,447
Alarm.com Holdings, Inc. ^(a)		3,991		211,842
BlackLine, Inc. ^(a)		4,155		220,630
Box, Inc., Class A ^(a)		11,570		373,364
Clear Secure, Inc., Class A		6,929		231,290
InterDigital, Inc.		2,060		711,174
LiveRamp Holdings, Inc. ^(a)		5,235		142,078
MARA Holdings, Inc. ^(a)(b)		29,584		540,204
N-able, Inc. ^(a)		5,953		46,433
NCR Voyix Corp. ^(a)(b)		11,047		138,640
Progress Software Corp.		3,448		151,471
Sprinklr, Inc., Class A ^(a)		9,658		74,560
SPS Commerce, Inc. ^(a)		3,027		315,232
Teradata Corp. ^(a)		7,564		162,702


				4,218,448

Specialized REITs — 0.5%
Four Corners Property Trust, Inc.		8,353		203,813
Outfront Media, Inc.		11,630		213,062
Safehold, Inc.		3,666		56,786


				473,661

Specialty Retail — 3.2%
Advance Auto Parts, Inc.		4,790		294,106
American Eagle Outfitters, Inc.		12,878		220,343
Asbury Automotive Group, Inc. ^(a)		1,572		384,275
Boot Barn Holdings, Inc. ^(a)(b)		2,437		403,860
Buckle, Inc. (The)		2,396		140,549
Caleres, Inc.		2,740		35,730
Group 1 Automotive, Inc.		1,013		443,198
Guess?, Inc.		2,441		40,789
MarineMax, Inc. ^(a)		1,522		38,552
Monro, Inc.		2,409		43,290
National Vision Holdings, Inc. ^(a)		6,329		184,744
Sally Beauty Holdings, Inc. ^(a)		7,871		128,140
Shoe Carnival, Inc.		1,437		29,875
Signet Jewelers Ltd.		3,284		315,001
Sonic Automotive, Inc., Class A		1,179		89,710
Upbound Group, Inc.		4,145		97,946


Security	Shares		Value


Specialty Retail (continued)
Urban Outfitters, Inc. ^(a)		4,294	$	306,720
Victoria’s Secret & Co. ^(a)		6,358		172,556


				3,369,384

Technology Hardware, Storage & Peripherals — 0.0%
Corsair Gaming, Inc. ^(a)		3,712		33,111


Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		2,925		82,544
G-III Apparel Group Ltd. ^(a)(b)		3,031		80,655
Hanesbrands, Inc. ^(a)		28,292		186,444
Kontoor Brands, Inc.		4,081		325,541
Oxford Industries, Inc.		1,121		45,445
Steven Madden Ltd.		5,802		194,251
Wolverine World Wide, Inc.		6,473		177,619


				1,092,499

Trading Companies & Distributors — 1.2%
Air Lease Corp., Class A		8,391		534,087
Boise Cascade Co.		2,984		230,723
DNOW, Inc. ^(a)		8,588		130,967
DXP Enterprises, Inc. ^(a)		1,017		121,094
Rush Enterprises, Inc., Class A		4,899		261,950


				1,278,821

Water Utilities — 0.6%
American States Water Co.		3,072		225,239
California Water Service Group		4,754		218,161
H2O America		2,633		128,227
Middlesex Water Co.		1,444		78,149


				649,776

Wireless Telecommunication Services — 0.4%
Gogo, Inc. ^(a)		5,937		50,999
Shenandoah Telecommunications Co.		3,682		49,412
Telephone & Data Systems, Inc.		7,863		308,544


				408,955


Total Long-Term Investments — 98.9% (Cost: $90,466,205)				103,021,805


Short-Term Securities

Money Market Funds — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.26% ^(d)(e)(f)		4,996,339		4,998,838
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.09% ^(d)(e)		1,012,217		1,012,217


Total Short-Term Securities — 5.8% (Cost: $6,010,244)				6,011,055


Total Investments — 104.7% (Cost: $96,476,449)				109,032,860

Liabilities in Excess of Other Assets — (4.7)%				(4,898,927	)

Net Assets — 100.0%			$	104,133,933

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(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.


22		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

Affiliates



Affiliated Issuer	Value at 03/31/25		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/25		Shares Held at 09/30/25		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,433,821	$	—	$	(435,109	) ^(a)	$	17	$	109	$	4,998,838		4,996,339		$ 7,405	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,623,639		—		(1,611,422	) ^(a)		—		—		1,012,217		1,012,217		25,357			—


								$	17	$	109	$	6,011,055				$ 32,762		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Micro E-Mini Russell 2000 Index		13		12/19/25	$	160	$	(817	)

Equity Swap Contracts




Reference Entity	Counterparty	Notional Amount		Termination Date		Spread			Reference Rate		Payment Frequency		Value/Unrealized Appreciation (Depreciation)


Long Contracts ^(a)
Arbor Realty Trust, Inc.	Goldman Sachs Bank USA	USD	9,210		08/19/26		(2.25	)%		1D FEDL01		Monthly	$	399
Beacon Financial Corp.	Goldman Sachs Bank USA		507		08/18/26		0.40	%		1D FEDL01		Monthly		(33	)
Bread Financial Holdings, Inc.	Goldman Sachs Bank USA		29,072		08/19/26		0.40	%		1D FEDL01		Monthly		(3,641	)
Bread Financial Holdings, Inc.	HSBC Bank PLC		38,949		02/09/28		0.40	%		1D OBFR01		Monthly		(5,821	)
Bread Financial Holdings, Inc.	JPMorgan Chase Bank N.A.		14,360		02/09/26		0.40	%		1D OBFR01		Monthly		(2,146	)
Central Pacific Financial Corp.	HSBC Bank PLC		1,083		02/09/28		0.40	%		1D OBFR01		Monthly		(21	)
Douglas Emmett, Inc.	Goldman Sachs Bank USA		2,583		08/18/26		0.40	%		1D FEDL01		Monthly		(154	)
First BanCorp/Puerto Rico	HSBC Bank PLC		2,468		02/09/28		0.40	%		1D OBFR01		Monthly		2
Hanmi Financial Corp.	Goldman Sachs Bank USA		970		08/18/26		0.40	%		1D FEDL01		Monthly		(7	)
Jackson Financial, Inc., Class A	Goldman Sachs Bank USA		66,938		08/19/26		0.40	%		1D FEDL01		Monthly		3,012
Jackson Financial, Inc., Class A	HSBC Bank PLC		51,583		02/09/28		0.40	%		1D OBFR01		Monthly		2,777
Jackson Financial, Inc., Class A	JPMorgan Chase Bank N.A.		374,877		02/09/26		0.40	%		1D OBFR01		Monthly		20,629
Lincoln National Corp.	Goldman Sachs Bank USA		67,425		08/18/26		0.40	%		1D FEDL01		Monthly		(1,486	)
Lincoln National Corp.	HSBC Bank PLC		76,483		02/09/28		0.40	%		1D OBFR01		Monthly		(2,477	)
Lincoln National Corp.	JPMorgan Chase Bank N.A.		3,251		02/09/26		0.40	%		1D OBFR01		Monthly		(105	)
Moelis & Co., Class A	Goldman Sachs Bank USA		26,714		08/18/26		0.40	%		1D FEDL01		Monthly		(1,110	)
Moelis & Co., Class A	HSBC Bank PLC		31,425		02/09/28		0.40	%		1D OBFR01		Monthly		(543	)
Payoneer Global, Inc.	Goldman Sachs Bank USA		5,236		08/18/26		0.40	%		1D FEDL01		Monthly		(342	)
Pitney Bowes, Inc.	Goldman Sachs Bank USA		23,386		08/19/26		0.40	%		1D FEDL01		Monthly		61
Pitney Bowes, Inc.	HSBC Bank PLC		23,859		02/09/28		0.40	%		1D OBFR01		Monthly		(2,317	)
Preferred Bank	Goldman Sachs Bank USA		19,091		08/19/26		0.40	%		1D FEDL01		Monthly		(561	)
Preferred Bank	HSBC Bank PLC		10,498		02/09/28		0.40	%		1D OBFR01		Monthly		(556	)
Preferred Bank	JPMorgan Chase Bank N.A.		4,963		02/09/26		0.40	%		1D OBFR01		Monthly		(263	)
Provident Financial Services, Inc.	Goldman Sachs Bank USA		8,491		08/19/26		0.40	%		1D FEDL01		Monthly		(143	)


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

Equity Swap Contracts (continued)

Reference Entity

Counterparty

Notional Amount

Termination Date

Spread

Reference Rate

Payment
Frequency

Value/ Unrealized
Appreciation
(Depreciation)

Long Contracts ^(a) (continued)

SiriusPoint Ltd.

HSBC Bank PLC

USD

22,794

02/09/28

0.40

1D OBFR01

Monthly

SiriusPoint Ltd.

JPMorgan Chase Bank N.A.

3,130

02/09/26

0.40

1D OBFR01

Monthly

(145

)

Total long positions of equity swaps

5,081

Net dividends and financing fees

(2,300

)

Total equity swap contracts including dividends and financing fees

2,781

^(a)

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	26,952	$	(24,171	)

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:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps;
Swap premiums paid	$	—	$	—	$	26,952	$	—	$	—	$	—	$	26,952

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts ^(a)	$	—	$	—	$	817	$	—	$	—	$	—	$	817
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received		—		—		24,171		—		—		—		24,171


	$	—	$	—	$	24,988	$	—	$	—	$	—	$	24,988

^(a)

For the period ended September 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	29,626		$	—	$	—	$	—	$	29,626
Swaps		—		—		84,060			—		—		—		84,060


	$	—	$	—	$	113,686		$	—	$	—	$	—	$	113,686

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	5,078		$	—	$	—	$	—	$	5,078
Swaps		—		—		(30,651	)		—		—		—		(30,651	)


	$	—	$	—	$	(25,573	)	$	—	$	—	$	—	$	(25,573	)


24		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long			$ 161,993
Equity swaps:
Average notional value — long			860,751

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets			Liabilities

Derivative Financial Instruments
Futures contracts	$	268		$	—
Swaps — OTC ^(a)		26,952			24,171


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	27,220		$	24,171

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(268	)		(2,300	)


Total derivative assets and liabilities subject to an MNA	$	26,952		$	21,871

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.



Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)			Non- Cash Collateral Received ^(b)		Cash Collateral Received ^(b)		Net Amount of Derivative Assets ^(c)

Goldman Sachs Bank USA	$	3,472	$	(3,472	)	$	—	$	—	$	—
HSBC Bank PLC		2,851		(2,851	)		—		—		—
JPMorgan Chase Bank N.A		20,629		(2,659	)		—		—		17,970

	$	26,952	$	(8,982	)	$	—	$	—	$	17,970



Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset ^(a)			Non- Cash Collateral Pledged ^(b)		Cash Collateral Pledged ^(b)		Net Amount of Derivative Liabilities ^(d)

Goldman Sachs Bank USA	$	7,477	$	(3,472	)	$	—	$	—	$	4,005
HSBC Bank PLC		11,735		(2,851	)		—		—		8,884
JPMorgan Chase Bank N.A		2,659		(2,659	)		—		—		—

	$	21,871	$	(8,982	)	$	—	$	—	$	12,889

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2025

iShares ^® ESG Select Screened S&P Small-Cap ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	103,021,805		$	—		$	—	$	103,021,805
Short-Term Securities
Money Market Funds		6,011,055			—			—		6,011,055

	$	109,032,860		$	—		$	—	$	109,032,860

Derivative Financial Instruments ^(a)
Assets
Equity Contracts	$	—		$	26,952		$	—	$	26,952
Liabilities
Equity Contracts		(817	)		(24,171	)		—		(24,988	)

	$	(817	)	$	2,781		$	—	$	1,964

^(a)

Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


26		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited)

September 30, 2025


	iShares ESG Select Screened S&P 500 ETF		iShares ESG Select Screened S&P Mid-Cap ETF		iShares ESG Select Screened S&P Small-Cap ETF

ASSETS
Investments, at value — unaffiliated ^(a)(b)	$	476,448,486	$	314,329,426	$	103,021,805
Investments, at value — affiliated ^(c)		2,998,647		11,597,442		6,011,055
Cash		1,951		120		145
Cash pledged:
Futures contracts		56,000		41,000		12,000
Receivables:
Securities lending income — affiliated		167		2,577		897
Swaps		—		—		5,585
Capital shares sold		4,840		—		—
Dividends — unaffiliated		187,733		296,679		121,775
Dividends — affiliated		2,571		2,496		3,457
Variation margin on futures contracts		3,030		849		268
Unrealized appreciation on OTC swaps		—		—		26,952


Total assets		479,703,425		326,270,589		109,203,939


LIABILITIES
Collateral on securities loaned		704,077		11,028,662		4,998,135
Payables:
Investments purchased		—		—		37,393
Investment advisory fees		30,313		30,975		10,307
Unrealized depreciation on OTC swaps		—		—		24,171


Total liabilities		734,390		11,059,637		5,070,006

Commitments and contingent liabilities

NET ASSETS	$	478,969,035	$	315,210,952	$	104,133,933


NET ASSETS CONSIST OF:
Paid-in capital	$	388,371,056	$	282,606,519	$	95,339,800
Accumulated earnings		90,597,979		32,604,433		8,794,133


NET ASSETS	$	478,969,035	$	315,210,952	$	104,133,933


NET ASSET VALUE
Shares outstanding	$	9,300,000	$	7,200,000	$	2,450,000


Net asset value	$	51.50	$	43.78	$	42.50


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a) Investments, at cost — unaffiliated	$	380,230,231	$	275,379,327	$	90,466,205

^(b) Securities loaned, at value	$	695,751	$	10,671,385	$	4,889,546

^(c) Investments, at cost — affiliated	$	2,681,626	$	11,595,550	$	6,010,244

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		27

Statements of Operations (unaudited)

Six Months Ended September 30, 2025


	iShares ESG Select Screened S&P 500 ETF			iShares ESG Select Screened S&P Mid-Cap ETF			iShares ESG Select Screened S&P Small-Cap ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	2,308,137		$	2,144,515		$	842,408
Dividends — affiliated		27,081			12,982			25,357
Interest — unaffiliated		181			554			280
Securities lending income — affiliated — net		10,544			12,207			7,405
Foreign taxes withheld		(680	)		(1,824	)		(1,028	)


Total investment income		2,345,263			2,168,434			874,422


EXPENSES
Investment advisory		160,041			169,674			58,850


Total expenses		160,041			169,674			58,850


Net investment income		2,185,222			1,998,760			815,572


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(294,888	)		(1,676,877	)		(370,098	)
Investments — affiliated		(9	)		(855	)		17
Futures contracts		113,934			25,692			29,626
In-kind redemptions — unaffiliated ^(a)		—			3,770,349			1,528,863
Swaps		—			—			84,060


		(180,963	)		2,118,309			1,272,468

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		76,871,931			30,148,456			11,079,079
Investments — affiliated		285,920			513			109
Futures contracts		14,254			(4,042	)		5,078
Swaps		—			—			(30,651	)


		77,172,105			30,144,927			11,053,615


Net realized and unrealized gain		76,991,142			32,263,236			12,326,083


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,176,364		$	34,261,996		$	13,141,655

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


28		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares ESG Select Screened S&P 500 ETF						iShares ESG Select Screened S&P Mid-Cap ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25			Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,185,222		$	3,141,330		$	1,998,760		$	3,105,722
Net realized gain (loss)		(180,963	)		14,605,759			2,118,309			(771,451	)
Net change in unrealized appreciation (depreciation)		77,172,105			(893,745	)		30,144,927			(12,699,374	)


Net increase (decrease) in net assets resulting from operations		79,176,364			16,853,344			34,261,996			(10,365,103	)


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(2,059,914	) ^(b)		(3,138,284	)		(1,721,682	) ^(b)		(3,036,172	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		102,629,127			31,894,568			27,131,078			86,129,476


NET ASSETS
Total increase in net assets		179,745,577			45,609,628			59,671,392			72,728,201
Beginning of period		299,223,458			253,613,830			255,539,560			182,811,359


End of period	$	478,969,035		$	299,223,458		$	315,210,952		$	255,539,560

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		29

Statements of Changes in Net Assets (continued)


	iShares ESG Select Screened S&P Small-Cap ETF
	Six Months Ended 09/30/25 (unaudited)			Year Ended 03/31/25

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	815,572		$	1,240,227
Net realized gain (loss)		1,272,468			(1,143,489	)
Net change in unrealized appreciation (depreciation)		11,053,615			(3,758,943	)


Net increase (decrease) in net assets resulting from operations		13,141,655			(3,662,205	)


DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Decrease in net assets resulting from distributions to shareholders		(752,784	) ^(b)		(1,683,657	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,200,118	)		26,859,538


NET ASSETS
Total increase in net assets		10,188,753			21,513,676
Beginning of period		93,945,180			72,431,504


End of period	$	104,133,933		$	93,945,180

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


30		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Select Screened S&P 500 ETF

	Six Months Ended																		Period From
		09/30/25		Year Ended				Year Ended				Year Ended					Year Ended			09/22/20	^(a)
	(unaudited)				03/31/25				03/31/24				03/31/23			03/31/22			to 03/31/21

Net asset value, beginning of period	$	42.75			$	40.26			$	30.90			$	34.35		$	30.27		$	25.29

Net investment income ^(b)		0.26				0.49				0.46				0.42			0.39			0.21
Net realized and unrealized gain (loss) ^(c)		8.72				2.48				9.35				(3.45	)		4.07			4.91


Net increase (decrease) from investment operations		8.98				2.97				9.81				(3.03	)		4.46			5.12


Distributions from net investment income ^(d)		(0.23	) ^(e)			(0.48	)			(0.45	)			(0.42	)		(0.38	)		(0.14	)


Net asset value, end of period	$	51.50			$	42.75			$	40.26			$	30.90		$	34.35		$	30.27


Total Return ^(f)
Based on net asset value		21.06	% ^(g)			7.35	%			31.95	%			(8.72	)%		14.74	%		20.27	% ^(g)


Ratios to Average Net Assets ^(h)
Total expenses		0.08	% ⁽ⁱ⁾			0.08	%			0.08	%			0.08	%		0.08	%		0.08	% ⁽ⁱ⁾


Net investment income		1.09	% ⁽ⁱ⁾			1.12	%			1.33	%			1.40	%		1.12	%		1.37	% ⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	478,969			$	299,223			$	253,614			$	129,794		$	228,414		$	30,274


Portfolio turnover rate ^(j)		2	%			5	%			3	%			4	%		3	%		6	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Select Screened S&P Mid-Cap ETF

	Six Months Ended																		Period From
		09/30/25		Year Ended				Year Ended				Year Ended					Year Ended			09/22/20	^(a)
	(unaudited)				03/31/25				03/31/24				03/31/23			03/31/22			to 03/31/21

Net asset value, beginning of period	$	39.01			$	41.08			$	34.02			$	36.51		$	35.89		$	25.19

Net investment income ^(b)		0.29				0.56				0.53				0.52			0.46			0.22
Net realized and unrealized gain (loss) ^(c)		4.73				(2.10	)			7.02				(2.50	)		0.58			10.66


Net increase (decrease) from investment operations		5.02				(1.54	)			7.55				(1.98	)		1.04			10.88


Distributions from net investment income ^(d)		(0.25	) ^(e)			(0.53	)			(0.49	)			(0.51	)		(0.42	)		(0.18	)


Net asset value, end of period	$	43.78			$	39.01			$	41.08			$	34.02		$	36.51		$	35.89


Total Return ^(f)
Based on net asset value		12.87	% ^(g)			(3.81	)%			22.43	%			(5.35	)%		2.88	%		43.29	% ^(g)


Ratios to Average Net Assets ^(h)
Total expenses		0.12	% ⁽ⁱ⁾			0.12	%			0.12	%			0.12	%		0.12	%		0.12	% ⁽ⁱ⁾


Net investment income		1.41	% ⁽ⁱ⁾			1.36	%			1.50	%			1.55	%		1.23	%		1.29	% ⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	315,211			$	255,540			$	182,811			$	102,046		$	76,666		$	19,740


Portfolio turnover rate ^(j)		8	%			21	%			26	%			20	%		26	%		11	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


32		2 0 2 5 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Select Screened S&P Small-Cap ETF

	Six Months Ended																	Period From
		09/30/25		Year Ended				Year Ended					Year Ended			Year Ended			09/22/20	^(a)
	(unaudited)				03/31/25				03/31/24			03/31/23			03/31/22			to 03/31/21

Net asset value, beginning of period	$	37.58			$	39.15			$	33.92		$	37.87		$	38.81		$	25.18

Net investment income ^(b)		0.33				0.59				0.58			0.51			0.39			0.20
Net realized and unrealized gain (loss) ^(c)		4.89				(1.36	)			4.90			(3.97	)		(0.55	)		13.69


Net increase (decrease) from investment operations		5.22				(0.77	)			5.48			(3.46	)		(0.16	)		13.89


Distributions from net investment income ^(d)		(0.30	) ^(e)			(0.80	)			(0.25	)		(0.49	)		(0.78	)		(0.26	)


Net asset value, end of period	$	42.50			$	37.58			$	39.15		$	33.92		$	37.87		$	38.81


Total Return ^(f)
Based on net asset value		13.96	% ^(g)			(2.14	)%			16.29	%		(9.08	)%		(0.47	)%		55.32	% ^(g)


Ratios to Average Net Assets ^(h)
Total expenses		0.12	% ⁽ⁱ⁾			0.12	%			0.12	%		0.12	%		0.12	%		0.12	% ⁽ⁱ⁾


Net investment income		1.66	% ⁽ⁱ⁾			1.46	%			1.65	%		1.49	%		1.00	%		1.13	% ⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	104,134			$	93,945			$	72,432		$	44,100		$	24,616		$	9,701


Portfolio turnover rate ^(j)(k)		11	%			27	%			28	%		23	%		34	%		18	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

^(k)	Excludes underlying investments in equity swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

ESG Select Screened S&P 500		Non-Diversified
ESG Select Screened S&P Mid-Cap		Diversified
ESG Select Screened S&P Small-Cap		Diversified

2.	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.


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Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		35

Notes to Financial Statements (unaudited) (continued)

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.

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)

ESG Select Screened S&P 500

BofA Securities, Inc.	$	160,429	$	(160,429	)	$	—	$	—

J.P. Morgan Securities LLC		206,909		(205,010	)		—		1,899

National Financial Services LLC		328,413		(328,413	)		—		—


	$	695,751	$	(693,852	)	$	—	$	1,899


ESG Select Screened S&P Mid-Cap

Barclays Bank PLC	$	19,696	$	(19,696	)	$	—	$	—

BNP Paribas SA		203,035		(203,035	)		—		—

BofA Securities, Inc.		1,974,915		(1,974,915	)		—		—

Citigroup Global Markets, Inc.		794,525		(794,525	)		—		—

HSBC Bank PLC		23,839		(23,839	)		—		—

J.P. Morgan Securities LLC		1,208,291		(1,208,291	)		—		—

Jefferies LLC		1,183,691		(1,167,263	)		—		16,428

Morgan Stanley		247,990		(247,990	)		—		—

National Financial Services LLC		713,351		(713,351	)		—		—

State Street Bank & Trust Co.		543,632		(543,632	)		—		—

UBS AG		942,778		(942,778	)		—		—

UBS Securities LLC		1,432,116		(1,432,116	)		—		—

Wells Fargo Bank N.A.		59,872		(59,872	)		—		—

Wells Fargo Securities LLC		1,323,654		(1,323,654	)		—		—


	$	10,671,385	$	(10,654,957	)	$	—	$	16,428


ESG Select Screened S&P Small-Cap

BofA Securities, Inc.	$	186,655	$	(186,655	)	$	—	$	—

Citadel Clearing LLC		11,799		(11,799	)		—		—

Citigroup Global Markets, Inc.		1,614,028		(1,614,028	)		—		—

Goldman Sachs & Co. LLC		1,562,353		(1,562,353	)		—		—

J.P. Morgan Securities LLC		808,713		(808,713	)		—		—

Toronto-Dominion Bank		162,486		(162,486	)		—		—

UBS AG		156,085		(156,085	)		—		—

UBS Securities LLC		290,191		(290,191	)		—		—

Wells Fargo Securities LLC		97,236		(97,236	)		—		—


	$	4,889,546	$	(4,889,546	)	$	—	$	—

^(a)

^(b)


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Notes to Financial Statements (unaudited) (continued)

securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES



iShares ETF	Investment Advisory Fees

ESG Select Screened S&P 500		0.08	%
ESG Select Screened S&P Mid-Cap		0.12
ESG Select Screened S&P Small-Cap		0.12

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.



iShares ETF	Amounts

ESG Select Screened S&P 500	$	2,662
ESG Select Screened S&P Mid-Cap		4,929
ESG Select Screened S&P Small-Cap		2,602

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.


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Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

ESG Select Screened S&P 500	$	3,019,913	$	1,792,302	$	(174,704	)
ESG Select Screened S&P Mid-Cap		5,495,712		7,900,558		831,315
ESG Select Screened S&P Small-Cap		2,697,820		2,636,474		(389,074	)

7.	PURCHASES AND SALES

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

ESG Select Screened S&P 500	$	8,215,847	$	8,111,469
ESG Select Screened S&P Mid-Cap		22,113,010		21,516,063
ESG Select Screened S&P Small-Cap		12,304,356		10,725,550

For the six months ended September 30, 2025, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

ESG Select Screened S&P 500	$	102,450,935	$	—
ESG Select Screened S&P Mid-Cap		35,229,487		8,535,503
ESG Select Screened S&P Small-Cap		3,244,773		5,272,124

8.	INCOME TAX INFORMATION

As of March 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards ^(a)			Qualified Late-Year Ordinary Losses ^(b)
ESG Select Screened S&P 500	$	(5,733,973	)	$	—
ESG Select Screened S&P Mid-Cap		(8,180,698	)		—
ESG Select Screened S&P Small-Cap		(4,666,735	)		(72,034	)

^(a)	Amounts available to offset future realized capital gains.

^(b)	The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)

ESG Select Screened S&P 500	$ 383,184,387	$ 115,697,329	$ (19,424,241)	$ 96,273,088

ESG Select Screened S&P Mid-Cap	287,675,300	54,385,481	(16,139,156)	38,246,325

ESG Select Screened S&P Small-Cap	96,809,641	21,167,187	(8,942,004)	12,225,183

9.	PRINCIPAL RISKS


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Notes to Financial Statements (unaudited) (continued)

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.

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 09/30/25						Year Ended 03/31/25

iShares ETF	Shares			Amount			Shares			Amount

ESG Select Screened S&P 500
Shares sold		2,300,000		$	102,629,127			2,100,000		$	91,926,990
Shares redeemed		—			—			(1,400,000	)		(60,032,422	)


		2,300,000		$	102,629,127			700,000		$	31,894,568


ESG Select Screened S&P Mid-Cap
Shares sold		850,000		$	35,722,091			2,200,000		$	90,472,921
Shares redeemed		(200,000	)		(8,591,013	)		(100,000	)		(4,343,445	)


		650,000		$	27,131,078			2,100,000		$	86,129,476


ESG Select Screened S&P Small-Cap
Shares sold		100,000		$	3,629,816			650,000		$	26,859,538
Shares redeemed		(150,000	)		(5,829,934	)		—			—


		(50,000	)	$	(2,200,118	)		650,000		$	26,859,538

11.	SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Additional Information

Electronic Delivery

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

Availability of Portfolio Holdings Information


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Board Review and Approval of Investment Advisory Contract

iShares ESG Select Screened S&P 500 ETF, iShares ESG Select Screened S&P Mid-Cap ETF, iShares ESG Select Screened S&P Small-Cap ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		43

Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.


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Board Review and Approval of Investment Advisory Contract (continued)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		45

Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation



1D FEDL01		USD - 1D Overnight Fed Funds Effective Rate

1D OBFR01		USD - 1D Overnight Bank Funding Rate

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).