iShares Core 30/70 Conservative Allocation ETF

AOK |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares Core 30/70 Conservative Allocation ETF (the “Fund”) (formerly known as iShares Core Conservative Allocation ETF) for the period of August 1, 2024 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 30/70 Conservative Allocation ETF	$10^{Footnote Reference(a)}	0.10%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 7.29%.
For the same period, the Bloomberg U.S. Universal Index returned 4.00% and the MSCI All Country World Index (Net) returned 15.87%.

What contributed to performance?

Within the bond allocation, longer-dated U.S. dollar-denominated bonds contributed.

What detracted from performance?

During the reporting period, there were no meaningful detractors from the Fund’s return.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	Bloomberg U.S. Universal Index	MSCI All Country World Index (Net)	S&P Target Risk Conservative Index
Jul 15	$10,193	$10,000	$10,000	$10,000
Aug 15	$9,970	$9,971	$9,597	$9,780
Sep 15	$9,896	$10,009	$9,249	$9,711
Oct 15	$10,119	$10,042	$9,974	$9,928
Nov 15	$10,107	$10,005	$9,890	$9,917
Dec 15	$9,999	$9,955	$9,711	$9,812
Jan 16	$9,904	$10,065	$9,124	$9,720
Feb 16	$9,934	$10,136	$9,061	$9,746
Mar 16	$10,233	$10,261	$9,732	$10,043
Apr 16	$10,302	$10,331	$9,876	$10,111
May 16	$10,340	$10,339	$9,889	$10,145
Jun 16	$10,475	$10,520	$9,828	$10,281
Jul 16	$10,667	$10,607	$10,253	$10,468
Aug 16	$10,669	$10,619	$10,288	$10,473
Sep 16	$10,694	$10,621	$10,348	$10,496
Oct 16	$10,560	$10,551	$10,171	$10,365
Nov 16	$10,421	$10,314	$10,248	$10,231
Dec 16	$10,513	$10,344	$10,469	$10,311
Jan 17	$10,590	$10,381	$10,754	$10,388
Feb 17	$10,742	$10,461	$11,056	$10,538
Mar 17	$10,796	$10,457	$11,192	$10,592
Apr 17	$10,915	$10,544	$11,367	$10,708
May 17	$11,041	$10,625	$11,615	$10,829
Jun 17	$11,058	$10,616	$11,664	$10,846
Jul 17	$11,183	$10,669	$11,990	$10,996
Aug 17	$11,261	$10,761	$12,035	$11,072
Sep 17	$11,299	$10,723	$12,268	$11,113
Oct 17	$11,394	$10,736	$12,523	$11,209
Nov 17	$11,454	$10,720	$12,764	$11,258
Dec 17	$11,523	$10,767	$12,970	$11,328
Jan 18	$11,650	$10,664	$13,701	$11,456
Feb 18	$11,404	$10,563	$13,123	$11,214
Mar 18	$11,425	$10,616	$12,829	$11,236
Apr 18	$11,375	$10,545	$12,961	$11,190
May 18	$11,421	$10,603	$12,978	$11,238
Jun 18	$11,404	$10,587	$12,909	$11,220
Jul 18	$11,524	$10,609	$13,297	$11,343
Aug 18	$11,587	$10,662	$13,400	$11,404
Sep 18	$11,564	$10,616	$13,457	$11,381
Oct 18	$11,235	$10,527	$12,450	$11,058
Nov 18	$11,322	$10,574	$12,633	$11,147
Dec 18	$11,191	$10,740	$11,744	$11,020
Jan 19	$11,540	$10,888	$12,671	$11,365
Feb 19	$11,641	$10,900	$13,008	$11,469
Mar 19	$11,837	$11,097	$13,173	$11,663
Apr 19	$11,976	$11,112	$13,617	$11,800
May 19	$11,870	$11,283	$12,808	$11,699
Jun 19	$12,203	$11,442	$13,649	$12,007
Jul 19	$12,235	$11,476	$13,689	$12,043
Aug 19	$12,359	$11,736	$13,364	$12,189
Sep 19	$12,405	$11,685	$13,647	$12,235
Oct 19	$12,521	$11,723	$14,024	$12,351
Nov 19	$12,595	$11,720	$14,368	$12,424
Dec 19	$12,731	$11,738	$14,872	$12,561
Jan 20	$12,830	$11,948	$14,673	$12,658
Feb 20	$12,625	$12,127	$13,514	$12,460
Mar 20	$11,932	$11,891	$11,691	$11,778
Apr 20	$12,403	$12,129	$12,944	$12,242
May 20	$12,704	$12,242	$13,503	$12,543
Jun 20	$12,887	$12,344	$13,933	$12,725
Jul 20	$13,211	$12,561	$14,268	$13,052
Aug 20	$13,386	$12,489	$15,565	$13,233
Sep 20	$13,253	$12,466	$15,063	$13,104
Oct 20	$13,133	$12,422	$14,696	$12,987
Nov 20	$13,687	$12,584	$16,509	$13,538
Dec 20	$13,923	$12,627	$17,278	$13,775
Jan 21	$13,851	$12,548	$17,197	$13,707
Feb 21	$13,834	$12,386	$17,593	$13,690
Mar 21	$13,903	$12,242	$18,060	$13,760
Apr 21	$14,151	$12,345	$18,846	$14,008
May 21	$14,240	$12,392	$19,130	$14,100
Jun 21	$14,357	$12,482	$19,392	$14,217
Jul 21	$14,493	$12,607	$19,525	$14,356
Aug 21	$14,583	$12,599	$20,014	$14,447
Sep 21	$14,301	$12,491	$19,188	$14,169
Oct 21	$14,510	$12,481	$20,168	$14,379
Nov 21	$14,431	$12,496	$19,684	$14,301
Dec 21	$14,591	$12,488	$20,472	$14,462
Jan 22	$14,189	$12,214	$19,470	$14,065
Feb 22	$13,943	$12,048	$18,967	$13,820
Mar 22	$13,775	$11,724	$19,379	$13,655
Apr 22	$13,099	$11,287	$17,827	$12,985
May 22	$13,167	$11,349	$17,847	$13,054
Jun 22	$12,673	$11,122	$16,337	$12,563
Jul 22	$13,166	$11,402	$17,477	$13,054
Aug 22	$12,736	$11,105	$16,833	$12,627
Sep 22	$12,033	$10,627	$15,222	$11,930
Oct 22	$12,180	$10,510	$16,141	$12,076
Nov 22	$12,836	$10,902	$17,392	$12,729
Dec 22	$12,544	$10,865	$16,703	$12,440
Jan 23	$13,106	$11,202	$17,903	$12,999
Feb 23	$12,756	$10,927	$17,393	$12,652
Mar 23	$13,092	$11,183	$17,930	$12,987
Apr 23	$13,200	$11,252	$18,183	$13,094
May 23	$13,059	$11,135	$17,985	$12,956
Jun 23	$13,285	$11,118	$19,027	$13,182
Jul 23	$13,427	$11,129	$19,724	$13,323
Aug 23	$13,263	$11,062	$19,173	$13,161
Sep 23	$12,883	$10,798	$18,380	$12,783
Oct 23	$12,649	$10,636	$17,827	$12,552
Nov 23	$13,361	$11,114	$19,473	$13,260
Dec 23	$13,903	$11,536	$20,407	$13,800
Jan 24	$13,939	$11,508	$20,519	$13,836
Feb 24	$13,975	$11,370	$21,401	$13,874
Mar 24	$14,211	$11,482	$22,075	$14,109
Apr 24	$13,840	$11,214	$21,345	$13,742
May 24	$14,186	$11,400	$22,207	$14,086
Jun 24	$14,330	$11,504	$22,702	$14,231
Jul 24	$14,642	$11,765	$22,481	$14,542
Aug 24	$14,604	$11,938	$23,658	$14,785
Sep 24	$14,833	$12,102	$24,205	$15,019
Oct 24	$14,510	$11,827	$23,666	$14,693
Nov 24	$14,791	$11,952	$23,785	$14,979
Dec 24	$14,525	$11,771	$23,218	$14,710
Jan 25	$14,713	$11,842	$24,137	$14,901
Feb 25	$14,890	$12,087	$23,998	$15,082
Mar 25	$14,722	$12,084	$23,048	$14,913
Apr 25	$14,799	$12,127	$23,258	$14,992
May 25	$15,017	$12,065	$24,592	$15,215
Jun 25	$15,379	$12,253	$25,699	$15,582
Jul 25	$15,412	$12,236	$26,049	$15,617

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.29%	3.52%	4.42%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.00	(0.52)	2.04
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.87	12.79	10.05
S&P Target Risk Conservative Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.39	3.65	4.56

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$629,172,274
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$599,708
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3%

Past performance is not an indication of future results.Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	57.3%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.8
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.8
International Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Core Total USD Bond Market ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	57.3%
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.2
iShares Core International Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
iShares Core S&P Mid-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
iShares Core S&P Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Footnote	Description
Footnote^(a)	Excludes money market funds.

Material Fund changes

This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective February 19, 2025, the name of the Fund was changed from iShares Core Conservative Allocation ETF to iShares Core 30/70 Conservative Allocation ETF.

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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund is not sponsored, endorsed, issued, sold or promoted by Bloomberg L.P., MSCI Inc. or S&P Dow Jones Indices LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©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 Core 30/70 Conservative Allocation ETF

Annual Shareholder Report — July 31, 2025

AOK-07/25-AR

iShares Core 40/60 Moderate Allocation ETF

AOM |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares Core 40/60 Moderate Allocation ETF (the “Fund”) (formerly known as iShares Core Moderate Allocation ETF) for the period of August 1, 2024 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 40/60 Moderate Allocation ETF	$10^{Footnote Reference(a)}	0.10%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 8.38%.
For the same period, the Bloomberg U.S. Universal Index returned 4.00% and the MSCI All Country World Index (Net) returned 15.87%.

What contributed to performance?

Within the bond allocation, longer-dated U.S. dollar-denominated bonds contributed.

What detracted from performance?

During the reporting period, there were no meaningful detractors from the Fund’s return.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	Bloomberg U.S. Universal Index	MSCI All Country World Index (Net)	S&P Target Risk Moderate Index
Jul 15	$10,000	$10,000	$10,000	$10,000
Aug 15	$9,710	$9,971	$9,597	$9,711
Sep 15	$9,608	$10,009	$9,249	$9,608
Oct 15	$9,888	$10,042	$9,974	$9,888
Nov 15	$9,879	$10,005	$9,890	$9,881
Dec 15	$9,759	$9,955	$9,711	$9,762
Jan 16	$9,604	$10,065	$9,124	$9,608
Feb 16	$9,613	$10,136	$9,061	$9,614
Mar 16	$9,962	$10,261	$9,732	$9,966
Apr 16	$10,036	$10,331	$9,876	$10,040
May 16	$10,076	$10,339	$9,889	$10,081
Jun 16	$10,186	$10,520	$9,828	$10,189
Jul 16	$10,403	$10,607	$10,253	$10,407
Aug 16	$10,411	$10,619	$10,288	$10,417
Sep 16	$10,443	$10,621	$10,348	$10,451
Oct 16	$10,303	$10,551	$10,171	$10,309
Nov 16	$10,204	$10,314	$10,248	$10,213
Dec 16	$10,313	$10,344	$10,469	$10,311
Jan 17	$10,418	$10,381	$10,754	$10,419
Feb 17	$10,588	$10,461	$11,056	$10,589
Mar 17	$10,656	$10,457	$11,192	$10,659
Apr 17	$10,781	$10,544	$11,367	$10,784
May 17	$10,922	$10,625	$11,615	$10,923
Jun 17	$10,949	$10,616	$11,664	$10,948
Jul 17	$11,095	$10,669	$11,990	$11,121
Aug 17	$11,166	$10,761	$12,035	$11,192
Sep 17	$11,234	$10,723	$12,268	$11,262
Oct 17	$11,351	$10,736	$12,523	$11,382
Nov 17	$11,434	$10,720	$12,764	$11,455
Dec 17	$11,519	$10,767	$12,970	$11,542
Jan 18	$11,719	$10,664	$13,701	$11,744
Feb 18	$11,428	$10,563	$13,123	$11,454
Mar 18	$11,428	$10,616	$12,829	$11,454
Apr 18	$11,391	$10,545	$12,961	$11,420
May 18	$11,436	$10,603	$12,978	$11,468
Jun 18	$11,409	$10,587	$12,909	$11,442
Jul 18	$11,565	$10,609	$13,297	$11,600
Aug 18	$11,633	$10,662	$13,400	$11,666
Sep 18	$11,614	$10,616	$13,457	$11,651
Oct 18	$11,203	$10,527	$12,450	$11,240
Nov 18	$11,305	$10,574	$12,633	$11,343
Dec 18	$11,075	$10,740	$11,744	$11,112
Jan 19	$11,490	$10,888	$12,671	$11,534
Feb 19	$11,624	$10,900	$13,008	$11,667
Mar 19	$11,810	$11,097	$13,173	$11,858
Apr 19	$11,986	$11,112	$13,617	$12,036
May 19	$11,796	$11,283	$12,808	$11,845
Jun 19	$12,177	$11,442	$13,649	$12,216
Jul 19	$12,204	$11,476	$13,689	$12,246
Aug 19	$12,280	$11,736	$13,364	$12,342
Sep 19	$12,358	$11,685	$13,647	$12,420
Oct 19	$12,508	$11,723	$14,024	$12,573
Nov 19	$12,606	$11,720	$14,368	$12,675
Dec 19	$12,787	$11,738	$14,872	$12,858
Jan 20	$12,835	$11,948	$14,673	$12,909
Feb 20	$12,519	$12,127	$13,514	$12,593
Mar 20	$11,684	$11,891	$11,691	$11,750
Apr 20	$12,232	$12,129	$12,944	$12,305
May 20	$12,575	$12,242	$13,503	$12,653
Jun 20	$12,784	$12,344	$13,933	$12,863
Jul 20	$13,149	$12,561	$14,268	$13,240
Aug 20	$13,414	$12,489	$15,565	$13,513
Sep 20	$13,240	$12,466	$15,063	$13,340
Oct 20	$13,095	$12,422	$14,696	$13,195
Nov 20	$13,782	$12,584	$16,509	$13,893
Dec 20	$14,079	$12,627	$17,278	$14,198
Jan 21	$14,010	$12,548	$17,197	$14,132
Feb 21	$14,056	$12,386	$17,593	$14,177
Mar 21	$14,186	$12,242	$18,060	$14,311
Apr 21	$14,487	$12,345	$18,846	$14,620
May 21	$14,605	$12,392	$19,130	$14,739
Jun 21	$14,726	$12,482	$19,392	$14,864
Jul 21	$14,863	$12,607	$19,525	$15,007
Aug 21	$14,991	$12,599	$20,014	$15,138
Sep 21	$14,653	$12,491	$19,188	$14,799
Oct 21	$14,947	$12,481	$20,168	$15,097
Nov 21	$14,825	$12,496	$19,684	$14,975
Dec 21	$15,054	$12,488	$20,472	$15,208
Jan 22	$14,604	$12,214	$19,470	$14,755
Feb 22	$14,326	$12,048	$18,967	$14,474
Mar 22	$14,219	$11,724	$19,379	$14,366
Apr 22	$13,461	$11,287	$17,827	$13,601
May 22	$13,536	$11,349	$17,847	$13,678
Jun 22	$12,942	$11,122	$16,337	$13,076
Jul 22	$13,502	$11,402	$17,477	$13,644
Aug 22	$13,042	$11,105	$16,833	$13,179
Sep 22	$12,250	$10,627	$15,222	$12,379
Oct 22	$12,486	$10,510	$16,141	$12,619
Nov 22	$13,216	$10,902	$17,392	$13,358
Dec 22	$12,877	$10,865	$16,703	$13,016
Jan 23	$13,512	$11,202	$17,903	$13,659
Feb 23	$13,139	$10,927	$17,393	$13,282
Mar 23	$13,490	$11,183	$17,930	$13,639
Apr 23	$13,617	$11,252	$18,183	$13,768
May 23	$13,465	$11,135	$17,985	$13,615
Jun 23	$13,776	$11,118	$19,027	$13,932
Jul 23	$13,972	$11,129	$19,724	$14,132
Aug 23	$13,768	$11,062	$19,173	$13,926
Sep 23	$13,344	$10,798	$18,380	$13,497
Oct 23	$13,082	$10,636	$17,827	$13,232
Nov 23	$13,876	$11,114	$19,473	$14,039
Dec 23	$14,459	$11,536	$20,407	$14,631
Jan 24	$14,493	$11,508	$20,519	$14,666
Feb 24	$14,616	$11,370	$21,401	$14,792
Mar 24	$14,900	$11,482	$22,075	$15,081
Apr 24	$14,491	$11,214	$21,345	$14,667
May 24	$14,898	$11,400	$22,207	$15,081
Jun 24	$15,061	$11,504	$22,702	$15,248
Jul 24	$15,384	$11,765	$22,481	$15,577
Aug 24	$15,655	$11,938	$23,658	$15,853
Sep 24	$15,914	$12,102	$24,205	$16,117
Oct 24	$15,564	$11,827	$23,666	$15,764
Nov 24	$15,904	$11,952	$23,785	$16,110
Dec 24	$15,595	$11,771	$23,218	$15,797
Jan 25	$15,836	$11,842	$24,137	$16,043
Feb 25	$15,992	$12,087	$23,998	$16,203
Mar 25	$15,760	$12,084	$23,048	$15,968
Apr 25	$15,845	$12,127	$23,258	$16,056
May 25	$16,174	$12,065	$24,592	$16,391
Jun 25	$16,617	$12,253	$25,699	$16,843
Jul 25	$16,673	$12,236	$26,049	$16,901

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.38%	4.86%	5.25%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.00	(0.52)	2.04
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.87	12.79	10.05
S&P Target Risk Moderate Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.50	5.00	5.39

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,528,715,865
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,422,633
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.5%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.4
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.6
International Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Core Total USD Bond Market ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.5%
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.4
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
iShares Core International Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
iShares Core S&P Mid-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
iShares Core S&P Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

Footnote	Description
Footnote^(a)	Excludes money market funds.

Material Fund changes

Effective February 19, 2025, the name of the Fund was changed from iShares Core Moderate Allocation ETF to iShares Core 40/60 Moderate Allocation ETF.

Additional information

Householding

iShares Core 40/60 Moderate Allocation ETF

Annual Shareholder Report — July 31, 2025

AOM-07/25-AR

iShares Core 60/40 Balanced Allocation ETF

AOR |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares Core 60/40 Balanced Allocation ETF (the “Fund”) (formerly known as iShares Core Growth Allocation ETF) for the period of August 1, 2024 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 60/40 Balanced Allocation ETF	$11^{Footnote Reference(a)}	0.10%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 10.58%.
For the same period, the MSCI All Country World Index (Net) returned 15.87% and the Bloomberg U.S. Universal Index returned 4.00%.

What contributed to performance?

Within the bond allocation, longer-dated U.S. dollar-denominated bonds contributed.

What detracted from performance?

During the reporting period, there were no meaningful detractors from the Fund’s return.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI All Country World Index (Net)	Bloomberg U.S. Universal Index	S&P Target Risk Balanced Index
Jul 15	$10,000	$10,000	$10,000	$10,000
Aug 15	$9,578	$9,597	$9,971	$9,815
Sep 15	$9,408	$9,249	$10,009	$9,640
Oct 15	$9,808	$9,974	$10,042	$10,052
Nov 15	$9,808	$9,890	$10,005	$10,053
Dec 15	$9,662	$9,711	$9,955	$9,904
Jan 16	$9,383	$9,124	$10,065	$9,620
Feb 16	$9,351	$9,061	$10,136	$9,585
Mar 16	$9,809	$9,732	$10,261	$10,059
Apr 16	$9,894	$9,876	$10,331	$10,147
May 16	$9,947	$9,889	$10,339	$10,199
Jun 16	$10,002	$9,828	$10,520	$10,257
Jul 16	$10,280	$10,253	$10,607	$10,541
Aug 16	$10,297	$10,288	$10,619	$10,560
Sep 16	$10,350	$10,348	$10,621	$10,616
Oct 16	$10,189	$10,171	$10,551	$10,451
Nov 16	$10,166	$10,248	$10,314	$10,428
Dec 16	$10,306	$10,469	$10,344	$10,567
Jan 17	$10,471	$10,754	$10,381	$10,737
Feb 17	$10,680	$11,056	$10,461	$10,952
Mar 17	$10,779	$11,192	$10,457	$11,055
Apr 17	$10,923	$11,367	$10,544	$11,204
May 17	$11,097	$11,615	$10,625	$11,381
Jun 17	$11,140	$11,664	$10,616	$11,427
Jul 17	$11,341	$11,990	$10,669	$11,651
Aug 17	$11,395	$12,035	$10,761	$11,711
Sep 17	$11,526	$12,268	$10,723	$11,846
Oct 17	$11,689	$12,523	$10,736	$12,016
Nov 17	$11,823	$12,764	$10,720	$12,145
Dec 17	$11,942	$12,970	$10,767	$12,272
Jan 18	$12,299	$13,701	$10,664	$12,640
Feb 18	$11,911	$13,123	$10,563	$12,244
Mar 18	$11,863	$12,829	$10,616	$12,198
Apr 18	$11,850	$12,961	$10,545	$12,187
May 18	$11,898	$12,978	$10,603	$12,237
Jun 18	$11,852	$12,909	$10,587	$12,194
Jul 18	$12,082	$13,297	$10,609	$12,432
Aug 18	$12,157	$13,400	$10,662	$12,511
Sep 18	$12,160	$13,457	$10,616	$12,517
Oct 18	$11,558	$12,450	$10,527	$11,905
Nov 18	$11,688	$12,633	$10,574	$12,036
Dec 18	$11,245	$11,744	$10,740	$11,582
Jan 19	$11,821	$12,671	$10,888	$12,174
Feb 19	$12,011	$13,008	$10,900	$12,373
Mar 19	$12,194	$13,173	$11,097	$12,563
Apr 19	$12,451	$13,617	$11,112	$12,831
May 19	$12,071	$12,808	$11,283	$12,441
Jun 19	$12,583	$13,649	$11,442	$12,960
Jul 19	$12,594	$13,689	$11,476	$12,979
Aug 19	$12,572	$13,364	$11,736	$12,965
Sep 19	$12,715	$13,647	$11,685	$13,116
Oct 19	$12,943	$14,024	$11,723	$13,351
Nov 19	$13,102	$14,368	$11,720	$13,517
Dec 19	$13,378	$14,872	$11,738	$13,804
Jan 20	$13,333	$14,673	$11,948	$13,769
Feb 20	$12,767	$13,514	$12,127	$13,180
Mar 20	$11,597	$11,691	$11,891	$11,974
Apr 20	$12,336	$12,944	$12,129	$12,734
May 20	$12,772	$13,503	$12,242	$13,189
Jun 20	$13,034	$13,933	$12,344	$13,466
Jul 20	$13,501	$14,268	$12,561	$13,587
Aug 20	$13,954	$15,565	$12,489	$14,426
Sep 20	$13,693	$15,063	$12,466	$14,160
Oct 20	$13,493	$14,696	$12,422	$13,954
Nov 20	$14,489	$16,509	$12,584	$14,996
Dec 20	$14,929	$17,278	$12,627	$15,453
Jan 21	$14,863	$17,197	$12,548	$15,390
Feb 21	$15,037	$17,593	$12,386	$15,573
Mar 21	$15,303	$18,060	$12,242	$15,848
Apr 21	$15,731	$18,846	$12,345	$16,294
May 21	$15,908	$19,130	$12,392	$16,479
Jun 21	$16,046	$19,392	$12,482	$16,619
Jul 21	$16,191	$19,525	$12,607	$16,773
Aug 21	$16,407	$20,014	$12,599	$16,999
Sep 21	$15,937	$19,188	$12,491	$16,513
Oct 21	$16,425	$20,168	$12,481	$17,021
Nov 21	$16,202	$19,684	$12,496	$16,796
Dec 21	$16,592	$20,472	$12,488	$17,205
Jan 22	$16,019	$19,470	$12,214	$16,610
Feb 22	$15,663	$18,967	$12,048	$16,241
Mar 22	$15,688	$19,379	$11,724	$16,266
Apr 22	$14,719	$17,827	$11,287	$15,261
May 22	$14,814	$17,847	$11,349	$15,359
Jun 22	$13,974	$16,337	$11,122	$14,485
Jul 22	$14,704	$17,477	$11,402	$15,242
Aug 22	$14,159	$16,833	$11,105	$14,677
Sep 22	$13,142	$15,222	$10,627	$13,623
Oct 22	$13,590	$16,141	$10,510	$14,089
Nov 22	$14,506	$17,392	$10,902	$15,039
Dec 22	$14,053	$16,703	$10,865	$14,572
Jan 23	$14,870	$17,903	$11,202	$15,421
Feb 23	$14,435	$17,393	$10,927	$14,971
Mar 23	$14,831	$17,930	$11,183	$15,382
Apr 23	$15,004	$18,183	$11,252	$15,560
May 23	$14,821	$17,985	$11,135	$15,372
Jun 23	$15,335	$19,027	$11,118	$15,909
Jul 23	$15,662	$19,724	$11,129	$16,250
Aug 23	$15,359	$19,173	$11,062	$15,936
Sep 23	$14,823	$18,380	$10,798	$15,380
Oct 23	$14,489	$17,827	$10,636	$15,035
Nov 23	$15,499	$19,473	$11,114	$16,089
Dec 23	$16,195	$20,407	$11,536	$16,816
Jan 24	$16,224	$20,519	$11,508	$16,848
Feb 24	$16,552	$21,401	$11,370	$17,193
Mar 24	$16,955	$22,075	$11,482	$17,609
Apr 24	$16,443	$21,345	$11,214	$17,079
May 24	$17,009	$22,207	$11,400	$17,667
Jun 24	$17,222	$22,702	$11,504	$17,893
Jul 24	$17,579	$22,481	$11,765	$17,787
Aug 24	$17,926	$23,658	$11,938	$18,628
Sep 24	$18,252	$24,205	$12,102	$18,964
Oct 24	$17,842	$23,666	$11,827	$18,539
Nov 24	$18,323	$23,785	$11,952	$18,647
Dec 24	$17,914	$23,218	$11,771	$18,232
Jan 25	$18,282	$24,137	$11,842	$18,506
Feb 25	$18,383	$23,998	$12,087	$18,610
Mar 25	$18,000	$23,048	$12,084	$18,219
Apr 25	$18,102	$23,258	$12,127	$18,324
May 25	$18,693	$24,592	$12,065	$18,929
Jun 25	$19,330	$25,699	$12,253	$19,576
Jul 25	$19,440	$26,049	$12,236	$19,689

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.58%	7.56%	6.87%
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.87	12.79	10.05
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.00	(0.52)	2.04
S&P Target Risk Balanced Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.69	7.70	7.01

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,573,687,554
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,323,358
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

Effective February 19, 2025, the Index name changed from the S&P Target Risk Growth Index to the S&P Target Risk Balanced Index.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.1%
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.5
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.8
International Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.2%
iShares Core Total USD Bond Market ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.5
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.2
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
iShares Core International Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
iShares Core S&P Mid-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
iShares Core S&P Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9

Footnote	Description
Footnote^(a)	Excludes money market funds.

Material Fund changes

Effective February 19, 2025, the name of the Fund was changed from iShares Core Growth Allocation ETF to iShares Core 60/40 Balanced Allocation ETF.

Additional information

Householding

iShares Core 60/40 Balanced Allocation ETF

Annual Shareholder Report — July 31, 2025

AOR-07/25-AR

iShares Core 80/20 Aggressive Allocation ETF

AOA |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares Core 80/20 Aggressive Allocation ETF (the “Fund”) (formerly known as iShares Core Aggressive Allocation ETF) for the period of August 1, 2024 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 80/20 Aggressive Allocation ETF	$12^{Footnote Reference(a)}	0.11%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 12.74%.
For the same period, the MSCI All Country World Index (Net) returned 15.87% and the Bloomberg U.S. Universal Index returned 4.00%.

What contributed to performance?

U.S. large-capitalization equities were the largest contributor to the Fund’s return during the reporting period. In particular, semiconductor stocks gained amid continued demand for artificial intelligence (“AI”) and generative AI workloads in data centers, while systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of AI technologies. International developed stocks also contributed. German stocks were driven by strong corporate earnings and optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense, which supported firms in the industrials space. Emerging-market equities also contributed, especially Chinese stocks, which benefited from the country's historic stimulus packages; the country’s interactive media and services stocks were supported by AI powered innovation and investments.

What detracted from performance?

During the reporting period, there were no meaningful detractors from the Fund’s return.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI All Country World Index (Net)	Bloomberg U.S. Universal Index	S&P Target Risk Aggressive Index
Jul 15	$10,000	$10,000	$10,000	$10,000
Aug 15	$9,449	$9,597	$9,971	$9,448
Sep 15	$9,212	$9,249	$10,009	$9,213
Oct 15	$9,735	$9,974	$10,042	$9,737
Nov 15	$9,740	$9,890	$10,005	$9,743
Dec 15	$9,567	$9,711	$9,955	$9,571
Jan 16	$9,168	$9,124	$10,065	$9,171
Feb 16	$9,098	$9,061	$10,136	$9,101
Mar 16	$9,654	$9,732	$10,261	$9,659
Apr 16	$9,754	$9,876	$10,331	$9,759
May 16	$9,814	$9,889	$10,339	$9,821
Jun 16	$9,822	$9,828	$10,520	$9,828
Jul 16	$10,153	$10,253	$10,607	$10,162
Aug 16	$10,182	$10,288	$10,619	$10,189
Sep 16	$10,253	$10,348	$10,621	$10,262
Oct 16	$10,075	$10,171	$10,551	$10,084
Nov 16	$10,123	$10,248	$10,314	$10,131
Dec 16	$10,297	$10,469	$10,344	$10,304
Jan 17	$10,519	$10,754	$10,381	$10,530
Feb 17	$10,768	$11,056	$10,461	$10,779
Mar 17	$10,895	$11,192	$10,457	$10,909
Apr 17	$11,058	$11,367	$10,544	$11,073
May 17	$11,264	$11,615	$10,625	$11,279
Jun 17	$11,323	$11,664	$10,616	$11,339
Jul 17	$11,574	$11,990	$10,669	$11,600
Aug 17	$11,618	$12,035	$10,761	$11,646
Sep 17	$11,808	$12,268	$10,723	$11,837
Oct 17	$12,013	$12,523	$10,736	$12,046
Nov 17	$12,205	$12,764	$10,720	$12,219
Dec 17	$12,360	$12,970	$10,767	$12,377
Jan 18	$12,879	$13,701	$10,664	$12,900
Feb 18	$12,385	$13,123	$10,563	$12,406
Mar 18	$12,291	$12,829	$10,616	$12,312
Apr 18	$12,305	$12,961	$10,545	$12,329
May 18	$12,353	$12,978	$10,603	$12,381
Jun 18	$12,289	$12,909	$10,587	$12,317
Jul 18	$12,597	$13,297	$10,609	$12,629
Aug 18	$12,685	$13,400	$10,662	$12,714
Sep 18	$12,706	$13,457	$10,616	$12,736
Oct 18	$11,906	$12,450	$10,527	$11,935
Nov 18	$12,062	$12,633	$10,574	$12,095
Dec 18	$11,401	$11,744	$10,740	$11,431
Jan 19	$12,135	$12,671	$10,888	$12,173
Feb 19	$12,394	$13,008	$10,900	$12,432
Mar 19	$12,565	$13,173	$11,097	$12,608
Apr 19	$12,911	$13,617	$11,112	$12,956
May 19	$12,329	$12,808	$11,283	$12,373
Jun 19	$12,977	$13,649	$11,442	$13,022
Jul 19	$12,973	$13,689	$11,476	$13,023
Aug 19	$12,840	$13,364	$11,736	$12,896
Sep 19	$13,058	$13,647	$11,685	$13,117
Oct 19	$13,365	$14,024	$11,723	$13,429
Nov 19	$13,590	$14,368	$11,720	$13,655
Dec 19	$13,968	$14,872	$11,738	$14,035
Jan 20	$13,823	$14,673	$11,948	$13,892
Feb 20	$12,992	$13,514	$12,127	$13,060
Mar 20	$11,469	$11,691	$11,891	$11,530
Apr 20	$12,404	$12,944	$12,129	$12,473
May 20	$12,931	$13,503	$12,242	$13,004
Jun 20	$13,252	$13,933	$12,344	$13,327
Jul 20	$13,815	$14,268	$12,561	$13,896
Aug 20	$14,450	$15,565	$12,489	$14,537
Sep 20	$14,107	$15,063	$12,466	$14,194
Oct 20	$13,846	$14,696	$12,422	$13,934
Nov 20	$15,173	$16,509	$12,584	$15,275
Dec 20	$15,762	$17,278	$12,627	$15,872
Jan 21	$15,704	$17,197	$12,548	$15,816
Feb 21	$16,020	$17,593	$12,386	$16,136
Mar 21	$16,428	$18,060	$12,242	$16,549
Apr 21	$16,994	$18,846	$12,345	$17,121
May 21	$17,241	$19,130	$12,392	$17,372
Jun 21	$17,393	$19,392	$12,482	$17,528
Jul 21	$17,547	$19,525	$12,607	$17,686
Aug 21	$17,863	$20,014	$12,599	$18,008
Sep 21	$17,245	$19,188	$12,491	$17,386
Oct 21	$17,952	$20,168	$12,481	$18,103
Nov 21	$17,618	$19,684	$12,496	$17,765
Dec 21	$18,195	$20,472	$12,488	$18,351
Jan 22	$17,478	$19,470	$12,214	$17,627
Feb 22	$17,035	$18,967	$12,048	$17,183
Mar 22	$17,219	$19,379	$11,724	$17,370
Apr 22	$16,011	$17,827	$11,287	$16,153
May 22	$16,128	$17,847	$11,349	$16,271
Jun 22	$14,997	$16,337	$11,122	$15,131
Jul 22	$15,924	$17,477	$11,402	$16,066
Aug 22	$15,284	$16,833	$11,105	$15,421
Sep 22	$14,009	$15,222	$10,627	$14,136
Oct 22	$14,706	$16,141	$10,510	$14,840
Nov 22	$15,832	$17,392	$10,902	$15,979
Dec 22	$15,246	$16,703	$10,865	$15,390
Jan 23	$16,266	$17,903	$11,202	$16,421
Feb 23	$15,762	$17,393	$10,927	$15,913
Mar 23	$16,206	$17,930	$11,183	$16,363
Apr 23	$16,432	$18,183	$11,252	$16,592
May 23	$16,214	$17,985	$11,135	$16,374
Jun 23	$16,969	$19,027	$11,118	$17,137
Jul 23	$17,449	$19,724	$11,129	$17,623
Aug 23	$17,031	$19,173	$11,062	$17,203
Sep 23	$16,367	$18,380	$10,798	$16,533
Oct 23	$15,950	$17,827	$10,636	$16,113
Nov 23	$17,207	$19,473	$11,114	$17,385
Dec 23	$18,033	$20,407	$11,536	$18,222
Jan 24	$18,057	$20,519	$11,508	$18,247
Feb 24	$18,629	$21,401	$11,370	$18,826
Mar 24	$19,171	$22,075	$11,482	$19,375
Apr 24	$18,543	$21,345	$11,214	$18,743
May 24	$19,298	$22,207	$11,400	$19,507
Jun 24	$19,573	$22,702	$11,504	$19,785
Jul 24	$19,966	$22,481	$11,765	$20,185
Aug 24	$20,402	$23,658	$11,938	$20,627
Sep 24	$20,806	$24,205	$12,102	$21,038
Oct 24	$20,329	$23,666	$11,827	$20,557
Nov 24	$20,981	$23,785	$11,952	$21,217
Dec 24	$20,449	$23,218	$11,771	$20,681
Jan 25	$20,973	$24,137	$11,842	$21,213
Feb 25	$20,998	$23,998	$12,087	$21,242
Mar 25	$20,425	$23,048	$12,084	$20,664
Apr 25	$20,547	$23,258	$12,127	$20,789
May 25	$21,463	$24,592	$12,065	$21,718
Jun 25	$22,332	$25,699	$12,253	$22,599
Jul 25	$22,510	$26,049	$12,236	$22,781

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.74%	10.26%	8.45%
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.87	12.79	10.05
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.00	(0.52)	2.04
S&P Target Risk Aggressive Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.86	10.39	8.58

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,430,728,622
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,300,141
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5%

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	52.2%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.7
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
International Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.3%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.1
iShares Core Total USD Bond Market ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.6
iShares Core International Aggregate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
iShares Core S&P Mid-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
iShares Core S&P Small-Cap ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2

Footnote	Description
Footnote^(a)	Excludes money market funds.

Material Fund changes

Effective February 19, 2025, the name of the Fund was changed from iShares Core Aggressive Allocation ETF to iShares Core 80/20 Aggressive Allocation ETF.

Additional information

Householding

iShares Core 80/20 Aggressive Allocation ETF

Annual Shareholder Report — July 31, 2025

AOA-07/25-AR

iShares Morningstar Multi-Asset Income ETF

IYLD |Cboe BZX Exchange

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares Morningstar Multi-Asset Income ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 Morningstar Multi-Asset Income ETF	$26^{Footnote Reference(a)}	0.25%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 7.20%.
For the same period, the Bloomberg U.S. Universal Index returned 4.00% and the MSCI All Country World Index (Net) returned 15.87%.

What contributed to performance?

U.S. dollar-denominated high-yield corporate securities were the largest contributors to the Fund’s return during the reporting period, helped by healthy underlying fundamentals and the improved composition of the high yield bond market. International developed stocks also contributed, notably, value-oriented companies within the financial sector. In Germany, stocks were driven by strong corporate earnings from global-facing companies. Insurance names were supported by growth across business lines, while diversified capital markets companies benefited from strong trading volume and solid investment banking revenue.

Within the bond allocation, shorter-term, floating rate issues gained as the Federal Reserve lowered interest rates several times during the reporting period.

What detracted from performance?

During the reporting period, there were no meaningful detractors from the Fund’s return.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	Bloomberg U.S. Universal Index	MSCI All Country World Index (Net)	Morningstar Multi-Asset High Income Index
Jul 15	$10,000	$10,000	$10,000	$10,000
Aug 15	$9,721	$9,971	$9,597	$9,724
Sep 15	$9,593	$10,009	$9,249	$9,591
Oct 15	$9,872	$10,042	$9,974	$9,872
Nov 15	$9,784	$10,005	$9,890	$9,784
Dec 15	$9,672	$9,955	$9,711	$9,672
Jan 16	$9,547	$10,065	$9,124	$9,546
Feb 16	$9,636	$10,136	$9,061	$9,635
Mar 16	$10,095	$10,261	$9,732	$10,097
Apr 16	$10,292	$10,331	$9,876	$10,296
May 16	$10,298	$10,339	$9,889	$10,304
Jun 16	$10,533	$10,520	$9,828	$10,539
Jul 16	$10,726	$10,607	$10,253	$10,736
Aug 16	$10,787	$10,619	$10,288	$10,798
Sep 16	$10,838	$10,621	$10,348	$10,849
Oct 16	$10,664	$10,551	$10,171	$10,673
Nov 16	$10,456	$10,314	$10,248	$10,463
Dec 16	$10,619	$10,344	$10,469	$10,623
Jan 17	$10,751	$10,381	$10,754	$10,754
Feb 17	$10,963	$10,461	$11,056	$10,968
Mar 17	$11,046	$10,457	$11,192	$11,050
Apr 17	$11,183	$10,544	$11,367	$11,190
May 17	$11,306	$10,625	$11,615	$11,315
Jun 17	$11,360	$10,616	$11,664	$11,367
Jul 17	$11,478	$10,669	$11,990	$11,482
Aug 17	$11,547	$10,761	$12,035	$11,557
Sep 17	$11,642	$10,723	$12,268	$11,650
Oct 17	$11,576	$10,736	$12,523	$11,582
Nov 17	$11,650	$10,720	$12,764	$11,659
Dec 17	$11,774	$10,767	$12,970	$11,786
Jan 18	$11,696	$10,664	$13,701	$11,711
Feb 18	$11,410	$10,563	$13,123	$11,421
Mar 18	$11,496	$10,616	$12,829	$11,538
Apr 18	$11,477	$10,545	$12,961	$11,519
May 18	$11,455	$10,603	$12,978	$11,465
Jun 18	$11,438	$10,587	$12,909	$11,450
Jul 18	$11,691	$10,609	$13,297	$11,702
Aug 18	$11,634	$10,662	$13,400	$11,640
Sep 18	$11,678	$10,616	$13,457	$11,689
Oct 18	$11,379	$10,527	$12,450	$11,391
Nov 18	$11,419	$10,574	$12,633	$11,430
Dec 18	$11,214	$10,740	$11,744	$11,223
Jan 19	$11,860	$10,888	$12,671	$11,871
Feb 19	$11,910	$10,900	$13,008	$11,920
Mar 19	$12,009	$11,097	$13,173	$12,027
Apr 19	$12,141	$11,112	$13,617	$12,160
May 19	$11,867	$11,283	$12,808	$11,889
Jun 19	$12,344	$11,442	$13,649	$12,367
Jul 19	$12,383	$11,476	$13,689	$12,404
Aug 19	$12,263	$11,736	$13,364	$12,287
Sep 19	$12,436	$11,685	$13,647	$12,468
Oct 19	$12,600	$11,723	$14,024	$12,632
Nov 19	$12,634	$11,720	$14,368	$12,667
Dec 19	$12,995	$11,738	$14,872	$13,029
Jan 20	$13,071	$11,948	$14,673	$13,106
Feb 20	$12,597	$12,127	$13,514	$12,632
Mar 20	$10,265	$11,891	$11,691	$10,301
Apr 20	$10,915	$12,129	$12,944	$10,948
May 20	$11,292	$12,242	$13,503	$11,322
Jun 20	$11,553	$12,344	$13,933	$11,604
Jul 20	$12,000	$12,561	$14,268	$12,051
Aug 20	$12,011	$12,489	$15,565	$12,065
Sep 20	$11,867	$12,466	$15,063	$11,928
Oct 20	$11,682	$12,422	$14,696	$11,743
Nov 20	$12,549	$12,584	$16,509	$12,618
Dec 20	$12,832	$12,627	$17,278	$12,909
Jan 21	$12,623	$12,548	$17,197	$12,702
Feb 21	$12,545	$12,386	$17,593	$12,620
Mar 21	$12,566	$12,242	$18,060	$12,640
Apr 21	$12,793	$12,345	$18,846	$12,867
May 21	$12,923	$12,392	$19,130	$12,998
Jun 21	$13,078	$12,482	$19,392	$13,156
Jul 21	$13,218	$12,607	$19,525	$13,297
Aug 21	$13,284	$12,599	$20,014	$13,369
Sep 21	$13,050	$12,491	$19,188	$13,132
Oct 21	$13,180	$12,481	$20,168	$13,266
Nov 21	$13,020	$12,496	$19,684	$13,102
Dec 21	$13,264	$12,488	$20,472	$13,351
Jan 22	$12,982	$12,214	$19,470	$13,071
Feb 22	$12,626	$12,048	$18,967	$12,713
Mar 22	$12,383	$11,724	$19,379	$12,491
Apr 22	$11,670	$11,287	$17,827	$11,747
May 22	$11,825	$11,349	$17,847	$11,901
Jun 22	$11,093	$11,122	$16,337	$11,085
Jul 22	$11,533	$11,402	$17,477	$11,550
Aug 22	$11,121	$11,105	$16,833	$11,188
Sep 22	$10,410	$10,627	$15,222	$10,470
Oct 22	$10,539	$10,510	$16,141	$10,599
Nov 22	$11,241	$10,902	$17,392	$11,302
Dec 22	$11,069	$10,865	$16,703	$11,128
Jan 23	$11,712	$11,202	$17,903	$11,776
Feb 23	$11,337	$10,927	$17,393	$11,397
Mar 23	$11,288	$11,183	$17,930	$11,346
Apr 23	$11,399	$11,252	$18,183	$11,458
May 23	$11,187	$11,135	$17,985	$11,244
Jun 23	$11,534	$11,118	$19,027	$11,595
Jul 23	$11,779	$11,129	$19,724	$11,842
Aug 23	$11,622	$11,062	$19,173	$11,692
Sep 23	$11,477	$10,798	$18,380	$11,544
Oct 23	$11,257	$10,636	$17,827	$11,319
Nov 23	$11,848	$11,114	$19,473	$11,913
Dec 23	$12,292	$11,536	$20,407	$12,362
Jan 24	$12,232	$11,508	$20,519	$12,304
Feb 24	$12,256	$11,370	$21,401	$12,330
Mar 24	$12,387	$11,482	$22,075	$12,463
Apr 24	$12,262	$11,214	$21,345	$12,339
May 24	$12,563	$11,400	$22,207	$12,644
Jun 24	$12,503	$11,504	$22,702	$12,589
Jul 24	$12,759	$11,765	$22,481	$12,849
Aug 24	$13,023	$11,938	$23,658	$13,107
Sep 24	$13,208	$12,102	$24,205	$13,296
Oct 24	$12,970	$11,827	$23,666	$13,059
Nov 24	$12,967	$11,952	$23,785	$13,057
Dec 24	$12,705	$11,771	$23,218	$12,792
Jan 25	$12,983	$11,842	$24,137	$13,073
Feb 25	$13,115	$12,087	$23,998	$13,178
Mar 25	$13,153	$12,084	$23,048	$13,217
Apr 25	$13,306	$12,127	$23,258	$13,372
May 25	$13,454	$12,065	$24,592	$13,523
Jun 25	$13,737	$12,253	$25,699	$13,811
Jul 25	$13,678	$12,236	$26,049	$13,753

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.20%	2.65%	3.18%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.00	(0.52)	2.04
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.87	12.79	10.05
Morningstar Multi-Asset High Income Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.04	2.68	3.24

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$113,880,423
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$289,013
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35%

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35.1%
International Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.0
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.5
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Preferred and Income Securities ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4%
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.1
iShares Core 1-5 Year USD Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.0
iShares Floating Rate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9
iShares Latin America 40 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.5
iShares J.P. Morgan EM Local Currency Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
iShares J.P. Morgan EM Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
iShares MBS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
iShares Global REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
iShares MSCI EAFE Value ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by Bloomberg L.P., MSCI Inc. or Morningstar, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares Morningstar Multi-Asset Income ETF

Annual Shareholder Report — July 31, 2025

IYLD-07/25-AR

iShares ESG Optimized MSCI USA Min Vol Factor ETF

ESMV |NASDAQ

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares ESG Optimized MSCI USA Min Vol Factor ETF (the “Fund”) (formerly known as iShares ESG MSCI USA Min Vol Factor ETF) for the period of August 1, 2024 to July 31, 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).

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(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 Optimized MSCI USA Min Vol Factor ETF	$19	0.18%

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 6.16%.
For the same period, the MSCI USA Index returned 16.96% and the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index returned 6.34%.

What contributed to performance?

Stocks in the information technology sector were the leading contributors to the Fund’s return during the reporting period. Systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of artificial intelligence (“AI”) technologies. Application software companies, spanning chip designers and industrial and financial software innovators, contributed as they accelerated their AI-driven monetization through AI-native tools and platform enhancements. In the technology hardware space, communications equipment stocks gained as they leveraged artificial intelligence to automate network management, enhance product capabilities, and deliver more efficient and intelligent solutions to enterprise and consumer markets. In the industrials sector, firms in the aerospace and defense segment experienced positive momentum due to increased defense spending, while building products companies benefited from strong demand for cooling systems in data centers.

What detracted from performance?

Healthcare stocks detracted from the Fund’s return during the reporting period, as the sector was increasingly pressured by regulatory scrutiny and policy upheaval. Managed healthcare firms faced additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

Fund performance

Cumulative performance: November 2, 2021 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index
Oct 21	$10,000	$10,000	$10,000
Nov 21	$9,781	$10,405	$10,509
Dec 21	$10,399	$10,816	$11,181
Jan 22	$9,693	$10,206	$10,420
Feb 22	$9,354	$9,907	$10,059
Mar 22	$9,772	$10,254	$10,512
Apr 22	$9,217	$9,326	$9,914
May 22	$9,203	$9,305	$9,900
Jun 22	$8,796	$8,534	$9,462
Jul 22	$9,317	$9,330	$10,023
Aug 22	$9,023	$8,964	$9,705
Sep 22	$8,330	$8,131	$8,958
Oct 22	$9,024	$8,777	$9,709
Nov 22	$9,581	$9,255	$10,310
Dec 22	$9,226	$8,711	$9,928
Jan 23	$9,463	$8,801	$10,186
Feb 23	$9,112	$9,063	$9,807
Mar 23	$9,430	$9,384	$10,150
Apr 23	$9,565	$9,503	$10,300
May 23	$9,236	$9,565	$9,946
Jun 23	$9,736	$10,203	$10,488
Jul 23	$9,901	$10,556	$10,669
Aug 23	$9,796	$10,376	$10,555
Sep 23	$9,408	$9,889	$10,137
Oct 23	$9,288	$9,661	$10,010
Nov 23	$10,015	$10,572	$10,725
Dec 23	$10,343	$11,069	$11,077
Jan 24	$10,480	$11,250	$11,235
Feb 24	$10,724	$11,215	$11,491
Mar 24	$11,051	$11,570	$11,843
Apr 24	$10,619	$11,721	$11,379
May 24	$10,854	$12,282	$11,638
Jun 24	$11,015	$12,725	$11,814
Jul 24	$11,426	$12,186	$11,406
Aug 24	$11,896	$12,485	$12,769
Sep 24	$12,036	$12,751	$12,922
Oct 24	$11,824	$13,380	$12,695
Nov 24	$12,508	$14,219	$12,721
Dec 24	$11,709	$13,855	$11,908
Jan 25	$12,053	$13,503	$12,040
Feb 25	$12,272	$13,292	$12,258
Mar 25	$12,091	$12,515	$12,079
Apr 25	$11,927	$12,451	$11,918
May 25	$12,119	$13,254	$12,112
Jun 25	$12,263	$13,934	$12,259
Jul 25	$12,130	$14,253	$12,128

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.16%	5.30%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.96	9.93
MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.34	5.29

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$8,588,389
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	155
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$18,113
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24%

The inception date of the Fund was November 2, 2021.

What did the Fund invest in?

(as of July 31, 2025)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.6%
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.1
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5

Security	Percent of Total Investments^{Footnote Reference(a)}
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8%
Chevron Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Cisco Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Public Service Enterprise Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Motorola Solutions, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
T-Mobile U.S., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Cencora, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Northrop Grumman Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5

Footnote	Description
Footnote^(a)	Excludes money market funds.

Material Fund changes

Effective June 2, 2025, the name of the Fund was changed from iShares ESG MSCI USA Min Vol Factor ETF to iShares ESG Optimized MSCI USA Min Vol Factor ETF.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc.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 Optimized MSCI USA Min Vol Factor ETF

Annual Shareholder Report — July 31, 2025

ESMV-07/25-AR

iShares MSCI USA Min Vol Factor ETF

USMV |Cboe BZX Exchange

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares MSCI USA Min Vol Factor ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 Min Vol Factor ETF	$16	0.15%

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 8.16%.
For the same period, the MSCI USA Index returned 16.96% and the MSCI USA Minimum Volatility Index returned 8.31%.

What contributed to performance?

During the reporting period, stocks in the information technology sector, especially in the technology hardware space, were the leading contributors to the Fund’s return. These companies leveraged artificial intelligence (“AI”) to automate network management, enhance product capabilities, and deliver more efficient and intelligent solutions to enterprise and consumer markets. Meanwhile, systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of AI technologies. Stocks in the financials sector were also notable contributors. Firms in the financial exchanges and data segment were supported by new product launches, as well as an increase in trading volume and volatility, while transaction and payment processing services companies gained amid a surge in cross-border transactions and the growing adoption of digital payments. Further, property and casualty insurance names benefited from premium growth and improved underwriting results.

What detracted from performance?

The largest detractors from the Fund’s return during the reporting period were in the healthcare sector, as it faced increasing pressure from regulatory scrutiny and policy upheaval. Managed healthcare firms were subject to additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Minimum Volatility Index
Jul 15	$10,000	$10,000	$10,000
Aug 15	$9,551	$9,393	$9,549
Sep 15	$9,497	$9,145	$9,495
Oct 15	$10,063	$9,899	$10,066
Nov 15	$10,041	$9,934	$10,043
Dec 15	$10,092	$9,767	$10,094
Jan 16	$9,950	$9,248	$9,954
Feb 16	$10,056	$9,228	$10,062
Mar 16	$10,660	$9,860	$10,667
Apr 16	$10,611	$9,909	$10,619
May 16	$10,778	$10,090	$10,790
Jun 16	$11,270	$10,116	$11,284
Jul 16	$11,435	$10,500	$11,451
Aug 16	$11,211	$10,516	$11,227
Sep 16	$11,136	$10,527	$11,154
Oct 16	$10,825	$10,328	$10,841
Nov 16	$10,894	$10,701	$10,910
Dec 16	$11,151	$10,901	$11,171
Jan 17	$11,297	$11,126	$11,319
Feb 17	$11,808	$11,564	$11,834
Mar 17	$11,820	$11,580	$11,848
Apr 17	$11,991	$11,705	$12,020
May 17	$12,236	$11,865	$12,269
Jun 17	$12,186	$11,939	$12,221
Jul 17	$12,430	$12,183	$12,467
Aug 17	$12,532	$12,222	$12,571
Sep 17	$12,597	$12,472	$12,638
Oct 17	$12,840	$12,757	$12,882
Nov 17	$13,240	$13,146	$13,286
Dec 17	$13,267	$13,288	$13,313
Jan 18	$13,730	$14,051	$13,781
Feb 18	$13,151	$13,535	$13,201
Mar 18	$13,118	$13,205	$13,171
Apr 18	$13,125	$13,258	$13,180
May 18	$13,269	$13,581	$13,325
Jun 18	$13,492	$13,674	$13,549
Jul 18	$13,941	$14,164	$14,005
Aug 18	$14,370	$14,633	$14,436
Sep 18	$14,547	$14,700	$14,617
Oct 18	$13,960	$13,680	$14,029
Nov 18	$14,478	$13,946	$14,553
Dec 18	$13,447	$12,690	$13,520
Jan 19	$14,222	$13,734	$14,299
Feb 19	$14,758	$14,193	$14,840
Mar 19	$15,154	$14,456	$15,237
Apr 19	$15,484	$15,035	$15,573
May 19	$15,231	$14,085	$15,323
Jun 19	$15,996	$15,074	$16,096
Jul 19	$16,257	$15,307	$16,360
Aug 19	$16,527	$15,041	$16,633
Sep 19	$16,674	$15,308	$16,784
Oct 19	$16,645	$15,642	$16,756
Nov 19	$16,864	$16,230	$16,978
Dec 19	$17,181	$16,705	$17,300
Jan 20	$17,579	$16,738	$17,703
Feb 20	$16,152	$15,373	$16,268
Mar 20	$14,225	$13,423	$14,333
Apr 20	$15,547	$15,189	$15,666
May 20	$16,224	$15,979	$16,350
Jun 20	$16,054	$16,344	$16,177
Jul 20	$16,774	$17,314	$16,906
Aug 20	$17,256	$18,614	$17,391
Sep 20	$16,973	$17,919	$17,110
Oct 20	$16,388	$17,453	$16,522
Nov 20	$17,731	$19,472	$17,879
Dec 20	$18,144	$20,276	$18,296
Jan 21	$17,657	$20,087	$17,806
Feb 21	$17,588	$20,612	$17,739
Mar 21	$18,557	$21,388	$18,719
Apr 21	$19,308	$22,552	$19,478
May 21	$19,464	$22,660	$19,640
Jun 21	$19,814	$23,291	$19,999
Jul 21	$20,503	$23,842	$20,697
Aug 21	$20,898	$24,545	$21,101
Sep 21	$19,859	$23,386	$20,052
Oct 21	$20,942	$25,017	$21,149
Nov 21	$20,526	$24,766	$20,731
Dec 21	$21,917	$25,744	$22,139
Jan 22	$20,621	$24,287	$20,834
Feb 22	$19,990	$23,575	$20,198
Mar 22	$21,085	$24,404	$21,307
Apr 22	$19,973	$22,192	$20,187
May 22	$19,968	$22,143	$20,184
Jun 22	$19,146	$20,310	$19,358
Jul 22	$20,123	$22,205	$20,346
Aug 22	$19,505	$21,335	$19,725
Sep 22	$18,104	$19,356	$18,311
Oct 22	$19,516	$20,893	$19,742
Nov 22	$20,641	$22,029	$20,884
Dec 22	$19,868	$20,734	$20,105
Jan 23	$20,160	$22,098	$20,402
Feb 23	$19,466	$21,571	$19,701
Mar 23	$20,120	$22,337	$20,366
Apr 23	$20,420	$22,620	$20,672
May 23	$19,757	$22,768	$20,001
Jun 23	$20,645	$24,286	$20,905
Jul 23	$20,923	$25,122	$21,189
Aug 23	$20,805	$24,698	$21,072
Sep 23	$20,215	$23,540	$20,478
Oct 23	$20,037	$22,998	$20,303
Nov 23	$21,320	$25,167	$21,491
Dec 23	$21,896	$26,353	$22,073
Jan 24	$22,387	$26,763	$22,571
Feb 24	$22,854	$28,199	$23,043
Mar 24	$23,572	$29,096	$23,771
Apr 24	$22,698	$27,895	$22,893
May 24	$23,332	$29,228	$23,535
Jun 24	$23,749	$30,273	$23,958
Jul 24	$24,633	$30,653	$24,853
Aug 24	$25,847	$31,392	$26,082
Sep 24	$25,957	$32,068	$26,196
Oct 24	$25,579	$31,831	$25,817
Nov 24	$26,864	$33,823	$27,117
Dec 24	$25,362	$32,962	$25,603
Jan 25	$26,271	$33,966	$26,524
Feb 25	$27,002	$33,431	$27,267
Mar 25	$26,834	$31,475	$27,104
Apr 25	$26,514	$31,314	$26,783
May 25	$26,809	$33,335	$27,083
Jun 25	$26,996	$35,050	$27,273
Jul 25	$26,643	$35,852	$26,918

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.16%	9.70%	10.30%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.96	15.67	13.62
MSCI USA Minimum Volatility Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.31	9.75	10.41

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$23,369,665,595
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	180
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$35,845,072
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22%

What did the Fund invest in?

(as of July 31, 2025)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.0%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

Security	Percent of Total Investments^{Footnote Reference(a)}
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8%
Cisco Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Exxon Mobil Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Southern Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Motorola Solutions, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Duke Energy Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
T-Mobile U.S., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
McKesson Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Waste Management, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Waste Connections, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares MSCI USA Min Vol Factor ETF

Annual Shareholder Report — July 31, 2025

USMV-07/25-AR

iShares MSCI USA Momentum Factor ETF

MTUM |Cboe BZX Exchange

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares MSCI USA Momentum Factor ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 Momentum Factor ETF	$17	0.15%

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 27.63%.
For the same period, the MSCI USA Index returned 16.96% and the MSCI USA Momentum SR Variant Index (Spliced) returned 27.85%.

What contributed to performance?

During the reporting period, stocks in the information technology sector were the leading contributors to the Fund’s return. Application software companies benefited from their exposure to artificial intelligence (“AI”) and digital transformation themes. In particular, a company specializing in data analysis and AI experienced robust growth across its government and commercial sectors. In addition, semiconductor stocks gained amid continued demand for AI and generative AI, data center expansions, and continued innovation in chips and network solutions. In the industrials sector, aerospace and defense stocks gained amid robust demand for engines and services in commercial aviation, as well as government support for defense spending. Additionally, electrical equipment manufacturers benefited as the growth of AI data centers dramatically increased electricity demand. Stocks in the financials sector were also notable contributors, benefiting from resilient equity markets, rising assets under management, strong trends in wealth management, and high trading volumes.

What detracted from performance?

There were no meaningful detractors from the Fund’s performance during the reporting period.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Momentum SR Variant Index (Spliced)
Jul 15	$10,000	$10,000	$10,000
Aug 15	$9,404	$9,393	$9,851
Sep 15	$9,222	$9,145	$9,658
Oct 15	$9,892	$9,899	$10,360
Nov 15	$9,942	$9,934	$10,410
Dec 15	$9,935	$9,767	$10,399
Jan 16	$9,568	$9,248	$10,015
Feb 16	$9,442	$9,228	$9,880
Mar 16	$9,937	$9,860	$10,396
Apr 16	$9,872	$9,909	$10,327
May 16	$10,114	$10,090	$10,578
Jun 16	$10,415	$10,116	$10,889
Jul 16	$10,693	$10,500	$11,178
Aug 16	$10,536	$10,516	$11,010
Sep 16	$10,586	$10,527	$11,059
Oct 16	$10,378	$10,328	$11,055
Nov 16	$10,315	$10,701	$10,990
Dec 16	$10,421	$10,901	$11,110
Jan 17	$10,768	$11,126	$11,478
Feb 17	$11,165	$11,564	$11,905
Mar 17	$11,403	$11,580	$12,162
Apr 17	$11,690	$11,705	$12,470
May 17	$12,253	$11,865	$13,071
Jun 17	$12,299	$11,939	$13,124
Jul 17	$12,718	$12,183	$13,574
Aug 17	$12,907	$12,222	$13,778
Sep 17	$13,276	$12,472	$14,170
Oct 17	$13,938	$12,757	$14,879
Nov 17	$14,326	$13,146	$15,297
Dec 17	$14,340	$13,288	$15,312
Jan 18	$15,514	$14,051	$16,569
Feb 18	$15,293	$13,535	$16,334
Mar 18	$14,733	$13,205	$15,740
Apr 18	$14,846	$13,258	$15,861
May 18	$15,364	$13,581	$16,416
Jun 18	$15,340	$13,674	$16,393
Jul 18	$15,625	$14,164	$16,699
Aug 18	$16,539	$14,633	$17,679
Sep 18	$16,691	$14,700	$17,844
Oct 18	$15,055	$13,680	$16,095
Nov 18	$15,261	$13,946	$16,318
Dec 18	$14,086	$12,690	$15,064
Jan 19	$15,024	$13,734	$16,069
Feb 19	$15,524	$14,193	$16,647
Mar 19	$15,860	$14,456	$17,006
Apr 19	$16,226	$15,035	$17,400
May 19	$15,851	$14,085	$17,005
Jun 19	$16,836	$15,074	$18,066
Jul 19	$17,143	$15,307	$18,396
Aug 19	$17,187	$15,041	$18,447
Sep 19	$16,979	$15,308	$18,224
Oct 19	$17,083	$15,642	$18,338
Nov 19	$17,655	$16,230	$18,956
Dec 19	$17,970	$16,705	$19,296
Jan 20	$18,629	$16,738	$20,009
Feb 20	$17,258	$15,373	$18,539
Mar 20	$15,288	$13,423	$16,424
Apr 20	$17,085	$15,189	$18,351
May 20	$18,102	$15,979	$19,450
Jun 20	$18,889	$16,344	$20,298
Jul 20	$20,178	$17,314	$20,399
Aug 20	$22,125	$18,614	$23,784
Sep 20	$21,266	$17,919	$22,862
Oct 20	$20,374	$17,453	$21,906
Nov 20	$22,525	$19,472	$24,219
Dec 20	$23,305	$20,276	$25,062
Jan 21	$23,693	$20,087	$25,483
Feb 21	$23,553	$20,612	$25,334
Mar 21	$23,260	$21,388	$25,020
Apr 21	$24,912	$22,552	$26,800
May 21	$24,635	$22,660	$26,509
Jun 21	$25,104	$23,291	$27,016
Jul 21	$25,337	$23,842	$27,269
Aug 21	$26,386	$24,545	$28,404
Sep 21	$25,464	$23,386	$27,416
Oct 21	$27,642	$25,017	$29,766
Nov 21	$26,573	$24,766	$28,619
Dec 21	$26,440	$25,744	$28,474
Jan 22	$24,046	$24,287	$25,897
Feb 22	$23,405	$23,575	$25,209
Mar 22	$24,489	$24,404	$26,382
Apr 22	$21,408	$22,192	$23,063
May 22	$21,291	$22,143	$22,940
Jun 22	$19,909	$20,310	$21,455
Jul 22	$20,941	$22,205	$22,566
Aug 22	$20,540	$21,335	$22,138
Sep 22	$19,298	$19,356	$20,805
Oct 22	$21,714	$20,893	$23,415
Nov 22	$22,487	$22,029	$24,250
Dec 22	$21,620	$20,734	$23,321
Jan 23	$21,481	$22,098	$23,170
Feb 23	$20,626	$21,571	$22,250
Mar 23	$20,706	$22,337	$22,336
Apr 23	$21,208	$22,620	$22,881
May 23	$20,168	$22,768	$21,761
Jun 23	$21,573	$24,286	$23,281
Jul 23	$21,946	$25,122	$23,685
Aug 23	$22,007	$24,698	$23,755
Sep 23	$20,954	$23,540	$22,621
Oct 23	$20,610	$22,998	$22,253
Nov 23	$22,509	$25,167	$24,307
Dec 23	$23,588	$26,353	$25,476
Jan 24	$24,908	$26,763	$26,903
Feb 24	$27,412	$28,199	$29,623
Mar 24	$28,208	$29,096	$30,489
Apr 24	$26,641	$27,895	$28,797
May 24	$28,062	$29,228	$30,338
Jun 24	$29,343	$30,273	$31,735
Jul 24	$28,768	$30,653	$29,269
Aug 24	$29,745	$31,392	$32,176
Sep 24	$30,592	$32,068	$33,093
Oct 24	$30,548	$31,831	$33,056
Nov 24	$32,663	$33,823	$33,241
Dec 24	$31,344	$32,962	$31,900
Jan 25	$33,201	$33,966	$33,816
Feb 25	$33,102	$33,431	$33,707
Mar 25	$30,660	$31,475	$31,228
Apr 25	$31,858	$31,314	$32,459
May 25	$35,182	$33,335	$35,862
Jun 25	$36,596	$35,050	$37,299
Jul 25	$36,715	$35,852	$37,419

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.63%	12.72%	13.89%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.96	15.67	13.62
MSCI USA Momentum SR Variant Index (Spliced)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.85	12.90	14.11

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$17,576,266,699
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	128
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$20,554,935
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	116%

The performance of the MSCI USA Momentum SR Variant Index (Spliced) in this report reflects the performance of the MSCI USA Momentum Index through November 22, 2020 and, beginning on November 23, 2020, the performance of the MSCI USA Momentum SR Variant Index.

What did the Fund invest in?

(as of July 31, 2025)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.0%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.0
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.5
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.2
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8

Security	Percent of Total Investments^{Footnote Reference(a)}
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0%
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Walmart, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Philip Morris International, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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 MSCI USA Momentum Factor ETF

Annual Shareholder Report — July 31, 2025

MTUM-07/25-AR

iShares MSCI USA Quality Factor ETF

QUAL |Cboe BZX Exchange

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares MSCI USA Quality Factor ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 Factor ETF	$16	0.15%

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 8.31%.
For the same period, the MSCI USA Index returned 16.96% and the MSCI USA Sector Neutral Quality Index (Spliced) returned 8.47%

What contributed to performance?

Stocks in the communications sector were among the leading contributors to the Fund’s return during the reporting period. Notably, firms in the interactive media and services segment were supported by solid digital advertising revenue growth fueled by artificial intelligence (“AI”) investments that improved ad targeting and performance. In the information technology sector, systems software firms benefited from strong demand in cloud-delivered businesses, while semiconductor stocks gained amid unprecedented demand for AI and generative AI, data center expansions, and continued innovation in chips and network solutions. Further, communications equipment companies leveraged AI to automate network management, enhance product capabilities, and deliver more efficient and intelligent solutions to enterprise and consumer markets. Transaction and payment processing firms in the financials sector were supported by cross-border transactions and the growing adoption of digital payments.

What detracted from performance?

U.S. healthcare stocks were modest detractors from the Fund’s return during the reporting period, pressured by increasing regulatory scrutiny and policy upheaval. Managed healthcare firms faced additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Sector Neutral Quality Index (Spliced)
Jul 15	$10,000	$10,000	$10,000
Aug 15	$9,463	$9,393	$9,889
Sep 15	$9,346	$9,145	$9,767
Oct 15	$10,149	$9,899	$10,608
Nov 15	$10,190	$9,934	$10,654
Dec 15	$10,023	$9,767	$10,478
Jan 16	$9,574	$9,248	$10,009
Feb 16	$9,626	$9,228	$10,064
Mar 16	$10,236	$9,860	$10,705
Apr 16	$10,200	$9,909	$10,670
May 16	$10,303	$10,090	$10,780
Jun 16	$10,356	$10,116	$10,836
Jul 16	$10,670	$10,500	$11,166
Aug 16	$10,649	$10,516	$11,146
Sep 16	$10,637	$10,527	$11,134
Oct 16	$10,420	$10,328	$10,908
Nov 16	$10,727	$10,701	$11,232
Dec 16	$10,943	$10,901	$11,459
Jan 17	$11,076	$11,126	$11,600
Feb 17	$11,596	$11,564	$12,148
Mar 17	$11,592	$11,580	$12,145
Apr 17	$11,656	$11,705	$12,214
May 17	$11,837	$11,865	$12,407
Jun 17	$11,906	$11,939	$12,480
Jul 17	$12,017	$12,183	$12,598
Aug 17	$12,082	$12,222	$12,668
Sep 17	$12,403	$12,472	$13,006
Oct 17	$12,758	$12,757	$13,381
Nov 17	$13,232	$13,146	$13,880
Dec 17	$13,379	$13,288	$14,037
Jan 18	$13,991	$14,051	$14,680
Feb 18	$13,596	$13,535	$14,267
Mar 18	$13,416	$13,205	$14,081
Apr 18	$13,236	$13,258	$13,893
May 18	$13,599	$13,581	$14,276
Jun 18	$13,592	$13,674	$14,270
Jul 18	$14,102	$14,164	$14,807
Aug 18	$14,622	$14,633	$15,355
Sep 18	$14,782	$14,700	$15,525
Oct 18	$13,674	$13,680	$14,363
Nov 18	$13,812	$13,946	$14,509
Dec 18	$12,607	$12,690	$13,246
Jan 19	$13,665	$13,734	$14,359
Feb 19	$14,257	$14,193	$14,983
Mar 19	$14,625	$14,456	$15,371
Apr 19	$15,178	$15,035	$15,955
May 19	$14,172	$14,085	$14,902
Jun 19	$15,188	$15,074	$15,974
Jul 19	$15,391	$15,307	$16,189
Aug 19	$15,128	$15,041	$15,916
Sep 19	$15,390	$15,308	$16,188
Oct 19	$15,735	$15,642	$16,559
Nov 19	$16,432	$16,230	$17,282
Dec 19	$16,911	$16,705	$17,802
Jan 20	$16,797	$16,738	$17,672
Feb 20	$15,390	$15,373	$16,203
Mar 20	$13,630	$13,423	$14,353
Apr 20	$15,314	$15,189	$16,128
May 20	$16,168	$15,979	$17,028
Jun 20	$16,206	$16,344	$17,073
Jul 20	$16,988	$17,314	$17,126
Aug 20	$18,173	$18,614	$19,149
Sep 20	$17,600	$17,919	$18,549
Oct 20	$17,110	$17,453	$18,034
Nov 20	$19,071	$19,472	$20,104
Dec 20	$19,780	$20,276	$20,854
Jan 21	$19,222	$20,087	$20,267
Feb 21	$19,853	$20,612	$20,936
Mar 21	$20,803	$21,388	$21,941
Apr 21	$21,815	$22,552	$23,013
May 21	$22,048	$22,660	$23,272
Jun 21	$22,779	$23,291	$24,055
Jul 21	$23,549	$23,842	$24,872
Aug 21	$24,218	$24,545	$25,583
Sep 21	$22,668	$23,386	$23,947
Oct 21	$24,404	$25,017	$25,785
Nov 21	$24,251	$24,766	$25,627
Dec 21	$25,102	$25,744	$26,530
Jan 22	$23,373	$24,287	$24,706
Feb 22	$22,401	$23,575	$23,679
Mar 22	$23,241	$24,404	$24,570
Apr 22	$21,367	$22,192	$22,592
May 22	$21,328	$22,143	$22,554
Jun 22	$19,398	$20,310	$20,515
Jul 22	$21,173	$22,205	$22,395
Aug 22	$20,109	$21,335	$21,272
Sep 22	$18,136	$19,356	$19,185
Oct 22	$19,629	$20,893	$20,768
Nov 22	$21,165	$22,029	$22,398
Dec 22	$19,983	$20,734	$21,150
Jan 23	$21,385	$22,098	$22,638
Feb 23	$20,812	$21,571	$22,033
Mar 23	$21,809	$22,337	$23,101
Apr 23	$22,172	$22,620	$23,487
May 23	$22,321	$22,768	$23,648
Jun 23	$23,774	$24,286	$25,191
Jul 23	$24,661	$25,122	$26,135
Aug 23	$24,560	$24,698	$26,031
Sep 23	$23,311	$23,540	$24,703
Oct 23	$22,982	$22,998	$24,365
Nov 23	$24,948	$25,167	$26,440
Dec 23	$26,145	$26,353	$27,726
Jan 24	$26,732	$26,763	$28,333
Feb 24	$28,476	$28,199	$30,207
Mar 24	$29,235	$29,096	$31,015
Apr 24	$27,939	$27,895	$29,644
May 24	$29,493	$29,228	$31,283
Jun 24	$30,427	$30,273	$32,293
Jul 24	$30,650	$30,653	$31,128
Aug 24	$31,720	$31,392	$33,665
Sep 24	$32,076	$32,068	$34,045
Oct 24	$31,580	$31,831	$33,517
Nov 24	$33,122	$33,823	$33,674
Dec 24	$31,957	$32,962	$32,483
Jan 25	$32,900	$33,966	$33,438
Feb 25	$32,578	$33,431	$33,127
Mar 25	$30,746	$31,475	$31,263
Apr 25	$30,470	$31,314	$30,987
May 25	$31,879	$33,335	$32,423
Jun 25	$32,960	$35,050	$33,520
Jul 25	$33,197	$35,852	$33,764

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.31%	14.34%	12.75%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.96	15.67	13.62
MSCI USA Sector Neutral Quality Index (Spliced)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.47	14.54	12.94

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$52,856,647,599
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	128
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$75,086,515
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21%

The performance of the MSCI USA Sector Neutral Quality Index (Spliced) in this report reflects the performance of the MSCI USA Quality Index through August 31, 2015 and, beginning on September 1, 2015, the performance of the MSCI USA Sector Neutral Quality Index.

What did the Fund invest in?

(as of July 31, 2025)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.7%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Security	Percent of Total Investments^{Footnote Reference(a)}
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.9
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
TJX Companies, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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 MSCI USA Quality Factor ETF

Annual Shareholder Report — July 31, 2025

QUAL-07/25-AR

iShares MSCI USA Size Factor ETF

SIZE |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares MSCI USA Size Factor ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 Size Factor ETF	$16	0.15%

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 10.86%.
For the same period, the MSCI USA Index returned 16.96% and the MSCI USA Low Size Index (Spliced) returned 11.06%.

What contributed to performance?

Application software stocks in the information technology sector contributed to the Fund’s performance during the reporting period. Notable contributors included a company specializing in data analysis and artificial intelligence (“AI”), which experienced significant growth in its government and commercial sectors and a firm that provides solutions for in-app advertising, mobile device marketing, and connected TV advertising. Meanwhile, increased demand for consumer electronics, such as smartphones, laptops, and smart appliances, has fueled the companies that manufacture the building blocks for these products in the electronic equipment, instruments, and components firms segment. Stocks in the financials sector were also notable contributors, benefiting from resilient equity markets, rising assets under management, strong trends in wealth management, and high trading volumes. In the industrials sector, aerospace and defense stocks gained amid robust demand for engines and services in commercial aviation, as well as government support for defense spending. Electrical equipment manufacturers benefited as the growth of AI data centers dramatically increased electricity demand.

What detracted from performance?

U.S. healthcare stocks were modest detractors from the Fund’s return during the reporting period, pressured by increasing regulatory scrutiny, tariff threats, and policy upheaval.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Low Size Index (Spliced)
Jul 15	$10,000	$10,000	$10,000
Aug 15	$9,467	$9,393	$10,173
Sep 15	$9,286	$9,145	$9,979
Oct 15	$9,887	$9,899	$10,627
Nov 15	$9,931	$9,934	$10,674
Dec 15	$9,748	$9,767	$10,479
Jan 16	$9,293	$9,248	$9,989
Feb 16	$9,378	$9,228	$10,082
Mar 16	$10,065	$9,860	$10,823
Apr 16	$10,120	$9,909	$10,883
May 16	$10,299	$10,090	$11,078
Jun 16	$10,404	$10,116	$11,191
Jul 16	$10,739	$10,500	$11,553
Aug 16	$10,725	$10,516	$11,538
Sep 16	$10,685	$10,527	$11,497
Oct 16	$10,446	$10,328	$11,241
Nov 16	$10,866	$10,701	$11,695
Dec 16	$11,047	$10,901	$11,892
Jan 17	$11,257	$11,126	$12,119
Feb 17	$11,707	$11,564	$12,608
Mar 17	$11,676	$11,580	$12,575
Apr 17	$11,788	$11,705	$12,696
May 17	$11,949	$11,865	$12,871
Jun 17	$12,061	$11,939	$12,994
Jul 17	$12,235	$12,183	$13,183
Aug 17	$12,188	$12,222	$13,134
Sep 17	$12,407	$12,472	$13,372
Oct 17	$12,606	$12,757	$13,587
Nov 17	$13,076	$13,146	$14,095
Dec 17	$13,133	$13,288	$14,159
Jan 18	$13,645	$14,051	$14,714
Feb 18	$13,065	$13,535	$14,090
Mar 18	$13,010	$13,205	$14,033
Apr 18	$12,990	$13,258	$14,012
May 18	$13,132	$13,581	$14,166
Jun 18	$13,285	$13,674	$14,332
Jul 18	$13,722	$14,164	$14,806
Aug 18	$14,009	$14,633	$15,117
Sep 18	$14,030	$14,700	$15,141
Oct 18	$13,197	$13,680	$14,242
Nov 18	$13,643	$13,946	$14,726
Dec 18	$12,278	$12,690	$13,255
Jan 19	$13,528	$13,734	$14,607
Feb 19	$14,065	$14,193	$15,189
Mar 19	$14,151	$14,456	$15,282
Apr 19	$14,678	$15,035	$15,855
May 19	$13,672	$14,085	$14,771
Jun 19	$14,700	$15,074	$15,885
Jul 19	$14,856	$15,307	$16,057
Aug 19	$14,359	$15,041	$15,519
Sep 19	$14,725	$15,308	$15,911
Oct 19	$14,914	$15,642	$16,123
Nov 19	$15,466	$16,230	$16,720
Dec 19	$15,847	$16,705	$17,137
Jan 20	$15,656	$16,738	$16,934
Feb 20	$14,293	$15,373	$15,460
Mar 20	$11,687	$13,423	$12,641
Apr 20	$13,298	$15,189	$14,383
May 20	$14,174	$15,979	$15,332
Jun 20	$14,399	$16,344	$15,577
Jul 20	$15,141	$17,314	$15,243
Aug 20	$15,819	$18,614	$17,118
Sep 20	$15,496	$17,919	$16,770
Oct 20	$15,451	$17,453	$16,724
Nov 20	$17,659	$19,472	$19,119
Dec 20	$18,430	$20,276	$19,956
Jan 21	$18,255	$20,087	$19,769
Feb 21	$19,216	$20,612	$20,811
Mar 21	$19,923	$21,388	$21,580
Apr 21	$20,905	$22,552	$22,646
May 21	$21,216	$22,660	$22,988
Jun 21	$21,566	$23,291	$23,372
Jul 21	$21,844	$23,842	$23,676
Aug 21	$22,354	$24,545	$24,231
Sep 21	$21,366	$23,386	$23,164
Oct 21	$22,649	$25,017	$24,555
Nov 21	$22,018	$24,766	$23,872
Dec 21	$23,044	$25,744	$24,987
Jan 22	$21,690	$24,287	$23,521
Feb 22	$21,435	$23,575	$23,248
Mar 22	$21,953	$24,404	$23,812
Apr 22	$20,392	$22,192	$22,120
May 22	$20,494	$22,143	$22,234
Jun 22	$18,583	$20,310	$20,161
Jul 22	$20,239	$22,205	$21,959
Aug 22	$19,582	$21,335	$21,249
Sep 22	$17,719	$19,356	$19,229
Oct 22	$19,273	$20,893	$20,919
Nov 22	$20,461	$22,029	$22,210
Dec 22	$19,395	$20,734	$21,055
Jan 23	$20,997	$22,098	$22,795
Feb 23	$20,294	$21,571	$22,033
Mar 23	$20,170	$22,337	$21,903
Apr 23	$20,032	$22,620	$21,756
May 23	$19,591	$22,768	$21,278
Jun 23	$21,094	$24,286	$22,913
Jul 23	$21,984	$25,122	$23,883
Aug 23	$21,262	$24,698	$23,102
Sep 23	$20,260	$23,540	$22,013
Oct 23	$19,346	$22,998	$21,026
Nov 23	$21,262	$25,167	$23,091
Dec 23	$22,854	$26,353	$24,827
Jan 24	$22,647	$26,763	$24,604
Feb 24	$23,680	$28,199	$25,726
Mar 24	$24,715	$29,096	$26,859
Apr 24	$23,405	$27,895	$25,437
May 24	$24,000	$29,228	$26,080
Jun 24	$23,969	$30,273	$26,059
Jul 24	$24,960	$30,653	$25,258
Aug 24	$25,564	$31,392	$27,793
Sep 24	$26,103	$32,068	$28,382
Oct 24	$25,833	$31,831	$28,095
Nov 24	$27,808	$33,823	$28,154
Dec 24	$26,069	$32,962	$26,402
Jan 25	$27,147	$33,966	$27,499
Feb 25	$26,752	$33,431	$27,104
Mar 25	$25,627	$31,475	$25,960
Apr 25	$25,183	$31,314	$25,510
May 25	$26,411	$33,335	$26,762
Jun 25	$27,360	$35,050	$27,731
Jul 25	$27,672	$35,852	$28,051

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.86%	12.82%	10.71%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.96	15.67	13.62
MSCI USA Low Size Index (Spliced)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.06	12.97	10.87

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$359,301,661
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	547
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$486,152
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23%

The performance of the MSCI USA Low Size Index (Spliced) in this report reflects the performance of the MSCI USA Risk Weighted Index through December 2, 2018 and, beginning on December 3, 2018, the performance of the MSCI USA Low Size Index.

What did the Fund invest in?

(as of July 31, 2025)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.3%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.2
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2

Security	Percent of Total Investments^{Footnote Reference(a)}
Chevron Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4%
Synopsys, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
ROBLOX Corp., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Western Digital Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Reddit, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Robinhood Markets, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Seagate Technology Holdings PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Advanced Micro Devices, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Warner Bros Discovery, Inc., Series A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Estee Lauder Companies, Inc. (The), Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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 MSCI USA Size Factor ETF

Annual Shareholder Report — July 31, 2025

SIZE-07/25-AR

iShares MSCI USA Value Factor ETF

VLUE |Cboe BZX Exchange

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares MSCI USA Value Factor ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 Value Factor ETF	$16	0.15%

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 7.93%.
For the same period, the MSCI USA Index returned 16.96% and the MSCI USA Enhanced Value Index (Spliced) returned 8.11%.

What contributed to performance?

Stocks in the financials sector were the most significant contributors to the Fund’s performance during the reporting period, benefiting from resilient equity markets, rising assets under management, strong trends in wealth management, and high trading volumes. As diversified banks experienced improved profitability and demonstrated resilience, they raised dividends and announced share buybacks, providing an additional boost. Also contributing were companies within the communications equipment space in the information technology sector. These firms leveraged artificial intelligence (“AI”) to automate network management, enhance product capabilities, and deliver more efficient and intelligent solutions to enterprise and consumer markets. Within the IT services segment, a technology company benefited from its business shift which included strategic investments in AI, hybrid cloud, and software. Further, strong subscriber growth and fiber network expansion supported a large telecommunications company in the communication sector.

What detracted from performance?

U.S. healthcare stocks modestly detracted from the Fund’s return during the reporting period, as they faced increased regulatory scrutiny and policy upheaval. Managed healthcare firms faced additional challenges due to rising utilization and medical costs, as well as changes in reimbursement levels.

Fund performance

Cumulative performance: August 1, 2015 through July 31, 2025

Initial investment of $10,000

	Fund	MSCI USA Index	MSCI USA Enhanced Value Index (Spliced)
Jul 15	$10,000	$10,000	$10,000
Aug 15	$9,400	$9,393	$9,961
Sep 15	$9,131	$9,145	$9,676
Oct 15	$9,805	$9,899	$10,393
Nov 15	$9,738	$9,934	$10,324
Dec 15	$9,533	$9,767	$10,108
Jan 16	$8,757	$9,248	$9,284
Feb 16	$8,866	$9,228	$9,402
Mar 16	$9,491	$9,860	$10,067
Apr 16	$9,562	$9,909	$10,144
May 16	$9,703	$10,090	$10,296
Jun 16	$9,584	$10,116	$10,171
Jul 16	$10,018	$10,500	$10,634
Aug 16	$10,140	$10,516	$10,766
Sep 16	$10,214	$10,527	$10,846
Oct 16	$10,088	$10,328	$10,715
Nov 16	$10,792	$10,701	$11,465
Dec 16	$11,028	$10,901	$11,719
Jan 17	$11,176	$11,126	$11,877
Feb 17	$11,690	$11,564	$12,427
Mar 17	$11,556	$11,580	$12,286
Apr 17	$11,578	$11,705	$12,311
May 17	$11,566	$11,865	$12,299
Jun 17	$11,706	$11,939	$12,451
Jul 17	$11,932	$12,183	$12,693
Aug 17	$11,961	$12,222	$12,725
Sep 17	$12,383	$12,472	$13,176
Oct 17	$12,698	$12,757	$13,515
Nov 17	$13,236	$13,146	$14,088
Dec 17	$13,450	$13,288	$14,318
Jan 18	$14,033	$14,051	$14,940
Feb 18	$13,579	$13,535	$14,460
Mar 18	$13,266	$13,205	$14,128
Apr 18	$13,323	$13,258	$14,190
May 18	$13,585	$13,581	$14,470
Jun 18	$13,442	$13,674	$14,318
Jul 18	$13,897	$14,164	$14,805
Aug 18	$14,405	$14,633	$15,349
Sep 18	$14,379	$14,700	$15,323
Oct 18	$13,531	$13,680	$14,422
Nov 18	$13,457	$13,946	$14,344
Dec 18	$11,946	$12,690	$12,734
Jan 19	$13,136	$13,734	$14,006
Feb 19	$13,390	$14,193	$14,278
Mar 19	$13,264	$14,456	$14,143
Apr 19	$13,722	$15,035	$14,634
May 19	$12,402	$14,085	$13,227
Jun 19	$13,575	$15,074	$14,479
Jul 19	$13,803	$15,307	$14,725
Aug 19	$13,191	$15,041	$14,073
Sep 19	$13,822	$15,308	$14,744
Oct 19	$14,209	$15,642	$15,166
Nov 19	$14,733	$16,230	$15,722
Dec 19	$15,227	$16,705	$16,257
Jan 20	$14,650	$16,738	$15,630
Feb 20	$13,231	$15,373	$14,127
Mar 20	$10,781	$13,423	$11,511
Apr 20	$12,002	$15,189	$12,814
May 20	$12,436	$15,979	$13,278
Jun 20	$12,465	$16,344	$13,312
Jul 20	$12,584	$17,314	$12,676
Aug 20	$13,081	$18,614	$13,971
Sep 20	$12,809	$17,919	$13,683
Oct 20	$12,658	$17,453	$13,522
Nov 20	$14,740	$19,472	$15,750
Dec 20	$15,179	$20,276	$16,219
Jan 21	$15,680	$20,087	$16,757
Feb 21	$16,768	$20,612	$17,925
Mar 21	$17,974	$21,388	$19,219
Apr 21	$18,285	$22,552	$19,552
May 21	$18,813	$22,660	$20,120
Jun 21	$18,529	$23,291	$19,817
Jul 21	$18,386	$23,842	$19,666
Aug 21	$18,538	$24,545	$19,829
Sep 21	$17,880	$23,386	$19,128
Oct 21	$18,325	$25,017	$19,605
Nov 21	$18,157	$24,766	$19,429
Dec 21	$19,577	$25,744	$20,955
Jan 22	$19,200	$24,287	$20,555
Feb 22	$18,779	$23,575	$20,107
Mar 22	$18,833	$24,404	$20,166
Apr 22	$17,748	$22,192	$19,009
May 22	$18,437	$22,143	$19,751
Jun 22	$16,406	$20,310	$17,576
Jul 22	$17,378	$22,205	$18,618
Aug 22	$16,763	$21,335	$17,961
Sep 22	$14,963	$19,356	$16,035
Oct 22	$16,929	$20,893	$18,146
Nov 22	$17,914	$22,029	$19,205
Dec 22	$16,810	$20,734	$18,024
Jan 23	$18,006	$22,098	$19,309
Feb 23	$17,303	$21,571	$18,556
Mar 23	$17,228	$22,337	$18,478
Apr 23	$17,039	$22,620	$18,276
May 23	$16,410	$22,768	$17,602
Jun 23	$17,560	$24,286	$18,838
Jul 23	$18,206	$25,122	$19,534
Aug 23	$17,678	$24,698	$18,971
Sep 23	$17,110	$23,540	$18,358
Oct 23	$16,498	$22,998	$17,710
Nov 23	$17,846	$25,167	$19,148
Dec 23	$19,207	$26,353	$20,623
Jan 24	$19,044	$26,763	$20,440
Feb 24	$19,541	$28,199	$20,985
Mar 24	$20,706	$29,096	$22,240
Apr 24	$19,293	$27,895	$20,724
May 24	$19,880	$29,228	$21,346
Jun 24	$19,873	$30,273	$21,353
Jul 24	$20,677	$30,653	$20,962
Aug 24	$20,756	$31,392	$22,299
Sep 24	$21,123	$32,068	$22,696
Oct 24	$20,852	$31,831	$22,404
Nov 24	$22,182	$33,823	$22,491
Dec 24	$20,591	$32,962	$20,881
Jan 25	$21,463	$33,966	$21,784
Feb 25	$21,682	$33,431	$21,997
Mar 25	$20,928	$31,475	$21,235
Apr 25	$20,150	$31,314	$20,447
May 25	$21,006	$33,335	$21,322
Jun 25	$22,381	$35,050	$22,726
Jul 25	$22,317	$35,852	$22,662

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.93%	12.14%	8.36%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.96	15.67	13.62
MSCI USA Enhanced Value Index (Spliced)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.11	12.32	8.53

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$6,613,217,004
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	152
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,316,319
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30%

The performance of the MSCI USA Enhanced Value Index (Spliced) in this report reflects the performance of the MSCI USA Value Weighted Index through August 31, 2015 and, beginning on September 1, 2015, the performance of the MSCI USA Enhanced Value Index.

What did the Fund invest in?

(as of July 31, 2025)

Sector allocation

Ten largest holdings

Sector	Percent of Total Investments^{Footnote Reference(a)}
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.5%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.1
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Security	Percent of Total Investments^{Footnote Reference(a)}
Cisco Systems, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0%
Intel Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
General Motors Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Micron Technology, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
AT&T, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Applied Materials, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Bank of America Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Verizon Communications, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Citigroup, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Ford Motor Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc. 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 MSCI USA Value Factor ETF

Annual Shareholder Report — July 31, 2025

VLUE-07/25-AR

iShares^® LifePath^® Retirement ETF

IRTR |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Retirement ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Retirement ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 8.25%.
For the same period, the Bloomberg U.S. Aggregate Bond Index returned 3.38% and the Russell 1000^® Index returned 16.54%.

What contributed to performance?

During the reporting period, equity markets registered solid gains, outperforming the modest gains of fixed-income securities. Across the LifePath^® vintages, information technology stocks in the U.S. large-capitalization space were the largest driver of returns. Semiconductor stocks gained amid unprecedented demand for artificial intelligence (“AI”) and generative AI, data center expansions, and continued innovation in chips and network solutions, while systems software firms benefited from strong growth in their respective cloud businesses and increasing adoption of AI technologies. Stocks in the financials sector were also notable contributors, benefiting from resilient equity markets, rising assets under management, strong trends in wealth management, and high trading volumes. International developed stocks also benefited performance. Optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense supported firms in the German industrials space.

The bond allocation also gained during the reporting period. For the retirement and earlier-dated vintages, inflation-protected securities rose as pricing pressures remained elevated and tariff uncertainty raised future pricing expectations.

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Bloomberg U.S. Aggregate Bond Index	Russell 1000^® Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,833	$10,272	$9,964
Nov 23	$10,443	$10,735	$10,894
Dec 23	$10,899	$11,146	$11,434
Jan 24	$10,886	$11,121	$11,593
Feb 24	$10,989	$10,959	$12,221
Mar 24	$11,193	$11,060	$12,616
Apr 24	$10,868	$10,783	$12,078
May 24	$11,176	$10,964	$12,647
Jun 24	$11,317	$11,067	$13,065
Jul 24	$11,565	$11,009	$12,738
Aug 24	$11,783	$11,491	$13,569
Sep 24	$11,979	$11,645	$13,859
Oct 24	$11,714	$11,359	$13,759
Nov 24	$11,996	$11,400	$13,830
Dec 24	$11,778	$11,214	$13,443
Jan 25	$11,919	$11,028	$14,120
Feb 25	$12,061	$11,273	$13,871
Mar 25	$11,901	$11,277	$13,066
Apr 25	$11,948	$11,321	$12,989
May 25	$12,165	$11,237	$13,821
Jun 25	$12,487	$11,410	$14,522
Jul 25	$12,518	$11,380	$14,845

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.25%	13.38%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$24,928,771
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

Ten largest holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.7%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.5
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.2%
iShares U.S. Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.1
iShares MBS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.0
iShares 0-5 Year TIPS Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.5
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
iShares 10-20 Year Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

The Fund is not sponsored, endorsed, issued, sold or promoted by Bloomberg L.P. or FTSE Russell and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

iShares LifePath Retirement ETF

Annual Shareholder Report — July 31, 2025

IRTR-07/25-AR

iShares^® LifePath^® Target Date 2030 ETF

ITDB |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2030 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2030 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 9.62%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,765	$9,964	$10,272
Nov 23	$10,472	$10,894	$10,735
Dec 23	$10,976	$11,434	$11,146
Jan 24	$10,955	$11,593	$11,121
Feb 24	$11,144	$12,221	$10,959
Mar 24	$11,397	$12,616	$11,060
Apr 24	$11,028	$12,078	$10,783
May 24	$11,398	$12,647	$10,964
Jun 24	$11,550	$13,065	$11,067
Jul 24	$11,815	$12,738	$11,009
Aug 24	$12,066	$13,569	$11,491
Sep 24	$12,290	$13,859	$11,645
Oct 24	$12,010	$13,759	$11,359
Nov 24	$12,361	$13,830	$11,400
Dec 24	$12,051	$13,443	$11,214
Jan 25	$12,273	$14,120	$11,028
Feb 25	$12,389	$13,871	$11,273
Mar 25	$12,161	$13,066	$11,277
Apr 25	$12,200	$12,989	$11,321
May 25	$12,521	$13,821	$11,237
Jun 25	$12,901	$14,522	$11,410
Jul 25	$12,951	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.62%	15.55%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$30,927,104
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

Ten largest holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.6%
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	32.8
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.6

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.5%
iShares U.S. Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.7
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.8
iShares MBS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
iShares 0-5 Year TIPS Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
iShares 10-20 Year Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2030 ETF

Annual Shareholder Report — July 31, 2025

ITDB-07/25-AR

iShares^® LifePath^® Target Date 2035 ETF

ITDC |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2035 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2035 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 10.81%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,720	$9,964	$10,272
Nov 23	$10,487	$10,894	$10,735
Dec 23	$11,018	$11,434	$11,146
Jan 24	$10,994	$11,593	$11,121
Feb 24	$11,250	$12,221	$10,959
Mar 24	$11,536	$12,616	$11,060
Apr 24	$11,141	$12,078	$10,783
May 24	$11,552	$12,647	$10,964
Jun 24	$11,713	$13,065	$11,067
Jul 24	$11,992	$12,738	$11,009
Aug 24	$12,265	$13,569	$11,491
Sep 24	$12,504	$13,859	$11,645
Oct 24	$12,218	$13,759	$11,359
Nov 24	$12,625	$13,830	$11,400
Dec 24	$12,293	$13,443	$11,214
Jan 25	$12,540	$14,120	$11,028
Feb 25	$12,616	$13,871	$11,273
Mar 25	$12,327	$13,066	$11,277
Apr 25	$12,367	$12,989	$11,321
May 25	$12,785	$13,821	$11,237
Jun 25	$13,225	$14,522	$11,410
Jul 25	$13,288	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.81%	17.22%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$47,190,543
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

Ten largest holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	40.3%
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35.5
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.2

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	36.5%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
iShares U.S. Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.7
iShares MBS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
iShares Global Infrastructure ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2035 ETF

Annual Shareholder Report — July 31, 2025

ITDC-07/25-AR

iShares^® LifePath^® Target Date 2040 ETF

ITDD |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2040 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2040 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 12.01%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,677	$9,964	$10,272
Nov 23	$10,491	$10,894	$10,735
Dec 23	$11,044	$11,434	$11,146
Jan 24	$11,016	$11,593	$11,121
Feb 24	$11,342	$12,221	$10,959
Mar 24	$11,660	$12,616	$11,060
Apr 24	$11,244	$12,078	$10,783
May 24	$11,694	$12,647	$10,964
Jun 24	$11,863	$13,065	$11,067
Jul 24	$12,149	$12,738	$11,009
Aug 24	$12,440	$13,569	$11,491
Sep 24	$12,694	$13,859	$11,645
Oct 24	$12,410	$13,759	$11,359
Nov 24	$12,867	$13,830	$11,400
Dec 24	$12,493	$13,443	$11,214
Jan 25	$12,791	$14,120	$11,028
Feb 25	$12,831	$13,871	$11,273
Mar 25	$12,485	$13,066	$11,277
Apr 25	$12,525	$12,989	$11,321
May 25	$13,036	$13,821	$11,237
Jun 25	$13,527	$14,522	$11,410
Jul 25	$13,608	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.01%	18.79%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$39,178,217
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

Ten largest holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.3%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.6
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.1

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.2%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.9
iShares U.S. Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
iShares MBS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
iShares Global Infrastructure ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2040 ETF

Annual Shareholder Report — July 31, 2025

ITDD-07/25-AR

iShares^® LifePath^® Target Date 2045 ETF

ITDE |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2045 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2045 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 12.96%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,634	$9,964	$10,272
Nov 23	$10,488	$10,894	$10,735
Dec 23	$11,060	$11,434	$11,146
Jan 24	$11,037	$11,593	$11,121
Feb 24	$11,435	$12,221	$10,959
Mar 24	$11,778	$12,616	$11,060
Apr 24	$11,336	$12,078	$10,783
May 24	$11,818	$12,647	$10,964
Jun 24	$12,006	$13,065	$11,067
Jul 24	$12,296	$12,738	$11,009
Aug 24	$12,598	$13,569	$11,491
Sep 24	$12,862	$13,859	$11,645
Oct 24	$12,575	$13,759	$11,359
Nov 24	$13,083	$13,830	$11,400
Dec 24	$12,670	$13,443	$11,214
Jan 25	$13,021	$14,120	$11,028
Feb 25	$13,023	$13,871	$11,273
Mar 25	$12,611	$13,066	$11,277
Apr 25	$12,645	$12,989	$11,321
May 25	$13,246	$13,821	$11,237
Jun 25	$13,789	$14,522	$11,410
Jul 25	$13,889	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.96%	20.16%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$35,222,143
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

Ten largest holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.6%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.8
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.9%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.1
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
iShares U.S. Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
iShares MBS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
iShares 10-20 Year Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2045 ETF

Annual Shareholder Report — July 31, 2025

ITDE-07/25-AR

iShares^® LifePath^® Target Date 2050 ETF

ITDF |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2050 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2050 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 14.08%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,617	$9,964	$10,272
Nov 23	$10,477	$10,894	$10,735
Dec 23	$11,033	$11,434	$11,146
Jan 24	$11,032	$11,593	$11,121
Feb 24	$11,489	$12,221	$10,959
Mar 24	$11,856	$12,616	$11,060
Apr 24	$11,424	$12,078	$10,783
May 24	$11,928	$12,647	$10,964
Jun 24	$12,113	$13,065	$11,067
Jul 24	$12,394	$12,738	$11,009
Aug 24	$12,688	$13,569	$11,491
Sep 24	$12,957	$13,859	$11,645
Oct 24	$12,680	$13,759	$11,359
Nov 24	$13,223	$13,830	$11,400
Dec 24	$12,804	$13,443	$11,214
Jan 25	$13,194	$14,120	$11,028
Feb 25	$13,150	$13,871	$11,273
Mar 25	$12,696	$13,066	$11,277
Apr 25	$12,739	$12,989	$11,321
May 25	$13,419	$13,821	$11,237
Jun 25	$14,016	$14,522	$11,410
Jul 25	$14,139	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.08%	21.36%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$31,752,360
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	59.1%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	35.3
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	53.2%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.0
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
iShares 1-5 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
iShares 10-20 Year Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
iShares 5-10 Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
iShares U.S. Treasury Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2050 ETF

Annual Shareholder Report — July 31, 2025

ITDF-07/25-AR

iShares^® LifePath^® Target Date 2055 ETF

ITDG |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2055 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2055 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 14.71%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,609	$9,964	$10,272
Nov 23	$10,470	$10,894	$10,735
Dec 23	$11,023	$11,434	$11,146
Jan 24	$11,023	$11,593	$11,121
Feb 24	$11,501	$12,221	$10,959
Mar 24	$11,873	$12,616	$11,060
Apr 24	$11,443	$12,078	$10,783
May 24	$11,953	$12,647	$10,964
Jun 24	$12,142	$13,065	$11,067
Jul 24	$12,418	$12,738	$11,009
Aug 24	$12,710	$13,569	$11,491
Sep 24	$12,979	$13,859	$11,645
Oct 24	$12,710	$13,759	$11,359
Nov 24	$13,266	$13,830	$11,400
Dec 24	$12,851	$13,443	$11,214
Jan 25	$13,258	$14,120	$11,028
Feb 25	$13,189	$13,871	$11,273
Mar 25	$12,720	$13,066	$11,277
Apr 25	$12,774	$12,989	$11,321
May 25	$13,492	$13,821	$11,237
Jun 25	$14,111	$14,522	$11,410
Jul 25	$14,245	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.71%	21.87%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$22,282,484
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	61.1%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.2
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.0%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.3
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.9
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2055 ETF

Annual Shareholder Report — July 31, 2025

ITDG-07/25-AR

iShares^® LifePath^® Target Date 2060 ETF

ITDH |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2060 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2060 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 14.82%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,609	$9,964	$10,272
Nov 23	$10,470	$10,894	$10,735
Dec 23	$11,023	$11,434	$11,146
Jan 24	$11,023	$11,593	$11,121
Feb 24	$11,501	$12,221	$10,959
Mar 24	$11,874	$12,616	$11,060
Apr 24	$11,443	$12,078	$10,783
May 24	$11,954	$12,647	$10,964
Jun 24	$12,143	$13,065	$11,067
Jul 24	$12,418	$12,738	$11,009
Aug 24	$12,709	$13,569	$11,491
Sep 24	$12,978	$13,859	$11,645
Oct 24	$12,710	$13,759	$11,359
Nov 24	$13,269	$13,830	$11,400
Dec 24	$12,855	$13,443	$11,214
Jan 25	$13,266	$14,120	$11,028
Feb 25	$13,193	$13,871	$11,273
Mar 25	$12,723	$13,066	$11,277
Apr 25	$12,778	$12,989	$11,321
May 25	$13,502	$13,821	$11,237
Jun 25	$14,123	$14,522	$11,410
Jul 25	$14,259	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.82%	21.94%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$16,691,365
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	61.6%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.4
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.6%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.9
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2060 ETF

Annual Shareholder Report — July 31, 2025

ITDH-07/25-AR

iShares^® LifePath^® Target Date 2065 ETF

ITDI |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2065 ETF (the “Fund”) for the period of August 1, 2024 to July 31, 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 year?

(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 LifePath Target Date 2065 ETF	$0^{Footnote Reference(a)}	0.00%^{Footnote Reference(a)}

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

How did the Fund perform last year?

For the reporting period ended July 31, 2025, the Fund returned 14.82%.
For the same period, the Russell 1000^® Index returned 16.54% and the Bloomberg U.S. Aggregate Bond Index returned 3.38%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: October 17, 2023 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Sep 23	$10,000	$10,000	$10,000
Oct 23	$9,609	$9,964	$10,272
Nov 23	$10,470	$10,894	$10,735
Dec 23	$11,023	$11,434	$11,146
Jan 24	$11,023	$11,593	$11,121
Feb 24	$11,501	$12,221	$10,959
Mar 24	$11,874	$12,616	$11,060
Apr 24	$11,443	$12,078	$10,783
May 24	$11,954	$12,647	$10,964
Jun 24	$12,143	$13,065	$11,067
Jul 24	$12,418	$12,738	$11,009
Aug 24	$12,709	$13,569	$11,491
Sep 24	$12,978	$13,859	$11,645
Oct 24	$12,710	$13,759	$11,359
Nov 24	$13,269	$13,830	$11,400
Dec 24	$12,855	$13,443	$11,214
Jan 25	$13,266	$14,120	$11,028
Feb 25	$13,193	$13,871	$11,273
Mar 25	$12,723	$13,066	$11,277
Apr 25	$12,778	$12,989	$11,321
May 25	$13,501	$13,821	$11,237
Jun 25	$14,123	$14,522	$11,410
Jul 25	$14,258	$14,845	$11,380

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1 Year	Since Fund Inception
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.82%	21.93%
Russell 1000^® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.54	24.71
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.38	7.50

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$12,515,691
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

The inception date of the Fund was October 17, 2023.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

All holdings

Asset class	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	61.6%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.4
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.6%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.9
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Footnote	Description
Footnote^(a)	Excludes money market funds.

Additional information

Householding

iShares LifePath Target Date 2065 ETF

Annual Shareholder Report — July 31, 2025

ITDI-07/25-AR

iShares^® LifePath^® Target Date 2070 ETF

ITDJ |NYSE Arca

Annual Shareholder Report — July 31, 2025

This annual shareholder report contains important information about iShares LifePath Target Date 2070 ETF (the “Fund”) for the period of November 12, 2024 to July 31, 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 period?

(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 LifePath Target Date 2070 ETF	$0^{Footnote Reference(a)}^{Footnote Reference(b)}	0.00%^{Footnote Reference(b)}^{Footnote Reference(c)}

Footnote	Description
Footnote^(a)	The Fund commenced operations during the reporting period.
Footnote^(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(c)	Annualized

How did the Fund perform during the period?

For the reporting period ended July 31, 2025, the Fund returned 8.76%.
For the same period, the Russell 1000^® Index returned 6.64% and the Bloomberg U.S. Aggregate Bond Index returned 3.52%.

What contributed to performance?

What detracted from performance?

Given the strength of equity and bond markets during the reporting period, there were no material detractors to the performance of any of the vintages.

Fund performance

Cumulative performance: November 12, 2024 through July 31, 2025

Initial investment of $10,000

	Fund	Russell 1000^® Index	Bloomberg U.S. Aggregate Bond Index
Nov-24	$10,000	$10,000	$10,000
Nov-24	$10,123	$9,936	$10,369
Dec-24	$9,807	$9,658	$10,200
Jan-25	$10,120	$10,144	$10,031
Feb-25	$10,064	$9,965	$10,254
Mar-25	$9,705	$9,387	$10,257
Apr-25	$9,748	$9,331	$10,298
May-25	$10,299	$9,929	$10,222
Jun-25	$10,773	$10,433	$10,378
Jul-25	$10,876	$10,664	$10,352

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,776,077
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8%

As of the date of this report, the Fund does not have a full fiscal year of performance information to report.

The inception date of the Fund was November 12, 2024.

What did the Fund invest in?

(as of July 31, 2025)

Portfolio composition

Sector	Percent of Total Investments^{Footnote Reference(a)}
Domestic Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	61.6%
International Equity........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.4
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Footnote	Description
Footnote^(a)	Excludes money market funds.

All holdings

Security	Percent of Total Investments^{Footnote Reference(a)}
iShares Russell 1000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.6%
iShares Core MSCI International Developed Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.5
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.9
iShares Russell 2000 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
iShares Core U.S. REIT ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
iShares 10+ Year Investment Grade Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Additional information

Householding

iShares LifePath Target Date 2070 ETF

Annual Shareholder Report — July 31, 2025

ITDJ-07/25-AR

July

31,

2025

Annual

Financial

Statements

and

Additional

Information

iShares

Trust

iShares

Core

30/70

Conservative

Allocation

ETF

AOK

NYSE

Arca

iShares

Core

40/60

Moderate

Allocation

ETF

AOM

NYSE

Arca

iShares

Core

60/40

Balanced

Allocation

ETF

AOR

NYSE

Arca

iShares

Core

80/20

Aggressive

Allocation

ETF

AOA

NYSE

Arca

iShares

Morningstar

Multi-Asset

Income

ETF

IYLD

Cboe

BZX

Exchange

Table

Contents

Page

Schedules

Investments

.................................................................................................

Statements

Assets

and

Liabilities

...........................................................................................

Statements

Operations

.................................................................................................

Statements

Changes

Net

Assets

..........................................................................................

Financial

Highlights

.....................................................................................................

Notes

Financial

Statements

...............................................................................................

Report

Independent

Registered

Public

Accounting

Firm

..............................................................................

Important

Tax

Information

(unaudited)

.................................................................................................

Additional

Information

...................................................................................................

Board

Review

and

Approval

Investment

Advisory

Contract

............................................................................

Glossary

Terms

Used

these

Financial

Statements

................................................................................

iShares

Core

30/70

Conservative

Allocation

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

S&P

500

ETF

..................

190,580

120,999,242

iShares

Core

S&P

Mid-Cap

ETF

...............

105,797

6,668,385

iShares

Core

S&P

Small-Cap

ETF

(b)

............

27,796

3,065,343

130,732,970

Domestic

Fixed

Income

—

iShares

Core

Total

USD

Bond

Market

ETF

........

7,827,730

359,997,303

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

358,691

21,639,828

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

706,060

52,848,591

74,488,419

International

Fixed

Income

—

iShares

Core

International

Aggregate

Bond

ETF

....

1,243,084

63,447,007

Total

Long-Term

Investments — 99.9%

(Cost:

661,647,868

)

................................

628,665,699

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

3,133,405

3,134,658

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

555,930

Total

Short-Term

Securities — 0.6%

(Cost:

3,690,588

)

..................................

3,690,588

Total

Investments

—

100.5%

(Cost:

665,338,456

)

................................

632,356,287

Liabilities

Excess

Other

Assets

—

(

)

...............

(

3,184,013

)

Net

Assets

—

100.0%

.................................

629,172,274

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

—

3,133,773

(a)

—

885

—

3,134,658

3,133,405

15,114

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

447,253

108,677

(a)

—

555,930

36,690

—

iShares

Core

International

Aggregate

Bond

ETF

59,772,768

36,249,239

(

32,208,337

)

(

454,441

)

87,778

63,447,007

1,243,084

3,084,591

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

17,576,457

11,747,667

(

9,879,335

)

212,827

1,982,212

21,639,828

358,691

728,197

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

49,618,930

28,332,797

(

30,408,443

)

2,032,032

3,273,275

52,848,591

706,060

1,752,953

—

iShares

Core

S&P

500

ETF

..........

101,443,475

66,590,519

(

63,240,695

)

14,726,797

1,479,146

120,999,242

190,580

1,526,864

—

iShares

Core

S&P

Mid-

Cap

ETF

.......

6,167,874

3,881,976

(

3,565,411

)

552,688

(

368,742

)

6,668,385

105,797

90,963

—

iShares

Core

S&P

Small-Cap

ETF

2,796,493

1,940,366

(

1,503,483

)

167,379

(

335,412

)

3,065,343

27,796

64,226

—

iShares

Core

Total

USD

Bond

Market

ETF

..........

340,724,367

210,254,600

(

188,714,094

)

(

1,720,933

)

(

546,637

)

359,997,303

7,827,730

15,231,557

—

15,517,234

5,571,620

632,356,287

22,531,155

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Schedule

Investments

(continued)

July

31,

2025

iShares

Core

30/70

Conservative

Allocation

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

628,665,699

‌

—

‌

—

‌

628,665,699

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,690,588

‌

—

‌

—

‌

3,690,588

‌

632,356,287

‌

—

‌

—

‌

632,356,287

‌

iShares

Core

40/60

Moderate

Allocation

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

S&P

500

ETF

..................

609,714

387,107,418

iShares

Core

S&P

Mid-Cap

ETF

...............

338,492

21,335,151

iShares

Core

S&P

Small-Cap

ETF

(b)

............

88,925

9,806,649

418,249,218

Domestic

Fixed

Income

—

iShares

Core

Total

USD

Bond

Market

ETF

........

16,099,063

740,395,908

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

1,147,551

69,231,752

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

2,258,877

169,076,943

238,308,695

International

Fixed

Income

—

iShares

Core

International

Aggregate

Bond

ETF

....

2,556,629

130,490,344

Total

Long-Term

Investments — 99.9%

(Cost:

1,477,599,817

)

...............................

1,527,444,165

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

10,017,049

10,021,056

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

1,386,490

Total

Short-Term

Securities — 0.8%

(Cost:

11,407,546

)

.................................

11,407,546

Total

Investments

—

100.7%

(Cost:

1,489,007,363

)

...............................

1,538,851,711

Liabilities

Excess

Other

Assets

—

(

)

...............

(

10,135,846

)

Net

Assets

—

100.0%

.................................

1,528,715,865

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

—

10,033,585

(a)

—

(

12,529

)

—

10,021,056

10,017,049

29,894

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

1,681,996

—

(

295,506

)

(a)

—

1,386,490

116,607

—

iShares

Core

International

Aggregate

Bond

ETF

.........

122,279,896

28,776,132

(

20,455,705

)

(

2,305

)

(

107,674

)

130,490,344

2,556,629

5,607,384

—

iShares

Core

MSCI

Emerging

Markets

ETF

.........

55,933,568

15,564,661

(

9,454,707

)

639,494

6,548,736

69,231,752

1,147,551

2,165,028

—

iShares

Core

MSCI

International

Developed

Markets

ETF

.........

157,902,945

32,739,682

(

38,212,747

)

3,825,328

12,821,735

169,076,943

2,258,877

5,310,417

—

iShares

Core

S&P

500

ETF

......

322,815,188

88,653,311

(

74,458,169

)

19,153,906

30,943,182

387,107,418

609,714

4,695,690

—

iShares

Core

S&P

Mid-Cap

ETF

...

19,627,324

5,149,069

(

3,936,694

)

701,330

(

205,878

)

21,335,151

338,492

278,321

—

iShares

Core

S&P

Small-Cap

ETF

8,901,417

2,874,904

(

1,431,268

)

323,788

(

862,192

)

9,806,649

88,925

192,975

—

Schedule

Investments

(continued)

July

31,

2025

iShares

Core

40/60

Moderate

Allocation

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

Total

USD

Bond

Market

ETF

.........

697,037,618

171,386,460

(

125,543,839

)

(

1,807,543

)

(

676,788

)

740,395,908

16,099,063

30,328,222

—

22,821,469

48,461,121

1,538,851,711

48,724,538

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

1,527,444,165

‌

—

‌

—

‌

1,527,444,165

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,407,546

‌

—

‌

—

‌

11,407,546

‌

1,538,851,711

‌

—

‌

—

‌

1,538,851,711

‌

iShares

Core

60/40

Balanced

Allocation

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

S&P

500

ETF

..................

1,502,351

953,842,650

iShares

Core

S&P

Mid-Cap

ETF

...............

834,048

52,570,046

iShares

Core

S&P

Small-Cap

ETF

(b)

............

219,105

24,162,899

1,030,575,595

Domestic

Fixed

Income

—

iShares

Core

Total

USD

Bond

Market

ETF

........

17,630,360

810,820,256

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

2,827,573

170,587,479

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

5,565,908

416,608,214

587,195,693

International

Fixed

Income

—

iShares

Core

International

Aggregate

Bond

ETF

....

2,799,806

142,902,098

Total

Long-Term

Investments — 99.9%

(Cost:

2,337,502,692

)

...............................

2,571,493,642

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

15,177,931

15,184,002

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

2,395,328

Total

Short-Term

Securities — 0.7%

(Cost:

17,579,330

)

.................................

17,579,330

Total

Investments

—

100.6%

(Cost:

2,355,082,022

)

...............................

2,589,072,972

Liabilities

Excess

Other

Assets

—

(

)

...............

(

15,385,418

)

Net

Assets

—

100.0%

.................................

2,573,687,554

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

—

15,201,027

(a)

—

(

17,025

)

—

15,184,002

15,177,931

65,850

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

2,386,776

8,552

(a)

—

2,395,328

184,942

—

iShares

Core

International

Aggregate

Bond

ETF

121,684,887

51,109,541

(

29,718,845

)

119,425

(

292,910

)

142,902,098

2,799,806

5,844,852

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

125,237,623

58,385,891

(

29,698,652

)

2,010,893

14,651,724

170,587,479

2,827,573

5,076,639

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

353,553,038

131,807,951

(

107,832,000

)

11,661,539

27,417,686

416,608,214

5,565,908

12,477,127

—

iShares

Core

S&P

500

ETF

..........

722,796,383

320,312,978

(

206,297,884

)

52,538,436

64,492,737

953,842,650

1,502,351

10,890,173

—

iShares

Core

S&P

Mid-

Cap

ETF

.......

43,946,645

18,588,390

(

11,178,254

)

2,039,787

(

826,522

)

52,570,046

834,048

645,535

—

iShares

Core

S&P

Small-Cap

ETF

19,930,349

10,021,146

(

4,552,631

)

692,353

(

1,928,318

)

24,162,899

219,105

448,389

—

iShares

Core

Total

USD

Bond

Market

ETF

..........

693,645,400

298,650,044

(

179,449,578

)

(

1,707,697

)

(

317,913

)

810,820,256

17,630,360

31,201,175

—

67,337,711

103,196,484

2,589,072,972

66,834,682

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Schedule

Investments

(continued)

July

31,

2025

iShares

Core

60/40

Balanced

Allocation

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

2,571,493,642

—

2,571,493,642

Short-Term

Securities

Money

Market

Funds

......................................

17,579,330

—

17,579,330

2,589,072,972

—

2,589,072,972

iShares

Core

80/20

Aggressive

Allocation

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

S&P

500

ETF

..................

1,846,817

1,172,544,113

iShares

Core

S&P

Mid-Cap

ETF

...............

1,025,290

64,624,029

iShares

Core

S&P

Small-Cap

ETF

.............

269,353

29,704,249

1,266,872,391

Domestic

Fixed

Income

—

iShares

Core

Total

USD

Bond

Market

ETF

........

8,127,312

373,775,079

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

3,475,919

209,702,193

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

6,842,112

512,132,083

721,834,276

International

Fixed

Income

—

iShares

Core

International

Aggregate

Bond

ETF

....

1,290,666

65,875,593

Total

Long-Term

Investments — 99.9%

(Cost:

1,956,314,723

)

...............................

2,428,357,339

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(b)

............................

2,413,709

Total

Short-Term

Securities — 0.1%

(Cost:

2,413,709

)

..................................

2,413,709

Total

Investments

—

100.0%

(Cost:

1,958,728,432

)

...............................

2,430,771,048

Liabilities

Excess

Other

Assets

—

................

(

42,426

)

Net

Assets

—

100.0%

.................................

2,430,728,622

(a)

Affiliate

the

Fund.

(b)

Annualized

7-day

yield

period

end.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

(a)

—

27,694

(b)

—

(

27,694

)

—

91,336

(c)

—

BlackRock

Cash

Funds:

Treasury,

Agency

1,986,529

427,180

(b)

—

2,413,709

162,446

—

iShares

Core

International

Aggregate

Bond

ETF

57,660,221

15,067,216

(

6,866,349

)

26,845

(

12,340

)

65,875,593

1,290,666

2,693,449

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

158,250,035

47,644,793

(

17,604,135

)

1,664,566

19,746,934

209,702,193

3,475,919

6,332,549

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

446,748,976

93,740,287

(

78,086,101

)

7,515,870

42,213,051

512,132,083

6,842,112

15,648,538

—

iShares

Core

S&P

500

ETF

..........

913,323,272

239,590,159

(

127,714,886

)

40,657,201

106,688,367

1,172,544,113

1,846,817

13,676,359

—

iShares

Core

S&P

Mid-

Cap

ETF

.......

55,530,821

13,891,251

(

6,204,831

)

2,048,455

(

641,667

)

64,624,029

1,025,290

809,529

—

iShares

Core

S&P

Small-Cap

ETF

25,183,580

8,533,697

(

2,436,873

)

738,890

(

2,315,045

)

29,704,249

269,353

559,889

—

iShares

Core

Total

USD

Bond

Market

ETF

..........

328,683,450

89,277,142

(

43,378,734

)

(

1,230,379

)

423,600

373,775,079

8,127,312

14,817,996

—

51,393,754

166,102,900

2,430,771,048

54,792,091

—

(a)

period

end,

the

entity

longer

held.

(b)

Represents

net

amount

purchased

(sold).

Schedule

Investments

(continued)

July

31,

2025

iShares

Core

80/20

Aggressive

Allocation

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

Period

End

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

(c)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

09/19/25

2,231

69,511

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.............

—

69,511

—

69,511

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

—

(

86,820

)

—

(

86,820

)

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

..................................

—

59,355

—

59,355

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

2,089,725

iShares

Core

80/20

Aggressive

Allocation

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.........................................

2,428,357,339

—

2,428,357,339

Short-Term

Securities

Money

Market

Funds

..........................................

2,413,709

—

2,413,709

2,430,771,048

—

2,430,771,048

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...............................................

69,511

—

69,511

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Schedule

Investments

July

31,

2025

iShares

Morningstar

Multi-Asset

Income

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Preferred

and

Income

Securities

ETF

......

562,526

17,578,937

Domestic

Fixed

Income

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(b)

459,907

17,195,923

iShares

Core

1-5

Year

USD

Bond

ETF

..........

350,849

17,019,685

iShares

MBS

ETF

........................

61,527

5,726,318

39,941,926

International

Equity

—

iShares

Global

REIT

ETF

...................

233,802

5,718,797

iShares

Latin

America

ETF

(b)

...............

661,083

16,447,745

iShares

MSCI

EAFE

Value

ETF

(b)

..............

89,226

5,650,682

27,817,224

International

Fixed

Income

—

iShares

Floating

Rate

Bond

ETF

..............

332,100

16,950,384

iShares

J.P.

Morgan

Corporate

Bond

ETF

.....

126,196

5,741,224

iShares

J.P.

Morgan

Local

Currency

Bond

ETF

144,886

5,775,156

28,466,764

Total

Long-Term

Investments — 99.9%

(Cost:

115,419,060

)

................................

113,804,851

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

14,675,939

14,681,809

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

94,475

Total

Short-Term

Securities — 13.0%

(Cost:

14,776,122

)

.................................

14,776,284

Total

Investments

—

112.9%

(Cost:

130,195,182

)

................................

128,581,135

Liabilities

Excess

Other

Assets

—

(

)

..............

(

14,700,712

)

Net

Assets

—

100.0%

.................................

113,880,423

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

17,502,942

—

(

2,816,314

)

(a)

(

4,603

)

(

216

)

14,681,809

14,675,939

156,995

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

94,726

—

(

251

)

(a)

—

94,475

11,414

—

iShares

1-3

Year

Treasury

Bond

ETF

(c)

.........

—

5,898,096

(

5,928,408

)

30,312

—

57,092

—

iShares

Agency

Bond

ETF

(c)

.........

6,385,810

5,986,272

(

12,328,331

)

72,078

(

115,829

)

—

125,699

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

......

17,969,820

2,327,076

(

3,336,769

)

57,411

178,385

17,195,923

459,907

1,174,104

—

iShares

Core

1-5

Year

USD

Bond

ETF

17,925,744

2,131,924

(

3,217,845

)

47,921

131,941

17,019,685

350,849

701,232

—

iShares

Core

U.S.

REIT

ETF

(c)

.....

6,490,590

116,217

(

7,001,160

)

906,954

(

512,601

)

—

62,823

—

iShares

Floating

Rate

Bond

ETF

......

17,621,808

2,698,623

(

3,342,574

)

12,836

(

40,309

)

16,950,384

332,100

910,763

—

iShares

Global

REIT

ETF

..........

—

6,633,627

(

669,418

)

(

12,964

)

(

232,448

)

5,718,797

233,802

133,323

—

iShares

J.P.

Morgan

Corporate

Bond

ETF

..........

5,975,915

753,621

(

1,056,735

)

9,098

59,325

5,741,224

126,196

300,416

—

iShares

J.P.

Morgan

Local

Currency

Bond

ETF

......

5,491,970

1,080,487

(

1,305,700

)

(

28,659

)

537,058

5,775,156

144,886

—

iShares

Morningstar

Multi-Asset

Income

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Latin

America

ETF

........

5,280,639

15,033,579

(

3,999,472

)

80,237

52,762

16,447,745

661,083

953,641

—

iShares

MBS

ETF

—

5,778,293

(

77,321

)

(

216

)

25,562

5,726,318

61,527

39,997

—

iShares

MSCI

EAFE

Value

ETF

......

17,577,557

762,834

(

13,723,389

)

88,518

945,162

5,650,682

89,226

249,591

—

iShares

Preferred

and

Income

Securities

ETF

..........

17,860,848

3,363,403

(

3,440,586

)

(

42,656

)

(

162,072

)

17,578,937

562,526

1,113,977

—

1,216,267

866,720

128,581,135

5,991,067

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

(c)

period

end,

the

entity

longer

held.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

113,804,851

—

113,804,851

Short-Term

Securities

Money

Market

Funds

......................................

14,776,284

—

14,776,284

128,581,135

—

128,581,135

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Assets

and

Liabilities

July

31,

2025

See

notes

financial

statements.

iShares

Core

30/70

Conservative

Allocation

ETF

iShares

Core

40/60

Moderate

Allocation

ETF

iShares

Core

60/40

Balanced

Allocation

ETF

iShares

Core

80/20

Aggressive

Allocation

ETF

ASSETS

Investments,

value

—

affiliated

(a)

(b)

........................................

632,356,287

‌

1,538,851,711

‌

2,589,072,972

‌

2,430,771,048

‌

Cash

pledged:

Futures

contracts

...................................................

—

‌

—

‌

—

‌

166,000

‌

Receivables:

Securities

lending

income

—

affiliated

.....................................

132

‌

1,002

‌

573

‌

Dividends

—

affiliated

................................................

3,223

‌

11,225

‌

18,806

‌

18,998

‌

Total

assets

........................................................

632,359,642

‌

1,538,863,938

‌

2,589,092,351

‌

2,430,956,084

‌

LIABILITIES

Collateral

securities

loaned

............................................

3,135,004

‌

10,021,055

‌

15,184,001

‌

—

‌

Payables:

Investment

advisory

fees

..............................................

52,364

‌

127,018

‌

220,796

‌

219,762

‌

Variation

margin

futures

contracts

......................................

—

‌

—

‌

—

‌

7,700

‌

Total

liabilities

.......................................................

3,187,368

‌

10,148,073

‌

15,404,797

‌

227,462

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

629,172,274

‌

1,528,715,865

‌

2,573,687,554

‌

2,430,728,622

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

673,856,718

‌

1,500,174,441

‌

2,374,534,696

‌

1,984,860,876

‌

Accumulated

earnings

(loss)

.............................................

(

44,684,444

)

28,541,424

‌

199,152,858

‌

445,867,746

‌

NET

ASSETS

.......................................................

629,172,274

‌

1,528,715,865

‌

2,573,687,554

‌

2,430,728,622

‌

NET

ASSET

VALUE

outstanding

...................................................

16,150,000

‌

33,400,000

‌

41,900,000

‌

29,150,000

‌

Net

asset

value

......................................................

38.96

‌

45.77

‌

61.42

‌

83.39

‌

authorized

....................................................

Unlimited

Par

value

..........................................................

None

(a)

Securities

loaned,

value

............................................

3,032,369

‌

9,694,053

‌

14,688,524

‌

—

‌

(b)

Investments,

cost

—

affiliated

.........................................

665,338,456

‌

1,489,007,363

‌

2,355,082,022

‌

1,958,728,432

‌

Statements

Assets

and

Liabilities

(continued)

July

31,

2025

Statements

Assets

and

Liabilities

See

notes

financial

statements.

iShares

Morningstar

Multi-

Asset

Income

ETF

ASSETS

Investments,

value

—

affiliated

(a)

(b)

......................................................................................

128,581,135

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................................

8,639

‌

Dividends

—

affiliated

..............................................................................................

650

‌

Total

assets

......................................................................................................

128,590,424

‌

LIABILITIES

Collateral

securities

loaned

..........................................................................................

14,685,743

‌

Payables:

Investment

advisory

fees

............................................................................................

24,258

‌

Total

liabilities

.....................................................................................................

14,710,001

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................................

113,880,423

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

177,681,616

‌

Accumulated

loss

..................................................................................................

(

63,801,193

)

NET

ASSETS

.....................................................................................................

113,880,423

‌

NET

ASSET

VALUE

outstanding

.................................................................................................

5,550,000

‌

Net

asset

value

....................................................................................................

20.52

‌

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

value

..........................................................................................

14,297,597

‌

(b)

Investments,

cost

—

affiliated

.......................................................................................

130,195,182

‌

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Operations

Year

Ended

July

31,

2025

See

notes

financial

statements.

iShares

Core

30/70

Conservative

Allocation

ETF

iShares

Core

40/60

Moderate

Allocation

ETF

iShares

Core

60/40

Balanced

Allocation

ETF

iShares

Core

80/20

Aggressive

Allocation

ETF

INVESTMENT

INCOME

Dividends

—

affiliated

..............................................

22,516,041

‌

48,694,644

‌

66,768,832

‌

54,700,755

‌

Interest

—

unaffiliated

..............................................

‌

9,050

‌

Securities

lending

income

—

affiliated

—

net

...............................

15,114

‌

29,894

‌

65,850

‌

91,336

‌

Total

investment

income

..............................................

22,531,159

‌

48,724,603

‌

66,834,769

‌

54,801,141

‌

EXPENSES

Investment

advisory

...............................................

945,235

‌

2,191,991

‌

3,429,113

‌

3,259,804

‌

Interest

expense

.................................................

—

‌

Total

expenses

....................................................

945,235

‌

2,191,993

‌

3,429,116

‌

3,259,806

‌

Less:

(

345,527

)

(

769,358

)

(

1,105,755

)

(

959,663

)

Investment

advisory

fees

waived

.......................................

(

345,527

)

(

769,358

)

(

1,105,755

)

(

959,663

)

Total

expenses

after

fees

waived

........................................

599,708

‌

1,422,635

‌

2,323,361

‌

2,300,143

‌

Net

investment

income

...............................................

21,931,451

‌

47,301,968

‌

64,511,408

‌

52,500,998

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...........................................

(

840,590

)

(

147,355

)

(

2,463,605

)

(

1,511,601

)

Futures

contracts

...............................................

—

‌

—

‌

—

‌

(

86,820

)

In-kind

redemptions

—

affiliated

(a)

....................................

16,357,824

‌

22,968,824

‌

69,801,316

‌

52,905,355

‌

15,517,234

‌

22,821,469

‌

67,337,711

‌

51,306,934

‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...........................................

5,571,620

‌

48,461,121

‌

103,196,484

‌

166,102,900

‌

Futures

contracts

...............................................

—

‌

—

‌

—

‌

59,355

‌

5,571,620

‌

48,461,121

‌

103,196,484

‌

166,162,255

‌

Net

realized

and

unrealized

gain

........................................

21,088,854

‌

71,282,590

‌

170,534,195

‌

217,469,189

‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

43,020,305

‌

118,584,558

‌

235,045,603

‌

269,970,187

‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Operations

(continued)

Year

Ended

July

31,

2025

Statements

Operations

See

notes

financial

statements.

iShares

Morningstar

Multi-

Asset

Income

ETF

INVESTMENT

INCOME

Dividends

—

affiliated

..............................................................................................

5,834,072

‌

Interest

—

unaffiliated

..............................................................................................

108

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

156,995

‌

Total

investment

income

..............................................................................................

5,991,175

‌

EXPENSES

Investment

advisory

...............................................................................................

289,013

‌

Interest

expense

.................................................................................................

‌

Total

expenses

....................................................................................................

289,046

‌

Net

investment

income

...............................................................................................

5,702,129

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...........................................................................................

794,252

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................................

422,015

‌

Payments

affiliate

.............................................................................................

232,000

‌

1,448,267

‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...........................................................................................

866,720

‌

866,720

‌

Net

realized

and

unrealized

gain

........................................................................................

2,314,987

‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................................

8,017,116

‌

(a)

See

Note

the

Notes

Financial

Statements.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Changes

Net

Assets

See

notes

financial

statements.

iShares

Core

30/70

Conservative

Allocation

ETF

iShares

Core

40/60

Moderate

Allocation

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/25

Year

Ended

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

21,931,451

‌

20,343,263

‌

47,301,968

‌

41,078,831

‌

Net

realized

gain

.............................................

15,517,234

‌

368,757

‌

22,821,469

‌

23,862,236

‌

Net

change

unrealized

appreciation

(depreciation)

.....................

5,571,620

‌

33,507,522

‌

48,461,121

‌

70,980,021

‌

Net

increase

net

assets

resulting

from

operations

........................

43,020,305

‌

54,219,542

‌

118,584,558

‌

135,921,088

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

21,809,776

)

(

20,351,701

)

(

47,067,327

)

(

41,086,223

)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

......

29,458,141

‌

(

134,245,040

)

71,120,360

‌

(

48,177,588

)

NET

ASSETS

Total

increase

(decrease)

net

assets

................................

50,668,670

‌

(

100,377,199

)

142,637,591

‌

46,657,277

‌

Beginning

year

...............................................

578,503,604

‌

678,880,803

‌

1,386,078,274

‌

1,339,420,997

‌

End

year

...................................................

629,172,274

‌

578,503,604

‌

1,528,715,865

‌

1,386,078,274

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

Core

60/40

Balanced

Allocation

ETF

iShares

Core

80/20

Aggressive

Allocation

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/25

Year

Ended

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

64,511,408

‌

53,938,606

‌

52,500,998

‌

42,001,068

‌

Net

realized

gain

.............................................

67,337,711

‌

43,689,370

‌

51,306,934

‌

47,435,101

‌

Net

change

unrealized

appreciation

(depreciation)

.....................

103,196,484

‌

146,030,885

‌

166,162,255

‌

167,894,660

‌

Net

increase

net

assets

resulting

from

operations

........................

235,045,603

‌

243,658,861

‌

269,970,187

‌

257,330,829

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

64,093,163

)

(

53,941,543

)

(

52,063,134

)

(

42,001,864

)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

......

319,708,596

‌

(

21,823,731

)

225,498,249

‌

100,041,309

‌

NET

ASSETS

Total

increase

net

assets

........................................

490,661,036

‌

167,893,587

‌

443,405,302

‌

315,370,274

‌

Beginning

year

...............................................

2,083,026,518

‌

1,915,132,931

‌

1,987,323,320

‌

1,671,953,046

‌

End

year

...................................................

2,573,687,554

‌

2,083,026,518

‌

2,430,728,622

‌

1,987,323,320

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

Morningstar

Multi-Asset

Income

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

5,702,129

‌

7,283,431

‌

Net

realized

gain

(loss)

............................................................................

1,448,267

‌

(

9,683,106

)

Net

change

unrealized

appreciation

(depreciation)

........................................................

866,720

‌

12,091,641

‌

Net

increase

net

assets

resulting

from

operations

...........................................................

8,017,116

‌

9,691,966

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

.................................................

(

5,688,072

)

(

7,307,160

)

CAPITAL

TRANSACTIONS

Net

decrease

net

assets

derived

from

capital

transactions

.................................................

(

7,101,657

)

(

19,629,925

)

NET

ASSETS

Total

decrease

net

assets

..........................................................................

(

4,772,613

)

(

17,245,119

)

Beginning

year

..................................................................................

118,653,036

‌

135,898,155

‌

End

year

......................................................................................

113,880,423

‌

118,653,036

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

Financial

Highlights

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

Core

30/70

Conservative

Allocation

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

37.57

‌

35.54

‌

35.74

‌

40.05

‌

37.15

‌

Net

investment

income

(a)

................................

.32

‌

.15

‌

.88

‌

.68

‌

.61

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

.36

‌

.00

‌

(

.21

)

(

.32

)

.96

‌

Net

increase

(decrease)

from

investment

operations

...............

.68

‌

.15

‌

.67

‌

(

.64

)

.57

‌

Distributions

from

net

investment

income

(c)

......................

(

.29

)

(

.12

)

(

.87

)

(

.67

)

(

.67

)

Net

asset

value,

end

year

..............................

38.96

‌

37.57

‌

35.54

‌

35.74

‌

40.05

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

.29

.05

.98

(

.16

)

.70

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

.17

.25

Total

expenses

after

fees

waived

............................

.10

.09

.11

.19

Net

investment

income

...................................

.48

.22

.55

.79

.58

Supplemental

Data

Net

assets,

end

year

(000)

...............................

629,172

‌

578,504

‌

678,881

‌

777,452

‌

945,256

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

Core

40/60

Moderate

Allocation

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

43.59

‌

40.77

‌

40.39

‌

45.30

‌

40.76

‌

Net

investment

income

(a)

................................

.43

‌

.24

‌

.96

‌

.80

‌

.68

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

.16

‌

.80

‌

.39

‌

(

.91

)

.59

‌

Net

increase

(decrease)

from

investment

operations

...............

.59

‌

.04

‌

.35

‌

(

.11

)

.27

‌

Distributions

from

net

investment

income

(c)

......................

(

.41

)

(

.22

)

(

.97

)

(

.80

)

(

.73

)

Net

asset

value,

end

year

..............................

45.77

‌

43.59

‌

40.77

‌

40.39

‌

45.30

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

.38

10.10

.48

(

.15

)

13.03

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

.17

.25

Total

expenses

after

fees

waived

............................

.10

.12

.19

Net

investment

income

...................................

.24

.02

.46

.86

.57

Supplemental

Data

Net

assets,

end

year

(000)

...............................

1,528,716

‌

1,386,078

‌

1,339,421

‌

1,565,084

‌

1,707,920

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

Core

60/40

Balanced

Allocation

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

57.07

‌

52.18

‌

50.09

‌

56.25

‌

47.70

‌

Net

investment

income

(a)

................................

.65

‌

.44

‌

.13

‌

.08

‌

.84

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

.30

‌

.84

‌

.04

‌

(

.19

)

.60

‌

Net

increase

(decrease)

from

investment

operations

...............

.95

‌

.28

‌

.17

‌

(

.11

)

.44

‌

Distributions

from

net

investment

income

(c)

......................

(

.60

)

(

.39

)

(

.08

)

(

.05

)

(

.89

)

Net

asset

value,

end

year

..............................

61.42

‌

57.07

‌

52.18

‌

50.09

‌

56.25

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

10.58

12.24

.51

(

.18

)

19.92

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

.17

.25

Total

expenses

after

fees

waived

............................

.10

.12

.20

Net

investment

income

...................................

.82

.70

.30

.01

.59

Supplemental

Data

Net

assets,

end

year

(000)

...............................

2,573,688

‌

2,083,027

‌

1,915,133

‌

1,983,438

‌

1,844,998

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

Core

80/20

Aggressive

Allocation

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

75.71

‌

67.69

‌

63.03

‌

70.93

‌

56.77

‌

Net

investment

income

(a)

................................

.89

‌

.63

‌

.29

‌

.43

‌

.05

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

.64

‌

.99

‌

.63

‌

(

.93

)

14.19

‌

Net

increase

(decrease)

from

investment

operations

...............

.53

‌

.62

‌

.92

‌

(

.50

)

15.24

‌

Distributions

from

net

investment

income

(c)

......................

(

.85

)

(

.60

)

(

.26

)

(

.40

)

(

.08

)

Net

asset

value,

end

year

..............................

83.39

‌

75.71

‌

67.69

‌

63.03

‌

70.93

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

12.74

14.43

.57

(

.24

)

27.01

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

.17

.25

Total

expenses

after

fees

waived

............................

.11

.12

.20

Net

investment

income

...................................

.42

.35

.08

.11

.62

Supplemental

Data

Net

assets,

end

year

(000)

...............................

2,430,729

‌

1,987,323

‌

1,671,953

‌

1,493,900

‌

1,464,706

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

Morningstar

Multi-Asset

Income

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

.........................

20.11

‌

19.70

‌

20.47

‌

24.32

‌

22.91

‌

Net

investment

income

(a)

...............................

.00

‌

.16

‌

.16

‌

.78

‌

.74

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

.41

‌

.40

‌

(

.78

)

(

.82

)

.54

‌

Net

increase

(decrease)

from

investment

operations

..............

.41

‌

.56

‌

.38

‌

(

.04

)

.28

‌

Distributions

from

net

investment

income

(c)

.....................

(

.00

)

(

.15

)

(

.15

)

(

.81

)

(

.87

)

Net

asset

value,

end

year

.............................

20.52

‌

20.11

‌

19.70

‌

20.47

‌

24.32

‌

Total

Return

(d)

–

Based

net

asset

value

................................

.20

(e)

.32

.14

(

12.75

)

10.15

Ratios

Average

Net

Assets

(f)

–

Total

expenses

.......................................

.25

Total

expenses

after

fees

waived

...........................

.25

.24

.25

.24

Net

investment

income

..................................

.93

.91

.00

.44

.16

Supplemental

Data

Net

assets,

end

year

(000)

..............................

113,880

‌

118,653

‌

135,898

‌

176,041

‌

243,191

‌

Portfolio

turnover

rate

(g)

..................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Includes

payment

received

from

affiliate,

which

impacted

the

Fund's

total

return.

Excluding

the

payment

from

affiliate,

the

Fund's

total

return

would

have

been

6.99%.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Notes

Financial

Statements

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Organization

iShares

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Each

Fund

fund

funds

and

seeks

achieve

its

investment

objective

investing

primarily

other

iShares

funds

(each,

“underlying

fund”

and

collectively,

the

“underlying

funds”).

The

financial

statements,

including

the

accounting

policies,

and

schedules

investments

for

the

underlying

funds

are

available

iShares.com

and

should

read

conjunction

with

the

Funds’

financial

statements.

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions

from

the

underlying

funds,

any,

are

recorded

the

ex-dividend

date.

Interest

income

recognized

daily

accrual

basis.

Cash:

The

Funds

may

maintain

cash

their

custodian

which,

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statements

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the

Funds

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Segment

Reporting:

The

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Funds’

adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

results

operations.

The

Chief

Financial

Officer

acts

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

responsible

for

assessing

performance

and

allocating

resources

with

respect

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

single

operating

segment

since

the

Funds

have

single

investment

strategy

disclosed

their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

and

reviewed

the

CODM

presented

within

the

Funds’

financial

statements.

iShares

ETF

Diversification

Classification

Core

30/70

Conservative

Allocation

(a)

.......................................................................................

Diversified

Core

40/60

Moderate

Allocation

(b)

..........................................................................................

Diversified

Core

60/40

Balanced

Allocation

(c)

..........................................................................................

Diversified

Core

80/20

Aggressive

Allocation

(d)

.........................................................................................

Diversified

Morningstar

Multi-Asset

Income

...........................................................................................

Diversified

(a)

Formerly

known

the

iShares

Core

Conservative

Allocation

ETF.

(b)

Formerly

known

the

iShares

Core

Moderate

Allocation

ETF.

(c)

Formerly

known

the

iShares

Core

Growth

Allocation

ETF.

(d)

Formerly

known

the

iShares

Core

Aggressive

Allocation

ETF.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees of

the

Trust (the

“Board”)

each

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s

policies

and

procedures

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Exchange-traded

funds

and

closed-end

funds

traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

fund

primarily

traded.

Funds

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

NAV.

Futures

contracts

are

valued

based

that

day’s

last

reported

settlement

trade

price

the

exchange

where

the

contract

traded.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with BFA’s

policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement

the

measurement

date.

Fair

value

pricing

could

result

difference

between

the

prices

used

calculate

fund’s

NAV

and

the

prices

used

the

fund’s

underlying

index,

which

turn

could

result

difference

between

the

fund’s

performance

and

the

performance

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

that each

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

–

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

– Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for

the

asset

liability (including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the Statements

Assets

and

Liabilities.

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the Funds

are

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any,

are

shown

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Pursuant

the

contract,

the Funds

agree

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statements

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

Core

30/70

Conservative

Allocation

J.P.

Morgan

Securities

LLC

.........................................

3,032,369‌

(3,032,369‌)

—‌

3,032,369‌

(3,032,369‌)

—‌

Core

40/60

Moderate

Allocation

J.P.

Morgan

Securities

LLC

.........................................

9,694,053‌

(9,694,053‌)

—‌

9,694,053‌

(9,694,053‌)

—‌

Core

60/40

Balanced

Allocation

J.P.

Morgan

Securities

LLC

.........................................

14,688,524‌

(14,688,524‌)

—‌

14,688,524‌

(14,688,524‌)

—‌

Morningstar

Multi-Asset

Income

BofA

Securities,

Inc.

..............................................

2,047,649‌

(2,047,649‌)

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,109,648‌

(1,109,648‌)

—‌

RBC

Capital

Markets

LLC

..........................................

2,716,857‌

(2,716,857‌)

—‌

State

Street

Bank

Trust

Co.

........................................

8,423,443‌

(8,423,443‌)

—‌

14,297,597‌

(14,297,597‌)

—‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Funds’

Statements

Assets

and

Liabilities.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

each

Fund’s

assets.

BFA

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees).

For

its

investment

advisory

services

each of

the

following Funds,

BFA

entitled

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

the

Funds,

based

the

average

daily

net

assets

of each

Fund

as follows:

Expense

Waivers:

fund

may

incur

its

pro

rata

fees

and

expenses

attributable

its

investments

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

any,

fund’s

total

annual

operating

expenses.

Total

expenses

shown

the

Statements

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

each

the

iShares

Core

30/70

Conservative

Allocation,

iShares

Core

40/60

Moderate

Allocation,

iShares

Core

60/40

Balanced

Allocation

and

iShares

Core

80/20

Aggressive

Allocation

ETFs,

BFA

has

contractually

agreed

waive

portion

its

investment

advisory

fee

for

each

Fund

through

November

30,

2026,

amount

equal

the

acquired

fund

fees

and

expenses,

any,

attributable

each

Fund’s

investments

other

iShares

funds.

For

the

iShares

Morningstar

Multi-Asset

Income

ETF,

BFA

has

contractually

agreed

waive

portion

its

investment

advisory

fee

for

the

Fund

through

November

30,

2026

order

limit

the

Fund’s

total

annual

operating

expenses

after

fee

waiver

0.60%

average

daily

net

assets.

These

amounts

are

included

investment

advisory

fees

waived

the

Statements

Operations.

For

the year

ended

July

31,

2025,

the

amounts

waived

investment

advisory

fees

pursuant

these

arrangements

were

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided.

The

Funds

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

affiliate

BFA,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BTC

bears

all

operational

costs

directly

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

its

affiliates.

However,

BTC

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees each

Fund

bears

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

distribution

fee

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

discretionary

liquidity

fee

all

redemptions.

Discretionary

liquidity

fees

may

imposed

terminated

any

time

the

discretion

the

board

directors

the

money

market

fund,

its

delegate,

determined

that

such

fee

would

be,

would

not

be,

respectively,

the

best

interest

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

mandatory

liquidity

fee

the

money

market

fund’s

total

net

redemptions

single

day

exceed

the

money

market

fund’s

net

assets,

unless

the

amount

the

fee

less

than

0.01%

the

value

the

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

the

mandatory

liquidity

fee

making

good

faith

estimate

certain

costs

the

money

market

fund

would

incur

were

sell

pro

rata

amount

each

security

the

portfolio

satisfy

the

amount

net

redemptions

that

day.

There

limit

the

size

mandatory

liquidity

fee.

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

selling

pro

rata

amount

each

portfolio

security

good

faith

and

supported

data,

required

apply

default

liquidity

fee

the

value

redeemed

that

day.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities. Each

Fund

retains

portion

the

securities

lending

income

and

remits

the

remaining

portion

BTC

compensation

for

its

services

securities

lending

agent.

Pursuant

the

current

securities

lending

agreement,

each

Fund

retains

82%

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

Core

30/70

Conservative

Allocation

0.15%

Core

40/60

Moderate

Allocation

0.15

Core

60/40

Balanced

Allocation

0.15

Core

80/20

Aggressive

Allocation

0.15

Morningstar

Multi-Asset

Income

0.25

iShares

ETF

Amounts

Waived

Core

30/70

Conservative

Allocation

.....................................................................................................................................

345,527

‌

Core

40/60

Moderate

Allocation

.........................................................................................................................................

769,358

‌

Core

60/40

Balanced

Allocation

.........................................................................................................................................

1,105,755

‌

Core

80/20

Aggressive

Allocation

.......................................................................................................................................

959,663

‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

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

that

calendar

year

exceeds

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

85%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

The

securities

lending

income

earned

each

Fund

shown

securities

lending

income

–

affiliated

–

net

its Statements

Operations.

For

the year

ended July

31,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

the

Trust

are

directors

and/or

officers

BlackRock

its

affiliates.

Other

Transactions:

Cross

trading

the

buying

selling

portfolio

securities

between

funds

which

BFA

(or

affiliate)

serves

investment

adviser.

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

Rule

17a-7.

For

the

year

ended

July

31,

2025,

transactions

executed

the

Funds

pursuant

Rule

17a-7

under

the

1940

Act

were

follows:

During

the

year

ended

July

31,

2025,

iShares

Morningstar

Multi-Asset

Income

ETF

received a

reimbursement

$232,000

from

affiliate,

which

included

payment

affiliate

the

Statements

Operations,

operating

event.

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

Purchases

and

Sales

For

the year

ended

July

31,

2025,

purchases

and

sales

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

follows:

For

the year ended

July

31,

2025,

in-kind

transactions

were

follows:

Income

Tax

Information

Each

Fund

treated

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Funds

July

31,

2025,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’

financial

statements.

Management’s

analysis

based

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

effect

the

date

these

financial

statements,

all

which

are

subject

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

iShares

ETF

Amounts

Core

30/70

Conservative

Allocation

........................................................................................

5,570

‌

Core

40/60

Moderate

Allocation

..........................................................................................

11,065

‌

Core

60/40

Balanced

Allocation

..........................................................................................

23,420

‌

Core

80/20

Aggressive

Allocation

.........................................................................................

33,511

‌

Morningstar

Multi-Asset

Income

..........................................................................................

43,450

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Core

30/70

Conservative

Allocation

....................................................

232,292

‌

235,968

‌

(8,084

)

Core

40/60

Moderate

Allocation

......................................................

462,308

‌

1,564,424

‌

(99,567

)

Core

60/40

Balanced

Allocation

......................................................

28,820

‌

2,051,905

‌

(141,348

)

Core

80/20

Aggressive

Allocation

.....................................................

1,363,075

‌

2,706,200

‌

(220,958

)

iShares

ETF

Purchases

Sales

Core

30/70

Conservative

Allocation

......................................................................

18,801,237

‌

18,681,207

‌

Core

40/60

Moderate

Allocation

........................................................................

72,487,845

‌

71,693,404

‌

Core

60/40

Balanced

Allocation

........................................................................

115,834,038

‌

114,175,934

‌

Core

80/20

Aggressive

Allocation

.......................................................................

113,653,066

‌

113,191,767

‌

Morningstar

Multi-Asset

Income

........................................................................

40,505,311

‌

40,276,830

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Core

30/70

Conservative

Allocation

......................................................................

340,195,927

‌

310,838,591

‌

Core

40/60

Moderate

Allocation

........................................................................

272,656,374

‌

201,799,725

‌

Core

60/40

Balanced

Allocation

........................................................................

773,041,903

‌

454,551,910

‌

Core

80/20

Aggressive

Allocation

.......................................................................

394,091,479

‌

169,100,142

‌

Morningstar

Multi-Asset

Income

........................................................................

12,058,741

‌

19,150,878

‌

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

U.S.

GAAP

requires

that

certain

components

net

assets

adjusted

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

NAV

per

share.

July

31,

2025,

permanent

differences

attributable

to realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

the

following

accounts:

The

tax

character

distributions

paid

was

follows:

July

31,

2025,

the

tax

components

accumulated earnings

(losses)

were

follows:

For

the

year

ended

July

31,

2025,

the iShares Morningstar

Multi-Asset

Income ETF

utilized

$825,194

its

capital

loss

carryforwards.

July

31,

2025,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

each

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

Core

30/70

Conservative

Allocation

........................................................................

16,355,416‌

(16,355,416‌)

Core

40/60

Moderate

Allocation

..........................................................................

22,968,824‌

(22,968,824‌)

Core

60/40

Balanced

Allocation

..........................................................................

69,801,316‌

(69,801,316‌)

Core

80/20

Aggressive

Allocation

.........................................................................

52,841,130‌

(52,841,130‌)

Morningstar

Multi-Asset

Income

..........................................................................

410,890‌

(410,890‌)

iShares

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Core

30/70

Conservative

Allocation

Ordinary

income

...........................................................................................

21,809,776‌

20,351,701‌

Core

40/60

Moderate

Allocation

Ordinary

income

...........................................................................................

47,067,327‌

41,086,223‌

Core

60/40

Balanced

Allocation

Ordinary

income

...........................................................................................

64,093,163‌

53,941,543‌

Core

80/20

Aggressive

Allocation

Ordinary

income

...........................................................................................

52,063,134‌

42,001,864‌

Morningstar

Multi-Asset

Income

Ordinary

income

...........................................................................................

5,688,072‌

7,307,160‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Core

30/70

Conservative

Allocation

.................................

121,675

‌

(11,556,898

)

(33,249,221

)

(44,684,444

)

Core

40/60

Moderate

Allocation

...................................

245,474

‌

(20,379,122

)

48,675,072

‌

28,541,424

‌

Core

60/40

Balanced

Allocation

...................................

428,270

‌

(32,773,959

)

231,498,547

‌

199,152,858

‌

Core

80/20

Aggressive

Allocation

..................................

443,977

‌

(25,101,376

)

470,525,145

‌

445,867,746

‌

Morningstar

Multi-Asset

Income

...................................

225,894

‌

(62,355,904

)

(1,671,183

)

(63,801,193

)

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

the

tax

deferral

losses

wash

sales

and

the

realization

for

tax

purposes

unrealized

gains

(losses)

certain

futures

contracts.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Core

30/70

Conservative

Allocation

..................................

665,605,508

‌

27,843,160

‌

(61,092,381

)

(33,249,221

)

Core

40/60

Moderate

Allocation

....................................

1,490,176,639

‌

154,237,014

‌

(105,561,942

)

48,675,072

‌

Core

60/40

Balanced

Allocation

....................................

2,357,574,425

‌

319,670,090

‌

(88,171,543

)

231,498,547

‌

Core

80/20

Aggressive

Allocation

...................................

1,960,245,903

‌

501,818,802

‌

(31,293,657

)

470,525,145

‌

Morningstar

Multi-Asset

Income

....................................

130,252,318

‌

1,691,270

‌

(3,362,453

)

(1,671,183

)

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

BFA

uses

indexing

approach

try

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries.

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment.

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which

Fund

invests. A

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

less

counterparty

credit

risk

the

Funds

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

exchange-traded

futures

with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Funds.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

its

Schedule

Investments.

The Funds

invest

significant

portion

their

assets

in securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Funds

invest.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

10.

Capital

Transactions

Capital

are

issued

and

redeemed

by each

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

of each

Fund

are

not

redeemable.

Transactions

capital

were

follows:

The

consideration

for

the

purchase

Creation

Units

fund

the

Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the

Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

the

Funds

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Funds,

their

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statements

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Year

Ended

07/31/25

Year

Ended

07/31/24

iShares

ETF

Amount

Core

30/70

Conservative

Allocation

sold

...............................................

9,000,000

‌

340,677,732

‌

5,700,000

‌

200,923,151

‌

redeemed

...........................................

(8,250,000

)

(311,219,591

)

(9,400,000

)

(335,168,191

)

750,000

‌

29,458,141

‌

(3,700,000

)

(134,245,040

)

Core

40/60

Moderate

Allocation

sold

...............................................

6,200,000

‌

273,179,776

‌

5,600,000

‌

226,846,376

‌

redeemed

...........................................

(4,600,000

)

(202,059,416

)

(6,650,000

)

(275,023,964

)

1,600,000

‌

71,120,360

‌

(1,050,000

)

(48,177,588

)

Core

60/40

Balanced

Allocation

sold

...............................................

13,250,000

‌

774,845,442

‌

9,450,000

‌

486,691,231

‌

redeemed

...........................................

(7,850,000

)

(455,136,846

)

(9,650,000

)

(508,514,962

)

5,400,000

‌

319,708,596

‌

(200,000

)

(21,823,731

)

Core

80/20

Aggressive

Allocation

sold

...............................................

5,050,000

‌

394,825,839

‌

4,500,000

‌

304,676,921

‌

redeemed

...........................................

(2,150,000

)

(169,327,590

)

(2,950,000

)

(204,635,612

)

2,900,000

‌

225,498,249

‌

1,550,000

‌

100,041,309

‌

Morningstar

Multi-Asset

Income

sold

...............................................

600,000

‌

12,095,867

‌

500,000

‌

9,734,333

‌

redeemed

...........................................

(950,000

)

(19,197,524

)

(1,500,000

)

(29,364,258

)

(350,000

)

(7,101,657

)

(1,000,000

)

(19,629,925

)

Report

Independent

Registered

Public

Accounting

Firm

2025

iShares

Annual

Financial

Statements

and

Additional

Information

the

Board

Trustees

iShares

Trust

and

Shareholders

each

the five funds

listed

the

table

below

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed

the

table

below

(five

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

the

"Funds")

July

31,

2025,

the

statements

operations

for

the

year

ended

July

31,

2025,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

July

31,

2025,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

July

31,

2025

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

listed

the

table

below

July

31,

2025,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

July

31,

2025

and

each

the

financial

highlights

for

each

the

five

years

the

period

ended

July

31,

2025

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2025

correspondence

with

the

custodian,

transfer

agent

and

broker.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2025

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

iShares

Core

30/70

Conservative

Allocation

ETF

iShares

Core

40/60

Moderate

Allocation

ETF

iShares

Core

60/40

Balanced

Allocation

ETF

iShares

Core

80/20

Aggressive

Allocation

ETF

iShares

Morningstar

Multi-Asset

Income

ETF

Important

Tax

Information

(unaudited)

Important

Tax

Information

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2025

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2025

The

Funds

intend

pass

through

their

shareholders

the

following

amounts,

maximum

amounts

allowable

law,

foreign

source

income

earned

and

foreign

taxes

paid

for

the

fiscal

year

ended

July

31,

2025

The

following

percentages,

maximum

percentages

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

year

ended

July

31,

2025

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Funds

hereby

designate

the

following

amounts,

maximum

amounts

allowable

law,

interest

income

eligible

treated

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

July

31,

2025

The

Funds

hereby

designate

the

following

amounts,

maximum

amounts

allowable

law,

interest-related

dividends

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

July

31,

2025

iShares

ETF

Qualified

Dividend

Income

Core

30/70

Conservative

Allocation

.........................................................................................

3,260,721‌

Core

40/60

Moderate

Allocation

...........................................................................................

9,830,909‌

Core

60/40

Balanced

Allocation

...........................................................................................

22,129,442‌

Core

80/20

Aggressive

Allocation

..........................................................................................

27,312,400‌

Morningstar

Multi-Asset

Income

...........................................................................................

2,046,511‌

iShares

ETF

Qualified

Business

Income

Core

30/70

Conservative

Allocation

.........................................................................................

87,219‌

Core

40/60

Moderate

Allocation

...........................................................................................

263,202‌

Core

60/40

Balanced

Allocation

...........................................................................................

589,805‌

Core

80/20

Aggressive

Allocation

..........................................................................................

725,245‌

Morningstar

Multi-Asset

Income

...........................................................................................

240,012‌

iShares

ETF

Foreign

Source

Income

Earned

Foreign

Taxes

Paid

Core

30/70

Conservative

Allocation

........................................................................

3,714,917‌

177,286‌

Core

40/60

Moderate

Allocation

..........................................................................

9,339,700‌

532,127‌

Core

60/40

Balanced

Allocation

..........................................................................

17,703,578‌

1,206,165‌

Core

80/20

Aggressive

Allocation

.........................................................................

19,636,726‌

1,491,923‌

Morningstar

Multi-Asset

Income

..........................................................................

2,101,819‌

116,432‌

iShares

ETF

Dividends-Received

Deduction

Core

30/70

Conservative

Allocation

.........................................................................................

.93‌

Core

40/60

Moderate

Allocation

...........................................................................................

.58‌

Core

60/40

Balanced

Allocation

...........................................................................................

.11‌

Core

80/20

Aggressive

Allocation

..........................................................................................

.29‌

Morningstar

Multi-Asset

Income

...........................................................................................

.65‌

iShares

ETF

Interest

Dividends

Core

30/70

Conservative

Allocation

.........................................................................................

15,593,050‌

Core

40/60

Moderate

Allocation

...........................................................................................

30,337,814‌

Core

60/40

Balanced

Allocation

...........................................................................................

30,377,570‌

Core

80/20

Aggressive

Allocation

..........................................................................................

14,164,081‌

Morningstar

Multi-Asset

Income

...........................................................................................

3,664,124‌

iShares

ETF

Interest-Related

Dividends

Core

30/70

Conservative

Allocation

.........................................................................................

11,801,056‌

Core

40/60

Moderate

Allocation

...........................................................................................

23,134,161‌

Core

60/40

Balanced

Allocation

...........................................................................................

23,068,779‌

Core

80/20

Aggressive

Allocation

..........................................................................................

10,777,545‌

Morningstar

Multi-Asset

Income

...........................................................................................

2,677,591‌

Additional

Information

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

icsdelivery.com

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee

for

services

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust’s

policies

and

procedures

with

respect

the

disclosure

the

Funds’

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets,

when

available,

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

Board

Review

and

Approval

Investment

Advisory

Contract

iShares

Core

30/70

Conservative

Allocation

ETF,

iShares

Core

40/60

Moderate

Allocation

ETF,

iShares

Core

60/40

Balanced

Allocation

ETF,

iShares

Core

80/20

Aggressive

Allocation

ETF,

iShares

Morningstar

Multi-Asset

Income

ETF

(each

the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2025

and

May

23,

2025,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates

any;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2024,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

the

May

2025

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

BlackRock

result

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

its

profile

and

standing

the

investment

community

result

providing

investment

advisory

services

the

iShares

funds.

Board

Review

and

Approval

Investment

Advisory

Contract

(

continued)

Board

Review

and

Approval

Investment

Advisory

Contract

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

these

Financial

Statements

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

Want

know

more?

iShares.com

1-800-474-2737

This

report

intended

for

the

Funds’

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

promoted

Morningstar,

Inc.

S&P

Dow

Jones

Indices

LLC,

nor

these

companies

make

any

representation

regarding

the

advisability

investing

the

iShares

Funds.

BlackRock

not

affiliated

with

the

companies

listed

above.

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

BlackRock,

Inc.

its

subsidiaries.

All

other

marks

are

the

property

their

respective

owners.

July

31,

2025

Annual

Financial

Statements

and

Additional

Information

iShares

Trust

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

ESMV

NASDAQ

iShares

MSCI

USA

Min

Vol

Factor

ETF

USMV

Cboe

BZX

Exchange

Table

Contents

Page

Schedules

Investments

.................................................................................................

Statements

Assets

and

Liabilities

...........................................................................................

Statements

Operations

.................................................................................................

Statements

Changes

Net

Assets

..........................................................................................

Financial

Highlights

.....................................................................................................

Notes

Financial

Statements

...............................................................................................

Report

Independent

Registered

Public

Accounting

Firm

..............................................................................

Important

Tax

Information

(unaudited)

.................................................................................................

Additional

Information

...................................................................................................

Board

Review

and

Approval

Investment

Advisory

Contract

...........................................................................

Glossary

Terms

Used

these

Financial

Statements

................................................................................

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Common

Stocks

Aerospace

Defense

—

Northrop

Grumman

Corp.

...................

221

127,431

RTX

Corp.

.............................

320

50,422

177,853

Air

Freight

Logistics

—

Robinson

Worldwide,

Inc.

................

398

45,898

Expeditors

International

Washington,

Inc.

.......

168

19,528

65,426

Beverages

—

Coca-Cola

Co.

(The)

......................

1,104

74,950

Keurig

Pepper,

Inc.

.....................

443

14,464

PepsiCo,

Inc.

...........................

568

78,339

167,753

Biotechnology

—

Amgen,

Inc.

............................

100

29,510

Gilead

Sciences,

Inc.

......................

1,009

113,300

Incyte

Corp.

(a)

(b)

..........................

321

24,040

Regeneron

Pharmaceuticals,

Inc.

..............

41,455

Vertex

Pharmaceuticals,

Inc.

(a)

(b)

...............

269

122,898

331,203

Broadline

Retail

—

MercadoLibre,

Inc.

(a)

.......................

47,478

Building

Products

—

Trane

Technologies

PLC

....................

237

103,825

Capital

Markets

—

Cboe

Global

Markets,

Inc.

...................

355

85,569

CME

Group,

Inc.

Class

...................

310

86,267

Intercontinental

Exchange,

Inc.

...............

5,360

S&P

Global,

Inc.

.........................

139

76,603

253,799

Chemicals

—

Ecolab,

Inc.

............................

240

62,822

Linde

PLC

.............................

41,884

104,706

Commercial

Services

Supplies

—

Republic

Services,

Inc.

.....................

16,838

Veralto

Corp.

............................

717

75,163

Waste

Connections,

Inc.

....................

4,107

Waste

Management,

Inc.

....................

515

118,017

214,125

Communications

Equipment

—

Cisco

Systems,

Inc.

.......................

2,074

141,198

F5,

Inc.

(a)

(b)

.............................

14,104

Motorola

Solutions,

Inc.

....................

311

136,523

291,825

Construction

Materials

—

CRH

PLC

..............................

441

42,093

Consumer

Staples

Distribution

Retail

—

Kroger

Co.

(The)

.........................

1,644

115,244

Containers

Packaging

—

Amcor

PLC

.............................

775

7,246

Security

Value

Distributors

—

LKQ

Corp.

.............................

694

20,452

Diversified

Telecommunication

Services

—

AT&T,

Inc.

..............................

2,940

80,586

Verizon

Communications,

Inc.

................

2,661

113,784

194,370

Electric

Utilities

—

Eversource

Energy

.......................

568

37,545

Exelon

Corp.

............................

1,488

66,870

NextEra

Energy,

Inc.

......................

565

40,149

144,564

Electronic

Equipment,

Instruments

Components

—

Keysight

Technologies,

Inc.

(a)

.................

7,212

Teledyne

Technologies,

Inc.

(a)

(b)

...............

22,592

29,804

Entertainment

—

Electronic

Arts,

Inc.

.......................

590

89,969

Liberty

Media

Corp.-Liberty

Formula

One

Series

NVS

(a)

...............................

4,516

94,485

Financial

Services

—

Berkshire

Hathaway,

Inc.

Class

(a)

(b)

...........

8,966

Fiserv,

Inc.

(a)

(b)

...........................

138

19,174

Jack

Henry

Associates,

Inc.

................

11,378

Mastercard,

Inc.

Class

....................

226

128,022

Visa,

Inc.

Class

........................

318

109,859

277,399

Food

Products

—

General

Mills,

Inc.

........................

1,855

90,858

Hormel

Foods

Corp.

.......................

1,024

28,764

Kellanova

..............................

935

74,641

Kraft

Heinz

Co.

(The)

......................

964

26,471

McCormick

Co.,

Inc.

NVS

.................

143

10,100

Mondelez

International,

Inc.

Class

............

603

39,008

The

Campbell's

Company

...................

657

20,972

Tyson

Foods,

Inc.

Class

..................

317

16,579

307,393

Ground

Transportation

—

Old

Dominion

Freight

Line,

Inc.

...............

3,880

Uber

Technologies,

Inc.

(a)

(b)

..................

532

46,683

50,563

Health

Care

Equipment

Supplies

—

Hologic,

Inc.

(a)

...........................

573

38,288

Health

Care

Providers

Services

—

Cardinal

Health,

Inc.

.......................

290

45,014

Cencora,

Inc.

...........................

449

128,450

Centene

Corp.

(a)

.........................

441

11,497

Cigna

Group

(The)

........................

118

31,551

Elevance

Health,

Inc.

......................

267

75,582

Humana,

Inc.

...........................

10,744

McKesson

Corp.

.........................

183

126,918

Molina

Healthcare,

Inc.

(a)

(b)

...................

2,210

Quest

Diagnostics,

Inc.

.....................

378

63,281

UnitedHealth

Group,

Inc.

....................

186

46,418

541,665

Health

Care

REITs

—

Welltower,

Inc.

...........................

721

119,015

Schedule

Investments

(continued)

July

31,

2025

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Hotels,

Restaurants

Leisure

—

Flutter

Entertainment

PLC

(a)

(b)

.................

24,785

McDonald's

Corp.

........................

307

92,122

Yum!

Brands,

Inc.

........................

259

37,335

154,242

Household

Products

—

Church

Dwight

Co.,

Inc.

...................

559

52,418

Clorox

Co.

(The)

.........................

179

22,475

Colgate-Palmolive

Co.

.....................

1,131

94,834

Kimberly-Clark

Corp.

......................

358

44,614

Procter

Gamble

Co.

(The)

.................

565

85,016

299,357

Industrial

Conglomerates

—

Honeywell

International,

Inc.

.................

106

23,569

Insurance

—

American

International

Group,

Inc.

.............

135

10,480

Aon

PLC

Class

........................

4,980

Arch

Capital

Group

Ltd.

....................

215

18,503

Arthur

Gallagher

Co.

....................

21,257

Chubb

Ltd.

.............................

332

88,325

Marsh

McLennan

Companies,

Inc.

............

555

110,556

Progressive

Corp.

(The)

(b)

...................

460

111,338

Travelers

Companies,

Inc.

(The)

...............

480

124,915

Willis

Towers

Watson

PLC

...................

15,159

505,513

Services

—

Accenture

PLC

Class

....................

329

87,876

Akamai

Technologies,

Inc.

(a)

(b)

.................

298

22,740

Cognizant

Technology

Solutions

Corp.

Class

.....

339

24,327

Gartner,

Inc.

(a)

...........................

173

58,587

GoDaddy,

Inc.

Class

(a)

....................

397

64,147

International

Business

Machines

Corp.

..........

493

124,803

VeriSign,

Inc.

...........................

162

43,557

426,037

Machinery

—

Xylem,

Inc.

.............................

9,400

Metals

Mining

—

Newmont

Corp.

..........................

1,032

64,087

Multi-Utilities

—

CMS

Energy

Corp.

........................

739

54,538

Consolidated

Edison,

Inc.

...................

1,220

126,270

Dominion

Energy,

Inc.

......................

208

12,158

NiSource,

Inc.

...........................

122

5,179

Public

Service

Enterprise

Group,

Inc.

...........

1,537

138,007

336,152

Oil,

Gas

Consumable

Fuels

—

Cheniere

Energy,

Inc.

......................

15,096

Chevron

Corp.

...........................

982

148,911

Exxon

Mobil

Corp.

........................

414

46,219

Kinder

Morgan,

Inc.

.......................

2,544

71,385

Phillips

..............................

10,257

Targa

Resources

Corp.

.....................

179

29,787

321,655

Pharmaceuticals

—

Bristol-Myers

Squibb

Co.

....................

400

17,324

Eli

Lilly

Co.

...........................

44,404

Johnson

.......................

560

92,255

Merck

Co.,

Inc.

.........................

1,358

106,087

Security

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.

Class

.......................

313

45,632

305,702

Professional

Services

—

Automatic

Data

Processing,

Inc.

...............

407

125,967

Broadridge

Financial

Solutions,

Inc.

............

198

49,007

Leidos

Holdings,

Inc.

......................

9,898

184,872

Semiconductors

Semiconductor

Equipment

—

First

Solar,

Inc.

(a)

(b)

........................

155

27,083

NVIDIA

Corp.

...........................

826

146,921

NXP

Semiconductors

N.V.

...................

121

25,866

Texas

Instruments,

Inc.

.....................

514

93,065

292,935

Software

—

Adobe,

Inc.

(a)

............................

164

58,661

Autodesk,

Inc.

(a)

(b)

.........................

25,461

Bentley

Systems,

Inc.

Class

................

120

6,958

Cadence

Design

Systems,

Inc.

(a)

(b)

.............

186

67,810

Dynatrace,

Inc.

(a)

.........................

611

32,145

Fair

Isaac

Corp.

(a)

.........................

30,171

Gen

Digital,

Inc.

..........................

1,003

29,578

HubSpot,

Inc.

(a)

..........................

24,943

Intuit,

Inc.

..............................

128

100,497

Microsoft

Corp.

..........................

287

153,114

Nutanix,

Inc.

Class

(a)

(b)

....................

182

13,681

Oracle

Corp.

............................

175

44,410

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

100

17,360

PTC,

Inc.

(a)

(b)

............................

362

77,761

Roper

Technologies,

Inc.

....................

227

124,941

Salesforce,

Inc.

..........................

202

52,183

ServiceNow,

Inc.

(a)

(b)

.......................

124

116,947

Synopsys,

Inc.

(a)

(b)

........................

148

93,754

Tyler

Technologies,

Inc.

(a)

(b)

..................

56,702

Workday,

Inc.

Class

(a)

(b)

...................

260

59,639

1,186,716

Specialized

REITs

—

American

Tower

Corp.

.....................

354

73,770

Equinix,

Inc.

............................

32,977

106,747

Specialty

Retail

—

AutoZone,

Inc.

(a)

.........................

41,452

Home

Depot,

Inc.

(The)

....................

268

98,493

Lowe's

Companies,

Inc.

....................

273

61,034

O'Reilly

Automotive,

Inc.

(a)

...................

4,621

TJX

Companies,

Inc.

(The)

..................

464

57,782

Tractor

Supply

Co.

........................

540

30,753

294,135

Technology

Hardware,

Storage

Peripherals

—

Apple,

Inc.

.............................

168

34,872

NetApp,

Inc.

............................

108

11,246

46,118

Textiles,

Apparel

Luxury

Goods

—

Deckers

Outdoor

Corp.

(a)

....................

3,610

Trading

Companies

Distributors

—

Ferguson

Enterprises,

Inc.

...................

7,370

Grainger,

Inc.

........................

111

115,389

122,759

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Security

Value

Water

Utilities

—

American

Water

Works

Co.,

Inc.

...............

8,134

Wireless

Telecommunication

Services

—

T-Mobile

U.S.,

Inc.

........................

545

129,933

Total

Long-Term

Investments — 99.7%

(Cost:

8,174,670

)

..................................

8,562,247

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(c)

(d)

(e)

......................

938,412

938,787

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(c)

(d)

............................

15,032

Total

Short-Term

Securities — 11.1%

(Cost:

953,819

)

...................................

953,819

Total

Investments

—

110.8%

(Cost:

9,128,489

)

..................................

9,516,066

Liabilities

Excess

Other

Assets

—

(

)

..............

(

927,677

)

Net

Assets

—

100.0%

.................................

8,588,389

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

58,612

880,194

(a)

—

(

)

(

)

938,787

938,412

172

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

18,866

—

(

3,834

)

(a)

—

15,032

949

—

(

)

(

)

953,819

1,121

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

............................................................

09/19/25

268

Schedule

Investments

(continued)

July

31,

2025

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.............

—

268

—

268

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

—

3,873

—

3,873

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

..................................

—

268

—

268

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

17,648

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

8,562,247

‌

—

‌

—

‌

8,562,247

‌

Short-Term

Securities

Money

Market

Funds

......................................

953,819

‌

—

‌

—

‌

953,819

‌

9,516,066

‌

—

‌

—

‌

9,516,066

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

268

‌

—

‌

—

‌

268

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

iShares

MSCI

USA

Min

Vol

Factor

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Common

Stocks

Aerospace

Defense

—

General

Dynamics

Corp.

....................

44,526

13,874,747

Lockheed

Martin

Corp.

.....................

360,726

151,858,431

Northrop

Grumman

Corp.

...................

363,798

209,769,565

RTX

Corp.

.............................

168,804

26,598,446

402,101,189

Air

Freight

Logistics

—

Robinson

Worldwide,

Inc.

................

118,480

13,663,114

Banks

—

First

Citizens

BancShares,

Inc.

Class

(a)

........

18,184

36,272,716

Beverages

—

Coca-Cola

Co.

(The)

......................

2,405,067

163,279,999

Keurig

Pepper,

Inc.

.....................

4,398,998

143,627,285

Monster

Beverage

Corp.

(b)

...................

2,004,478

117,763,082

PepsiCo,

Inc.

...........................

1,510,241

208,292,439

632,962,805

Biotechnology

—

AbbVie,

Inc.

............................

700,531

132,414,370

Amgen,

Inc.

............................

211,138

62,306,824

BioMarin

Pharmaceutical,

Inc.

(b)

...............

835,681

48,344,146

Gilead

Sciences,

Inc.

......................

1,481,800

166,391,322

Incyte

Corp.

(b)

...........................

1,477,709

110,665,627

Neurocrine

Biosciences,

Inc.

(b)

................

633,717

81,261,531

Regeneron

Pharmaceuticals,

Inc.

..............

185,467

101,164,830

United

Therapeutics

Corp.

(b)

..................

87,769

24,110,144

Vertex

Pharmaceuticals,

Inc.

(b)

................

474,713

216,882,128

943,540,922

Broadline

Retail

—

Amazon.com,

Inc.

(b)

.......................

129,596

30,339,719

MercadoLibre,

Inc.

(b)

.......................

39,182

93,013,758

123,353,477

Capital

Markets

—

Cboe

Global

Markets,

Inc.

...................

944,484

227,658,423

CME

Group,

Inc.

Class

...................

769,986

214,271,704

Intercontinental

Exchange,

Inc.

...............

417,380

77,144,346

Tradeweb

Markets,

Inc.

Class

...............

339,640

47,057,122

566,131,595

Chemicals

—

Corteva,

Inc.

............................

849,436

61,269,819

Linde

PLC

.............................

324,901

149,538,934

210,808,753

Commercial

Services

Supplies

—

Republic

Services,

Inc.

.....................

1,423,340

328,293,371

Rollins,

Inc.

.............................

1,711,396

98,011,649

Waste

Connections,

Inc.

(a)

...................

1,831,103

341,811,997

Waste

Management,

Inc.

....................

1,495,175

342,634,303

1,110,751,320

Communications

Equipment

—

Arista

Networks,

Inc.

(b)

.....................

709,115

87,377,150

Cisco

Systems,

Inc.

.......................

5,659,917

385,327,149

F5,

Inc.

(a)

(b)

.............................

526,098

164,889,635

Motorola

Solutions,

Inc.

....................

848,731

372,575,935

1,010,169,869

Security

Value

Consumer

Staples

Distribution

Retail

—

Kroger

Co.

(The)

.........................

2,438,340

170,927,634

Walmart,

Inc.

............................

1,562,656

153,109,035

324,036,669

Containers

Packaging

—

Packaging

Corp.

America

.................

195,800

37,936,250

Diversified

Telecommunication

Services

—

AT&T,

Inc.

..............................

8,204,810

224,893,842

Verizon

Communications,

Inc.

................

7,513,306

321,268,965

546,162,807

Electric

Utilities

—

Alliant

Energy

Corp.

.......................

370,968

24,116,630

American

Electric

Power

Co.,

Inc.

..............

941,809

106,556,270

Duke

Energy

Corp.

.......................

3,059,853

372,200,519

NextEra

Energy,

Inc.

......................

313,949

22,309,216

PG&E

Corp.

............................

3,127,852

43,852,485

PPL

Corp.

.............................

339,812

12,127,890

Southern

Co.

(The)

.......................

3,951,911

373,376,551

Xcel

Energy,

Inc.

.........................

1,546,876

113,602,574

1,068,142,135

Electronic

Equipment,

Instruments

Components

—

Amphenol

Corp.

Class

...................

2,256,940

240,386,679

CDW

Corp.

.............................

473,874

82,634,148

Corning,

Inc.

............................

678,686

42,920,103

Connectivity

PLC

......................

106,137

21,837,688

Teledyne

Technologies,

Inc.

(a)

(b)

...............

350,409

193,082,367

580,860,985

Entertainment

—

Electronic

Arts,

Inc.

.......................

991,970

151,265,505

Liberty

Media

Corp.-Liberty

Formula

One

Series

NVS

(a)

(b)

.............................

903,031

90,619,161

Netflix,

Inc.

(b)

............................

20,045

23,240,173

265,124,839

Financial

Services

—

Berkshire

Hathaway,

Inc.

Class

(a)

(b)

...........

705,566

332,942,484

Mastercard,

Inc.

Class

....................

538,652

305,130,198

Visa,

Inc.

Class

........................

669,650

231,343,986

869,416,668

Food

Products

—

General

Mills,

Inc.

........................

2,442,529

119,635,071

Hershey

Co.

(The)

........................

405,612

75,496,562

Hormel

Foods

Corp.

.......................

1,005,415

28,242,107

Kellanova

..............................

2,160,278

172,454,993

Kraft

Heinz

Co.

(The)

......................

2,857,516

78,467,389

Mondelez

International,

Inc.

Class

............

2,846,270

184,125,206

The

Campbell's

Company

...................

1,749,086

55,830,825

Tyson

Foods,

Inc.

Class

..................

2,579,954

134,931,594

849,183,747

Gas

Utilities

—

Atmos

Energy

Corp.

.......................

90,593

14,125,261

Ground

Transportation

—

Uber

Technologies,

Inc.

(a)

(b)

..................

1,105,527

97,009,994

Health

Care

Equipment

Supplies

—

Abbott

Laboratories

.......................

1,194,573

150,743,167

Becton

Dickinson

Co.

....................

486,297

86,682,440

Boston

Scientific

Corp.

(b)

....................

1,252,304

131,391,735

Hologic,

Inc.

(b)

...........................

481,040

32,143,093

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Min

Vol

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Health

Care

Equipment

Supplies

(continued)

Medtronic

PLC

..........................

366,816

33,101,476

434,061,911

Health

Care

Providers

Services

—

Cardinal

Health,

Inc.

.......................

95,075

14,757,541

Cencora,

Inc.

...........................

1,164,406

333,113,268

Centene

Corp.

(b)

.........................

310,286

8,089,156

Cigna

Group

(The)

........................

149,983

40,102,455

Elevance

Health,

Inc.

......................

641,409

181,570,060

HCA

Healthcare,

Inc.

......................

92,828

32,860,184

McKesson

Corp.

.........................

499,103

346,147,895

Molina

Healthcare,

Inc.

(b)

....................

108,978

17,204,357

Quest

Diagnostics,

Inc.

.....................

154,135

25,803,740

UnitedHealth

Group,

Inc.

....................

509,521

127,156,061

1,126,804,717

Health

Care

REITs

—

Welltower,

Inc.

...........................

856,769

141,426,859

Hotels,

Restaurants

Leisure

—

DoorDash,

Inc.

Class

(b)

...................

188,776

47,241,194

McDonald's

Corp.

........................

999,665

299,969,477

Yum!

Brands,

Inc.

........................

1,600,314

230,685,263

577,895,934

Household

Durables

—

NVR,

Inc.

(b)

.............................

1,665

12,569,901

Household

Products

—

Church

Dwight

Co.,

Inc.

...................

1,432,479

134,323,556

Colgate-Palmolive

Co.

.....................

2,467,230

206,877,236

Kimberly-Clark

Corp.

......................

362,050

45,118,671

Procter

Gamble

Co.

(The)

.................

1,770,637

266,427,749

652,747,212

Insurance

—

Allstate

Corp.

(The)

.......................

874,860

177,815,295

Aon

PLC

Class

........................

326,499

116,138,959

Arch

Capital

Group

Ltd.

....................

1,659,483

142,815,107

Arthur

Gallagher

Co.

....................

718,340

206,343,165

Chubb

Ltd.

.............................

1,208,187

321,426,070

Erie

Indemnity

Co.

Class

NVS

..............

105,269

37,501,029

Hartford

Insurance

Group,

Inc.

(The)

............

241,206

30,003,614

Loews

Corp.

............................

788,518

71,392,420

Marsh

McLennan

Companies,

Inc.

............

1,172,912

233,644,070

Progressive

Corp.

(The)

....................

1,256,703

304,172,394

Travelers

Companies,

Inc.

(The)

...............

843,197

219,433,587

Berkley

Corp.

........................

1,188,253

81,763,689

Willis

Towers

Watson

PLC

...................

285,251

90,085,118

2,032,534,517

Interactive

Media

Services

—

Alphabet,

Inc.

Class

NVS

.................

261,059

50,347,839

Meta

Platforms,

Inc.

Class

.................

33,887

26,209,561

76,557,400

Services

—

Accenture

PLC

Class

....................

848,774

226,707,535

Akamai

Technologies,

Inc.

(b)

..................

1,055,483

80,543,908

Cognizant

Technology

Solutions

Corp.

Class

.....

2,312,298

165,930,504

Gartner,

Inc.

(b)

...........................

467,788

158,416,406

GoDaddy,

Inc.

Class

(b)

....................

1,272,494

205,609,581

International

Business

Machines

Corp.

..........

1,344,640

340,395,616

VeriSign,

Inc.

...........................

783,125

210,558,819

1,388,162,369

Security

Value

Machinery

—

Otis

Worldwide

Corp.

......................

153,899

13,187,605

Media

—

Comcast

Corp.

Class

....................

2,146,333

71,322,646

Metals

Mining

—

Newmont

Corp.

..........................

711,258

44,169,122

Multi-Utilities

—

Ameren

Corp.

...........................

615,363

62,231,660

CMS

Energy

Corp.

........................

662,079

48,861,430

Consolidated

Edison,

Inc.

...................

2,846,788

294,642,558

Dominion

Energy,

Inc.

......................

926,522

54,155,211

DTE

Energy

Co.

.........................

380,664

52,687,704

WEC

Energy

Group,

Inc.

....................

1,827,447

199,337,919

711,916,482

Oil,

Gas

Consumable

Fuels

—

Chevron

Corp.

...........................

494,560

74,995,078

Coterra

Energy,

Inc.

.......................

1,231,186

30,028,627

Diamondback

Energy,

Inc.

...................

216,765

32,224,285

EOG

Resources,

Inc.

......................

295,406

35,454,628

Expand

Energy

Corp.

......................

950,911

99,636,455

Exxon

Mobil

Corp.

........................

3,420,211

381,832,356

Marathon

Petroleum

Corp.

..................

470,047

79,997,299

Phillips

..............................

102,003

12,605,531

Targa

Resources

Corp.

.....................

186,706

31,069,745

Williams

Companies,

Inc.

(The)

...............

1,213,012

72,720,069

850,564,073

Pharmaceuticals

—

Bristol-Myers

Squibb

Co.

....................

1,754,509

75,987,785

Eli

Lilly

Co.

...........................

210,387

155,701,107

Johnson

.......................

1,911,267

314,862,125

Merck

Co.,

Inc.

.........................

3,612,032

282,171,940

Pfizer,

Inc.

.............................

1,282,349

29,865,908

858,588,865

Professional

Services

—

Automatic

Data

Processing,

Inc.

...............

70,227

21,735,257

Booz

Allen

Hamilton

Holding

Corp.

Class

.......

623,916

66,964,904

Broadridge

Financial

Solutions,

Inc.

............

53,691

13,289,059

Verisk

Analytics,

Inc.

.......................

348,548

97,143,813

199,133,033

Semiconductors

Semiconductor

Equipment

—

Analog

Devices,

Inc.

.......................

252,833

56,793,877

First

Solar,

Inc.

(a)

(b)

........................

441,326

77,112,892

NVIDIA

Corp.

...........................

1,197,648

213,025,650

Texas

Instruments,

Inc.

.....................

651,141

117,895,589

464,828,008

Software

—

Adobe,

Inc.

(b)

............................

292,138

104,494,841

Bentley

Systems,

Inc.

Class

................

1,482,400

85,949,552

Cadence

Design

Systems,

Inc.

(b)

..............

137,750

50,219,518

Datadog,

Inc.

Class

(b)

....................

101,973

14,274,181

Dynatrace,

Inc.

(b)

.........................

1,112,280

58,517,051

Fair

Isaac

Corp.

(b)

.........................

76,846

110,406,185

Fortinet,

Inc.

(b)

...........................

1,215,880

121,466,412

Gen

Digital,

Inc.

..........................

2,412,211

71,136,102

HubSpot,

Inc.

(b)

..........................

83,460

43,369,989

Intuit,

Inc.

..............................

242,474

190,373,612

Microsoft

Corp.

..........................

783,440

417,965,240

Nutanix,

Inc.

Class

(b)

.....................

343,694

25,835,478

Oracle

Corp.

............................

430,038

109,130,743

iShares

MSCI

USA

Min

Vol

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Security

Value

Software

(continued)

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

172,500

29,946,000

PTC,

Inc.

(a)

(b)

............................

1,061,982

228,124,353

Roper

Technologies,

Inc.

....................

620,799

341,687,770

Salesforce,

Inc.

..........................

290,268

74,984,932

ServiceNow,

Inc.

(b)

........................

206,298

194,563,770

Synopsys,

Inc.

(b)

.........................

228,555

144,782,736

Tyler

Technologies,

Inc.

(b)

...................

279,972

163,660,432

Workday,

Inc.

Class

(b)

....................

387,271

88,832,222

Zoom

Communications,

Inc.

Class

(b)

..........

367,118

27,185,088

2,696,906,207

Specialty

Retail

—

AutoZone,

Inc.

(b)

.........................

73,596

277,337,695

Home

Depot,

Inc.

(The)

....................

169,336

62,232,673

O'Reilly

Automotive,

Inc.

(b)

...................

1,969,445

193,635,832

TJX

Companies,

Inc.

(The)

..................

1,728,560

215,257,577

748,463,777

Technology

Hardware,

Storage

Peripherals

—

Apple,

Inc.

.............................

710,640

147,507,545

Water

Utilities

—

American

Water

Works

Co.,

Inc.

...............

82,426

11,559,422

Security

Value

Wireless

Telecommunication

Services

—

T-Mobile

U.S.,

Inc.

........................

1,477,030

352,138,722

Total

Long-Term

Investments — 99.8%

(Cost:

21,280,336,703

)

..............................

23,314,801,442

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(c)

(d)

(e)

......................

80,675,384

80,707,654

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(c)

(d)

............................

34,025,602

Total

Short-Term

Securities — 0.5%

(Cost:

114,726,100

)

................................

114,733,256

Total

Investments

—

100.3%

(Cost:

21,395,062,803

)

..............................

23,429,534,698

Liabilities

Excess

Other

Assets

—

(

)

...............

(

59,869,103

)

Net

Assets

—

100.0%

.................................

23,369,665,595

(a)

All

portion

this

security

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

...

3,513,795

77,241,834

(a)

—

(

50,214

)

2,239

80,707,654

80,675,384

206,910

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

.........

33,167,263

858,339

(a)

—

34,025,602

1,782,153

—

(

50,214

)

2,239

114,733,256

1,989,063

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

.........................................................

544

09/19/25

19,687

(

151,073

)

E-Mini

S&P

500

Index

..................................................................

09/19/25

31,234

180,295

29,222

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Min

Vol

Factor

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.............

—

180,295

—

180,295

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

Unrealized

depreciation

futures

contracts

(a)

.............

—

151,073

—

151,073

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

—

6,595,685

—

6,595,685

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

..................................

—

(

582,131

)

—

(

582,131

)

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

45,648,431

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

23,314,801,442

‌

—

‌

—

‌

23,314,801,442

‌

Short-Term

Securities

Money

Market

Funds

......................................

114,733,256

‌

—

‌

—

‌

114,733,256

‌

23,429,534,698

‌

—

‌

—

‌

23,429,534,698

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

180,295

‌

—

‌

—

‌

180,295

‌

Liabilities

Equity

Contracts

...........................................

(

151,073

)

—

‌

—

‌

(

151,073

)

29,222

‌

—

‌

—

‌

29,222

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Statements

Assets

and

Liabilities

Statements

Assets

and

Liabilities

July

31,

2025

See

notes

financial

statements.

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

....................................................................

8,562,247

‌

23,314,801,442

‌

Investments,

value

—

affiliated

(c)

.......................................................................

953,819

‌

114,733,256

‌

Cash

...........................................................................................

462

‌

74,485

‌

Cash

pledged:

Futures

contracts

.................................................................................

3,000

‌

3,650,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

104

‌

18,714

‌

Capital

sold

................................................................................

—

‌

60,176

‌

Dividends

—

unaffiliated

............................................................................

9,021

‌

20,530,802

‌

Dividends

—

affiliated

..............................................................................

‌

147,777

‌

Total

assets

......................................................................................

9,528,714

‌

23,454,016,652

‌

LIABILITIES

Collateral

securities

loaned

..........................................................................

938,787

‌

80,768,409

‌

Payables:

Capital

redeemed

............................................................................

—

‌

160,469

‌

Investment

advisory

fees

............................................................................

1,325

‌

3,020,619

‌

Variation

margin

futures

contracts

....................................................................

213

‌

401,560

‌

Total

liabilities

.....................................................................................

940,325

‌

84,351,057

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

8,588,389

‌

23,369,665,595

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

8,503,070

‌

23,474,219,362

‌

Accumulated

earnings

(loss)

...........................................................................

85,319

‌

(

104,553,767

)

NET

ASSETS

.....................................................................................

8,588,389

‌

23,369,665,595

‌

NET

ASSET

VALUE

outstanding

.................................................................................

300,000

‌

252,300,000

‌

Net

asset

value

....................................................................................

28.63

‌

92.63

‌

authorized

..................................................................................

Unlimited

Par

value

........................................................................................

None

(a)

Securities

loaned,

value

..........................................................................

912,278

‌

79,893,701

‌

(b)

Investments,

cost

—

unaffiliated

.....................................................................

8,174,670

‌

21,280,336,703

‌

(c)

Investments,

cost

—

affiliated

.......................................................................

953,819

‌

114,726,100

‌

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Operations

Year

Ended

July

31,

2025

See

notes

financial

statements.

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

175,108

‌

410,817,171

‌

Dividends

—

affiliated

..............................................................................

949

‌

1,782,153

‌

Interest

—

unaffiliated

..............................................................................

‌

179,265

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

172

‌

206,910

‌

Foreign

taxes

withheld

.............................................................................

(

)

(

365,649

)

Total

investment

income

..............................................................................

176,153

‌

412,619,850

‌

EXPENSES

Investment

advisory

...............................................................................

18,113

‌

35,845,072

‌

Interest

expense

.................................................................................

—

‌

Total

expenses

....................................................................................

18,113

‌

35,845,114

‌

Net

investment

income

...............................................................................

158,040

‌

376,774,736

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

180,447

‌

617,140,556

‌

Investments

—

affiliated

...........................................................................

(

)

(

50,214

)

Futures

contracts

...............................................................................

3,873

‌

6,595,685

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

487,194

‌

1,912,800,189

‌

671,496

‌

2,536,486,216

‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

34,501

)

(

992,287,871

)

Investments

—

affiliated

...........................................................................

(

)

2,239

‌

Futures

contracts

...............................................................................

268

‌

(

582,131

)

(

34,234

)

(

992,867,763

)

Net

realized

and

unrealized

gain

........................................................................

637,262

‌

1,543,618,453

‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

795,302

‌

1,920,393,189

‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

See

notes

financial

statements.

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/25

Year

Ended

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

158,040

‌

189,887

‌

376,774,736

‌

480,727,167

‌

Net

realized

gain

.............................................

671,496

‌

1,089,178

‌

2,536,486,216

‌

3,020,565,317

‌

Net

change

unrealized

appreciation

(depreciation)

.....................

(

34,234

)

209,143

‌

(

992,867,763

)

687,966,772

‌

Net

increase

net

assets

resulting

from

operations

........................

795,302

‌

1,488,208

‌

1,920,393,189

‌

4,189,259,256

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

164,711

)

(

184,820

)

(

385,815,019

)

(

492,006,477

)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

......

(

4,375,040

)

2,565,027

‌

(

3,020,454,229

)

(

7,647,964,938

)

NET

ASSETS

Total

increase

(decrease)

net

assets

................................

(

3,744,449

)

3,868,415

‌

(

1,485,876,059

)

(

3,950,712,159

)

Beginning

year

...............................................

12,332,838

‌

8,464,423

‌

24,855,541,654

‌

28,806,253,813

‌

End

year

...................................................

8,588,389

‌

12,332,838

‌

23,369,665,595

‌

24,855,541,654

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Period

From

11/02/21

(a)

07/31/22

Net

asset

value,

beginning

period

......................................

27.41

‌

24.18

‌

23.18

‌

25.11

‌

Net

investment

income

(b)

..............................................

.45

‌

.46

‌

.43

‌

.27

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................

.23

‌

.22

‌

.98

‌

(

.98

)

Net

increase

(decrease)

from

investment

operations

.............................

.68

‌

.68

‌

.41

‌

(

.71

)

Distributions

from

net

investment

income

(d)

....................................

(

.46

)

(

.45

)

(

.41

)

(

.22

)

Net

asset

value,

end

period

...........................................

28.63

‌

27.41

‌

24.18

‌

23.18

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................

.16

15.40

.27

(

.83

)

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................

.18

(h)

Net

investment

income

.................................................

.57

.84

.86

.51

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................

8,588

‌

12,333

‌

8,464

‌

4,636

‌

Portfolio

turnover

rate

(i)

.................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

MSCI

USA

Min

Vol

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

87.03

‌

75.33

‌

73.77

‌

76.19

‌

63.37

‌

Net

investment

income

(a)

................................

.44

‌

.44

‌

.25

‌

.13

‌

.08

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

.64

‌

11.74

‌

.59

‌

(

.52

)

12.84

‌

Net

increase

(decrease)

from

investment

operations

...............

.08

‌

13.18

‌

.84

‌

(

.39

)

13.92

‌

Distributions

from

net

investment

income

(c)

......................

(

.48

)

(

.48

)

(

.28

)

(

.03

)

(

.10

)

Net

asset

value,

end

year

..............................

92.63

‌

87.03

‌

75.33

‌

73.77

‌

76.19

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

.16

17.73

.97

(

.85

)

22.23

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

Net

investment

income

...................................

.58

.84

.72

.50

.59

Supplemental

Data

Net

assets,

end

year

(000)

...............................

23,369,666

‌

24,855,542

‌

28,806,254

‌

28,652,798

‌

28,470,987

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Notes

Financial

Statements

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Organization

iShares

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

date.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

date

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

estimated

management,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Foreign

Taxes:

The

Funds

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

each

Fund

invests.

These

foreign

taxes,

any,

are

paid

each

Fund

and

are

reflected

its

Statements

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Foreign

taxes

withheld”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

July

31,

2025,

any,

are

disclosed

the

Statements

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Funds

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

Operations

include

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Cash:

The

Funds

may

maintain

cash

their

custodian

which,

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statements

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the

Funds

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Segment

Reporting:

The

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Funds’

adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

results

operations.

The

Chief

Financial

Officer

acts

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

responsible

for

assessing

performance

and

allocating

resources

with

respect

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

single

operating

segment

since

the

Funds

have

single

investment

strategy

disclosed

their

iShares

ETF

Diversification

Classification

ESG

Optimized

MSCI

USA

Min

Vol

Factor

(a)

...................................................................................

Diversified

MSCI

USA

Min

Vol

Factor

...............................................................................................

Diversified

(a)

Formerly

known

the

iShares

ESG

MSCI

USA

Min

Vol

Factor

ETF.

The

Fund's

classification

changed

from

non-diversified

diversified

during

the

reporting

period.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

and

reviewed

the

CODM

presented

within

the

Funds’

financial

statements.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees of

the

Trust (the

“Board”)

each

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s

policies

and

procedures

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

are

valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

NAV.

Futures

contracts

are

valued

based

that

day’s

last

reported

settlement

trade

price

the

exchange

where

the

contract

traded.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with BFA’s

policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement

the

measurement

date.

Fair

value

pricing

could

result

difference

between

the

prices

used

calculate

fund’s

NAV

and

the

prices

used

the

fund’s

underlying

index,

which

turn

could

result

difference

between

the

fund’s

performance

and

the

performance

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

that each

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

–

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

– Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for

the

asset

liability (including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the Statements

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the Funds

are

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

(b)

ESG

Optimized

MSCI

USA

Min

Vol

Factor

Barclays

Bank

PLC

...........................................

155,817

‌

(

155,817

)

—

‌

—

‌

BofA

Securities,

Inc.

..........................................

79,110

‌

(

79,110

)

—

‌

—

‌

Citigroup

Global

Markets,

Inc.

....................................

324,564

‌

(

324,564

)

—

‌

—

‌

HSBC

Bank

PLC

............................................

24,610

‌

(

24,610

)

—

‌

—

‌

Jefferies

LLC

...............................................

38,689

‌

(

38,689

)

—

‌

—

‌

RBC

Capital

Markets

LLC

......................................

96,816

‌

(

96,816

)

—

‌

—

‌

UBS

..................................................

8,494

‌

(

8,494

)

—

‌

—

‌

UBS

Securities

LLC

..........................................

17,186

‌

(

17,186

)

—

‌

—

‌

Wells

Fargo

Bank

.........................................

153,098

‌

(

153,098

)

—

‌

—

‌

Wells

Fargo

Securities

LLC

.....................................

13,894

‌

(

13,894

)

—

‌

—

‌

912,278

‌

(

912,278

)

—

‌

—

‌

MSCI

USA

Min

Vol

Factor

Barclays

Bank

PLC

...........................................

122,311

‌

(

122,311

)

—

‌

—

‌

BofA

Securities,

Inc.

..........................................

1,143,990

‌

(

1,143,990

)

—

‌

—

‌

Citigroup

Global

Markets,

Inc.

....................................

41,301,979

‌

(

40,526,909

)

—

‌

775,070

‌

Morgan

Stanley

.............................................

12,508,154

‌

(

12,508,154

)

—

‌

—

‌

National

Financial

Services

LLC

..................................

2,557,379

‌

(

2,557,379

)

—

‌

—

‌

Americas

Securities

LLC

....................................

943,760

‌

(

943,760

)

—

‌

—

‌

Wells

Fargo

Bank

.........................................

21,316,128

‌

(

21,316,128

)

—

‌

—

‌

79,893,701

‌

(

79,118,631

)

—

‌

775,070

‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Funds’

Statements

Assets

and

Liabilities.

(b)

The

market

value

the

loaned

securities

determined

July

31,

2025.

Additional

collateral

delivered

the

Fund

the

business

day

accordance

with

the

MSLA.

The

net

amount

would

subject

the

borrower

default

indemnity

the

event

default

the

counterparty.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any,

are

shown

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Pursuant

the

contract,

the Funds

agree

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statements

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

each

Fund’s

assets.

BFA

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees).

For

its

investment

advisory

services

each

the

following

Funds,

BFA

entitled

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

the

Funds,

based

the

average

daily

net

assets

each

Fund

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided. The

Funds

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

affiliate

BFA,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BTC

bears

all

operational

costs

directly

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

its

affiliates.

However,

BTC

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees each

Fund

bears

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

distribution

fee

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

discretionary

liquidity

fee

all

redemptions.

Discretionary

liquidity

fees

may

imposed

terminated

any

time

the

discretion

the

board

directors

the

money

market

fund,

its

delegate,

determined

that

such

fee

would

be,

would

not

be,

respectively,

the

best

interest

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

mandatory

liquidity

fee

the

money

market

fund’s

total

net

redemptions

single

day

exceed

the

money

market

fund’s

net

assets,

unless

the

amount

the

fee

less

than

0.01%

the

value

the

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

the

mandatory

liquidity

fee

making

good

faith

estimate

certain

costs

the

money

market

fund

would

incur

were

sell

pro

rata

amount

each

security

the

portfolio

satisfy

the

amount

net

redemptions

that

day.

There

limit

the

size

mandatory

liquidity

fee.

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

selling

pro

rata

amount

each

portfolio

security

good

faith

and

supported

data,

required

apply

default

liquidity

fee

the

value

redeemed

that

day.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities. Each

Fund

retains

portion

the

securities

lending

income

and

remits

the

remaining

portion

BTC

compensation

for

its

services

securities

lending

agent.

Pursuant

the

current

securities

lending

agreement,

each

Fund

retains

81%

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

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

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

84%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

Prior

January

2025,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

calendar

year

exceeded

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

retained

for

the

remainder

that

calendar

year

81%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

could

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

ESG

Optimized

MSCI

USA

Min

Vol

Factor

0.18%

MSCI

USA

Min

Vol

Factor

0.15

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

The

securities

lending

income

earned

each

Fund

shown

securities

lending

income

–

affiliated

–

net

its Statements

Operations.

For

the year

ended

July

31,

2025

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

the

Trust

are

directors

and/or

officers

BlackRock

its

affiliates.

Other

Transactions:

Cross

trading

the

buying

selling

portfolio

securities

between

funds

which

BFA

(or

affiliate)

serves

investment

adviser.

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

Rule

17a-7.

For

the

year

ended

July

31,

2025

transactions

executed

the

Funds

pursuant

Rule

17a-7

under

the

1940

Act

were

follows:

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

fund,

order

improve

its

portfolio

liquidity

and

its

ability

track

its

underlying

index,

may

invest

other

iShares

funds

that

invest

securities

the

fund’s

underlying

index.

Purchases

and

Sales

For

the year

ended

July

31,

2025

purchases

and

sales

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

follows:

For

the year ended

July

31,

2025

in-kind

transactions

were

follows:

Income

Tax

Information

Each

Fund

treated

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Funds

July

31,

2025,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’

financial

statements.

Management’s

analysis

based

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

effect

the

date

these

financial

statements,

all

which

are

subject

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

U.S.

GAAP

requires

that

certain

components

net

assets

adjusted

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

NAV

per

share.

July

31,

2025

permanent

differences

attributable

to realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

the

following

accounts:

iShares

ETF

Amounts

ESG

Optimized

MSCI

USA

Min

Vol

Factor

...................................................................................

‌

MSCI

USA

Min

Vol

Factor

..............................................................................................

86,227

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

USA

Min

Vol

Factor

..........................................................

736,282,933

‌

997,037,617

‌

88,039,198

‌

iShares

ETF

Purchases

Sales

ESG

Optimized

MSCI

USA

Min

Vol

Factor

.................................................................

2,432,294

‌

2,395,239

‌

MSCI

USA

Min

Vol

Factor

............................................................................

5,315,447,651

‌

5,232,838,032

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Optimized

MSCI

USA

Min

Vol

Factor

.................................................................

—

‌

4,356,618

‌

MSCI

USA

Min

Vol

Factor

............................................................................

5,589,456,117

‌

8,605,655,325

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

ESG

Optimized

MSCI

USA

Min

Vol

Factor

...................................................................

486,493‌

(

486,493‌

)

MSCI

USA

Min

Vol

Factor

..............................................................................

1,907,646,969‌

(

1,907,646,969‌

)

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

The

tax

character

distributions

paid

was

follows:

July

31,

2025,

the

tax

components

accumulated earnings

(losses)

were

follows:

For

the

year

ended

July

31,

2025,

the

Funds

listed

below

utilized

the

following

amounts

of their

respective

capital

loss

carryforwards:

July

31,

2025,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

each

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

BFA

uses

indexing

approach

try

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries.

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment.

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which

Fund

invests. A

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

iShares

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

ESG

Optimized

MSCI

USA

Min

Vol

Factor

Ordinary

income

...........................................................................................

164,711‌

184,820‌

MSCI

USA

Min

Vol

Factor

Ordinary

income

...........................................................................................

385,815,019‌

492,006,477‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

ESG

Optimized

MSCI

USA

Min

Vol

Factor

.................................

15,199‌

(

308,917‌

)

379,037‌

85,319‌

MSCI

USA

Min

Vol

Factor

............................................

37,307,690‌

(

2,144,841,922‌

)

2,002,980,465‌

(

104,553,767‌

)

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

the

tax

deferral

losses

wash

sales

and

the

realization

for

tax

purposes

unrealized

gains

(losses)

certain

futures

contracts.

iShares

ETF

Utilized

ESG

Optimized

MSCI

USA

Min

Vol

Factor

...................................................................................

182,696

‌

MSCI

USA

Min

Vol

Factor

..............................................................................................

627,953,506

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Optimized

MSCI

USA

Min

Vol

Factor

.............................

9,137,029

‌

1,004,493

‌

(

625,456

)

379,037

‌

MSCI

USA

Min

Vol

Factor

........................................

21,426,554,233

‌

3,399,028,196

‌

(

1,396,047,731

)

2,002,980,465

‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

less

counterparty

credit

risk

the

Funds

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

exchange-traded

futures

with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Funds.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

its

Schedule

Investments.

The Funds

invest

significant

portion

their

assets

in securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Funds

invest.

The Funds

invest

significant

portion

their

assets

securities

within

single

limited

number

market

sectors.

When

fund

concentrates

its

investments

this

manner,

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

significant

impact

the

Fund

and

could

affect

the

income

from,

the

value

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

specific

sectors

are

presented

the

Schedule

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

10.

Capital

Transactions

Capital

are

issued

and

redeemed

by each

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

of each

Fund

are

not

redeemable.

Transactions

capital

were

follows:

The

consideration

for

the

purchase

Creation

Units

fund

the

Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the

Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

the

Funds

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Funds,

their

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Year

Ended

07/31/25

Year

Ended

07/31/24

iShares

ETF

Amount

ESG

Optimized

MSCI

USA

Min

Vol

Factor

sold

...............................................

—

‌

—

‌

800,000

‌

20,374,397

‌

redeemed

...........................................

(

150,000

)

(

4,375,040

)

(

700,000

)

(

17,809,370

)

(

150,000

)

(

4,375,040

)

100,000

‌

2,565,027

‌

MSCI

USA

Min

Vol

Factor

sold

...............................................

61,700,000

‌

5,606,103,101

‌

112,400,000

‌

8,513,720,233

‌

redeemed

...........................................

(

95,000,000

)

(

8,626,557,330

)

(

209,200,000

)

(

16,161,685,171

)

(

33,300,000

)

(

3,020,454,229

)

(

96,800,000

)

(

7,647,964,938

)

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

Participant,

each

Fund’s

custodian,

and

the

Funds.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statements

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Report

Independent

Registered

Public

Accounting

Firm

2025

iShares

Annual

Financial

Statements

and

Additional

Information

the

Board

Trustees

iShares

Trust

and

Shareholders

each

the two funds

listed

the

table

below

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed

the

table

below

(two

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

the

"Funds")

July

31,

2025,

the

statements

operations

for

the

year

ended

July

31,

2025,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

July

31,

2025,

including

the

notes,

and

the

financial

highlights

for

each

the

periods

indicated

therein

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

listed

the

table

below

July

31,

2025,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

July

31,

2025

and

each

the

financial

highlights

for

each

the

periods

indicated

therein,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2025

correspondence

with

the

custodian,

transfer

agent

and

brokers.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2025

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

iShares

MSCI

USA

Min

Vol

Factor

ETF

Important

Tax

Information

(unaudited)

Important

Tax

Information

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2025

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2025

The

following

percentages,

maximum

percentages

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

year

ended

July

31,

2025

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

ESG

Optimized

MSCI

USA

Min

Vol

Factor

....................................................................................

168,856‌

MSCI

USA

Min

Vol

Factor

...............................................................................................

399,343,572‌

iShares

ETF

Qualified

Business

Income

ESG

Optimized

MSCI

USA

Min

Vol

Factor

....................................................................................

3,382‌

MSCI

USA

Min

Vol

Factor

...............................................................................................

569,506‌

iShares

ETF

Dividends-Received

Deduction

ESG

Optimized

MSCI

USA

Min

Vol

Factor

....................................................................................

100

.00‌

MSCI

USA

Min

Vol

Factor

...............................................................................................

100

.00‌

Additional

Information

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

icsdelivery.com

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee

for

services

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust’s

policies

and

procedures

with

respect

the

disclosure

the

Funds’

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets,

when

available,

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

Board

Review

and

Approval

Investment

Advisory

Contract

iShares

ESG

Optimized

MSCI

USA

Min

Vol

Factor

ETF

(the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2025

and

May

23,

2025,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates

any;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2024,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

the

May

2025

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

BlackRock

result

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

its

profile

and

standing

the

investment

community

result

providing

investment

advisory

services

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(

continued)

Board

Review

and

Approval

Investment

Advisory

Contract

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

iShares

MSCI

USA

Min

Vol

Factor

ETF

(the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2025

and

May

23,

2025,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates

any;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2024,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

the

May

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

2025

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

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

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

BlackRock

result

its

advisory

relationships

with

the

Board

Review

and

Approval

Investment

Advisory

Contract

(

continued)

Board

Review

and

Approval

Investment

Advisory

Contract

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

its

profile

and

standing

the

investment

community

result

providing

investment

advisory

services

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

these

Financial

Statements

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Portfolio

Abbreviation

NVS

Non-Voting

REIT

Real

Estate

Investment

Trust

Want

know

more?

iShares.com

1-800-474-2737

This

report

intended

for

the

Funds’

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

promoted

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

investing

the

iShares

Funds.

BlackRock

not

affiliated

with

the

company

listed

above.

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

BlackRock,

Inc.

its

subsidiaries.

All

other

marks

are

the

property

their

respective

owners.

July

31,

2025

Annual

Financial

Statements

and

Additional

Information

iShares

Trust

iShares

MSCI

USA

Momentum

Factor

ETF

MTUM

Cboe

BZX

Exchange

iShares

MSCI

USA

Quality

Factor

ETF

QUAL

Cboe

BZX

Exchange

iShares

MSCI

USA

Size

Factor

ETF

SIZE

NYSE

Arca

iShares

MSCI

USA

Value

Factor

ETF

VLUE

Cboe

BZX

Exchange

Table

Contents

Page

Schedules

Investments

.................................................................................................

Statements

Assets

and

Liabilities

...........................................................................................

Statements

Operations

.................................................................................................

Statements

Changes

Net

Assets

..........................................................................................

Financial

Highlights

.....................................................................................................

Notes

Financial

Statements

...............................................................................................

Report

Independent

Registered

Public

Accounting

Firm

..............................................................................

Important

Tax

Information

(unaudited)

.................................................................................................

Additional

Information

...................................................................................................

Board

Review

and

Approval

Investment

Advisory

Contract

...........................................................................

Glossary

Terms

Used

these

Financial

Statements

................................................................................

iShares

MSCI

USA

Momentum

Factor

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Common

Stocks

Aerospace

Defense

—

Axon

Enterprise,

Inc.

(a)

(b)

....................

108,400

81,895,116

General

Electric

Co.

.......................

1,332,768

361,286,750

HEICO

Corp.

...........................

56,550

18,480,540

HEICO

Corp.

Class

......................

93,366

24,096,831

Howmet

Aerospace,

Inc.

....................

968,459

174,099,874

RTX

Corp.

.............................

1,478,533

232,972,445

TransDigm

Group,

Inc.

.....................

64,520

103,777,839

996,609,395

Automobiles

—

Tesla,

Inc.

(a)

.............................

2,190,319

675,209,638

Banks

—

JPMorgan

Chase

Co.

....................

2,838,935

841,006,105

Wells

Fargo

Co.

........................

3,165,880

255,264,904

1,096,271,009

Beverages

—

Coca-Cola

Co.

(The)

......................

3,537,010

240,127,609

Biotechnology

—

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

..............

199,136

78,109,105

Gilead

Sciences,

Inc.

......................

1,623,069

182,254,418

Natera,

Inc.

(a)

...........................

56,847

7,598,170

267,961,693

Broadline

Retail

—

eBay,

Inc.

..............................

116,135

10,655,386

MercadoLibre,

Inc.

(a)

.......................

31,936

75,812,551

86,467,937

Building

Products

—

Trane

Technologies

PLC

....................

270,967

118,705,223

Capital

Markets

—

Bank

New

York

Mellon

Corp.

(The)

...........

1,365,733

138,553,613

CME

Group,

Inc.

Class

...................

430,205

119,717,447

Goldman

Sachs

Group,

Inc.

(The)

.............

377,466

273,130,623

Interactive

Brokers

Group,

Inc.

Class

..........

162,924

10,681,297

Intercontinental

Exchange,

Inc.

...............

568,637

105,101,177

LPL

Financial

Holdings,

Inc.

..................

23,588

9,334,479

Moody's

Corp.

...........................

173,510

89,484,312

Morgan

Stanley

..........................

1,430,452

203,782,192

Nasdaq,

Inc.

............................

601,102

57,838,035

Robinhood

Markets,

Inc.

Class

(a)

.............

946,576

97,544,657

Tradeweb

Markets,

Inc.

Class

...............

59,183

8,199,805

1,113,367,637

Commercial

Services

Supplies

—

Cintas

Corp.

............................

413,829

92,097,644

Copart,

Inc.

(a)

...........................

293,656

13,311,427

Republic

Services,

Inc.

.....................

219,089

50,532,878

Rollins,

Inc.

.............................

141,772

8,119,282

Waste

Connections,

Inc.

....................

81,593

15,230,965

179,292,196

Communications

Equipment

—

F5,

Inc.

(a)

..............................

103,811

32,536,443

Motorola

Solutions,

Inc.

....................

262,112

115,061,926

147,598,369

Consumer

Staples

Distribution

Retail

—

Albertsons

Companies,

Inc.

Class

............

423,482

8,139,324

Costco

Wholesale

Corp.

....................

493,671

463,873,018

Kroger

Co.

(The)

.........................

411,875

28,872,438

Security

Value

Consumer

Staples

Distribution

Retail

(continued)

Walmart,

Inc.

............................

7,684,589

752,936,030

1,253,820,810

Diversified

Telecommunication

Services

—

AT&T,

Inc.

..............................

10,604,245

290,662,355

Electric

Utilities

—

Alliant

Energy

Corp.

.......................

271,307

17,637,668

American

Electric

Power

Co.,

Inc.

..............

184,456

20,869,352

Entergy

Corp.

...........................

1,015,469

91,828,862

Evergy,

Inc.

.............................

125,005

8,850,354

Exelon

Corp.

............................

366,796

16,483,812

NRG

Energy,

Inc.

.........................

346,042

57,858,222

PPL

Corp.

.............................

244,635

8,731,023

222,259,293

Electrical

Equipment

—

Vernova,

Inc.

.........................

729,153

481,452,434

Electronic

Equipment,

Instruments

Components

—

Amphenol

Corp.

Class

...................

1,462,729

155,795,266

Corning,

Inc.

............................

1,540,817

97,441,267

253,236,533

Entertainment

—

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

58,675

8,666,297

Netflix,

Inc.

(a)

............................

671,397

778,417,682

ROBLOX

Corp.

Class

(a)

...................

194,283

26,770,255

Take-Two

Interactive

Software,

Inc.

(a)

(b)

..........

176,149

39,233,667

853,087,901

Financial

Services

—

Berkshire

Hathaway,

Inc.

Class

(a)

............

1,573,492

742,499,405

Equitable

Holdings,

Inc.

....................

91,173

4,681,734

Toast,

Inc.

Class

(a)

......................

191,160

9,336,254

Visa,

Inc.

Class

........................

2,050,980

708,552,061

1,465,069,454

Food

Products

—

Kellanova

..............................

561,123

44,794,449

Gas

Utilities

—

Atmos

Energy

Corp.

.......................

50,186

7,825,001

Health

Care

Equipment

Supplies

—

Abbott

Laboratories

.......................

1,559,026

196,733,491

Boston

Scientific

Corp.

(a)

....................

2,358,223

247,424,757

Intuitive

Surgical,

Inc.

(a)

(b)

....................

436,607

210,047,262

654,205,510

Health

Care

Providers

Services

—

Cardinal

Health,

Inc.

.......................

137,142

21,287,181

Cencora,

Inc.

...........................

133,184

38,101,279

McKesson

Corp.

.........................

161,083

111,717,504

Quest

Diagnostics,

Inc.

.....................

49,706

8,321,281

179,427,245

Health

Care

REITs

—

Ventas,

Inc.

............................

764,973

51,390,886

Welltower,

Inc.

...........................

980,472

161,846,513

213,237,399

Hotels,

Restaurants

Leisure

—

Booking

Holdings,

Inc.

.....................

37,370

205,686,722

Darden

Restaurants,

Inc.

...................

42,636

8,598,402

DoorDash,

Inc.

Class

(a)

...................

189,384

47,393,346

Flutter

Entertainment

PLC

(a)

..................

34,217

10,342,431

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Momentum

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Hotels,

Restaurants

Leisure

(continued)

Royal

Caribbean

Cruises

Ltd.

................

424,484

134,930,729

406,951,630

Household

Durables

—

Garmin

Ltd.

.............................

335,640

73,424,606

Independent

Power

and

Renewable

Electricity

Producers

—

Vistra

Corp.

............................

799,106

166,645,565

Industrial

Conglomerates

—

Co.

................................

862,735

128,737,317

Insurance

—

Aflac,

Inc.

..............................

675,309

67,098,702

Arthur

Gallagher

Co.

....................

206,615

59,350,159

Brown

Brown,

Inc.

.......................

374,792

34,244,745

Hartford

Insurance

Group,

Inc.

(The)

............

63,852

7,942,550

Markel

Group,

Inc.

(a)

(b)

......................

4,601

9,240,142

Progressive

Corp.

(The)

....................

685,699

165,966,586

Berkley

Corp.

........................

118,866

8,179,170

352,022,054

Interactive

Media

Services

—

Meta

Platforms,

Inc.

Class

.................

1,256,038

971,470,031

Reddit,

Inc.

Class

(a)

(b)

.....................

79,709

12,800,468

984,270,499

Services

—

GoDaddy,

Inc.

Class

(a)

(b)

...................

315,435

50,967,988

International

Business

Machines

Corp.

..........

1,102,548

279,110,026

Okta,

Inc.

Class

(a)

(b)

......................

69,479

6,795,046

Twilio,

Inc.

Class

(a)

......................

72,046

9,293,934

VeriSign,

Inc.

...........................

46,063

12,384,959

358,551,953

Media

—

Charter

Communications,

Inc.

Class

(a)

.........

20,876

5,623,159

Fox

Corp.

Class

NVS

....................

352,642

19,663,318

Fox

Corp.

Class

........................

227,868

11,653,170

36,939,647

Multi-Utilities

—

Ameren

Corp.

...........................

84,815

8,577,341

CenterPoint

Energy,

Inc.

....................

230,647

8,953,717

DTE

Energy

Co.

.........................

59,544

8,241,485

NiSource,

Inc.

...........................

660,105

28,021,457

WEC

Energy

Group,

Inc.

....................

73,590

8,027,197

61,821,197

Oil,

Gas

Consumable

Fuels

—

Cheniere

Energy,

Inc.

......................

124,039

29,258,319

EQT

Corp.

.............................

150,671

8,098,566

Kinder

Morgan,

Inc.

.......................

3,375,846

94,726,239

Targa

Resources

Corp.

.....................

456,754

76,008,433

Texas

Pacific

Land

Corp.

....................

44,828

43,399,332

Williams

Companies,

Inc.

(The)

...............

2,111,734

126,598,453

378,089,342

Pharmaceuticals

—

Royalty

Pharma

PLC

Class

................

254,385

9,361,368

Professional

Services

—

Broadridge

Financial

Solutions,

Inc.

............

40,711

10,076,380

Verisk

Analytics,

Inc.

.......................

35,876

9,999,000

20,075,380

Security

Value

Real

Estate

Management

Development

—

CBRE

Group,

Inc.

Class

(a)

(b)

................

601,492

93,676,364

Residential

REITs

—

Mid-America

Apartment

Communities,

Inc.

........

111,723

15,912,707

Semiconductors

Semiconductor

Equipment

—

Broadcom,

Inc.

..........................

3,610,362

1,060,363,319

Software

—

AppLovin

Corp.

Class

(a)

...................

571,264

223,192,845

Crowdstrike

Holdings,

Inc.

Class

(a)

(b)

..........

214,716

97,603,452

Fair

Isaac

Corp.

(a)

(b)

.......................

38,227

54,921,496

Fortinet,

Inc.

(a)

...........................

503,659

50,315,534

MicroStrategy,

Inc.

Class

(a)

(b)

................

520,365

209,113,879

Palantir

Technologies,

Inc.

Class

(a)

...........

4,466,752

707,310,179

1,342,457,385

Specialty

Retail

—

AutoZone,

Inc.

(a)

.........................

11,576

43,622,767

Carvana

Co.

Class

(a)

.....................

324,300

126,532,131

O'Reilly

Automotive,

Inc.

(a)

...................

830,521

81,656,825

TJX

Companies,

Inc.

(The)

..................

1,182,120

147,209,404

Williams-Sonoma,

Inc.

.....................

49,105

9,185,090

408,206,217

Tobacco

—

Altria

Group,

Inc.

.........................

1,899,950

117,682,903

Philip

Morris

International,

Inc.

................

2,991,389

490,737,365

608,420,268

Wireless

Telecommunication

Services

—

T-Mobile

U.S.,

Inc.

........................

846,754

201,874,621

Total

Long-Term

Investments — 99.8%

(Cost:

14,912,452,306

)

..............................

17,548,490,529

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(c)

(d)

(e)

......................

93,486,255

93,523,650

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(c)

(d)

............................

20,165,528

Total

Short-Term

Securities — 0.7%

(Cost:

113,686,567

)

................................

113,689,178

Total

Investments

—

100.5%

(Cost:

15,026,138,873

)

..............................

17,662,179,707

Liabilities

Excess

Other

Assets

—

(

)

...............

(

85,913,008

)

Net

Assets

—

100.0%

.................................

17,576,266,699

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

MSCI

USA

Momentum

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

102,738,839

‌

—

‌

(

9,206,666

)

(a)

(

5,078

)

(

3,445

)

93,523,650

‌

93,486,255

‌

339,170

(b)

—

‌

BlackRock

Cash

Funds:

Treasury,

Agency

29,569,896

‌

—

‌

(

9,404,368

)

(a)

—

‌

—

‌

20,165,528

‌

20,165,528

‌

1,191,673

‌

—

‌

BlackRock,

Inc.

(c)

...

—

‌

248,021,203

‌

(

238,253,254

)

(

9,767,949

)

—

‌

—

‌

—

‌

1,800,548

‌

—

‌

(

9,773,027

)

(

3,445

)

113,689,178

‌

3,331,391

‌

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

(c)

period

end,

the

entity

longer

held.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

09/19/25

23,266

764,268

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.............

—

764,268

—

764,268

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

—

3,132,571

—

3,132,571

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

..................................

—

512,645

—

512,645

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Momentum

Factor

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

28,595,272

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

17,548,490,529

‌

—

‌

—

‌

17,548,490,529

‌

Short-Term

Securities

Money

Market

Funds

......................................

113,689,178

‌

—

‌

—

‌

113,689,178

‌

17,662,179,707

‌

—

‌

—

‌

17,662,179,707

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

764,268

‌

—

‌

—

‌

764,268

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

iShares

MSCI

USA

Quality

Factor

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Common

Stocks

Aerospace

Defense

—

Lockheed

Martin

Corp.

.....................

793,696

334,130,142

Air

Freight

Logistics

—

Expeditors

International

Washington,

Inc.

.......

507,986

59,048,293

Beverages

—

Brown-Forman

Corp.

Class

NVS

............

284,365

8,203,930

Coca-Cola

Co.

(The)

......................

7,162,302

486,248,683

Monster

Beverage

Corp.

(a)

...................

1,720,330

101,069,388

PepsiCo,

Inc.

...........................

2,721,898

375,404,172

970,926,173

Biotechnology

—

United

Therapeutics

Corp.

(a)

(b)

................

100,381

27,574,661

Vertex

Pharmaceuticals,

Inc.

(a)

(b)

...............

575,035

262,716,240

290,290,901

Building

Products

—

Lennox

International,

Inc.

...................

213,648

130,111,632

Trane

Technologies

PLC

....................

794,057

347,860,491

477,972,123

Capital

Markets

—

Ameriprise

Financial,

Inc.

...................

399,500

207,016,905

BlackRock,

Inc.

(c)

.........................

430,947

476,631,691

Cboe

Global

Markets,

Inc.

...................

326,182

78,622,909

CME

Group,

Inc.

Class

...................

1,107,992

308,332,014

FactSet

Research

Systems,

Inc.

...............

119,389

48,101,828

Moody's

Corp.

...........................

553,940

285,683,476

Raymond

James

Financial,

Inc.

...............

560,370

93,654,638

Rowe

Price

Group,

Inc.

...................

738,590

74,929,956

Tradeweb

Markets,

Inc.

Class

...............

334,710

46,374,071

1,619,347,488

Chemicals

—

Air

Products

and

Chemicals,

Inc.

..............

402,822

115,964,398

Ecolab,

Inc.

............................

479,841

125,603,180

Linde

PLC

.............................

1,021,482

470,147,305

PPG

Industries,

Inc.

.......................

456,965

48,209,808

RPM

International,

Inc.

.....................

249,683

29,315,281

Sherwin-Williams

Co.

(The)

..................

555,398

183,770,090

973,010,062

Commercial

Services

Supplies

—

Cintas

Corp.

............................

1,478,774

329,101,154

Rollins,

Inc.

.............................

1,128,405

64,623,754

Veralto

Corp.

............................

785,720

82,367,028

476,091,936

Communications

Equipment

—

Arista

Networks,

Inc.

(a)

(b)

....................

4,666,777

575,040,262

Motorola

Solutions,

Inc.

....................

687,237

301,683,298

876,723,560

Construction

Engineering

—

EMCOR

Group,

Inc.

(b)

......................

186,890

117,271,606

Consumer

Staples

Distribution

Retail

—

Costco

Wholesale

Corp.

....................

1,020,852

959,233,373

Containers

Packaging

—

Avery

Dennison

Corp.

......................

159,452

26,751,262

Packaging

Corp.

America

.................

173,887

33,690,606

60,441,868

Security

Value

Distributors

—

Pool

Corp.

.............................

360,142

110,974,156

Energy

Equipment

Services

—

Halliburton

Co.

..........................

7,524,368

168,545,843

Schlumberger

N.V.

........................

12,227,894

413,302,817

581,848,660

Entertainment

—

Electronic

Arts,

Inc.

.......................

495,341

75,534,549

Netflix,

Inc.

(a)

............................

1,146,202

1,328,906,599

1,404,441,148

Financial

Services

—

Jack

Henry

Associates,

Inc.

................

248,599

42,215,839

Mastercard,

Inc.

Class

....................

3,676,027

2,082,359,015

PayPal

Holdings,

Inc.

(a)

(b)

....................

2,724,673

187,348,515

Visa,

Inc.

Class

........................

6,252,840

2,160,168,635

4,472,092,004

Food

Products

—

Hershey

Co.

(The)

........................

349,258

65,007,392

Gas

Utilities

—

Atmos

Energy

Corp.

.......................

1,605,542

250,336,109

Ground

Transportation

—

Old

Dominion

Freight

Line,

Inc.

...............

707,666

105,619,150

Health

Care

Equipment

Supplies

—

Edwards

Lifesciences

Corp.

(a)

(b)

...............

1,251,275

99,238,620

IDEXX

Laboratories,

Inc.

(a)

(b)

.................

279,658

149,424,066

ResMed,

Inc.

...........................

343,110

93,305,334

341,968,020

Health

Care

Providers

Services

—

Molina

Healthcare,

Inc.

(a)

....................

119,987

18,942,348

UnitedHealth

Group,

Inc.

....................

2,141,081

534,328,174

553,270,522

Health

Care

Technology

—

Veeva

Systems,

Inc.

Class

(a)

...............

320,299

91,028,976

Hotels,

Restaurants

Leisure

—

Chipotle

Mexican

Grill,

Inc.

(a)

.................

14,461,676

620,116,667

Household

Durables

—

Horton,

Inc.

..........................

2,575,733

367,917,702

Garmin

Ltd.

.............................

1,568,045

343,025,524

NVR,

Inc.

(a)

(b)

............................

36,635

276,575,566

PulteGroup,

Inc.

.........................

2,182,944

246,498,037

1,234,016,829

Household

Products

—

Procter

Gamble

Co.

(The)

.................

4,961,775

746,598,284

Industrial

Conglomerates

—

Co.

................................

2,253,792

336,310,842

Insurance

—

Aflac,

Inc.

..............................

1,644,090

163,356,782

American

Financial

Group,

Inc.

...............

197,883

24,715,587

Arch

Capital

Group

Ltd.

....................

1,031,108

88,737,154

Erie

Indemnity

Co.

Class

NVS

..............

98,570

35,114,577

Hartford

Insurance

Group,

Inc.

(The)

............

846,830

105,337,184

Marsh

McLennan

Companies,

Inc.

............

1,267,440

252,474,048

Travelers

Companies,

Inc.

(The)

...............

643,973

167,587,534

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Quality

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Insurance

(continued)

Berkley

Corp.

(b)

.......................

871,220

59,948,648

897,271,514

Interactive

Media

Services

—

Alphabet,

Inc.

Class

.....................

5,495,153

1,054,519,861

Alphabet,

Inc.

Class

NVS

.................

4,660,744

898,871,088

Meta

Platforms,

Inc.

Class

.................

2,623,780

2,029,336,403

3,982,727,352

Services

—

Accenture

PLC

Class

....................

2,615,450

698,586,695

Gartner,

Inc.

(a)

...........................

422,791

143,178,172

841,764,867

Life

Sciences

Tools

Services

—

Agilent

Technologies,

Inc.

...................

578,770

66,448,584

Waters

Corp.

(a)

(b)

.........................

143,633

41,475,465

West

Pharmaceutical

Services,

Inc.

............

149,465

35,760,996

143,685,045

Machinery

—

Caterpillar,

Inc.

..........................

1,516,905

664,434,728

Graco,

Inc.

.............................

543,081

45,607,943

Illinois

Tool

Works,

Inc.

.....................

1,606,658

411,256,248

1,121,298,919

Media

—

Omnicom

Group,

Inc.

......................

384,210

27,682,330

Multi-Utilities

—

Consolidated

Edison,

Inc.

...................

2,788,440

288,603,540

Sempra

...............................

5,168,956

422,200,326

710,803,866

Oil,

Gas

Consumable

Fuels

—

Devon

Energy

Corp.

.......................

5,166,948

171,646,012

Diamondback

Energy,

Inc.

...................

1,611,091

239,504,788

Expand

Energy

Corp.

......................

2,066,495

216,527,346

Texas

Pacific

Land

Corp.

(b)

..................

267,043

258,532,340

886,210,486

Pharmaceuticals

—

Eli

Lilly

Co.

...........................

2,438,764

1,804,856,074

Johnson

.......................

5,591,812

921,195,109

Merck

Co.,

Inc.

.........................

6,865,383

536,323,720

Zoetis,

Inc.

Class

.......................

1,245,470

181,577,071

3,443,951,974

Professional

Services

—

Automatic

Data

Processing,

Inc.

...............

2,820,523

872,951,868

Paychex,

Inc.

...........................

1,590,546

229,563,504

Paycom

Software,

Inc.

.....................

219,768

50,885,083

1,153,400,455

Real

Estate

Management

Development

—

CBRE

Group,

Inc.

Class

(a)

.................

930,151

144,861,717

CoStar

Group,

Inc.

(a)

(b)

......................

1,491,007

141,928,956

286,790,673

Residential

REITs

—

AvalonBay

Communities,

Inc.

................

488,945

91,080,675

Equity

Residential

........................

1,107,082

69,967,582

161,048,257

Retail

REITs

—

Simon

Property

Group,

Inc.

..................

997,158

163,324,509

Security

Value

Semiconductors

Semiconductor

Equipment

—

Applied

Materials,

Inc.

.....................

3,419,116

615,646,027

KLA

Corp.

..............................

808,320

710,537,530

Lam

Research

Corp.

......................

6,158,922

584,112,162

Monolithic

Power

Systems,

Inc.

...............

235,213

167,292,894

NVIDIA

Corp.

...........................

23,208,316

4,128,063,167

QUALCOMM,

Inc.

........................

4,171,923

612,271,420

6,817,923,200

Software

—

Adobe,

Inc.

(a)

(b)

...........................

2,476,617

885,861,135

AppLovin

Corp.

Class

(a)

(b)

..................

883,339

345,120,547

Autodesk,

Inc.

(a)

(b)

.........................

864,097

261,916,442

Cadence

Design

Systems,

Inc.

(a)

(b)

.............

960,121

350,031,313

Fortinet,

Inc.

(a)

(b)

..........................

5,239,164

523,392,483

Microsoft

Corp.

..........................

6,806,930

3,631,497,155

5,997,819,075

Specialized

REITs

—

American

Tower

Corp.

.....................

1,728,502

360,202,532

Public

Storage

...........................

634,605

172,574,483

532,777,015

Specialty

Retail

—

Best

Buy

Co.,

Inc.

........................

2,123,736

138,170,264

TJX

Companies,

Inc.

(The)

..................

9,725,611

1,211,130,338

Tractor

Supply

Co.

........................

4,795,385

273,097,175

Ulta

Beauty,

Inc.

(a)

(b)

.......................

456,179

234,936,747

Williams-Sonoma,

Inc.

.....................

1,610,618

301,266,097

2,158,600,621

Technology

Hardware,

Storage

Peripherals

—

Apple,

Inc.

.............................

15,076,525

3,129,434,294

NetApp,

Inc.

............................

1,191,175

124,037,053

3,253,471,347

Textiles,

Apparel

Luxury

Goods

—

Deckers

Outdoor

Corp.

(a)

....................

1,888,649

200,517,864

Lululemon

Athletica,

Inc.

(a)

(b)

..................

1,393,901

279,518,968

NIKE,

Inc.

Class

.......................

11,226,121

838,478,977

1,318,515,809

Trading

Companies

Distributors

—

Fastenal

Co.

............................

4,769,409

220,012,837

Grainger,

Inc.

........................

224,334

233,204,166

453,217,003

Water

Utilities

—

American

Water

Works

Co.,

Inc.

...............

1,509,828

211,738,279

Essential

Utilities,

Inc.

......................

2,016,549

74,209,003

285,947,282

Total

Long-Term

Investments — 99.8%

(Cost:

42,823,407,397

)

..............................

52,766,347,883

iShares

MSCI

USA

Quality

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(c)

(d)

(e)

......................

242,436,095

242,533,069

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(c)

(d)

............................

70,056,275

Total

Short-Term

Securities — 0.6%

(Cost:

312,573,809

)

................................

312,589,344

Total

Investments

—

100.4%

(Cost:

43,135,981,206

)

..............................

53,078,937,227

Liabilities

Excess

Other

Assets

—

(

)

...............

(

222,289,628

)

Net

Assets

—

100.0%

.................................

52,856,647,599

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

63,556,751

179,043,222

(a)

—

(

73,473

)

6,569

242,533,069

242,436,095

377,540

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

70,928,644

—

(

872,369

)

(a)

—

70,056,275

3,480,049

—

BlackRock,

Inc.

...

409,291,316

118,108,037

(

155,902,803

)

24,169,444

80,965,697

476,631,691

430,947

9,480,361

—

24,095,971

80,972,266

789,221,035

13,337,950

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

268

09/19/25

85,415

4,020,666

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Quality

Factor

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.............

—

4,020,666

—

4,020,666

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

—

4,090,908

—

4,090,908

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

..................................

—

3,436,624

—

3,436,624

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

74,213,388

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

52,766,347,883

‌

—

‌

—

‌

52,766,347,883

‌

Short-Term

Securities

Money

Market

Funds

......................................

312,589,344

‌

—

‌

—

‌

312,589,344

‌

53,078,937,227

‌

—

‌

—

‌

53,078,937,227

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

4,020,666

‌

—

‌

—

‌

4,020,666

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

iShares

MSCI

USA

Size

Factor

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Common

Stocks

Aerospace

Defense

—

Axon

Enterprise,

Inc.

(a)

.....................

858

648,210

Boeing

Co.

(The)

(a)

........................

2,946

653,541

General

Dynamics

Corp.

....................

2,253

702,057

General

Electric

Co.

.......................

2,558

693,423

HEICO

Corp.

...........................

993

324,512

HEICO

Corp.

Class

......................

1,718

443,399

Howmet

Aerospace,

Inc.

....................

3,818

686,362

L3Harris

Technologies,

Inc.

..................

2,791

767,022

Lockheed

Martin

Corp.

.....................

1,305

549,379

Northrop

Grumman

Corp.

...................

1,328

765,738

RTX

Corp.

.............................

4,454

701,817

Textron,

Inc.

............................

8,921

693,786

TransDigm

Group,

Inc.

.....................

443

712,548

8,341,794

Air

Freight

Logistics

—

Robinson

Worldwide,

Inc.

................

6,777

781,523

Expeditors

International

Washington,

Inc.

.......

5,776

671,402

FedEx

Corp.

............................

2,879

643,428

United

Parcel

Service,

Inc.

Class

............

6,424

553,492

2,649,845

Automobile

Components

—

Aptiv

PLC

(a)

.............................

9,954

683,243

Automobiles

—

Ford

Motor

Co.

..........................

59,984

664,023

General

Motors

Co.

.......................

12,734

679,232

Rivian

Automotive,

Inc.

Class

(a)

(b)

.............

39,418

507,310

Tesla,

Inc.

(a)

.............................

1,650

508,645

2,359,210

Banks

—

Bank

America

Corp.

.....................

13,344

630,771

Citigroup,

Inc.

...........................

8,064

755,597

Citizens

Financial

Group,

Inc.

................

16,371

781,224

Fifth

Third

Bancorp

.......................

17,092

710,514

First

Citizens

BancShares,

Inc.

Class

..........

346

690,187

Huntington

Bancshares,

Inc.

.................

41,998

690,027

JPMorgan

Chase

Co.

....................

2,193

649,654

KeyCorp

...............................

40,756

730,348

M&T

Bank

Corp.

.........................

3,549

669,696

PNC

Financial

Services

Group,

Inc.

(The)

........

3,614

687,636

Regions

Financial

Corp.

....................

30,912

783,001

Truist

Financial

Corp.

......................

15,663

684,630

U.S.

Bancorp

...........................

14,474

650,751

Wells

Fargo

Co.

........................

7,946

640,686

9,754,722

Beverages

—

Brown-Forman

Corp.

Class

NVS

............

18,967

547,198

Coca-Cola

Co.

(The)

......................

8,328

565,388

Constellation

Brands,

Inc.

Class

.............

3,433

573,448

Keurig

Pepper,

Inc.

.....................

18,968

619,305

Molson

Coors

Beverage

Co.

Class

...........

11,952

582,302

Monster

Beverage

Corp.

(a)

...................

10,044

590,085

PepsiCo,

Inc.

...........................

4,622

637,466

4,115,192

Biotechnology

—

AbbVie,

Inc.

............................

3,223

609,211

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

2,221

871,165

Amgen,

Inc.

............................

2,222

655,712

Biogen,

Inc.

(a)

...........................

5,088

651,264

Security

Value

Biotechnology

(continued)

BioMarin

Pharmaceutical,

Inc.

(a)

...............

11,326

655,209

Gilead

Sciences,

Inc.

......................

5,641

633,428

Incyte

Corp.

(a)

...........................

10,410

779,605

Natera,

Inc.

(a)

...........................

4,299

574,604

Neurocrine

Biosciences,

Inc.

(a)

................

5,516

707,317

Regeneron

Pharmaceuticals,

Inc.

..............

1,026

559,642

United

Therapeutics

Corp.

(a)

..................

2,175

597,473

Vertex

Pharmaceuticals,

Inc.

(a)

................

1,381

630,938

7,925,568

Broadline

Retail

—

Amazon.com,

Inc.

(a)

.......................

2,711

634,672

eBay,

Inc.

..............................

8,996

825,383

MercadoLibre,

Inc.

(a)

.......................

239

567,360

2,027,415

Building

Products

—

Allegion

PLC

............................

4,713

781,981

Builders

FirstSource,

Inc.

(a)

..................

5,908

751,084

Carlisle

Companies,

Inc.

....................

1,651

585,626

Carrier

Global

Corp.

.......................

8,453

580,045

Johnson

Controls

International

PLC

............

6,483

680,715

Lennox

International,

Inc.

...................

1,106

673,554

Masco

Corp.

............................

10,223

696,493

Owens

Corning

..........................

4,797

668,845

Trane

Technologies

PLC

....................

1,447

633,902

6,052,245

Capital

Markets

—

Ameriprise

Financial,

Inc.

...................

1,215

629,601

Ares

Management

Corp.

Class

..............

3,910

725,422

Bank

New

York

Mellon

Corp.

(The)

...........

7,174

727,802

BlackRock,

Inc.

(c)

.........................

609

673,560

Blackstone,

Inc.

..........................

4,291

742,171

Carlyle

Group,

Inc.

(The)

....................

14,326

869,015

Cboe

Global

Markets,

Inc.

...................

2,909

701,185

Charles

Schwab

Corp.

(The)

.................

6,845

668,962

CME

Group,

Inc.

Class

...................

2,235

621,956

Coinbase

Global,

Inc.

Class

(a)

...............

2,413

911,535

FactSet

Research

Systems,

Inc.

...............

1,418

571,312

Goldman

Sachs

Group,

Inc.

(The)

.............

1,023

740,233

Interactive

Brokers

Group,

Inc.

Class

..........

12,561

823,499

Intercontinental

Exchange,

Inc.

...............

3,520

650,602

KKR

Co.,

Inc.

..........................

4,975

729,236

LPL

Financial

Holdings,

Inc.

..................

1,699

672,345

Moody's

Corp.

...........................

1,286

663,229

Morgan

Stanley

..........................

4,765

678,822

MSCI,

Inc.

.............................

1,128

633,214

Nasdaq,

Inc.

............................

7,859

756,193

Northern

Trust

Corp.

.......................

6,226

809,380

Raymond

James

Financial,

Inc.

...............

4,303

719,160

Robinhood

Markets,

Inc.

Class

(a)

.............

9,793

1,009,169

S&P

Global,

Inc.

.........................

1,166

642,583

State

Street

Corp.

........................

6,699

748,613

Rowe

Price

Group,

Inc.

...................

6,811

690,976

Tradeweb

Markets,

Inc.

Class

...............

4,440

615,162

19,424,937

Chemicals

—

Air

Products

and

Chemicals,

Inc.

..............

2,298

661,548

Industries

Holdings,

Inc.

..................

7,677

712,656

Corteva,

Inc.

............................

9,255

667,563

Dow,

Inc.

..............................

22,304

519,460

DuPont

Nemours,

Inc.

...................

9,525

684,848

Ecolab,

Inc.

............................

2,417

632,674

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Size

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Chemicals

(continued)

International

Flavors

Fragrances,

Inc.

..........

8,538

606,454

Linde

PLC

.............................

1,324

609,384

LyondellBasell

Industries

N.V.

Class

..........

11,443

662,893

PPG

Industries,

Inc.

.......................

5,781

609,895

RPM

International,

Inc.

.....................

5,875

689,784

Sherwin-Williams

Co.

(The)

..................

1,735

574,077

7,631,236

Commercial

Services

Supplies

—

Cintas

Corp.

............................

2,796

622,250

Copart,

Inc.

(a)

...........................

10,326

468,078

Republic

Services,

Inc.

.....................

2,497

575,933

Rollins,

Inc.

.............................

11,467

656,715

Veralto

Corp.

............................

6,433

674,371

Waste

Connections,

Inc.

(b)

...................

3,248

606,304

Waste

Management,

Inc.

....................

2,666

610,941

4,214,592

Communications

Equipment

—

Arista

Networks,

Inc.

(a)

.....................

6,468

796,987

Cisco

Systems,

Inc.

.......................

9,436

642,403

F5,

Inc.

(a)

..............................

2,341

733,716

Motorola

Solutions,

Inc.

....................

1,487

652,763

2,825,869

Construction

Engineering

—

AECOM

...............................

6,181

696,846

EMCOR

Group,

Inc.

.......................

1,405

881,623

Quanta

Services,

Inc.

......................

1,851

751,747

2,330,216

Construction

Materials

—

CRH

PLC

..............................

6,510

621,379

Martin

Marietta

Materials,

Inc.

................

1,152

662,262

Vulcan

Materials

Co.

......................

2,363

649,045

1,932,686

Consumer

Finance

—

American

Express

Co.

.....................

2,045

612,089

Capital

One

Financial

Corp.

..................

3,141

675,315

Synchrony

Financial

.......................

11,137

775,915

2,063,319

Consumer

Staples

Distribution

Retail

—

Albertsons

Companies,

Inc.

Class

............

30,795

591,880

Costco

Wholesale

Corp.

....................

564

529,957

Dollar

General

Corp.

......................

6,481

679,857

Dollar

Tree,

Inc.

(a)

.........................

7,347

834,252

Kroger

Co.

(The)

.........................

9,261

649,196

Sysco

Corp.

............................

8,774

698,410

Target

Corp.

............................

6,562

659,481

Walmart,

Inc.

............................

5,868

574,947

5,217,980

Containers

Packaging

—

Amcor

PLC

.............................

71,203

665,748

Avery

Dennison

Corp.

......................

3,658

613,703

Ball

Corp.

..............................

12,414

710,826

Crown

Holdings,

Inc.

......................

6,868

682,404

International

Paper

Co.

.....................

13,105

612,528

Packaging

Corp.

America

.................

3,454

669,212

Smurfit

WestRock

PLC

.....................

14,229

631,483

4,585,904

Distributors

—

Genuine

Parts

Co.

........................

5,205

670,820

LKQ

Corp.

.............................

16,374

482,542

Security

Value

Distributors

(continued)

Pool

Corp.

.............................

2,165

667,123

1,820,485

Diversified

REITs

—

Carey,

Inc.

..........................

11,043

708,519

Diversified

Telecommunication

Services

—

AT&T,

Inc.

..............................

21,916

600,717

Verizon

Communications,

Inc.

................

13,806

590,345

1,191,062

Electric

Utilities

—

Alliant

Energy

Corp.

.......................

10,595

688,781

American

Electric

Power

Co.,

Inc.

..............

6,156

696,490

Constellation

Energy

Corp.

..................

2,133

741,943

Duke

Energy

Corp.

.......................

5,317

646,760

Edison

International

.......................

11,335

590,780

Entergy

Corp.

...........................

7,698

696,130

Evergy,

Inc.

.............................

9,942

703,894

Eversource

Energy

.......................

10,042

663,776

Exelon

Corp.

............................

14,470

650,282

FirstEnergy

Corp.

........................

15,385

657,093

NextEra

Energy,

Inc.

......................

8,202

582,834

NRG

Energy,

Inc.

.........................

4,074

681,173

PG&E

Corp.

............................

36,476

511,393

PPL

Corp.

.............................

18,914

675,041

Southern

Co.

(The)

.......................

6,850

647,188

Xcel

Energy,

Inc.

.........................

8,904

653,910

10,487,468

Electrical

Equipment

—

AMETEK,

Inc.

...........................

3,574

660,654

Eaton

Corp.

PLC

.........................

1,882

724,043

Emerson

Electric

Co.

......................

5,367

780,952

Vernova,

Inc.

.........................

1,370

904,597

Hubbell,

Inc.

............................

1,700

743,716

Rockwell

Automation,

Inc.

...................

2,102

739,295

Vertiv

Holdings

Co.

Class

.................

6,047

880,443

5,433,700

Electronic

Equipment,

Instruments

Components

—

Amphenol

Corp.

Class

...................

7,178

764,529

CDW

Corp.

.............................

3,491

608,760

Corning,

Inc.

............................

13,486

852,855

Jabil,

Inc.

..............................

3,975

887,101

Keysight

Technologies,

Inc.

(a)

.................

4,033

661,049

Connectivity

PLC

......................

3,927

807,980

Teledyne

Technologies,

Inc.

(a)

.................

1,336

736,163

Trimble,

Inc.

(a)

...........................

9,252

776,150

Zebra

Technologies

Corp.

Class

(a)

............

2,257

765,168

6,859,755

Energy

Equipment

Services

—

Baker

Hughes

Co.

Class

..................

17,443

785,807

Halliburton

Co.

..........................

32,794

734,585

Schlumberger

N.V.

........................

18,767

634,325

2,154,717

Entertainment

—

Electronic

Arts,

Inc.

.......................

4,260

649,607

Liberty

Media

Corp.-Liberty

Formula

One

Series

NVS

(a)

...............................

6,827

685,090

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

4,447

656,822

Netflix,

Inc.

(a)

............................

490

568,106

ROBLOX

Corp.

Class

(a)

...................

7,797

1,074,349

Take-Two

Interactive

Software,

Inc.

(a)

............

2,706

602,707

iShares

MSCI

USA

Size

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Entertainment

(continued)

Walt

Disney

Co.

(The)

.....................

5,373

639,978

Warner

Bros

Discovery,

Inc.

Series

(a)

..........

71,446

940,944

5,817,603

Financial

Services

—

Apollo

Global

Management,

Inc.

...............

4,711

684,603

Berkshire

Hathaway,

Inc.

Class

(a)

............

1,121

528,977

Block,

Inc.

Class

(a)

......................

11,324

874,892

Corpay,

Inc.

(a)

...........................

1,932

624,133

Equitable

Holdings,

Inc.

....................

12,111

621,900

Fidelity

National

Information

Services,

Inc.

........

8,015

636,471

Fiserv,

Inc.

(a)

............................

3,769

523,665

Global

Payments,

Inc.

.....................

8,354

667,902

Jack

Henry

Associates,

Inc.

................

3,641

618,296

Mastercard,

Inc.

Class

....................

1,009

571,568

PayPal

Holdings,

Inc.

(a)

.....................

8,707

598,693

Toast,

Inc.

Class

(a)

(b)

.....................

14,853

725,421

Visa,

Inc.

Class

........................

1,580

545,843

8,222,364

Food

Products

—

Archer-Daniels-Midland

Co.

..................

13,130

711,383

Bunge

Global

.........................

8,464

675,089

Conagra

Brands,

Inc.

......................

29,440

537,574

General

Mills,

Inc.

........................

11,918

583,744

Hershey

Co.

(The)

........................

4,196

781,002

Hormel

Foods

Corp.

.......................

22,185

623,177

Smucker

Co.

(The)

.....................

5,916

635,023

Kellanova

..............................

7,906

631,136

Kraft

Heinz

Co.

(The)

......................

23,333

640,724

McCormick

Co.,

Inc.

NVS

.................

8,939

631,362

Mondelez

International,

Inc.

Class

............

9,506

614,943

The

Campbell's

Company

...................

19,082

609,097

Tyson

Foods,

Inc.

Class

..................

11,677

610,707

8,284,961

Gas

Utilities

—

Atmos

Energy

Corp.

.......................

4,141

645,665

Ground

Transportation

—

CSX

Corp.

.............................

20,296

721,320

Hunt

Transport

Services,

Inc.

..............

4,631

667,096

Norfolk

Southern

Corp.

.....................

2,610

725,580

Old

Dominion

Freight

Line,

Inc.

...............

3,811

568,792

Uber

Technologies,

Inc.

(a)

...................

6,599

579,062

U-Haul

Holding

Co.

Series

NVS

.............

11,969

622,388

Union

Pacific

Corp.

.......................

2,686

596,211

4,480,449

Health

Care

Equipment

Supplies

—

Abbott

Laboratories

.......................

4,444

560,788

Align

Technology,

Inc.

(a)

.....................

3,709

478,498

Baxter

International,

Inc.

....................

21,253

462,465

Becton

Dickinson

Co.

....................

3,626

646,334

Boston

Scientific

Corp.

(a)

....................

5,729

601,087

Cooper

Companies,

Inc.

(The)

(a)

...............

8,226

581,496

Dexcom,

Inc.

(a)

..........................

7,432

600,283

Edwards

Lifesciences

Corp.

(a)

................

8,229

652,642

HealthCare

Technologies,

Inc.

.............

9,056

645,874

Hologic,

Inc.

(a)

...........................

11,988

801,038

IDEXX

Laboratories,

Inc.

(a)

...................

1,242

663,613

Insulet

Corp.

(a)

...........................

2,017

581,703

Intuitive

Surgical,

Inc.

(a)

.....................

1,085

521,983

Medtronic

PLC

..........................

7,200

649,728

ResMed,

Inc.

...........................

2,603

707,860

Solventum

Corp.

(a)

........................

9,028

644,238

Security

Value

Health

Care

Equipment

Supplies

(continued)

STERIS

PLC

............................

2,618

592,951

Stryker

Corp.

...........................

1,567

615,408

Zimmer

Biomet

Holdings,

Inc.

................

6,971

638,892

11,646,881

Health

Care

Providers

Services

—

Cardinal

Health,

Inc.

.......................

4,187

649,906

Cencora,

Inc.

...........................

2,168

620,221

Centene

Corp.

(a)

.........................

10,616

276,759

Cigna

Group

(The)

........................

1,942

519,252

CVS

Health

Corp.

........................

9,840

611,064

DaVita,

Inc.

(a)

............................

4,668

655,247

Elevance

Health,

Inc.

......................

1,507

426,602

HCA

Healthcare,

Inc.

......................

1,610

569,924

Humana,

Inc.

...........................

2,564

640,667

Labcorp

Holdings,

Inc.

.....................

2,636

685,571

McKesson

Corp.

.........................

871

604,073

Molina

Healthcare,

Inc.

(a)

....................

2,051

323,791

Quest

Diagnostics,

Inc.

.....................

3,722

623,100

UnitedHealth

Group,

Inc.

....................

1,855

462,934

Universal

Health

Services,

Inc.

Class

.........

3,450

574,253

8,243,364

Health

Care

REITs

—

Alexandria

Real

Estate

Equities,

Inc.

............

9,400

718,442

Healthpeak

Properties,

Inc.

..................

38,732

656,120

Ventas,

Inc.

............................

10,073

676,704

Welltower,

Inc.

...........................

4,107

677,943

2,729,209

Health

Care

Technology

—

Veeva

Systems,

Inc.

Class

(a)

...............

2,682

762,224

Hotels,

Restaurants

Leisure

—

Airbnb,

Inc.

Class

(a)

......................

4,737

627,226

Booking

Holdings,

Inc.

.....................

114

627,463

Carnival

Corp.

(a)

..........................

28,682

853,863

Chipotle

Mexican

Grill,

Inc.

(a)

.................

12,222

524,079

Darden

Restaurants,

Inc.

...................

3,185

642,319

Domino's

Pizza,

Inc.

.......................

1,352

626,260

DoorDash,

Inc.

Class

(a)

...................

3,054

764,264

DraftKings,

Inc.

Class

(a)

...................

18,482

832,429

Expedia

Group,

Inc.

.......................

4,077

734,757

Flutter

Entertainment

PLC

(a)

(b)

.................

2,606

787,690

Hilton

Worldwide

Holdings,

Inc.

...............

2,496

669,128

Hyatt

Hotels

Corp.

Class

..................

5,117

721,343

Las

Vegas

Sands

Corp.

....................

15,918

834,103

Marriott

International,

Inc.

Class

.............

2,355

621,320

McDonald's

Corp.

........................

1,887

566,232

Royal

Caribbean

Cruises

Ltd.

................

2,530

804,211

Starbucks

Corp.

..........................

7,261

647,391

Yum!

Brands,

Inc.

........................

4,313

621,719

12,505,797

Household

Durables

—

Horton,

Inc.

..........................

5,251

750,053

Garmin

Ltd.

.............................

3,178

695,219

Lennar

Corp.

Class

......................

5,982

671,061

NVR,

Inc.

(a)

.............................

694,553

PulteGroup,

Inc.

.........................

6,584

743,465

3,554,351

Household

Products

—

Church

Dwight

Co.,

Inc.

...................

6,832

640,637

Clorox

Co.

(The)

.........................

4,937

619,890

Colgate-Palmolive

Co.

.....................

6,824

572,192

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Size

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Household

Products

(continued)

Kimberly-Clark

Corp.

......................

4,516

562,784

Procter

Gamble

Co.

(The)

.................

3,556

535,071

2,930,574

Independent

Power

and

Renewable

Electricity

Producers

—

Vistra

Corp.

............................

4,057

846,047

Industrial

Conglomerates

—

Co.

................................

4,059

605,684

Honeywell

International,

Inc.

.................

2,728

606,571

1,212,255

Industrial

REITs

—

Prologis,

Inc.

............................

5,702

608,860

Insurance

—

Aflac,

Inc.

..............................

6,288

624,776

Allstate

Corp.

(The)

.......................

3,060

621,945

American

Financial

Group,

Inc.

...............

5,455

681,329

American

International

Group,

Inc.

.............

7,772

603,340

Aon

PLC

Class

........................

1,731

615,734

Arch

Capital

Group

Ltd.

....................

6,897

593,556

Arthur

Gallagher

Co.

....................

1,833

526,529

Brown

Brown,

Inc.

.......................

5,804

530,311

Chubb

Ltd.

.............................

2,115

562,675

Cincinnati

Financial

Corp.

...................

4,399

648,896

Erie

Indemnity

Co.

Class

NVS

..............

1,798

640,519

Everest

Group

Ltd.

........................

1,932

648,766

Fidelity

National

Financial,

Inc.

................

11,855

668,978

Hartford

Insurance

Group,

Inc.

(The)

............

5,143

639,738

Loews

Corp.

............................

7,573

685,659

Markel

Group,

Inc.

(a)

.......................

349

700,893

Marsh

McLennan

Companies,

Inc.

............

2,674

532,661

MetLife,

Inc.

............................

8,281

628,942

Principal

Financial

Group,

Inc.

................

8,631

671,751

Progressive

Corp.

(The)

....................

2,128

515,061

Prudential

Financial,

Inc.

....................

6,077

629,456

Travelers

Companies,

Inc.

(The)

...............

2,315

602,456

Berkley

Corp.

........................

8,916

613,510

Willis

Towers

Watson

PLC

...................

2,074

654,990

14,842,471

Interactive

Media

Services

—

Alphabet,

Inc.

Class

.....................

1,925

369,408

Alphabet,

Inc.

Class

NVS

.................

1,547

298,354

Meta

Platforms,

Inc.

Class

.................

877

678,307

Pinterest,

Inc.

Class

(a)

....................

20,479

790,489

Reddit,

Inc.

Class

(a)

(b)

.....................

6,288

1,009,790

Snap,

Inc.

Class

NVS

(a)

(b)

.................

78,854

743,593

3,889,941

Services

—

Accenture

PLC

Class

....................

1,886

503,751

Akamai

Technologies,

Inc.

(a)

(b)

.................

8,792

670,918

Cloudflare,

Inc.

Class

(a)

...................

4,053

841,727

Cognizant

Technology

Solutions

Corp.

Class

.....

7,953

570,707

Gartner,

Inc.

(a)

...........................

1,453

492,058

GoDaddy,

Inc.

Class

(a)

....................

3,482

562,622

International

Business

Machines

Corp.

..........

2,248

569,081

MongoDB,

Inc.

Class

(a)

...................

3,554

845,461

Okta,

Inc.

Class

(a)

.......................

5,284

516,775

Snowflake,

Inc.

Class

(a)

...................

3,468

775,098

Twilio,

Inc.

Class

(a)

......................

5,677

732,333

VeriSign,

Inc.

...........................

2,340

629,156

7,709,687

Security

Value

Life

Sciences

Tools

Services

—

Agilent

Technologies,

Inc.

...................

5,722

656,943

Avantor,

Inc.

(a)

...........................

50,995

685,373

Danaher

Corp.

..........................

3,104

611,985

Illumina,

Inc.

(a)

...........................

8,048

826,610

IQVIA

Holdings,

Inc.

(a)

......................

4,548

845,291

Mettler-Toledo

International,

Inc.

(a)

.............

555

684,693

Revvity,

Inc.

............................

7,257

637,890

Thermo

Fisher

Scientific,

Inc.

.................

1,477

690,763

Waters

Corp.

(a)

..........................

1,832

529,008

West

Pharmaceutical

Services,

Inc.

............

3,113

744,816

6,913,372

Machinery

—

Caterpillar,

Inc.

..........................

1,743

763,469

CNH

Industrial

N.V.

.......................

49,376

639,913

Cummins,

Inc.

...........................

1,933

710,610

Deere

Co.

............................

1,166

611,415

Dover

Corp.

............................

3,583

649,025

Fortive

Corp.

............................

9,142

438,176

Graco,

Inc.

.............................

7,739

649,921

IDEX

Corp.

.............................

3,573

584,221

Illinois

Tool

Works,

Inc.

.....................

2,520

645,044

Ingersoll

Rand,

Inc.

.......................

7,821

661,891

Nordson

Corp.

...........................

3,360

719,746

Otis

Worldwide

Corp.

......................

6,593

564,954

PACCAR,

Inc.

...........................

6,644

656,162

Parker-Hannifin

Corp.

......................

918

671,884

Pentair

PLC

............................

6,706

685,353

Snap-on,

Inc.

...........................

2,041

655,549

Westinghouse

Air

Brake

Technologies

Corp.

.......

3,184

611,487

Xylem,

Inc.

.............................

5,121

740,599

11,659,419

Media

—

Charter

Communications,

Inc.

Class

(a)

.........

1,501

404,309

Comcast

Corp.

Class

....................

17,297

574,779

Fox

Corp.

Class

NVS

....................

7,274

405,598

Fox

Corp.

Class

........................

4,960

253,655

News

Corp.

Class

NVS

..................

23,662

693,770

Omnicom

Group,

Inc.

......................

8,871

639,156

Trade

Desk,

Inc.

(The)

Class

(a)

..............

8,387

729,333

3,700,600

Metals

Mining

—

Freeport-McMoRan,

Inc.

....................

16,571

666,817

Newmont

Corp.

..........................

12,162

755,260

Nucor

Corp.

............................

5,693

814,498

Reliance,

Inc.

...........................

2,211

641,477

Steel

Dynamics,

Inc.

.......................

4,918

627,340

3,505,392

Mortgage

REITs

—

Annaly

Capital

Management,

Inc.

..............

34,464

700,653

Multi-Utilities

—

Ameren

Corp.

...........................

6,661

673,627

CenterPoint

Energy,

Inc.

....................

17,529

680,476

CMS

Energy

Corp.

........................

9,216

680,141

Consolidated

Edison,

Inc.

...................

6,126

634,041

Dominion

Energy,

Inc.

......................

11,019

644,060

DTE

Energy

Co.

.........................

4,734

655,233

NiSource,

Inc.

...........................

16,852

715,367

Public

Service

Enterprise

Group,

Inc.

...........

8,130

729,993

Sempra

...............................

8,148

665,528

iShares

MSCI

USA

Size

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Multi-Utilities

(continued)

WEC

Energy

Group,

Inc.

....................

6,033

658,080

6,736,546

Office

REITs

—

BXP,

Inc.

..............................

10,073

659,076

Oil,

Gas

Consumable

Fuels

—

Cheniere

Energy,

Inc.

......................

2,751

648,906

Chevron

Corp.

...........................

9,367

1,420,412

ConocoPhillips

..........................

6,883

656,225

Coterra

Energy,

Inc.

.......................

26,707

651,384

Devon

Energy

Corp.

.......................

20,635

685,495

Diamondback

Energy,

Inc.

...................

4,649

691,120

EOG

Resources,

Inc.

......................

5,614

673,792

EQT

Corp.

.............................

11,555

621,081

Expand

Energy

Corp.

......................

5,699

597,141

Exxon

Mobil

Corp.

........................

5,573

622,170

Kinder

Morgan,

Inc.

.......................

22,668

636,064

Marathon

Petroleum

Corp.

..................

3,963

674,463

Occidental

Petroleum

Corp.

..................

15,369

675,314

ONEOK,

Inc.

............................

7,632

626,663

Phillips

..............................

5,288

653,491

Targa

Resources

Corp.

.....................

3,994

664,642

Texas

Pacific

Land

Corp.

....................

474

458,894

Valero

Energy

Corp.

.......................

4,872

668,974

Williams

Companies,

Inc.

(The)

...............

10,728

643,144

12,969,375

Passenger

Airlines

—

Delta

Air

Lines,

Inc.

.......................

13,003

691,890

United

Airlines

Holdings,

Inc.

(a)

................

8,590

758,583

1,450,473

Personal

Care

Products

—

Estee

Lauder

Companies,

Inc.

(The)

Class

......

10,002

933,587

Kenvue,

Inc.

............................

26,560

569,446

1,503,033

Pharmaceuticals

—

Bristol-Myers

Squibb

Co.

....................

12,987

562,467

Eli

Lilly

Co.

...........................

770

569,854

Johnson

.......................

3,908

643,804

Merck

Co.,

Inc.

.........................

7,779

607,696

Pfizer,

Inc.

.............................

26,324

613,086

Royalty

Pharma

PLC

Class

................

20,374

749,763

Zoetis,

Inc.

Class

.......................

3,842

560,125

4,306,795

Professional

Services

—

Automatic

Data

Processing,

Inc.

...............

1,910

591,145

Booz

Allen

Hamilton

Holding

Corp.

Class

.......

5,147

552,427

Broadridge

Financial

Solutions,

Inc.

............

2,701

668,525

Equifax,

Inc.

............................

2,341

562,378

Jacobs

Solutions,

Inc.

......................

5,229

741,838

Leidos

Holdings,

Inc.

......................

4,127

658,876

Paychex,

Inc.

...........................

4,042

583,382

Paycom

Software,

Inc.

.....................

2,583

598,068

SS&C

Technologies

Holdings,

Inc.

.............

8,285

708,202

TransUnion

.............................

7,380

702,502

Verisk

Analytics,

Inc.

.......................

2,049

571,077

6,938,420

Real

Estate

Management

Development

—

CBRE

Group,

Inc.

Class

(a)

.................

5,047

786,020

CoStar

Group,

Inc.

(a)

.......................

8,549

813,779

Security

Value

Real

Estate

Management

Development

(continued)

Zillow

Group,

Inc.

Class

NVS

(a)

.............

9,974

793,432

2,393,231

Residential

REITs

—

American

Homes

Rent

Class

..............

17,396

603,467

AvalonBay

Communities,

Inc.

................

3,132

583,429

Camden

Property

Trust

.....................

5,707

623,204

Equity

LifeStyle

Properties,

Inc.

...............

10,379

621,910

Equity

Residential

........................

9,198

581,314

Essex

Property

Trust,

Inc.

...................

2,317

602,837

Invitation

Homes,

Inc.

......................

19,248

589,951

Mid-America

Apartment

Communities,

Inc.

........

4,144

590,230

Sun

Communities,

Inc.

.....................

5,392

668,770

UDR,

Inc.

..............................

16,075

631,587

6,096,699

Retail

REITs

—

Kimco

Realty

Corp.

.......................

31,565

670,125

Realty

Income

Corp.

.......................

11,350

637,075

Regency

Centers

Corp.

....................

9,243

659,950

Simon

Property

Group,

Inc.

..................

3,921

642,221

2,609,371

Semiconductors

Semiconductor

Equipment

—

Advanced

Micro

Devices,

Inc.

(a)

...............

5,358

944,669

Analog

Devices,

Inc.

.......................

2,756

619,080

Applied

Materials,

Inc.

.....................

3,718

669,463

Broadcom,

Inc.

..........................

2,451

719,859

Entegris,

Inc.

............................

8,910

699,078

First

Solar,

Inc.

(a)

.........................

3,991

697,347

Intel

Corp.

.............................

29,282

579,784

KLA

Corp.

..............................

784

689,159

Lam

Research

Corp.

......................

7,377

699,635

Marvell

Technology,

Inc.

(b)

...................

10,367

833,196

Microchip

Technology,

Inc.

...................

10,679

721,794

Micron

Technology,

Inc.

.....................

6,336

691,511

Monolithic

Power

Systems,

Inc.

...............

926

658,608

NVIDIA

Corp.

...........................

4,078

725,354

NXP

Semiconductors

N.V.

...................

3,027

647,082

Semiconductor

Corp.

(a)

..................

15,063

848,951

QUALCOMM,

Inc.

........................

3,954

580,289

Teradyne,

Inc.

...........................

8,284

889,950

Texas

Instruments,

Inc.

.....................

3,220

583,013

13,497,822

Software

—

Adobe,

Inc.

(a)

............................

1,455

520,439

AppLovin

Corp.

Class

(a)

...................

1,700

664,190

Atlassian

Corp.

Class

(a)

...................

2,956

566,902

Autodesk,

Inc.

(a)

..........................

2,147

650,777

Bentley

Systems,

Inc.

Class

................

13,976

810,328

Cadence

Design

Systems,

Inc.

(a)

..............

1,950

710,912

Crowdstrike

Holdings,

Inc.

Class

(a)

............

1,404

638,216

Datadog,

Inc.

Class

(a)

....................

5,537

775,069

DocuSign,

Inc.

(a)

.........................

7,422

561,400

Dynatrace,

Inc.

(a)

.........................

12,612

663,517

Fair

Isaac

Corp.

(a)

.........................

315

452,567

Fortinet,

Inc.

(a)

...........................

5,976

597,002

Gen

Digital,

Inc.

..........................

23,556

694,666

HubSpot,

Inc.

(a)

..........................

1,010

524,847

Intuit,

Inc.

..............................

904

709,758

Microsoft

Corp.

..........................

1,189

634,332

MicroStrategy,

Inc.

Class

(a)

(b)

................

1,488

597,968

Nutanix,

Inc.

Class

(a)

(b)

....................

8,138

611,733

Oracle

Corp.

............................

3,666

930,321

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Size

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Software

(continued)

Palantir

Technologies,

Inc.

Class

(a)

...........

4,747

751,687

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

3,160

548,576

PTC,

Inc.

(a)

.............................

3,818

820,145

Roper

Technologies,

Inc.

....................

1,104

607,642

Salesforce,

Inc.

..........................

2,081

537,585

Samsara,

Inc.

Class

(a)

....................

13,897

528,503

ServiceNow,

Inc.

(a)

........................

591

557,384

Synopsys,

Inc.

(a)

.........................

1,867

1,182,688

Tyler

Technologies,

Inc.

(a)

...................

1,148

671,075

Workday,

Inc.

Class

(a)

....................

2,307

529,180

Zoom

Communications,

Inc.

Class

(a)

..........

7,926

586,920

Zscaler,

Inc.

(a)

...........................

2,558

730,462

20,366,791

Specialized

REITs

—

American

Tower

Corp.

.....................

2,889

602,039

Crown

Castle,

Inc.

........................

6,225

654,185

Digital

Realty

Trust,

Inc.

....................

3,733

658,651

Equinix,

Inc.

............................

714

560,611

Extra

Space

Storage,

Inc.

...................

4,271

573,852

Gaming

and

Leisure

Properties,

Inc.

............

14,412

656,899

Iron

Mountain,

Inc.

........................

6,495

632,353

Public

Storage

...........................

2,068

562,372

SBA

Communications

Corp.

Class

............

2,815

632,587

VICI

Properties,

Inc.

.......................

20,462

667,061

Weyerhaeuser

Co.

........................

25,321

634,291

6,834,901

Specialty

Retail

—

AutoZone,

Inc.

(a)

.........................

163

614,246

Best

Buy

Co.,

Inc.

........................

9,459

615,402

Burlington

Stores,

Inc.

(a)

....................

2,497

681,581

Carvana

Co.

Class

(a)

(b)

....................

2,130

831,062

Dick's

Sporting

Goods,

Inc.

..................

3,668

775,819

Home

Depot,

Inc.

(The)

....................

1,572

577,726

Lowe's

Companies,

Inc.

....................

2,665

595,814

O'Reilly

Automotive,

Inc.

(a)

...................

6,798

668,379

Ross

Stores,

Inc.

.........................

4,132

564,183

TJX

Companies,

Inc.

(The)

..................

4,524

563,374

Tractor

Supply

Co.

........................

12,706

723,607

Ulta

Beauty,

Inc.

(a)

........................

1,606

827,106

Williams-Sonoma,

Inc.

.....................

3,840

718,272

8,756,571

Technology

Hardware,

Storage

Peripherals

—

Apple,

Inc.

.............................

2,649

549,853

Dell

Technologies,

Inc.

Class

...............

5,502

730,060

Hewlett

Packard

Enterprise

Co.

...............

37,260

770,909

HP,

Inc.

...............................

22,781

564,969

NetApp,

Inc.

............................

6,575

684,655

Pure

Storage,

Inc.

Class

(a)

.................

11,802

702,455

Seagate

Technology

Holdings

PLC

.............

6,153

966,083

Super

Micro

Computer,

Inc.

(a)

(b)

................

15,266

900,236

Western

Digital

Corp.

......................

13,167

1,036,111

6,905,331

Textiles,

Apparel

Luxury

Goods

—

Deckers

Outdoor

Corp.

(a)

....................

5,171

549,005

Lululemon

Athletica,

Inc.

(a)

(b)

..................

1,966

394,242

NIKE,

Inc.

Class

.......................

10,004

747,199

1,690,446

Security

Value

Tobacco

—

Altria

Group,

Inc.

.........................

10,437

646,468

Philip

Morris

International,

Inc.

................

3,434

563,347

1,209,815

Trading

Companies

Distributors

—

Fastenal

Co.

............................

15,683

723,457

Ferguson

Enterprises,

Inc.

...................

3,550

792,821

United

Rentals,

Inc.

.......................

895

790,231

Watsco,

Inc.

............................

1,412

636,643

Grainger,

Inc.

........................

584

607,091

3,550,243

Water

Utilities

—

American

Water

Works

Co.,

Inc.

...............

4,552

638,373

Essential

Utilities,

Inc.

......................

17,374

639,363

1,277,736

Wireless

Telecommunication

Services

—

T-Mobile

U.S.,

Inc.

........................

2,484

592,210

Total

Long-Term

Investments — 99.8%

(Cost:

314,555,758

)

................................

358,548,703

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(c)

(d)

(e)

......................

7,430,787

7,433,759

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(c)

(d)

............................

535,317

Total

Short-Term

Securities — 2.2%

(Cost:

7,964,570

)

..................................

7,969,076

Total

Investments

—

102.0%

(Cost:

322,520,328

)

................................

366,517,779

Liabilities

Excess

Other

Assets

—

(

)

...............

(

7,216,118

)

Net

Assets

—

100.0%

.................................

359,301,661

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

MSCI

USA

Size

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

...

6,917,831

516,175

(a)

—

1,711

(

1,958

)

7,433,759

7,430,787

15,704

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

.........

382,418

152,899

(a)

—

535,317

31,414

—

BlackRock,

Inc.

.....

534,665

151,683

(

157,504

)

33,099

111,617

673,560

609

11,643

—

34,810

109,659

8,642,636

58,761

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

09/19/25

319

(

2,507

)

E-Mini

S&P

MidCap

400

Index

............................................................

09/19/25

317

(

3,183

)

(

5,690

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

Unrealized

depreciation

futures

contracts

(a)

.............

—

5,690

—

5,690

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

—

28,572

—

28,572

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

.................................

—

(

24,725

)

—

(

24,725

)

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Size

Factor

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

678,481

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

358,548,703

‌

—

‌

—

‌

358,548,703

‌

Short-Term

Securities

Money

Market

Funds

......................................

7,969,076

‌

—

‌

—

‌

7,969,076

‌

366,517,779

‌

—

‌

—

‌

366,517,779

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

(

5,690

)

—

‌

—

‌

(

5,690

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

iShares

MSCI

USA

Value

Factor

ETF

Schedule

Investments

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Security

Value

Common

Stocks

Aerospace

Defense

—

L3Harris

Technologies,

Inc.

..................

142,470

39,153,605

RTX

Corp.

.............................

855,402

134,785,693

Textron,

Inc.

............................

221,935

17,259,885

191,199,183

Air

Freight

Logistics

—

FedEx

Corp.

............................

303,122

67,744,736

United

Parcel

Service,

Inc.

Class

............

363,793

31,344,405

99,089,141

Automobile

Components

—

Aptiv

PLC

(a)

.............................

487,097

33,434,338

Automobiles

—

Ford

Motor

Co.

..........................

13,131,166

145,362,008

General

Motors

Co.

.......................

4,495,397

239,784,476

385,146,484

Banks

—

Bank

America

Corp.

.....................

3,561,311

168,343,171

Citigroup,

Inc.

...........................

1,639,542

153,625,085

Citizens

Financial

Group,

Inc.

................

335,767

16,022,801

Fifth

Third

Bancorp

.......................

299,993

12,470,709

First

Citizens

BancShares,

Inc.

Class

(b)

........

4,638

9,251,697

Huntington

Bancshares,

Inc.

.................

713,725

11,726,502

KeyCorp

...............................

502,456

9,004,011

M&T

Bank

Corp.

.........................

85,148

16,067,428

PNC

Financial

Services

Group,

Inc.

(The)

........

127,989

24,352,467

Regions

Financial

Corp.

....................

499,263

12,646,332

Truist

Financial

Corp.

......................

842,042

36,805,656

U.S.

Bancorp

...........................

770,364

34,635,565

Wells

Fargo

Co.

........................

1,348,865

108,758,985

613,710,409

Beverages

—

Molson

Coors

Beverage

Co.

Class

...........

549,236

26,758,778

Biotechnology

—

Biogen,

Inc.

(a)

...........................

104,004

13,312,512

United

Therapeutics

Corp.

(a)

..................

34,928

9,594,722

22,907,234

Building

Products

—

Builders

FirstSource,

Inc.

(a)

(b)

.................

126,737

16,112,075

Owens

Corning

..........................

124,825

17,404,350

33,516,425

Capital

Markets

—

Bank

New

York

Mellon

Corp.

(The)

...........

291,381

29,560,602

Goldman

Sachs

Group,

Inc.

(The)

.............

120,645

87,297,516

State

Street

Corp.

........................

163,681

18,291,352

135,149,470

Chemicals

—

Industries

Holdings,

Inc.

..................

118,166

10,969,350

Dow,

Inc.

..............................

423,543

9,864,316

DuPont

Nemours,

Inc.

...................

148,642

10,687,360

LyondellBasell

Industries

N.V.

Class

..........

244,906

14,187,405

45,708,431

Communications

Equipment

—

Cisco

Systems,

Inc.

.......................

6,781,335

461,673,287

F5,

Inc.

(a)

(b)

.............................

98,689

30,931,106

492,604,393

Security

Value

Consumer

Finance

—

Capital

One

Financial

Corp.

..................

261,294

56,178,210

Synchrony

Financial

.......................

239,068

16,655,868

72,834,078

Consumer

Staples

Distribution

Retail

—

Albertsons

Companies,

Inc.

Class

............

622,367

11,961,894

Dollar

Tree,

Inc.

(a)

.........................

98,248

11,156,060

Kroger

Co.

(The)

.........................

960,303

67,317,240

Target

Corp.

............................

246,562

24,779,481

115,214,675

Containers

Packaging

—

Smurfit

WestRock

PLC

.....................

318,522

14,136,006

Distributors

—

LKQ

Corp.

.............................

543,653

16,021,454

Diversified

REITs

—

Carey,

Inc.

..........................

229,068

14,697,003

Diversified

Telecommunication

Services

—

AT&T,

Inc.

..............................

7,814,865

214,205,450

Verizon

Communications,

Inc.

................

3,762,389

160,879,753

375,085,203

Electric

Utilities

—

Edison

International

.......................

343,955

17,926,935

Evergy,

Inc.

.............................

231,160

16,366,128

Eversource

Energy

.......................

314,072

20,760,159

Exelon

Corp.

............................

405,267

18,212,699

PG&E

Corp.

............................

2,800,697

39,265,772

112,531,693

Electronic

Equipment,

Instruments

Components

—

Corning,

Inc.

............................

1,342,327

84,888,759

Jabil,

Inc.

..............................

200,639

44,776,606

Connectivity

PLC

......................

502,786

103,448,219

Teledyne

Technologies,

Inc.

(a)

.................

24,477

13,487,317

246,600,901

Energy

Equipment

Services

—

Halliburton

Co.

..........................

548,847

12,294,173

Entertainment

—

Walt

Disney

Co.

(The)

.....................

516,905

61,568,555

Warner

Bros

Discovery,

Inc.

Series

(a)

(b)

.........

2,201,465

28,993,294

90,561,849

Financial

Services

—

Equitable

Holdings,

Inc.

....................

107,855

5,538,354

Global

Payments,

Inc.

.....................

187,492

14,989,986

20,528,340

Food

Products

—

Archer-Daniels-Midland

Co.

..................

1,109,209

60,096,944

Bunge

Global

.........................

339,602

27,086,656

Conagra

Brands,

Inc.

......................

900,434

16,441,925

Smucker

Co.

(The)

.....................

174,563

18,737,592

Kraft

Heinz

Co.

(The)

......................

2,365,467

64,955,724

Tyson

Foods,

Inc.

Class

..................

553,711

28,959,085

216,277,926

Ground

Transportation

—

CSX

Corp.

.............................

713,696

25,364,756

Hunt

Transport

Services,

Inc.

..............

31,357

4,516,976

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Value

Factor

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Ground

Transportation

(continued)

U-Haul

Holding

Co.

Series

NVS

.............

109,414

5,689,528

35,571,260

Health

Care

Equipment

Supplies

—

Solventum

Corp.

(a)

........................

94,894

6,771,636

Zimmer

Biomet

Holdings,

Inc.

................

70,172

6,431,264

13,202,900

Health

Care

Providers

Services

—

Centene

Corp.

(a)

.........................

562,057

14,652,826

Cigna

Group

(The)

........................

237,958

63,625,210

CVS

Health

Corp.

........................

1,456,016

90,418,594

DaVita,

Inc.

(a)

(b)

..........................

22,382

3,141,761

Elevance

Health,

Inc.

......................

146,690

41,525,005

Humana,

Inc.

...........................

35,851

8,958,090

Labcorp

Holdings,

Inc.

.....................

48,640

12,650,291

Universal

Health

Services,

Inc.

Class

.........

57,444

9,561,554

244,533,331

Hotels,

Restaurants

Leisure

—

Carnival

Corp.

(a)

..........................

789,452

23,501,986

Expedia

Group,

Inc.

.......................

212,120

38,228,266

61,730,252

Household

Durables

—

Horton,

Inc.

..........................

628,505

89,775,654

Lennar

Corp.

Class

......................

619,561

69,502,353

PulteGroup,

Inc.

.........................

511,701

57,781,277

217,059,284

Insurance

—

American

International

Group,

Inc.

.............

293,635

22,794,885

Everest

Group

Ltd.

........................

32,961

11,068,304

Fidelity

National

Financial,

Inc.

................

84,622

4,775,219

Hartford

Insurance

Group,

Inc.

(The)

............

103,456

12,868,892

Loews

Corp.

............................

99,730

9,029,554

MetLife,

Inc.

............................

346,829

26,341,662

Principal

Financial

Group,

Inc.

................

83,984

6,536,475

Prudential

Financial,

Inc.

....................

274,258

28,407,644

121,822,635

Services

—

Akamai

Technologies,

Inc.

(a)

..................

237,111

18,093,940

Cognizant

Technology

Solutions

Corp.

Class

.....

983,568

70,580,840

Twilio,

Inc.

Class

(a)

......................

264,290

34,093,410

122,768,190

Life

Sciences

Tools

Services

—

Avantor,

Inc.

(a)

...........................

249,819

3,357,567

Machinery

—

CNH

Industrial

N.V.

.......................

1,033,540

13,394,678

Cummins,

Inc.

...........................

102,029

37,507,901

Fortive

Corp.

............................

143,291

6,867,938

PACCAR,

Inc.

...........................

542,104

53,538,191

Snap-on,

Inc.

...........................

44,701

14,357,514

Westinghouse

Air

Brake

Technologies

Corp.

.......

102,905

19,762,905

145,429,127

Media

—

Charter

Communications,

Inc.

Class

(a)

.........

32,067

8,637,567

Comcast

Corp.

Class

....................

2,883,392

95,815,116

Fox

Corp.

Class

NVS

....................

206,763

11,529,105

Fox

Corp.

Class

........................

132,694

6,785,971

Omnicom

Group,

Inc.

......................

69,371

4,998,181

127,765,940

Security

Value

Metals

Mining

—

Newmont

Corp.

..........................

539,473

33,501,273

Nucor

Corp.

............................

226,367

32,386,327

Steel

Dynamics,

Inc.

.......................

111,693

14,247,559

80,135,159

Mortgage

REITs

—

Annaly

Capital

Management,

Inc.

..............

421,436

8,567,794

Multi-Utilities

—

Dominion

Energy,

Inc.

......................

564,298

32,983,218

Oil,

Gas

Consumable

Fuels

—

Coterra

Energy,

Inc.

.......................

1,095,833

26,727,367

Devon

Energy

Corp.

.......................

836,685

27,794,676

Diamondback

Energy,

Inc.

...................

251,461

37,382,192

EOG

Resources,

Inc.

......................

312,473

37,503,009

Occidental

Petroleum

Corp.

..................

337,381

14,824,521

Valero

Energy

Corp.

.......................

355,370

48,795,855

193,027,620

Passenger

Airlines

—

Delta

Air

Lines,

Inc.

.......................

296,535

15,778,627

United

Airlines

Holdings,

Inc.

(a)

................

80,868

7,141,453

22,920,080

Pharmaceuticals

—

Bristol-Myers

Squibb

Co.

....................

1,637,172

70,905,919

Merck

Co.,

Inc.

.........................

875,497

68,393,826

Pfizer,

Inc.

.............................

5,060,323

117,854,923

Royalty

Pharma

PLC

Class

................

471,609

17,355,211

274,509,879

Professional

Services

—

Leidos

Holdings,

Inc.

......................

84,454

13,483,081

SS&C

Technologies

Holdings,

Inc.

.............

216,921

18,542,407

32,025,488

Residential

REITs

—

Camden

Property

Trust

.....................

97,918

10,692,646

Mid-America

Apartment

Communities,

Inc.

........

105,307

14,998,876

25,691,522

Retail

REITs

—

Realty

Income

Corp.

.......................

368,798

20,700,632

Simon

Property

Group,

Inc.

..................

361,236

59,166,844

79,867,476

Semiconductors

Semiconductor

Equipment

—

Applied

Materials,

Inc.

.....................

1,069,371

192,550,942

First

Solar,

Inc.

(a)

.........................

251,108

43,876,101

Intel

Corp.

.............................

12,248,673

242,523,726

Micron

Technology,

Inc.

.....................

2,001,036

218,393,069

NXP

Semiconductors

N.V.

...................

356,254

76,156,418

Semiconductor

Corp.

(a)

(b)

.................

812,926

45,816,509

QUALCOMM,

Inc.

........................

648,383

95,156,689

914,473,454

Software

—

Gen

Digital,

Inc.

..........................

1,089,007

32,114,816

Zoom

Communications,

Inc.

Class

(a)

..........

539,254

39,931,759

72,046,575

Specialized

REITs

—

Gaming

and

Leisure

Properties,

Inc.

............

136,097

6,203,301

VICI

Properties,

Inc.

.......................

459,402

14,976,505

21,179,806

iShares

MSCI

USA

Value

Factor

ETF

Schedule

Investments

(continued)

July

31,

2025

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Security

Value

Specialty

Retail

—

Best

Buy

Co.,

Inc.

........................

329,590

21,443,125

Technology

Hardware,

Storage

Peripherals

—

Dell

Technologies,

Inc.

Class

...............

485,250

64,387,823

Hewlett

Packard

Enterprise

Co.

...............

4,911,944

101,628,121

HP,

Inc.

...............................

2,287,563

56,731,562

NetApp,

Inc.

............................

329,799

34,341,970

Western

Digital

Corp.

......................

471,732

37,120,591

294,210,067

Trading

Companies

Distributors

—

United

Rentals,

Inc.

.......................

55,028

48,586,422

Total

Long-Term

Investments — 99.8%

(Cost:

6,633,911,121

)

...............................

6,600,915,758

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(c)

(d)

(e)

......................

12,306,383

12,311,305

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(c)

(d)

............................

8,415,860

Total

Short-Term

Securities — 0.3%

(Cost:

20,724,131

)

.................................

20,727,165

Total

Investments

—

100.1%

(Cost:

6,654,635,252

)

...............................

6,621,642,923

Liabilities

Excess

Other

Assets

—

(

)

...............

(

8,425,919

)

Net

Assets

—

100.0%

.................................

6,613,217,004

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Affiliate

the

Fund.

(d)

Annualized

7-day

yield

period

end.

(e)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

32,237,897

—

(

19,920,613

)

(a)

(

4,677

)

(

1,302

)

12,311,305

12,306,383

65,484

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

11,054,743

—

(

2,638,883

)

(a)

—

8,415,860

538,209

—

(

4,677

)

(

1,302

)

20,727,165

603,693

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

2000

Index

................................................................

09/19/25

5,773

265,516

E-Mini

S&P

500

Index

...................................................................

09/19/25

6,056

327,132

592,648

Schedule

Investments

(continued)

July

31,

2025

iShares

MSCI

USA

Value

Factor

ETF

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statements

Assets

and

Liabilities

were

follows:

For

the period

ended

July

31,

2025,

the

effect

derivative

financial

instruments

the

Statements

Operations

was

follows:

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

futures

contracts

(a)

.............

—

592,648

—

592,648

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

are

reported

the

Schedule

Investments.

the

Statements

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

—

949,754

—

949,754

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

contracts

..................................

—

(

132,446

)

—

(

132,446

)

Futures

contracts

Average

notional

value

contracts

—

long

...................................................................................

12,186,278

Level

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

6,600,915,758

‌

—

‌

—

‌

6,600,915,758

‌

Short-Term

Securities

Money

Market

Funds

......................................

20,727,165

‌

—

‌

—

‌

20,727,165

‌

6,621,642,923

‌

—

‌

—

‌

6,621,642,923

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

592,648

‌

—

‌

—

‌

592,648

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Statements

Assets

and

Liabilities

Statements

Assets

and

Liabilities

July

31,

2025

See

notes

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

ASSETS

Investments,

value

—

unaffiliated

(a)

(b)

.....................................

17,548,490,529

‌

52,289,716,192

‌

357,875,143

‌

6,600,915,758

‌

Investments,

value

—

affiliated

(c)

........................................

113,689,178

‌

789,221,035

‌

8,642,636

‌

20,727,165

‌

Cash

............................................................

—

‌

—

‌

4,141

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................

1,728,000

‌

6,344,000

‌

48,000

‌

1,512,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

15,074

‌

22,854

‌

1,239

‌

5,338

‌

Capital

sold

.................................................

—

‌

266,009

‌

—

‌

—

‌

Dividends

—

unaffiliated

.............................................

8,205,267

‌

20,742,923

‌

210,113

‌

10,720,176

‌

Dividends

—

affiliated

...............................................

104,193

‌

280,461

‌

1,924

‌

37,276

‌

Total

assets

.......................................................

17,672,232,241

‌

53,106,593,474

‌

366,783,196

‌

6,633,917,713

‌

LIABILITIES

Collateral

securities

loaned

...........................................

93,631,217

‌

242,204,705

‌

7,431,906

‌

12,371,965

‌

Payables:

Investments

purchased

..............................................

—

‌

—

‌

—

‌

7,349,893

‌

Capital

redeemed

.............................................

—

‌

665,022

‌

—

‌

—

‌

Investment

advisory

fees

.............................................

2,254,025

‌

6,781,348

‌

44,959

‌

860,928

‌

Variation

margin

futures

contracts

.....................................

80,300

‌

294,800

‌

4,670

‌

117,923

‌

Total

liabilities

......................................................

95,965,542

‌

249,945,875

‌

7,481,535

‌

20,700,709

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

17,576,266,699

‌

52,856,647,599

‌

359,301,661

‌

6,613,217,004

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

17,538,255,809

‌

44,646,893,255

‌

390,712,310

‌

7,716,120,469

‌

Accumulated

earnings

(loss)

............................................

38,010,890

‌

8,209,754,344

‌

(

31,410,649

)

(

1,102,903,465

)

NET

ASSETS

......................................................

17,576,266,699

‌

52,856,647,599

‌

359,301,661

‌

6,613,217,004

‌

NET

ASSET

VALUE

outstanding

..................................................

72,850,000

‌

287,000,000

‌

2,300,000

‌

58,550,000

‌

Net

asset

value

.....................................................

241.27

‌

184.17

‌

156.22

‌

112.95

‌

authorized

...................................................

Unlimited

Par

value

.........................................................

None

(a)

Securities

loaned,

value

...........................................

96,819,888

‌

234,586,773

‌

7,428,913

‌

12,165,938

‌

(b)

Investments,

cost

—

unaffiliated

......................................

14,912,452,306

‌

42,515,154,087

‌

314,066,442

‌

6,633,911,121

‌

(c)

Investments,

cost

—

affiliated

........................................

113,686,567

‌

620,827,119

‌

8,453,886

‌

20,724,131

‌

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Operations

Year

Ended

July

31,

2025

See

notes

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

168,593,463

‌

583,319,969

‌

5,480,044

‌

187,761,603

‌

Dividends

—

affiliated

..............................................

2,992,221

‌

12,960,410

‌

43,057

‌

538,209

‌

Interest

—

unaffiliated

..............................................

102,769

‌

290,363

‌

2,611

‌

75,742

‌

Securities

lending

income

—

affiliated

—

net

...............................

339,170

‌

377,540

‌

15,704

‌

65,484

‌

Foreign

taxes

withheld

.............................................

—

‌

—

‌

(

2,045

)

(

225,014

)

Total

investment

income

..............................................

172,027,623

‌

596,948,282

‌

5,539,371

‌

188,216,024

‌

EXPENSES

Investment

advisory

...............................................

20,554,935

‌

75,086,515

‌

486,152

‌

10,316,319

‌

Interest

expense

.................................................

8,754

‌

—

‌

Total

expenses

....................................................

20,563,689

‌

75,086,517

‌

486,156

‌

10,316,319

‌

Net

investment

income

...............................................

151,463,934

‌

521,861,765

‌

5,053,215

‌

177,899,705

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

1,042,740,383

‌

(

73,300,326

)

(

7,159,460

)

(

127,577,929

)

Investments

—

affiliated

...........................................

(

9,429,118

)

497,945

‌

18,431

‌

(

4,677

)

Futures

contracts

...............................................

3,132,571

‌

4,090,908

‌

28,572

‌

949,754

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

1,369,721,114

‌

3,706,575,115

‌

11,290,181

‌

546,019,244

‌

In-kind

redemptions

—

affiliated

(a)

....................................

(

343,909

)

23,598,026

‌

16,379

‌

—

‌

2,405,821,041

‌

3,661,461,668

‌

4,194,103

‌

419,386,392

‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

603,483,022

‌

(

190,390,995

)

25,928,413

‌

(

131,992,616

)

Investments

—

affiliated

...........................................

(

3,445

)

80,972,266

‌

109,659

‌

(

1,302

)

Futures

contracts

...............................................

512,645

‌

3,436,624

‌

(

24,725

)

(

132,446

)

603,992,222

‌

(

105,982,105

)

26,013,347

‌

(

132,126,364

)

Net

realized

and

unrealized

gain

........................................

3,009,813,263

‌

3,555,479,563

‌

30,207,450

‌

287,260,028

‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

3,161,277,197

‌

4,077,341,328

‌

35,260,665

‌

465,159,733

‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

See

notes

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/25

Year

Ended

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

151,463,934

‌

66,511,613

‌

521,861,765

‌

464,740,861

‌

Net

realized

gain

.............................................

2,405,821,041

‌

1,246,604,689

‌

3,661,461,668

‌

3,166,417,785

‌

Net

change

unrealized

appreciation

(depreciation)

.....................

603,992,222

‌

1,101,230,194

‌

(

105,982,105

)

4,887,131,120

‌

Net

increase

net

assets

resulting

from

operations

........................

3,161,277,197

‌

2,414,346,496

‌

4,077,341,328

‌

8,518,289,766

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

140,566,016

)

(

62,799,842

)

(

525,677,280

)

(

443,531,266

)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

......

4,470,433,665

‌

(

1,380,022,356

)

2,163,183,963

‌

7,432,272,879

‌

NET

ASSETS

Total

increase

net

assets

........................................

7,491,144,846

‌

971,524,298

‌

5,714,848,011

‌

15,507,031,379

‌

Beginning

year

...............................................

10,085,121,853

‌

9,113,597,555

‌

47,141,799,588

‌

31,634,768,209

‌

End

year

...................................................

17,576,266,699

‌

10,085,121,853

‌

52,856,647,599

‌

47,141,799,588

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/25

Year

Ended

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

5,053,215

‌

5,359,253

‌

177,899,705

‌

187,756,121

‌

Net

realized

gain

(loss)

.........................................

4,194,103

‌

22,098,175

‌

419,386,392

‌

(

33,132,411

)

Net

change

unrealized

appreciation

(depreciation)

.....................

26,013,347

‌

17,414,058

‌

(

132,126,364

)

708,796,539

‌

Net

increase

net

assets

resulting

from

operations

........................

35,260,665

‌

44,871,486

‌

465,159,733

‌

863,420,249

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

5,065,629

)

(

5,145,827

)

(

191,345,678

)

(

179,487,920

)

CAPITAL

TRANSACTIONS

Net

increase

(decrease)

net

assets

derived

from

capital

transactions

......

14,213,750

‌

(

44,855,909

)

(

805,083,101

)

(

460,104,514

)

NET

ASSETS

Total

increase

(decrease)

net

assets

................................

44,408,786

‌

(

5,130,250

)

(

531,269,046

)

223,827,815

‌

Beginning

year

...............................................

314,892,875

‌

320,023,125

‌

7,144,486,050

‌

6,920,658,235

‌

End

year

...................................................

359,301,661

‌

314,892,875

‌

6,613,217,004

‌

7,144,486,050

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

Financial

Highlights

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

MSCI

USA

Momentum

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

191.01

‌

146.76

‌

143.35

‌

175.04

‌

140.10

‌

Net

investment

income

(a)

................................

.36

‌

.20

‌

.79

‌

.79

‌

.85

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

50.09

‌

44.18

‌

.83

‌

(

31.95

)

34.86

‌

Net

increase

(decrease)

from

investment

operations

...............

52.45

‌

45.38

‌

.62

‌

(

30.16

)

35.71

‌

Distributions

from

net

investment

income

(c)

......................

(

.19

)

(

.13

)

(

.21

)

(

.53

)

(

.77

)

Net

asset

value,

end

year

..............................

241.27

‌

191.01

‌

146.76

‌

143.35

‌

175.04

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

27.63

31.09

.80

(

17.35

)

25.57

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

Net

investment

income

...................................

.11

.72

.95

.07

.53

Supplemental

Data

Net

assets,

end

year

(000)

...............................

17,576,267

‌

10,085,122

‌

9,113,598

‌

10,041,855

‌

14,493,017

‌

Portfolio

turnover

rate

(f)

...................................

116

111

125

107

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

MSCI

USA

Quality

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

171.83

‌

139.91

‌

121.95

‌

137.31

‌

100.59

‌

Net

investment

income

(a)

................................

.85

‌

.86

‌

.79

‌

.68

‌

.70

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

12.36

‌

31.84

‌

17.93

‌

(

15.41

)

36.79

‌

Net

increase

(decrease)

from

investment

operations

...............

14.21

‌

33.70

‌

19.72

‌

(

13.73

)

38.49

‌

Distributions

from

net

investment

income

(c)

......................

(

.87

)

(

.78

)

(

.76

)

(

.63

)

(

.77

)

Net

asset

value,

end

year

..............................

184.17

‌

171.83

‌

139.91

‌

121.95

‌

137.31

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

.31

24.28

16.47

(

10.09

)

38.63

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

Net

investment

income

...................................

.04

.22

.46

.27

.45

Supplemental

Data

Net

assets,

end

year

(000)

...............................

52,856,648

‌

47,141,800

‌

31,634,768

‌

20,237,116

‌

23,966,830

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

MSCI

USA

Size

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

143.13

‌

128.01

‌

119.68

‌

131.04

‌

92.12

‌

Net

investment

income

(a)

................................

.33

‌

.11

‌

.83

‌

.69

‌

.50

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

13.10

‌

15.00

‌

.24

‌

(

11.21

)

38.96

‌

Net

increase

(decrease)

from

investment

operations

...............

15.43

‌

17.11

‌

10.07

‌

(

.52

)

40.46

‌

Distributions

from

net

investment

income

(c)

......................

(

.34

)

(

.99

)

(

.74

)

(

.84

)

(

.54

)

Net

asset

value,

end

year

..............................

156.22

‌

143.13

‌

128.01

‌

119.68

‌

131.04

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

10.86

13.54

.62

(

.35

)

44.28

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

Net

investment

income

...................................

.56

.62

.56

.31

.34

Supplemental

Data

Net

assets,

end

year

(000)

...............................

359,302

‌

314,893

‌

320,023

‌

347,070

‌

674,864

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

MSCI

USA

Value

Factor

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

year

..........................

107.60

‌

97.27

‌

95.84

‌

104.29

‌

72.97

‌

Net

investment

income

(a)

................................

.80

‌

.74

‌

.74

‌

.66

‌

.33

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

.56

‌

10.21

‌

.53

‌

(

.22

)

30.96

‌

Net

increase

(decrease)

from

investment

operations

...............

.36

‌

12.95

‌

.27

‌

(

.56

)

33.29

‌

Distributions

from

net

investment

income

(c)

......................

(

.01

)

(

.62

)

(

.84

)

(

.89

)

(

.97

)

Net

asset

value,

end

year

..............................

112.95

‌

107.60

‌

97.27

‌

95.84

‌

104.29

‌

Total

Return

(d)

–

Based

net

asset

value

.................................

.93

13.57

.77

(

.48

)

46.10

Ratios

Average

Net

Assets

(e)

–

Total

expenses

........................................

.15

Net

investment

income

...................................

.59

.77

.96

.57

.47

Supplemental

Data

Net

assets,

end

year

(000)

...............................

6,613,217

‌

7,144,486

‌

6,920,658

‌

9,124,179

‌

15,945,689

‌

Portfolio

turnover

rate

(f)

...................................

(a)

Based

average

outstanding.

(b)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Notes

Financial

Statements

Notes

Financial

Statements

Organization

iShares

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

date.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

date

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

estimated

management,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities,

recognized

daily

accrual

basis.

Foreign

Taxes:

Certain

Funds

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

each

Fund

invests.

These

foreign

taxes,

any,

are

paid

each

Fund

and

are

reflected

its

Statements

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Foreign

taxes

withheld”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

July

31,

2025,

any,

are

disclosed

the

Statements

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Funds

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

Operations

include

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Cash:

The

Funds

may

maintain

cash

their

custodian

which,

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statements

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the

Funds

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Segment

Reporting:

The

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Funds’

adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

results

operations.

The

Chief

Financial

Officer

acts

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

responsible

for

assessing

performance

and

allocating

resources

with

respect

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

single

operating

segment

since

the

Funds

have

single

investment

strategy

disclosed

their

iShares

ETF

Diversification

Classification

MSCI

USA

Momentum

Factor

............................................................................................

Diversified

MSCI

USA

Quality

Factor

...............................................................................................

Diversified

MSCI

USA

Size

Factor

.................................................................................................

Diversified

MSCI

USA

Value

Factor

................................................................................................

Diversified

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

and

reviewed

the

CODM

presented

within

the

Funds’

financial

statements.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

Trustees of

the

Trust (the

“Board”)

each

Fund

has

approved

the

designation

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s

policies

and

procedures

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

are

valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

NAV.

Futures

contracts

are

valued

based

that

day’s

last

reported

settlement

trade

price

the

exchange

where

the

contract

traded.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with BFA’s

policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement

the

measurement

date.

Fair

value

pricing

could

result

difference

between

the

prices

used

calculate

fund’s

NAV

and

the

prices

used

the

fund’s

underlying

index,

which

turn

could

result

difference

between

the

fund’s

performance

and

the

performance

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

that each

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

–

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

– Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for

the

asset

liability (including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the Statements

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

(b)

MSCI

USA

Momentum

Factor

Barclays

Bank

PLC

...............................................

17,602,917‌

(17,602,917‌)

—‌

BNP

Paribas

.................................................

674,196‌

(616,367‌)

—‌

57,829‌

BofA

Securities,

Inc.

..............................................

7,860,636‌

(7,725,910‌)

—‌

134,726‌

Citigroup

Global

Markets,

Inc.

........................................

6,722,469‌

(6,722,469‌)

—‌

Goldman

Sachs

Co.

LLC

.........................................

47,478,976‌

(43,493,152‌)

—‌

3,985,824‌

Jefferies

LLC

...................................................

5,282,846‌

(5,282,846‌)

—‌

Morgan

Stanley

.................................................

4,391,220‌

(4,391,220‌)

—‌

Natixis

.....................................................

2,584,750‌

(2,584,750‌)

—‌

Americas

Securities

LLC

........................................

1,007,907‌

(1,007,907‌)

—‌

UBS

Securities

LLC

..............................................

1,406,510‌

(1,406,510‌)

—‌

Wells

Fargo

Securities

LLC

.........................................

1,807,461‌

(1,807,461‌)

—‌

96,819,888‌

(92,641,509‌)

—‌

4,178,379‌

MSCI

USA

Quality

Factor

Barclays

Bank

PLC

...............................................

7,894,089‌

(7,894,089‌)

—‌

Barclays

Capital,

Inc.

.............................................

13,335,245‌

(13,335,245‌)

—‌

BNP

Paribas

.................................................

109,002,350‌

(109,002,350‌)

—‌

BofA

Securities,

Inc.

..............................................

37,623,193‌

(37,236,696‌)

—‌

386,497‌

Citigroup

Global

Markets,

Inc.

........................................

26,730,523‌

(26,730,523‌)

—‌

Goldman

Sachs

Co.

LLC

.........................................

7,463,428‌

(7,463,428‌)

—‌

Jefferies

LLC

...................................................

10,153,374‌

(10,153,374‌)

—‌

Natixis

.....................................................

802,120‌

(802,120‌)

—‌

RBC

Capital

Markets

LLC

..........................................

137,350‌

(137,350‌)

—‌

Wells

Fargo

Bank

.............................................

8,824,113‌

(8,824,113‌)

—‌

Wells

Fargo

Securities

LLC

.........................................

12,620,988‌

(12,620,988‌)

—‌

234,586,773‌

(234,200,276‌)

—‌

386,497‌

MSCI

USA

Size

Factor

Barclays

Bank

PLC

...............................................

390,231‌

(390,231‌)

—‌

BNP

Paribas

.................................................

573,866‌

(573,866‌)

—‌

BofA

Securities,

Inc.

..............................................

2,634,789‌

(2,512,877‌)

—‌

121,912‌

Citigroup

Global

Markets,

Inc.

........................................

1,251,507‌

(1,251,507‌)

—‌

HSBC

Bank

PLC

................................................

780,538‌

(780,538‌)

—‌

J.P.

Morgan

Securities

LLC

.........................................

636,698‌

(636,698‌)

—‌

Morgan

Stanley

.................................................

636,525‌

(636,525‌)

—‌

National

Financial

Services

LLC

......................................

522,676‌

(522,676‌)

—‌

Wells

Fargo

Bank

.............................................

2,083‌

(2,083‌)

—‌

7,428,913‌

(7,307,001‌)

—‌

121,912‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the Funds

are

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any,

are

shown

cash

pledged

for

futures

contracts

the

Statements

Assets

and

Liabilities.

Pursuant

the

contract,

the Funds

agree

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statements

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statements

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

each

Fund’s

assets.

BFA

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees).

For

its

investment

advisory

services

to each

Fund,

BFA

entitled

annual

investment

advisory

fee,

0.15%, accrued

daily

and

paid

monthly

the

Funds,

based

the

average

daily

net

assets

of each

Fund.

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided. The

Funds

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

affiliate

BFA,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BTC

bears

all

operational

costs

directly

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

its

affiliates.

However,

BTC

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees each

Fund

bears

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

distribution

fee

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

discretionary

liquidity

fee

all

redemptions.

Discretionary

liquidity

fees

may

imposed

terminated

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

(b)

MSCI

USA

Value

Factor

Barclays

Bank

PLC

...............................................

4,195‌

(4,195‌)

—‌

BofA

Securities,

Inc.

..............................................

1,096,970‌

(1,062,266‌)

—‌

34,704‌

Citigroup

Global

Markets,

Inc.

........................................

8,159,531‌

(8,159,531‌)

—‌

Goldman

Sachs

Co.

LLC

.........................................

225,440‌

(225,440‌)

—‌

National

Financial

Services

LLC

......................................

664,792‌

(664,792‌)

—‌

Wells

Fargo

Securities

LLC

.........................................

2,015,010‌

(2,015,010‌)

—‌

12,165,938‌

(12,131,234‌)

—‌

34,704‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Funds’

Statements

Assets

and

Liabilities.

(b)

The

market

value

the

loaned

securities

determined

July

31,

2025.

Additional

collateral

delivered

the

Fund

the

business

day

accordance

with

the

MSLA.

The

net

amount

would

subject

the

borrower

default

indemnity

the

event

default

the

counterparty.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

any

time

the

discretion

the

board

directors

the

money

market

fund,

its

delegate,

determined

that

such

fee

would

be,

would

not

be,

respectively,

the

best

interest

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

mandatory

liquidity

fee

the

money

market

fund’s

total

net

redemptions

single

day

exceed

the

money

market

fund’s

net

assets,

unless

the

amount

the

fee

less

than

0.01%

the

value

the

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

the

mandatory

liquidity

fee

making

good

faith

estimate

certain

costs

the

money

market

fund

would

incur

were

sell

pro

rata

amount

each

security

the

portfolio

satisfy

the

amount

net

redemptions

that

day.

There

limit

the

size

mandatory

liquidity

fee.

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

selling

pro

rata

amount

each

portfolio

security

good

faith

and

supported

data,

required

apply

default

liquidity

fee

the

value

redeemed

that

day.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities. Each

Fund

retains

portion

the

securities

lending

income

and

remits

the

remaining

portion

BTC

compensation

for

its

services

securities

lending

agent.

Pursuant

the

current

securities

lending

agreement,

each

Fund

retains

81%

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

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

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

84%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

Prior

January

2025,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

calendar

year

exceeded

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

retained

for

the

remainder

that

calendar

year

81%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

could

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

The

securities

lending

income

earned

each

Fund

shown

securities

lending

income

–

affiliated

–

net

its Statements

Operations.

For

the year

ended July

31,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

the

Trust

are

directors

and/or

officers

BlackRock

its

affiliates.

Other

Transactions:

Cross

trading

the

buying

selling

portfolio

securities

between

funds

which

BFA

(or

affiliate)

serves

investment

adviser.

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

Rule

17a-7.

For

the

year

ended

July

31,

2025,

transactions

executed

the

Funds

pursuant

Rule

17a-7

under

the

1940

Act

were

follows:

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

fund,

order

improve

its

portfolio

liquidity

and

its

ability

track

its

underlying

index,

may

invest

other

iShares

funds

that

invest

securities

the

fund’s

underlying

index.

Purchases

and

Sales

For

the year

ended

July

31,

2025,

purchases

and

sales

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

follows:

iShares

ETF

Amounts

MSCI

USA

Momentum

Factor

...........................................................................................

135,716

‌

MSCI

USA

Quality

Factor

..............................................................................................

155,222

‌

MSCI

USA

Size

Factor

................................................................................................

6,408

‌

MSCI

USA

Value

Factor

...............................................................................................

27,422

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

USA

Momentum

Factor

.......................................................

2,062,026,966

‌

1,601,424,817

‌

(23,899,636

)

MSCI

USA

Quality

Factor

..........................................................

1,450,406,231

‌

1,139,485,259

‌

(1,751,936

)

MSCI

USA

Size

Factor

............................................................

33,213,996

‌

34,565,613

‌

(238,482

)

MSCI

USA

Value

Factor

...........................................................

551,533,462

‌

584,867,184

‌

(47,818,299

)

iShares

ETF

Purchases

Sales

MSCI

USA

Momentum

Factor

.........................................................................

15,939,151,260

‌

15,899,936,171

‌

MSCI

USA

Quality

Factor

............................................................................

10,323,520,234

‌

10,304,307,494

‌

MSCI

USA

Size

Factor

..............................................................................

76,463,485

‌

75,874,365

‌

MSCI

USA

Value

Factor

.............................................................................

2,044,332,077

‌

2,059,597,742

‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

For

the year ended

July

31,

2025,

in-kind

transactions

were

follows:

Income

Tax

Information

Each

Fund

treated

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Funds

July

31,

2025,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’

financial

statements.

Management’s

analysis

based

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

effect

the

date

these

financial

statements,

all

which

are

subject

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

U.S.

GAAP

requires

that

certain

components

net

assets

adjusted

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

NAV

per

share.

July

31,

2025

permanent

differences

attributable

to realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

the

following

accounts:

The

tax

character

distributions

paid

was

follows:

July

31,

2025,

the

tax

components

accumulated earnings

(losses)

were

follows:

For

the

year

ended

July

31,

2025,

the iShares

MSCI

USA

Momentum

Factor

ETF

utilized

$1,034,313,190

its

capital

loss

carryforwards.

iShares

ETF

In-kind

Purchases

In-kind

Sales

MSCI

USA

Momentum

Factor

.........................................................................

10,265,492,186

‌

5,810,309,737

‌

MSCI

USA

Quality

Factor

............................................................................

12,316,983,215

‌

10,165,797,688

‌

MSCI

USA

Size

Factor

..............................................................................

57,706,329

‌

43,595,754

‌

MSCI

USA

Value

Factor

.............................................................................

2,116,032,215

‌

2,915,661,873

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

MSCI

USA

Momentum

Factor

...........................................................................

1,369,239,314‌

(1,369,239,314‌)

MSCI

USA

Quality

Factor

..............................................................................

3,726,044,863‌

(3,726,044,863‌)

MSCI

USA

Size

Factor

................................................................................

11,299,087‌

(11,299,087‌)

MSCI

USA

Value

Factor

...............................................................................

542,461,311‌

(542,461,311‌)

iShares

ETF

Year

Ended

07/31/25

Year

Ended

07/31/24

MSCI

USA

Momentum

Factor

Ordinary

income

...........................................................................................

140,566,016‌

62,799,842‌

MSCI

USA

Quality

Factor

Ordinary

income

...........................................................................................

525,677,280‌

443,531,266‌

MSCI

USA

Size

Factor

Ordinary

income

...........................................................................................

5,065,629‌

5,145,827‌

MSCI

USA

Value

Factor

Ordinary

income

...........................................................................................

191,345,678‌

179,487,920‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

MSCI

USA

Momentum

Factor

.........................................

22,865,753‌

(2,616,780,334‌)

2,631,925,471‌

38,010,890‌

MSCI

USA

Quality

Factor

............................................

53,366,567‌

(1,747,100,406‌)

9,903,488,183‌

8,209,754,344‌

MSCI

USA

Size

Factor

..............................................

609,246‌

(75,559,168‌)

43,539,273‌

(31,410,649‌)

MSCI

USA

Value

Factor

.............................................

23,104,456‌

(1,065,800,579‌)

(60,207,342‌)

(1,102,903,465‌)

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

the

tax

deferral

losses

wash

sales,

the

realization

for

tax

purposes

unrealized

gains

(losses)

certain

futures

contracts,

the

realization

for

tax

purposes

unrealized

gains

investments

passive

foreign

investment

companies,

the

characterization

corporate

actions

and

undistributed

capital

gains

from

underlying

REIT

investments.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

July

31,

2025,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

each

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

BFA

uses

indexing

approach

try

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries.

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment.

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which

Fund

invests. A

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

less

counterparty

credit

risk

the

Funds

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

exchange-traded

futures

with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Funds.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

its

Schedule

Investments.

The Funds

invest

significant

portion

their

assets

in securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Funds

invest.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

USA

Momentum

Factor

.....................................

15,030,254,236

‌

2,856,987,296

‌

(225,061,825

)

2,631,925,471

‌

MSCI

USA

Quality

Factor

........................................

43,175,421,595

‌

12,307,040,172

‌

(2,403,524,540

)

9,903,515,632

‌

MSCI

USA

Size

Factor

..........................................

322,975,758

‌

66,980,806

‌

(23,438,785

)

43,542,021

‌

MSCI

USA

Value

Factor

.........................................

6,681,850,265

‌

828,230,280

‌

(888,437,622

)

(60,207,342

)

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Certain Funds

invest

significant

portion

their

assets

securities

within

single

limited

number

market

sectors.

When

fund

concentrates

its

investments

this

manner,

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

significant

impact

the

Fund

and

could

affect

the

income

from,

the

value

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

specific

sectors

are

presented

the

Schedule

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

10.

Capital

Transactions

Capital

are

issued

and

redeemed

by each

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

of each

Fund

are

not

redeemable.

Transactions

capital

were

follows:

The

consideration

for

the

purchase

Creation

Units

fund

the

Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the

Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

the

Funds

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Funds,

their

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statements

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Year

Ended

07/31/25

Year

Ended

07/31/24

iShares

ETF

Amount

MSCI

USA

Momentum

Factor

sold

...............................................

47,700,000

‌

10,300,374,812

‌

13,700,000

‌

2,477,145,236

‌

redeemed

...........................................

(27,650,000

)

(5,829,941,147

)

(23,000,000

)

(3,857,167,592

)

20,050,000

‌

4,470,433,665

‌

(9,300,000

)

(1,380,022,356

)

MSCI

USA

Quality

Factor

sold

...............................................

69,600,000

‌

12,351,005,225

‌

99,550,000

‌

14,908,824,360

‌

redeemed

...........................................

(56,950,000

)

(10,187,821,262

)

(51,300,000

)

(7,476,551,481

)

12,650,000

‌

2,163,183,963

‌

48,250,000

‌

7,432,272,879

‌

MSCI

USA

Size

Factor

sold

...............................................

400,000

‌

58,076,373

‌

950,000

‌

120,036,096

‌

redeemed

...........................................

(300,000

)

(43,862,623

)

(1,250,000

)

(164,892,005

)

100,000

‌

14,213,750

‌

(300,000

)

(44,855,909

)

MSCI

USA

Value

Factor

sold

...............................................

19,700,000

‌

2,128,854,620

‌

7,150,000

‌

716,332,234

‌

redeemed

...........................................

(27,550,000

)

(2,933,937,721

)

(11,900,000

)

(1,176,436,748

)

(7,850,000

)

(805,083,101

)

(4,750,000

)

(460,104,514

)

Report

Independent

Registered

Public

Accounting

Firm

Report

Independent

Registered

Public

Accounting

Firm

the

Board

Trustees

iShares

Trust

and

Shareholders

each

the four funds

listed

the

table

below

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed

the

table

below

(four

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

the

"Funds")

July

31,

2025,

the

statements

operations

for

the

year

ended

July

31,

2025,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

July

31,

2025,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

July

31,

2025

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

listed

the

table

below

July

31,

2025,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

July

31,

2025

and

each

the

financial

highlights

for

each

the

five

years

the

period

ended

July

31,

2025

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2025

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2025

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

iShares

MSCI

USA

Momentum

Factor

ETF

iShares

MSCI

USA

Quality

Factor

ETF

iShares

MSCI

USA

Size

Factor

ETF

iShares

MSCI

USA

Value

Factor

ETF

Important

Tax

Information

(unaudited)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2025

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2025

The

following

percentages,

maximum

percentages

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

year

ended

July

31,

2025

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

MSCI

USA

Momentum

Factor

............................................................................................

154,773,034‌

MSCI

USA

Quality

Factor

...............................................................................................

553,497,084‌

MSCI

USA

Size

Factor

.................................................................................................

4,715,468‌

MSCI

USA

Value

Factor

................................................................................................

186,263,358‌

iShares

ETF

Qualified

Business

Income

MSCI

USA

Momentum

Factor

............................................................................................

3,670,127‌

MSCI

USA

Quality

Factor

...............................................................................................

25,016,619‌

MSCI

USA

Size

Factor

.................................................................................................

613,014‌

MSCI

USA

Value

Factor

................................................................................................

6,278,471‌

iShares

ETF

Dividends-Received

Deduction

MSCI

USA

Momentum

Factor

............................................................................................

.91‌

MSCI

USA

Quality

Factor

...............................................................................................

.46‌

MSCI

USA

Size

Factor

.................................................................................................

.87‌

MSCI

USA

Value

Factor

................................................................................................

.91‌

Additional

Information

Additional

Information

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

icsdelivery.com

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee

for

services

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust’s

policies

and

procedures

with

respect

the

disclosure

the

Funds’

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets,

when

available,

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

2025

iShares

Annual

Financial

Statements

and

Additional

Information

iShares

MSCI

USA

Momentum

Factor

ETF

(the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2025

and

May

23,

2025,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates

any;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

The

Board

also

considered

the

tradability,

liquidity

and

developed

capital

markets

ecosystem

associated

with

the

Fund

relation

comparison

funds

the

Fund’s

Peer

Group

that

not

have

similar

attributes.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2024,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

the

May

2025

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(

continued)

Board

Review

and

Approval

Investment

Advisory

Contract

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

BlackRock

result

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

its

profile

and

standing

the

investment

community

result

providing

investment

advisory

services

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

iShares

MSCI

USA

Quality

Factor

ETF,

iShares

MSCI

USA

Size

Factor

ETF,

iShares

MSCI

USA

Value

Factor

ETF

(each

the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2025

and

May

23,

2025,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates

any;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

addition,

the

extent

that

any

the

comparison

funds

included

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

comparison

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

for

the

quarter

ended

December

31,

2024,

that

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short-

and

longer-term

performance

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

its

underlying

index

over

the

relevant

periods.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

the

May

Board

Review

and

Approval

Investment

Advisory

Contract

(

continued)

Board

Review

and

Approval

Investment

Advisory

Contract

2025

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

the

Fund

and

that

track

the

same

index

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

BlackRock

result

its

advisory

relationships

with

the

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

its

profile

and

standing

the

investment

community

result

providing

investment

advisory

services

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

these

Financial

Statements

Glossary

Terms

Used

these

Financial

Statements

Portfolio

Abbreviation

NVS

Non-Voting

REIT

Real

Estate

Investment

Trust

Want

know

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iShares.com

1-800-474-2737

This

report

intended

for

the

Funds’

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

promoted

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

investing

the

iShares

Funds.

BlackRock

not

affiliated

with

the

company

listed

above.

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

BlackRock,

Inc.

its

subsidiaries.

All

other

marks

are

the

property

their

respective

owners.

July

31,

2025

Annual

Financial

Statements

and

Additional

Information

iShares

Trust

iShares®

LifePath®

Retirement

ETF

IRTR

NYSE

Arca

iShares®

LifePath®

Target

Date

2030

ETF

ITDB

NYSE

Arca

iShares®

LifePath®

Target

Date

2035

ETF

ITDC

NYSE

Arca

iShares®

LifePath®

Target

Date

2040

ETF

ITDD

NYSE

Arca

iShares®

LifePath®

Target

Date

2045

ETF

ITDE

NYSE

Arca

iShares®

LifePath®

Target

Date

2050

ETF

ITDF

NYSE

Arca

iShares®

LifePath®

Target

Date

2055

ETF

ITDG

NYSE

Arca

iShares®

LifePath®

Target

Date

2060

ETF

ITDH

NYSE

Arca

iShares®

LifePath®

Target

Date

2065

ETF

ITDI

NYSE

Arca

iShares®

LifePath®

Target

Date

2070

ETF

ITDJ

NYSE

Arca

Table

Contents

Page

Glide

Path

Evolution

....................................................................................................

Schedules

Investments

.................................................................................................

Statements

Assets

and

Liabilities

...........................................................................................

Statements

Operations

.................................................................................................

Statements

Changes

Net

Assets

..........................................................................................

Financial

Highlights

.....................................................................................................

Notes

Financial

Statements

...............................................................................................

Report

Independent

Registered

Public

Accounting

Firm

..............................................................................

Important

Tax

Information

(unaudited)

.................................................................................................

Additional

Information

...................................................................................................

Board

Review

and

Approval

Investment

Advisory

Contract

............................................................................

Glossary

Terms

Used

these

Financial

Statements

................................................................................

Glide

Path

Evolution

Glide

Path

Evolution

Under

normal

circumstances,

the

asset

allocation

the

iShares

LifePath

Retirement

ETF

along

with

the

iShares

LifePath

Target

Date

ETFs

with

target

dates

2030,

2035,

2040,

2045,

2050,

2055,

2060,

2065 and

2070

are

referred

the

“LifePath

ETFs”

the

“Funds”,

will

change

over

time

according

predetermined

“glide

path”

each

LifePath ETF

approaches

its

respective

target

date.

The

glide

path

represents

the

shifting

asset

classes

over

time.

Each

LifePath

ETF’s

asset

allocations

become

conservative

prior

retirement

time

elapses.

This

reflects

the

need

for

reduced

investment

risks

retirement

approaches

and

the

need

for

lower

volatility

each

LifePath

ETF,

which

may

primary

source

income

after

retirement.

each

LifePath ETF

approaches

its

target

date,

its

asset

allocation

will

shift

that

each

LifePath ETF

invests

greater

percentage

its

assets

fixed-income

index

funds.

The

asset

allocation

targets

are

established

the

portfolio

managers.

The

investment

team,

including

the

portfolio

managers,

meets

regularly

assess

market

conditions,

review

the

asset

allocation

targets

each

LifePath

ETF,

and

determine

whether

any

changes

are

required

enable

each

LifePath ETF

achieve

its

investment

objective.

Because

the iShares

LifePath

Retirement ETF

its

most

conservative

phase,

its

allocation

generally

does

not

become

conservative

over

time,

although

its

allocation

may

change

maintain

its

risk

profile.

During

the

year

prior

the

LifePath

ETF's

maturity

date,

its

allocation

assets

expected

similar

that

the

iShares

LifePath

Retirement

ETF.

Further,

retirement

approaches,

such

LifePath

ETF

and

the

iShares

LifePath

Retirement

ETF

expected

to,

subject

approval

the

Trust's

Board

Trustees

(the

“Board”),

merge

into

single

fund.

Although

the

asset

allocation

targets

listed

for

the

glide

path

are

general,

long-term

targets,

BlackRock

Fund

Advisors

(“BFA”

the

“Manager”)

may

periodically

adjust

the

proportion

equity

index

funds

and

fixed-income

index

funds

each

LifePath

ETF,

based

assessment

the

current

market

conditions,

the

potential

contribution

each

asset

class

the

expected

risk

and

return

characteristics

each

LifePath

ETF,

reallocations

each

LifePath

ETF’s

composition

reflect

intra-year

movement

along

the

glide

path

and

other

factors.

general,

such

adjustments

will

limited;

however,

BFA

may

determine

that

greater

degree

variation

warranted

protect

LifePath ETF

achieve

its

investment

objective.

Schedule

Investments

July

31,

2025

iShares

LifePath

Retirement

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

5,755

322,338

iShares

Russell

1000

ETF

...................

17,334

6,021,138

6,343,476

Domestic

Fixed

Income

—

iShares

0-5

Year

TIPS

Bond

ETF

..............

25,438

2,615,789

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

10,460

522,059

iShares

10-20

Year

Treasury

Bond

ETF

..........

8,580

862,204

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

21,198

1,115,651

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

14,019

745,110

iShares

MBS

ETF

........................

34,827

3,241,349

iShares

U.S.

Treasury

Bond

ETF

..............

252,533

5,762,803

14,864,965

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

16,289

982,715

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

31,933

2,390,185

Security

Value

International

Equity — 14.8%

(continued)

iShares

Global

Infrastructure

ETF

..............

5,479

323,699

3,696,599

Total

Long-Term

Investments — 99.9%

(Cost:

23,660,787

)

.................................

24,905,040

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

439,926

440,102

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

23,345

Total

Short-Term

Securities — 1.9%

(Cost:

463,413

)

...................................

463,447

Total

Investments

—

101.8%

(Cost:

24,124,200

)

.................................

25,368,487

Liabilities

Excess

Other

Assets

—

(

)

...............

(

439,716

)

Net

Assets

—

100.0%

.................................

24,928,771

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

149,966

290,032

(a)

—

440,102

439,926

3,728

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

1,746

21,599

(a)

—

23,345

747

—

iShares

0-5

Year

TIPS

Bond

ETF

......

385,569

2,435,629

(

239,310

)

6,052

27,849

2,615,789

25,438

42,279

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

131,353

627,811

(

226,871

)

(

6,091

)

(

4,143

)

522,059

10,460

16,552

—

iShares

10-20

Year

Treasury

Bond

ETF

215,950

1,165,288

(

502,333

)

(

8,211

)

(

8,490

)

862,204

8,580

22,160

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

205,250

1,127,367

(

226,058

)

2,232

6,860

1,115,651

21,198

22,047

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

139,253

732,575

(

135,920

)

1,612

7,590

745,110

14,019

16,088

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

137,277

917,223

(

144,874

)

3,073

70,016

982,715

16,289

18,181

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

355,650

2,174,720

(

278,459

)

10,629

127,645

2,390,185

31,933

46,409

—

iShares

LifePath

Retirement

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

U.S.

REIT

ETF

......

58,478

313,993

(

37,304

)

887

(

13,716

)

322,338

5,755

4,476

—

iShares

Global

Infrastructure

ETF

44,813

302,550

(

45,500

)

2,550

19,286

323,699

5,479

5,706

—

iShares

MBS

ETF

552,813

2,916,149

(

226,388

)

8,790

(

10,015

)

3,241,349

34,827

62,852

—

iShares

Russell

1000

ETF

..........

968,193

5,700,459

(

1,078,309

)

39,865

390,930

6,021,138

17,334

35,642

—

iShares

Russell

2000

ETF

(c)

.........

17,237

34,707

(

47,572

)

2,385

(

6,757

)

—

235

—

iShares

U.S.

Treasury

Bond

ETF

......

743,591

5,248,431

(

223,525

)

10,613

(

16,307

)

5,762,803

252,533

80,643

—

74,467

590,771

25,368,487

377,745

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

(c)

period

end,

the

entity

longer

held.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

24,905,040

‌

—

‌

—

‌

24,905,040

‌

Short-Term

Securities

Money

Market

Funds

......................................

463,447

‌

—

‌

—

‌

463,447

‌

25,368,487

‌

—

‌

—

‌

25,368,487

‌

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2030

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

10,398

582,392

iShares

Russell

1000

ETF

...................

27,048

9,395,393

iShares

Russell

2000

ETF

(b)

..................

715

156,864

10,134,649

Domestic

Fixed

Income

—

iShares

0-5

Year

TIPS

Bond

ETF

..............

25,429

2,614,864

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

15,930

795,066

iShares

10-20

Year

Treasury

Bond

ETF

..........

12,117

1,217,637

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

30,345

1,597,057

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

19,646

1,044,185

iShares

MBS

ETF

........................

34,107

3,174,339

iShares

U.S.

Treasury

Bond

ETF

..............

184,931

4,220,126

14,663,274

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

26,709

1,611,354

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

52,678

3,942,948

Security

Value

International

Equity — 19.5%

(continued)

iShares

Global

Infrastructure

ETF

..............

8,336

492,491

6,046,793

Total

Long-Term

Investments — 99.7%

(Cost:

28,914,270

)

.................................

30,844,716

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

831,582

831,915

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

82,242

Total

Short-Term

Securities — 3.0%

(Cost:

914,154

)

...................................

914,157

Total

Investments

—

102.7%

(Cost:

29,828,424

)

.................................

31,758,873

Liabilities

Excess

Other

Assets

—

(

)

...............

(

831,769

)

Net

Assets

—

100.0%

.................................

30,927,104

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

542,387

289,907

(a)

—

(

342

)

(

)

831,915

831,582

5,765

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

26,073

56,169

(a)

—

82,242

2,047

—

iShares

0-5

Year

TIPS

Bond

ETF

......

767,339

2,055,548

(

246,794

)

5,227

33,544

2,614,864

25,429

47,384

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

429,376

698,185

(

316,004

)

(

6,248

)

(

10,243

)

795,066

15,930

29,652

—

iShares

10-20

Year

Treasury

Bond

ETF

842,938

1,689,641

(

1,264,399

)

(

20,816

)

(

29,727

)

1,217,637

12,117

48,520

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

495,255

1,438,748

(

351,358

)

4,053

10,359

1,597,057

30,345

36,286

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

339,460

934,765

(

242,417

)

2,189

10,188

1,044,185

19,646

26,567

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

472,245

1,218,847

(

225,326

)

4,672

140,916

1,611,354

26,709

32,720

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

1,231,331

2,888,978

(

455,200

)

19,776

258,063

3,942,948

52,678

84,026

—

iShares

LifePath

Target

Date

2030

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

U.S.

REIT

ETF

......

230,607

445,112

(

79,446

)

2,958

(

16,839

)

582,392

10,398

10,470

—

iShares

Global

Infrastructure

ETF

163,529

345,363

(

64,700

)

3,717

44,582

492,491

8,336

11,172

—

iShares

MBS

ETF

1,047,771

2,297,493

(

160,423

)

7,230

(

17,732

)

3,174,339

34,107

71,569

—

iShares

Russell

1000

ETF

..........

3,228,519

7,012,743

(

1,743,852

)

76,585

821,398

9,395,393

27,048

65,900

—

iShares

Russell

2000

ETF

..........

107,900

149,549

(

97,448

)

(

2,903

)

(

234

)

156,864

715

1,570

—

iShares

U.S.

Treasury

Bond

ETF

......

597,455

3,821,776

(

177,191

)

3,807

(

25,721

)

4,220,126

184,931

49,730

—

99,905

1,218,517

31,758,873

523,378

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

30,844,716

—

30,844,716

Short-Term

Securities

Money

Market

Funds

......................................

914,157

—

914,157

31,758,873

—

31,758,873

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2035

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

22,504

1,260,449

iShares

Russell

1000

ETF

...................

49,433

17,171,047

iShares

Russell

2000

ETF

(b)

..................

2,394

525,220

18,956,716

Domestic

Fixed

Income

—

iShares

0-5

Year

TIPS

Bond

ETF

..............

2,264

232,807

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

28,012

1,398,079

iShares

10-20

Year

Treasury

Bond

ETF

..........

6,938

697,200

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

40,815

2,148,093

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

26,383

1,402,256

iShares

MBS

ETF

........................

46,941

4,368,799

iShares

U.S.

Treasury

Bond

ETF

..............

283,555

6,470,725

16,717,959

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

50,936

3,072,969

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

100,062

7,489,641

Security

Value

International

Equity — 24.2%

(continued)

iShares

Global

Infrastructure

ETF

..............

14,294

844,489

11,407,099

Total

Long-Term

Investments — 99.8%

(Cost:

43,738,283

)

.................................

47,081,774

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

1,707,769

1,708,452

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

102,294

Total

Short-Term

Securities — 3.8%

(Cost:

1,810,652

)

..................................

1,810,746

Total

Investments

—

103.6%

(Cost:

45,548,935

)

.................................

48,892,520

Liabilities

Excess

Other

Assets

—

(

)

...............

(

1,701,977

)

Net

Assets

—

100.0%

.................................

47,190,543

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

782,877

925,930

(a)

—

(

394

)

1,708,452

1,707,769

7,167

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

26,388

75,906

(a)

—

102,294

2,660

—

iShares

0-5

Year

TIPS

Bond

ETF

......

103,138

259,348

(

134,075

)

2,094

2,302

232,807

2,264

3,926

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

575,484

1,215,440

(

363,379

)

(

18,642

)

(

10,824

)

1,398,079

28,012

46,914

—

iShares

10-20

Year

Treasury

Bond

ETF

473,100

1,180,620

(

923,672

)

(

18,227

)

(

14,621

)

697,200

6,938

30,652

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

492,972

1,834,496

(

195,377

)

812

15,190

2,148,093

40,815

42,755

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

339,984

1,176,388

(

129,784

)

(

1,209

)

16,877

1,402,256

26,383

31,324

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

773,176

2,369,299

(

320,439

)

(

940

)

251,873

3,072,969

50,936

57,841

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

2,009,210

5,617,731

(

584,222

)

8,382

438,540

7,489,641

100,062

149,959

—

iShares

LifePath

Target

Date

2035

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

U.S.

REIT

ETF

......

398,124

989,470

(

94,609

)

265

(

32,801

)

1,260,449

22,504

20,175

—

iShares

Global

Infrastructure

ETF

240,987

601,987

(

71,160

)

2,226

70,449

844,489

14,294

17,376

—

iShares

MBS

ETF

1,189,497

3,286,321

(

87,727

)

1,979

(

21,271

)

4,368,799

46,941

91,848

—

iShares

Russell

1000

ETF

..........

5,018,786

12,882,074

(

2,297,113

)

20,227

1,547,073

17,171,047

49,433

112,155

—

iShares

Russell

2000

ETF

..........

226,546

438,538

(

139,253

)

(

7,342

)

6,731

525,220

2,394

4,121

—

iShares

U.S.

Treasury

Bond

ETF

......

1,212,926

5,548,658

(

257,832

)

(

2,426

)

(

30,601

)

6,470,725

283,555

89,477

—

(

13,195

)

2,238,956

48,892,520

708,350

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

47,081,774

—

47,081,774

Short-Term

Securities

Money

Market

Funds

......................................

1,810,746

—

1,810,746

48,892,520

—

48,892,520

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2040

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

23,521

1,317,411

iShares

Russell

1000

ETF

...................

47,491

16,496,474

iShares

Russell

2000

ETF

(b)

..................

3,059

671,114

18,484,999

Domestic

Fixed

Income

—

iShares

0-5

Year

TIPS

Bond

ETF

..............

1,514

155,685

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

24,780

1,236,770

iShares

10-20

Year

Treasury

Bond

ETF

..........

6,127

615,702

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

19,177

1,009,285

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

12,413

659,751

iShares

MBS

ETF

........................

26,114

2,430,430

iShares

U.S.

Treasury

Bond

ETF

..............

145,655

3,323,847

9,431,470

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

49,986

3,015,655

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

98,840

7,398,174

Security

Value

International

Equity — 28.5%

(continued)

iShares

Global

Infrastructure

ETF

..............

13,169

778,025

11,191,854

Total

Long-Term

Investments — 99.8%

(Cost:

35,673,920

)

.................................

39,108,323

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

1,814,481

1,815,207

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

69,557

Total

Short-Term

Securities — 4.8%

(Cost:

1,884,756

)

..................................

1,884,764

Total

Investments

—

104.6%

(Cost:

37,558,676

)

.................................

40,993,087

Liabilities

Excess

Other

Assets

—

(

)

...............

(

1,814,870

)

Net

Assets

—

100.0%

.................................

39,178,217

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

747,937

1,067,557

(a)

—

(

250

)

(

)

1,815,207

1,814,481

6,034

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

20,325

49,232

(a)

—

69,557

2,190

—

iShares

0-5

Year

TIPS

Bond

ETF

......

71,257

170,482

(

89,623

)

1,218

2,351

155,685

1,514

3,351

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

505,566

1,038,506

(

283,875

)

(

11,905

)

(

11,522

)

1,236,770

24,780

44,729

—

iShares

10-20

Year

Treasury

Bond

ETF

338,700

785,225

(

487,307

)

(

10,378

)

(

10,538

)

615,702

6,127

23,396

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

274,652

799,501

(

74,707

)

703

9,136

1,009,285

19,177

23,817

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

180,500

525,930

(

56,322

)

9,617

659,751

12,413

17,355

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

830,029

2,223,233

(

332,071

)

1,530

292,934

3,015,655

49,986

63,322

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

2,177,723

5,288,142

(

657,086

)

12,111

577,284

7,398,174

98,840

162,715

—

iShares

LifePath

Target

Date

2040

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Core

U.S.

REIT

ETF

......

454,780

988,623

(

95,744

)

3,853

(

34,101

)

1,317,411

23,521

22,910

—

iShares

Global

Infrastructure

ETF

246,344

525,466

(

76,191

)

3,367

79,039

778,025

13,169

17,729

—

iShares

MBS

ETF

709,753

1,764,652

(

37,795

)

2,579

(

8,759

)

2,430,430

26,114

57,846

—

iShares

Russell

1000

ETF

..........

5,344,536

11,777,141

(

2,286,108

)

25,627

1,635,278

16,496,474

47,491

119,619

—

iShares

Russell

2000

ETF

..........

286,541

515,818

(

128,616

)

(

9,628

)

6,999

671,114

3,059

5,433

—

iShares

U.S.

Treasury

Bond

ETF

......

600,124

2,778,148

(

38,359

)

1,359

(

17,425

)

3,323,847

145,655

49,096

—

20,212

2,530,256

40,993,087

619,542

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

39,108,323

—

39,108,323

Short-Term

Securities

Money

Market

Funds

......................................

1,884,764

—

1,884,764

40,993,087

—

40,993,087

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2045

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

25,464

1,426,239

iShares

Russell

1000

ETF

...................

48,508

16,849,739

iShares

Russell

2000

ETF

(b)

..................

4,200

921,438

19,197,416

Domestic

Fixed

Income

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

22,247

1,110,348

iShares

10-20

Year

Treasury

Bond

ETF

..........

3,438

345,485

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

7,947

418,250

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

5,245

278,772

iShares

MBS

ETF

........................

13,769

1,281,481

iShares

U.S.

Treasury

Bond

ETF

..............

59,301

1,353,249

4,787,585

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

53,038

3,199,782

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

104,372

7,812,244

Security

Value

International

Equity — 31.7%

(continued)

iShares

Global

Infrastructure

ETF

..............

2,956

174,640

11,186,666

Total

Long-Term

Investments — 99.8%

(Cost:

31,641,961

)

.................................

35,171,667

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

1,981,466

1,982,259

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

50,912

Total

Short-Term

Securities — 5.8%

(Cost:

2,033,083

)

..................................

2,033,171

Total

Investments

—

105.6%

(Cost:

33,675,044

)

.................................

37,204,838

Liabilities

Excess

Other

Assets

—

(

)

...............

(

1,982,695

)

Net

Assets

—

100.0%

.................................

35,222,143

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

799,887

1,183,371

(a)

—

(

1,049

)

1,982,259

1,981,466

9,517

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

15,715

35,197

(a)

—

50,912

1,758

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

511,735

891,218

(

271,357

)

(

12,747

)

(

8,501

)

1,110,348

22,247

41,403

—

iShares

10-20

Year

Treasury

Bond

ETF

183,754

415,711

(

243,278

)

(

5,477

)

(

5,225

)

345,485

3,438

12,227

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

96,685

324,174

(

6,226

)

288

3,329

418,250

7,947

9,227

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

73,112

205,635

(

4,335

)

323

4,037

278,772

5,245

6,787

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

996,380

2,191,091

(

298,746

)

(

2,654

)

313,711

3,199,782

53,038

70,116

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

2,610,653

5,336,879

(

739,654

)

14,354

590,012

7,812,244

104,372

180,273

—

iShares

Core

U.S.

REIT

ETF

......

549,927

1,030,305

(

121,623

)

4,462

(

36,832

)

1,426,239

25,464

25,589

—

iShares

LifePath

Target

Date

2045

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

Global

Infrastructure

ETF

—

169,661

(

5,105

)

10,008

174,640

2,956

2,715

—

iShares

MBS

ETF

401,790

905,600

(

22,661

)

1,142

(

4,390

)

1,281,481

13,769

30,461

—

iShares

Russell

1000

ETF

..........

6,170,534

11,292,373

(

2,303,741

)

20,374

1,670,199

16,849,739

48,508

125,976

—

iShares

Russell

2000

ETF

..........

408,544

638,526

(

122,955

)

(

6,568

)

3,891

921,438

4,200

7,481

—

iShares

U.S.

Treasury

Bond

ETF

......

170,113

1,205,167

(

13,820

)

241

(

8,452

)

1,353,249

59,301

16,586

—

12,765

2,531,837

37,204,838

540,116

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

35,171,667

‌

—

‌

—

‌

35,171,667

‌

Short-Term

Securities

Money

Market

Funds

......................................

2,033,171

‌

—

‌

—

‌

2,033,171

‌

37,204,838

‌

—

‌

—

‌

37,204,838

‌

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2050

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

13,978

782,908

iShares

Russell

1000

ETF

...................

48,582

16,875,443

iShares

Russell

2000

ETF

(b)

..................

4,944

1,084,664

18,743,015

Domestic

Fixed

Income

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

25,034

1,249,447

iShares

10-20

Year

Treasury

Bond

ETF

..........

1,548

155,559

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

................................

3,577

188,258

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

................................

2,361

125,487

iShares

U.S.

Treasury

Bond

ETF

..............

2,738

62,481

1,781,232

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

54,043

3,260,414

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

105,964

7,931,405

11,191,819

Total

Long-Term

Investments — 99.9%

(Cost:

27,916,563

)

.................................

31,716,066

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

2,317,081

2,318,008

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

36,324

Total

Short-Term

Securities — 7.4%

(Cost:

2,354,316

)

..................................

2,354,332

Total

Investments

—

107.3%

(Cost:

30,270,879

)

.................................

34,070,398

Liabilities

Excess

Other

Assets

—

(

)

...............

(

2,318,038

)

Net

Assets

—

100.0%

.................................

31,752,360

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

965,365

1,353,075

(a)

—

(

411

)

(

)

2,318,008

2,317,081

5,711

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

12,996

23,328

(a)

—

36,324

1,558

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

413,336

971,254

(

111,263

)

(

5,948

)

(

17,932

)

1,249,447

25,034

36,517

—

iShares

10-20

Year

Treasury

Bond

ETF

51,896

213,364

(

107,048

)

(

319

)

(

2,334

)

155,559

1,548

3,390

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

76,923

281,503

(

170,782

)

2,606

(

1,992

)

188,258

3,577

4,015

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

38,731

191,397

(

104,028

)

1,176

(

1,789

)

125,487

2,361

2,825

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

1,170,768

2,044,256

(

275,849

)

(

5,000

)

326,239

3,260,414

54,043

74,577

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

3,080,902

5,005,544

(

779,111

)

8,522

615,548

7,931,405

105,964

189,574

—

iShares

Core

U.S.

REIT

ETF

......

257,540

558,440

(

13,960

)

950

(

20,062

)

782,908

13,978

12,911

—

iShares

LifePath

Target

Date

2050

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Affiliates

(continued)

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

MBS

ETF

(c)

—

445,444

(

446,503

)

1,059

—

2,818

—

iShares

Russell

1000

ETF

..........

7,254,959

9,999,076

(

2,271,876

)

13,725

1,879,559

16,875,443

48,582

139,140

—

iShares

Russell

2000

ETF

..........

545,099

647,647

(

111,077

)

(

1,663

)

4,658

1,084,664

4,944

9,335

—

iShares

U.S.

Treasury

Bond

ETF

......

—

84,590

(

21,617

)

(

118

)

(

374

)

62,481

2,738

756

—

14,579

2,781,500

34,070,398

483,127

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

(c)

period

end,

the

entity

longer

held.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

31,716,066

—

31,716,066

Short-Term

Securities

Money

Market

Funds

......................................

2,354,332

—

2,354,332

34,070,398

—

34,070,398

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2055

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

5,097

285,483

iShares

Russell

1000

ETF

...................

35,891

12,467,097

iShares

Russell

2000

ETF

(b)

..................

3,875

850,136

13,602,716

Domestic

Fixed

Income

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

7,461

372,379

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

40,106

2,419,595

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

78,374

5,866,294

8,285,889

Total

Long-Term

Investments — 99.9%

(Cost:

19,867,235

)

.................................

22,260,984

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

1,164,650

1,165,116

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

21,988

Total

Short-Term

Securities — 5.3%

(Cost:

1,187,082

)

..................................

1,187,104

Total

Investments

—

105.2%

(Cost:

21,054,317

)

.................................

23,448,088

Liabilities

Excess

Other

Assets

—

(

)

...............

(

1,165,604

)

Net

Assets

—

100.0%

.................................

22,282,484

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

336,760

829,067

(a)

—

(

724

)

1,165,116

1,164,650

5,244

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

7,150

14,838

(a)

—

21,988

946

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

104,208

292,454

(

19,199

)

1,321

(

6,405

)

372,379

7,461

10,532

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

758,073

1,710,148

(

265,562

)

16,831

200,105

2,419,595

40,106

54,628

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

1,992,887

4,231,570

(

781,385

)

56,437

366,785

5,866,294

78,374

137,770

—

iShares

Core

U.S.

REIT

ETF

......

92,528

219,858

(

18,303

)

796

(

9,396

)

285,483

5,097

4,735

—

iShares

Russell

1000

ETF

..........

4,685,186

8,517,667

(

1,936,842

)

150,216

1,050,870

12,467,097

35,891

97,145

—

iShares

Russell

2000

ETF

..........

364,220

595,422

(

102,504

)

6,492

(

13,494

)

850,136

3,875

6,803

—

231,369

1,588,478

23,448,088

317,803

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

iShares

LifePath

Target

Date

2055

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

22,260,984

‌

—

‌

—

‌

22,260,984

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,187,104

‌

—

‌

—

‌

1,187,104

‌

23,448,088

‌

—

‌

—

‌

23,448,088

‌

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2060

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

3,230

180,912

iShares

Russell

1000

ETF

...................

27,171

9,438,119

iShares

Russell

2000

ETF

(b)

..................

2,978

653,343

10,272,374

Domestic

Fixed

Income

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

3,287

164,054

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

30,037

1,812,132

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

59,130

4,425,881

6,238,013

Total

Long-Term

Investments — 99.9%

(Cost:

14,699,844

)

.................................

16,674,441

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

557,590

557,814

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

17,326

Total

Short-Term

Securities — 3.4%

(Cost:

575,134

)

...................................

575,140

Total

Investments

—

103.3%

(Cost:

15,274,978

)

.................................

17,249,581

Liabilities

Excess

Other

Assets

—

(

)

...............

(

558,216

)

Net

Assets

—

100.0%

.................................

16,691,365

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

274,827

283,501

(a)

—

(

516

)

557,814

557,590

4,199

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

4,410

12,916

(a)

—

17,326

635

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

49,354

117,827

(

1,567

)

(

)

(

1,475

)

164,054

3,287

4,478

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

471,382

1,271,578

(

86,016

)

(

2,594

)

157,782

1,812,132

30,037

35,577

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

1,231,467

3,218,066

(

284,562

)

(

2,863

)

263,773

4,425,881

59,130

95,134

—

iShares

Core

U.S.

REIT

ETF

......

51,815

136,581

(

2,419

)

(

217

)

(

4,848

)

180,912

3,230

2,859

—

iShares

Russell

1000

ETF

..........

2,893,108

6,380,788

(

730,447

)

(

31,461

)

926,131

9,438,119

27,171

63,994

—

iShares

Russell

2000

ETF

..........

224,084

449,032

(

26,645

)

(

2,421

)

9,293

653,343

2,978

4,544

—

(

40,157

)

1,350,658

17,249,581

211,420

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

iShares

LifePath

Target

Date

2060

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

16,674,441

‌

—

‌

—

‌

16,674,441

‌

Short-Term

Securities

Money

Market

Funds

......................................

575,140

‌

—

‌

—

‌

575,140

‌

17,249,581

‌

—

‌

—

‌

17,249,581

‌

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2065

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

2,422

135,656

iShares

Russell

1000

ETF

...................

20,374

7,077,113

iShares

Russell

2000

ETF

...................

2,233

489,898

7,702,667

Domestic

Fixed

Income

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

2,465

123,028

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

22,522

1,358,752

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

44,337

3,318,624

4,677,376

Total

Long-Term

Investments — 99.9%

(Cost:

10,752,109

)

.................................

12,503,071

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

85,441

85,475

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

12,907

Total

Short-Term

Securities — 0.8%

(Cost:

98,380

)

....................................

98,382

Total

Investments

—

100.7%

(Cost:

10,850,489

)

.................................

12,601,453

Liabilities

Excess

Other

Assets

—

(

)

...............

(

85,762

)

Net

Assets

—

100.0%

.................................

12,515,691

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

year

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/24

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

274,805

—

(

188,868

)

(a)

(

459

)

(

)

85,475

85,441

3,803

(b)

—

BlackRock

Cash

Funds:

Treasury,

Agency

4,502

8,405

(a)

—

12,907

538

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

.........

49,302

78,943

(

3,770

)

(

189

)

(

1,258

)

123,028

2,465

3,939

—

iShares

Core

MSCI

Emerging

Markets

ETF

.........

471,382

845,885

(

83,505

)

(

2,628

)

127,618

1,358,752

22,522

29,074

—

iShares

Core

MSCI

International

Developed

Markets

ETF

.........

1,231,467

2,098,631

(

250,386

)

1,325

237,587

3,318,624

44,337

75,226

—

iShares

Core

U.S.

REIT

ETF

.....

51,758

89,949

(

2,765

)

(

184

)

(

3,102

)

135,656

2,422

2,430

—

iShares

Russell

1000

ETF

.........

2,893,108

4,098,447

(

636,147

)

(

31,619

)

753,324

7,077,113

20,374

54,700

—

iShares

Russell

2000

ETF

.........

224,084

285,967

(

21,082

)

(

1,501

)

2,430

489,898

2,233

3,862

—

(

35,255

)

1,116,596

12,601,453

173,572

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

iShares

LifePath

Target

Date

2065

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

12,503,071

—

12,503,071

Short-Term

Securities

Money

Market

Funds

......................................

98,382

—

98,382

12,601,453

—

12,601,453

Schedule

Investments

July

31,

2025

iShares

LifePath

Target

Date

2070

ETF

(Percentages

shown

are

based

Net

Assets)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Security

Value

Investment

Companies

(a)

Domestic

Equity

—

iShares

Core

U.S.

REIT

ETF

.................

730

40,887

iShares

Russell

1000

ETF

...................

6,147

2,135,223

iShares

Russell

2000

ETF

...................

674

147,869

2,323,979

Domestic

Fixed

Income

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

(b)

...............................

743

37,083

International

Equity

—

iShares

Core

MSCI

Emerging

Markets

ETF

.......

6,795

409,942

iShares

Core

MSCI

International

Developed

Markets

ETF

................................

13,377

1,001,268

1,411,210

Total

Long-Term

Investments — 99.9%

(Cost:

3,493,576

)

..................................

3,772,272

Security

Value

Short-Term

Securities

Money

Market

Funds

—

BlackRock

Cash

Funds:

Institutional,

Agency

4.44

(a)

(c)

(d)

......................

37,460

37,475

BlackRock

Cash

Funds:

Treasury,

Agency

4.30

(a)

(c)

............................

3,786

Total

Short-Term

Securities — 1.1%

(Cost:

41,259

)

....................................

41,261

Total

Investments

—

101.0%

(Cost:

3,534,835

)

..................................

3,813,533

Liabilities

Excess

Other

Assets

—

(

)

...............

(

37,456

)

Net

Assets

—

100.0%

.................................

3,776,077

(a)

Affiliate

the

Fund.

(b)

All

portion

this

security

loan.

(c)

Annualized

7-day

yield

period

end.

(d)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

period

ended

July

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

11/12/24

(a)

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/25

Held

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

—

37,485

(b)

—

(

)

37,475

37,460

132

(c)

—

BlackRock

Cash

Funds:

Treasury,

Agency

—

3,786

(b)

—

3,786

127

—

iShares

10+

Year

Investment

Grade

Corporate

Bond

ETF

—

37,812

(

653

)

(

)

(

)

37,083

743

814

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

—

390,449

(

17,979

)

135

37,337

409,942

6,795

8,351

—

iShares

Core

MSCI

International

Developed

Markets

ETF

..........

—

971,229

(

44,259

)

1,506

72,792

1,001,268

13,377

21,293

—

iShares

Core

U.S.

REIT

ETF

......

—

42,580

(

230

)

(

)

(

1,453

)

40,887

730

493

—

iShares

Russell

1000

ETF

..........

—

2,103,120

(

131,586

)

(

6,830

)

170,519

2,135,223

6,147

11,068

—

iShares

Russell

2000

ETF

..........

—

153,335

(

4,643

)

(

391

)

(

432

)

147,869

674

771

—

(

5,611

)

278,698

3,813,533

43,049

—

(a)

Commencement

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

iShares

LifePath

Target

Date

2070

ETF

Schedule

Investments

(continued)

July

31,

2025

Schedule

Investments

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund’s

financial

instruments

into

major

categories

disclosed

the

Schedule

Investments

above.

See

notes

financial

statements.

Level

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

3,772,272

—

3,772,272

Short-Term

Securities

Money

Market

Funds

......................................

41,261

—

41,261

3,813,533

—

3,813,533

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Assets

and

Liabilities

July

31,

2025

See

notes

financial

statements.

iShares

LifePath

Retirement

ETF

iShares

LifePath

Target

Date

2030

ETF

iShares

LifePath

Target

Date

2035

ETF

iShares

LifePath

Target

Date

2040

ETF

iShares

LifePath

Target

Date

2045

ETF

ASSETS

Investments,

value

—

affiliated

(a)

(b)

.........................

25,368,487

‌

31,758,873

‌

48,892,520

‌

40,993,087

‌

37,204,838

‌

Receivables:

Securities

lending

income

—

affiliated

......................

295

‌

461

‌

701

‌

529

‌

493

‌

Capital

sold

...................................

—

‌

—

‌

5,994

‌

—

‌

—

‌

Dividends

—

affiliated

.................................

‌

246

‌

314

‌

218

‌

161

‌

Total

assets

.........................................

25,368,849

‌

31,759,580

‌

48,899,529

‌

40,993,834

‌

37,205,492

‌

LIABILITIES

Collateral

securities

loaned

.............................

440,078

‌

832,476

‌

1,708,986

‌

1,815,617

‌

1,983,349

‌

Total

liabilities

........................................

440,078

‌

832,476

‌

1,708,986

‌

1,815,617

‌

1,983,349

‌

Commitments

and

contingent

liabilities

NET

ASSETS

........................................

24,928,771

‌

30,927,104

‌

47,190,543

‌

39,178,217

‌

35,222,143

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................

23,729,562

‌

28,733,789

‌

43,520,345

‌

35,455,247

‌

31,493,186

‌

Accumulated

earnings

..................................

1,199,209

‌

2,193,315

‌

3,670,198

‌

3,722,970

‌

3,728,957

‌

NET

ASSETS

........................................

24,928,771

‌

30,927,104

‌

47,190,543

‌

39,178,217

‌

35,222,143

‌

NET

ASSET

VALUE

outstanding

....................................

841,078

‌

980,000

‌

1,460,000

‌

1,180,000

‌

1,040,000

‌

Net

asset

value

.......................................

29.64

‌

31.56

‌

32.32

‌

33.20

‌

33.87

‌

authorized

.....................................

Unlimited

Par

value

...........................................

None

(a)

Securities

loaned,

value

.............................

430,674

‌

813,557

‌

1,668,766

‌

1,771,699

‌

1,933,846

‌

(b)

Investments,

cost

—

affiliated

..........................

24,124,200

‌

29,828,424

‌

45,548,935

‌

37,558,676

‌

33,675,044

‌

Statements

Assets

and

Liabilities

(continued)

July

31,

2025

Statements

Assets

and

Liabilities

See

notes

financial

statements.

iShares

LifePath

Target

Date

2050

ETF

iShares

LifePath

Target

Date

2055

ETF

iShares

LifePath

Target

Date

2060

ETF

iShares

LifePath

Target

Date

2065

ETF

iShares

LifePath

Target

Date

2070

ETF

ASSETS

Investments,

value

—

affiliated

(a)

(b)

.........................

34,070,398

‌

23,448,088

‌

17,249,581

‌

12,601,453

‌

3,813,533

‌

Receivables:

Securities

lending

income

—

affiliated

......................

424

‌

191

‌

Dividends

—

affiliated

.................................

121

‌

Total

assets

.........................................

34,070,943

‌

23,448,355

‌

17,249,726

‌

12,601,524

‌

3,813,562

‌

LIABILITIES

Collateral

securities

loaned

.............................

2,318,583

‌

1,165,871

‌

558,361

‌

85,833

‌

37,485

‌

Total

liabilities

........................................

2,318,583

‌

1,165,871

‌

558,361

‌

85,833

‌

37,485

‌

Commitments

and

contingent

liabilities

NET

ASSETS

........................................

31,752,360

‌

22,282,484

‌

16,691,365

‌

12,515,691

‌

3,776,077

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................

27,812,384

‌

19,780,486

‌

14,630,357

‌

10,704,130

‌

3,475,823

‌

Accumulated

earnings

..................................

3,939,976

‌

2,501,998

‌

2,061,008

‌

1,811,561

‌

300,254

‌

NET

ASSETS

........................................

31,752,360

‌

22,282,484

‌

16,691,365

‌

12,515,691

‌

3,776,077

‌

NET

ASSET

VALUE

outstanding

....................................

920,000

‌

640,000

‌

480,000

‌

360,000

‌

140,000

‌

Net

asset

value

.......................................

34.51

‌

34.82

‌

34.77

‌

34.77

‌

26.97

‌

authorized

.....................................

Unlimited

Par

value

...........................................

None

(a)

Securities

loaned,

value

.............................

2,260,507

‌

1,134,552

‌

543,281

‌

83,998

‌

36,684

‌

(b)

Investments,

cost

—

affiliated

..........................

30,270,879

‌

21,054,317

‌

15,274,978

‌

10,850,489

‌

3,534,835

‌

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Operations

Year

Ended

July

31,

2025

See

notes

financial

statements.

iShares

LifePath

Retirement

ETF

iShares

LifePath

Target

Date

2030

ETF

iShares

LifePath

Target

Date

2035

ETF

iShares

LifePath

Target

Date

2040

ETF

iShares

LifePath

Target

Date

2045

ETF

INVESTMENT

INCOME

Dividends

—

affiliated

...............................

374,017

‌

517,613

‌

701,183

‌

613,508

‌

530,599

‌

Interest

—

unaffiliated

...............................

‌

Securities

lending

income

—

affiliated

—

net

................

3,728

‌

5,765

‌

7,167

‌

6,034

‌

9,517

‌

Total

investment

income

...............................

377,751

‌

523,384

‌

708,361

‌

619,549

‌

540,123

‌

EXPENSES

Total

expenses

.....................................

—

‌

—

‌

—

‌

—

‌

—

‌

Net

investment

income

................................

377,751

‌

523,384

‌

708,361

‌

619,549

‌

540,123

‌

—

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

............................

(

44,890

)

(

57,523

)

(

100,229

)

(

83,831

)

(

117,840

)

In-kind

redemptions

—

affiliated

(a)

.....................

119,357

‌

157,428

‌

87,034

‌

104,043

‌

130,605

‌

74,467

‌

99,905

‌

(

13,195

)

20,212

‌

12,765

‌

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

............................

590,771

‌

1,218,517

‌

2,238,956

‌

2,530,256

‌

2,531,837

‌

590,771

‌

1,218,517

‌

2,238,956

‌

2,530,256

‌

2,531,837

‌

Net

realized

and

unrealized

gain

.........................

665,238

‌

1,318,422

‌

2,225,761

‌

2,550,468

‌

2,544,602

‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

1,042,989

‌

1,841,806

‌

2,934,122

‌

3,170,017

‌

3,084,725

‌

(a)

See

Note

the

Notes

Financial

Statements.

Statements

Operations

(continued)

Year

Ended

July

31,

2025

Statements

Operations

See

notes

financial

statements.

iShares

LifePath

Target

Date

2050

ETF

iShares

LifePath

Target

Date

2055

ETF

iShares

LifePath

Target

Date

2060

ETF

iShares

LifePath

Target

Date

2065

ETF

iShares

LifePath

Target

Date

2070

ETF

(a)

INVESTMENT

INCOME

Dividends

—

affiliated

...............................

477,416

‌

312,559

‌

207,221

‌

169,769

‌

42,917

‌

Interest

—

unaffiliated

...............................

‌

—

‌

Securities

lending

income

—

affiliated

—

net

................

5,711

‌

5,244

‌

4,199

‌

3,803

‌

132

‌

Total

investment

income

...............................

483,131

‌

317,804

‌

211,421

‌

173,575

‌

43,049

‌

EXPENSES

Interest

expense

..................................

—

‌

—

‌

—

‌

Total

expenses

.....................................

—

‌

—

‌

—

‌

Net

investment

income

................................

483,131

‌

317,759

‌

211,421

‌

173,570

‌

43,049

‌

—

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

............................

(

122,531

)

(

68,800

)

(

40,157

)

(

35,255

)

(

5,611

)

In-kind

redemptions

—

affiliated

(b)

.....................

137,110

‌

300,169

‌

—

‌

—

‌

—

‌

14,579

‌

231,369

‌

(

40,157

)

(

35,255

)

(

5,611

)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

............................

2,781,500

‌

1,588,478

‌

1,350,658

‌

1,116,596

‌

278,698

‌

2,781,500

‌

1,588,478

‌

1,350,658

‌

1,116,596

‌

278,698

‌

Net

realized

and

unrealized

gain

.........................

2,796,079

‌

1,819,847

‌

1,310,501

‌

1,081,341

‌

273,087

‌

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

3,279,210

‌

2,137,606

‌

1,521,922

‌

1,254,911

‌

316,136

‌

(a)

For

the

period

from

November

12,

2024

(commencement

operations)

July

31,

2025.

(b)

See

Note

the

Notes

Financial

Statements.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Changes

Net

Assets

See

notes

financial

statements.

iShares

LifePath

Retirement

ETF

iShares

LifePath

Target

Date

2030

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

377,751

‌

71,390

‌

523,384

‌

135,823

‌

Net

realized

gain

(loss)

.........................................

74,467

‌

74,796

‌

99,905

‌

(

2,886

)

Net

change

unrealized

appreciation

(depreciation)

.....................

590,771

‌

290,429

‌

1,218,517

‌

711,932

‌

Net

increase

net

assets

resulting

from

operations

........................

1,042,989

‌

436,615

‌

1,841,806

‌

844,869

‌

DISTRIBUTIONS

SHAREHOLDERS

(b)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

391,462

)

(

71,340

)

(

310,934

)

(

23,764

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

..............

20,320,000

‌

3,591,969

‌

19,416,071

‌

9,159,056

‌

NET

ASSETS

Total

increase

net

assets

........................................

20,971,527

‌

3,957,244

‌

20,946,943

‌

9,980,161

‌

Beginning

period

.............................................

3,957,244

‌

—

‌

9,980,161

‌

—

‌

End

period

.................................................

24,928,771

‌

3,957,244

‌

30,927,104

‌

9,980,161

‌

(a)

Commencement

operations.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2035

ETF

iShares

LifePath

Target

Date

2040

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

708,361

‌

171,859

‌

619,549

‌

123,351

‌

Net

realized

gain

(loss)

.........................................

(

13,195

)

6,559

‌

20,212

‌

189,453

‌

Net

change

unrealized

appreciation

(depreciation)

.....................

2,238,956

‌

1,104,629

‌

2,530,256

‌

904,155

‌

Net

increase

net

assets

resulting

from

operations

........................

2,934,122

‌

1,283,047

‌

3,170,017

‌

1,216,959

‌

DISTRIBUTIONS

SHAREHOLDERS

(b)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

414,192

)

(

45,745

)

(

333,453

)

(

36,483

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

..............

31,589,819

‌

11,843,492

‌

24,300,539

‌

10,860,638

‌

NET

ASSETS

Total

increase

net

assets

........................................

34,109,749

‌

13,080,794

‌

27,137,103

‌

12,041,114

‌

Beginning

period

.............................................

13,080,794

‌

—

‌

12,041,114

‌

—

‌

End

period

.................................................

47,190,543

‌

13,080,794

‌

39,178,217

‌

12,041,114

‌

(a)

Commencement

operations.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2045

ETF

iShares

LifePath

Target

Date

2050

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

540,123

‌

117,486

‌

483,131

‌

115,625

‌

Net

realized

gain

(loss)

.........................................

12,765

‌

(

1,712

)

14,579

‌

(

1,727

)

Net

change

unrealized

appreciation

(depreciation)

.....................

2,531,837

‌

997,957

‌

2,781,500

‌

1,018,019

‌

Net

increase

net

assets

resulting

from

operations

........................

3,084,725

‌

1,113,731

‌

3,279,210

‌

1,131,917

‌

DISTRIBUTIONS

SHAREHOLDERS

(b)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

315,072

)

(

23,822

)

(

310,847

)

(

23,194

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

..............

20,263,088

‌

11,099,493

‌

15,880,663

‌

11,794,611

‌

NET

ASSETS

Total

increase

net

assets

........................................

23,032,741

‌

12,189,402

‌

18,849,026

‌

12,903,334

‌

Beginning

period

.............................................

12,189,402

‌

—

‌

12,903,334

‌

—

‌

End

period

.................................................

35,222,143

‌

12,189,402

‌

31,752,360

‌

12,903,334

‌

(a)

Commencement

operations.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2055

ETF

iShares

LifePath

Target

Date

2060

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

317,759

‌

77,089

‌

211,421

‌

57,602

‌

Net

realized

gain

(loss)

.........................................

231,369

‌

3,382

‌

(

40,157

)

5,543

‌

Net

change

unrealized

appreciation

(depreciation)

.....................

1,588,478

‌

805,293

‌

1,350,658

‌

623,945

‌

Net

increase

net

assets

resulting

from

operations

........................

2,137,606

‌

885,764

‌

1,521,922

‌

687,090

‌

DISTRIBUTIONS

SHAREHOLDERS

(b)

Decrease

net

assets

resulting

from

distributions

shareholders

..............

(

198,253

)

(

22,950

)

(

125,053

)

(

22,951

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

..............

12,338,776

‌

7,141,541

‌

10,368,846

‌

4,261,511

‌

NET

ASSETS

Total

increase

net

assets

........................................

14,278,129

‌

8,004,355

‌

11,765,715

‌

4,925,650

‌

Beginning

period

.............................................

8,004,355

‌

—

‌

4,925,650

‌

—

‌

End

period

.................................................

22,282,484

‌

8,004,355

‌

16,691,365

‌

4,925,650

‌

(a)

Commencement

operations.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

Changes

Net

Assets

(continued)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2065

ETF

iShares

LifePath

Target

Date

2070

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Period

From

11/12/24

(a)

07/31/25

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

173,570

‌

58,789

‌

43,049

‌

Net

realized

gain

(loss)

...........................................................

(

35,255

)

2,293

‌

(

5,611

)

Net

change

unrealized

appreciation

(depreciation)

.......................................

1,116,596

‌

634,368

‌

278,698

‌

Net

increase

net

assets

resulting

from

operations

..........................................

1,254,911

‌

695,450

‌

316,136

‌

DISTRIBUTIONS

SHAREHOLDERS

(b)

Decrease

net

assets

resulting

from

distributions

shareholders

................................

(

115,849

)

(

22,951

)

(

15,882

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

................................

6,450,995

‌

4,253,135

‌

3,475,823

‌

NET

ASSETS

Total

increase

net

assets

..........................................................

7,590,057

‌

4,925,634

‌

3,776,077

‌

Beginning

period

...............................................................

4,925,634

‌

—

‌

—

‌

End

period

...................................................................

12,515,691

‌

4,925,634

‌

3,776,077

‌

(a)

Commencement

operations.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

Financial

Highlights

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Retirement

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

28.27

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.89

‌

.62

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.39

‌

.26

‌

Net

increase

from

investment

operations

.....................................................................

.28

‌

.88

‌

Distributions

from

net

investment

income

(d)

....................................................................

(

.91

)

(

.61

)

Net

asset

value,

end

period

...........................................................................

29.64

‌

28.27

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

.25

15.65

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.12

.90

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

24,929

‌

3,957

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2030

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

29.35

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.89

‌

.62

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.90

‌

.90

‌

Net

increase

from

investment

operations

.....................................................................

.79

‌

.52

‌

Distributions

from

net

investment

income

(d)

....................................................................

(

.58

)

(

.17

)

Net

asset

value,

end

period

...........................................................................

31.56

‌

29.35

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

.62

18.15

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.95

.83

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

30,927

‌

9,980

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2035

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

29.73

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.85

‌

.61

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.32

‌

.35

‌

Net

increase

from

investment

operations

.....................................................................

.17

‌

.96

‌

Distributions

(d)

–

From

net

investment

income

...........................................................................

(

.57

)

(

.23

)

From

net

realized

gains

...............................................................................

(

.01

)

—

‌

Total

distributions

....................................................................................

(

.58

)

(

.23

)

Net

asset

value,

end

period

...........................................................................

32.32

‌

29.73

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

10.81

19.92

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.79

.75

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

47,191

‌

13,081

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2040

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

30.10

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.80

‌

.55

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.78

‌

.79

‌

Net

increase

from

investment

operations

.....................................................................

.58

‌

.34

‌

Distributions

from

net

investment

income

(d)

....................................................................

(

.48

)

(

.24

)

Net

asset

value,

end

period

...........................................................................

33.20

‌

30.10

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

12.01

21.49

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.55

.45

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

39,178

‌

12,041

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2045

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

30.47

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.77

‌

.54

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.14

‌

.17

‌

Net

increase

from

investment

operations

.....................................................................

.91

‌

.71

‌

Distributions

from

net

investment

income

(d)

....................................................................

(

.51

)

(

.24

)

Net

asset

value,

end

period

...........................................................................

33.87

‌

30.47

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

12.96

22.96

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.44

.41

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

35,222

‌

12,189

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2050

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

30.72

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.72

‌

.54

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.56

‌

.41

‌

Net

increase

from

investment

operations

.....................................................................

.28

‌

.95

‌

Distributions

from

net

investment

income

(d)

....................................................................

(

.49

)

(

.23

)

Net

asset

value,

end

period

...........................................................................

34.51

‌

30.72

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

14.08

23.94

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.23

.37

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

31,752

‌

12,903

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2055

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

.....................................................................

30.79

‌

25.00

‌

Net

investment

income

(b)

.............................................................................

.71

‌

.49

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................

.77

‌

.53

‌

Net

increase

from

investment

operations

....................................................................

.48

‌

.02

‌

Distributions

(d)

–

From

net

investment

income

..........................................................................

(

.44

)

(

.23

)

From

net

realized

gains

..............................................................................

(

.01

)

—

‌

Total

distributions

...................................................................................

(

.45

)

(

.23

)

Net

asset

value,

end

period

..........................................................................

34.82

‌

30.79

‌

Total

Return

(e)

–

Based

net

asset

value

..............................................................................

14.71

24.18

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

.....................................................................................

.00

(h)

.00

(i)

Net

investment

income

................................................................................

.20

.18

(i)

Supplemental

Data

Net

assets,

end

period

(000)

..........................................................................

22,282

‌

8,004

‌

Portfolio

turnover

rate

(j)

................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Amount

less

than

0.005%.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2060

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

......................................................................

30.79

‌

25.00

‌

Net

investment

income

(b)

..............................................................................

.73

‌

.51

‌

Net

realized

and

unrealized

gain

(c)

........................................................................

.77

‌

.51

‌

Net

increase

from

investment

operations

.....................................................................

.50

‌

.02

‌

Distributions

(d)

–

From

net

investment

income

...........................................................................

(

.49

)

(

.23

)

From

net

realized

gains

...............................................................................

(

.03

)

—

‌

Total

distributions

....................................................................................

(

.52

)

(

.23

)

Net

asset

value,

end

period

...........................................................................

34.77

‌

30.79

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................

14.82

24.18

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................

.00

(h)

Net

investment

income

.................................................................................

.27

.30

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................

16,691

‌

4,926

‌

Portfolio

turnover

rate

(i)

.................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Financial

Highlights

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2065

ETF

Year

Ended

07/31/25

Period

From

10/17/23

(a)

07/31/24

Net

asset

value,

beginning

period

.....................................................................

30.79

‌

25.00

‌

Net

investment

income

(b)

.............................................................................

.69

‌

.49

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................

.82

‌

.53

‌

Net

increase

from

investment

operations

....................................................................

.51

‌

.02

‌

Distributions

(d)

–

From

net

investment

income

..........................................................................

(

.51

)

(

.23

)

From

net

realized

gains

..............................................................................

(

.02

)

—

‌

Total

distributions

...................................................................................

(

.53

)

(

.23

)

Net

asset

value,

end

period

..........................................................................

34.77

‌

30.79

‌

Total

Return

(e)

–

Based

net

asset

value

..............................................................................

14.82

24.18

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

.....................................................................................

.00

(h)

.00

(i)

Net

investment

income

................................................................................

.15

.20

(i)

Supplemental

Data

Net

assets,

end

period

(000)

..........................................................................

12,516

‌

4,926

‌

Portfolio

turnover

rate

(j)

................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Amount

less

than

0.005%.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

See

notes

financial

statements.

iShares

LifePath

Target

Date

2070

ETF

Period

From

11/12/24

(a)

07/31/25

Net

asset

value,

beginning

period

......................................................................................

25.00

‌

Net

investment

income

(b)

..............................................................................................

.44

‌

Net

realized

and

unrealized

gain

(c)

........................................................................................

.73

‌

Net

increase

from

investment

operations

.....................................................................................

.17

‌

Distributions

from

net

investment

income

(d)

....................................................................................

(

.20

)

Net

asset

value,

end

period

...........................................................................................

26.97

‌

Total

Return

(e)

–

Based

net

asset

value

...............................................................................................

.76

(f)

Ratios

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................................

.00

(h)

Net

investment

income

.................................................................................................

.46

(h)

Supplemental

Data

Net

assets,

end

period

(000)

...........................................................................................

3,776

‌

Portfolio

turnover

rate

(i)

.................................................................................................

(a)

Commencement

operations.

(b)

Based

average

outstanding.

(c)

The

amounts

reported

for

outstanding

may

not

accord

with

the

change

aggregate

gains

and

losses

securities

for

the

fiscal

period

due

the

timing

capital

transactions

relation

the

fluctuating

market

values

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

any.

Notes

Financial

Statements

Notes

Financial

Statements

Organization

iShares

Trust

(the

“Trust”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

The

Trust

organized

Delaware

statutory

trust

and

authorized

have

multiple

series

portfolios.

These

financial

statements

relate

only

the

following

funds

(each,

“Fund”

and

collectively,

the

“Funds”):

Each

Fund

fund

funds

and

seeks

achieve

its

investment

objective

investing

primarily

other

iShares

funds

(each,

“underlying

fund”

and

collectively,

the

“underlying

funds”).

The

financial

statements,

including

the

accounting

policies,

and

schedules

investments

for

the

underlying

funds

are

available

iShares.com

and

should

read

conjunction

with

the

Funds’

financial

statements.

Reorganization:

The

Board

iShares

LifePath

Retirement

ETF

(the

“Acquiring

Fund”)

and

iShares

LifePath

Target

Date

2025

ETF

(the

“Target

Fund”)

approved

the

reorganization

the

Target

Fund

into

the

Acquiring

Fund.

result,

the

Acquiring

Fund

acquired

substantially

all

the

assets

and

assumed

substantially

all

the

liabilities

the

Target

Fund

exchange

for

equal

aggregate

value

newly-issued

the

Acquiring

Fund.

Each

shareholder

the

Target

Fund

received

the

Acquiring

Fund

amount

equal

the

aggregate

net

asset

value

(“NAV”)

such

shareholder’s

Target

Fund

shares,

determined

the

business

November

15,

2024.

The

reorganization

was

accomplished

tax-free

exchange

180,000

the

Target

Fund

conversion

ratio

1.00604262

for

initial

181,087

the

Acquiring

Fund

which

was

reduced

181,078

due

cash

lieu

payout

for

any

fractional

shares.

The

Target

Fund’s

net

assets

$5,153,726

were

comprised

$4,790,616

paid-in-capital

and

$363,110

accumulated

earnings

November

15,

2024,

the

valuation

date

the

reorganization.

For

financial

reporting

purposes,

assets

received

and

issued

the

Acquiring

Fund

were

recorded

fair

value.

However,

the

cost

basis

the

investments

received

from

the

Target

Fund

was

carried

forward

align

ongoing

reporting

the

Acquiring

Fund’s

realized

and

unrealized

gains

and

losses

with

amounts

distributable

shareholders

for

tax

purposes.

The

net

assets

the

Acquiring

Fund

before

the

reorganization

were

$5,691,967.

The

aggregate

net

assets

the

Acquiring

Fund

immediately

after

the

reorganization

amounted

$10,845,693.

The

Target

Fund’s

fair

value

investments was

$5,150,785

and

cost

was

$4,787,698

prior

the

reorganization.

The

purpose

these

transactions

was

combine

two

funds

managed

the

Manager

with

substantially

similar

(but

not

identical)

investment

objectives,

investment

policies,

strategies,

risks

and

restrictions.

The

reorganization

was

tax-free

event

and

was

effective

November

18,

2024.

Assuming

the

reorganization

had

been

completed

August

2024,

the

beginning

the

fiscal

reporting

period

the

Acquiring

Fund,

the

pro

forma

results

operations

for

the year

ended

July

31,

2025,

were

follows:

•

Net

investment

income

(loss):

$411,421

•

Net

realized

and

change

unrealized

gain/loss

investments:

$696,613

•

Net

increase/decrease

net

assets

resulting

from

operations:

$1,108,034

Because

the

combined

investment

portfolios

have

been

managed

single

integrated

portfolio

since

the

reorganization

was

completed,

not

practicable

separate

the

amounts

revenue

and

earnings

the

Target

Fund

that

have

been

included

the

Acquiring

Fund’s

Statements

Operations

since

November

18,

2024.

Significant

Accounting

Policies

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

iShares

ETF

Diversification

Classification

LifePath

Retirement

...................................................................................................

Diversified

LifePath

Target

Date

2030

...............................................................................................

Diversified

LifePath

Target

Date

2035

...............................................................................................

Diversified

LifePath

Target

Date

2040

...............................................................................................

Diversified

LifePath

Target

Date

2045

...............................................................................................

Diversified

LifePath

Target

Date

2050

...............................................................................................

Diversified

LifePath

Target

Date

2055

...............................................................................................

Diversified

LifePath

Target

Date

2060

...............................................................................................

Diversified

LifePath

Target

Date

2065

...............................................................................................

Diversified

LifePath

Target

Date

2070

(a)

..............................................................................................

Diversified

(a)

The

Fund

commenced

operations

November

12,

2024.

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

results

could

differ

from

those

estimates. Each

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions

from

the

underlying

funds,

any,

are

recorded

the

ex-dividend

date.

Interest

income

recognized

daily

accrual

basis.

Cash:

The

Funds

may

maintain

cash

their

custodian

which,

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statements

Operations.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

sales

securities

resulting

realized

capital

gains

losses

the

Funds.

Because

such

gains

losses

are

not

taxable

the

Funds

and

are

not

distributed

existing

Fund

shareholders,

the

gains

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

paid-in

capital

the

end

the

Funds’

tax

year.

These

reclassifications

have

effect

net

assets

NAV

per

share.

Distributions:

Dividends

and

distributions

paid

each

Fund

are

recorded

the

ex-dividend

dates.

Distributions

are

determined

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

U.S.

dollars

and

cannot

automatically

reinvested

additional

the

Funds.

Indemnifications:

the

normal

course

business,

each

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Funds,

which

cannot

predicted

with

any

certainty.

Segment

Reporting:

The

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Funds’

adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

results

operations.

The

Chief

Financial

Officer

acts

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

responsible

for

assessing

performance

and

allocating

resources

with

respect

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

single

operating

segment

since

the

Funds

have

single

investment

strategy

disclosed

their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

and

reviewed

the

CODM

presented

within

the

Funds’

financial

statements.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

open

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board of

each

Fund

has

approved

the

designation

BFA,

the

Funds’

investment

adviser,

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

BFA’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

BFA’s

policies

and

procedures

reflecting

fair

value. BFA

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Exchange-traded

funds

and

closed-end

funds

traded

recognized

securities

exchange

are

valued

that

day’s

official

closing

price,

applicable,

the

exchange

where

the

fund

primarily

traded.

Funds

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

traded

price.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

that

day’s

NAV.

events

(e.g.,

market

volatility,

company

announcement

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that

application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with BFA’s

policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that each

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement

the

measurement

date.

Fair

value

pricing

could

result

difference

between

the

prices

used

calculate

fund’s

NAV

and

the

prices

used

the

fund’s

underlying

index,

which

turn

could

result

difference

between

the

fund’s

performance

and

the

performance

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

–

Unadjusted

price

quotations

active

markets/exchanges

that each

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

–

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

Level

– Inputs

that

are

unobservable

and

significant

the

entire

fair

value

measurement

for

the

asset

liability (including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

approved

borrowers,

such

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

cash,

irrevocable

letter

credit

issued

approved

bank,

securities

issued

guaranteed

the

U.S.

government.

The

initial

collateral

received

each

Fund

required

have

value

least

102%

the

current

market

value

the

loaned

securities

for

securities

traded

U.S.

exchanges

and

value

least

105%

for

all

other

securities.

The

collateral

maintained

thereafter

value

equal

least

100%

the

current

value

the

securities

loan.

The

market

value

the

loaned

securities

determined

the

each

business

day

the

Fund

and

any

additional

required

collateral

delivered

the

Fund

excess

collateral

returned

the

Fund,

the

business

day.

During

the

term

the

loan,

each

Fund

entitled

all

distributions

made

respect

the

loaned

securities

but

does

not

receive

interest

income

securities

received

collateral.

Loans

securities

are

terminable

any

time

and

the

borrower,

after

notice,

required

return

borrowed

securities

within

the

standard

time

period

for

settlement

securities

transactions.

period

end,

any

securities

loan

were

collateralized

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

money

market

funds

managed

BFA,

its

affiliates

disclosed

the

Schedule

Investments.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

Fund,

except

the

event

borrower

default.

The

securities

loan,

any,

are

also

disclosed

each

Fund’s

Schedule

Investments.

The

market

value

any

securities

loan

and

the

value

any

cash

collateral

are

disclosed

the Statements

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

the

Funds

under

Master

Securities

Lending

Agreements

(each,

“MSLA”)

which

provide

the

right,

the

event

default

(including

bankruptcy

insolvency)

for

the

non-defaulting

party

liquidate

the

collateral

and

calculate

net

exposure

the

defaulting

party

request

additional

collateral.

the

event

that

borrower

defaults,

the

Funds,

lender,

would

offset

the

market

value

the

collateral

received

against

the

market

value

the

securities

loaned.

When

the

value

the

collateral

greater

than

that

the

market

value

the

securities

loaned,

the

lender

left

with

net

amount

payable

the

defaulting

party.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

such

right

offset

the

event

MSLA

counterparty’s

bankruptcy

insolvency.

Under

the

MSLA,

absent

event

default,

the

borrower

can

resell

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

connection

with

loaned

securities.

Upon

event

default,

the

parties’

obligations

return

the

securities

collateral

the

other

party

are

extinguished,

and

the

parties

can

resell

re-pledge

the

loaned

securities

the

collateral

received

connection

with

the

loaned

securities

order

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

period

end,

the

following

table

summary

the

securities

loan

counterparty

which

are

subject

offset

under

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

LifePath

Retirement

J.P.

Morgan

Securities

LLC

.........................................

430,674‌

(430,674‌)

—‌

430,674‌

(430,674‌)

—‌

LifePath

Target

Date

2030

J.P.

Morgan

Securities

LLC

.........................................

813,557‌

(813,557‌

)

—‌

813,557‌

(813,557‌)

—‌

LifePath

Target

Date

2035

J.P.

Morgan

Securities

LLC

.........................................

1,668,766‌

(1,668,766‌)

—‌

1,668,766‌

(1,668,766‌)

—‌

LifePath

Target

Date

2040

J.P.

Morgan

Securities

LLC

.........................................

1,771,699‌

(1,771,699‌)

—‌

1,771,699‌

(1,771,699‌)

—‌

LifePath

Target

Date

2045

J.P.

Morgan

Securities

LLC

.........................................

1,933,846‌

(

1,933,846‌)

—‌

1,933,846‌

(1,933,846‌)

—‌

LifePath

Target

Date

2050

J.P.

Morgan

Securities

LLC

.........................................

2,260,507‌

(2,260,507‌)

—‌

2,260,507‌

(2,260,507‌)

—‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

The

risks

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

may

not

return

the

securities

when

due.

mitigate

these

risks,

each

Fund

benefits

from

borrower

default

indemnity

provided

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

the

securities

loaned

the

extent

the

collateral

received

does

not

cover

the

value

the

securities

loaned

the

event

borrower

default.

Each

Fund

could

incur

loss

the

value

investment

purchased

with

cash

collateral

falls

below

the

market

value

the

loaned

securities

the

value

investment

purchased

with

cash

collateral

falls

below

the

value

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

each

Fund.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

Investment

Advisory

Agreement

with

the

Trust,

BFA

manages

the

investment

each

Fund’s

assets.

BFA

California

corporation

indirectly

owned

BlackRock,

Inc.

("BlackRock").

Under

the

Investment

Advisory

Agreement,

BFA

responsible

for

substantially

all

expenses

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

determined

majority

the

independent

trustees).

For

its

investment

advisory

services

each

Fund,

BFA

paid

management

fee

from

each

Fund

based

percentage

each

Fund’s

average

daily

net

assets,

the

annual

rate

0.00%.

The

Funds

may

incur

“Acquired

Fund

Fees

and

Expenses”.

Acquired

Fund

Fees

and

Expenses

reflect

the

Funds’

pro

rata

the

fees

and

expenses

incurred

indirectly

the

Fund

result

investing

other

investment

companies.

The

impact

Acquired

Fund

Fees

and

Expenses

included

the

total

returns

each

Fund.

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

the

distributor

for

each

Fund.

Pursuant

the

distribution

agreement,

BFA

responsible

for

any

fees

expenses

for

distribution

services

provided

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

ETF

Services

Agreement

with

BRIL

perform

certain

order

processing,

Authorized

Participant

communications,

and

services

connection

with

the

issuance

and

redemption

Creation

Units

(“ETF

Services”).

BRIL

entitled

transaction

fee

from

Authorized

Participants

each

creation

redemption

order

for

the

ETF

Services

provided. The

Funds

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

affiliate

BFA,

serve

securities

lending

agent

for

the

Funds,

subject

applicable

conditions.

securities

lending

agent,

BTC

bears

all

operational

costs

directly

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

connection

with

the

investment

cash

collateral

received

for

securities

loan

(the

“collateral

investment

fees”).

The

cash

collateral

invested

money

market

fund,

BlackRock

Cash

Funds:

Institutional

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

its

affiliates.

However,

BTC

has

agreed

reduce

the

amount

securities

lending

income

receives

order

effectively

limit

the

collateral

investment

fees each

Fund

bears

annual

rate

0.04%.

The

Agency

such

money

market

fund

will

not

subject

sales

load,

distribution

fee

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

discretionary

liquidity

fee

all

redemptions.

Discretionary

liquidity

fees

may

imposed

terminated

any

time

the

discretion

the

board

directors

the

money

market

fund,

its

delegate,

determined

that

such

fee

would

be,

would

not

be,

respectively,

the

best

interest

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

mandatory

liquidity

fee

the

money

market

fund’s

total

net

redemptions

single

day

exceed

the

money

market

fund’s

net

assets,

unless

the

amount

the

fee

less

than

0.01%

the

value

the

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

the

mandatory

liquidity

fee

making

good

faith

estimate

certain

costs

the

money

market

fund

would

incur

were

sell

pro

rata

amount

each

security

the

portfolio

satisfy

the

amount

net

redemptions

that

day.

There

limit

the

size

mandatory

liquidity

fee.

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

selling

pro

rata

amount

each

portfolio

security

good

faith

and

supported

data,

required

apply

default

liquidity

fee

the

value

redeemed

that

day.

Securities

lending

income

generally

equal

the

total

income

earned

from

the

reinvestment

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

other

payments

and

from

borrowers

securities. Each

Fund

retains

portion

the

securities

lending

income

and

remits

the

remaining

portion

BTC

compensation

for

its

services

securities

lending

agent.

iShares

ETF

and

Counterparty

Securities

Loaned

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

Fair

Value

(a)

Net

Amount

LifePath

Target

Date

2055

J.P.

Morgan

Securities

LLC

.........................................

1,134,552‌

(1,134,552‌)

—‌

1,134,552‌

(1,134,552‌)

—‌

LifePath

Target

Date

2060

J.P.

Morgan

Securities

LLC

.........................................

543,281‌

(

543,281‌)

—‌

543,281‌

(543,281‌)

—‌

LifePath

Target

Date

2065

J.P.

Morgan

Securities

LLC

.........................................

83,998‌

(83,998‌)

—‌

83,998‌

(83,998‌)

—‌

LifePath

Target

Date

2070

J.P.

Morgan

Securities

LLC

.........................................

36,684‌

(36,684‌)

—‌

36,684‌

(36,684‌)

—‌

(a)

Collateral

received,

any,

excess

the

market

value

securities

loan

not

presented

this

table.

The

total

cash

collateral

received

each

Fund

disclosed

the

Funds’

Statements

Assets

and

Liabilities.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

Pursuant

the

current

securities

lending

agreement,

each

Fund

retains

82%

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

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

that

calendar

year

exceeds

specified

threshold,

each

Fund,

pursuant

the

securities

lending

agreement,

will

retain

for

the

remainder

that

calendar

year

85%

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

less

than

70%

the

total

securities

lending

income

plus

the

collateral

investment

fees.

The

securities

lending

income

earned

each

Fund

shown

securities

lending

income

–

affiliated

–

net

its Statements

Operations.

For

the period

ended July

31,

2025,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

the

Trust

are

directors

and/or

officers

BlackRock

its

affiliates.

Each

Fund

may

invest

its

positive

cash

balances

certain

money

market

funds

managed

BFA

affiliate.

The

income

earned

these

temporary

cash

investments

shown

dividends

–

affiliated

the

Statements

Operations.

Purchases

and

Sales

For

the

period ended

July

31,

2025,

purchases

and

sales

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

follows:

For

the

period

ended

July

31,

2025,

in-kind

transactions

were

follows:

Income

Tax

Information

Each

Fund

treated

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

each

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

iShares

ETF

Amounts

LifePath

Retirement

..................................................................................................

1,140

‌

LifePath

Target

Date

2030

..............................................................................................

1,818

‌

LifePath

Target

Date

2035

..............................................................................................

2,474

‌

LifePath

Target

Date

2040

..............................................................................................

1,914

‌

LifePath

Target

Date

2045

..............................................................................................

2,828

‌

LifePath

Target

Date

2050

..............................................................................................

1,762

‌

LifePath

Target

Date

2055

..............................................................................................

1,742

‌

LifePath

Target

Date

2060

..............................................................................................

1,266

‌

LifePath

Target

Date

2065

..............................................................................................

1,138

‌

LifePath

Target

Date

2070

..............................................................................................

‌

iShares

ETF

Purchases

Sales

LifePath

Retirement

................................................................................

2,278,365

2,289,397

LifePath

Target

Date

2030

............................................................................

4,452,513

4,242,560

LifePath

Target

Date

2035

............................................................................

5,306,968

5,002,921

LifePath

Target

Date

2040

............................................................................

4,337,218

4,037,602

LifePath

Target

Date

2045

............................................................................

3,736,189

3,515,754

LifePath

Target

Date

2050

............................................................................

3,944,406

3,768,884

LifePath

Target

Date

2055

............................................................................

1,928,594

1,811,215

LifePath

Target

Date

2060

............................................................................

1,217,326

1,131,656

LifePath

Target

Date

2065

............................................................................

1,052,945

997,655

LifePath

Target

Date

2070

............................................................................

238,733

199,350

iShares

ETF

In-kind

Purchases

In-kind

Sales

LifePath

Retirement

..................................................................................

16,267,753‌

1,123,028‌

LifePath

Target

Date

2030

..............................................................................

20,544,234‌

1,181,998‌

LifePath

Target

Date

2035

..............................................................................

32,093,402‌

595,721‌

LifePath

Target

Date

2040

..............................................................................

24,843,649‌

606,202‌

LifePath

Target

Date

2045

..............................................................................

20,870,151‌

637,747‌

LifePath

Target

Date

2050

..............................................................................

16,498,109‌

644,230‌

LifePath

Target

Date

2055

..............................................................................

13,638,525‌

1,312,580‌

LifePath

Target

Date

2060

..............................................................................

10,356,546‌

—‌

LifePath

Target

Date

2065

..............................................................................

6,444,877‌

—‌

LifePath

Target

Date

2070

..............................................................................

3,459,792‌

—‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the

Funds

July

31,

2025,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Funds’

financial

statements.

Management’s

analysis

based

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

effect

the

date

these

financial

statements,

all

which

are

subject

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

U.S.

GAAP

requires

that

certain

components

net

assets

adjusted

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

effect

net

assets

NAV

per

share.

July

31,

2025,

permanent

differences

attributable

to distributions

paid

excess

taxable

income,

distributions

connection

with

fund

redemptions

and realized

gains

(losses)

from

in-kind

redemptions were

reclassified

the

following

accounts:

The

tax

character

distributions

paid

was

follows:

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

LifePath

Retirement

..................................................................................

118,144‌

(118,144‌)

LifePath

Target

Date

2030

..............................................................................

158,720‌

(158,720‌)

LifePath

Target

Date

2035

..............................................................................

87,034‌

(87,034‌)

LifePath

Target

Date

2040

..............................................................................

104,043‌

(104,043‌)

LifePath

Target

Date

2045

..............................................................................

130,605‌

(130,605‌)

LifePath

Target

Date

2050

..............................................................................

137,110‌

(137,110‌)

LifePath

Target

Date

2055

..............................................................................

300,169‌

(300,169‌)

iShares

ETF

Year

Ended

07/31/25

Period

From

10/17/2023

07/31/24

LifePath

Retirement

(a)

Ordinary

income

...........................................................................................

391,462‌

71,340‌

LifePath

Target

Date

2030

(a)

Ordinary

income

...........................................................................................

310,934‌

23,764‌

LifePath

Target

Date

2035

(a)

Ordinary

income

...........................................................................................

414,192‌

45,745‌

LifePath

Target

Date

2040

(a)

Ordinary

income

...........................................................................................

333,453‌

36,483‌

LifePath

Target

Date

2045

(a)

Ordinary

income

...........................................................................................

315,072‌

23,822‌

LifePath

Target

Date

2050

(a)

Ordinary

income

...........................................................................................

310,847‌

23,194‌

LifePath

Target

Date

2055

(a)

Ordinary

income

...........................................................................................

198,253‌

22,950‌

LifePath

Target

Date

2060

(a)

Ordinary

income

...........................................................................................

125,053‌

22,951‌

LifePath

Target

Date

2065

(a)

Ordinary

income

...........................................................................................

115,849‌

22,951‌

LifePath

Target

Date

2070

(b)

Ordinary

income

...........................................................................................

15,882‌

—‌

(a)

The

Fund

commenced

operations

October

17,

2023.

(b)

The

Fund

commenced

operations

November

12,

2024.

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

July

31,

2025,

the

tax

components

accumulated earnings

(losses)

were

follows:

For

the

year

ended

July

31,

2025,

the iShares LifePath

Target

Date

2030 ETF

utilized

$2,441

its

capital

loss

carryforwards.

July

31,

2025,

gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

Principal

Risks

the

normal

course

business,

each

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including,

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

The

Funds

may

exposed

additional

risks

when

reinvesting

cash

collateral

money

market

funds

that

not

seek

maintain

stable

NAV

per

$1.00,

which

may

subject

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries.

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment.

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which

Fund

invests. A

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Funds’

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statements

Assets

and

Liabilities,

less

any

collateral

held

the

Funds.

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Capital

Losses

(c)

Total

LifePath

Retirement

...............................

—‌

(27,962‌)

1,227,171‌

—‌

1,199,209‌

LifePath

Target

Date

2030

...........................

324,567‌

—‌

1,923,649‌

(54,901‌)

2,193,315‌

LifePath

Target

Date

2035

...........................

428,098‌

—‌

3,305,412‌

(63,312‌)

3,670,198‌

LifePath

Target

Date

2040

...........................

372,964‌

(55,813‌)

3,405,819‌

—‌

3,722,970‌

LifePath

Target

Date

2045

...........................

318,715‌

(74,680‌)

3,484,922‌

—‌

3,728,957‌

LifePath

Target

Date

2050

...........................

264,715‌

(43,110‌)

3,718,371‌

—‌

3,939,976‌

LifePath

Target

Date

2055

...........................

178,603‌

—‌

2,349,685‌

(26,290‌)

2,501,998‌

LifePath

Target

Date

2060

...........................

128,344‌

—‌

1,944,566‌

(11,902‌)

2,061,008‌

LifePath

Target

Date

2065

...........................

97,588‌

—‌

1,723,414‌

(9,441‌)

1,811,561‌

LifePath

Target

Date

2070

...........................

27,167‌

(1,668‌)

274,755‌

—‌

300,254‌

(a)

Amounts

available

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

the

tax

deferral

losses

wash

sales.

(c)

The

Trust

has

elected

defer

these

qualified

late-year

losses

and

recognize

such

losses

the

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

LifePath

Retirement

............................................

24,141,316

‌

1,227,171

‌

—

‌

1,227,171

‌

LifePath

Target

Date

2030

........................................

29,835,224

‌

1,936,773

‌

(13,124

)

1,923,649

‌

LifePath

Target

Date

2035

........................................

45,587,108

‌

3,305,412

‌

—

‌

3,305,412

‌

LifePath

Target

Date

2040

........................................

37,587,268

‌

3,412,461

‌

(6,642

)

3,405,819

‌

LifePath

Target

Date

2045

........................................

33,719,916

‌

3,493,750

‌

(8,828

)

3,484,922

‌

LifePath

Target

Date

2050

........................................

30,352,027

‌

3,739,031

‌

(20,660

)

3,718,371

‌

LifePath

Target

Date

2055

........................................

21,098,403

‌

2,362,371

‌

(12,686

)

2,349,685

‌

LifePath

Target

Date

2060

........................................

15,305,015

‌

1,948,744

‌

(4,178

)

1,944,566

‌

LifePath

Target

Date

2065

........................................

10,878,039

‌

1,723,434

‌

(20

)

1,723,414

‌

LifePath

Target

Date

2070

........................................

3,538,778

‌

278,659

‌

(3,904

)

274,755

‌

Notes

Financial

Statements

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

its

Schedule

Investments.

The Funds

invest

significant

portion

their

assets

in securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Funds

invest.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

Capital

Transactions

Capital

are

issued

and

redeemed

by each

Fund

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”)

NAV.

Except

when

aggregated

Creation

Units,

of each

Fund

are

not

redeemable.

Transactions

capital

were

follows:

‌

Year

Ended

07/31/25

‌

Period

Ended

07/31/24

‌

iShares

ETF

‌

Amount

‌

Amount

‌

LifePath

Retirement

(a)

sold

...............................................

560,000

‌

16,291,237

‌

160,000

‌

4,155,271

‌

issued in

reorganization

181,078

‌

5,153,726

‌

—

‌

—

‌

redeemed

...........................................

(40,000

)

(1,124,963

)

(20,000

)

(563,302

)

701,078

‌

20,320,000

‌

140,000

‌

3,591,969

‌

LifePath

Target

Date

2030

(a)

sold

...............................................

680,000

‌

20,600,905

‌

340,000

‌

9,159,056

‌

redeemed

...........................................

(40,000

)

(1,184,834

)

—

‌

—

‌

640,000

‌

19,416,071

‌

340,000

‌

9,159,056

‌

LifePath

Target

Date

2035

(a)

sold

...............................................

1,040,000

‌

32,187,539

‌

440,000

‌

11,843,492

‌

redeemed

...........................................

(20,000

)

(597,720

)

—

‌

—

‌

1,020,000

‌

31,589,819

‌

440,000

‌

11,843,492

‌

LifePath

Target

Date

2040

(a)

sold

...............................................

800,000

‌

24,908,361

‌

440,000

‌

12,027,473

‌

redeemed

...........................................

(20,000

)

(607,822

)

(40,000

)

(1,166,835

)

780,000

‌

24,300,539

‌

400,000

‌

10,860,638

‌

LifePath

Target

Date

2045

(a)

sold

...............................................

660,000

‌

20,901,469

‌

400,000

‌

11,099,493

‌

redeemed

...........................................

(20,000

)

(638,381

)

—

‌

—

‌

640,000

‌

20,263,088

‌

400,000

‌

11,099,493

‌

LifePath

Target

Date

2050

(a)

sold

...............................................

520,000

‌

16,525,203

‌

420,000

‌

11,794,611

‌

redeemed

...........................................

(20,000

)

(644,540

)

—

‌

—

‌

500,000

‌

15,880,663

‌

420,000

‌

11,794,611

‌

LifePath

Target

Date

2055

(a)

sold

...............................................

420,000

‌

13,652,459

‌

260,000

‌

7,141,541

‌

redeemed

...........................................

(40,000

)

(1,313,683

)

—

‌

—

‌

380,000

‌

12,338,776

‌

260,000

‌

7,141,541

‌

Notes

Financial

Statements

(

continued)

Notes

Financial

Statements

The

consideration

for

the

purchase

Creation

Units

fund

the

Trust

generally

consists

the

in-kind

deposit

designated

portfolio

securities

and

specified

amount

cash.

Certain

funds

the

Trust

may

offered

Creation

Units

solely

partially

for

cash

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

BRIL,

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

investing

portfolio

securities.

Such

variable

charges,

any,

are

included

sold

the

table

above.

the

extent

applicable,

facilitate

the

timely

settlement

orders

for

the

Funds

using

clearing

facility

outside

the

continuous

net

settlement

process,

the

Funds,

their

sole

discretion,

may

permit

Authorized

Participant

post

cash

collateral

anticipation

the

delivery

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

further

described

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

subject

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

the

event

that

the

Authorized

Participant

fails

deliver

all

portion

the

applicable

Deposit

Securities

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

the

terms

the

Control

Agreement

order

purchase

the

applicable

Deposit

Securities

Fund

Securities.

From

time

time,

settlement

securities

in-kind

contributions

in-kind

redemptions

may

delayed.

such

cases,

securities

in-kind

transactions

are

reflected

receivable

payable

the

Statements

Assets

and

Liabilities.

10.

Subsequent

Events

Management

has

evaluated

the

impact

all

subsequent

events

the

Funds

through

the

date

the

financial

statements

were

available

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Year

Ended

07/31/25

Period

Ended

07/31/24

iShares

ETF

Amount

LifePath

Target

Date

2060

(a)

sold

...............................................

320,000

‌

10,368,846

‌

160,000

‌

4,261,511

‌

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

320,000

‌

10,368,846

‌

160,000

‌

4,261,511

‌

LifePath

Target

Date

2065

(a)

sold

...............................................

200,000

‌

6,450,995

‌

160,000

‌

4,253,135

‌

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

200,000

‌

6,450,995

‌

160,000

‌

4,253,135

‌

LifePath

Target

Date

2070

(b)

sold

...............................................

140,000

‌

3,475,823

‌

—

‌

—

‌

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

140,000

‌

3,475,823

‌

—

‌

—

‌

(a)

The

Fund

commenced

operations

October

17,

2023.

(b)

The

Fund

commenced

operations

November

12,

2024.

Report

Independent

Registered

Public

Accounting

Firm

2025

iShares

Annual

Financial

Statements

and

Additional

Information

the

Board

Trustees

iShares

Trust

and

Shareholders

each

the ten funds

listed

the

table

below

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed

the

table

below

(ten

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

the

"Funds")

July

31,

2025,

the

statements

operations

and

changes

net

assets

for

each

the

periods

indicated

the

table

below,

including

the

notes,

and

the

financial

highlights

for

each

the

periods

indicated

therein

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

listed

the

table

below

July

31,

2025,

the

results

each

their

operations

and

the

changes

each

their

net

assets

for

the

periods

indicated

the

table

below,

and

each

the

financial

highlights

for

each

the

periods

indicated

therein,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2025

correspondence

with

the

custodian

and

transfer

agent.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2025

have

served

the

auditor

one

BlackRock

investment

companies

since

2000.

iShares

LifePath

Retirement

ETF

(1)

iShares

LifePath

Target

Date

2030

ETF

(1)

iShares

LifePath

Target

Date

2035

ETF

(1)

iShares

LifePath

Target

Date

2040

ETF

(1)

iShares

LifePath

Target

Date

2045

ETF

(1)

iShares

LifePath

Target

Date

2050

ETF

(1)

iShares

LifePath

Target

Date

2055

ETF

(1)

iShares

LifePath

Target

Date

2060

ETF

(1)

iShares

LifePath

Target

Date

2065

ETF

(1)

iShares

LifePath

Target

Date

2070

ETF

(2)

(1)

Statement

operations

for

the

year

ended

July

31,

2025

and

statement

changes

net

assets

for

the

year

ended

July

31,

2025

and

the

period

October

17,

2023

(commencement

operations)

through

July

31,

2024

(2)

Statement

operations

and

statement

changes

net

assets

for

the

period

November

12,

2024

(commencement

operations)

through

July

31,

2025

Important

Tax

Information

(unaudited)

Important

Tax

Information

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

dividend

income

for

individuals

for

the

fiscal

period

ended

July

31,

2025:

The

following

amounts,

maximum

amounts

allowable

law,

are

hereby

designated

qualified

business

income

for

individuals

for

the

fiscal

period

ended

July

31,

2025:

The

Funds

intend

pass

through

their

shareholders

the

following

amounts,

maximum

amounts

allowable

law,

foreign

source

income

earned

and

foreign

taxes

paid

for

the

fiscal

period

ended

July

31,

2025:

The

following

percentages,

maximum

percentages

allowable

law,

ordinary

income

distributions

paid

during

the

fiscal

period

ended

July

31,

2025

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

LifePath

Retirement

...................................................................................................

49,200‌

LifePath

Target

Date

2030

...............................................................................................

104,497‌

LifePath

Target

Date

2035

...............................................................................................

171,255‌

LifePath

Target

Date

2040

...............................................................................................

168,066‌

LifePath

Target

Date

2045

...............................................................................................

188,881‌

LifePath

Target

Date

2050

...............................................................................................

219,642‌

LifePath

Target

Date

2055

...............................................................................................

149,520‌

LifePath

Target

Date

2060

...............................................................................................

89,691‌

LifePath

Target

Date

2065

...............................................................................................

85,515‌

LifePath

Target

Date

2070

...............................................................................................

32,532‌

iShares

ETF

Qualified

Business

Income

LifePath

Retirement

...................................................................................................

4,237‌

LifePath

Target

Date

2030

...............................................................................................

9,307‌

LifePath

Target

Date

2035

...............................................................................................

17,039‌

LifePath

Target

Date

2040

...............................................................................................

17,017‌

LifePath

Target

Date

2045

...............................................................................................

19,624‌

LifePath

Target

Date

2050

...............................................................................................

12,081‌

LifePath

Target

Date

2055

...............................................................................................

6,529‌

LifePath

Target

Date

2060

...............................................................................................

4,093‌

LifePath

Target

Date

2065

...............................................................................................

3,781‌

LifePath

Target

Date

2070

...............................................................................................

1,304‌

iShares

ETF

Foreign

Source

Income

Earned

Foreign

Taxes

Paid

LifePath

Retirement

..................................................................................

30,043‌

2,497‌

LifePath

Target

Date

2030

..............................................................................

66,678‌

5,471‌

LifePath

Target

Date

2035

..............................................................................

110,193‌

9,062‌

LifePath

Target

Date

2040

..............................................................................

110,609‌

9,154‌

LifePath

Target

Date

2045

..............................................................................

129,818‌

10,754‌

LifePath

Target

Date

2050

..............................................................................

148,972‌

12,320‌

LifePath

Target

Date

2055

..............................................................................

102,734‌

8,534‌

LifePath

Target

Date

2060

..............................................................................

59,121‌

4,895‌

LifePath

Target

Date

2065

..............................................................................

55,935‌

4,623‌

LifePath

Target

Date

2070

..............................................................................

27,503‌

2,231‌

iShares

ETF

Dividends-Received

Deduction

LifePath

Retirement

...................................................................................................

12.81‌

LifePath

Target

Date

2030

...............................................................................................

15.04‌

LifePath

Target

Date

2035

...............................................................................................

18.27‌

LifePath

Target

Date

2040

...............................................................................................

.63‌

LifePath

Target

Date

2045

...............................................................................................

24.64‌

LifePath

Target

Date

2050

...............................................................................................

29.45‌

LifePath

Target

Date

2055

...............................................................................................

30.88‌

LifePath

Target

Date

2060

...............................................................................................

31.00‌

LifePath

Target

Date

2065

...............................................................................................

32.16‌

LifePath

Target

Date

2070

...............................................................................................

25.27‌

Important

Tax

Information

(unaudited)

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

The

Funds

hereby

designate

the

following

amounts,

maximum

amounts

allowable

law,

interest

income

eligible

treated

Section

163(j)

interest

dividend

for

the

fiscal

period

ended

July

31,

2025:

The

Funds

hereby

designate

the

following

amounts,

maximum

amounts

allowable

law,

interest-related

dividends

and

qualified

short-term

capital

gains

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

period

ended

July

31,

2025:

iShares

ETF

Interest

Dividends

LifePath

Retirement

...................................................................................................

138,472‌

LifePath

Target

Date

2030

...............................................................................................

169,158‌

LifePath

Target

Date

2035

...............................................................................................

180,719‌

LifePath

Target

Date

2040

...............................................................................................

105,718‌

LifePath

Target

Date

2045

...............................................................................................

57,334‌

LifePath

Target

Date

2050

...............................................................................................

26,068‌

LifePath

Target

Date

2055

...............................................................................................

5,433‌

LifePath

Target

Date

2060

...............................................................................................

2,667‌

LifePath

Target

Date

2065

...............................................................................................

2,629‌

LifePath

Target

Date

2070

...............................................................................................

855‌

iShares

ETF

Interest-Related

Dividends

Qualified

Short-Term

Capital

Gains

LifePath

Retirement

..................................................................................

130,757‌

12,320‌

LifePath

Target

Date

2030

..............................................................................

157,187‌

—‌

LifePath

Target

Date

2035

..............................................................................

166,600‌

7,815‌

LifePath

Target

Date

2040

..............................................................................

97,009‌

—‌

LifePath

Target

Date

2045

..............................................................................

51,936‌

—‌

LifePath

Target

Date

2050

..............................................................................

21,854‌

—‌

LifePath

Target

Date

2055

..............................................................................

4,635‌

4,958‌

LifePath

Target

Date

2060

..............................................................................

2,284‌

7,325‌

LifePath

Target

Date

2065

..............................................................................

2,251‌

4,029‌

LifePath

Target

Date

2070

..............................................................................

718‌

—‌

Additional

Information

Additional

Information

Premium/Discount

Information

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

found

iShares.com

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

announcing

that

the

shareholder

report

prospectus

has

been

posted

the

iShares

website

iShares.com

Once

you

have

enrolled,

you

will

longer

receive

prospectuses

and

shareholder

reports

the

mail.

enroll

electronic

delivery:

icsdelivery.com

your

brokerage

firm

not

listed,

electronic

delivery

may

not

available.

Please

contact

your

broker-dealer

financial

advisor.

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

the

Investment

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

BFA

pays

the

compensation

each

Independent

Trustee

for

services

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

Portfolio

Holdings

Information

description

the

Trust’s

policies

and

procedures

with

respect

the

disclosure

the

Funds’

portfolio

securities

available

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

Fund

fact

sheets,

when

available,

iShares.com

Board

Review

and

Approval

Investment

Advisory

Contract

2025

iShares

Annual

Financial

Statements

and

Additional

Information

iShares

LifePath

Retirement

ETF,

iShares

LifePath

Target

Date

2030

ETF,

iShares

LifePath

Target

Date

2035

ETF,

iShares

LifePath

Target

Date

2040

ETF,

iShares

LifePath

Target

Date

2045

ETF,

iShares

LifePath

Target

Date

2050

ETF,

iShares

LifePath

Target

Date

2055

ETF,

iShares

LifePath

Target

Date

2060

ETF,

iShares

LifePath

Target

Date

2065

ETF

(each

the

“Fund”)

Under

Section

15(c)

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Trust's

Board

Trustees

(the

“Board”),

including

majority

Board

Members

who

are

not

“interested

persons”

the

Trust

(as

that

term

defined

the

1940

Act)

(the

“Independent

Board

Members”),

required

annually

consider

the

approval

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

behalf

the

Fund.

The

Board’s

consideration

entails

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

Independent

Board

Members)

assess

BlackRock’s

services

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

evaluate

the

Advisory

Agreement.

meetings

held

May

2025

and

May

23,

2025,

committee

composed

all

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

response

initial

requests

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

and

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

matters

relevant

the

renewal

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

provide.

meeting

held

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

management

response

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

the

Independent

Board

Members,

approved

the

continuance

the

Advisory

Agreement

for

the

Fund,

based

review

qualitative

and

quantitative

information

provided

BFA

and

their

cumulative

experience

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

information

provided

and

its

frequent

interactions

with

management,

well

the

detailed

responses

and

other

information

provided

BFA.

The

Independent

Board

Members

were

advised

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

their

review.

approving

the

continuance

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

the

Fund;

(ii)

the

nature,

extent

and

quality

the

services

provided

BFA;

(iii)

the

costs

services

provided

the

Fund

and

profits

realized

BFA

and

its

affiliates;

(iv)

potential

economies

scale

and

the

sharing

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

BFA

and

its

affiliates

any;

and

(vi)

other

benefits

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

approve

the

continuance

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

the

Fund:

The

Board

reviewed

statistical

information

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

other

fund(s)

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

the

Fund

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

Broadridge

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

detailed

description

the

proprietary

ETF

methodology

used

Broadridge

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

the

limitations

providing

comparable

funds

the

Peer

Group,

the

statistical

information

provided

Broadridge’s

report

may

not

provide

meaningful

direct

comparisons

the

Fund

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

the

investment

advisory

fee

rates

and

overall

expenses

(net

any

waivers

and

reimbursements)

the

funds

its

Peer

Group,

excluding

iShares

funds.

The

Board

noted

that

the

Fund

actively

managed

ETF

that

does

not

seek

track

the

performance

specified

index

and

that

the

management

team

for

the

Fund

manages

the

Fund’s

portfolio

accordance

with

its

investment

objective.

The

Board

further

noted

that,

during

the

year,

the

Board

received

periodic

reports

the

Fund’s

short- and

longer-term

performance

comparison

with

its

reference

benchmark.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

requested

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

line

with

expectations

relative

the

Fund’s

peer

group

(where

applicable)

and

reference

benchmark

stated

investment

objective.

Based

this

review,

the

other

relevant

factors

and

information

considered

the

meeting,

and

their

general

knowledge

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

the

Fund

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

Services

Provided:

Based

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

the

iShares

product

line

and

BFA’s

business,

including

with

respect

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

diminution

the

scope

services

required

provided

BFA

under

the

Advisory

Agreement

for

the

coming

year

compared

with

the

scope

services

provided

BFA

during

prior

years.

reviewing

the

scope

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,

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

the

Fund,

including

programs

implemented

pursuant

regulatory

requirements.

that

regard,

the

Board

noted

that

BFA

reports

the

Board

about

portfolio

management

and

compliance

matters

periodic

basis

connection

with

regularly

scheduled

meetings

the

Board,

and

other

occasions

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

BFA

(and

its

affiliates)

available

needed

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

the

persons

responsible

for

the

day-to-day

management

the

Fund,

well

the

resources

available

them

managing

the

Fund.

addition

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

the

May

2025

meeting

and

throughout

the

year,

and

matters

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

well

BlackRock’s

continued

investments

its

ETF

business.

Based

review

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

services

provided

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(

continued)

Board

Review

and

Approval

Investment

Advisory

Contract

Costs

Services

Provided

the

Fund

and

Profits

Realized

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

BlackRock

managing

the

Fund,

based

the

fees

payable

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

revenue

and

expense

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

affected

numerous

factors,

including,

among

other

things,

fee

waivers

BFA,

the

types

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

individual

fund

levels

challenging.

The

Board

discussed

with

management

the

sources

direct

and

ancillary

revenue,

including

the

revenues

BTC,

BlackRock

affiliate,

from

securities

lending

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

reflected

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

scale

(as

discussed

below).

Based

this

review,

the

Board

concluded

that

the

information

considered

with

respect

the

profits

realized

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

any,

and

costs

the

services

provided

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Economies

Scale:

The

Board

reviewed

information

and

considered

the

extent

which

economies

scale

might

realized

the

assets

the

Fund

increase,

noting

that

the

issue

potential

economies

scale

had

been

focused

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

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

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

fixed

and

variable

costs

may

impact

the

existence

size

scale

benefits,

with

the

Board

recognizing

that

potential

economies

scale

are

difficult

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

BFA

regarding

the

sharing

scale

benefits

with

the

iShares

funds

through

various

means,

including,

applicable,

through

breakpoints,

waivers,

other

fee

reductions,

well

through

additional

investment

the

iShares

business,

including

enhancements

the

provision

additional

infrastructure

and

services

the

iShares

funds

and

their

shareholders

and,

with

respect

New

Funds,

set

management

fees

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

the

Fund’s

investment

advisory

fee

rate

the

assets

the

Fund

increase.

However,

the

Board

noted

that

would

continue

assess

the

appropriateness

adding

breakpoints

the

future.

The

Board

concluded

that

this

review

potential

economies

scale

and

the

sharing

benefits,

well

the

other

factors

considered

the

meeting,

supported

the

Board’s

approval

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

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

terms

the

types

services

and

generally

extensive

character

and

scope

services

provided

the

Fund,

well

other

significant

differences.

that

regard,

the

Board

considered

that

the

pricing

services

institutional

clients

typically

based

number

factors

beyond

the

nature

and

extent

the

specific

services

provided

and

often

depends

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

managing

and

providing

other

services

the

Fund,

publicly

traded

investment

vehicle,

compared

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

light

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

its

consideration

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

similar

investment

strategy

investment

mandate

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

iShares

fund

that

may

provide

similar

investment

exposure

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

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

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

consistent

with

the

factors

discussed.

Other

Benefits

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

ancillary

revenue

received

BFA

and/or

its

affiliates

connection

with

the

services

provided

the

Fund

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

revenue

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

applicable

(which

was

included

the

profit

margins

reviewed

the

Board

pursuant

BFA’s

estimated

profitability

methodology),

payment

advisory

fees

other

fees

BFA

(or

its

affiliates)

connection

with

any

investments

the

Fund

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

BFA,

including

actual

and

potential

reductions

the

Fund’s

expenses

that

are

borne

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

part

the

size

and

scope

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

the

iShares

complex)

well

response

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

BFA,

and

paid

for

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

BFA

and/or

its

affiliates

pursuant

agreement

that

permits

service

provider

use

certain

portions

BlackRock’s

technology

platform

service

accounts

managed

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

consider

the

value

research

other

services

that

may

provided

BFA

(including

its

affiliates)

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

BlackRock

result

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

its

profile

and

standing

the

investment

community

result

providing

investment

advisory

services

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

disadvantageous

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

the

appropriateness

approving

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

Investment

Advisory

Contract

(continued)

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Conclusion:

Based

review

the

factors

described

above,

well

such

other

factors

deemed

appropriate

the

Board,

the

Board,

including

all

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

fee

that

disproportionately

large

bear

reasonable

relationship

the

services

rendered

and

that

could

not

have

been

the

product

arm’s-length

bargaining,

and

concluded

approve

the

continuance

the

Advisory

Agreement

for

the

coming

year.

Glossary

Terms

Used

these

Financial

Statements

Glossary

Terms

Used

these

Financial

Statements

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

TIPS

Treasury

Inflation

Protected

Security

Want

know

more?

iShares.com

1-800-474-2737

This

report

intended

for

the

Funds’

shareholders.

may

not

distributed

prospective

investors

unless

preceded

accompanied

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

principal.

The

iShares

Funds

are

distributed

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

BlackRock,

Inc.

its

subsidiaries.

All

other

marks

are

the

property

their

respective

owners.