[N-CSR] iShares Trust iShares USD Systematic Bond ETF Certified Shareholder Report
Filing Impact
Filing Sentiment
Form Type
N-CSR
Rhea-AI Filing Summary
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Positive
- None.
Negative
- None.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09729
Name of Fund: iShares Trust
Fund Address: c/o BlackRock Fund
Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The
Corporation Trust Company, 1209 Orange
Street, Wilmington, DE 19801
Registrant’s telephone number, including area code: (415)
670-2000
Date of fiscal year end: 04/30/2025
Date of reporting period: 04/30/2025
Item 1 – Reports to
Stockholders
(a) The Reports to Shareholders are attached herewith.
(b) Not Applicable
Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period
covered by this report, applicable to the registrant’s principal executive
officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions. During the period covered by this report, the
registrant has not amended the code of ethics and there have been no waivers
granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person
upon request, without charge, by calling 1-800-474-2737.
Item 3 – Audit Committee Financial Expert – The
registrant’s board of trustees (the “board of trustees”), has determined that
(i) the registrant has the following audit committee financial experts serving
on its audit committee and (ii) each audit committee financial expert is
independent:
Richard L. Fagnani
Laura F. Fergerson
Under
applicable securities laws, a person determined to be an audit committee
financial expert will not be deemed an “expert” for any purpose, including
without limitation for the purposes of Section 11 of the Securities Act of
1933, as a result of being designated or identified as an audit committee
financial expert. The designation or identification of a person as an audit
committee financial expert does not impose on such person any duties,
obligations, or liabilities greater than the duties, obligations, and
liabilities imposed on such person as a member of the audit committee and board
of trustees in the absence of such designation or identification. The
designation or identification of a person as an audit committee financial
expert does not affect the duties, obligations, or liability of any other
member of the audit committee or board of trustees.
Item 4 –
Principal Accountant Fees and Services
The principal accountant fees disclosed in items 4(a),
4(b), 4(c), 4(d) and 4(g) are for the six series of the registrant for which
the fiscal year-end is April 30, 2025 (the “Funds”), and whose annual financial
statements are reported in Item 1.
(a) Audit Fees – The aggregate fees billed for
each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the Funds’ annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years were $79,800
for the fiscal year ended April 30, 2024 and $79,800 for the fiscal year ended April
30, 2025.
(b) Audit-Related Fees – There were no fees
billed for the fiscal years ended April 30, 2024 and April 30, 2025 for
assurance and related services by the principal accountant that were reasonably
related to the performance of the audit of the Funds’ financial statements and
are not reported under (a) of this Item.
(c) Tax Fees – The aggregate fees billed in
each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice and tax planning for the
Funds were $58,200 for the fiscal year ended April 30, 2024 and $58,200 for the
fiscal year ended April 30, 2025. These services related to the review of the
Funds’ tax returns and excise tax calculations.
(d) All
Other Fees – There were no other fees billed in each of the fiscal years
ended April 30, 2024 and April 30, 2025 for products and services provided by
the principal accountant, other than the services reported in (a) through (c)
of this Item.
(e)(1) Audit Committee
Pre-Approval Policies and Procedures:
The
registrant’s audit committee charter, as amended, provides that the audit
committee is responsible for the approval, prior to appointment, of the
engagement of the principal accountant to annually audit and provide their
opinion on the registrant’s financial statements. The audit committee must also
approve, prior to appointment, the engagement of the principal accountant to
provide non-audit services to the registrant or to any entity controlling,
controlled by or under common control with the registrant’s investment adviser
(“Adviser Affiliate”) that provides ongoing services to the registrant, if the
engagement relates directly to the operations and financial reporting of the
registrant.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The
aggregate non-audit fees billed by the registrant’s principal accountant for
services rendered to the Funds, and rendered to the registrant’s investment
adviser, and any Adviser Affiliate that provides ongoing services to the
registrant for the last two fiscal years were $58,200 for the fiscal year ended
April 30, 2024 and $58,200 for the fiscal year ended April 30, 2025.
(h) The registrant’s audit committee has
considered whether the provision of non-audit services rendered to the
registrant’s investment adviser and any Adviser
Affiliate that provides ongoing services
to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the
principal accountant’s independence, and has determined that the provision of
these services, if any, does not compromise the principal accountant’s
independence.
(i)
– Not Applicable
(j) – Not Applicable
Item
5 – Audit Committee of Listed Registrant
(a) The
following individuals are members of the registrant’s separately designated
standing Committee established in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Richard L. Fagnani
Richard L. Fagnani
Laura F. Fergerson
Cecilia H. Herbert
John E. Martinez
(b)
Not Applicable
Item 6
– Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7
– Financial Statements and Financial Highlights for Open-End Management
Investment Companies
(a)
The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
April
30,
2025
2025
Annual
Financial
Statements
and
Additional
Information
iShares
Trust
iShares
Select
U.S.
REIT
ETF
|
ICF
|
Cboe
BZX
Exchange
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
6
Statement
of
Operations
..................................................................................................
7
Statements
of
Changes
in
Net
Assets
..........................................................................................
8
Financial
Highlights
.....................................................................................................
9
Notes
to
Financial
Statements
...............................................................................................
10
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
16
Important
Tax
Information
.................................................................................................
17
Additional
Information
....................................................................................................
18
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
19
Schedule
of
Investments
April
30,
2025
iShares
®
Select
U.S.
REIT
ETF
(Formerly,
iShares
®
Cohen
&
Steers
REIT
ETF)
Schedule
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Health
Care
REITs
—
10.0%
Alexandria
Real
Estate
Equities,
Inc.
........
368,581
$
26,781,096
Welltower,
Inc.
.......................
1,103,573
168,394,204
195,175,300
Hotel
&
Resort
REITs
—
1.3%
Host
Hotels
&
Resorts,
Inc.
..............
1,728,486
24,406,222
Industrial
REITs
—
8.0%
Prologis,
Inc.
........................
1,340,933
137,043,353
Rexford
Industrial
Realty,
Inc.
............
584,493
19,346,718
156,390,071
Office
REITs
—
1.2%
BXP,
Inc.
..........................
367,154
23,398,724
Residential
REITs
—
19.1%
American
Homes
4
Rent
,
Class
A
..........
790,405
29,553,243
AvalonBay
Communities,
Inc.
............
308,705
64,821,876
Equity
LifeStyle
Properties,
Inc.
...........
465,641
30,164,224
Equity
Residential
....................
759,383
53,354,250
Essex
Property
Trust,
Inc.
...............
147,341
41,130,240
Invitation
Homes,
Inc.
..................
1,313,356
44,903,642
Mid-America
Apartment
Communities,
Inc.
....
268,517
42,868,739
Sun
Communities,
Inc.
.................
283,575
35,285,237
UDR,
Inc.
..........................
729,450
30,549,366
372,630,817
Retail
REITs
—
13.9%
Federal
Realty
Investment
Trust
...........
203,016
19,087,564
Kimco
Realty
Corp.
...................
1,594,571
31,859,529
Realty
Income
Corp.
...................
1,635,517
94,631,014
Regency
Centers
Corp.
................
401,495
28,979,909
Simon
Property
Group,
Inc.
..............
611,493
96,236,768
270,794,784
Specialized
REITs
—
46.3%
American
Tower
Corp.
.................
833,290
187,831,898
Crown
Castle,
Inc.
....................
929,189
98,271,029
Digital
Realty
Trust,
Inc.
................
621,694
99,806,755
Equinix,
Inc.
........................
168,610
145,131,058
Extra
Space
Storage,
Inc.
...............
458,622
67,197,295
Iron
Mountain,
Inc.
....................
638,005
57,209,908
Lamar
Advertising
Co.
,
Class
A
...........
219,256
24,953,525
Public
Storage
.......................
292,502
87,876,376
SBA
Communications
Corp.
.............
241,640
58,815,176
VICI
Properties,
Inc.
...................
2,288,163
73,266,979
900,359,999
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
1,807,152,096
)
............................
1,943,155,917
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.2%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(a)
(b)
..................
3,329,894
$
3,329,894
Total
Short-Term
Securities
—
0
.2
%
(Cost:
$
3,329,894
)
...............................
3,329,894
Total
Investments
—
100
.0
%
(Cost:
$
1,810,481,990
)
............................
1,946,485,811
Liabilities
in
Excess
of
Other
Assets
—
(
0.0
)
%
.............
(
389,844
)
Net
Assets
—
100.0%
...............................
$
1,946,095,967
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Select
U.S.
REIT
ETF
(Formerly,
iShares
®
Cohen
&
Steers
REIT
ETF)
4
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
............
$
—
$
9,052
(b)
$
—
$
(
9,052
)
$
—
$
—
—
$
13,694
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,174,840
1,155,054
(b)
—
—
—
3,329,894
3,329,894
161,851
—
$
(
9,052
)
$
—
$
3,329,894
$
175,545
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..............................................
79
06/20/25
$
2,837
$
97,459
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
97,459
$
—
$
—
$
—
$
97,459
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
—
$
—
$
(
403,517
)
$
—
$
—
$
—
$
(
403,517
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
—
$
—
$
203,515
$
—
$
—
$
—
$
203,515
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,369,390
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Select
U.S.
REIT
ETF
(Formerly,
iShares
®
Cohen
&
Steers
REIT
ETF)
Schedule
of
Investments
5
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,943,155,917
$
—
$
—
$
1,943,155,917
Short-Term
Securities
Money
Market
Funds
......................................
3,329,894
—
—
3,329,894
$
1,946,485,811
$
—
$
—
$
1,946,485,811
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
97,459
$
—
$
—
$
97,459
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
April
30,
2025
2025
iShares
Annual
Financial
Statements
and
Additional
Information
6
iShares
Select
U.S.
REIT
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,943,155,917
Investments,
at
value
—
affiliated
(b)
..........................................................................................
3,329,894
Cash
pledged:
Futures
contracts
....................................................................................................
205,000
Receivables:
–
Dividends
—
affiliated
.................................................................................................
10,127
Variation
margin
on
futures
contracts
.......................................................................................
13,406
Other
assets
.........................................................................................................
10,353
Total
a
ssets
.........................................................................................................
1,946,724,697
LIABILITIES
Bank
overdraft
........................................................................................................
129,674
Payables:
–
Investment
advisory
fees
...............................................................................................
499,056
Total
li
abilities
........................................................................................................
628,730
Commitments
and
contingent
liabilities
—
NET
ASSETS
........................................................................................................
$
1,946,095,967
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,037,608,133
Accumulated
loss
.....................................................................................................
(
91,512,166
)
NET
ASSETS
........................................................................................................
$
1,946,095,967
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
31,850,000
Net
asset
value
.......................................................................................................
$
61.10
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
Investments,
at
cost
—
unaffiliated
.................................................................................
$
1,807,152,096
(b)
Investments,
at
cost
—
affiliated
...................................................................................
$
3,329,894
See
notes
to
financial
statements.
Statement
of
Operations
Year
Ended
April
30,
2025
7
Statement
of
Operations
See
notes
to
financial
statements.
iShares
Select
U.S.
REIT
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
..............................................................................................
$
63,021,378
Dividends
—
affiliated
................................................................................................
161,851
Interest
—
unaffiliated
................................................................................................
87,394
Securities
lending
income
—
affiliated
—
net
................................................................................
13,694
Total
investment
income
................................................................................................
63,284,317
EXPENSES
Investment
advisory
.................................................................................................
6,648,432
Interest
expense
...................................................................................................
85
Total
expenses
......................................................................................................
6,648,517
Net
investment
income
.................................................................................................
56,635,800
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
284,740,728
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
..........................................................................................
$
(
10,942,541
)
Investments
—
affiliated
............................................................................................
(
9,052
)
Futures
contracts
.................................................................................................
(
403,517
)
In-kind
redemptions
—
unaffiliated
(a)
....................................................................................
82,573,035
71,217,925
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
..........................................................................................
213,319,289
Futures
contracts
.................................................................................................
203,515
213,522,804
Net
realized
and
unrealized
gain
..........................................................................................
284,740,729
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
341,376,529
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
2025
iShares
Annual
Financial
Statements
and
Additional
Information
8
See
notes
to
financial
statements.
iShares
Select
U.S.
REIT
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
56,635,800
$
64,858,742
Net
realized
gain
(loss)
..............................................................................
71,217,925
(
27,304,214
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
213,522,804
(
87,688,124
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
341,376,529
(50,133,596)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(54,203,831)
(61,558,964)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(269,448,941)
(237,068,222)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
17,723,757
(
348,760,782
)
Beginning
of
year
....................................................................................
1,928,372,210
2,277,132,992
End
of
year
........................................................................................
$
1,946,095,967
$
1,928,372,210
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
9
Financial
Highlights
iShares
Select
U.S.
REIT
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.................................
$
53.20
$
55.74
$
68.41
$
62.62
$
49.68
Net
investment
income
(b)
........................................
1
.67
1
.70
1
.62
1
.01
1
.15
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
7.83
(2.63
)
(12.80
)
6.10
13.04
Net
increase
(decrease)
from
investment
operations
.......................
9.50
(0.93
)
(11.18
)
7.11
14.19
Distributions
from
net
investment
income
(d)
...........................
(1.60
)
(1.61
)
(1.49
)
(1.32
)
(1.25
)
Net
asset
value,
end
of
year
......................................
$
61.10
$
53.20
$
55.74
$
68.41
$
62.62
Total
Return
(e)
Based
on
net
asset
value
.........................................
17.84
%
(1.70
)%
(16.31
)%
11.33
%
29.11
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.32
%
0.33
%
0.33
%
0.32
%
0.33
%
Net
investment
income
...........................................
2.74
%
3.10
%
2.77
%
1.46
%
2.15
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
1,946,096
$
1,928,372
$
2,277,133
$
2,753,437
$
2,257,332
Portfolio
turnover
rate
(g)
...........................................
17
%
16
%
12
%
11
%
27
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2025
iShares
Annual
Financial
Statements
and
Additional
Information
10
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Cash:
The
Fund
may
maintain
cash
at
its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Fund.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Fund
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07")
during
the
period.
The
Fund's
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that the
Fund
operates
as
a
single
operating
segment
since the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Fund’s
investment
adviser,
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with BFA’s policies
and
procedures as
reflecting
fair
value.
BFA
has
formed
a
committee
(the
"Valuation
Committee")
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities:
iShares
ETF
Diversification
Classification
Select
U.S.
REIT
(a)
....................................................................................................
Non-diversified
(a)
Formerly
the
iShares
Cohen
&
Steers
REIT
ETF.
Notes
to
Financial
Statements
(continued)
11
Notes
to
Financial
Statements
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
–
Inputs
that
are
unobservable
and
significant
to
entire
fair
value
measurement
for
the
asset
or
liability
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA, or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.'s indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
12
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of
the
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by
BlackRock,
Inc.
(“BlackRock”). Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Fund,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the
Fund, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
The
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
The
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
that
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$
121
billion
..................................................................................................
0.350000%
Over
$
121
billion,
up
to
and
including
$
181
billion
............................................................................
0.332500
Over
$
181
billion,
up
to
and
including
$
231
billion
............................................................................
0.315875
Over
$
231
billion,
up
to
and
including
$
281
billion
............................................................................
0.300081
Over
$
281
billion
..................................................................................................
0.285077
Notes
to
Financial
Statements
(continued)
13
Notes
to
Financial
Statements
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statement
of
Operations.
For
the year ended
April
30,
2025,
the
Fund
paid
BTC $5,683
for
securities
lending
agent
services.
Trustees and
Officers:
Certain
trustees
and/or
officers of
the
Trust
are directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the year ended April
30,
2025,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
The
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statement
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year ended
April
30,
2025,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
2025,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Fund
as
of
April
30,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund’s
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of April
30,
2025,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Select
U.S.
REIT
......................................................................
$
29,874,773
$
5,426,678
$
(
530,027
)
iShares
ETF
Purchases
Sales
Select
U.S.
REIT
......................................................................................
$
394,631,633
$
357,103,036
iShares
ETF
In-kind
Purchases
In-kind
Sales
Select
U.S.
REIT
......................................................................................
$
65,089,966
$
333,890,376
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Select
U.S.
REIT
...........................................................................
$
82,309,078
$
(
82,309,078
)
iShares
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Select
U.S.
REIT
Ordinary
income
......................................................................................
$
54,203,831
$
61,558,964
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
14
As
of
April
30,
2025,
the
tax
components
of
accumulated
earnings
(losses)
were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts
and
undistributed
capital
gains
from
underlying
REIT
investments.
As
of
April
30,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
the
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the Fund.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments
.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Select
U.S.
REIT
.........................................................
$
11,035,105
$
(
226,614,810
)
$
124,067,539
$
(
91,512,166
)
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Select
U.S.
REIT
..................................................
$
1,822,365,835
$
283,887,916
$
(
159,767,940
)
$
124,119,976
Notes
to
Financial
Statements
(continued)
15
Notes
to
Financial
Statements
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Fund
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Fund,
at
its
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
the
Fund’s
custodian,
and
the
Fund.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Fund
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
04/30/25
Year
Ended
04/30/24
iShares
ETF
Shares
Amount
Shares
Amount
Select
U.S.
REIT
Shares
sold
1,050,000
$
65,379,455
1,800,000
$
99,473,083
Shares
redeemed
(
5,450,000
)
(
334,828,396
)
(
6,400,000
)
(
336,541,305
)
(
4,400,000
)
$
(
269,448,941
)
(
4,600,000
)
$
(
237,068,222
)
Report
of
Independent
Registered
Public
Accounting
Firm
2025
iShares
Annual
Financial
Statements
and
Additional
Information
16
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
iShares
Select
U.S.
REIT
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
iShares
Select
U.S.
REIT
ETF
(one
of
the
funds
constituting
iShares
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
April
30,
2025,
the
related
statement
of
operations
for
the
year
ended
April
30,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2025 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
April
30,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2025
and the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2025 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of April
30,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
broker. We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
June
24,
2025
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
Important
Tax
Information
(unaudited)
17
Important
Tax
Information
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2025:
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2025:
iShares
ETF
Qualified
Dividend
Income
Select
U.S.
REIT
...................................................................................................
$
1,211,630
iShares
ETF
Qualified
Business
Income
Select
U.S.
REIT
...................................................................................................
$
55,811,125
Additional
Information
2025
iShares
Annual
Financial
Statements
and
Additional
Information
18
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
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therein,
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respect
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available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
19
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
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APRIL
30,
2025
2025
Annual
Financial
Statements
and
Additional
Information
iShares
Trust
iShares
Morningstar
Growth
ETF
|
ILCG
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
ETF
|
IMCB
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
Growth
ETF
|
IMCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Growth
ETF
|
ISCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Value
ETF
|
ISCV
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
45
Statements
of
Operations
.................................................................................................
47
Statements
of
Changes
in
Net
Assets
..........................................................................................
49
Financial
Highlights
.....................................................................................................
52
Notes
to
Financial
Statements
...............................................................................................
57
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
67
Important
Tax
Information
.................................................................................................
68
Additional
Information
....................................................................................................
69
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
70
Schedule
of
Investments
April
30,
2025
iShares
®
Morningstar
Growth
ETF
Schedules
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.5%
Axon
Enterprise,
Inc.
(a)
.................
6,543
$
4,012,822
Curtiss-Wright
Corp.
...................
3,434
1,184,352
GE
Aerospace
.......................
60,869
12,267,538
HEICO
Corp.
.......................
3,815
956,650
HEICO
Corp.
,
Class
A
..................
6,923
1,391,038
Howmet
Aerospace,
Inc.
................
36,015
4,990,959
L3Harris
Technologies,
Inc.
..............
7,269
1,599,325
Textron,
Inc.
........................
7,006
493,012
TransDigm
Group,
Inc.
.................
5,040
7,121,873
34,017,569
Automobile
Components
—
0.0%
Aptiv
plc
(a)
..........................
10,132
578,132
Automobiles
—
3.1%
Tesla,
Inc.
(a)
.........................
252,104
71,133,665
Banks
—
0.1%
First
Citizens
BancShares,
Inc.
,
Class
A
......
941
1,674,171
Beverages
—
0.3%
Brown-Forman
Corp.
,
Class
A
............
2,074
71,781
Brown-Forman
Corp.
,
Class
B,
NVS
........
13,368
465,741
Constellation
Brands,
Inc.
,
Class
A
.........
6,417
1,203,444
Keurig
Dr
Pepper,
Inc.
.................
32,709
1,131,404
Monster
Beverage
Corp.
(a)
...............
61,679
3,708,142
6,580,512
Biotechnology
—
0.9%
(a)
Alnylam
Pharmaceuticals,
Inc.
............
11,603
3,054,374
BioMarin
Pharmaceutical,
Inc.
............
9,996
636,645
Exact
Sciences
Corp.
..................
16,545
755,114
Incyte
Corp.
........................
14,759
924,799
Natera,
Inc.
.........................
11,430
1,725,130
Neurocrine
Biosciences,
Inc.
.............
9,030
972,440
Sarepta
Therapeutics,
Inc.
(b)
.............
8,207
512,117
Summit
Therapeutics,
Inc.
(b)
..............
5,192
125,231
United
Therapeutics
Corp.
...............
2,511
761,059
Vaxcyte,
Inc.
(b)
.......................
9,873
353,848
Vertex
Pharmaceuticals,
Inc.
.............
23,194
11,817,343
21,638,100
Broadline
Retail
—
7.5%
Amazon.com,
Inc.
(a)
...................
862,142
158,996,228
Coupang,
Inc.
,
Class
A
(a)
................
57,038
1,332,978
eBay,
Inc.
..........................
18,250
1,243,920
MercadoLibre,
Inc.
(a)
(b)
..................
4,397
10,248,747
171,821,873
Building
Products
—
0.5%
Advanced
Drainage
Systems,
Inc.
.........
6,349
720,548
Allegion
plc
.........................
5,101
710,059
Carlisle
Cos.,
Inc.
....................
4,170
1,582,432
Johnson
Controls
International
plc
.........
25,554
2,143,981
Lennox
International,
Inc.
...............
2,862
1,564,798
Masco
Corp.
........................
7,732
468,636
Trane
Technologies
plc
.................
13,384
5,130,221
12,320,675
Capital
Markets
—
2.6%
Ameriprise
Financial,
Inc.
...............
6,018
2,834,598
Ares
Management
Corp.
,
Class
A
..........
16,666
2,542,065
Bank
of
New
York
Mellon
Corp.
(The)
.......
26,118
2,100,148
Blackstone,
Inc.
,
Class
A
................
47,897
6,308,514
Blue
Owl
Capital,
Inc.
,
Class
A
............
44,755
829,310
Coinbase
Global,
Inc.
,
Class
A
(a)
...........
18,657
3,785,319
Security
Shares
Shares
Value
Capital
Markets
(continued)
FactSet
Research
Systems,
Inc.
...........
3,418
$
1,477,328
Interactive
Brokers
Group,
Inc.
,
Class
A
......
9,574
1,645,292
Intercontinental
Exchange,
Inc.
...........
19,744
3,316,400
Jefferies
Financial
Group,
Inc.
............
9,854
460,478
KKR
&
Co.,
Inc.
......................
38,275
4,373,684
LPL
Financial
Holdings,
Inc.
..............
7,203
2,303,447
Moody's
Corp.
.......................
14,175
6,422,976
Morningstar,
Inc.
.....................
2,387
679,627
MSCI,
Inc.
.........................
7,124
3,883,364
Nasdaq,
Inc.
........................
20,982
1,599,038
Raymond
James
Financial,
Inc.
...........
10,864
1,488,803
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........
46,136
2,265,739
S&P
Global,
Inc.
.....................
18,228
9,114,911
Tradeweb
Markets,
Inc.
,
Class
A
...........
10,441
1,443,990
58,875,031
Chemicals
—
0.8%
Celanese
Corp.
......................
3,350
149,109
Corteva,
Inc.
........................
26,612
1,649,678
Dow,
Inc.
..........................
24,744
756,919
DuPont
de
Nemours,
Inc.
...............
16,482
1,087,647
Ecolab,
Inc.
........................
15,522
3,902,696
Linde
plc
..........................
11,913
5,399,329
PPG
Industries,
Inc.
...................
7,605
827,880
RPM
International,
Inc.
.................
7,742
826,459
Sherwin-Williams
Co.
(The)
..............
11,583
4,087,872
18,687,589
Commercial
Services
&
Supplies
—
0.9%
Cintas
Corp.
........................
31,189
6,602,088
Clean
Harbors,
Inc.
(a)
..................
4,584
980,701
Copart,
Inc.
(a)
.......................
78,594
4,796,592
Republic
Services,
Inc.
.................
7,575
1,899,431
Rollins,
Inc.
.........................
26,501
1,514,002
Tetra
Tech,
Inc.
......................
23,875
744,661
Veralto
Corp.
........................
10,558
1,012,512
Waste
Management,
Inc.
................
15,013
3,503,434
21,053,421
Communications
Equipment
—
0.5%
Arista
Networks,
Inc.
(a)
.................
92,947
7,646,750
F5,
Inc.
(a)
..........................
2,410
638,023
Motorola
Solutions,
Inc.
................
8,534
3,758,288
12,043,061
Construction
&
Engineering
—
0.3%
AECOM
...........................
8,665
854,802
Comfort
Systems
USA,
Inc.
..............
3,212
1,276,931
EMCOR
Group,
Inc.
...................
4,240
1,698,968
Quanta
Services,
Inc.
..................
13,181
3,857,947
7,688,648
Construction
Materials
—
0.3%
Martin
Marietta
Materials,
Inc.
............
5,559
2,912,805
Vulcan
Materials
Co.
..................
11,958
3,136,942
6,049,747
Consumer
Finance
—
0.4%
American
Express
Co.
.................
23,595
6,285,944
Discover
Financial
Services
..............
13,396
2,447,047
Synchrony
Financial
...................
15,325
796,134
9,529,125
Consumer
Staples
Distribution
&
Retail
—
1.2%
Casey's
General
Stores,
Inc.
.............
3,352
1,550,602
Costco
Wholesale
Corp.
................
22,375
22,251,937
Performance
Food
Group
Co.
(a)
...........
8,886
716,745
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Growth
ETF
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Sprouts
Farmers
Market,
Inc.
(a)
............
9,025
$
1,543,275
Sysco
Corp.
........................
17,247
1,231,436
US
Foods
Holding
Corp.
(a)
...............
13,749
902,759
28,196,754
Containers
&
Packaging
—
0.1%
Avery
Dennison
Corp.
..................
4,014
686,835
Ball
Corp.
..........................
15,055
781,957
1,468,792
Distributors
—
0.0%
Pool
Corp.
.........................
1,398
409,810
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International
..............
6,125
489,387
Electric
Utilities
—
0.2%
Constellation
Energy
Corp.
..............
12,640
2,824,281
PG&E
Corp.
........................
86,313
1,425,891
4,250,172
Electrical
Equipment
—
1.0%
AMETEK,
Inc.
.......................
20,734
3,516,072
Eaton
Corp.
plc
......................
20,834
6,132,904
GE
Vernova,
Inc.
.....................
15,078
5,591,224
Hubbell,
Inc.
........................
4,818
1,749,801
nVent
Electric
plc
.....................
14,866
816,292
Regal
Rexnord
Corp.
..................
2,215
234,436
Rockwell
Automation,
Inc.
...............
5,192
1,285,954
Vertiv
Holdings
Co.
,
Class
A
.............
32,736
2,795,000
22,121,683
Electronic
Equipment,
Instruments
&
Components
—
0.7%
Amphenol
Corp.
,
Class
A
...............
71,559
5,506,465
CDW
Corp.
.........................
4,560
732,154
Coherent
Corp.
(a)
.....................
13,485
867,355
Corning,
Inc.
........................
37,091
1,646,099
Flex
Ltd.
(a)
..........................
14,357
493,019
Jabil,
Inc.
..........................
4,015
588,438
Keysight
Technologies,
Inc.
(a)
.............
5,421
788,213
TE
Connectivity
plc
...................
12,031
1,761,098
Teledyne
Technologies,
Inc.
(a)
.............
2,318
1,080,258
Trimble,
Inc.
(a)
.......................
15,880
986,783
Zebra
Technologies
Corp.
,
Class
A
(a)
........
3,461
866,358
15,316,240
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.
,
Class
A
..............
53,163
1,881,970
Entertainment
—
2.6%
Electronic
Arts,
Inc.
...................
15,157
2,199,129
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
............................
2,010
161,905
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C,
NVS
(a)
........................
18,891
1,675,065
Live
Nation
Entertainment,
Inc.
(a)
(b)
.........
13,334
1,766,088
Netflix,
Inc.
(a)
........................
38,505
43,576,879
ROBLOX
Corp.
,
Class
A
(a)
...............
49,182
3,297,653
Take-Two
Interactive
Software,
Inc.
(a)
........
14,671
3,423,038
Walt
Disney
Co.
(The)
.................
48,949
4,451,912
60,551,669
Financial
Services
—
4.8%
Apollo
Global
Management,
Inc.
...........
17,882
2,440,535
Block,
Inc.
,
Class
A
(a)
..................
50,368
2,945,017
Corpay,
Inc.
(a)
.......................
4,552
1,481,084
Fidelity
National
Information
Services,
Inc.
....
30,733
2,424,219
Fiserv,
Inc.
(a)
........................
22,908
4,228,130
Security
Shares
Shares
Value
Financial
Services
(continued)
Global
Payments,
Inc.
.................
7,890
$
602,086
Jack
Henry
&
Associates,
Inc.
............
6,560
1,137,701
Mastercard,
Inc.
,
Class
A
................
72,948
39,979,881
Toast,
Inc.
,
Class
A
(a)
..................
43,664
1,553,565
Visa,
Inc.
,
Class
A
....................
155,263
53,643,366
110,435,584
Food
Products
—
0.1%
Hershey
Co.
(The)
....................
4,549
760,547
Lamb
Weston
Holdings,
Inc.
.............
4,629
244,458
McCormick
&
Co.,
Inc.
(Non-Voting)
,
NVS
....
13,278
1,017,891
Tyson
Foods,
Inc.
,
Class
A
..............
8,861
542,648
2,565,544
Ground
Transportation
—
1.0%
JB
Hunt
Transport
Services,
Inc.
..........
3,598
469,827
Norfolk
Southern
Corp.
.................
10,481
2,348,268
Old
Dominion
Freight
Line,
Inc.
...........
16,745
2,566,674
Saia,
Inc.
(a)
(b)
........................
2,382
581,208
Uber
Technologies,
Inc.
(a)
...............
189,311
15,336,084
U-Haul
Holding
Co.
,
NVS
...............
4,097
224,515
U-Haul
Holding
Co.
(a)
(b)
.................
435
26,705
XPO,
Inc.
(a)
(b)
........................
10,434
1,107,256
22,660,537
Health
Care
Equipment
&
Supplies
—
2.2%
Align
Technology,
Inc.
(a)
.................
2,921
506,209
Boston
Scientific
Corp.
(a)
................
88,266
9,079,923
Cooper
Cos.,
Inc.
(The)
(a)
...............
13,773
1,124,841
Dexcom,
Inc.
(a)
......................
35,124
2,507,151
Edwards
Lifesciences
Corp.
(a)
............
52,711
3,979,153
GE
HealthCare
Technologies,
Inc.
.........
12,590
885,455
IDEXX
Laboratories,
Inc.
(a)
...............
7,413
3,207,235
Insulet
Corp.
(a)
.......................
6,277
1,583,624
Intuitive
Surgical,
Inc.
(a)
(b)
................
31,932
16,470,526
ResMed,
Inc.
.......................
13,233
3,130,796
STERIS
plc
.........................
8,887
1,997,264
Stryker
Corp.
.......................
17,718
6,625,115
51,097,292
Health
Care
Providers
&
Services
—
0.3%
Cencora,
Inc.
.......................
8,881
2,599,202
DaVita,
Inc.
(a)
........................
2,326
329,246
McKesson
Corp.
.....................
2,804
1,998,663
Molina
Healthcare,
Inc.
(a)
................
2,600
850,226
Tenet
Healthcare
Corp.
(a)
................
5,574
796,803
Universal
Health
Services,
Inc.
,
Class
B
.....
3,126
553,521
7,127,661
Health
Care
REITs
—
0.4%
Alexandria
Real
Estate
Equities,
Inc.
........
7,386
536,667
Ventas,
Inc.
........................
18,417
1,290,663
Welltower,
Inc.
.......................
39,574
6,038,597
7,865,927
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.
,
Class
A
(a)
...........
13,308
3,109,947
Hotels,
Restaurants
&
Leisure
—
2.7%
Airbnb,
Inc.
,
Class
A
(a)
..................
37,598
4,583,948
Booking
Holdings,
Inc.
.................
1,885
9,612,143
Cava
Group,
Inc.
(a)
(b)
...................
6,357
587,577
Chipotle
Mexican
Grill,
Inc.
(a)
.............
122,230
6,175,059
Darden
Restaurants,
Inc.
...............
4,321
866,965
Domino's
Pizza,
Inc.
...................
3,130
1,534,858
DoorDash,
Inc.
,
Class
A
(a)
...............
32,102
6,192,155
DraftKings,
Inc.
,
Class
A
(a)
...............
42,861
1,426,843
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Growth
ETF
Schedules
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Expedia
Group,
Inc.
...................
6,004
$
942,208
Flutter
Entertainment
plc
(a)
...............
14,328
3,452,905
Hilton
Worldwide
Holdings,
Inc.
...........
21,515
4,851,202
Las
Vegas
Sands
Corp.
................
34,147
1,252,170
Marriott
International,
Inc.
,
Class
A
.........
5,777
1,378,277
McDonald's
Corp.
....................
17,964
5,742,193
Royal
Caribbean
Cruises
Ltd.
............
22,198
4,770,572
Starbucks
Corp.
......................
35,439
2,836,892
Texas
Roadhouse,
Inc.
.................
6,009
997,254
Yum!
Brands,
Inc.
....................
25,232
3,795,902
60,999,123
Household
Durables
—
0.2%
Garmin
Ltd.
.........................
10,253
1,915,978
NVR,
Inc.
(a)
.........................
148
1,054,611
PulteGroup,
Inc.
.....................
7,086
726,882
Toll
Brothers,
Inc.
.....................
3,811
384,416
4,081,887
Household
Products
—
0.3%
Church
&
Dwight
Co.,
Inc.
...............
22,184
2,203,759
Clorox
Co.
(The)
.....................
4,337
617,155
Colgate-Palmolive
Co.
.................
27,855
2,567,952
Kimberly-Clark
Corp.
..................
12,273
1,617,336
7,006,202
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Vistra
Corp.
........................
30,406
3,941,530
Industrial
REITs
—
0.0%
Lineage,
Inc.
(b)
.......................
3,211
154,867
Insurance
—
1.6%
Allstate
Corp.
(The)
...................
10,430
2,069,208
Aon
plc
,
Class
A
.....................
9,295
3,297,773
Arthur
J
Gallagher
&
Co.
................
22,324
7,159,084
Brown
&
Brown,
Inc.
...................
22,016
2,434,970
Cincinnati
Financial
Corp.
...............
6,950
967,509
Erie
Indemnity
Co.
,
Class
A,
NVS
..........
2,265
812,274
Markel
Group,
Inc.
(a)
...................
707
1,285,750
Marsh
&
McLennan
Cos.,
Inc.
............
15,100
3,404,597
Progressive
Corp.
(The)
................
36,575
10,304,640
Travelers
Cos.,
Inc.
(The)
...............
9,808
2,590,587
Willis
Towers
Watson
plc
................
5,141
1,582,400
WR
Berkley
Corp.
....................
17,084
1,224,752
37,133,544
Interactive
Media
&
Services
—
8.9%
Alphabet,
Inc.
,
Class
A
.................
311,887
49,527,656
Alphabet,
Inc.
,
Class
C,
NVS
.............
273,940
44,074,206
Meta
Platforms,
Inc.
,
Class
A
.............
197,284
108,308,916
Pinterest,
Inc.
,
Class
A
(a)
................
53,591
1,356,924
Reddit,
Inc.
,
Class
A
(a)
..................
9,465
1,103,335
Snap,
Inc.
,
Class
A,
NVS
(a)
(b)
.............
97,269
774,262
205,145,299
IT
Services
—
1.1%
Accenture
plc
,
Class
A
.................
19,613
5,867,229
Akamai
Technologies,
Inc.
(a)
..............
4,751
382,836
Cloudflare,
Inc.
,
Class
A
(a)
...............
27,711
3,346,935
Gartner,
Inc.
(a)
.......................
6,894
2,902,925
GoDaddy,
Inc.
,
Class
A
(a)
................
12,049
2,269,188
MongoDB,
Inc.
,
Class
A
(a)
...............
6,987
1,202,952
Okta,
Inc.
,
Class
A
(a)
...................
14,472
1,623,179
Snowflake,
Inc.
,
Class
A
(a)
...............
28,990
4,623,615
Twilio,
Inc.
,
Class
A
(a)
..................
8,391
811,494
Security
Shares
Shares
Value
IT
Services
(continued)
VeriSign,
Inc.
(a)
......................
7,508
$
2,118,157
25,148,510
Life
Sciences
Tools
&
Services
—
0.6%
Agilent
Technologies,
Inc.
...............
14,773
1,589,575
Avantor,
Inc.
(a)
(b)
......................
32,568
423,058
Bio-Techne
Corp.
.....................
14,230
716,480
Illumina,
Inc.
(a)
.......................
14,273
1,107,585
IQVIA
Holdings,
Inc.
(a)
..................
8,736
1,354,692
Mettler-Toledo
International,
Inc.
(a)
.........
1,917
2,052,283
Revvity,
Inc.
........................
5,552
518,723
Thermo
Fisher
Scientific,
Inc.
.............
10,860
4,658,940
Waters
Corp.
(a)
......................
3,357
1,167,330
West
Pharmaceutical
Services,
Inc.
........
4,128
872,205
14,460,871
Machinery
—
1.2%
Caterpillar,
Inc.
......................
11,171
3,454,855
Cummins,
Inc.
.......................
5,425
1,594,082
Dover
Corp.
........................
8,468
1,445,064
Fortive
Corp.
........................
19,613
1,366,830
Graco,
Inc.
.........................
15,162
1,237,371
IDEX
Corp.
.........................
6,792
1,181,604
Ingersoll
Rand,
Inc.
...................
36,380
2,744,144
Nordson
Corp.
.......................
4,601
872,212
Otis
Worldwide
Corp.
..................
22,637
2,179,264
Parker-Hannifin
Corp.
..................
5,720
3,460,943
Pentair
plc
.........................
11,447
1,038,586
Snap-on,
Inc.
.......................
1,967
617,264
Stanley
Black
&
Decker,
Inc.
.............
5,457
327,529
Westinghouse
Air
Brake
Technologies
Corp.
...
15,387
2,842,595
Xylem,
Inc.
.........................
21,683
2,614,319
26,976,662
Media
—
0.1%
News
Corp.
,
Class
A,
NVS
..............
23,850
646,812
News
Corp.
,
Class
B
..................
6,585
206,901
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..........
40,096
2,150,348
3,004,061
Metals
&
Mining
—
0.1%
Freeport-McMoRan,
Inc.
................
62,308
2,244,957
Multi-Utilities
—
0.2%
CMS
Energy
Corp.
....................
10,314
759,626
Dominion
Energy,
Inc.
..................
43,148
2,346,388
Public
Service
Enterprise
Group,
Inc.
.......
19,034
1,521,388
4,627,402
Oil,
Gas
&
Consumable
Fuels
—
0.4%
Hess
Corp.
.........................
25,054
3,233,219
Targa
Resources
Corp.
.................
19,475
3,328,277
Texas
Pacific
Land
Corp.
................
1,740
2,242,634
8,804,130
Passenger
Airlines
—
0.0%
Delta
Air
Lines,
Inc.
...................
20,880
869,234
Personal
Care
Products
—
0.0%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
......
10,754
644,810
Pharmaceuticals
—
3.3%
Eli
Lilly
&
Co.
.......................
72,151
64,860,142
Merck
&
Co.,
Inc.
.....................
82,122
6,996,794
Zoetis,
Inc.
,
Class
A
...................
23,703
3,707,149
75,564,085
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Growth
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
—
1.0%
Automatic
Data
Processing,
Inc.
...........
16,353
$
4,915,712
Booz
Allen
Hamilton
Holding
Corp.
.........
11,542
1,385,271
Broadridge
Financial
Solutions,
Inc.
........
10,550
2,557,320
Equifax,
Inc.
........................
11,083
2,883,021
Jacobs
Solutions,
Inc.
..................
7,381
913,768
Leidos
Holdings,
Inc.
..................
8,478
1,247,792
Paychex,
Inc.
.......................
19,227
2,828,676
Paycom
Software,
Inc.
.................
4,564
1,033,244
SS&C
Technologies
Holdings,
Inc.
.........
8,092
611,755
TransUnion
.........................
17,418
1,444,997
Verisk
Analytics,
Inc.
...................
12,852
3,809,718
23,631,274
Real
Estate
Management
&
Development
—
0.3%
(a)
CBRE
Group,
Inc.
,
Class
A
..............
19,807
2,420,019
CoStar
Group,
Inc.
....................
37,591
2,788,125
Jones
Lang
LaSalle,
Inc.
................
2,403
546,466
Zillow
Group,
Inc.
,
Class
A
(b)
.............
2,138
141,065
Zillow
Group,
Inc.
,
Class
C,
NVS
..........
6,357
428,017
6,323,692
Residential
REITs
—
0.3%
American
Homes
4
Rent
,
Class
A
..........
16,717
625,049
AvalonBay
Communities,
Inc.
............
6,998
1,469,440
Camden
Property
Trust
.................
4,500
512,100
Equity
LifeStyle
Properties,
Inc.
...........
9,989
647,087
Equity
Residential
....................
11,697
821,831
Essex
Property
Trust,
Inc.
...............
2,892
807,302
Invitation
Homes,
Inc.
..................
25,398
868,358
Mid-America
Apartment
Communities,
Inc.
....
3,562
568,673
Sun
Communities,
Inc.
.................
5,207
647,907
UDR,
Inc.
..........................
10,713
448,660
7,416,407
Retail
REITs
—
0.1%
Realty
Income
Corp.
...................
30,050
1,738,693
Regency
Centers
Corp.
................
7,064
509,880
2,248,573
Semiconductors
&
Semiconductor
Equipment
—
14.0%
Advanced
Micro
Devices,
Inc.
(a)
...........
145,898
14,203,170
Applied
Materials,
Inc.
.................
22,803
3,436,640
Astera
Labs,
Inc.
(a)
....................
2,390
156,091
Broadcom,
Inc.
......................
271,207
52,199,211
Enphase
Energy,
Inc.
(a)
.................
12,293
548,145
Entegris,
Inc.
(b)
......................
13,489
1,067,250
First
Solar,
Inc.
(a)
.....................
9,165
1,153,140
KLA
Corp.
..........................
7,010
4,925,857
Lam
Research
Corp.
..................
50,028
3,585,507
Marvell
Technology,
Inc.
................
77,677
4,534,007
Microchip
Technology,
Inc.
...............
16,439
757,509
Monolithic
Power
Systems,
Inc.
...........
4,191
2,485,682
NVIDIA
Corp.
.......................
2,125,767
231,538,542
ON
Semiconductor
Corp.
(a)
..............
12,593
499,942
Teradyne,
Inc.
.......................
14,644
1,086,731
322,177,424
Software
—
20.1%
Adobe,
Inc.
(a)
........................
22,857
8,570,918
ANSYS,
Inc.
(a)
.......................
7,821
2,517,424
AppLovin
Corp.
,
Class
A
(a)
...............
20,988
5,652,278
Atlassian
Corp.
,
Class
A
(a)
...............
14,636
3,341,545
Autodesk,
Inc.
(a)
......................
19,315
5,297,139
Bentley
Systems,
Inc.
,
Class
B
............
12,055
518,244
Cadence
Design
Systems,
Inc.
(a)
..........
24,734
7,364,301
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
......
20,740
8,894,764
Datadog,
Inc.
,
Class
A
(a)
................
28,060
2,866,610
Security
Shares
Shares
Value
Software
(continued)
DocuSign,
Inc.
(a)
.....................
18,278
$
1,494,227
Dynatrace,
Inc.
(a)
.....................
24,866
1,167,956
Fair
Isaac
Corp.
(a)
.....................
2,140
4,257,915
Fortinet,
Inc.
(a)
.......................
58,593
6,079,610
Gen
Digital,
Inc.
......................
29,721
768,882
Guidewire
Software,
Inc.
(a)
...............
7,501
1,535,980
HubSpot,
Inc.
(a)
......................
4,485
2,742,578
Intuit,
Inc.
..........................
25,211
15,819,146
Manhattan
Associates,
Inc.
(a)
.............
5,522
979,548
Microsoft
Corp.
......................
669,817
264,751,867
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
............
15,495
5,889,804
Nutanix,
Inc.
,
Class
A
(a)
.................
22,445
1,541,972
Oracle
Corp.
........................
88,233
12,416,148
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
......
194,550
23,042,502
Palo
Alto
Networks,
Inc.
(a)
...............
59,023
11,033,169
PTC,
Inc.
(a)
.........................
10,721
1,661,433
Roper
Technologies,
Inc.
................
9,576
5,363,326
Salesforce,
Inc.
......................
83,368
22,401,815
ServiceNow,
Inc.
(a)
....................
18,609
17,771,781
Synopsys,
Inc.
(a)
.....................
13,928
6,393,091
Tyler
Technologies,
Inc.
(a)
...............
3,780
2,053,674
Workday,
Inc.
,
Class
A
(a)
................
19,061
4,669,945
Zscaler,
Inc.
(a)
.......................
8,632
1,952,299
460,811,891
Specialized
REITs
—
0.6%
Digital
Realty
Trust,
Inc.
................
15,242
2,446,951
Equinix,
Inc.
........................
5,233
4,504,305
Extra
Space
Storage,
Inc.
...............
8,104
1,187,398
Iron
Mountain,
Inc.
....................
15,695
1,407,370
Public
Storage
.......................
5,651
1,697,730
SBA
Communications
Corp.
.............
9,703
2,361,710
13,605,464
Specialty
Retail
—
1.1%
AutoZone,
Inc.
(a)
.....................
1,524
5,734,202
Burlington
Stores,
Inc.
(a)
................
5,717
1,286,554
CarMax,
Inc.
(a)
(b)
......................
6,278
405,998
Carvana
Co.
,
Class
A
(a)
.................
10,699
2,614,301
Dick's
Sporting
Goods,
Inc.
..............
1,952
366,468
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......
9,563
683,181
O'Reilly
Automotive,
Inc.
(a)
...............
1,716
2,428,483
Ross
Stores,
Inc.
.....................
29,123
4,048,097
TJX
Cos.,
Inc.
(The)
...................
42,429
5,459,764
Tractor
Supply
Co.
....................
26,226
1,327,560
Ulta
Beauty,
Inc.
(a)
....................
1,959
775,059
Williams-Sonoma,
Inc.
.................
6,068
937,324
26,066,991
Technology
Hardware,
Storage
&
Peripherals
—
5.7%
Apple,
Inc.
.........................
597,629
126,996,163
Dell
Technologies,
Inc.
,
Class
C
...........
11,370
1,043,311
NetApp,
Inc.
........................
8,321
746,810
Pure
Storage,
Inc.
,
Class
A
(a)
.............
27,634
1,253,478
Super
Micro
Computer,
Inc.
(a)
(b)
............
44,921
1,431,183
131,470,945
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(a)
Deckers
Outdoor
Corp.
.................
13,859
1,535,993
Lululemon
Athletica,
Inc.
................
9,656
2,614,555
4,150,548
Trading
Companies
&
Distributors
—
0.7%
Fastenal
Co.
........................
51,448
4,165,744
Ferguson
Enterprises,
Inc.
...............
10,748
1,823,506
FTAI
Aviation
Ltd.
.....................
8,916
954,993
United
Rentals,
Inc.
...................
4,027
2,542,849
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Growth
ETF
Schedules
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Watsco,
Inc.
........................
3,133
$
1,440,679
WW
Grainger,
Inc.
....................
4,013
4,110,556
15,038,327
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
...........
10,095
1,484,066
Wireless
Telecommunication
Services
—
0.2%
T-Mobile
US,
Inc.
.....................
17,541
4,331,750
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
1,584,536,388
)
............................
2,292,804,814
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.6%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(e)
...................
33,377,662
$
33,391,014
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
3,089,324
3,089,324
Total
Short-Term
Securities
—
1
.6
%
(Cost:
$
36,477,626
)
...............................
36,480,338
Total
Investments
—
101
.4
%
(Cost:
$
1,621,014,014
)
............................
2,329,285,152
Liabilities
in
Excess
of
Other
Assets
—
(
1.4
)
%
.............
(
32,835,224
)
Net
Assets
—
100.0%
...............................
$
2,296,449,928
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
44,630,783
$
—
$
(
11,251,098
)
(a)
$
10,592
$
737
$
33,391,014
33,377,662
$
44,766
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
4,669,839
—
(
1,580,515
)
(a)
—
—
3,089,324
3,089,324
209,012
—
$
10,592
$
737
$
36,480,338
$
253,778
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
1000
Growth
E-Mini
Index
...............................................
17
06/20/25
$
3,157
$
8,166
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Growth
ETF
8
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
8,166
$
—
$
—
$
—
$
8,166
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
—
$
—
$
357,764
$
—
$
—
$
—
$
357,764
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
—
$
—
$
205,103
$
—
$
—
$
—
$
205,103
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,967,004
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,292,804,814
$
—
$
—
$
2,292,804,814
Short-Term
Securities
Money
Market
Funds
......................................
36,480,338
—
—
36,480,338
$
2,329,285,152
$
—
$
—
$
2,329,285,152
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
8,166
$
—
$
—
$
8,166
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.8%
Axon
Enterprise,
Inc.
(a)
.................
6,811
$
4,177,186
Curtiss-Wright
Corp.
...................
3,610
1,245,053
HEICO
Corp.
(b)
......................
3,979
997,774
HEICO
Corp.
,
Class
A
..................
7,223
1,451,317
Howmet
Aerospace,
Inc.
................
37,506
5,197,582
L3Harris
Technologies,
Inc.
..............
17,726
3,900,075
Textron,
Inc.
........................
17,865
1,257,160
18,226,147
Air
Freight
&
Logistics
—
0.2%
Expeditors
International
of
Washington,
Inc.
...
13,149
1,445,207
Automobile
Components
—
0.1%
Aptiv
plc
(a)
..........................
22,572
1,287,958
Automobiles
—
0.8%
Ford
Motor
Co.
......................
369,303
3,696,723
General
Motors
Co.
...................
93,262
4,219,173
7,915,896
Banks
—
1.9%
Citizens
Financial
Group,
Inc.
............
41,212
1,520,311
East
West
Bancorp,
Inc.
................
13,028
1,114,545
Fifth
Third
Bancorp
...................
63,681
2,288,695
First
Citizens
BancShares,
Inc.
,
Class
A
......
978
1,739,999
Huntington
Bancshares,
Inc.
.............
135,270
1,965,473
KeyCorp
...........................
93,276
1,384,216
M&T
Bank
Corp.
.....................
15,562
2,641,805
Regions
Financial
Corp.
................
86,014
1,755,546
Truist
Financial
Corp.
..................
122,351
4,690,937
19,101,527
Beverages
—
1.1%
Brown-Forman
Corp.
,
Class
A
............
4,620
159,898
Brown-Forman
Corp.
,
Class
B,
NVS
........
28,026
976,426
Constellation
Brands,
Inc.
,
Class
A
.........
14,478
2,715,204
Keurig
Dr
Pepper,
Inc.
.................
102,155
3,533,542
Monster
Beverage
Corp.
(a)
...............
64,236
3,861,868
11,246,938
Biotechnology
—
1.4%
(a)
Alnylam
Pharmaceuticals,
Inc.
............
12,110
3,187,836
Biogen,
Inc.
........................
13,603
1,647,051
BioMarin
Pharmaceutical,
Inc.
............
17,718
1,128,459
Exact
Sciences
Corp.
..................
17,380
793,223
Incyte
Corp.
........................
15,485
970,290
Moderna,
Inc.
(b)
......................
31,644
903,120
Natera,
Inc.
(b)
.......................
11,899
1,795,916
Neurocrine
Biosciences,
Inc.
.............
9,447
1,017,347
Sarepta
Therapeutics,
Inc.
...............
8,622
538,013
Summit
Therapeutics,
Inc.
(b)
..............
10,637
256,565
United
Therapeutics
Corp.
...............
3,596
1,089,912
Vaxcyte,
Inc.
(b)
.......................
10,384
372,163
13,699,895
Broadline
Retail
—
0.6%
Coupang,
Inc.
,
Class
A
(a)
................
112,231
2,622,839
eBay,
Inc.
..........................
45,076
3,072,380
5,695,219
Building
Products
—
1.4%
Advanced
Drainage
Systems,
Inc.
.........
6,699
760,270
Allegion
plc
.........................
8,272
1,151,462
Builders
FirstSource,
Inc.
(a)
..............
10,804
1,292,483
Carlisle
Cos.,
Inc.
....................
4,359
1,654,153
Johnson
Controls
International
plc
.........
61,938
5,196,598
Security
Shares
Shares
Value
Building
Products
(continued)
Lennox
International,
Inc.
...............
2,986
$
1,632,596
Masco
Corp.
........................
20,702
1,254,748
Owens
Corning
......................
8,114
1,179,857
14,122,167
Capital
Markets
—
4.4%
Ameriprise
Financial,
Inc.
...............
9,089
4,281,101
Ares
Management
Corp.
,
Class
A
..........
17,396
2,653,412
Bank
of
New
York
Mellon
Corp.
(The)
.......
67,201
5,403,632
Blue
Owl
Capital,
Inc.
,
Class
A
............
47,111
872,967
Carlyle
Group,
Inc.
(The)
................
20,205
780,721
Coinbase
Global,
Inc.
,
Class
A
(a)
...........
19,423
3,940,732
FactSet
Research
Systems,
Inc.
...........
3,568
1,542,161
Interactive
Brokers
Group,
Inc.
,
Class
A
......
9,993
1,717,297
Jefferies
Financial
Group,
Inc.
............
15,401
719,689
LPL
Financial
Holdings,
Inc.
..............
7,502
2,399,065
Morningstar,
Inc.
.....................
2,512
715,217
MSCI,
Inc.
.........................
7,418
4,043,626
Nasdaq,
Inc.
........................
36,290
2,765,661
Northern
Trust
Corp.
...................
18,578
1,745,960
Raymond
James
Financial,
Inc.
...........
17,248
2,363,666
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........
48,175
2,365,874
State
Street
Corp.
....................
27,481
2,421,076
T.
Rowe
Price
Group,
Inc.
...............
20,409
1,807,217
Tradeweb
Markets,
Inc.
,
Class
A
...........
10,870
1,503,321
44,042,395
Chemicals
—
1.9%
Albemarle
Corp.
.....................
10,986
643,230
Celanese
Corp.
......................
10,342
460,322
CF
Industries
Holdings,
Inc.
..............
16,340
1,280,566
Corteva,
Inc.
........................
64,259
3,983,415
Dow,
Inc.
..........................
65,838
2,013,985
DuPont
de
Nemours,
Inc.
...............
39,269
2,591,361
Eastman
Chemical
Co.
.................
11,146
858,242
International
Flavors
&
Fragrances,
Inc.
......
23,880
1,873,625
LyondellBasell
Industries
NV
,
Class
A
.......
24,252
1,411,709
PPG
Industries,
Inc.
...................
22,139
2,410,052
RPM
International,
Inc.
.................
12,072
1,288,686
Westlake
Corp.
......................
3,187
294,574
19,109,767
Commercial
Services
&
Supplies
—
1.1%
Clean
Harbors,
Inc.
(a)
..................
4,782
1,023,061
Copart,
Inc.
(a)
.......................
81,882
4,997,258
Rollins,
Inc.
.........................
27,627
1,578,331
Tetra
Tech,
Inc.
......................
25,046
781,185
Veralto
Corp.
........................
22,205
2,129,459
10,509,294
Communications
Equipment
—
0.3%
F5,
Inc.
(a)
..........................
5,483
1,451,569
Juniper
Networks,
Inc.
.................
30,564
1,110,085
2,561,654
Construction
&
Engineering
—
0.9%
AECOM
...........................
12,835
1,266,173
Comfort
Systems
USA,
Inc.
..............
3,350
1,331,792
EMCOR
Group,
Inc.
...................
4,421
1,771,495
Quanta
Services,
Inc.
..................
13,649
3,994,926
8,364,386
Construction
Materials
—
0.6%
Martin
Marietta
Materials,
Inc.
............
5,791
3,034,368
Vulcan
Materials
Co.
..................
12,454
3,267,058
6,301,426
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Finance
—
1.3%
Capital
One
Financial
Corp.
..............
35,655
$
6,427,170
Discover
Financial
Services
..............
23,459
4,285,256
Synchrony
Financial
...................
36,537
1,898,097
12,610,523
Consumer
Staples
Distribution
&
Retail
—
1.7%
Casey's
General
Stores,
Inc.
.............
3,508
1,622,766
Dollar
General
Corp.
..................
20,667
1,936,291
Dollar
Tree,
Inc.
(a)
.....................
19,419
1,587,892
Kroger
Co.
(The)
.....................
63,409
4,578,764
Performance
Food
Group
Co.
(a)
...........
14,640
1,180,862
Sprouts
Farmers
Market,
Inc.
(a)
............
9,455
1,616,805
Sysco
Corp.
........................
45,903
3,277,474
US
Foods
Holding
Corp.
(a)
...............
21,518
1,412,872
17,213,726
Containers
&
Packaging
—
1.1%
Amcor
plc
..........................
213,806
1,967,015
Avery
Dennison
Corp.
..................
7,525
1,287,603
Ball
Corp.
..........................
27,983
1,453,437
International
Paper
Co.
.................
48,788
2,228,636
Packaging
Corp.
of
America
.............
8,370
1,553,556
Smurfit
WestRock
plc
..................
46,927
1,971,872
10,462,119
Distributors
—
0.3%
Genuine
Parts
Co.
....................
13,204
1,552,130
Pool
Corp.
.........................
3,557
1,042,699
2,594,829
Diversified
Consumer
Services
—
0.1%
Service
Corp.
International
..............
13,651
1,090,715
Diversified
REITs
—
0.1%
WP
Carey,
Inc.
......................
20,503
1,280,207
Electric
Utilities
—
3.4%
Alliant
Energy
Corp.
...................
24,022
1,466,303
American
Electric
Power
Co.,
Inc.
..........
49,921
5,408,441
Edison
International
...................
36,056
1,929,356
Entergy
Corp.
.......................
39,533
3,287,960
Evergy,
Inc.
.........................
21,517
1,486,825
Eversource
Energy
...................
34,416
2,047,064
Exelon
Corp.
........................
93,380
4,379,522
FirstEnergy
Corp.
....................
47,554
2,039,115
NRG
Energy,
Inc.
.....................
18,322
2,007,725
PG&E
Corp.
........................
205,405
3,393,291
PPL
Corp.
.........................
69,275
2,528,537
Xcel
Energy,
Inc.
.....................
53,869
3,808,538
33,782,677
Electrical
Equipment
—
1.3%
AMETEK,
Inc.
.......................
21,605
3,663,776
Hubbell,
Inc.
........................
5,017
1,822,074
nVent
Electric
plc
.....................
15,664
860,110
Regal
Rexnord
Corp.
..................
6,272
663,829
Rockwell
Automation,
Inc.
...............
10,768
2,667,018
Vertiv
Holdings
Co.
,
Class
A
.............
33,917
2,895,833
12,572,640
Electronic
Equipment,
Instruments
&
Components
—
2.0%
CDW
Corp.
.........................
12,531
2,011,977
Coherent
Corp.
(a)
.....................
14,135
909,163
Corning,
Inc.
........................
72,455
3,215,553
Flex
Ltd.
(a)
..........................
36,560
1,255,470
Jabil,
Inc.
..........................
9,950
1,458,272
Keysight
Technologies,
Inc.
(a)
.............
16,342
2,376,127
TE
Connectivity
plc
...................
28,117
4,115,767
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Teledyne
Technologies,
Inc.
(a)
.............
4,397
$
2,049,134
Trimble,
Inc.
(a)
.......................
22,978
1,427,853
Zebra
Technologies
Corp.
,
Class
A
(a)
........
4,823
1,207,293
20,026,609
Energy
Equipment
&
Services
—
1.0%
Baker
Hughes
Co.
,
Class
A
..............
93,029
3,293,227
Halliburton
Co.
......................
83,142
1,647,874
Schlumberger
NV
....................
132,345
4,400,471
9,341,572
Entertainment
—
1.6%
Electronic
Arts,
Inc.
...................
22,315
3,237,683
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
............................
2,077
167,302
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C,
NVS
(a)
(b)
.......................
19,744
1,750,701
Live
Nation
Entertainment,
Inc.
(a)
(b)
.........
13,930
1,845,028
ROBLOX
Corp.
,
Class
A
(a)
...............
51,314
3,440,604
Take-Two
Interactive
Software,
Inc.
(a)
........
15,324
3,575,396
Warner
Bros
Discovery,
Inc.
(a)
............
209,975
1,820,483
15,837,197
Financial
Services
—
1.5%
Block,
Inc.
,
Class
A
(a)
..................
52,453
3,066,927
Corpay,
Inc.
(a)
.......................
6,355
2,067,726
Equitable
Holdings,
Inc.
................
26,305
1,300,782
Fidelity
National
Information
Services,
Inc.
....
50,589
3,990,460
Global
Payments,
Inc.
.................
23,859
1,820,680
Jack
Henry
&
Associates,
Inc.
............
6,888
1,194,586
Toast,
Inc.
,
Class
A
(a)
..................
45,468
1,617,752
15,058,913
Food
Products
—
2.1%
Archer-Daniels-Midland
Co.
..............
44,765
2,137,529
Bunge
Global
SA
.....................
13,348
1,050,755
Campbell's
Co.
(The)
..................
18,876
688,219
Conagra
Brands,
Inc.
..................
44,757
1,105,945
General
Mills,
Inc.
....................
52,306
2,967,842
Hershey
Co.
(The)
....................
13,842
2,314,244
Hormel
Foods
Corp.
...................
27,400
819,260
J
M
Smucker
Co.
(The)
.................
10,003
1,163,049
Kellanova
..........................
24,671
2,042,019
Kraft
Heinz
Co.
(The)
..................
82,812
2,409,829
Lamb
Weston
Holdings,
Inc.
.............
13,704
723,708
McCormick
&
Co.,
Inc.
(Non-Voting)
,
NVS
....
23,616
1,810,403
Tyson
Foods,
Inc.
,
Class
A
..............
26,413
1,617,532
20,850,334
Gas
Utilities
—
0.2%
Atmos
Energy
Corp.
...................
14,562
2,339,094
Ground
Transportation
—
1.1%
JB
Hunt
Transport
Services,
Inc.
..........
7,801
1,018,655
Norfolk
Southern
Corp.
.................
21,214
4,752,997
Old
Dominion
Freight
Line,
Inc.
...........
17,448
2,674,429
Saia,
Inc.
(a)
.........................
2,510
612,440
U-Haul
Holding
Co.
,
NVS
(b)
..............
8,898
487,610
U-Haul
Holding
Co.
(a)
(b)
.................
735
45,122
XPO,
Inc.
(a)
(b)
........................
10,933
1,160,210
10,751,463
Health
Care
Equipment
&
Supplies
—
2.8%
Align
Technology,
Inc.
(a)
.................
7,039
1,219,859
Baxter
International,
Inc.
................
47,680
1,486,186
Cooper
Cos.,
Inc.
(The)
(a)
...............
18,564
1,516,122
Dexcom,
Inc.
(a)
......................
36,581
2,611,152
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Edwards
Lifesciences
Corp.
(a)
............
54,895
$
4,144,023
GE
HealthCare
Technologies,
Inc.
.........
36,811
2,588,918
Hologic,
Inc.
(a)
.......................
21,010
1,222,782
IDEXX
Laboratories,
Inc.
(a)
...............
7,726
3,342,654
Insulet
Corp.
(a)
.......................
6,564
1,656,031
ResMed,
Inc.
.......................
13,787
3,261,866
Solventum
Corp.
(a)
....................
13,089
865,445
STERIS
plc
.........................
9,227
2,073,676
Zimmer
Biomet
Holdings,
Inc.
............
18,699
1,926,932
27,915,646
Health
Care
Providers
&
Services
—
2.2%
Cardinal
Health,
Inc.
...................
22,838
3,226,781
Cencora,
Inc.
.......................
16,249
4,755,595
Centene
Corp.
(a)
.....................
47,221
2,826,177
DaVita,
Inc.
(a)
........................
4,240
600,172
Humana,
Inc.
.......................
11,268
2,954,920
Labcorp
Holdings,
Inc.
.................
7,964
1,919,404
Molina
Healthcare,
Inc.
(a)
................
5,410
1,769,124
Quest
Diagnostics,
Inc.
.................
10,424
1,857,765
Tenet
Healthcare
Corp.
(a)
................
9,148
1,307,707
Universal
Health
Services,
Inc.
,
Class
B
.....
5,633
997,435
22,215,080
Health
Care
REITs
—
0.5%
Alexandria
Real
Estate
Equities,
Inc.
........
14,596
1,060,545
Healthpeak
Properties,
Inc.
..............
66,276
1,182,364
Ventas,
Inc.
........................
41,010
2,873,981
5,116,890
Health
Care
Technology
—
0.3%
Veeva
Systems,
Inc.
,
Class
A
(a)
...........
13,866
3,240,346
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
..............
65,978
931,609
Hotels,
Restaurants
&
Leisure
—
4.1%
Airbnb,
Inc.
,
Class
A
(a)
..................
39,152
4,773,412
Carnival
Corp.
(a)
......................
96,767
1,774,707
Cava
Group,
Inc.
(a)
(b)
...................
6,704
619,651
Darden
Restaurants,
Inc.
...............
10,989
2,204,833
Domino's
Pizza,
Inc.
...................
3,259
1,598,116
DoorDash,
Inc.
,
Class
A
(a)
(b)
..............
33,426
6,447,541
DraftKings,
Inc.
,
Class
A
(a)
...............
44,613
1,485,167
Expedia
Group,
Inc.
...................
11,535
1,810,187
Flutter
Entertainment
plc
(a)
...............
14,934
3,598,945
Hilton
Worldwide
Holdings,
Inc.
...........
22,409
5,052,781
Las
Vegas
Sands
Corp.
................
35,536
1,303,105
Royal
Caribbean
Cruises
Ltd.
............
23,129
4,970,653
Texas
Roadhouse,
Inc.
.................
6,259
1,038,744
Yum!
Brands,
Inc.
....................
26,298
3,956,271
40,634,113
Household
Durables
—
1.4%
DR
Horton,
Inc.
......................
26,992
3,410,169
Garmin
Ltd.
.........................
14,375
2,686,256
Lennar
Corp.
,
Class
A
..................
21,385
2,322,625
Lennar
Corp.
,
Class
B
.................
961
99,339
NVR,
Inc.
(a)
.........................
260
1,852,695
PulteGroup,
Inc.
.....................
19,231
1,972,716
Toll
Brothers,
Inc.
.....................
9,682
976,623
13,320,423
Household
Products
—
0.8%
Church
&
Dwight
Co.,
Inc.
...............
23,125
2,297,237
Clorox
Co.
(The)
.....................
11,606
1,651,534
Security
Shares
Shares
Value
Household
Products
(continued)
Kimberly-Clark
Corp.
..................
31,223
$
4,114,567
8,063,338
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
AES
Corp.
(The)
.....................
67,168
671,680
Vistra
Corp.
........................
31,672
4,105,641
4,777,321
Industrial
REITs
—
0.0%
Lineage,
Inc.
........................
6,752
325,649
Insurance
—
6.4%
Aflac,
Inc.
..........................
46,390
5,041,665
Allstate
Corp.
(The)
...................
24,815
4,923,048
American
International
Group,
Inc.
.........
56,755
4,626,668
Arch
Capital
Group
Ltd.
................
34,940
3,168,359
Arthur
J
Gallagher
&
Co.
................
23,222
7,447,063
Brown
&
Brown,
Inc.
...................
22,932
2,536,279
Cincinnati
Financial
Corp.
...............
14,526
2,022,165
Erie
Indemnity
Co.
,
Class
A,
NVS
..........
2,386
855,667
Everest
Group
Ltd.
....................
4,063
1,457,926
Fidelity
National
Financial,
Inc.
,
Class
A
......
24,206
1,550,394
Hartford
Insurance
Group,
Inc.
(The)
........
27,058
3,319,205
Loews
Corp.
........................
16,742
1,453,708
Markel
Group,
Inc.
(a)
...................
1,193
2,169,590
MetLife,
Inc.
........................
54,626
4,117,162
Principal
Financial
Group,
Inc.
............
21,927
1,625,887
Prudential
Financial,
Inc.
................
33,359
3,426,303
Reinsurance
Group
of
America,
Inc.
........
6,172
1,156,077
RenaissanceRe
Holdings
Ltd.
............
4,569
1,105,378
Travelers
Cos.,
Inc.
(The)
...............
21,386
5,648,684
Unum
Group
........................
15,037
1,167,774
Willis
Towers
Watson
plc
................
9,433
2,903,478
WR
Berkley
Corp.
....................
28,883
2,070,622
63,793,102
Interactive
Media
&
Services
—
0.3%
(a)
Pinterest,
Inc.
,
Class
A
.................
55,971
1,417,186
Reddit,
Inc.
,
Class
A
...................
9,907
1,154,859
Snap,
Inc.
,
Class
A,
NVS
(b)
..............
102,069
812,469
3,384,514
IT
Services
—
2.5%
Akamai
Technologies,
Inc.
(a)
..............
14,333
1,154,953
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..............
28,858
3,485,469
Cognizant
Technology
Solutions
Corp.
,
Class
A
.
47,038
3,460,586
Gartner,
Inc.
(a)
.......................
7,184
3,025,039
GoDaddy,
Inc.
,
Class
A
(a)
................
12,555
2,364,483
MongoDB,
Inc.
,
Class
A
(a)
...............
7,272
1,252,020
Okta,
Inc.
,
Class
A
(a)
(b)
..................
15,076
1,690,924
Snowflake,
Inc.
,
Class
A
(a)
...............
30,194
4,815,641
Twilio,
Inc.
,
Class
A
(a)
..................
13,746
1,329,376
VeriSign,
Inc.
(a)
......................
7,823
2,207,025
24,785,516
Life
Sciences
Tools
&
Services
—
1.5%
Agilent
Technologies,
Inc.
...............
26,726
2,875,718
Avantor,
Inc.
(a)
(b)
......................
63,723
827,762
Bio-Techne
Corp.
.....................
14,914
750,920
Illumina,
Inc.
(a)
.......................
14,956
1,160,586
IQVIA
Holdings,
Inc.
(a)
..................
15,531
2,408,392
Mettler-Toledo
International,
Inc.
(a)
.........
2,001
2,142,210
Revvity,
Inc.
........................
11,636
1,087,151
Waters
Corp.
(a)
......................
5,552
1,930,597
West
Pharmaceutical
Services,
Inc.
........
6,835
1,444,167
14,627,503
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
—
3.3%
CNH
Industrial
NV
....................
85,423
$
988,344
Cummins,
Inc.
.......................
12,749
3,746,166
Dover
Corp.
........................
12,852
2,193,194
Fortive
Corp.
........................
32,987
2,298,864
Graco,
Inc.
.........................
15,802
1,289,601
IDEX
Corp.
.........................
7,109
1,236,753
Ingersoll
Rand,
Inc.
...................
37,960
2,863,323
Nordson
Corp.
.......................
4,842
917,898
Otis
Worldwide
Corp.
..................
37,927
3,651,232
PACCAR,
Inc.
.......................
48,234
4,351,189
Pentair
plc
.........................
15,504
1,406,678
Snap-on,
Inc.
.......................
4,953
1,554,301
Stanley
Black
&
Decker,
Inc.
.............
14,453
867,469
Westinghouse
Air
Brake
Technologies
Corp.
...
16,028
2,961,013
Xylem,
Inc.
.........................
22,612
2,726,329
33,052,354
Media
—
1.0%
Charter
Communications,
Inc.
,
Class
A
(a)
.....
9,107
3,568,669
Fox
Corp.
,
Class
A,
NVS
................
20,398
1,015,617
Fox
Corp.
,
Class
B
....................
12,460
576,150
News
Corp.
,
Class
A,
NVS
..............
35,587
965,119
News
Corp.
,
Class
B
..................
9,897
310,964
Omnicom
Group,
Inc.
..................
18,415
1,402,486
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..........
41,768
2,240,018
10,079,023
Metals
&
Mining
—
1.2%
Newmont
Corp.
......................
106,843
5,628,490
Nucor
Corp.
........................
21,776
2,599,401
Reliance,
Inc.
.......................
5,214
1,502,831
Steel
Dynamics,
Inc.
...................
13,341
1,730,461
11,461,183
Multi-Utilities
—
3.1%
Ameren
Corp.
.......................
25,001
2,481,099
CenterPoint
Energy,
Inc.
................
59,836
2,320,440
CMS
Energy
Corp.
....................
28,017
2,063,452
Consolidated
Edison,
Inc.
...............
32,385
3,651,409
Dominion
Energy,
Inc.
..................
78,502
4,268,939
DTE
Energy
Co.
.....................
19,376
2,654,512
NiSource,
Inc.
.......................
43,807
1,713,292
Public
Service
Enterprise
Group,
Inc.
.......
46,751
3,736,807
Sempra
...........................
59,037
4,384,678
WEC
Energy
Group,
Inc.
................
29,583
3,239,930
30,514,558
Office
REITs
—
0.1%
BXP,
Inc.
..........................
14,693
936,385
Oil,
Gas
&
Consumable
Fuels
—
5.5%
Cheniere
Energy,
Inc.
..................
21,004
4,854,234
Coterra
Energy,
Inc.
...................
70,125
1,722,270
Devon
Energy
Corp.
...................
61,598
1,873,195
Diamondback
Energy,
Inc.
...............
17,800
2,349,778
EQT
Corp.
.........................
52,873
2,614,041
Expand
Energy
Corp.
..................
18,816
1,954,982
Hess
Corp.
.........................
26,106
3,368,979
Kinder
Morgan,
Inc.
...................
184,333
4,847,958
Marathon
Petroleum
Corp.
..............
30,121
4,138,927
Occidental
Petroleum
Corp.
..............
63,028
2,483,933
ONEOK,
Inc.
........................
57,643
4,735,949
Phillips
66
..........................
38,664
4,023,376
Targa
Resources
Corp.
.................
20,293
3,468,074
Texas
Pacific
Land
Corp.
................
1,819
2,344,455
Valero
Energy
Corp.
...................
29,452
3,419,083
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Williams
Cos.,
Inc.
(The)
................
113,939
$
6,673,407
54,872,641
Passenger
Airlines
—
0.6%
Delta
Air
Lines,
Inc.
...................
60,178
2,505,210
Southwest
Airlines
Co.
.................
55,629
1,555,387
United
Airlines
Holdings,
Inc.
(a)
............
30,704
2,113,049
6,173,646
Personal
Care
Products
—
0.5%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
......
21,839
1,309,466
Kenvue,
Inc.
........................
162,573
3,836,723
5,146,189
Pharmaceuticals
—
0.2%
Royalty
Pharma
plc
,
Class
A
.............
37,923
1,244,633
Viatris,
Inc.
.........................
112,427
946,635
2,191,268
Professional
Services
—
2.3%
Booz
Allen
Hamilton
Holding
Corp.
.........
12,076
1,449,362
Broadridge
Financial
Solutions,
Inc.
........
11,021
2,671,490
Equifax,
Inc.
........................
11,569
3,009,444
Jacobs
Solutions,
Inc.
..................
11,859
1,468,144
Leidos
Holdings,
Inc.
..................
12,564
1,849,170
Paychex,
Inc.
.......................
30,365
4,467,299
Paycom
Software,
Inc.
.................
4,792
1,084,861
SS&C
Technologies
Holdings,
Inc.
.........
20,252
1,531,051
TransUnion
.........................
18,240
1,513,190
Verisk
Analytics,
Inc.
...................
13,383
3,967,123
23,011,134
Real
Estate
Management
&
Development
—
0.9%
(a)
CBRE
Group,
Inc.
,
Class
A
..............
28,508
3,483,107
CoStar
Group,
Inc.
....................
39,087
2,899,083
Jones
Lang
LaSalle,
Inc.
................
4,460
1,014,249
Zillow
Group,
Inc.
,
Class
A
...............
5,092
335,970
Zillow
Group,
Inc.
,
Class
C,
NVS
..........
15,242
1,026,244
8,758,653
Residential
REITs
—
1.7%
American
Homes
4
Rent
,
Class
A
..........
30,163
1,127,795
AvalonBay
Communities,
Inc.
............
13,278
2,788,114
Camden
Property
Trust
.................
10,041
1,142,666
Equity
LifeStyle
Properties,
Inc.
...........
17,018
1,102,426
Equity
Residential
....................
32,245
2,265,534
Essex
Property
Trust,
Inc.
...............
6,002
1,675,458
Invitation
Homes,
Inc.
..................
53,809
1,839,730
Mid-America
Apartment
Communities,
Inc.
....
10,893
1,739,067
Sun
Communities,
Inc.
.................
11,649
1,449,485
UDR,
Inc.
..........................
28,307
1,185,497
16,315,772
Retail
REITs
—
1.2%
Kimco
Realty
Corp.
...................
63,198
1,262,696
Realty
Income
Corp.
...................
81,674
4,725,658
Regency
Centers
Corp.
................
15,755
1,137,196
Simon
Property
Group,
Inc.
..............
28,770
4,527,822
11,653,372
Semiconductors
&
Semiconductor
Equipment
—
1.2%
Astera
Labs,
Inc.
(a)
....................
2,377
155,242
Enphase
Energy,
Inc.
(a)
.................
12,899
575,167
Entegris,
Inc.
........................
14,069
1,113,139
First
Solar,
Inc.
(a)
.....................
9,618
1,210,137
Microchip
Technology,
Inc.
...............
49,791
2,294,369
Monolithic
Power
Systems,
Inc.
...........
4,360
2,585,916
ON
Semiconductor
Corp.
(a)
..............
40,379
1,603,046
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Skyworks
Solutions,
Inc.
................
14,990
$
963,557
Teradyne,
Inc.
.......................
15,269
1,133,113
11,633,686
Software
—
7.0%
ANSYS,
Inc.
(a)
.......................
8,154
2,624,610
AppLovin
Corp.
,
Class
A
(a)
...............
21,854
5,885,501
Atlassian
Corp.
,
Class
A
(a)
...............
15,248
3,481,271
Autodesk,
Inc.
(a)
......................
20,198
5,539,301
Bentley
Systems,
Inc.
,
Class
B
............
12,681
545,156
Datadog,
Inc.
,
Class
A
(a)
................
29,215
2,984,604
DocuSign,
Inc.
(a)
.....................
19,074
1,559,299
Dynatrace,
Inc.
(a)
.....................
25,994
1,220,938
Fair
Isaac
Corp.
(a)
.....................
2,226
4,429,028
Fortinet,
Inc.
(a)
.......................
61,014
6,330,813
Gen
Digital,
Inc.
......................
53,849
1,393,074
Guidewire
Software,
Inc.
(a)
...............
7,808
1,598,844
HubSpot,
Inc.
(a)
......................
4,672
2,856,928
Manhattan
Associates,
Inc.
(a)
.............
5,809
1,030,458
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
............
22,578
8,582,124
Nutanix,
Inc.
,
Class
A
(a)
.................
23,481
1,613,145
PTC,
Inc.
(a)
.........................
11,180
1,732,565
Roper
Technologies,
Inc.
................
9,983
5,591,279
Tyler
Technologies,
Inc.
(a)
(b)
..............
3,935
2,137,885
Workday,
Inc.
,
Class
A
(a)
................
19,865
4,866,925
Zoom
Communications,
Inc.
,
Class
A
(a)
......
22,498
1,744,495
Zscaler,
Inc.
(a)
.......................
8,983
2,031,685
69,779,928
Specialized
REITs
—
2.8%
Crown
Castle,
Inc.
....................
40,592
4,293,010
Digital
Realty
Trust,
Inc.
................
31,116
4,995,363
Extra
Space
Storage,
Inc.
...............
19,818
2,903,733
Gaming
&
Leisure
Properties,
Inc.
.........
24,655
1,179,988
Iron
Mountain,
Inc.
....................
27,385
2,455,613
Public
Storage
.......................
14,848
4,460,785
SBA
Communications
Corp.
.............
10,122
2,463,695
VICI
Properties,
Inc.
...................
99,080
3,172,541
Weyerhaeuser
Co.
....................
68,399
1,772,218
27,696,946
Specialty
Retail
—
2.5%
AutoZone,
Inc.
(a)
.....................
1,585
5,963,721
Best
Buy
Co.,
Inc.
....................
18,456
1,230,831
Burlington
Stores,
Inc.
(a)
................
5,953
1,339,663
CarMax,
Inc.
(a)
.......................
14,928
965,394
Carvana
Co.
,
Class
A
(a)
.................
11,172
2,729,878
Dick's
Sporting
Goods,
Inc.
..............
5,470
1,026,938
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......
10,038
717,115
Ross
Stores,
Inc.
.....................
30,338
4,216,982
Tractor
Supply
Co.
....................
50,659
2,564,358
Ulta
Beauty,
Inc.
(a)
....................
4,342
1,717,869
Williams-Sonoma,
Inc.
.................
11,525
1,780,267
24,253,016
Technology
Hardware,
Storage
&
Peripherals
—
1.5%
Dell
Technologies,
Inc.
,
Class
C
...........
29,189
2,678,383
Hewlett
Packard
Enterprise
Co.
...........
122,289
1,983,527
HP,
Inc.
...........................
88,299
2,257,805
NetApp,
Inc.
........................
19,409
1,741,958
Pure
Storage,
Inc.
,
Class
A
(a)
(b)
............
28,926
1,312,083
Seagate
Technology
Holdings
plc
..........
18,890
1,719,557
Super
Micro
Computer,
Inc.
(a)
(b)
............
46,674
1,487,034
Western
Digital
Corp.
(a)
.................
32,402
1,421,152
14,601,499
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
(a)
Deckers
Outdoor
Corp.
.................
14,438
$
1,600,163
Lululemon
Athletica,
Inc.
................
10,071
2,726,925
4,327,088
Trading
Companies
&
Distributors
—
1.8%
Fastenal
Co.
........................
53,569
4,337,482
Ferguson
Enterprises,
Inc.
...............
18,807
3,190,796
FTAI
Aviation
Ltd.
.....................
9,372
1,003,835
United
Rentals,
Inc.
...................
6,152
3,884,680
Watsco,
Inc.
........................
3,262
1,499,998
WW
Grainger,
Inc.
....................
4,182
4,283,664
18,200,455
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
...........
18,264
2,684,991
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
845,711,376
)
..............................
989,917,331
Short-Term
Securities
Money
Market
Funds
—
2.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(e)
...................
23,123,948
23,133,198
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
2,037,118
2,037,118
Total
Short-Term
Securities
—
2
.5
%
(Cost:
$
25,163,630
)
...............................
25,170,316
Total
Investments
—
102
.3
%
(Cost:
$
870,875,006
)
..............................
1,015,087,647
Liabilities
in
Excess
of
Other
Assets
—
(
2.3
)
%
.............
(
22,604,761
)
Net
Assets
—
100.0%
...............................
$
992,482,886
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
14
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
11,387,355
$
11,749,322
(a)
$
—
$
(
3,896
)
$
417
$
23,133,198
23,123,948
$
97,916
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,485,250
551,868
(a)
—
—
—
2,037,118
2,037,118
93,736
—
$
(
3,896
)
$
417
$
25,170,316
$
191,652
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Nasdaq-100
E-Mini
Index
.....................................................
1
06/20/25
$
393
$
(
4,456
)
S&P
Midcap
400
E-Mini
Index
.................................................
6
06/20/25
1,715
7,202
$
2,746
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
7,202
$
—
$
—
$
—
$
7,202
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
4,456
—
—
—
4,456
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
—
$
—
$
35,247
$
—
$
—
$
—
$
35,247
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
—
$
—
$
65,615
$
—
$
—
$
—
$
65,615
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
ETF
Schedules
of
Investments
15
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,046,379
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
989,917,331
$
—
$
—
$
989,917,331
Short-Term
Securities
Money
Market
Funds
......................................
25,170,316
—
—
25,170,316
$
1,015,087,647
$
—
$
—
$
1,015,087,647
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
7,202
$
—
$
—
$
7,202
Liabilities
Equity
contracts
...........................................
(
4,456
)
—
—
(
4,456
)
$
2,746
$
—
$
—
$
2,746
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
April
30,
2025
iShares
®
Morningstar
Mid-Cap
Growth
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
3.0%
Axon
Enterprise,
Inc.
(a)
.................
33,060
$
20,275,698
Curtiss-Wright
Corp.
...................
17,371
5,991,084
HEICO
Corp.
.......................
19,290
4,837,161
HEICO
Corp.
,
Class
A
..................
35,039
7,040,386
Howmet
Aerospace,
Inc.
................
182,018
25,224,054
L3Harris
Technologies,
Inc.
..............
36,791
8,094,756
Textron,
Inc.
........................
35,402
2,491,239
73,954,378
Automobile
Components
—
0.1%
Aptiv
plc
(a)
(b)
.........................
51,259
2,924,839
Banks
—
0.3%
First
Citizens
BancShares,
Inc.
,
Class
A
......
4,737
8,427,786
Beverages
—
1.3%
Brown-Forman
Corp.
,
Class
A
............
11,037
381,990
Brown-Forman
Corp.
,
Class
B,
NVS
........
67,590
2,354,836
Constellation
Brands,
Inc.
,
Class
A
.........
32,409
6,077,984
Keurig
Dr
Pepper,
Inc.
.................
165,410
5,721,532
Monster
Beverage
Corp.
(a)
...............
311,750
18,742,410
33,278,752
Biotechnology
—
2.0%
(a)
Alnylam
Pharmaceuticals,
Inc.
............
58,665
15,442,975
BioMarin
Pharmaceutical,
Inc.
............
50,556
3,219,912
Exact
Sciences
Corp.
..................
84,097
3,838,187
Incyte
Corp.
........................
74,568
4,672,431
Natera,
Inc.
.........................
57,739
8,714,547
Neurocrine
Biosciences,
Inc.
.............
45,651
4,916,156
Sarepta
Therapeutics,
Inc.
...............
41,496
2,589,350
Summit
Therapeutics,
Inc.
(b)
..............
26,287
634,043
United
Therapeutics
Corp.
...............
12,648
3,833,482
Vaxcyte,
Inc.
(b)
.......................
49,879
1,787,663
49,648,746
Broadline
Retail
—
0.5%
Coupang,
Inc.
,
Class
A
(a)
................
288,438
6,740,796
eBay,
Inc.
..........................
92,288
6,290,350
13,031,146
Building
Products
—
1.5%
Advanced
Drainage
Systems,
Inc.
.........
32,126
3,645,980
Allegion
plc
.........................
25,634
3,568,253
Carlisle
Cos.,
Inc.
....................
21,057
7,990,710
Johnson
Controls
International
plc
.........
129,159
10,836,440
Lennox
International,
Inc.
...............
14,462
7,907,099
Masco
Corp.
........................
39,084
2,368,881
36,317,363
Capital
Markets
—
5.9%
Ameriprise
Financial,
Inc.
...............
30,425
14,330,784
Ares
Management
Corp.
,
Class
A
..........
84,283
12,855,686
Bank
of
New
York
Mellon
Corp.
(The)
.......
132,009
10,614,844
Blue
Owl
Capital,
Inc.
,
Class
A
............
226,199
4,191,467
Coinbase
Global,
Inc.
,
Class
A
(a)
...........
94,274
19,127,252
FactSet
Research
Systems,
Inc.
...........
17,315
7,483,889
Interactive
Brokers
Group,
Inc.
,
Class
A
......
48,348
8,308,604
Jefferies
Financial
Group,
Inc.
............
49,828
2,328,462
LPL
Financial
Holdings,
Inc.
..............
36,386
11,635,879
Morningstar,
Inc.
.....................
12,076
3,438,279
MSCI,
Inc.
.........................
36,015
19,632,137
Nasdaq,
Inc.
........................
106,191
8,092,816
Raymond
James
Financial,
Inc.
...........
54,229
7,431,542
Robinhood
Markets,
Inc.
,
Class
A
(a)
.........
233,554
11,469,837
Security
Shares
Shares
Value
Capital
Markets
(continued)
Tradeweb
Markets,
Inc.
,
Class
A
...........
52,788
$
7,300,580
148,242,058
Chemicals
—
1.1%
Celanese
Corp.
......................
16,926
753,376
Corteva,
Inc.
........................
134,504
8,337,903
Dow,
Inc.
..........................
125,078
3,826,136
DuPont
de
Nemours,
Inc.
...............
83,334
5,499,211
PPG
Industries,
Inc.
...................
38,437
4,184,252
RPM
International,
Inc.
.................
39,130
4,177,127
26,778,005
Commercial
Services
&
Supplies
—
1.8%
Clean
Harbors,
Inc.
(a)
..................
23,191
4,961,483
Copart,
Inc.
(a)
(b)
......................
397,438
24,255,641
Rollins,
Inc.
.........................
134,004
7,655,649
Tetra
Tech,
Inc.
......................
120,559
3,760,235
Veralto
Corp.
........................
53,388
5,119,909
45,752,917
Communications
Equipment
—
0.1%
F5,
Inc.
(a)
..........................
12,067
3,194,618
Construction
&
Engineering
—
1.6%
AECOM
...........................
43,790
4,319,884
Comfort
Systems
USA,
Inc.
..............
16,277
6,470,921
EMCOR
Group,
Inc.
...................
21,423
8,584,196
Quanta
Services,
Inc.
..................
66,249
19,390,420
38,765,421
Construction
Materials
—
1.2%
Martin
Marietta
Materials,
Inc.
............
28,109
14,728,554
Vulcan
Materials
Co.
..................
60,441
15,855,487
30,584,041
Consumer
Finance
—
0.7%
Discover
Financial
Services
..............
67,722
12,370,778
Synchrony
Financial
...................
77,401
4,020,982
16,391,760
Consumer
Staples
Distribution
&
Retail
—
1.2%
Casey's
General
Stores,
Inc.
.............
16,938
7,835,350
Performance
Food
Group
Co.
(a)
...........
44,946
3,625,344
Sprouts
Farmers
Market,
Inc.
(a)
............
45,663
7,808,373
Sysco
Corp.
........................
87,306
6,233,648
US
Foods
Holding
Corp.
(a)
...............
69,367
4,554,637
30,057,352
Containers
&
Packaging
—
0.3%
Avery
Dennison
Corp.
..................
19,853
3,397,047
Ball
Corp.
..........................
76,150
3,955,231
7,352,278
Distributors
—
0.1%
Pool
Corp.
.........................
7,030
2,060,774
Diversified
Consumer
Services
—
0.1%
Service
Corp.
International
..............
30,990
2,476,101
Electric
Utilities
—
0.3%
PG&E
Corp.
........................
435,340
7,191,817
Electrical
Equipment
—
2.1%
AMETEK,
Inc.
.......................
104,881
17,785,720
Hubbell,
Inc.
........................
24,342
8,840,527
nVent
Electric
plc
.....................
75,103
4,123,906
Regal
Rexnord
Corp.
..................
11,192
1,184,561
Rockwell
Automation,
Inc.
...............
26,284
6,510,021
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Vertiv
Holdings
Co.
,
Class
A
.............
164,489
$
14,044,071
52,488,806
Electronic
Equipment,
Instruments
&
Components
—
2.0%
CDW
Corp.
.........................
23,064
3,703,156
Coherent
Corp.
(a)
.....................
68,140
4,382,765
Corning,
Inc.
........................
187,751
8,332,389
Flex
Ltd.
(a)
..........................
72,568
2,491,985
Jabil,
Inc.
..........................
20,423
2,993,195
Keysight
Technologies,
Inc.
(a)
.............
27,394
3,983,088
TE
Connectivity
plc
...................
60,864
8,909,272
Teledyne
Technologies,
Inc.
(a)
.............
11,734
5,468,396
Trimble,
Inc.
(a)
.......................
79,490
4,939,509
Zebra
Technologies
Corp.
,
Class
A
(a)
........
17,489
4,377,846
49,581,601
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.
,
Class
A
..............
269,088
9,525,715
Entertainment
—
2.5%
Electronic
Arts,
Inc.
...................
76,631
11,118,392
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
............................
10,200
821,610
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C,
NVS
(a)
(b)
.......................
95,530
8,470,645
Live
Nation
Entertainment,
Inc.
(a)
..........
67,499
8,940,242
ROBLOX
Corp.
,
Class
A
(a)
...............
248,697
16,675,134
Take-Two
Interactive
Software,
Inc.
(a)
........
74,227
17,318,644
63,344,667
Financial
Services
—
2.1%
Block,
Inc.
,
Class
A
(a)
..................
254,548
14,883,422
Corpay,
Inc.
(a)
.......................
23,034
7,494,573
Fidelity
National
Information
Services,
Inc.
....
155,407
12,258,504
Global
Payments,
Inc.
.................
39,890
3,044,006
Jack
Henry
&
Associates,
Inc.
............
33,164
5,751,632
Toast,
Inc.
,
Class
A
(a)
..................
220,656
7,850,940
51,283,077
Food
Products
—
0.5%
Hershey
Co.
(The)
....................
23,008
3,846,707
Lamb
Weston
Holdings,
Inc.
.............
23,439
1,237,814
McCormick
&
Co.,
Inc.
(Non-Voting)
,
NVS
....
67,151
5,147,796
Tyson
Foods,
Inc.
,
Class
A
..............
44,784
2,742,572
12,974,889
Ground
Transportation
—
1.5%
JB
Hunt
Transport
Services,
Inc.
..........
18,215
2,378,515
Norfolk
Southern
Corp.
.................
52,972
11,868,376
Old
Dominion
Freight
Line,
Inc.
...........
84,694
12,981,896
Saia,
Inc.
(a)
(b)
........................
12,102
2,952,888
U-Haul
Holding
Co.
,
NVS
...............
20,284
1,111,563
U-Haul
Holding
Co.
(a)
(b)
.................
1,473
90,428
XPO,
Inc.
(a)
(b)
........................
52,734
5,596,132
36,979,798
Health
Care
Equipment
&
Supplies
—
3.8%
Align
Technology,
Inc.
(a)
.................
14,777
2,560,854
Cooper
Cos.,
Inc.
(The)
(a)
...............
68,973
5,633,025
Dexcom,
Inc.
(a)
......................
177,537
12,672,591
Edwards
Lifesciences
Corp.
(a)
............
266,402
20,110,687
GE
HealthCare
Technologies,
Inc.
.........
63,655
4,476,856
IDEXX
Laboratories,
Inc.
(a)
(b)
.............
37,514
16,230,432
Insulet
Corp.
(a)
.......................
31,799
8,022,570
ResMed,
Inc.
.......................
66,905
15,829,054
STERIS
plc
.........................
45,005
10,114,424
95,650,493
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
1.0%
Cencora,
Inc.
.......................
44,892
$
13,138,542
DaVita,
Inc.
(a)
........................
11,673
1,652,313
Molina
Healthcare,
Inc.
(a)
................
13,129
4,293,314
Tenet
Healthcare
Corp.
(a)
................
28,207
4,032,191
Universal
Health
Services,
Inc.
,
Class
B
.....
15,792
2,796,289
25,912,649
Health
Care
REITs
—
0.4%
Alexandria
Real
Estate
Equities,
Inc.
........
37,376
2,715,740
Ventas,
Inc.
........................
93,094
6,524,028
9,239,768
Health
Care
Technology
—
0.6%
Veeva
Systems,
Inc.
,
Class
A
(a)
...........
67,302
15,727,804
Hotels,
Restaurants
&
Leisure
—
7.1%
Airbnb,
Inc.
,
Class
A
(a)
..................
190,002
23,165,044
Cava
Group,
Inc.
(a)
....................
32,159
2,972,456
Darden
Restaurants,
Inc.
...............
21,864
4,386,793
Domino's
Pizza,
Inc.
...................
15,806
7,750,788
DoorDash,
Inc.
,
Class
A
(a)
...............
162,232
31,292,931
DraftKings,
Inc.
,
Class
A
(a)
...............
216,939
7,221,899
Expedia
Group,
Inc.
...................
30,338
4,760,942
Flutter
Entertainment
plc
(a)
...............
72,442
17,457,798
Hilton
Worldwide
Holdings,
Inc.
...........
108,787
24,529,293
Las
Vegas
Sands
Corp.
................
172,848
6,338,336
Royal
Caribbean
Cruises
Ltd.
............
112,271
24,128,161
Texas
Roadhouse,
Inc.
.................
30,378
5,041,533
Yum!
Brands,
Inc.
....................
127,637
19,201,710
178,247,684
Household
Durables
—
0.8%
Garmin
Ltd.
.........................
51,888
9,696,311
NVR,
Inc.
(a)
(b)
........................
766
5,458,324
PulteGroup,
Inc.
.....................
35,834
3,675,852
Toll
Brothers,
Inc.
.....................
18,701
1,886,370
20,716,857
Household
Products
—
0.9%
Church
&
Dwight
Co.,
Inc.
...............
112,154
11,141,378
Clorox
Co.
(The)
.....................
21,935
3,121,351
Kimberly-Clark
Corp.
..................
62,104
8,184,065
22,446,794
Independent
Power
and
Renewable
Electricity
Producers
—
0.8%
Vistra
Corp.
........................
153,740
19,929,316
Industrial
REITs
—
0.0%
Lineage,
Inc.
(b)
.......................
16,207
781,664
Insurance
—
4.1%
Allstate
Corp.
(The)
...................
52,494
10,414,285
Arthur
J
Gallagher
&
Co.
................
112,721
36,148,497
Brown
&
Brown,
Inc.
...................
111,279
12,307,457
Cincinnati
Financial
Corp.
...............
35,122
4,889,334
Erie
Indemnity
Co.
,
Class
A,
NVS
..........
11,456
4,108,351
Markel
Group,
Inc.
(a)
...................
3,588
6,525,137
Travelers
Cos.,
Inc.
(The)
...............
49,553
13,088,434
Willis
Towers
Watson
plc
................
26,015
8,007,417
WR
Berkley
Corp.
....................
85,300
6,115,157
101,604,069
Interactive
Media
&
Services
—
0.7%
(a)
Pinterest,
Inc.
,
Class
A
.................
270,993
6,861,543
Reddit,
Inc.
,
Class
A
...................
47,828
5,575,310
Snap,
Inc.
,
Class
A,
NVS
(b)
..............
491,396
3,911,512
16,348,365
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
Growth
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
—
3.9%
(a)
Akamai
Technologies,
Inc.
...............
24,012
$
1,934,887
Cloudflare,
Inc.
,
Class
A
................
140,059
16,916,326
Gartner,
Inc.
........................
34,887
14,690,218
GoDaddy,
Inc.
,
Class
A
.................
60,901
11,469,485
MongoDB,
Inc.
,
Class
A
................
35,286
6,075,191
Okta,
Inc.
,
Class
A
....................
73,191
8,209,102
Snowflake,
Inc.
,
Class
A
................
146,536
23,371,027
Twilio,
Inc.
,
Class
A
...................
42,425
4,102,922
VeriSign,
Inc.
.......................
37,943
10,704,479
97,473,637
Life
Sciences
Tools
&
Services
—
2.0%
Agilent
Technologies,
Inc.
...............
74,680
8,035,568
Avantor,
Inc.
(a)
.......................
164,665
2,138,998
Bio-Techne
Corp.
.....................
71,872
3,618,755
Illumina,
Inc.
(a)
.......................
72,150
5,598,840
IQVIA
Holdings,
Inc.
(a)
(b)
.................
44,141
6,844,945
Mettler-Toledo
International,
Inc.
(a)
.........
9,720
10,405,941
Revvity,
Inc.
(b)
.......................
28,059
2,621,552
Waters
Corp.
(a)
......................
16,974
5,902,369
West
Pharmaceutical
Services,
Inc.
........
20,981
4,433,076
49,600,044
Machinery
—
4.1%
Cummins,
Inc.
.......................
27,388
8,047,690
Dover
Corp.
........................
42,885
7,318,325
Fortive
Corp.
........................
99,210
6,913,945
Graco,
Inc.
.........................
76,696
6,259,161
IDEX
Corp.
.........................
34,361
5,977,783
Ingersoll
Rand,
Inc.
...................
183,952
13,875,499
Nordson
Corp.
.......................
23,292
4,415,464
Otis
Worldwide
Corp.
..................
114,335
11,007,030
Pentair
plc
.........................
57,609
5,226,865
Snap-on,
Inc.
.......................
9,904
3,107,974
Stanley
Black
&
Decker,
Inc.
.............
27,593
1,656,132
Westinghouse
Air
Brake
Technologies
Corp.
...
77,798
14,372,403
Xylem,
Inc.
.........................
109,663
13,222,068
101,400,339
Media
—
0.6%
News
Corp.
,
Class
A,
NVS
..............
120,620
3,271,215
News
Corp.
,
Class
B
..................
33,289
1,045,940
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..........
202,793
10,875,788
15,192,943
Multi-Utilities
—
0.9%
CMS
Energy
Corp.
....................
51,678
3,806,085
Dominion
Energy,
Inc.
..................
218,099
11,860,223
Public
Service
Enterprise
Group,
Inc.
.......
96,285
7,696,060
23,362,368
Oil,
Gas
&
Consumable
Fuels
—
1.8%
Hess
Corp.
.........................
126,709
16,351,796
Targa
Resources
Corp.
.................
98,500
16,833,650
Texas
Pacific
Land
Corp.
................
8,811
11,356,234
44,541,680
Passenger
Airlines
—
0.2%
Delta
Air
Lines,
Inc.
...................
105,481
4,391,174
Personal
Care
Products
—
0.1%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
......
54,392
3,261,344
Professional
Services
—
3.8%
Booz
Allen
Hamilton
Holding
Corp.
.........
58,358
7,004,127
Broadridge
Financial
Solutions,
Inc.
........
53,348
12,931,555
Equifax,
Inc.
........................
56,053
14,581,067
Jacobs
Solutions,
Inc.
..................
37,340
4,622,692
Security
Shares
Shares
Value
Professional
Services
(continued)
Leidos
Holdings,
Inc.
..................
42,894
$
6,313,139
Paychex,
Inc.
.......................
97,210
14,301,535
Paycom
Software,
Inc.
.................
23,088
5,226,892
SS&C
Technologies
Holdings,
Inc.
.........
40,895
3,091,662
TransUnion
.........................
88,187
7,315,994
Verisk
Analytics,
Inc.
...................
64,959
19,255,797
94,644,460
Real
Estate
Management
&
Development
—
1.3%
(a)
CBRE
Group,
Inc.
,
Class
A
..............
100,134
12,234,372
CoStar
Group,
Inc.
(b)
...................
189,687
14,069,085
Jones
Lang
LaSalle,
Inc.
................
12,193
2,772,810
Zillow
Group,
Inc.
,
Class
A
...............
10,821
713,970
Zillow
Group,
Inc.
,
Class
C,
NVS
..........
32,164
2,165,602
31,955,839
Residential
REITs
—
1.5%
American
Homes
4
Rent
,
Class
A
..........
84,549
3,161,287
AvalonBay
Communities,
Inc.
............
35,363
7,425,523
Camden
Property
Trust
.................
22,683
2,581,325
Equity
LifeStyle
Properties,
Inc.
...........
50,523
3,272,880
Equity
Residential
....................
59,157
4,156,371
Essex
Property
Trust,
Inc.
...............
14,592
4,073,357
Invitation
Homes,
Inc.
..................
128,420
4,390,680
Mid-America
Apartment
Communities,
Inc.
....
18,039
2,879,926
Sun
Communities,
Inc.
.................
26,359
3,279,850
UDR,
Inc.
..........................
54,190
2,269,477
37,490,676
Retail
REITs
—
0.5%
Realty
Income
Corp.
...................
151,979
8,793,505
Regency
Centers
Corp.
................
35,687
2,575,888
11,369,393
Semiconductors
&
Semiconductor
Equipment
—
1.6%
Astera
Labs,
Inc.
(a)
....................
11,380
743,228
Enphase
Energy,
Inc.
(a)
.................
62,129
2,770,332
Entegris,
Inc.
........................
68,233
5,398,595
First
Solar,
Inc.
(a)
.....................
46,369
5,834,147
Microchip
Technology,
Inc.
...............
83,111
3,829,755
Monolithic
Power
Systems,
Inc.
...........
21,159
12,549,403
ON
Semiconductor
Corp.
(a)
..............
63,678
2,528,017
Teradyne,
Inc.
.......................
74,183
5,505,120
39,158,597
Software
—
12.6%
ANSYS,
Inc.
(a)
.......................
39,557
12,732,607
AppLovin
Corp.
,
Class
A
(a)
...............
106,071
28,565,981
Atlassian
Corp.
,
Class
A
(a)
...............
73,993
16,893,342
Autodesk,
Inc.
(a)
......................
98,029
26,884,453
Bentley
Systems,
Inc.
,
Class
B
............
60,948
2,620,155
Datadog,
Inc.
,
Class
A
(a)
(b)
...............
141,791
14,485,369
DocuSign,
Inc.
(a)
.....................
92,522
7,563,673
Dynatrace,
Inc.
(a)
.....................
125,737
5,905,867
Fair
Isaac
Corp.
(a)
.....................
10,812
21,512,420
Fortinet,
Inc.
(a)
.......................
296,155
30,729,042
Gen
Digital,
Inc.
......................
150,242
3,886,761
Guidewire
Software,
Inc.
(a)
...............
37,907
7,762,216
HubSpot,
Inc.
(a)
......................
22,680
13,868,820
Manhattan
Associates,
Inc.
(a)
.............
28,019
4,970,290
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
............
78,313
29,767,554
Nutanix,
Inc.
,
Class
A
(a)
.................
113,535
7,799,855
PTC,
Inc.
(a)
.........................
54,241
8,405,728
Roper
Technologies,
Inc.
................
48,448
27,134,756
Tyler
Technologies,
Inc.
(a)
...............
19,098
10,375,943
Workday,
Inc.
,
Class
A
(a)
................
96,423
23,623,635
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Zscaler,
Inc.
(a)
(b)
......................
43,599
$
9,860,786
315,349,253
Specialized
REITs
—
1.8%
Digital
Realty
Trust,
Inc.
................
77,101
12,377,794
Extra
Space
Storage,
Inc.
...............
40,954
6,000,580
Iron
Mountain,
Inc.
....................
79,388
7,118,722
Public
Storage
.......................
28,588
8,588,693
SBA
Communications
Corp.
.............
49,080
11,946,072
46,031,861
Specialty
Retail
—
3.7%
AutoZone,
Inc.
(a)
.....................
7,688
28,926,869
Burlington
Stores,
Inc.
(a)
(b)
...............
28,939
6,512,432
CarMax,
Inc.
(a)
(b)
......................
31,778
2,055,083
Carvana
Co.
,
Class
A
(a)
.................
54,082
13,214,937
Dick's
Sporting
Goods,
Inc.
..............
9,829
1,845,296
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
......
48,338
3,453,267
Ross
Stores,
Inc.
.....................
147,225
20,464,275
Tractor
Supply
Co.
....................
132,621
6,713,275
Ulta
Beauty,
Inc.
(a)
....................
9,881
3,909,319
Williams-Sonoma,
Inc.
.................
31,061
4,797,993
91,892,746
Technology
Hardware,
Storage
&
Peripherals
—
0.9%
Dell
Technologies,
Inc.
,
Class
C
...........
57,506
5,276,751
NetApp,
Inc.
........................
42,090
3,777,577
Pure
Storage,
Inc.
,
Class
A
(a)
.............
139,870
6,344,503
Super
Micro
Computer,
Inc.
(a)
(b)
............
227,170
7,237,636
22,636,467
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
(a)
Deckers
Outdoor
Corp.
.................
70,028
7,761,203
Lululemon
Athletica,
Inc.
................
48,857
13,229,010
20,990,213
Trading
Companies
&
Distributors
—
3.0%
Fastenal
Co.
........................
260,006
21,052,686
Ferguson
Enterprises,
Inc.
...............
54,430
9,234,594
FTAI
Aviation
Ltd.
.....................
45,053
4,825,627
United
Rentals,
Inc.
...................
20,369
12,862,005
Watsco,
Inc.
........................
15,825
7,276,968
WW
Grainger,
Inc.
....................
20,307
20,800,663
76,052,543
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
...........
51,060
7,506,331
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
2,221,655,563
)
............................
2,493,516,076
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
3.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(e)
...................
84,073,076
$
84,106,705
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
3,957,765
3,957,765
Total
Short-Term
Securities
—
3
.5
%
(Cost:
$
88,032,049
)
...............................
88,064,470
Total
Investments
—
103
.3
%
(Cost:
$
2,309,687,612
)
............................
2,581,580,546
Liabilities
in
Excess
of
Other
Assets
—
(
3.3
)
%
.............
(
83,294,520
)
Net
Assets
—
100.0%
...............................
$
2,498,286,026
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
Growth
ETF
20
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
61,454,705
$
22,658,151
(a)
$
—
$
(
11,845
)
$
5,694
$
84,106,705
84,073,076
$
204,925
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
4,090,773
—
(
133,008
)
(a)
—
—
3,957,765
3,957,765
224,503
—
$
(
11,845
)
$
5,694
$
88,064,470
$
429,428
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Nasdaq-100
E-Mini
Index
.....................................................
5
06/20/25
$
1,966
$
13,460
Russell
2000
E-Mini
Index
....................................................
25
06/20/25
2,462
(
64,602
)
$
(
51,142
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
13,460
$
—
$
—
$
—
$
13,460
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
64,602
—
—
—
64,602
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
—
$
—
$
112,989
$
—
$
—
$
—
$
112,989
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
—
$
—
$
120,559
$
—
$
—
$
—
$
120,559
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedules
of
Investments
21
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,869,158
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,493,516,076
$
—
$
—
$
2,493,516,076
Short-Term
Securities
Money
Market
Funds
......................................
88,064,470
—
—
88,064,470
$
2,581,580,546
$
—
$
—
$
2,581,580,546
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
13,460
$
—
$
—
$
13,460
Liabilities
Equity
contracts
...........................................
(
64,602
)
—
—
(
64,602
)
$
(
51,142
)
$
—
$
—
$
(
51,142
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.7%
AAR
Corp.
(a)
........................
3,144
$
168,078
AeroVironment,
Inc.
(a)
(b)
.................
7,859
1,190,796
Archer
Aviation,
Inc.
,
Class
A
(a)
............
68,340
569,272
BWX
Technologies,
Inc.
................
25,830
2,818,570
Cadre
Holdings,
Inc.
...................
6,316
184,111
Ducommun,
Inc.
(a)
....................
3,622
207,613
Hexcel
Corp.
........................
23,490
1,138,560
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
..
41,346
1,396,875
Leonardo
DRS,
Inc.
...................
20,620
762,115
Loar
Holdings,
Inc.
(a)
...................
3,562
336,894
Mercury
Systems,
Inc.
(a)
(b)
...............
6,256
312,800
Moog,
Inc.
,
Class
A
...................
5,854
979,081
Rocket
Lab
USA,
Inc.
(a)
.................
75,973
1,655,452
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
...
13,063
470,268
Standardaero,
Inc.
(a)
...................
21,555
582,416
Triumph
Group,
Inc.
(a)
..................
11,568
293,827
Woodward,
Inc.
......................
15,989
2,999,057
16,065,785
Air
Freight
&
Logistics
—
0.3%
CH
Robinson
Worldwide,
Inc.
............
17,360
1,548,859
GXO
Logistics,
Inc.
(a)
(b)
.................
15,081
546,536
2,095,395
Automobile
Components
—
0.8%
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
(b)
16,437
62,789
Autoliv,
Inc.
.........................
6,317
588,934
Dorman
Products,
Inc.
(a)
................
4,287
485,717
Fox
Factory
Holding
Corp.
(a)
..............
4,406
89,486
Gentex
Corp.
.......................
65,756
1,432,166
Gentherm,
Inc.
(a)
.....................
4,952
128,802
LCI
Industries
.......................
2,782
214,437
Mobileye
Global,
Inc.
,
Class
A
(a)
(b)
..........
8,056
117,456
Modine
Manufacturing
Co.
(a)
.............
13,927
1,137,000
Patrick
Industries,
Inc.
.................
3,802
292,678
XPEL,
Inc.
(a)
(c)
.......................
6,121
175,305
4,724,770
Automobiles
—
0.2%
Lucid
Group,
Inc.
(a)
(b)
...................
150,958
378,905
Thor
Industries,
Inc.
...................
7,455
539,891
918,796
Banks
—
1.6%
Amalgamated
Financial
Corp.
............
2,308
64,993
Ameris
Bancorp
......................
8,726
511,344
Axos
Financial,
Inc.
(a)
..................
8,632
547,959
BancFirst
Corp.
......................
2,987
351,928
Bancorp,
Inc.
(The)
(a)
(b)
.................
13,853
669,238
Bank
First
Corp.
.....................
1,382
150,887
City
Holding
Co.
.....................
1,596
184,929
Coastal
Financial
Corp.
(a)
(b)
..............
1,913
157,153
Columbia
Financial,
Inc.
(a)
(b)
..............
3,112
41,919
Eastern
Bankshares,
Inc.
...............
28,074
418,864
First
Financial
Bankshares,
Inc.
...........
17,206
576,573
German
American
Bancorp,
Inc.
...........
2,615
99,135
Home
BancShares,
Inc.
................
23,364
648,351
International
Bancshares
Corp.
...........
7,595
463,599
Lakeland
Financial
Corp.
................
2,958
164,672
Live
Oak
Bancshares,
Inc.
...............
9,592
250,735
Metrocity
Bankshares,
Inc.
..............
3,213
88,582
NB
Bancorp,
Inc.
(a)
(b)
...................
10,816
185,494
Nicolet
Bankshares,
Inc.
................
1,697
198,227
Northeast
Bank
......................
2,291
189,741
Pathward
Financial,
Inc.
................
3,935
312,321
Security
Shares
Shares
Value
Banks
(continued)
QCR
Holdings,
Inc.
...................
2,043
$
132,693
Republic
Bancorp,
Inc.
,
Class
A
...........
1,251
84,880
Seacoast
Banking
Corp.
of
Florida
.........
14,439
342,349
ServisFirst
Bancshares,
Inc.
.............
8,497
605,156
Stock
Yards
Bancorp,
Inc.
...............
4,666
339,638
Texas
Capital
Bancshares,
Inc.
(a)
..........
9,289
633,045
TFS
Financial
Corp.
...................
8,354
108,268
Tompkins
Financial
Corp.
...............
1,616
96,314
Triumph
Financial,
Inc.
(a)
(b)
...............
3,243
173,241
Wintrust
Financial
Corp.
................
6,829
759,180
WSFS
Financial
Corp.
.................
7,690
396,419
9,947,827
Beverages
—
0.8%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
.......
2,652
651,862
Celsius
Holdings,
Inc.
(a)
.................
45,010
1,573,549
Coca-Cola
Consolidated,
Inc.
.............
1,480
2,006,599
National
Beverage
Corp.
................
3,676
163,214
Vita
Coco
Co.,
Inc.
(The)
(a)
...............
10,852
358,659
4,753,883
Biotechnology
—
7.7%
(a)
ACADIA
Pharmaceuticals,
Inc.
............
14,102
205,889
ADMA
Biologics,
Inc.
(b)
.................
65,156
1,550,713
Akero
Therapeutics,
Inc.
................
8,346
380,661
Alkermes
plc
........................
22,099
635,788
Amicus
Therapeutics,
Inc.
...............
74,529
572,383
AnaptysBio,
Inc.
(b)
....................
2,871
63,794
Apellis
Pharmaceuticals,
Inc.
(b)
............
22,845
438,852
Arbutus
Biopharma
Corp.
...............
18,799
66,736
Arcellx,
Inc.
(b)
.......................
5,512
358,004
Arcus
Biosciences,
Inc.
.................
9,147
80,036
Arcutis
Biotherapeutics,
Inc.
(b)
............
29,344
437,519
Ardelyx,
Inc.
........................
61,002
335,816
Arrowhead
Pharmaceuticals,
Inc.
..........
13,980
194,182
ARS
Pharmaceuticals,
Inc.
(b)
.............
10,525
147,034
Astria
Therapeutics,
Inc.
................
9,266
47,813
Aurinia
Pharmaceuticals,
Inc.
(b)
............
37,812
311,571
Avidity
Biosciences,
Inc.
................
25,347
827,579
BioCryst
Pharmaceuticals,
Inc.
............
57,619
509,928
Biohaven
Ltd.
.......................
25,215
557,756
Blueprint
Medicines
Corp.
...............
17,502
1,566,429
Bridgebio
Pharma,
Inc.
.................
33,822
1,297,412
Capricor
Therapeutics,
Inc.
(b)
.............
11,152
141,630
CareDx,
Inc.
........................
13,982
236,016
Catalyst
Pharmaceuticals,
Inc.
............
17,367
421,844
Celldex
Therapeutics,
Inc.
(b)
..............
16,726
348,403
CG
oncology,
Inc.
(b)
...................
8,988
242,137
Cogent
Biosciences,
Inc.
................
22,383
116,615
Crinetics
Pharmaceuticals,
Inc.
(b)
..........
24,590
821,060
CRISPR
Therapeutics
AG
(b)
..............
7,717
298,416
Cytokinetics,
Inc.
(b)
....................
32,737
1,402,453
Day
One
Biopharmaceuticals,
Inc.
.........
19,971
155,374
Denali
Therapeutics,
Inc.
................
16,261
270,746
Dianthus
Therapeutics,
Inc.
(b)
.............
3,716
81,195
Dynavax
Technologies
Corp.
(b)
............
22,432
263,576
Dyne
Therapeutics,
Inc.
................
8,848
104,318
Exelixis,
Inc.
(b)
.......................
81,724
3,199,495
Geron
Corp.
........................
140,198
197,679
Gyre
Therapeutics,
Inc.
(b)
...............
1,311
12,795
Halozyme
Therapeutics,
Inc.
(b)
............
35,942
2,207,558
Humacyte,
Inc.
(b)
.....................
12,733
18,463
Ideaya
Biosciences,
Inc.
................
12,148
244,539
ImmunityBio,
Inc.
(b)
....................
21,395
53,701
Immunome,
Inc.
(b)
....................
18,440
162,088
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Immunovant,
Inc.
(b)
....................
17,352
$
280,235
Insmed,
Inc.
(b)
.......................
49,990
3,599,280
Intellia
Therapeutics,
Inc.
...............
8,956
79,440
Ionis
Pharmaceuticals,
Inc.
(b)
.............
41,441
1,272,653
Janux
Therapeutics,
Inc.
................
6,163
204,612
Keros
Therapeutics,
Inc.
................
7,507
108,401
Kiniksa
Pharmaceuticals
International
plc
.....
5,871
158,341
Krystal
Biotech,
Inc.
...................
7,110
1,207,847
Kymera
Therapeutics,
Inc.
(b)
..............
12,313
421,966
Lexicon
Pharmaceuticals,
Inc.
(b)
...........
49,054
35,849
Madrigal
Pharmaceuticals,
Inc.
(b)
..........
4,487
1,498,254
MannKind
Corp.
.....................
83,894
422,826
MiMedx
Group,
Inc.
(b)
..................
14,674
100,957
Mirum
Pharmaceuticals,
Inc.
(b)
............
9,437
410,038
Myriad
Genetics,
Inc.
..................
24,907
184,561
Novavax,
Inc.
(b)
......................
26,442
176,368
Nurix
Therapeutics,
Inc.
(b)
...............
16,275
187,651
Nuvalent,
Inc.
,
Class
A
.................
10,146
778,705
ORIC
Pharmaceuticals,
Inc.
(b)
............
5,236
29,898
Perspective
Therapeutics,
Inc.
............
13,447
32,945
Praxis
Precision
Medicines,
Inc.
(b)
..........
3,920
147,549
Protagonist
Therapeutics,
Inc.
(b)
...........
15,586
714,150
Prothena
Corp.
plc
(b)
...................
10,083
92,764
PTC
Therapeutics,
Inc.
.................
14,601
727,714
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(b)
...
91,587
511,971
Relay
Therapeutics,
Inc.
................
11,144
37,109
Revolution
Medicines,
Inc.
...............
22,470
907,339
Rhythm
Pharmaceuticals,
Inc.
............
14,272
930,392
Rocket
Pharmaceuticals,
Inc.
(b)
............
16,524
126,078
Roivant
Sciences
Ltd.
(b)
.................
121,703
1,414,189
Sana
Biotechnology,
Inc.
(b)
...............
16,229
30,835
Savara,
Inc.
........................
31,645
101,264
Scholar
Rock
Holding
Corp.
..............
13,138
432,372
Soleno
Therapeutics,
Inc.
...............
7,245
542,361
SpringWorks
Therapeutics,
Inc.
...........
15,623
723,345
Stoke
Therapeutics,
Inc.
(b)
...............
6,759
65,968
Syndax
Pharmaceuticals,
Inc.
............
23,835
337,265
TG
Therapeutics,
Inc.
..................
40,091
1,824,541
Twist
Bioscience
Corp.
.................
15,208
582,771
Tyra
Biosciences,
Inc.
(b)
................
1,428
14,708
Ultragenyx
Pharmaceutical,
Inc.
...........
23,438
913,613
Upstream
Bio,
Inc.
(b)
...................
4,823
44,661
Vera
Therapeutics,
Inc.
,
Class
A
(b)
..........
13,041
304,768
Veracyte,
Inc.
.......................
21,527
656,573
Vericel
Corp.
(b)
.......................
13,646
518,821
Viking
Therapeutics,
Inc.
(b)
...............
29,249
844,419
Viridian
Therapeutics,
Inc.
...............
11,187
151,584
Xencor,
Inc.
........................
17,937
197,666
Y-mAbs
Therapeutics,
Inc.
...............
5,031
21,382
46,694,995
Broadline
Retail
—
0.4%
(a)
Etsy,
Inc.
(b)
.........................
11,108
482,976
Ollie's
Bargain
Outlet
Holdings,
Inc.
........
17,428
1,849,285
Savers
Value
Village,
Inc.
(b)
..............
4,177
40,057
2,372,318
Building
Products
—
2.7%
A
O
Smith
Corp.
.....................
21,520
1,460,347
AAON,
Inc.
.........................
19,276
1,759,320
American
Woodmark
Corp.
(a)
.............
1,633
96,347
Apogee
Enterprises,
Inc.
................
2,436
96,636
Armstrong
World
Industries,
Inc.
...........
12,443
1,804,484
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...........
41,142
2,038,998
AZZ,
Inc.
..........................
3,023
262,275
Security
Shares
Shares
Value
Building
Products
(continued)
CSW
Industrials,
Inc.
..................
4,640
$
1,449,907
Gibraltar
Industries,
Inc.
(a)
...............
4,771
252,624
Griffon
Corp.
........................
4,832
329,108
Hayward
Holdings,
Inc.
(a)
................
24,212
322,746
Janus
International
Group,
Inc.
(a)
..........
9,960
68,525
Quanex
Building
Products
Corp.
...........
4,248
69,837
Resideo
Technologies,
Inc.
(a)
.............
11,486
192,735
Simpson
Manufacturing
Co.,
Inc.
..........
12,056
1,852,887
Tecnoglass,
Inc.
......................
6,474
461,402
Trex
Co.,
Inc.
(a)
......................
30,647
1,772,010
UFP
Industries,
Inc.
...................
7,848
775,775
Zurn
Elkay
Water
Solutions
Corp.
..........
41,154
1,397,590
16,463,553
Capital
Markets
—
3.3%
Acadian
Asset
Management,
Inc.
..........
5,007
134,889
Affiliated
Managers
Group,
Inc.
...........
4,378
725,128
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
.............................
11,890
439,692
BGC
Group,
Inc.
,
Class
A
...............
24,973
226,255
Cohen
&
Steers,
Inc.
..................
7,489
571,560
DigitalBridge
Group,
Inc.
,
Class
A
..........
44,205
371,322
Donnelley
Financial
Solutions,
Inc.
(a)
........
2,114
101,895
Evercore,
Inc.
,
Class
A
.................
10,227
2,099,501
Freedom
Holding
Corp.
(a)
(b)
..............
4,895
699,153
Hamilton
Lane,
Inc.
,
Class
A
.............
11,087
1,712,831
Houlihan
Lokey,
Inc.
,
Class
A
.............
14,849
2,406,726
MarketAxess
Holdings,
Inc.
..............
10,672
2,364,809
Open
Lending
Corp.
,
Class
A
(a)
(b)
..........
10,294
12,765
P10,
Inc.
,
Class
A
....................
9,620
106,493
Perella
Weinberg
Partners
,
Class
C
........
15,535
266,736
Piper
Sandler
Cos.
....................
2,920
704,070
PJT
Partners,
Inc.
,
Class
A
..............
6,508
922,249
SEI
Investments
Co.
...................
22,305
1,746,258
StepStone
Group,
Inc.
,
Class
A
...........
11,729
586,567
Stifel
Financial
Corp.
..................
18,469
1,582,609
StoneX
Group,
Inc.
(a)
..................
5,472
484,628
TPG,
Inc.
,
Class
A
....................
24,827
1,153,214
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
7,529
431,336
Virtus
Investment
Partners,
Inc.
...........
776
119,186
WisdomTree,
Inc.
.....................
13,327
115,945
20,085,817
Chemicals
—
1.5%
Ashland,
Inc.
........................
5,570
302,952
Aspen
Aerogels,
Inc.
(a)
.................
16,373
88,414
Axalta
Coating
Systems
Ltd.
(a)
............
30,511
991,608
Balchem
Corp.
......................
9,099
1,424,449
Cabot
Corp.
........................
9,096
714,400
Element
Solutions,
Inc.
.................
36,996
755,088
FMC
Corp.
.........................
20,180
845,946
Hawkins,
Inc.
.......................
5,558
676,853
HB
Fuller
Co.
.......................
7,623
411,947
Innospec,
Inc.
.......................
4,127
369,284
NewMarket
Corp.
.....................
907
558,077
Perimeter
Solutions,
Inc.
(a)
...............
36,117
365,865
PureCycle
Technologies,
Inc.
(a)
(b)
...........
22,536
151,217
Quaker
Chemical
Corp.
................
1,593
168,762
Scotts
Miracle-Gro
Co.
(The)
.............
7,601
382,938
Sensient
Technologies
Corp.
.............
5,681
533,730
Stepan
Co.
.........................
2,313
116,945
8,858,475
Commercial
Services
&
Supplies
—
1.4%
ABM
Industries,
Inc.
...................
9,843
479,748
ACV
Auctions,
Inc.
,
Class
A
(a)
.............
46,947
689,651
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Brady
Corp.
,
Class
A,
NVS
..............
5,930
$
416,820
BrightView
Holdings,
Inc.
(a)
..............
4,516
61,959
Brink's
Co.
(The)
.....................
8,384
748,188
Casella
Waste
Systems,
Inc.
,
Class
A
(a)
(b)
.....
17,332
2,035,643
CECO
Environmental
Corp.
(a)
.............
8,608
204,784
Driven
Brands
Holdings,
Inc.
(a)
............
7,880
130,178
HNI
Corp.
..........................
5,869
248,259
Interface,
Inc.
.......................
9,382
176,382
Liquidity
Services,
Inc.
(a)
................
6,725
213,720
MillerKnoll,
Inc.
......................
5,725
93,890
Montrose
Environmental
Group,
Inc.
(a)
.......
9,101
133,148
MSA
Safety,
Inc.
.....................
6,849
1,078,170
OPENLANE,
Inc.
(a)
....................
14,028
259,658
Pursuit
Attractions
&
Hospitality,
Inc.
(a)
.......
5,723
167,627
UniFirst
Corp.
.......................
2,282
407,268
Vestis
Corp.
........................
10,763
94,284
VSE
Corp.
(b)
........................
5,129
587,373
8,226,750
Communications
Equipment
—
0.7%
(a)
Applied
Optoelectronics,
Inc.
(b)
............
5,698
72,877
Calix,
Inc.
..........................
16,768
685,979
Ciena
Corp.
........................
16,776
1,126,676
Digi
International,
Inc.
..................
5,503
149,681
Extreme
Networks,
Inc.
.................
36,548
480,972
Harmonic,
Inc.
.......................
30,718
275,848
Lumentum
Holdings,
Inc.
................
18,820
1,111,133
Ribbon
Communications,
Inc.
............
8,376
26,887
Viavi
Solutions,
Inc.
...................
35,014
370,448
4,300,501
Construction
&
Engineering
—
2.4%
Ameresco,
Inc.
,
Class
A
(a)
...............
5,744
61,059
API
Group
Corp.
(a)
(b)
...................
52,920
2,001,964
Arcosa,
Inc.
........................
13,694
1,096,478
Argan,
Inc.
.........................
2,509
384,203
Centuri
Holdings,
Inc.
(a)
.................
4,128
74,139
Construction
Partners,
Inc.
,
Class
A
(a)
.......
13,235
1,087,123
Dycom
Industries,
Inc.
(a)
................
8,284
1,387,984
Fluor
Corp.
(a)
........................
21,145
737,749
Granite
Construction,
Inc.
...............
8,588
698,118
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........
9,109
82,801
IES
Holdings,
Inc.
(a)
(b)
..................
2,531
497,797
Limbach
Holdings,
Inc.
(a)
(b)
...............
2,851
272,955
MasTec,
Inc.
(a)
.......................
17,294
2,201,872
MYR
Group,
Inc.
(a)
....................
4,693
574,048
Primoris
Services
Corp.
................
9,996
599,460
Sterling
Infrastructure,
Inc.
(a)
.............
8,816
1,317,375
Valmont
Industries,
Inc.
.................
2,637
773,221
WillScot
Holdings
Corp.
................
29,368
737,724
14,586,070
Construction
Materials
—
0.6%
Eagle
Materials,
Inc.
...................
9,627
2,179,457
Knife
River
Corp.
(a)
(b)
...................
14,393
1,344,018
United
States
Lime
&
Minerals,
Inc.
.........
3,028
283,148
3,806,623
Consumer
Finance
—
1.0%
EZCORP,
Inc.
,
Class
A,
NVS
(a)
............
4,355
71,291
FirstCash
Holdings,
Inc.
................
5,416
725,527
LendingClub
Corp.
(a)
...................
31,581
308,547
Nelnet,
Inc.
,
Class
A
...................
1,508
159,984
SoFi
Technologies,
Inc.
(a)
(b)
..............
304,286
3,806,618
Upstart
Holdings,
Inc.
(a)
.................
21,335
1,019,813
6,091,780
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
0.8%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
.......
18,361
$
2,158,519
Chefs'
Warehouse,
Inc.
(The)
(a)
(b)
..........
4,471
254,713
Maplebear,
Inc.
(a)
.....................
41,306
1,647,696
PriceSmart,
Inc.
......................
4,252
431,536
Weis
Markets,
Inc.
....................
1,287
110,669
4,603,133
Containers
&
Packaging
—
0.6%
AptarGroup,
Inc.
.....................
18,532
2,778,873
Crown
Holdings,
Inc.
..................
11,750
1,131,878
3,910,751
Diversified
Consumer
Services
—
2.2%
Adtalem
Global
Education,
Inc.
(a)
..........
6,487
688,919
Bright
Horizons
Family
Solutions,
Inc.
(a)
......
16,212
2,033,309
Coursera,
Inc.
(a)
......................
31,097
261,837
Duolingo,
Inc.
,
Class
A
(a)
................
10,344
4,028,781
Frontdoor,
Inc.
(a)
......................
12,543
515,643
Grand
Canyon
Education,
Inc.
(a)
...........
7,945
1,417,150
H&R
Block,
Inc.
......................
19,081
1,151,920
KinderCare
Learning
Cos.,
Inc.
(a)
..........
4,562
55,930
Laureate
Education,
Inc.
(a)
...............
19,048
382,293
Mister
Car
Wash,
Inc.
(a)
(b)
................
11,380
78,067
OneSpaWorld
Holdings
Ltd.
..............
26,871
448,746
Perdoceo
Education
Corp.
...............
6,290
158,005
Strategic
Education,
Inc.
................
3,390
276,556
Stride,
Inc.
(a)
........................
8,512
1,210,832
Udemy,
Inc.
(a)
.......................
26,510
182,124
Universal
Technical
Institute,
Inc.
(a)
.........
11,758
329,929
13,220,041
Diversified
REITs
—
0.2%
Alexander
&
Baldwin,
Inc.
...............
12,588
216,262
American
Assets
Trust,
Inc.
..............
4,116
77,092
Empire
State
Realty
Trust,
Inc.
,
Class
A
......
13,890
98,897
Essential
Properties
Realty
Trust,
Inc.
.......
27,535
885,801
1,278,052
Diversified
Telecommunication
Services
—
0.4%
Anterix,
Inc.
(a)
(b)
......................
3,303
98,595
AST
SpaceMobile,
Inc.
,
Class
A
(a)
(b)
.........
24,342
564,978
Cogent
Communications
Holdings,
Inc.
......
4,593
249,629
Globalstar,
Inc.
(a)
(b)
....................
14,548
279,613
IDT
Corp.
,
Class
B
....................
3,660
183,915
Iridium
Communications,
Inc.
.............
29,496
711,738
Shenandoah
Telecommunications
Co.
.......
7,547
84,074
2,172,542
Electric
Utilities
—
0.2%
IDACORP,
Inc.
......................
4,964
586,199
MGE
Energy,
Inc.
.....................
4,769
431,213
Portland
General
Electric
Co.
.............
10,530
443,523
1,460,935
Electrical
Equipment
—
1.1%
Acuity,
Inc.
.........................
5,553
1,352,766
American
Superconductor
Corp.
(a)
.........
10,592
210,251
Bloom
Energy
Corp.
,
Class
A
(a)
(b)
..........
56,908
1,042,555
EnerSys
...........................
5,446
471,624
Enovix
Corp.
(a)
(b)
......................
45,768
306,646
Eos
Energy
Enterprises,
Inc.
,
Class
A
(a)
(b)
.....
59,847
312,401
Fluence
Energy,
Inc.
,
Class
A
(a)
(b)
..........
16,924
69,219
Generac
Holdings,
Inc.
(a)
................
10,826
1,238,278
NEXTracker,
Inc.
,
Class
A
(a)
..............
10,461
424,821
NuScale
Power
Corp.
,
Class
A
(a)
(b)
..........
30,639
507,688
Powell
Industries,
Inc.
..................
2,724
498,792
Preformed
Line
Products
Co.
.............
257
35,304
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Thermon
Group
Holdings,
Inc.
(a)
...........
2,858
$
74,965
Vicor
Corp.
(a)
........................
6,532
260,660
6,805,970
Electronic
Equipment,
Instruments
&
Components
—
2.6%
Advanced
Energy
Industries,
Inc.
..........
4,979
485,004
Arlo
Technologies,
Inc.
(a)
................
26,309
258,617
Badger
Meter,
Inc.
....................
8,279
1,828,169
Bel
Fuse,
Inc.
,
Class
A
.................
277
17,008
Bel
Fuse,
Inc.
,
Class
B,
NVS
.............
1,859
122,266
Belden,
Inc.
........................
7,450
768,169
Benchmark
Electronics,
Inc.
.............
4,902
159,462
Cognex
Corp.
.......................
46,088
1,258,202
CTS
Corp.
.........................
8,579
326,688
ePlus,
Inc.
(a)
........................
2,155
134,386
Fabrinet
(a)
..........................
10,259
2,103,711
Insight
Enterprises,
Inc.
(a)
(b)
..............
2,748
379,993
Itron,
Inc.
(a)
.........................
12,820
1,426,738
Littelfuse,
Inc.
.......................
4,197
765,155
Mirion
Technologies,
Inc.
,
Class
A
(a)
........
59,209
934,318
Napco
Security
Technologies,
Inc.
.........
9,842
224,890
nLight,
Inc.
(a)
........................
12,452
96,005
Novanta,
Inc.
(a)
......................
10,053
1,194,900
OSI
Systems,
Inc.
(a)
(b)
..................
2,555
523,111
PAR
Technology
Corp.
(a)
(b)
...............
10,044
586,570
PC
Connection,
Inc.
...................
1,437
89,151
Plexus
Corp.
(a)
.......................
3,916
479,436
Powerfleet,
Inc.
(a)
(b)
....................
34,938
176,088
Rogers
Corp.
(a)
......................
4,792
296,193
Sanmina
Corp.
(a)
.....................
5,001
384,027
Vontier
Corp.
........................
16,754
532,945
15,551,202
Energy
Equipment
&
Services
—
1.0%
Archrock,
Inc.
.......................
25,212
593,238
Atlas
Energy
Solutions,
Inc.
..............
6,146
83,155
Bristow
Group,
Inc.
(a)
..................
2,392
69,464
Cactus,
Inc.
,
Class
A
..................
11,714
444,429
ChampionX
Corp.
....................
53,450
1,289,749
Core
Laboratories,
Inc.
.................
12,987
147,662
Helix
Energy
Solutions
Group,
Inc.
(a)
........
40,791
248,417
Innovex
International,
Inc.
(a)
..............
3,834
57,894
Kodiak
Gas
Services,
Inc.
...............
4,728
160,799
Nabors
Industries
Ltd.
(a)
................
906
24,317
NOV,
Inc.
..........................
43,403
503,909
Oceaneering
International,
Inc.
(a)
..........
28,170
500,018
Patterson-UTI
Energy,
Inc.
..............
66,477
374,930
RPC,
Inc.
..........................
15,470
73,173
Select
Water
Solutions,
Inc.
,
Class
A
........
13,832
117,849
Transocean
Ltd.
(a)
(b)
...................
74,264
158,182
Valaris
Ltd.
(a)
........................
10,716
346,234
Weatherford
International
plc
.............
20,680
856,152
6,049,571
Entertainment
—
1.5%
Atlanta
Braves
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
2,931
127,352
Atlanta
Braves
Holdings,
Inc.
,
Class
C,
NVS
(a)
(b)
13,028
519,296
Cinemark
Holdings,
Inc.
................
11,967
357,933
IMAX
Corp.
(a)
.......................
12,311
299,527
Lionsgate
Studios
Corp.
(a)
...............
4,761
34,803
Madison
Square
Garden
Entertainment
Corp.
(a)
.
4,375
141,925
Madison
Square
Garden
Sports
Corp.
(a)
......
4,758
916,248
Roku,
Inc.
,
Class
A
(a)
..................
33,924
2,312,938
TKO
Group
Holdings,
Inc.
,
Class
A
.........
19,925
3,245,982
Security
Shares
Shares
Value
Entertainment
(continued)
Warner
Music
Group
Corp.
,
Class
A
........
37,942
$
1,155,334
9,111,338
Financial
Services
—
1.7%
Affirm
Holdings,
Inc.
,
Class
A
(a)
............
64,410
3,205,042
AvidXchange
Holdings,
Inc.
(a)
.............
50,356
409,394
Cantaloupe,
Inc.
(a)
....................
15,908
127,264
Euronet
Worldwide,
Inc.
(a)
...............
4,814
477,067
EVERTEC,
Inc.
......................
5,339
181,206
Federal
Agricultural
Mortgage
Corp.
,
Class
C,
NVS
...........................
887
155,518
Flywire
Corp.
(a)
......................
27,436
258,173
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
......................
19,421
485,137
Marqeta,
Inc.
,
Class
A
(a)
................
46,787
195,570
Merchants
Bancorp
...................
3,144
94,571
Payoneer
Global,
Inc.
(a)
.................
74,200
521,626
Radian
Group,
Inc.
....................
19,302
616,506
Remitly
Global,
Inc.
(a)
..................
40,901
827,018
Repay
Holdings
Corp.
,
Class
A
(a)
..........
11,102
44,408
Sezzle,
Inc.
(a)
(b)
......................
4,794
249,048
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..........
17,950
1,468,310
Voya
Financial,
Inc.
...................
10,478
620,298
WEX,
Inc.
(a)
.........................
3,493
455,382
10,391,538
Food
Products
—
0.8%
Freshpet,
Inc.
(a)
......................
12,772
939,253
Ingredion,
Inc.
.......................
5,850
776,997
J
&
J
Snack
Foods
Corp.
................
2,585
334,990
John
B
Sanfilippo
&
Son,
Inc.
.............
858
56,860
Lancaster
Colony
Corp.
................
5,728
932,404
Mission
Produce,
Inc.
(a)
.................
7,102
74,393
Pilgrim's
Pride
Corp.
...................
6,425
350,676
Post
Holdings,
Inc.
(a)
...................
5,720
647,332
Simply
Good
Foods
Co.
(The)
(a)
(b)
..........
12,345
445,778
Tootsie
Roll
Industries,
Inc.
..............
4,232
135,424
Utz
Brands,
Inc.
,
Class
A
................
12,309
163,587
Vital
Farms,
Inc.
(a)
....................
7,745
265,189
5,122,883
Gas
Utilities
—
0.1%
Chesapeake
Utilities
Corp.
..............
2,613
344,054
Ground
Transportation
—
0.6%
ArcBest
Corp.
.......................
2,935
171,756
FTAI
Infrastructure,
Inc.
.................
18,210
78,667
Knight-Swift
Transportation
Holdings,
Inc.
....
30,075
1,178,038
Landstar
System,
Inc.
..................
4,423
593,346
Marten
Transport
Ltd.
..................
5,615
72,097
RXO,
Inc.
(a)
.........................
44,237
623,299
Ryder
System,
Inc.
....................
6,184
851,351
Schneider
National,
Inc.
,
Class
B
..........
6,461
138,847
3,707,401
Health
Care
Equipment
&
Supplies
—
3.6%
Alphatec
Holdings,
Inc.
(a)
................
12,989
142,619
Artivion,
Inc.
(a)
.......................
7,011
166,091
AtriCure,
Inc.
(a)
......................
13,635
407,823
Avanos
Medical,
Inc.
(a)
.................
3,978
49,924
AxoGen,
Inc.
(a)
.......................
6,190
100,711
Ceribell,
Inc.
(a)
.......................
3,538
56,926
CONMED
Corp.
......................
8,668
425,685
Establishment
Labs
Holdings,
Inc.
(a)
(b)
.......
6,955
211,084
Glaukos
Corp.
(a)
......................
14,905
1,404,796
Globus
Medical,
Inc.
,
Class
A
(a)
...........
22,744
1,632,337
Haemonetics
Corp.
(a)
(b)
.................
14,262
898,791
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
ICU
Medical,
Inc.
(a)
....................
3,757
$
513,169
Inspire
Medical
Systems,
Inc.
(a)
...........
8,344
1,321,523
Integer
Holdings
Corp.
(a)
................
9,425
1,190,472
iRadimed
Corp.
......................
2,112
110,690
iRhythm
Technologies,
Inc.
(a)
(b)
............
8,741
934,325
Lantheus
Holdings,
Inc.
(a)
...............
19,305
2,014,284
LeMaitre
Vascular,
Inc.
.................
5,638
511,592
Masimo
Corp.
(a)
......................
6,777
1,090,826
Merit
Medical
Systems,
Inc.
(a)
.............
16,263
1,536,040
Neogen
Corp.
(a)
(b)
.....................
35,192
177,720
Novocure
Ltd.
(a)
......................
18,516
335,880
Orthofix
Medical,
Inc.
(a)
.................
3,464
48,184
OrthoPediatrics
Corp.
(a)
.................
4,522
94,148
Penumbra,
Inc.
(a)
.....................
10,501
3,075,113
PROCEPT
BioRobotics
Corp.
(a)
...........
14,317
772,832
Pulse
Biosciences,
Inc.
(a)
(b)
...............
4,782
81,390
RxSight,
Inc.
(a)
.......................
9,855
145,066
STAAR
Surgical
Co.
(a)
..................
10,512
191,949
Tandem
Diabetes
Care,
Inc.
(a)
............
18,403
310,091
Teleflex,
Inc.
........................
4,450
609,872
TransMedics
Group,
Inc.
(a)
(b)
..............
9,202
846,676
UFP
Technologies,
Inc.
(a)
................
2,066
430,844
21,839,473
Health
Care
Providers
&
Services
—
3.4%
Addus
HomeCare
Corp.
(a)
(b)
..............
4,943
516,791
Alignment
Healthcare,
Inc.
(a)
.............
29,580
524,158
Amedisys,
Inc.
(a)
.....................
3,474
329,683
Ardent
Health
Partners,
Inc.
(a)
(b)
...........
3,710
47,228
Astrana
Health,
Inc.
(a)
..................
11,221
349,758
Aveanna
Healthcare
Holdings,
Inc.
(a)
........
15,516
71,529
BrightSpring
Health
Services,
Inc.
(a)
........
5,513
96,643
Castle
Biosciences,
Inc.
(a)
...............
3,528
70,736
Chemed
Corp.
.......................
4,238
2,464,439
CorVel
Corp.
(a)
.......................
7,902
859,421
Encompass
Health
Corp.
...............
28,182
3,297,012
Ensign
Group,
Inc.
(The)
................
15,934
2,055,327
GeneDx
Holdings
Corp.
,
Class
A
(a)
(b)
........
4,605
307,844
Guardant
Health,
Inc.
(a)
.................
32,951
1,556,276
HealthEquity,
Inc.
(a)
(b)
..................
24,103
2,066,109
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
(b)
.......
44,215
1,463,516
LifeStance
Health
Group,
Inc.
(a)
...........
14,398
94,595
National
HealthCare
Corp.
...............
1,591
150,334
NeoGenomics,
Inc.
(a)
..................
16,521
105,652
Option
Care
Health,
Inc.
(a)
...............
25,173
813,340
PACS
Group,
Inc.
(a)
...................
6,802
65,503
Pennant
Group,
Inc.
(The)
(a)
..............
9,243
236,806
Privia
Health
Group,
Inc.
(a)
...............
30,161
708,180
Progyny,
Inc.
(a)
.......................
20,239
462,259
RadNet,
Inc.
(a)
(b)
......................
18,488
968,401
Select
Medical
Holdings
Corp.
............
10,445
190,517
Surgery
Partners,
Inc.
(a)
................
21,495
471,815
US
Physical
Therapy,
Inc.
...............
1,898
134,967
20,478,839
Health
Care
REITs
—
0.8%
American
Healthcare
REIT,
Inc.
...........
25,665
828,466
CareTrust
REIT,
Inc.
...................
52,249
1,529,328
National
Health
Investors,
Inc.
............
5,149
389,625
Omega
Healthcare
Investors,
Inc.
..........
41,410
1,617,060
Sabra
Health
Care
REIT,
Inc.
.............
23,656
422,260
4,786,739
Health
Care
Technology
—
0.6%
Certara,
Inc.
(a)
.......................
14,485
200,762
Doximity,
Inc.
,
Class
A
(a)
................
34,952
1,988,070
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Evolent
Health,
Inc.
,
Class
A
(a)
(b)
...........
14,288
$
140,880
GoodRx
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
11,583
53,629
HealthStream,
Inc.
....................
6,917
232,619
Phreesia,
Inc.
(a)
......................
15,523
387,454
Schrodinger,
Inc.
(a)
....................
7,357
188,560
Waystar
Holding
Corp.
(a)
................
13,144
488,562
3,680,536
Hotel
&
Resort
REITs
—
0.4%
Apple
Hospitality
REIT,
Inc.
..............
34,740
408,890
DiamondRock
Hospitality
Co.
.............
37,494
275,206
RLJ
Lodging
Trust
....................
23,911
167,616
Ryman
Hospitality
Properties,
Inc.
.........
9,845
865,868
Sunstone
Hotel
Investors,
Inc.
............
57,557
480,025
Xenia
Hotels
&
Resorts,
Inc.
.............
28,553
304,946
2,502,551
Hotels,
Restaurants
&
Leisure
—
4.0%
Aramark
...........................
45,205
1,511,203
BJ's
Restaurants,
Inc.
(a)
.................
5,324
177,236
Brinker
International,
Inc.
(a)
..............
6,160
827,288
Choice
Hotels
International,
Inc.
(b)
..........
4,837
609,994
Churchill
Downs,
Inc.
..................
19,893
1,798,526
Dutch
Bros,
Inc.
,
Class
A
(a)
..............
31,125
1,859,408
Everi
Holdings,
Inc.
(a)
..................
16,873
237,066
First
Watch
Restaurant
Group,
Inc.
(a)
(b)
.......
9,068
160,141
Global
Business
Travel
Group
I
(a)
..........
34,286
230,059
Hyatt
Hotels
Corp.
,
Class
A
..............
11,655
1,313,286
Krispy
Kreme,
Inc.
....................
22,332
91,561
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
..........
1,541
90,734
Life
Time
Group
Holdings,
Inc.
(a)
...........
16,746
513,432
Light
&
Wonder,
Inc.
,
Class
A
(a)
(b)
..........
25,430
2,171,213
Lucky
Strike
Entertainment
Corp.
,
Class
A
(b)
...
3,314
31,152
Monarch
Casino
&
Resort,
Inc.
............
3,712
290,241
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
.......
119,742
1,919,464
Planet
Fitness,
Inc.
,
Class
A
(a)
............
24,512
2,318,590
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............
6,473
66,931
Red
Rock
Resorts,
Inc.
,
Class
A
...........
7,783
332,334
Rush
Street
Interactive,
Inc.
,
Class
A
(a)
......
16,335
198,144
Sabre
Corp.
(a)
.......................
55,367
131,220
Shake
Shack,
Inc.
,
Class
A
(a)
.............
10,614
931,272
Six
Flags
Entertainment
Corp.
............
12,164
418,563
Sweetgreen,
Inc.
,
Class
A
(a)
(b)
.............
23,723
462,124
Vail
Resorts,
Inc.
.....................
7,016
976,627
Wendy's
Co.
(The)
....................
15,946
199,325
Wingstop,
Inc.
.......................
8,311
2,193,190
Wyndham
Hotels
&
Resorts,
Inc.
..........
10,025
855,133
Wynn
Resorts
Ltd.
....................
14,801
1,188,668
24,104,125
Household
Durables
—
1.1%
Cavco
Industries,
Inc.
(a)
.................
2,246
1,109,187
Century
Communities,
Inc.
..............
4,129
225,196
Champion
Homes,
Inc.
(a)
(b)
...............
16,062
1,389,363
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
.......
2,256
51,121
Installed
Building
Products,
Inc.
...........
6,734
1,116,699
Legacy
Housing
Corp.
(a)
................
1,053
25,614
Somnigroup
International,
Inc.
............
21,339
1,302,960
Sonos,
Inc.
(a)
........................
13,643
125,652
TopBuild
Corp.
(a)
.....................
4,354
1,287,739
6,633,531
Household
Products
—
0.2%
Spectrum
Brands
Holdings,
Inc.
...........
7,552
476,531
WD-40
Co.
.........................
3,801
867,997
1,344,528
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Clearway
Energy,
Inc.
,
Class
A
............
3,251
$
88,915
Clearway
Energy,
Inc.
,
Class
C
...........
7,438
218,231
Montauk
Renewables,
Inc.
(a)
.............
18,946
39,787
Ormat
Technologies,
Inc.
................
15,112
1,097,131
Sunnova
Energy
International,
Inc.
(a)
(b)
.......
10,319
1,945
1,446,009
Industrial
REITs
—
1.4%
Americold
Realty
Trust,
Inc.
..............
45,177
873,723
EastGroup
Properties,
Inc.
..............
13,561
2,216,139
First
Industrial
Realty
Trust,
Inc.
...........
35,282
1,678,717
Innovative
Industrial
Properties,
Inc.
........
4,147
225,224
Plymouth
Industrial
REIT,
Inc.
............
7,360
109,443
Rexford
Industrial
Realty,
Inc.
............
38,431
1,272,066
STAG
Industrial,
Inc.
..................
24,446
807,451
Terreno
Realty
Corp.
..................
26,648
1,501,082
8,683,845
Insurance
—
3.1%
Abacus
Global
Management,
Inc.
(a)
(b)
........
10,136
83,723
American
Financial
Group,
Inc.
...........
7,509
951,090
Assured
Guaranty
Ltd.
.................
9,214
808,344
Baldwin
Insurance
Group,
Inc.
(The)
,
Class
A
(a)
.
18,520
770,802
Bowhead
Specialty
Holdings,
Inc.
(a)
.........
2,642
106,182
Employers
Holdings,
Inc.
................
1,982
96,305
Enstar
Group
Ltd.
(a)
...................
1,346
450,116
Goosehead
Insurance,
Inc.
,
Class
A
........
6,582
639,836
Hanover
Insurance
Group,
Inc.
(The)
.......
5,288
878,337
HCI
Group,
Inc.
......................
2,272
332,394
Kinsale
Capital
Group,
Inc.
(b)
.............
6,246
2,718,634
Lemonade,
Inc.
(a)
(b)
....................
8,797
257,048
Mercury
General
Corp.
.................
3,477
192,695
Old
Republic
International
Corp.
...........
26,212
985,571
Oscar
Health,
Inc.
,
Class
A
(a)
.............
47,314
615,555
Palomar
Holdings,
Inc.
(a)
................
7,279
1,055,601
Primerica,
Inc.
.......................
6,505
1,704,765
RLI
Corp.
..........................
23,075
1,707,781
Root,
Inc.
,
Class
A
(a)
...................
970
135,480
Ryan
Specialty
Holdings,
Inc.
,
Class
A
.......
29,639
1,941,651
Safety
Insurance
Group,
Inc.
.............
1,741
133,187
Selective
Insurance
Group,
Inc.
...........
5,321
464,151
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....
5,624
298,578
Tiptree,
Inc.
........................
2,657
59,278
Trupanion,
Inc.
(a)
.....................
9,478
346,895
White
Mountains
Insurance
Group
Ltd.
......
416
735,259
18,469,258
Interactive
Media
&
Services
—
0.7%
Bumble,
Inc.
,
Class
A
(a)
.................
8,351
35,241
Cargurus,
Inc.
,
Class
A
(a)
(b)
...............
24,161
675,542
Cars.com,
Inc.
(a)
......................
5,151
59,958
Grindr,
Inc.
(a)
........................
6,831
150,077
Match
Group,
Inc.
....................
70,799
2,099,898
MediaAlpha,
Inc.
,
Class
A
(a)
..............
6,818
57,271
QuinStreet,
Inc.
(a)
.....................
14,466
253,444
Rumble,
Inc.
,
Class
A
(a)
(b)
................
23,559
181,875
Taboola.com
Ltd.
(a)
....................
20,141
59,416
TripAdvisor,
Inc.
(a)
(b)
...................
16,968
211,252
Vimeo,
Inc.
(a)
(b)
.......................
42,939
216,413
Webtoon
Entertainment,
Inc.
(a)
............
2,193
19,737
Yelp,
Inc.
(a)
.........................
13,897
487,507
ZipRecruiter,
Inc.
,
Class
A
(a)
..............
6,033
31,130
4,538,761
Security
Shares
Shares
Value
IT
Services
—
0.4%
Couchbase,
Inc.
(a)
....................
10,050
$
177,282
DigitalOcean
Holdings,
Inc.
(a)
.............
9,469
292,592
EPAM
Systems,
Inc.
(a)
..................
7,776
1,220,132
Fastly,
Inc.
,
Class
A
(a)
..................
35,474
203,976
Grid
Dynamics
Holdings,
Inc.
,
Class
A
(a)
......
18,013
255,064
Hackett
Group,
Inc.
(The)
...............
5,030
128,466
2,277,512
Leisure
Products
—
0.5%
Acushnet
Holdings
Corp.
................
3,576
236,803
Brunswick
Corp.
.....................
8,973
413,207
Funko,
Inc.
,
Class
A
(a)
..................
5,388
21,606
Hasbro,
Inc.
........................
18,981
1,174,924
Latham
Group,
Inc.
(a)
..................
6,489
35,462
Mattel,
Inc.
(a)
(b)
.......................
43,978
698,810
Topgolf
Callaway
Brands
Corp.
(a)
..........
19,127
126,429
YETI
Holdings,
Inc.
(a)
..................
14,845
423,825
3,131,066
Life
Sciences
Tools
&
Services
—
1.5%
10X
Genomics,
Inc.
,
Class
A
(a)
............
11,670
96,511
Azenta,
Inc.
(a)
(b)
......................
11,197
294,929
BioLife
Solutions,
Inc.
(a)
(b)
................
10,235
246,766
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
(b)
......
3,579
873,562
Bruker
Corp.
........................
17,234
690,394
Charles
River
Laboratories
International,
Inc.
(a)
.
5,532
656,206
Fortrea
Holdings,
Inc.
(a)
(b)
................
6,717
41,847
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.
31,215
63,054
Medpace
Holdings,
Inc.
(a)
(b)
..............
7,090
2,186,485
Mesa
Laboratories,
Inc.
................
514
59,239
OmniAb,
Inc.,
12.50
Earnout
Shares
(a)
(d)
......
1,386
—
OmniAb,
Inc.,
15.00
Earnout
Shares
(a)
(d)
......
1,386
—
Repligen
Corp.
(a)
.....................
14,765
2,037,422
Sotera
Health
Co.
(a)
...................
36,201
416,312
Standard
BioTools,
Inc.
(a)
................
87,939
97,612
Tempus
AI,
Inc.
(a)
(b)
....................
22,520
1,163,608
8,923,947
Machinery
—
6.0%
Alamo
Group,
Inc.
....................
1,662
277,521
Albany
International
Corp.
,
Class
A
.........
4,175
274,548
Allison
Transmission
Holdings,
Inc.
.........
13,637
1,257,877
Blue
Bird
Corp.
(a)
.....................
4,694
163,680
Chart
Industries,
Inc.
(a)
(b)
................
12,076
1,630,018
Crane
Co.
..........................
9,379
1,509,831
Donaldson
Co.,
Inc.
...................
34,036
2,237,186
Energy
Recovery,
Inc.
(a)
................
16,133
249,255
Enerpac
Tool
Group
Corp.
,
Class
A
(b)
........
15,324
618,630
Enpro,
Inc.
.........................
3,606
538,736
Esab
Corp.
.........................
11,009
1,322,401
ESCO
Technologies,
Inc.
...............
7,170
1,121,747
Federal
Signal
Corp.
..................
17,165
1,397,746
Flowserve
Corp.
.....................
25,754
1,164,853
Franklin
Electric
Co.,
Inc.
...............
11,365
965,570
Gorman-Rupp
Co.
(The)
................
5,750
206,195
Greenbrier
Cos.,
Inc.
(The)
..............
3,969
168,365
Helios
Technologies,
Inc.
................
4,100
111,766
ITT,
Inc.
...........................
23,150
3,172,013
JBT
Marel
Corp.
.....................
9,372
986,497
Kadant,
Inc.
........................
3,294
971,730
Lincoln
Electric
Holdings,
Inc.
............
16,145
2,844,749
Lindsay
Corp.
.......................
1,345
173,586
Middleby
Corp.
(The)
(a)
(b)
................
4,883
651,148
Miller
Industries,
Inc.
..................
1,891
77,172
Mueller
Industries,
Inc.
.................
17,267
1,270,161
Mueller
Water
Products,
Inc.
,
Class
A
.......
44,091
1,156,948
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Oshkosh
Corp.
......................
5,978
$
500,717
Proto
Labs,
Inc.
(a)
.....................
3,697
129,987
RBC
Bearings,
Inc.
(a)
..................
8,737
2,870,716
REV
Group,
Inc.
.....................
4,283
140,054
SPX
Technologies,
Inc.
(a)
................
12,989
1,742,474
Standex
International
Corp.
..............
1,739
245,929
Symbotic,
Inc.
,
Class
A
(a)
(b)
...............
11,845
255,615
Tennant
Co.
........................
2,051
148,000
Timken
Co.
(The)
.....................
6,702
430,604
Toro
Co.
(The)
.......................
17,838
1,217,979
Trinity
Industries,
Inc.
..................
11,399
286,115
Wabash
National
Corp.
.................
4,357
30,107
Watts
Water
Technologies,
Inc.
,
Class
A
......
7,698
1,599,259
36,117,485
Marine
Transportation
—
0.4%
Kirby
Corp.
(a)
........................
16,433
1,583,648
Matson,
Inc.
........................
5,491
599,013
2,182,661
Media
—
0.8%
Ibotta,
Inc.
,
Class
A
(a)
(b)
.................
1,810
88,328
Integral
Ad
Science
Holding
Corp.
(a)
(b)
.......
20,152
142,475
Liberty
Broadband
Corp.
,
Class
A
(a)
.........
2,747
244,620
Liberty
Broadband
Corp.
,
Class
C,
NVS
(a)
....
17,692
1,599,180
Magnite,
Inc.
(a)
(b)
......................
23,991
285,253
New
York
Times
Co.
(The)
,
Class
A
.........
44,010
2,291,160
PubMatic,
Inc.
,
Class
A
(a)
................
11,972
116,966
TechTarget,
Inc.
(a)
(b)
...................
2,809
22,388
TEGNA,
Inc.
........................
16,616
269,678
5,060,048
Metals
&
Mining
—
1.8%
ATI,
Inc.
(a)
..........................
39,747
2,161,442
Carpenter
Technology
Corp.
.............
13,840
2,707,242
Century
Aluminum
Co.
(a)
................
14,393
236,189
Coeur
Mining,
Inc.
(a)
...................
92,917
515,689
Hecla
Mining
Co.
(b)
....................
95,692
547,358
Ivanhoe
Electric,
Inc.
(a)
(b)
................
11,505
72,482
Materion
Corp.
......................
3,616
300,164
MP
Materials
Corp.
,
Class
A
(a)
(b)
...........
26,991
660,200
Royal
Gold,
Inc.
......................
18,560
3,391,098
10,591,864
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Claros
Mortgage
Trust,
Inc.
..............
10,608
26,096
Ellington
Financial,
Inc.
.................
9,982
130,065
156,161
Office
REITs
—
0.1%
COPT
Defense
Properties
...............
13,763
359,352
Oil,
Gas
&
Consumable
Fuels
—
0.9%
Antero
Midstream
Corp.
................
28,582
473,032
Antero
Resources
Corp.
(a)
...............
56,319
1,961,591
BKV
Corp.
(a)
........................
1,631
29,570
Centrus
Energy
Corp.
,
Class
A
(a)
(b)
.........
3,745
259,491
Clean
Energy
Fuels
Corp.
(a)
(b)
.............
14,629
21,212
CNX
Resources
Corp.
(a)
(b)
...............
23,888
703,024
Core
Natural
Resources,
Inc.
(b)
............
6,176
445,969
DT
Midstream,
Inc.
....................
10,728
1,042,762
HighPeak
Energy,
Inc.
(b)
................
2,094
16,773
Kinetik
Holdings,
Inc.
,
Class
A
............
2,643
109,262
New
Fortress
Energy,
Inc.
,
Class
A
(b)
........
19,029
103,327
Uranium
Energy
Corp.
(a)
(b)
...............
105,794
555,418
5,721,431
Security
Shares
Shares
Value
Paper
&
Forest
Products
—
0.2%
Louisiana-Pacific
Corp.
.................
11,584
$
999,815
Passenger
Airlines
—
0.2%
(a)
Frontier
Group
Holdings,
Inc.
(b)
............
24,650
73,457
JetBlue
Airways
Corp.
..................
35,363
154,183
Joby
Aviation,
Inc.
,
Class
A
(b)
.............
50,078
315,491
SkyWest,
Inc.
.......................
7,434
662,890
Sun
Country
Airlines
Holdings,
Inc.
.........
5,059
49,578
1,255,599
Personal
Care
Products
—
0.8%
BellRing
Brands,
Inc.
(a)
.................
36,813
2,839,755
Coty,
Inc.
,
Class
A
(a)
...................
47,377
239,254
elf
Beauty,
Inc.
(a)
.....................
14,959
925,513
Interparfums,
Inc.
.....................
5,083
555,064
4,559,586
Pharmaceuticals
—
1.1%
(a)
Amphastar
Pharmaceuticals,
Inc.
..........
10,777
263,067
ANI
Pharmaceuticals,
Inc.
...............
5,125
362,953
Arvinas,
Inc.
........................
9,010
86,676
Avadel
Pharmaceuticals
plc
,
ADR
..........
26,164
232,598
Axsome
Therapeutics,
Inc.
..............
11,107
1,247,205
Cassava
Sciences,
Inc.
(b)
...............
7,520
11,731
Corcept
Therapeutics,
Inc.
...............
27,849
2,001,786
CorMedix,
Inc.
(b)
......................
16,751
153,942
Edgewise
Therapeutics,
Inc.
(b)
............
10,875
178,350
Evolus,
Inc.
.........................
14,235
162,279
EyePoint
Pharmaceuticals,
Inc.
...........
7,358
50,182
Harmony
Biosciences
Holdings,
Inc.
........
4,414
130,081
Innoviva,
Inc.
.......................
6,648
124,251
Ligand
Pharmaceuticals,
Inc.
(b)
............
3,619
397,583
Liquidia
Corp.
(b)
......................
14,529
202,970
Ocular
Therapeutix,
Inc.
................
30,667
254,536
Prestige
Consumer
Healthcare,
Inc.
........
5,266
427,757
Scilex
Holding
Co.
,
(Acquired
04/15/25
,
cost
$
157,724
)
(e)
......................
430
1,954
Tarsus
Pharmaceuticals,
Inc.
.............
4,576
237,540
Tilray
Brands,
Inc.
,
Class
2
(b)
.............
94,078
45,637
WaVe
Life
Sciences
Ltd.
................
28,696
221,533
6,794,611
Professional
Services
—
3.8%
Barrett
Business
Services,
Inc.
............
4,466
181,141
CACI
International,
Inc.
,
Class
A
(a)
.........
4,523
2,070,946
CBIZ,
Inc.
(a)
(b)
........................
13,295
905,389
Clarivate
plc
(a)
.......................
33,048
142,437
CRA
International,
Inc.
.................
1,874
303,963
Dayforce,
Inc.
(a)
......................
43,987
2,545,528
ExlService
Holdings,
Inc.
(a)
..............
45,691
2,215,100
Exponent,
Inc.
.......................
14,301
1,125,203
FTI
Consulting,
Inc.
(a)
..................
10,010
1,664,463
Heidrick
&
Struggles
International,
Inc.
......
2,106
82,176
Huron
Consulting
Group,
Inc.
(a)
............
5,064
682,577
ICF
International,
Inc.
..................
5,320
451,987
Insperity,
Inc.
........................
10,128
658,421
KBR,
Inc.
..........................
37,995
2,006,516
Kforce,
Inc.
.........................
2,342
89,464
Korn
Ferry
.........................
6,588
406,480
Legalzoom.com,
Inc.
(a)
.................
31,689
231,963
Maximus,
Inc.
.......................
5,191
347,589
NV5
Global,
Inc.
(a)
....................
9,459
175,464
Parsons
Corp.
(a)
......................
13,225
884,223
Paylocity
Holding
Corp.
(a)
...............
12,332
2,368,977
Robert
Half,
Inc.
.....................
19,613
868,856
Science
Applications
International
Corp.
.....
4,463
540,157
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
UL
Solutions,
Inc.
,
Class
A
...............
11,872
$
678,960
Verra
Mobility
Corp.
,
Class
A
(a)
............
46,716
1,018,409
Willdan
Group,
Inc.
(a)
..................
2,205
86,436
22,732,825
Real
Estate
Management
&
Development
—
0.2%
eXp
World
Holdings,
Inc.
(b)
...............
22,467
205,798
Forestar
Group,
Inc.
(a)
..................
1,647
31,721
Howard
Hughes
Holdings,
Inc.
(a)
...........
5,481
364,651
Landbridge
Co.
LLC
,
Class
A
(b)
............
3,259
236,114
St.
Joe
Co.
(The)
.....................
10,894
461,034
1,299,318
Residential
REITs
—
0.2%
Apartment
Investment
&
Management
Co.
,
Class
A
.............................
16,641
131,630
Independence
Realty
Trust,
Inc.
...........
31,889
619,603
NexPoint
Residential
Trust,
Inc.
...........
2,643
98,531
UMH
Properties,
Inc.
..................
8,674
153,270
Veris
Residential,
Inc.
..................
9,009
139,820
1,142,854
Retail
REITs
—
1.2%
Acadia
Realty
Trust
...................
11,717
223,795
Agree
Realty
Corp.
...................
15,440
1,198,298
Alexander's,
Inc.
.....................
245
50,568
Brixmor
Property
Group,
Inc.
.............
31,727
790,320
Curbline
Properties
Corp.
...............
16,951
388,008
Federal
Realty
Investment
Trust
...........
11,126
1,046,067
Getty
Realty
Corp.
....................
5,329
149,159
InvenTrust
Properties
Corp.
..............
9,707
270,437
Kite
Realty
Group
Trust
.................
37,604
814,127
NETSTREIT
Corp.
....................
13,627
221,711
NNN
REIT,
Inc.
......................
14,643
601,974
Phillips
Edison
&
Co.,
Inc.
...............
16,636
577,269
SITE
Centers
Corp.
...................
4,692
55,553
Tanger,
Inc.
.........................
20,642
650,429
Urban
Edge
Properties
.................
24,467
442,119
Whitestone
REIT
.....................
5,925
77,262
7,557,096
Semiconductors
&
Semiconductor
Equipment
—
3.3%
ACM
Research,
Inc.
,
Class
A
(a)
............
7,281
141,761
Allegro
MicroSystems,
Inc.
(a)
.............
34,852
664,628
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.......
3,982
74,981
Ambarella,
Inc.
(a)
.....................
11,467
550,301
Amkor
Technology,
Inc.
.................
13,190
230,165
Axcelis
Technologies,
Inc.
(a)
(b)
.............
5,705
279,431
Cirrus
Logic,
Inc.
(a)
....................
6,177
593,239
Cohu,
Inc.
(a)
........................
13,408
214,528
Credo
Technology
Group
Holding
Ltd.
(a)
......
37,665
1,621,478
Diodes,
Inc.
(a)
.......................
3,895
149,568
FormFactor,
Inc.
(a)
....................
22,011
619,390
Ichor
Holdings
Ltd.
(a)
...................
9,327
184,488
Impinj,
Inc.
(a)
(b)
.......................
6,307
581,064
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
.......
43,399
86,364
Kulicke
&
Soffa
Industries,
Inc.
............
8,451
272,376
Lattice
Semiconductor
Corp.
(a)
(b)
...........
38,888
1,902,790
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
16,136
1,674,110
MaxLinear,
Inc.
(a)
.....................
6,682
66,753
MKS
Instruments,
Inc.
.................
8,845
620,388
Onto
Innovation,
Inc.
(a)
.................
13,844
1,688,553
PDF
Solutions,
Inc.
(a)
..................
8,736
160,306
Power
Integrations,
Inc.
................
10,396
510,652
Qorvo,
Inc.
(a)
........................
10,585
758,627
Rambus,
Inc.
(a)
......................
30,363
1,481,411
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Semtech
Corp.
(a)
.....................
24,137
$
754,281
Silicon
Laboratories,
Inc.
(a)
...............
8,928
908,513
SiTime
Corp.
(a)
(b)
.....................
5,190
762,203
Synaptics,
Inc.
(a)
.....................
5,333
296,835
Ultra
Clean
Holdings,
Inc.
(a)
(b)
.............
6,424
120,161
Universal
Display
Corp.
................
13,315
1,672,763
Veeco
Instruments,
Inc.
(a)
...............
10,082
188,533
19,830,641
Software
—
9.8%
A10
Networks,
Inc.
....................
19,794
326,205
ACI
Worldwide,
Inc.
(a)
..................
29,703
1,584,952
Agilysys,
Inc.
(a)
......................
6,501
483,349
Alarm.com
Holdings,
Inc.
(a)
..............
14,009
750,882
Alkami
Technology,
Inc.
(a)
...............
12,882
343,821
Amplitude,
Inc.
,
Class
A
(a)
...............
21,156
194,424
Appfolio,
Inc.
,
Class
A
(a)
................
6,079
1,255,435
Appian
Corp.
,
Class
A
(a)
................
9,682
300,626
Asana,
Inc.
,
Class
A
(a)
..................
24,914
402,112
AvePoint,
Inc.
,
Class
A
(a)
................
25,589
418,380
BILL
Holdings,
Inc.
(a)
(b)
..................
27,664
1,260,648
Blackbaud,
Inc.
(a)
.....................
8,441
511,018
BlackLine,
Inc.
(a)
(b)
....................
5,743
271,242
Blend
Labs,
Inc.
,
Class
A
(a)
..............
49,494
165,805
Box,
Inc.
,
Class
A
(a)
(b)
..................
41,016
1,280,520
Braze,
Inc.
,
Class
A
(a)
(b)
.................
19,477
606,319
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................
16,706
367,699
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
....
126,930
1,175,372
Cipher
Mining,
Inc.
(a)
...................
68,409
194,966
Cleanspark,
Inc.
(a)
(b)
...................
76,839
627,775
Clear
Secure,
Inc.
,
Class
A
..............
25,884
638,817
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
..
57,683
1,311,711
Commvault
Systems,
Inc.
(a)
..............
12,352
2,064,390
Confluent,
Inc.
,
Class
A
(a)
(b)
..............
68,202
1,623,890
Core
Scientific,
Inc.
(a)
..................
69,219
560,674
Daily
Journal
Corp.
(a)
(b)
.................
235
89,060
Digimarc
Corp.
(a)
.....................
4,224
55,292
Dolby
Laboratories,
Inc.
,
Class
A
..........
16,684
1,281,164
DoubleVerify
Holdings,
Inc.
(a)
.............
40,873
541,976
Dropbox,
Inc.
,
Class
A
(a)
................
30,361
866,807
Elastic
NV
(a)
........................
24,158
2,082,420
EverCommerce,
Inc.
(a)
.................
5,971
58,277
Five9,
Inc.
(a)
........................
20,833
523,742
Freshworks,
Inc.
,
Class
A
(a)
..............
55,291
816,648
Gitlab,
Inc.
,
Class
A
(a)
(b)
.................
36,220
1,690,387
Informatica,
Inc.
,
Class
A
(a)
..............
25,755
484,967
Intapp,
Inc.
(a)
........................
15,427
837,069
InterDigital,
Inc.
......................
7,078
1,422,678
Jamf
Holding
Corp.
(a)
..................
15,671
181,313
JFrog
Ltd.
(a)
(b)
.......................
21,997
742,839
Klaviyo,
Inc.
,
Class
A
(a)
(b)
................
23,659
720,180
Life360,
Inc.
(a)
.......................
19,880
852,852
LiveRamp
Holdings,
Inc.
(a)
...............
6,736
176,214
MARA
Holdings,
Inc.
(a)
(b)
................
94,351
1,261,473
Meridianlink,
Inc.
(a)
....................
6,831
115,512
N-able,
Inc.
(a)
........................
20,446
144,349
nCino,
Inc.
(a)
(b)
.......................
21,490
498,568
NextNav,
Inc.
(a)
......................
15,113
187,703
OneSpan,
Inc.
.......................
5,529
82,216
Onestream,
Inc.
(a)
(b)
...................
13,452
287,873
Pagaya
Technologies
Ltd.
,
Class
A
(a)
(b)
.......
3,966
43,467
PagerDuty,
Inc.
(a)
.....................
14,201
220,258
Pegasystems,
Inc.
....................
11,653
1,073,008
Procore
Technologies,
Inc.
(a)
(b)
............
24,336
1,559,694
Progress
Software
Corp.
................
4,642
278,334
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
PROS
Holdings,
Inc.
(a)
.................
12,390
$
211,621
Q2
Holdings,
Inc.
(a)
....................
16,327
1,293,915
Qualys,
Inc.
(a)
.......................
10,376
1,304,367
Rapid7,
Inc.
(a)
.......................
17,511
413,610
RingCentral,
Inc.
,
Class
A
(a)
..............
9,846
251,073
Riot
Platforms,
Inc.
(a)
(b)
.................
87,027
630,075
Rubrik,
Inc.
,
Class
A
(a)
..................
22,169
1,563,580
Samsara,
Inc.
,
Class
A
(a)
(b)
...............
70,710
2,804,359
SEMrush
Holdings,
Inc.
,
Class
A
(a)
.........
3,097
31,837
SentinelOne,
Inc.
,
Class
A
(a)
..............
77,455
1,432,918
SoundHound
AI,
Inc.
,
Class
A
(a)
(b)
..........
99,638
925,637
Sprinklr,
Inc.
,
Class
A
(a)
.................
31,197
239,905
Sprout
Social,
Inc.
,
Class
A
(a)
.............
13,742
287,345
SPS
Commerce,
Inc.
(a)
.................
10,325
1,481,741
Tenable
Holdings,
Inc.
(a)
................
33,639
1,028,344
Teradata
Corp.
(a)
(b)
....................
14,869
319,683
Terawulf,
Inc.
(a)
(b)
.....................
83,679
232,628
UiPath,
Inc.
,
Class
A
(a)
(b)
................
125,113
1,493,849
Unity
Software,
Inc.
(a)
(b)
.................
51,729
1,089,930
Varonis
Systems,
Inc.
(a)
.................
31,273
1,339,735
Vertex,
Inc.
,
Class
A
(a)
..................
18,204
728,706
Weave
Communications,
Inc.
(a)
...........
9,950
105,470
Workiva,
Inc.
,
Class
A
(a)
.................
14,351
1,080,200
Yext,
Inc.
(a)
.........................
32,431
220,531
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
.......
53,023
692,480
59,100,911
Specialized
REITs
—
0.7%
CubeSmart
.........................
26,432
1,074,989
Four
Corners
Property
Trust,
Inc.
..........
8,873
248,000
Lamar
Advertising
Co.
,
Class
A
...........
13,437
1,529,265
National
Storage
Affiliates
Trust
...........
8,628
320,962
PotlatchDeltic
Corp.
...................
8,297
318,522
Rayonier,
Inc.
.......................
18,184
444,781
Safehold,
Inc.
.......................
8,965
141,199
4,077,718
Specialty
Retail
—
1.7%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
.........
14,061
976,115
American
Eagle
Outfitters,
Inc.
............
24,485
257,827
Arko
Corp.
.........................
6,928
27,885
Boot
Barn
Holdings,
Inc.
(a)
...............
5,159
538,290
Camping
World
Holdings,
Inc.
,
Class
A
......
6,398
77,160
Chewy,
Inc.
,
Class
A
(a)
.................
47,746
1,790,475
EVgo,
Inc.
,
Class
A
(a)
(b)
.................
13,764
37,989
Five
Below,
Inc.
(a)
.....................
8,566
650,074
GameStop
Corp.
,
Class
A
(a)
(b)
.............
31,415
875,222
Gap,
Inc.
(The)
......................
25,841
565,918
Guess?,
Inc.
........................
2,325
26,156
Murphy
USA,
Inc.
....................
2,950
1,470,781
National
Vision
Holdings,
Inc.
(a)
...........
8,374
103,419
Revolve
Group,
Inc.
,
Class
A
(a)
............
10,798
214,664
RH
(a)
.............................
2,898
533,319
Shoe
Carnival,
Inc.
....................
1,590
27,634
Valvoline,
Inc.
(a)
......................
36,354
1,245,488
Warby
Parker,
Inc.
,
Class
A
(a)
.............
17,119
282,635
Winmark
Corp.
......................
818
294,488
9,995,539
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
CompoSecure,
Inc.
,
Class
A
.............
3,911
42,982
IonQ,
Inc.
(a)
(b)
........................
54,157
1,487,151
1,530,133
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Columbia
Sportswear
Co.
...............
3,735
$
232,205
Figs,
Inc.
,
Class
A
(a)
(b)
..................
18,962
76,417
Kontoor
Brands,
Inc.
...................
7,968
479,275
Ralph
Lauren
Corp.
,
Class
A
.............
6,265
1,409,312
Skechers
USA,
Inc.
,
Class
A
(a)
............
22,536
1,082,178
Steven
Madden
Ltd.
...................
6,733
141,393
3,420,780
Tobacco
—
0.0%
Turning
Point
Brands,
Inc.
...............
4,764
292,414
Trading
Companies
&
Distributors
—
1.7%
Applied
Industrial
Technologies,
Inc.
........
10,916
2,655,645
BlueLinx
Holdings,
Inc.
(a)
................
1,102
71,784
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
............
20,816
1,096,587
Distribution
Solutions
Group,
Inc.
(a)
.........
3,004
78,224
DNOW,
Inc.
(a)
.......................
13,778
218,657
DXP
Enterprises,
Inc.
(a)
.................
2,023
178,955
GATX
Corp.
........................
4,194
612,156
Global
Industrial
Co.
...................
1,876
48,176
Herc
Holdings,
Inc.
....................
4,552
498,171
McGrath
RentCorp
....................
6,879
733,783
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
......
3,948
301,943
QXO,
Inc.
(b)
.........................
106,005
1,414,107
Rush
Enterprises,
Inc.
,
Class
A
...........
7,107
362,386
Rush
Enterprises,
Inc.
,
Class
B
...........
881
50,957
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.........
6,345
728,469
Transcat,
Inc.
(a)
......................
2,603
206,496
WESCO
International,
Inc.
...............
4,739
772,267
Willis
Lease
Finance
Corp.
..............
299
46,261
Xometry,
Inc.
,
Class
A
(a)
................
7,970
204,351
10,279,375
Water
Utilities
—
0.2%
American
States
Water
Co.
..............
6,477
525,350
California
Water
Service
Group
...........
7,931
401,705
Middlesex
Water
Co.
..................
2,618
165,248
SJW
Group
.........................
2,324
131,864
1,224,167
Wireless
Telecommunication
Services
—
0.0%
Gogo,
Inc.
(a)
(b)
.......................
6,363
48,168
Total
Common
Stocks
—
99
.8
%
(Cost:
$
581,556,855
)
..............................
602,894,021
Rights
Biotechnology
—
0.0%
Sanofi
Aatd,
Inc.,
CVR
(a)
(d)
...............
4,215
4,763
Total
Rights
—
0.0
%
(Cost:
$
2,729
)
..................................
4,763
Total
Long-Term
Investments
—
99.8%
(Cost:
$
581,559,584
)
..............................
602,898,784
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
14.0%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(h)
...................
83,574,297
$
83,607,728
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
886,434
886,434
Total
Short-Term
Securities
—
14
.0
%
(Cost:
$
84,458,341
)
...............................
84,494,162
Total
Investments
—
113
.8
%
(Cost:
$
666,017,925
)
..............................
687,392,946
Liabilities
in
Excess
of
Other
Assets
—
(
13.8
)
%
............
(
83,579,657
)
Net
Assets
—
100.0%
...............................
$
603,813,289
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,954,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$157,724.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
72,386,907
$
11,213,799
(a)
$
—
$
(
1,780
)
$
8,802
$
83,607,728
83,574,297
$
446,449
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
651,228
235,206
(a)
—
—
—
886,434
886,434
52,371
—
$
(
1,780
)
$
8,802
$
84,494,162
$
498,820
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
9
06/20/25
$
886
$
16,873
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Growth
ETF
32
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
16,873
$
—
$
—
$
—
$
16,873
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
—
$
—
$
(
721,085
)
$
—
$
—
$
—
$
(
721,085
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
—
$
—
$
55,516
$
—
$
—
$
—
$
55,516
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,014,598
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
602,892,067
$
1,954
$
—
$
602,894,021
Rights
................................................
—
—
4,763
4,763
Short-Term
Securities
Money
Market
Funds
......................................
84,494,162
—
—
84,494,162
$
687,386,229
$
1,954
$
4,763
$
687,392,946
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
16,873
$
—
$
—
$
16,873
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.9%
AAR
Corp.
(a)
(b)
.......................
4,736
$
253,187
Archer
Aviation,
Inc.
,
Class
A
(b)
............
38,918
324,187
Huntington
Ingalls
Industries,
Inc.
..........
7,695
1,772,466
Mercury
Systems,
Inc.
(b)
................
6,263
313,150
Moog,
Inc.
,
Class
A
...................
1,586
265,258
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
(b)
..
13,553
487,908
Triumph
Group,
Inc.
(b)
..................
6,794
172,568
V2X,
Inc.
(b)
.........................
2,388
118,827
3,707,551
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
............
10,584
944,304
Forward
Air
Corp.
(b)
...................
4,846
71,333
GXO
Logistics,
Inc.
(a)
(b)
.................
12,584
456,044
Hub
Group,
Inc.
,
Class
A
................
11,889
375,574
1,847,255
Automobile
Components
—
1.6%
Adient
plc
(b)
.........................
17,471
221,008
American
Axle
&
Manufacturing
Holdings,
Inc.
(b)
13,504
51,585
Autoliv,
Inc.
.........................
9,084
846,901
BorgWarner,
Inc.
.....................
44,007
1,248,919
Dana,
Inc.
..........................
25,159
345,685
Dorman
Products,
Inc.
(b)
................
2,095
237,363
Fox
Factory
Holding
Corp.
(b)
..............
4,925
100,027
Garrett
Motion,
Inc.
...................
19,096
176,065
Gentherm,
Inc.
(b)
.....................
2,623
68,224
Goodyear
Tire
&
Rubber
Co.
(The)
(b)
........
54,729
595,451
LCI
Industries
.......................
2,997
231,009
Lear
Corp.
.........................
11,047
947,280
Mobileye
Global,
Inc.
,
Class
A
(a)
(b)
..........
11,139
162,407
Patrick
Industries,
Inc.
.................
3,858
296,989
Phinia,
Inc.
.........................
8,164
327,785
QuantumScape
Corp.
,
Class
A
(a)
(b)
.........
69,134
270,314
Standard
Motor
Products,
Inc.
............
3,856
104,498
Visteon
Corp.
(b)
......................
5,369
425,171
6,656,681
Automobiles
—
0.9%
Harley-Davidson,
Inc.
..................
21,848
489,832
Lucid
Group,
Inc.
(a)
(b)
...................
132,553
332,708
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.........
165,233
2,257,083
Thor
Industries,
Inc.
...................
4,861
352,034
Winnebago
Industries,
Inc.
..............
5,556
176,792
3,608,449
Banks
—
13.7%
1st
Source
Corp.
.....................
3,673
220,196
Amalgamated
Financial
Corp.
............
1,822
51,308
Amerant
Bancorp,
Inc.
,
Class
A
...........
6,915
116,449
Ameris
Bancorp
......................
7,214
422,740
Associated
Banc-Corp.
.................
32,213
710,619
Atlantic
Union
Bankshares
Corp.
..........
25,764
713,663
Axos
Financial,
Inc.
(b)
..................
4,435
281,534
Banc
of
California,
Inc.
.................
27,675
373,059
BancFirst
Corp.
......................
2,066
243,416
Bank
First
Corp.
.....................
888
96,952
Bank
of
Hawaii
Corp.
..................
7,609
503,031
Bank
OZK
.........................
21,062
897,241
BankUnited,
Inc.
.....................
14,166
463,370
Banner
Corp.
.......................
6,227
380,719
Berkshire
Hills
Bancorp,
Inc.
.............
8,093
200,949
BOK
Financial
Corp.
...................
4,546
423,551
Brookline
Bancorp,
Inc.
.................
17,078
178,294
Burke
&
Herbert
Financial
Services
Corp.
....
2,713
151,684
Security
Shares
Shares
Value
Banks
(continued)
Business
First
Bancshares,
Inc.
...........
5,727
$
132,007
Byline
Bancorp,
Inc.
...................
5,583
142,590
Cadence
Bank
......................
32,085
938,807
Capitol
Federal
Financial,
Inc.
............
24,425
138,490
Cathay
General
Bancorp
................
12,734
530,880
Central
Pacific
Financial
Corp.
............
4,208
108,104
City
Holding
Co.
.....................
1,783
206,596
Coastal
Financial
Corp.
(a)
(b)
..............
1,200
98,580
Columbia
Banking
System,
Inc.
...........
40,623
910,768
Columbia
Financial,
Inc.
(b)
...............
4,307
58,015
Comerica,
Inc.
.......................
25,692
1,380,945
Commerce
Bancshares,
Inc.
.............
26,003
1,579,422
Community
Financial
System,
Inc.
.........
10,160
554,634
Community
Trust
Bancorp,
Inc.
...........
3,245
158,875
ConnectOne
Bancorp,
Inc.
..............
7,335
165,258
Cullen/Frost
Bankers,
Inc.
...............
11,741
1,367,474
Customers
Bancorp,
Inc.
(b)
...............
5,762
288,100
CVB
Financial
Corp.
...................
25,640
475,366
Dime
Community
Bancshares,
Inc.
.........
8,228
211,377
Eagle
Bancorp,
Inc.
...................
5,621
100,897
Eastern
Bankshares,
Inc.
...............
20,093
299,788
Enterprise
Financial
Services
Corp.
........
7,389
384,376
Equity
Bancshares,
Inc.
,
Class
A
..........
2,833
109,042
FB
Financial
Corp.
....................
7,180
305,581
First
Bancorp
.......................
37,604
899,793
First
Busey
Corp.
.....................
17,315
359,979
First
Commonwealth
Financial
Corp.
........
19,600
300,272
First
Community
Bankshares,
Inc.
.........
3,266
123,063
First
Financial
Bancorp
.................
18,277
423,113
First
Financial
Bankshares,
Inc.
...........
15,978
535,423
First
Hawaiian,
Inc.
...................
24,843
567,911
First
Horizon
Corp.
....................
100,991
1,825,917
First
Interstate
BancSystem,
Inc.
,
Class
A
....
18,610
487,489
First
Merchants
Corp.
..................
11,465
408,613
First
Mid
Bancshares,
Inc.
...............
4,428
148,028
Five
Star
Bancorp
....................
3,240
89,683
Flagstar
Financial,
Inc.
(a)
................
59,116
692,248
FNB
Corp.
.........................
69,944
915,567
Fulton
Financial
Corp.
..................
33,526
559,214
German
American
Bancorp,
Inc.
...........
4,116
156,038
Glacier
Bancorp,
Inc.
..................
22,220
905,687
Great
Southern
Bancorp,
Inc.
.............
1,926
105,930
Hancock
Whitney
Corp.
................
16,684
869,070
Heritage
Commerce
Corp.
...............
12,887
116,499
Heritage
Financial
Corp.
................
6,563
149,768
Hilltop
Holdings,
Inc.
...................
9,160
270,495
Home
BancShares,
Inc.
................
22,005
610,639
Hope
Bancorp,
Inc.
...................
22,379
223,119
Horizon
Bancorp,
Inc.
..................
9,177
134,718
Independent
Bank
Corp.
................
12,075
601,139
International
Bancshares
Corp.
...........
5,335
325,648
Lakeland
Financial
Corp.
................
2,679
149,140
Mercantile
Bank
Corp.
.................
3,317
140,342
Metrocity
Bankshares,
Inc.
..............
2,209
60,902
Metropolitan
Bank
Holding
Corp.
(b)
.........
2,063
127,762
MidWestOne
Financial
Group,
Inc.
.........
3,401
94,344
National
Bank
Holdings
Corp.
,
Class
A
......
7,248
262,088
NBT
Bancorp,
Inc.
....................
9,021
381,949
Nicolet
Bankshares,
Inc.
................
1,670
195,073
Northwest
Bancshares,
Inc.
..............
23,442
289,509
OceanFirst
Financial
Corp.
..............
11,879
196,716
OFG
Bancorp
.......................
8,471
333,334
Old
National
Bancorp
..................
62,114
1,278,927
Old
Second
Bancorp,
Inc.
...............
9,127
144,115
Origin
Bancorp,
Inc.
...................
5,957
190,862
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Orrstown
Financial
Services,
Inc.
..........
3,888
$
116,523
Pacific
Premier
Bancorp,
Inc.
.............
18,430
374,866
Park
National
Corp.
...................
2,827
424,333
Pathward
Financial,
Inc.
................
2,274
180,487
Peoples
Bancorp,
Inc.
.................
7,115
206,406
Pinnacle
Financial
Partners,
Inc.
...........
14,979
1,501,495
Popular,
Inc.
........................
13,794
1,316,224
Preferred
Bank
......................
1,197
95,592
Prosperity
Bancshares,
Inc.
..............
18,511
1,256,897
Provident
Financial
Services,
Inc.
..........
22,186
363,185
QCR
Holdings,
Inc.
...................
1,875
121,781
Renasant
Corp.
......................
17,673
566,773
Republic
Bancorp,
Inc.
,
Class
A
...........
1,059
71,853
S&T
Bancorp,
Inc.
....................
7,354
267,980
Seacoast
Banking
Corp.
of
Florida
.........
6,507
154,281
ServisFirst
Bancshares,
Inc.
.............
4,569
325,404
Simmons
First
National
Corp.
,
Class
A
......
23,906
446,086
Southside
Bancshares,
Inc.
..............
5,791
163,248
SouthState
Corp.
.....................
18,954
1,644,828
Stellar
Bancorp,
Inc.
...................
10,153
253,419
Stock
Yards
Bancorp,
Inc.
...............
2,185
159,046
Synovus
Financial
Corp.
................
28,515
1,235,270
Texas
Capital
Bancshares,
Inc.
(b)
..........
2,798
190,684
TFS
Financial
Corp.
...................
5,045
65,383
Tompkins
Financial
Corp.
...............
1,634
97,386
Towne
Bank
........................
13,657
449,998
TriCo
Bancshares
....................
6,361
245,407
Triumph
Financial,
Inc.
(b)
................
2,393
127,834
TrustCo
Bank
Corp.
...................
3,667
111,660
Trustmark
Corp.
.....................
10,403
349,021
UMB
Financial
Corp.
..................
13,458
1,272,723
United
Bankshares,
Inc.
................
27,183
932,105
United
Community
Banks,
Inc.
............
23,050
636,411
Univest
Financial
Corp.
.................
6,046
178,599
Valley
National
Bancorp
................
92,249
793,341
Veritex
Holdings,
Inc.
..................
10,144
236,152
WaFd,
Inc.
.........................
14,652
418,022
Webster
Financial
Corp.
................
33,484
1,583,793
WesBanco,
Inc.
......................
18,472
550,096
Westamerica
Bancorp
.................
4,910
237,791
Western
Alliance
Bancorp
...............
21,295
1,484,474
Wintrust
Financial
Corp.
................
8,014
890,916
WSFS
Financial
Corp.
.................
6,086
313,733
Zions
Bancorp
NA
....................
28,663
1,288,975
57,425,354
Beverages
—
0.5%
MGP
Ingredients,
Inc.
..................
2,834
83,518
Molson
Coors
Beverage
Co.
,
Class
B
.......
34,004
1,956,250
National
Beverage
Corp.
................
2,191
97,280
2,137,048
Biotechnology
—
1.4%
(b)
89bio,
Inc.
(a)
........................
19,265
154,505
ACADIA
Pharmaceuticals,
Inc.
............
13,850
202,210
Agios
Pharmaceuticals,
Inc.
..............
10,860
322,433
Akero
Therapeutics,
Inc.
................
6,190
282,326
Alkermes
plc
........................
17,599
506,323
AnaptysBio,
Inc.
(a)
....................
896
19,909
Annexon,
Inc.
.......................
12,969
24,122
Arbutus
Biopharma
Corp.
...............
14,086
50,005
Arcellx,
Inc.
.........................
3,821
248,174
Arcus
Biosciences,
Inc.
.................
6,233
54,539
Arrowhead
Pharmaceuticals,
Inc.
..........
13,253
184,084
Beam
Therapeutics,
Inc.
................
17,014
339,089
Security
Shares
Shares
Value
Biotechnology
(continued)
Catalyst
Pharmaceuticals,
Inc.
............
7,828
$
190,142
CRISPR
Therapeutics
AG
(a)
..............
11,049
427,265
Cullinan
Therapeutics,
Inc.
..............
7,430
61,520
Denali
Therapeutics,
Inc.
................
12,432
206,993
Dynavax
Technologies
Corp.
.............
10,752
126,336
Dyne
Therapeutics,
Inc.
................
7,504
88,472
Erasca,
Inc.
........................
36,841
53,788
Gyre
Therapeutics,
Inc.
(a)
...............
1,956
19,091
Humacyte,
Inc.
(a)
.....................
8,896
12,899
Ideaya
Biosciences,
Inc.
................
8,012
161,282
Intellia
Therapeutics,
Inc.
(a)
..............
11,861
105,207
Iovance
Biotherapeutics,
Inc.
(a)
............
43,594
156,503
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
.....
26,952
25,127
Kiniksa
Pharmaceuticals
International
plc
.....
2,423
65,348
Kura
Oncology,
Inc.
...................
10,095
66,223
MiMedx
Group,
Inc.
...................
11,486
79,024
Novavax,
Inc.
(a)
......................
9,706
64,739
Olema
Pharmaceuticals,
Inc.
(a)
............
5,098
26,306
ORIC
Pharmaceuticals,
Inc.
(a)
............
3,122
17,827
PTC
Therapeutics,
Inc.
.................
4,833
240,877
Relay
Therapeutics,
Inc.
................
15,228
50,709
Revolution
Medicines,
Inc.
...............
14,824
598,593
Rocket
Pharmaceuticals,
Inc.
.............
4,799
36,616
Sana
Biotechnology,
Inc.
(a)
...............
12,122
23,032
Scholar
Rock
Holding
Corp.
..............
3,799
125,025
Stoke
Therapeutics,
Inc.
(a)
...............
2,755
26,889
Tyra
Biosciences,
Inc.
..................
2,059
21,208
Vir
Biotechnology,
Inc.
.................
17,794
108,899
Viridian
Therapeutics,
Inc.
(a)
..............
4,390
59,485
Y-mAbs
Therapeutics,
Inc.
...............
2,132
9,061
Zymeworks,
Inc.
.....................
8,500
110,585
5,752,790
Broadline
Retail
—
0.5%
Dillard's,
Inc.
,
Class
A
..................
802
278,021
Etsy,
Inc.
(b)
.........................
14,918
648,635
Kohl's
Corp.
........................
21,856
146,435
Macy's,
Inc.
........................
53,914
615,698
Nordstrom,
Inc.
......................
20,837
503,005
Savers
Value
Village,
Inc.
(a)
(b)
.............
2,137
20,494
2,212,288
Building
Products
—
1.1%
A
O
Smith
Corp.
.....................
8,662
587,803
American
Woodmark
Corp.
(b)
.............
1,966
115,994
Apogee
Enterprises,
Inc.
................
2,567
101,833
AZZ,
Inc.
..........................
3,502
303,833
Fortune
Brands
Innovations,
Inc.
..........
24,371
1,311,647
Gibraltar
Industries,
Inc.
(b)
...............
2,560
135,552
Griffon
Corp.
........................
4,093
278,774
Hayward
Holdings,
Inc.
(a)
(b)
...............
10,638
141,805
Janus
International
Group,
Inc.
(b)
..........
14,703
101,157
JELD-WEN
Holding,
Inc.
(b)
...............
16,004
88,342
Masterbrand,
Inc.
(b)
...................
24,610
299,011
Quanex
Building
Products
Corp.
...........
5,538
91,045
Resideo
Technologies,
Inc.
(b)
.............
20,364
341,708
UFP
Industries,
Inc.
...................
6,543
646,776
4,545,280
Capital
Markets
—
2.2%
Acadian
Asset
Management,
Inc.
..........
2,331
62,797
Affiliated
Managers
Group,
Inc.
...........
2,829
468,567
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
.............................
5,851
216,370
BGC
Group,
Inc.
,
Class
A
...............
30,566
276,928
Donnelley
Financial
Solutions,
Inc.
(b)
........
3,529
170,098
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
Federated
Hermes,
Inc.
,
Class
B
..........
16,478
$
669,172
Franklin
Resources,
Inc.
................
55,635
1,043,713
Invesco
Ltd.
........................
63,113
879,164
Janus
Henderson
Group
plc
.............
25,336
841,408
Kayne
Anderson
BDC,
Inc.
(a)
.............
8,087
128,341
Lazard,
Inc.
........................
17,642
686,274
Moelis
&
Co.
,
Class
A
..................
12,531
671,411
Open
Lending
Corp.
,
Class
A
(b)
............
16,886
20,939
P10,
Inc.
,
Class
A
....................
4,158
46,029
Piper
Sandler
Cos.
....................
1,016
244,978
SEI
Investments
Co.
...................
6,467
506,301
StepStone
Group,
Inc.
,
Class
A
...........
5,073
253,701
Stifel
Financial
Corp.
..................
6,899
591,175
StoneX
Group,
Inc.
(b)
..................
4,389
388,712
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
3,187
182,583
Virtu
Financial,
Inc.
,
Class
A
..............
16,496
645,818
Virtus
Investment
Partners,
Inc.
...........
891
136,849
WisdomTree,
Inc.
.....................
13,852
120,512
9,251,840
Chemicals
—
2.1%
AdvanSix,
Inc.
.......................
5,371
115,047
Ashland,
Inc.
........................
5,218
283,807
Avient
Corp.
........................
17,933
597,348
Axalta
Coating
Systems
Ltd.
(b)
............
19,081
620,133
Cabot
Corp.
........................
4,465
350,681
Chemours
Co.
(The)
...................
29,037
359,478
Ecovyst,
Inc.
(a)
(b)
......................
20,371
121,819
Element
Solutions,
Inc.
.................
18,518
377,952
FMC
Corp.
.........................
10,216
428,255
HB
Fuller
Co.
.......................
5,397
291,654
Huntsman
Corp.
.....................
32,330
430,312
Ingevity
Corp.
(b)
......................
6,445
212,556
Innospec,
Inc.
.......................
1,933
172,965
Koppers
Holdings,
Inc.
.................
4,213
105,578
Kronos
Worldwide,
Inc.
.................
4,476
34,510
Mativ
Holdings,
Inc.
...................
10,261
52,434
Minerals
Technologies,
Inc.
..............
6,399
330,124
Mosaic
Co.
(The)
.....................
62,277
1,893,221
NewMarket
Corp.
.....................
770
473,781
Olin
Corp.
..........................
23,404
505,994
Orion
SA
..........................
11,082
133,427
PureCycle
Technologies,
Inc.
(a)
(b)
...........
6,867
46,078
Quaker
Chemical
Corp.
................
1,625
172,153
Scotts
Miracle-Gro
Co.
(The)
.............
3,014
151,845
Sensient
Technologies
Corp.
.............
4,272
401,354
Stepan
Co.
.........................
2,595
131,203
Tronox
Holdings
plc
...................
22,751
123,083
8,916,792
Commercial
Services
&
Supplies
—
1.1%
ABM
Industries,
Inc.
...................
5,640
274,894
Brady
Corp.
,
Class
A,
NVS
..............
4,412
310,119
BrightView
Holdings,
Inc.
(b)
..............
5,334
73,182
Brink's
Co.
(The)
.....................
2,893
258,171
Cimpress
plc
(a)
(b)
.....................
3,102
130,346
CoreCivic,
Inc.
(b)
.....................
21,538
487,620
Deluxe
Corp.
........................
8,044
117,442
Driven
Brands
Holdings,
Inc.
(b)
............
6,646
109,792
Enviri
Corp.
(b)
.......................
14,806
101,717
GEO
Group,
Inc.
(The)
(b)
................
25,295
791,228
Healthcare
Services
Group,
Inc.
(b)
..........
14,204
201,839
HNI
Corp.
..........................
5,269
222,879
Interface,
Inc.
.......................
4,787
89,996
Matthews
International
Corp.
,
Class
A
.......
5,799
118,590
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
MillerKnoll,
Inc.
......................
9,925
$
162,770
MSA
Safety,
Inc.
.....................
2,488
391,661
OPENLANE,
Inc.
(b)
....................
11,531
213,439
Pitney
Bowes,
Inc.
....................
19,143
166,161
Steelcase,
Inc.
,
Class
A
................
17,458
173,183
UniFirst
Corp.
.......................
1,263
225,408
Vestis
Corp.
........................
17,732
155,332
4,775,769
Communications
Equipment
—
0.5%
(b)
Applied
Optoelectronics,
Inc.
(a)
............
5,031
64,346
Ciena
Corp.
........................
16,349
1,097,999
CommScope
Holding
Co.,
Inc.
............
40,122
150,056
Digi
International,
Inc.
..................
3,215
87,448
NETGEAR,
Inc.
......................
5,767
139,100
NetScout
Systems,
Inc.
.................
13,204
277,548
Ribbon
Communications,
Inc.
(a)
...........
12,002
38,526
Viasat,
Inc.
.........................
15,217
141,062
Viavi
Solutions,
Inc.
...................
19,125
202,343
2,198,428
Construction
&
Engineering
—
0.6%
Ameresco,
Inc.
,
Class
A
(b)
...............
2,190
23,280
Argan,
Inc.
.........................
724
110,866
Fluor
Corp.
(b)
........................
18,346
640,092
Granite
Construction,
Inc.
...............
2,678
217,695
Great
Lakes
Dredge
&
Dock
Corp.
(b)
........
5,408
49,159
Primoris
Services
Corp.
................
3,558
213,373
Tutor
Perini
Corp.
(b)
...................
8,545
183,376
Valmont
Industries,
Inc.
.................
2,019
592,011
WillScot
Holdings
Corp.
................
16,921
425,055
2,454,907
Consumer
Finance
—
1.7%
Ally
Financial,
Inc.
....................
52,447
1,712,919
Bread
Financial
Holdings,
Inc.
............
8,635
409,731
Credit
Acceptance
Corp.
(a)
(b)
..............
1,144
557,608
Encore
Capital
Group,
Inc.
(b)
.............
4,519
155,454
Enova
International,
Inc.
(b)
...............
5,057
464,182
EZCORP,
Inc.
,
Class
A,
NVS
(b)
............
7,278
119,141
FirstCash
Holdings,
Inc.
................
3,977
532,759
LendingTree,
Inc.
(b)
....................
2,202
113,601
Navient
Corp.
.......................
14,536
179,956
Nelnet,
Inc.
,
Class
A
...................
1,758
186,506
NerdWallet,
Inc.
,
Class
A
(b)
...............
7,694
68,938
OneMain
Holdings,
Inc.
.................
22,024
1,036,670
PRA
Group,
Inc.
(b)
....................
7,274
133,114
PROG
Holdings,
Inc.
..................
8,545
225,246
SLM
Corp.
.........................
42,425
1,226,507
World
Acceptance
Corp.
(a)
(b)
..............
773
99,810
7,222,142
Consumer
Staples
Distribution
&
Retail
—
1.5%
Albertsons
Cos.,
Inc.
,
Class
A
............
75,719
1,664,304
Andersons,
Inc.
(The)
..................
6,530
246,246
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
(b)
.......
11,186
1,315,026
Chefs'
Warehouse,
Inc.
(The)
(b)
...........
3,722
212,042
Grocery
Outlet
Holding
Corp.
(b)
............
18,733
314,527
Ingles
Markets,
Inc.
,
Class
A
.............
2,814
173,596
Natural
Grocers
by
Vitamin
Cottage,
Inc.
.....
1,537
77,096
PriceSmart,
Inc.
......................
2,035
206,532
SpartanNash
Co.
.....................
6,616
131,262
United
Natural
Foods,
Inc.
(b)
..............
11,462
306,150
Walgreens
Boots
Alliance,
Inc.
............
138,311
1,517,272
Weis
Markets,
Inc.
....................
2,268
195,025
6,359,078
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Containers
&
Packaging
—
1.5%
Crown
Holdings,
Inc.
..................
15,306
$
1,474,427
Graphic
Packaging
Holding
Co.
...........
59,371
1,502,680
Greif,
Inc.
,
Class
A,
NVS
................
5,151
270,325
O-I
Glass,
Inc.
(b)
......................
30,085
380,876
Sealed
Air
Corp.
.....................
26,613
733,454
Silgan
Holdings,
Inc.
...................
15,908
821,648
Sonoco
Products
Co.
..................
18,915
775,515
TriMas
Corp.
........................
7,827
188,239
6,147,164
Distributors
—
0.5%
A-Mark
Precious
Metals,
Inc.
.............
3,266
79,560
GigaCloud
Technology,
Inc.
,
Class
A
(a)
(b)
......
4,259
53,408
LKQ
Corp.
.........................
51,603
1,971,751
2,104,719
Diversified
Consumer
Services
—
0.8%
ADT,
Inc.
..........................
58,706
470,822
Adtalem
Global
Education,
Inc.
(a)
(b)
.........
2,773
294,493
Frontdoor,
Inc.
(b)
......................
6,402
263,186
Graham
Holdings
Co.
,
Class
B
............
668
614,593
H&R
Block,
Inc.
......................
13,897
838,962
KinderCare
Learning
Cos.,
Inc.
(b)
..........
2,336
28,639
Laureate
Education,
Inc.
(b)
...............
13,115
263,218
Mister
Car
Wash,
Inc.
(b)
.................
10,718
73,526
Perdoceo
Education
Corp.
...............
6,541
164,310
Strategic
Education,
Inc.
................
1,972
160,876
Stride,
Inc.
(b)
........................
2,307
328,171
3,500,796
Diversified
REITs
—
0.5%
Alexander
&
Baldwin,
Inc.
...............
5,786
99,404
American
Assets
Trust,
Inc.
..............
6,389
119,666
Armada
Hoffler
Properties,
Inc.
...........
14,691
99,458
Broadstone
Net
Lease,
Inc.
..............
33,446
541,156
Empire
State
Realty
Trust,
Inc.
,
Class
A
......
16,633
118,427
Essential
Properties
Realty
Trust,
Inc.
.......
17,384
559,243
Gladstone
Commercial
Corp.
.............
7,631
107,826
Global
Net
Lease,
Inc.
.................
38,508
290,735
1,935,915
Diversified
Telecommunication
Services
—
0.9%
AST
SpaceMobile,
Inc.
,
Class
A
(a)
(b)
.........
18,328
425,393
Cogent
Communications
Holdings,
Inc.
......
5,349
290,718
Frontier
Communications
Parent,
Inc.
(b)
......
35,240
1,277,450
IDT
Corp.
,
Class
B
....................
1,492
74,973
Liberty
Global
Ltd.
,
Class
A
(b)
.............
32,779
358,930
Liberty
Global
Ltd.
,
Class
C,
NVS
(b)
.........
29,435
333,793
Liberty
Latin
America
Ltd.
,
Class
A
(b)
........
6,600
35,772
Liberty
Latin
America
Ltd.
,
Class
C,
NVS
(b)
....
22,307
122,689
Lumen
Technologies,
Inc.
(b)
..............
192,745
682,317
Shenandoah
Telecommunications
Co.
.......
4,801
53,483
3,655,518
Electric
Utilities
—
2.0%
ALLETE,
Inc.
.......................
11,096
726,677
Hawaiian
Electric
Industries,
Inc.
(b)
.........
33,381
350,501
IDACORP,
Inc.
......................
6,893
813,994
MGE
Energy,
Inc.
.....................
3,735
337,719
OGE
Energy
Corp.
....................
38,858
1,763,376
Otter
Tail
Corp.
......................
8,016
636,310
Pinnacle
West
Capital
Corp.
.............
21,989
2,092,913
Portland
General
Electric
Co.
.............
12,667
533,534
TXNM
Energy,
Inc.
....................
17,482
930,042
8,185,066
Security
Shares
Shares
Value
Electrical
Equipment
—
0.9%
Acuity,
Inc.
.........................
2,157
$
525,467
Array
Technologies,
Inc.
(b)
...............
27,208
130,054
Atkore,
Inc.
.........................
6,666
425,757
EnerSys
...........................
4,060
351,596
Generac
Holdings,
Inc.
(b)
................
4,233
484,170
NEXTracker,
Inc.
,
Class
A
(b)
..............
17,458
708,969
Plug
Power,
Inc.
(a)
(b)
...................
157,426
137,370
Preformed
Line
Products
Co.
.............
278
38,189
Sensata
Technologies
Holding
plc
..........
29,362
628,347
Shoals
Technologies
Group,
Inc.
,
Class
A
(b)
...
32,253
116,433
Sunrun,
Inc.
(a)
(b)
......................
42,831
295,106
Thermon
Group
Holdings,
Inc.
(b)
...........
4,472
117,301
3,958,759
Electronic
Equipment,
Instruments
&
Components
—
2.1%
Advanced
Energy
Industries,
Inc.
..........
3,805
370,645
Arrow
Electronics,
Inc.
(b)
................
10,283
1,145,115
Avnet,
Inc.
.........................
17,560
825,144
Bel
Fuse,
Inc.
,
Class
A
.................
82
5,035
Bel
Fuse,
Inc.
,
Class
B,
NVS
.............
762
50,116
Belden,
Inc.
........................
2,751
283,656
Benchmark
Electronics,
Inc.
.............
3,654
118,865
Crane
NXT
Co.
......................
10,984
515,369
ePlus,
Inc.
(b)
........................
3,677
229,298
Insight
Enterprises,
Inc.
(b)
...............
3,530
488,128
IPG
Photonics
Corp.
(b)
.................
5,074
303,882
Knowles
Corp.
(b)
.....................
17,728
279,039
Littelfuse,
Inc.
.......................
1,936
352,952
OSI
Systems,
Inc.
(b)
...................
1,472
301,377
PC
Connection,
Inc.
...................
1,480
91,819
Plexus
Corp.
(b)
.......................
2,636
322,725
Sanmina
Corp.
(b)
.....................
7,335
563,255
ScanSource,
Inc.
(b)
....................
5,006
165,148
TD
SYNNEX
Corp.
....................
9,640
1,068,112
TTM
Technologies,
Inc.
(b)
................
19,827
396,937
Vishay
Intertechnology,
Inc.
..............
21,986
285,598
Vontier
Corp.
........................
18,276
581,360
8,743,575
Energy
Equipment
&
Services
—
0.8%
Archrock,
Inc.
.......................
13,654
321,279
Atlas
Energy
Solutions,
Inc.
..............
10,814
146,313
Bristow
Group,
Inc.
(b)
..................
2,097
60,897
Cactus,
Inc.
,
Class
A
..................
4,504
170,882
Helmerich
&
Payne,
Inc.
................
19,250
363,632
Innovex
International,
Inc.
(b)
..............
3,871
58,452
Kodiak
Gas
Services,
Inc.
...............
1,483
50,437
Liberty
Energy,
Inc.
,
Class
A
.............
31,410
361,215
Nabors
Industries
Ltd.
(a)
(b)
...............
1,198
32,154
NOV,
Inc.
..........................
47,147
547,377
Patterson-UTI
Energy,
Inc.
..............
27,230
153,577
ProFrac
Holding
Corp.
,
Class
A
(a)
(b)
.........
4,180
17,347
ProPetro
Holding
Corp.
(b)
................
14,561
72,514
RPC,
Inc.
..........................
8,583
40,598
Select
Water
Solutions,
Inc.
,
Class
A
........
8,672
73,885
Tidewater,
Inc.
(b)
.....................
9,415
340,729
Transocean
Ltd.
(a)
(b)
...................
98,018
208,778
Valaris
Ltd.
(a)
(b)
.......................
4,884
157,802
3,177,868
Entertainment
—
0.3%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(b)
..
68,955
184,110
Cinemark
Holdings,
Inc.
................
13,169
393,885
Lions
Gate
Entertainment
Corp.
,
Class
A
(a)
(b)
...
8,846
78,553
Lions
Gate
Entertainment
Corp.
,
Class
B,
NVS
(b)
25,428
202,915
Lionsgate
Studios
Corp.
(b)
...............
4,639
33,911
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
(continued)
Madison
Square
Garden
Entertainment
Corp.
(b)
.
4,681
$
151,851
Playtika
Holding
Corp.
.................
13,755
72,489
Sphere
Entertainment
Co.
,
Class
A
(a)
(b)
.......
5,263
143,417
1,261,131
Financial
Services
—
2.8%
Cannae
Holdings,
Inc.
.................
11,396
201,823
Compass
Diversified
Holdings
............
11,927
205,025
Enact
Holdings,
Inc.
...................
5,896
211,018
Essent
Group
Ltd.
....................
20,783
1,183,176
Euronet
Worldwide,
Inc.
(b)
...............
5,137
509,077
EVERTEC,
Inc.
......................
8,198
278,240
Federal
Agricultural
Mortgage
Corp.
,
Class
C,
NVS
...........................
1,282
224,773
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
......................
8,509
212,555
Jackson
Financial,
Inc.
,
Class
A
...........
11,464
893,160
Marqeta,
Inc.
,
Class
A
(b)
................
47,149
197,083
Merchants
Bancorp
...................
1,946
58,536
MGIC
Investment
Corp.
................
51,866
1,291,982
Mr
Cooper
Group,
Inc.
(b)
................
11,790
1,403,128
NCR
Atleos
Corp.
(b)
...................
14,132
394,565
NMI
Holdings,
Inc.
,
Class
A
(b)
.............
14,929
539,982
PennyMac
Financial
Services,
Inc.
.........
5,468
532,802
Radian
Group,
Inc.
....................
16,312
521,005
Repay
Holdings
Corp.
,
Class
A
(a)
(b)
.........
9,046
36,184
Rocket
Cos.,
Inc.
,
Class
A
(a)
..............
25,008
322,853
UWM
Holdings
Corp.
,
Class
A
............
25,207
118,473
Voya
Financial,
Inc.
...................
12,464
737,869
Walker
&
Dunlop,
Inc.
..................
6,588
504,246
Western
Union
Co.
(The)
...............
59,150
586,177
WEX,
Inc.
(a)
(b)
........................
4,555
593,835
11,757,567
Food
Products
—
1.5%
B&G
Foods,
Inc.
.....................
14,958
103,061
Cal-Maine
Foods,
Inc.
..................
8,162
762,086
Darling
Ingredients,
Inc.
(a)
(b)
..............
30,749
989,810
Flowers
Foods,
Inc.
...................
38,633
679,554
Fresh
Del
Monte
Produce,
Inc.
............
7,494
254,871
Hain
Celestial
Group,
Inc.
(The)
(b)
..........
16,897
51,367
Ingredion,
Inc.
.......................
8,568
1,138,002
J
&
J
Snack
Foods
Corp.
................
1,129
146,307
John
B
Sanfilippo
&
Son,
Inc.
.............
1,143
75,747
Mission
Produce,
Inc.
(b)
.................
3,349
35,081
Pilgrim's
Pride
Corp.
...................
3,604
196,706
Post
Holdings,
Inc.
(a)
(b)
..................
6,566
743,074
Seaboard
Corp.
......................
50
129,299
Simply
Good
Foods
Co.
(The)
(b)
...........
8,968
323,834
TreeHouse
Foods,
Inc.
(b)
................
9,072
211,287
Utz
Brands,
Inc.
,
Class
A
................
4,709
62,583
Westrock
Coffee
Co.
(a)
(b)
................
5,413
31,395
WK
Kellogg
Co.
......................
12,398
222,296
6,156,360
Gas
Utilities
—
1.8%
Chesapeake
Utilities
Corp.
..............
2,427
319,563
MDU
Resources
Group,
Inc.
.............
36,741
629,741
National
Fuel
Gas
Co.
.................
17,753
1,363,075
New
Jersey
Resources
Corp.
.............
19,101
934,803
Northwest
Natural
Holding
Co.
............
7,357
317,087
ONE
Gas,
Inc.
.......................
11,454
899,254
Southwest
Gas
Holdings,
Inc.
............
10,701
772,719
Spire,
Inc.
..........................
11,092
848,982
Security
Shares
Shares
Value
Gas
Utilities
(continued)
UGI
Corp.
..........................
40,736
$
1,335,733
7,420,957
Ground
Transportation
—
0.9%
ArcBest
Corp.
.......................
2,555
149,519
Avis
Budget
Group,
Inc.
(b)
...............
3,447
319,296
FTAI
Infrastructure,
Inc.
.................
6,866
29,661
Heartland
Express,
Inc.
.................
9,877
75,065
Hertz
Global
Holdings,
Inc.
(a)
(b)
............
24,775
168,966
Knight-Swift
Transportation
Holdings,
Inc.
....
8,534
334,277
Landstar
System,
Inc.
..................
3,908
524,258
Lyft,
Inc.
,
Class
A
(b)
....................
67,046
831,370
Marten
Transport
Ltd.
..................
7,344
94,297
Ryder
System,
Inc.
....................
4,244
584,271
Schneider
National,
Inc.
,
Class
B
..........
5,763
123,847
Universal
Logistics
Holdings,
Inc.
..........
1,396
30,349
Werner
Enterprises,
Inc.
................
12,282
302,874
3,568,050
Health
Care
Equipment
&
Supplies
—
1.3%
Alphatec
Holdings,
Inc.
(b)
................
11,043
121,252
Artivion,
Inc.
(b)
.......................
2,343
55,506
Avanos
Medical,
Inc.
(b)
.................
5,853
73,455
AxoGen,
Inc.
(b)
.......................
3,217
52,341
Bioventus,
Inc.
,
Class
A
(b)
...............
5,736
41,930
Dentsply
Sirona,
Inc.
..................
39,963
555,486
Embecta
Corp.
......................
10,848
132,237
Enovis
Corp.
(a)
(b)
......................
10,158
351,365
Envista
Holdings
Corp.
(b)
................
32,975
530,238
Globus
Medical,
Inc.
,
Class
A
(b)
...........
6,206
445,405
ICU
Medical,
Inc.
(b)
....................
1,550
211,715
Integra
LifeSciences
Holdings
Corp.
(b)
.......
13,176
215,955
LivaNova
plc
(b)
.......................
10,383
384,171
Masimo
Corp.
(b)
......................
3,971
639,172
Neogen
Corp.
(b)
......................
17,369
87,713
Novocure
Ltd.
(b)
......................
6,005
108,931
Omnicell,
Inc.
(b)
......................
8,775
274,306
Orthofix
Medical,
Inc.
(b)
.................
3,808
52,969
QuidelOrtho
Corp.
(b)
...................
9,775
271,647
Teleflex,
Inc.
........................
6,043
828,193
5,433,987
Health
Care
Providers
&
Services
—
1.3%
Acadia
Healthcare
Co.,
Inc.
(b)
.............
17,691
413,969
AdaptHealth
Corp.
(a)
(b)
..................
14,676
124,893
agilon
health,
Inc.
(b)
...................
59,922
255,268
Amedisys,
Inc.
(b)
.....................
3,836
364,036
AMN
Healthcare
Services,
Inc.
(b)
...........
7,221
147,525
Ardent
Health
Partners,
Inc.
(b)
............
1,814
23,092
BrightSpring
Health
Services,
Inc.
(b)
........
6,803
119,257
Brookdale
Senior
Living,
Inc.
(b)
............
34,321
225,146
Castle
Biosciences,
Inc.
(b)
...............
2,503
50,185
Clover
Health
Investments
Corp.
,
Class
A
(b)
...
71,886
244,412
Concentra
Group
Holdings
Parent,
Inc.
......
4,282
93,134
Fulgent
Genetics,
Inc.
(b)
................
3,755
65,149
Henry
Schein,
Inc.
(b)
...................
24,659
1,602,095
LifeStance
Health
Group,
Inc.
(a)
(b)
..........
6,758
44,400
National
HealthCare
Corp.
...............
1,733
163,751
NeoGenomics,
Inc.
(b)
..................
13,187
84,331
OPKO
Health,
Inc.
(a)
(b)
..................
62,873
86,765
Option
Care
Health,
Inc.
(b)
...............
16,348
528,204
Owens
&
Minor,
Inc.
(b)
..................
12,990
91,709
Pediatrix
Medical
Group,
Inc.
(b)
............
16,439
211,734
Premier,
Inc.
,
Class
A
..................
18,259
371,571
Select
Medical
Holdings
Corp.
............
12,836
234,129
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
US
Physical
Therapy,
Inc.
...............
1,603
$
113,989
5,658,744
Health
Care
REITs
—
1.1%
American
Healthcare
REIT,
Inc.
...........
12,262
395,817
Diversified
Healthcare
Trust
..............
31,861
72,006
Global
Medical
REIT,
Inc.
...............
11,899
92,098
Healthcare
Realty
Trust,
Inc.
,
Class
A
.......
68,431
1,062,733
LTC
Properties,
Inc.
...................
8,404
301,452
Medical
Properties
Trust,
Inc.
.............
116,178
641,303
National
Health
Investors,
Inc.
............
4,869
368,437
Omega
Healthcare
Investors,
Inc.
..........
23,749
927,398
Sabra
Health
Care
REIT,
Inc.
.............
24,402
435,576
Sila
Realty
Trust,
Inc.
(a)
.................
10,604
273,159
4,569,979
Health
Care
Technology
—
0.2%
(b)
Certara,
Inc.
(a)
.......................
11,095
153,777
Evolent
Health,
Inc.
,
Class
A
.............
12,402
122,284
GoodRx
Holdings,
Inc.
,
Class
A
...........
7,379
34,165
Schrodinger,
Inc.
(a)
....................
5,689
145,809
Teladoc
Health,
Inc.
...................
32,835
236,083
692,118
Hotel
&
Resort
REITs
—
0.4%
Apple
Hospitality
REIT,
Inc.
..............
20,743
244,145
DiamondRock
Hospitality
Co.
.............
14,483
106,305
Park
Hotels
&
Resorts,
Inc.
..............
41,570
413,206
Pebblebrook
Hotel
Trust
(a)
...............
22,620
204,711
RLJ
Lodging
Trust
....................
13,809
96,801
Ryman
Hospitality
Properties,
Inc.
.........
4,504
396,127
Summit
Hotel
Properties,
Inc.
.............
20,593
83,814
1,545,109
Hotels,
Restaurants
&
Leisure
—
2.6%
Accel
Entertainment,
Inc.
,
Class
A
(b)
........
10,340
106,502
Aramark
...........................
19,062
637,243
Bloomin'
Brands,
Inc.
..................
15,132
121,359
Boyd
Gaming
Corp.
...................
11,625
803,752
Brinker
International,
Inc.
(b)
..............
4,323
580,579
Caesars
Entertainment,
Inc.
(a)
(b)
...........
39,998
1,082,346
Cheesecake
Factory,
Inc.
(The)
...........
9,351
471,010
Choice
Hotels
International,
Inc.
(a)
..........
2,071
261,174
Cracker
Barrel
Old
Country
Store,
Inc.
.......
4,269
182,286
Dave
&
Buster's
Entertainment,
Inc.
(a)
(b)
......
6,173
118,460
Everi
Holdings,
Inc.
(b)
..................
4,381
61,553
Golden
Entertainment,
Inc.
..............
4,673
120,096
Hilton
Grand
Vacations,
Inc.
(b)
............
12,263
412,405
Jack
in
the
Box,
Inc.
...................
3,620
94,265
Lucky
Strike
Entertainment
Corp.
,
Class
A
(a)
...
1,984
18,650
Marriott
Vacations
Worldwide
Corp.
.........
6,113
335,053
MGM
Resorts
International
(a)
(b)
............
44,429
1,397,736
Papa
John's
International,
Inc.
............
6,265
216,330
Penn
Entertainment,
Inc.
(a)
(b)
.............
25,992
395,598
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............
6,654
68,802
Red
Rock
Resorts,
Inc.
,
Class
A
...........
4,499
192,107
Rush
Street
Interactive,
Inc.
,
Class
A
(b)
......
4,805
58,285
Sabre
Corp.
(b)
.......................
34,798
82,471
Six
Flags
Entertainment
Corp.
............
9,548
328,547
Target
Hospitality
Corp.
(b)
...............
7,688
52,278
Travel
+
Leisure
Co.
...................
13,691
601,446
United
Parks
&
Resorts,
Inc.
(a)
(b)
...........
5,453
238,023
Vail
Resorts,
Inc.
.....................
2,519
350,645
Wendy's
Co.
(The)
....................
20,470
255,875
Wyndham
Hotels
&
Resorts,
Inc.
..........
8,576
731,533
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wynn
Resorts
Ltd.
....................
8,425
$
676,612
11,053,021
Household
Durables
—
2.4%
Beazer
Homes
USA,
Inc.
(b)
..............
5,556
108,675
Century
Communities,
Inc.
..............
2,743
149,603
Dream
Finders
Homes,
Inc.
,
Class
A
(b)
.......
2,766
62,678
Ethan
Allen
Interiors,
Inc.
...............
4,383
124,609
Green
Brick
Partners,
Inc.
(b)
..............
6,057
357,302
Helen
of
Troy
Ltd.
(b)
...................
4,687
130,580
Hovnanian
Enterprises,
Inc.
,
Class
A
(b)
.......
926
89,637
KB
Home
..........................
12,921
698,122
La-Z-Boy,
Inc.
.......................
8,284
327,218
Legacy
Housing
Corp.
(b)
................
1,441
35,052
Leggett
&
Platt,
Inc.
...................
25,170
242,135
LGI
Homes,
Inc.
(b)
....................
4,098
223,792
M/I
Homes,
Inc.
(b)
.....................
5,439
580,233
Meritage
Homes
Corp.
.................
14,067
958,525
Mohawk
Industries,
Inc.
(b)
...............
10,340
1,099,659
Newell
Brands,
Inc.
...................
76,225
364,356
Somnigroup
International,
Inc.
............
18,251
1,114,406
Sonos,
Inc.
(b)
........................
13,542
124,722
Taylor
Morrison
Home
Corp.
(b)
............
19,274
1,105,364
TopBuild
Corp.
(b)
.....................
2,711
801,805
TRI
Pointe
Homes,
Inc.
(b)
................
17,944
551,778
Whirlpool
Corp.
......................
10,582
807,195
10,057,446
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
(b)
..............
1,831
61,448
Central
Garden
&
Pet
Co.
,
Class
A,
NVS
(b)
....
10,018
296,232
Energizer
Holdings,
Inc.
................
12,570
339,893
Reynolds
Consumer
Products,
Inc.
.........
10,433
239,959
937,532
Independent
Power
and
Renewable
Electricity
Producers
—
0.6%
Clearway
Energy,
Inc.
,
Class
A
............
4,409
120,586
Clearway
Energy,
Inc.
,
Class
C
...........
10,860
318,633
Sunnova
Energy
International,
Inc.
(a)
(b)
.......
13,105
2,470
Talen
Energy
Corp.
(a)
(b)
.................
8,978
1,930,988
2,372,677
Industrial
REITs
—
0.5%
Americold
Realty
Trust,
Inc.
..............
19,382
374,848
Innovative
Industrial
Properties,
Inc.
........
2,580
140,120
LXP
Industrial
Trust
...................
56,959
449,406
Plymouth
Industrial
REIT,
Inc.
............
3,679
54,707
Rexford
Industrial
Realty,
Inc.
............
12,948
428,579
STAG
Industrial,
Inc.
..................
18,314
604,911
2,052,571
Insurance
—
4.2%
American
Financial
Group,
Inc.
...........
9,216
1,167,299
AMERISAFE,
Inc.
....................
3,929
182,659
Assurant,
Inc.
.......................
10,219
1,969,610
Assured
Guaranty
Ltd.
.................
3,247
284,859
Axis
Capital
Holdings
Ltd.
...............
15,579
1,500,569
Brighthouse
Financial,
Inc.
(b)
.............
11,571
673,664
CNO
Financial
Group,
Inc.
...............
20,651
783,499
Employers
Holdings,
Inc.
................
2,863
139,113
Enstar
Group
Ltd.
(b)
...................
1,359
454,463
F&G
Annuities
&
Life,
Inc.
...............
4,296
149,544
First
American
Financial
Corp.
............
19,863
1,207,869
Genworth
Financial,
Inc.
,
Class
A
(b)
.........
303
2,079
Globe
Life,
Inc.
......................
16,370
2,019,076
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
(b)
...
9,228
170,718
Hanover
Insurance
Group,
Inc.
(The)
.......
3,371
559,923
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Horace
Mann
Educators
Corp.
............
7,525
$
312,588
Kemper
Corp.
.......................
12,068
713,460
Lemonade,
Inc.
(a)
(b)
....................
4,487
131,110
Lincoln
National
Corp.
.................
30,320
966,298
Mercury
General
Corp.
.................
3,062
169,696
Old
Republic
International
Corp.
...........
28,065
1,055,244
Primerica,
Inc.
.......................
2,308
604,858
ProAssurance
Corp.
(b)
..................
9,823
227,992
Root,
Inc.
,
Class
A
(a)
(b)
..................
1,047
146,234
Safety
Insurance
Group,
Inc.
.............
1,869
142,978
Selective
Insurance
Group,
Inc.
...........
8,178
713,367
SiriusPoint
Ltd.
(b)
.....................
13,862
232,882
Skyward
Specialty
Insurance
Group,
Inc.
(b)
....
2,198
116,692
Stewart
Information
Services
Corp.
.........
5,470
358,176
Tiptree,
Inc.
........................
3,125
69,719
White
Mountains
Insurance
Group
Ltd.
......
213
376,467
17,602,705
Interactive
Media
&
Services
—
0.4%
Bumble,
Inc.
,
Class
A
(a)
(b)
................
7,932
33,473
Cars.com,
Inc.
(b)
......................
8,553
99,557
IAC,
Inc.
(b)
..........................
14,797
517,007
Shutterstock,
Inc.
.....................
4,909
78,348
Taboola.com
Ltd.
(a)
(b)
...................
15,772
46,527
TripAdvisor,
Inc.
(a)
(b)
...................
9,644
120,068
Webtoon
Entertainment,
Inc.
(a)
(b)
...........
1,368
12,312
Yelp,
Inc.
(b)
.........................
3,712
130,217
Ziff
Davis,
Inc.
(b)
......................
8,101
239,222
ZipRecruiter,
Inc.
,
Class
A
(b)
..............
8,548
44,108
ZoomInfo
Technologies,
Inc.
(b)
............
56,260
481,586
1,802,425
IT
Services
—
0.8%
ASGN,
Inc.
(b)
........................
8,926
449,692
DigitalOcean
Holdings,
Inc.
(b)
.............
4,016
124,094
DXC
Technology
Co.
(b)
.................
34,915
541,881
EPAM
Systems,
Inc.
(b)
..................
5,486
860,808
Hackett
Group,
Inc.
(The)
...............
1,455
37,161
Kyndryl
Holdings,
Inc.
(a)
(b)
...............
44,416
1,439,967
3,453,603
Leisure
Products
—
0.8%
Acushnet
Holdings
Corp.
................
3,295
218,195
Brunswick
Corp.
.....................
7,070
325,574
Funko,
Inc.
,
Class
A
(b)
..................
2,796
11,212
Hasbro,
Inc.
........................
12,323
762,794
Latham
Group,
Inc.
(a)
(b)
.................
3,155
17,242
Malibu
Boats,
Inc.
,
Class
A
(a)
(b)
............
3,847
109,870
Mattel,
Inc.
(b)
........................
36,587
581,367
Peloton
Interactive,
Inc.
,
Class
A
(b)
.........
67,100
462,319
Polaris,
Inc.
.........................
10,349
351,452
Sturm
Ruger
&
Co.,
Inc.
................
3,312
134,666
Topgolf
Callaway
Brands
Corp.
(b)
..........
14,615
96,605
YETI
Holdings,
Inc.
(b)
..................
6,326
180,607
3,251,903
Life
Sciences
Tools
&
Services
—
0.4%
10X
Genomics,
Inc.
,
Class
A
(b)
............
11,966
98,959
Bio-Rad
Laboratories,
Inc.
,
Class
A
(b)
........
1,560
380,765
Bruker
Corp.
........................
6,366
255,022
Charles
River
Laboratories
International,
Inc.
(b)
.
6,104
724,057
Cytek
Biosciences,
Inc.
(b)
................
20,257
75,153
Fortrea
Holdings,
Inc.
(b)
.................
11,119
69,271
Mesa
Laboratories,
Inc.
................
680
78,370
1,681,597
Security
Shares
Shares
Value
Machinery
—
2.7%
AGCO
Corp.
........................
12,110
$
1,027,291
Alamo
Group,
Inc.
....................
798
133,250
Albany
International
Corp.
,
Class
A
.........
3,089
203,133
Allison
Transmission
Holdings,
Inc.
.........
7,591
700,194
Astec
Industries,
Inc.
..................
4,332
156,948
Atmus
Filtration
Technologies,
Inc.
.........
3,057
105,986
Blue
Bird
Corp.
(b)
.....................
2,924
101,960
Columbus
McKinnon
Corp.
..............
5,469
81,215
Crane
Co.
..........................
2,990
481,330
Enpro,
Inc.
.........................
1,614
241,132
Esab
Corp.
.........................
3,396
407,928
Flowserve
Corp.
.....................
7,730
349,628
Gates
Industrial
Corp.
plc
(b)
..............
36,429
689,237
Greenbrier
Cos.,
Inc.
(The)
..............
3,374
143,125
Helios
Technologies,
Inc.
................
3,517
95,873
Hillenbrand,
Inc.
.....................
13,467
272,437
Hillman
Solutions
Corp.
(a)
(b)
..............
35,837
250,501
Hyster-Yale,
Inc.
,
Class
A
...............
2,373
91,194
JBT
Marel
Corp.
.....................
2,791
293,781
Kennametal,
Inc.
.....................
14,927
290,778
Lindsay
Corp.
.......................
1,202
155,130
Middleby
Corp.
(The)
(b)
.................
7,024
936,650
Miller
Industries,
Inc.
..................
947
38,647
Mueller
Industries,
Inc.
.................
9,376
689,699
Oshkosh
Corp.
......................
8,508
712,630
Proto
Labs,
Inc.
(b)
.....................
2,095
73,660
REV
Group,
Inc.
.....................
5,282
172,721
Standex
International
Corp.
..............
1,056
149,339
Tennant
Co.
........................
2,232
161,061
Terex
Corp.
.........................
13,073
460,170
Timken
Co.
(The)
.....................
8,513
546,960
Toro
Co.
(The)
.......................
7,862
536,817
Trinity
Industries,
Inc.
..................
8,086
202,959
Wabash
National
Corp.
.................
5,427
37,501
Worthington
Enterprises,
Inc.
.............
6,258
316,843
11,307,708
Marine
Transportation
—
0.1%
Genco
Shipping
&
Trading
Ltd.
............
7,908
102,488
Matson,
Inc.
........................
2,860
311,997
414,485
Media
—
2.0%
Altice
USA,
Inc.
,
Class
A
(a)
(b)
..............
41,999
104,157
Cable
One,
Inc.
......................
873
233,327
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
......
49,033
48,258
EchoStar
Corp.
,
Class
A
(b)
...............
25,833
580,726
Emerald
Holding,
Inc.
..................
29,273
115,043
Gannett
Co.,
Inc.
(b)
....................
25,855
82,736
Gray
Media,
Inc.
.....................
18,779
62,910
Interpublic
Group
of
Cos.,
Inc.
(The)
........
73,475
1,845,692
John
Wiley
&
Sons,
Inc.
,
Class
A
..........
8,549
373,078
Liberty
Broadband
Corp.
,
Class
A
(b)
.........
1,405
125,115
Liberty
Broadband
Corp.
,
Class
C,
NVS
(b)
....
8,861
800,946
Magnite,
Inc.
(a)
(b)
......................
7,993
95,037
National
CineMedia,
Inc.
................
12,609
72,250
Nexstar
Media
Group,
Inc.
...............
5,650
845,579
Paramount
Global
,
Class
A
(a)
.............
828
18,762
Paramount
Global
,
Class
B,
NVS
..........
108,698
1,276,115
Scholastic
Corp.
.....................
4,410
79,512
Sinclair,
Inc.
,
Class
A
..................
7,004
100,858
Sirius
XM
Holdings,
Inc.
................
46,530
996,673
Stagwell,
Inc.
,
Class
A
(b)
................
18,158
101,322
TechTarget,
Inc.
(b)
.....................
3,893
31,027
TEGNA,
Inc.
........................
19,801
321,370
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
Thryv
Holdings,
Inc.
(b)
..................
7,845
$
107,476
8,417,969
Metals
&
Mining
—
1.7%
Alcoa
Corp.
.........................
47,571
1,166,917
Alpha
Metallurgical
Resources,
Inc.
(b)
.......
2,123
257,626
Cleveland-Cliffs,
Inc.
(a)
(b)
................
94,127
775,606
Coeur
Mining,
Inc.
(b)
...................
58,074
322,311
Commercial
Metals
Co.
.................
22,219
989,634
Hecla
Mining
Co.
(a)
....................
48,251
275,996
Ivanhoe
Electric,
Inc.
(a)
(b)
................
7,071
44,547
Kaiser
Aluminum
Corp.
.................
3,023
194,863
Materion
Corp.
......................
1,506
125,013
Metallus,
Inc.
(b)
......................
7,456
94,318
Ryerson
Holding
Corp.
.................
5,711
133,523
SunCoke
Energy,
Inc.
..................
16,033
145,259
United
States
Steel
Corp.
...............
43,161
1,886,567
Warrior
Met
Coal,
Inc.
..................
9,975
477,005
Worthington
Steel,
Inc.
.................
6,346
162,838
7,052,023
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.3%
AGNC
Investment
Corp.
................
170,621
1,506,583
Annaly
Capital
Management,
Inc.
..........
108,223
2,121,171
Apollo
Commercial
Real
Estate
Finance,
Inc.
..
25,699
240,800
Arbor
Realty
Trust,
Inc.
.................
30,784
354,940
ARMOUR
Residential
REIT,
Inc.
...........
14,655
241,368
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
.....
31,823
606,228
BrightSpire
Capital,
Inc.
,
Class
A
..........
25,349
126,998
Chimera
Investment
Corp.
...............
15,433
190,443
Claros
Mortgage
Trust,
Inc.
..............
14,328
35,247
Dynex
Capital,
Inc.
....................
16,000
197,280
Ellington
Financial,
Inc.
.................
10,366
135,069
Franklin
BSP
Realty
Trust,
Inc.
............
16,039
182,524
KKR
Real
Estate
Finance
Trust,
Inc.
........
11,520
106,560
Ladder
Capital
Corp.
,
Class
A
............
23,436
244,672
MFA
Financial,
Inc.
....................
19,530
191,785
Orchid
Island
Capital,
Inc.
...............
15,618
111,669
PennyMac
Mortgage
Investment
Trust
.......
16,936
217,458
Ready
Capital
Corp.
...................
31,491
140,135
Redwood
Trust,
Inc.
...................
26,304
163,348
Rithm
Capital
Corp.
...................
100,374
1,122,181
Starwood
Property
Trust,
Inc.
.............
60,997
1,170,532
TPG
RE
Finance
Trust,
Inc.
..............
11,167
85,316
Two
Harbors
Investment
Corp.
............
20,361
241,685
9,733,992
Multi-Utilities
—
0.5%
Avista
Corp.
........................
15,079
625,326
Black
Hills
Corp.
.....................
13,325
811,493
Northwestern
Energy
Group,
Inc.
..........
11,213
652,933
Unitil
Corp.
.........................
3,117
182,843
2,272,595
Office
REITs
—
1.3%
Brandywine
Realty
Trust
................
32,163
127,366
COPT
Defense
Properties
...............
12,413
324,103
Cousins
Properties,
Inc.
................
29,020
799,211
Douglas
Emmett,
Inc.
..................
27,024
373,742
Easterly
Government
Properties,
Inc.
(a)
......
7,483
150,932
Highwoods
Properties,
Inc.
..............
20,631
586,746
Hudson
Pacific
Properties,
Inc.
............
24,901
51,047
JBG
SMITH
Properties
.................
16,184
226,252
Kilroy
Realty
Corp.
....................
22,403
705,919
Paramount
Group,
Inc.
.................
35,974
154,328
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
....
23,934
141,450
Security
Shares
Shares
Value
Office
REITs
(continued)
SL
Green
Realty
Corp.
.................
14,058
$
739,591
Vornado
Realty
Trust
..................
33,469
1,180,786
5,561,473
Oil,
Gas
&
Consumable
Fuels
—
4.6%
Antero
Midstream
Corp.
................
46,049
762,111
Antero
Resources
Corp.
(b)
...............
18,353
639,235
APA
Corp.
.........................
71,625
1,113,052
BKV
Corp.
(b)
........................
2,252
40,829
California
Resources
Corp.
..............
11,359
391,999
Calumet,
Inc.
(b)
......................
13,161
139,507
Chord
Energy
Corp.
...................
11,873
1,071,301
Civitas
Resources,
Inc.
.................
14,046
382,753
Clean
Energy
Fuels
Corp.
(a)
(b)
.............
22,090
32,030
CNX
Resources
Corp.
(b)
................
13,290
391,125
Comstock
Resources,
Inc.
(b)
..............
16,936
309,421
Core
Natural
Resources,
Inc.
.............
5,520
398,599
Crescent
Energy,
Inc.
,
Class
A
............
33,163
274,590
CVR
Energy,
Inc.
.....................
6,652
125,457
Delek
US
Holdings,
Inc.
................
12,136
158,011
Dorian
LPG
Ltd.
......................
7,422
158,979
DT
Midstream,
Inc.
....................
11,410
1,109,052
Excelerate
Energy,
Inc.
,
Class
A
...........
4,851
124,089
Granite
Ridge
Resources,
Inc.
............
11,818
56,845
Green
Plains,
Inc.
(b)
...................
10,030
35,907
Gulfport
Energy
Corp.
(b)
................
2,483
428,317
HF
Sinclair
Corp.
.....................
32,201
968,284
HighPeak
Energy,
Inc.
(a)
................
1,623
13,000
International
Seaways,
Inc.
..............
6,840
232,286
Kinetik
Holdings,
Inc.
,
Class
A
............
1,715
70,898
Kosmos
Energy
Ltd.
(b)
..................
92,698
142,755
Magnolia
Oil
&
Gas
Corp.
,
Class
A
.........
33,310
683,854
Matador
Resources
Co.
................
22,879
904,636
Murphy
Oil
Corp.
.....................
29,938
614,627
New
Fortress
Energy,
Inc.
,
Class
A
(a)
........
12,224
66,376
NextDecade
Corp.
(b)
...................
16,475
123,233
Northern
Oil
&
Gas,
Inc.
................
18,399
447,096
Ovintiv,
Inc.
.........................
51,768
1,738,369
Par
Pacific
Holdings,
Inc.
(b)
..............
11,294
161,730
PBF
Energy,
Inc.
,
Class
A
...............
20,122
345,696
Peabody
Energy
Corp.
.................
23,261
287,041
Permian
Resources
Corp.
,
Class
A
.........
121,562
1,434,432
Range
Resources
Corp.
................
46,361
1,573,029
REX
American
Resources
Corp.
(b)
.........
3,016
119,795
Sitio
Royalties
Corp.
,
Class
A
.............
15,534
263,457
SM
Energy
Co.
......................
22,457
511,795
Talos
Energy,
Inc.
(b)
...................
23,545
161,990
Vital
Energy,
Inc.
(b)
....................
4,777
67,738
Vitesse
Energy,
Inc.
...................
4,775
97,649
World
Kinect
Corp.
....................
11,773
295,384
19,468,359
Paper
&
Forest
Products
—
0.2%
Louisiana-Pacific
Corp.
.................
4,451
384,166
Sylvamo
Corp.
......................
6,892
410,901
795,067
Passenger
Airlines
—
0.8%
Alaska
Air
Group,
Inc.
(b)
.................
24,791
1,097,498
Allegiant
Travel
Co.
...................
3,052
143,230
American
Airlines
Group,
Inc.
(a)
(b)
..........
118,284
1,176,926
JetBlue
Airways
Corp.
(b)
................
37,395
163,042
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
............
59,235
373,180
SkyWest,
Inc.
(b)
......................
2,616
233,269
Sun
Country
Airlines
Holdings,
Inc.
(b)
........
4,650
45,570
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
(continued)
Wheels
Up
Experience,
Inc.
,
Class
A
(a)
(b)
.....
16,606
$
19,097
3,251,812
Personal
Care
Products
—
0.2%
Coty,
Inc.
,
Class
A
(b)
...................
41,261
208,368
Edgewell
Personal
Care
Co.
.............
9,599
293,249
Herbalife
Ltd.
(b)
......................
19,001
136,807
Olaplex
Holdings,
Inc.
(b)
................
27,244
35,690
USANA
Health
Sciences,
Inc.
(b)
...........
2,095
58,849
732,963
Pharmaceuticals
—
1.4%
Amneal
Pharmaceuticals,
Inc.
,
Class
A
(b)
.....
25,387
194,464
Arvinas,
Inc.
(b)
.......................
3,231
31,082
Cassava
Sciences,
Inc.
(a)
(b)
..............
2,232
3,482
Collegium
Pharmaceutical,
Inc.
(a)
(b)
.........
6,061
163,617
Edgewise
Therapeutics,
Inc.
(a)
(b)
...........
6,089
99,860
Elanco
Animal
Health,
Inc.
(b)
..............
95,707
907,302
EyePoint
Pharmaceuticals,
Inc.
(b)
..........
5,075
34,611
Harmony
Biosciences
Holdings,
Inc.
(a)
(b)
......
3,370
99,314
Innoviva,
Inc.
(b)
......................
6,748
126,120
Jazz
Pharmaceuticals
plc
(b)
..............
12,227
1,430,070
Ligand
Pharmaceuticals,
Inc.
(a)
(b)
...........
1,188
130,514
Nuvation
Bio,
Inc.
,
Class
A
(b)
.............
40,276
90,621
Organon
&
Co.
......................
50,273
650,030
Pacira
BioSciences,
Inc.
(b)
...............
8,997
242,019
Perrigo
Co.
plc
......................
26,337
677,388
Pliant
Therapeutics,
Inc.
(b)
...............
8,556
13,604
Prestige
Consumer
Healthcare,
Inc.
(b)
.......
5,985
486,162
Supernus
Pharmaceuticals,
Inc.
(b)
..........
10,173
330,419
Tarsus
Pharmaceuticals,
Inc.
(b)
............
1,542
80,045
Tilray
Brands,
Inc.
,
Class
2
(a)
(b)
............
96,147
46,641
5,837,365
Professional
Services
—
2.1%
Alight,
Inc.
,
Class
A
...................
81,099
414,416
Amentum
Holdings,
Inc.
(b)
...............
23,901
521,520
Barrett
Business
Services,
Inc.
............
1,815
73,616
CACI
International,
Inc.
,
Class
A
(b)
.........
1,209
553,565
Clarivate
plc
(a)
(b)
......................
52,736
227,292
Concentrix
Corp.
.....................
8,422
430,027
CSG
Systems
International,
Inc.
...........
5,656
340,095
Dun
&
Bradstreet
Holdings,
Inc.
...........
52,037
466,772
First
Advantage
Corp.
(b)
.................
11,284
159,104
Genpact
Ltd.
........................
29,994
1,507,498
Heidrick
&
Struggles
International,
Inc.
......
2,471
96,418
Kelly
Services,
Inc.
,
Class
A,
NVS
.........
6,018
69,508
Kforce,
Inc.
.........................
2,031
77,584
Korn
Ferry
.........................
5,304
327,257
ManpowerGroup,
Inc.
..................
9,466
407,701
Maximus,
Inc.
.......................
7,289
488,071
NV5
Global,
Inc.
(b)
....................
4,629
85,868
Robert
Half,
Inc.
.....................
6,793
300,930
Science
Applications
International
Corp.
.....
6,785
821,189
TriNet
Group,
Inc.
....................
6,156
482,200
UL
Solutions,
Inc.
,
Class
A
...............
3,829
218,981
Upwork,
Inc.
(a)
(b)
......................
23,468
308,604
Willdan
Group,
Inc.
(b)
..................
808
31,674
WNS
Holdings
Ltd.
(b)
..................
7,661
463,644
8,873,534
Real
Estate
Management
&
Development
—
0.5%
Compass,
Inc.
,
Class
A
(a)
(b)
..............
88,708
684,826
Cushman
&
Wakefield
plc
(b)
..............
30,162
282,618
Forestar
Group,
Inc.
(b)
..................
2,722
52,426
Howard
Hughes
Holdings,
Inc.
(b)
...........
2,352
156,478
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Kennedy-Wilson
Holdings,
Inc.
............
21,015
$
134,496
Marcus
&
Millichap,
Inc.
................
4,975
151,240
Newmark
Group,
Inc.
,
Class
A
............
27,923
306,874
Opendoor
Technologies,
Inc.
(a)
(b)
...........
110,980
84,156
Redfin
Corp.
(a)
(b)
......................
23,272
221,317
2,074,431
Residential
REITs
—
0.3%
Apartment
Investment
&
Management
Co.
,
Class
A
.............................
12,556
99,318
Centerspace
........................
3,172
191,462
Elme
Communities
....................
17,235
268,349
Independence
Realty
Trust,
Inc.
...........
21,586
419,416
NexPoint
Residential
Trust,
Inc.
...........
2,426
90,441
UMH
Properties,
Inc.
..................
8,122
143,516
Veris
Residential,
Inc.
..................
9,627
149,411
1,361,913
Retail
REITs
—
1.6%
Acadia
Realty
Trust
...................
15,419
294,503
Agree
Realty
Corp.
...................
10,058
780,601
Alexander's,
Inc.
.....................
252
52,013
Brixmor
Property
Group,
Inc.
.............
36,368
905,927
CBL
&
Associates
Properties,
Inc.
..........
2,955
69,354
Curbline
Properties
Corp.
...............
6,702
153,409
Federal
Realty
Investment
Trust
...........
8,390
788,828
Getty
Realty
Corp.
....................
6,334
177,289
InvenTrust
Properties
Corp.
..............
8,412
234,358
Kite
Realty
Group
Trust
.................
16,585
359,065
Macerich
Co.
(The)
...................
51,195
750,519
NETSTREIT
Corp.
....................
6,302
102,534
NNN
REIT,
Inc.
......................
25,239
1,037,575
Phillips
Edison
&
Co.,
Inc.
...............
12,193
423,097
Saul
Centers,
Inc.
....................
2,317
75,766
SITE
Centers
Corp.
...................
6,053
71,667
Tanger,
Inc.
.........................
6,796
214,142
Urban
Edge
Properties
.................
7,713
139,374
Whitestone
REIT
.....................
5,276
68,799
6,698,820
Semiconductors
&
Semiconductor
Equipment
—
0.9%
ACM
Research,
Inc.
,
Class
A
(b)
............
4,107
79,963
Alpha
&
Omega
Semiconductor
Ltd.
(a)
(b)
......
1,727
32,519
Amkor
Technology,
Inc.
.................
13,789
240,618
Axcelis
Technologies,
Inc.
(b)
..............
2,373
116,230
Cirrus
Logic,
Inc.
(b)
....................
6,162
591,799
Diodes,
Inc.
(b)
.......................
6,175
237,120
Kulicke
&
Soffa
Industries,
Inc.
............
4,416
142,328
MaxLinear,
Inc.
(b)
.....................
10,356
103,456
MKS
Instruments,
Inc.
.................
5,130
359,818
Penguin
Solutions,
Inc.
(b)
................
10,176
173,704
Photronics,
Inc.
(b)
.....................
11,587
211,695
Power
Integrations,
Inc.
................
3,738
183,611
Qorvo,
Inc.
(b)
........................
11,263
807,219
SolarEdge
Technologies,
Inc.
(a)
(b)
..........
10,827
132,468
Synaptics,
Inc.
(b)
.....................
3,901
217,130
Ultra
Clean
Holdings,
Inc.
(b)
..............
4,033
75,437
Veeco
Instruments,
Inc.
(b)
...............
3,858
72,145
Wolfspeed,
Inc.
(a)
(b)
....................
29,239
103,798
3,881,058
Software
—
1.3%
Adeia,
Inc.
.........................
21,287
262,043
Aurora
Innovation,
Inc.
,
Class
A
(a)
(b)
.........
189,841
1,374,449
Blackbaud,
Inc.
(b)
.....................
2,413
146,083
BlackLine,
Inc.
(a)
(b)
....................
5,870
277,240
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................
10,042
$
221,024
Daily
Journal
Corp.
(b)
..................
82
31,076
Dropbox,
Inc.
,
Class
A
(b)
................
20,575
587,416
E2open
Parent
Holdings,
Inc.
,
Class
A
(b)
.....
35,062
69,072
Hut
8
Corp.
(a)
(b)
......................
15,314
188,515
Informatica,
Inc.
,
Class
A
(a)
(b)
.............
7,803
146,931
LiveRamp
Holdings,
Inc.
(b)
...............
8,020
209,803
NCR
Voyix
Corp.
(a)
(b)
...................
28,909
247,750
OneSpan,
Inc.
.......................
2,973
44,209
Pagaya
Technologies
Ltd.
,
Class
A
(a)
(b)
.......
3,114
34,129
PagerDuty,
Inc.
(b)
.....................
6,613
102,568
Progress
Software
Corp.
................
5,222
313,111
RingCentral,
Inc.
,
Class
A
(b)
..............
8,408
214,404
SEMrush
Holdings,
Inc.
,
Class
A
(b)
.........
3,867
39,753
Teradata
Corp.
(b)
.....................
8,602
184,943
Unity
Software,
Inc.
(b)
..................
22,095
465,542
Verint
Systems,
Inc.
(b)
..................
11,986
211,433
5,371,494
Specialized
REITs
—
1.1%
CubeSmart
.........................
25,279
1,028,097
EPR
Properties
......................
14,631
724,088
Four
Corners
Property
Trust,
Inc.
..........
12,601
352,198
Lamar
Advertising
Co.
,
Class
A
...........
7,610
866,094
National
Storage
Affiliates
Trust
...........
7,362
273,866
Outfront
Media,
Inc.
...................
26,892
406,876
PotlatchDeltic
Corp.
...................
9,701
372,421
Rayonier,
Inc.
.......................
13,464
329,330
Safehold,
Inc.
.......................
3,030
47,723
Uniti
Group,
Inc.
.....................
46,439
228,480
4,629,173
Specialty
Retail
—
3.5%
Academy
Sports
&
Outdoors,
Inc.
(a)
.........
13,416
505,515
Advance
Auto
Parts,
Inc.
................
11,416
373,532
American
Eagle
Outfitters,
Inc.
............
18,084
190,425
Arko
Corp.
.........................
9,632
38,769
Asbury
Automotive
Group,
Inc.
(b)
...........
3,910
852,927
AutoNation,
Inc.
(b)
.....................
5,190
903,839
Bath
&
Body
Works,
Inc.
................
43,022
1,312,601
Boot
Barn
Holdings,
Inc.
(b)
...............
2,306
240,608
Buckle,
Inc.
(The)
....................
6,009
208,873
Caleres,
Inc.
........................
6,884
104,912
Camping
World
Holdings,
Inc.
,
Class
A
......
6,268
75,592
EVgo,
Inc.
,
Class
A
(b)
..................
9,622
26,557
Five
Below,
Inc.
(b)
.....................
4,683
355,393
Foot
Locker,
Inc.
(b)
....................
15,949
195,694
GameStop
Corp.
,
Class
A
(a)
(b)
.............
57,121
1,591,391
Gap,
Inc.
(The)
......................
25,579
560,180
Group
1
Automotive,
Inc.
................
2,621
1,057,914
Guess?,
Inc.
........................
4,044
45,495
Lithia
Motors,
Inc.
,
Class
A
..............
5,324
1,558,654
MarineMax,
Inc.
(b)
.....................
3,900
83,694
Monro,
Inc.
.........................
5,666
78,984
Murphy
USA,
Inc.
....................
1,855
924,847
National
Vision
Holdings,
Inc.
(b)
...........
9,553
117,980
ODP
Corp.
(The)
(b)
....................
5,756
78,742
Penske
Automotive
Group,
Inc.
...........
3,844
598,396
RH
(a)
(b)
............................
915
168,388
Sally
Beauty
Holdings,
Inc.
(b)
.............
20,401
166,064
Shoe
Carnival,
Inc.
....................
2,309
40,130
Signet
Jewelers
Ltd.
...................
8,548
506,896
Sonic
Automotive,
Inc.
,
Class
A
...........
2,867
174,084
Upbound
Group,
Inc.
..................
9,506
189,169
Urban
Outfitters,
Inc.
(b)
.................
10,427
550,337
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Victoria's
Secret
&
Co.
(b)
................
13,710
$
257,748
Wayfair,
Inc.
,
Class
A
(a)
(b)
................
18,607
561,187
14,695,517
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
CompoSecure,
Inc.
,
Class
A
.............
5,570
61,214
Corsair
Gaming,
Inc.
(b)
.................
9,728
68,874
Diebold
Nixdorf,
Inc.
(a)
(b)
.................
6,329
280,565
Xerox
Holdings
Corp.
..................
23,097
101,858
512,511
Textiles,
Apparel
&
Luxury
Goods
—
2.3%
Capri
Holdings
Ltd.
(b)
..................
22,484
338,159
Carter's,
Inc.
........................
7,127
235,547
Columbia
Sportswear
Co.
(a)
..............
3,981
247,499
Crocs,
Inc.
(b)
........................
11,597
1,118,183
Figs,
Inc.
,
Class
A
(a)
(b)
..................
10,893
43,899
G-III
Apparel
Group
Ltd.
(b)
...............
8,052
203,071
Hanesbrands,
Inc.
(b)
...................
67,952
311,900
Kontoor
Brands,
Inc.
...................
5,397
324,630
Levi
Strauss
&
Co.
,
Class
A
..............
18,449
295,368
Oxford
Industries,
Inc.
.................
2,943
143,030
PVH
Corp.
.........................
11,015
759,815
Ralph
Lauren
Corp.
,
Class
A
.............
3,464
779,227
Skechers
USA,
Inc.
,
Class
A
(b)
............
10,376
498,256
Steven
Madden
Ltd.
...................
8,940
187,740
Tapestry,
Inc.
........................
40,148
2,836,456
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...........
36,517
208,877
Under
Armour,
Inc.
,
Class
C,
NVS
(b)
........
29,423
160,061
VF
Corp.
..........................
63,917
759,334
Wolverine
World
Wide,
Inc.
..............
15,403
201,009
9,652,061
Tobacco
—
0.1%
Universal
Corp.
......................
4,797
279,521
Trading
Companies
&
Distributors
—
1.8%
Air
Lease
Corp.
,
Class
A
................
20,415
954,605
BlueLinx
Holdings,
Inc.
(b)
................
935
60,906
Boise
Cascade
Co.
...................
7,676
716,017
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
............
20,694
1,090,160
Custom
Truck
One
Source,
Inc.
(a)
(b)
.........
12,398
49,964
DNOW,
Inc.
(b)
.......................
11,119
176,459
DXP
Enterprises,
Inc.
(b)
.................
1,123
99,341
GATX
Corp.
........................
3,921
572,309
Global
Industrial
Co.
...................
1,297
33,307
GMS,
Inc.
(b)
.........................
7,427
544,102
H&E
Equipment
Services,
Inc.
............
6,562
589,333
Herc
Holdings,
Inc.
....................
2,011
220,084
MRC
Global,
Inc.
(b)
....................
16,013
186,552
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
......
5,809
444,272
Rush
Enterprises,
Inc.
,
Class
A
...........
7,041
359,020
Rush
Enterprises,
Inc.
,
Class
B
...........
876
50,668
SiteOne
Landscape
Supply,
Inc.
(b)
..........
4,238
486,565
WESCO
International,
Inc.
...............
5,379
876,562
Willis
Lease
Finance
Corp.
..............
263
40,691
Xometry,
Inc.
,
Class
A
(b)
................
2,771
71,048
7,621,965
Water
Utilities
—
0.7%
American
States
Water
Co.
..............
2,676
217,050
California
Water
Service
Group
...........
5,709
289,161
Essential
Utilities,
Inc.
..................
48,399
1,990,651
Middlesex
Water
Co.
..................
1,580
99,730
SJW
Group
.........................
3,977
225,655
2,822,247
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.2%
Gogo,
Inc.
(b)
........................
8,542
$
64,663
Telephone
&
Data
Systems,
Inc.
...........
19,331
724,719
United
States
Cellular
Corp.
(a)
(b)
...........
2,792
191,699
981,081
Total
Common
Stocks
—
99
.5
%
(Cost:
$
431,102,633
)
..............................
417,111,651
Rights
Biotechnology
—
0.0%
Sanofi
Aatd,
Inc.,
CVR
(b)
(c)
...............
2,612
2,951
Total
Rights
—
0.0
%
(Cost:
$
1,691
)
..................................
2,951
Total
Long-Term
Investments
—
99.5%
(Cost:
$
431,104,324
)
..............................
417,114,602
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
6.5%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(f)
...................
26,853,694
$
26,864,435
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
....................
409,296
409,296
Total
Short-Term
Securities
—
6
.5
%
(Cost:
$
27,262,013
)
...............................
27,273,731
Total
Investments
—
106
.0
%
(Cost:
$
458,366,337
)
..............................
444,388,333
Liabilities
in
Excess
of
Other
Assets
—
(
6.0
)
%
.............
(
25,063,747
)
Net
Assets
—
100.0%
...............................
$
419,324,586
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
27,255,463
$
—
$
(
394,983
)
(a)
$
2,031
$
1,924
$
26,864,435
26,853,694
$
153,197
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
462,954
—
(
53,658
)
(a)
—
—
409,296
409,296
41,840
—
$
2,031
$
1,924
$
27,273,731
$
195,037
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
9
06/20/25
$
886
$
12,784
S&P
Midcap
400
E-Mini
Index
.................................................
4
06/20/25
1,143
14,034
$
26,818
2025
iShares
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
April
30,
2025
iShares
®
Morningstar
Small-Cap
Value
ETF
44
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
26,818
$
—
$
—
$
—
$
26,818
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
c
ontracts
.......................
$
—
$
—
$
(
37,669
)
$
—
$
—
$
—
$
(
37,669
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
c
ontracts
.......................
$
—
$
—
$
25,333
$
—
$
—
$
—
$
25,333
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,085,983
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
417,111,651
$
—
$
—
$
417,111,651
Rights
................................................
—
—
2,951
2,951
Short-Term
Securities
Money
Market
Funds
......................................
27,273,731
—
—
27,273,731
$
444,385,382
$
—
$
2,951
$
444,388,333
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
26,818
$
—
$
—
$
26,818
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
April
30,
2025
45
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
2,292,804,814
$
989,917,331
$
2,493,516,076
$
602,898,784
Investments,
at
value
—
affiliated
(c)
............................................
36,480,338
25,170,316
88,064,470
84,494,162
Cash
...............................................................
1,614
—
—
—
Cash
pledged:
Futures
contracts
......................................................
285,000
166,000
378,000
94,000
Receivables:
–
–
–
–
Securities
lending
income
—
affiliated
........................................
5,231
3,890
15,334
19,980
Capital
shares
sold
.....................................................
—
21,949
12,835
—
Dividends
—
unaffiliated
.................................................
325,481
354,514
540,907
70,029
Dividends
—
affiliated
...................................................
9,634
7,587
12,128
4,674
Variation
margin
on
futures
contracts
.........................................
729
—
—
—
Total
a
ssets
...........................................................
2,329,912,841
1,015,641,587
2,582,539,750
687,581,629
LIABILITIES
Collateral
on
securities
loaned
...............................................
33,392,082
23,124,464
84,121,640
83,598,422
Payables:
–
–
–
–
Investments
purchased
..................................................
—
—
—
133,999
Investment
advisory
fees
.................................................
70,831
30,960
117,043
29,626
Other
accrued
expenses
.................................................
—
—
1
—
Variation
margin
on
futures
contracts
.........................................
—
3,277
15,040
6,293
Total
li
abilities
..........................................................
33,462,913
23,158,701
84,253,724
83,768,340
Commitments
and
contingent
liabilities
—
—
—
—
NET
ASSETS
..........................................................
$
2,296,449,928
$
992,482,886
$
2,498,286,026
$
603,813,289
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
1,791,164,746
$
915,590,052
$
2,441,897,806
$
726,122,813
Accumulated
earnings
(loss)
................................................
505,285,182
76,892,834
56,388,220
(
122,309,524
)
NET
ASSETS
..........................................................
$
2,296,449,928
$
992,482,886
$
2,498,286,026
$
603,813,289
NET
ASSET
VALUE
Shares
outstanding
......................................................
27,750,000
13,600,000
34,750,000
13,500,000
Net
asset
value
.........................................................
$
82.75
$
72.98
$
71.89
$
44.73
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
.......................................
$
1,584,536,388
$
845,711,376
$
2,221,655,563
$
581,559,584
(b)
Securities
loaned,
at
value
............................................
$
32,693,611
$
22,609,733
$
80,876,806
$
81,025,738
(c)
Investments,
at
cost
—
affiliated
.........................................
$
36,477,626
$
25,163,630
$
88,032,049
$
84,458,341
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2025
2025
iShares
Annual
Financial
Statements
and
Additional
Information
46
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
417,114,602
Investments,
at
value
—
affiliated
(c)
..........................................................................................
27,273,731
Cash
.............................................................................................................
1,414,901
Cash
pledged:
Futures
contracts
....................................................................................................
195,000
Receivables:
–
Securities
lending
income
—
affiliated
......................................................................................
9,400
Dividends
—
unaffiliated
...............................................................................................
203,677
Dividends
—
affiliated
.................................................................................................
3,198
Total
a
ssets
.........................................................................................................
446,214,509
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
26,859,686
Payables:
–
Investment
advisory
fees
...............................................................................................
19,652
Variation
margin
on
futures
contracts
.......................................................................................
10,585
Total
li
abilities
........................................................................................................
26,889,923
Commitments
and
contingent
liabilities
—
NET
ASSETS
........................................................................................................
$
419,324,586
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
479,136,394
Accumulated
loss
.....................................................................................................
(
59,811,808
)
NET
ASSETS
........................................................................................................
$
419,324,586
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
7,400,000
Net
asset
value
.......................................................................................................
$
56.67
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
Investments,
at
cost
—
unaffiliated
.................................................................................
$
431,104,324
(b)
Securities
loaned,
at
value
......................................................................................
$
25,898,823
(c)
Investments,
at
cost
—
affiliated
...................................................................................
$
27,262,013
Statements
of
Operations
Year
Ended
April
30,
2025
47
Statements
of
Operations
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-
Cap
ETF
iShares
Morningstar
Mid-
Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
...........................................
$
13,152,050
$
15,878,948
$
19,069,826
$
4,200,321
Dividends
—
affiliated
.............................................
209,012
93,736
224,503
52,371
Interest
—
unaffiliated
.............................................
11,670
11,269
16,083
8,313
Securities
lending
income
—
affiliated
—
net
.............................
44,766
97,916
204,925
446,449
Foreign
taxes
withheld
............................................
(
1,431
)
(
3,434
)
(
6,068
)
(
20
)
Total
investment
income
.............................................
13,416,067
16,078,435
19,509,269
4,707,434
EXPENSES
Investment
advisory
..............................................
940,582
386,199
1,368,237
365,795
Interest
expense
................................................
—
—
—
192
Total
expenses
...................................................
940,582
386,199
1,368,237
365,987
Net
investment
income
..............................................
12,475,485
15,692,236
18,141,032
4,341,447
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
293,546,448
$
44,740,327
$
131,631,781
$
6,582,789
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.......................................
$
33,098,430
$
23,558,967
$
87,112,705
$
8,739,442
Investments
—
affiliated
.........................................
10,592
(
3,896
)
(
11,845
)
(
1,780
)
Foreign
currency
transactions
.....................................
(
17
)
208
—
—
Futures
contracts
..............................................
357,764
35,247
112,989
(
721,085
)
In-kind
redemptions
—
unaffiliated
(a)
.................................
193,836,956
15,939,698
38,210,530
13,590,635
227,303,725
39,530,224
125,424,379
21,607,212
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.......................................
66,036,883
5,144,072
6,081,149
(
15,088,741
)
Investments
—
affiliated
.........................................
737
417
5,694
8,802
Futures
contracts
..............................................
205,103
65,615
120,559
55,516
66,242,723
5,210,104
6,207,402
(15,024,423)
Net
realized
and
unrealized
gain
.......................................
293,546,448
44,740,328
131,631,781
6,582,789
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
306,021,933
$
60,432,564
$
149,772,813
$
10,924,236
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
April
30,
2025
2025
iShares
Annual
Financial
Statements
and
Additional
Information
48
iShares
Morningstar
Small-Cap
Value
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
..............................................................................................
$
8,973,417
Dividends
—
affiliated
................................................................................................
41,840
Interest
—
unaffiliated
................................................................................................
5,104
Securities
lending
income
—
affiliated
—
net
................................................................................
153,197
Foreign
taxes
withheld
...............................................................................................
(
9,664
)
Total
investment
income
................................................................................................
9,163,894
EXPENSES
Investment
advisory
.................................................................................................
257,001
Interest
expense
...................................................................................................
38
Total
expenses
......................................................................................................
257,039
Net
investment
income
.................................................................................................
8,906,855
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
3,160,366
)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
..........................................................................................
$
(
3,969,734
)
Investments
—
affiliated
............................................................................................
2,031
Futures
contracts
.................................................................................................
(
37,669
)
In-kind
redemptions
—
unaffiliated
(a)
....................................................................................
21,508,077
17,502,705
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
..........................................................................................
(
20,690,328
)
Investments
—
affiliated
............................................................................................
1,924
Futures
contracts
.................................................................................................
25,333
(20,663,071)
Net
realized
and
unrealized
loss
...........................................................................................
(3,160,366)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
5,746,489
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
49
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
12,475,485
$
12,911,445
$
15,692,236
$
13,129,805
Net
realized
gain
(loss)
............................................
227,303,725
73,150,357
39,530,224
(
11,112,918
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
66,242,723
389,185,818
5,210,104
117,662,887
Net
increase
in
net
assets
resulting
from
operations
...........................
306,021,933
475,247,620
60,432,564
119,679,774
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(12,417,242)
(12,592,478)
(14,506,025)
(12,485,761)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(8,494,549)
(60,958,531)
120,868,210
(6,132,909)
NET
ASSETS
Total
increase
in
net
assets
...........................................
285,110,142
401,696,611
166,794,749
101,061,104
Beginning
of
year
..................................................
2,011,339,786
1,609,643,175
825,688,137
724,627,033
End
of
year
......................................................
$
2,296,449,928
$
2,011,339,786
$
992,482,886
$
825,688,137
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
50
See
notes
to
financial
statements.
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
18,141,032
$
15,526,069
$
4,341,447
$
3,357,987
Net
realized
gain
(loss)
............................................
125,424,379
37,301,219
21,607,212
(
4,255,121
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
6,207,402
240,082,890
(
15,024,423
)
63,237,076
Net
increase
in
net
assets
resulting
from
operations
...........................
149,772,813
292,910,178
10,924,236
62,339,942
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(18,048,748)
(15,129,939)
(5,423,949)
(3,341,553)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
$
–
$
–
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
455,630,056
233,680,153
69,068,719
67,958,410
NET
ASSETS
Total
increase
in
net
assets
...........................................
587,354,121
511,460,392
74,569,006
126,956,799
Beginning
of
year
..................................................
1,910,931,905
1,399,471,513
529,244,283
402,287,484
End
of
year
......................................................
$
2,498,286,026
$
1,910,931,905
$
603,813,289
$
529,244,283
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
51
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
8,906,855
$
8,723,063
Net
realized
gain
..................................................................................
17,502,705
6,078,825
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
20,663,071
)
34,346,986
Net
increase
in
net
assets
resulting
from
operations
.............................................................
5,746,489
49,148,874
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(8,751,487)
(8,935,666)
CAPITAL
SHARE
TRANSACTIONS
$
–
$
–
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
25,378,923
(30,788,939)
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
22,373,925
9,424,269
Beginning
of
year
....................................................................................
396,950,661
387,526,392
End
of
year
........................................................................................
$
419,324,586
$
396,950,661
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
52
iShares
Morningstar
Growth
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.................................
$
72.35
$
55.89
$
56.30
$
61.87
$
42.80
Net
investment
income
(b)
........................................
0
.45
0
.46
0
.40
0
.29
0
.14
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
10.40
16.45
(0.40
)
(5.56
)
19.07
Net
increase
(decrease)
from
investment
operations
.......................
10.85
16.91
0.00
(5.27
)
19.21
Distributions
from
net
investment
income
(d)
...........................
(0.45
)
(0.45
)
(0.41
)
(0.30
)
(0.14
)
Net
asset
value,
end
of
year
......................................
$
82.75
$
72.35
$
55.89
$
56.30
$
61.87
Total
Return
(e)
Based
on
net
asset
value
.........................................
14.99
%
30.35
%
0.05
%
(8.59
)%
44.94
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.04
%
0.04
%
0.04
%
0.04
%
0.23
%
Net
investment
income
...........................................
0.53
%
0.70
%
0.76
%
0.45
%
0.27
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
2,296,450
$
2,011,340
$
1,609,643
$
1,711,617
$
1,887,051
Portfolio
turnover
rate
(g)
...........................................
21
%
19
%
28
%
22
%
97
%
(a)
Per
share
amounts
reflect
a
five-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
53
Financial
Highlights
iShares
Morningstar
Mid-Cap
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.................................
$
69.10
$
60.14
$
62.39
$
65.81
$
43.02
Net
investment
income
(b)
........................................
1
.21
1
.10
1
.03
0
.82
0
.57
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
3.78
8.90
(2.26
)
(3.38
)
22.83
Net
increase
(decrease)
from
investment
operations
.......................
4.99
10.00
(1.23
)
(2.56
)
23.40
Distributions
from
net
investment
income
(d)
...........................
(1.11
)
(1.04
)
(1.02
)
(0.86
)
(0.61
)
Net
asset
value,
end
of
year
......................................
$
72.98
$
69.10
$
60.14
$
62.39
$
65.81
Total
Return
(e)
Based
on
net
asset
value
.........................................
7.20
%
16.78
%
(1.91
)%
(3.99
)%
54.74
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.04
%
0.04
%
0.04
%
0.04
%
0.22
%
Net
investment
income
...........................................
1.63
%
1.71
%
1.72
%
1.22
%
1.06
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
992,483
$
825,688
$
724,627
$
782,996
$
881,917
Portfolio
turnover
rate
(g)
...........................................
18
%
26
%
24
%
27
%
133
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
54
iShares
Morningstar
Mid-Cap
Growth
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.................................
$
66.47
$
56.43
$
57.83
$
66.52
$
42.27
Net
investment
income
(b)
........................................
0
.58
0
.56
0
.52
0
.35
0
.07
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
5.42
10.03
(1.40
)
(8.65
)
24.23
Net
increase
(decrease)
from
investment
operations
.......................
6.00
10.59
(0.88
)
(8.30
)
24.30
Distributions
from
net
investment
income
(d)
...........................
(0.58
)
(0.55
)
(0.52
)
(0.39
)
(0.05
)
Net
asset
value,
end
of
year
......................................
$
71.89
$
66.47
$
56.43
$
57.83
$
66.52
Total
Return
(e)
Based
on
net
asset
value
.........................................
9.02
%
18.84
%
(1.49
)%
(12.56
)%
57.51
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.06
%
0.06
%
0.06
%
0.06
%
0.27
%
Net
investment
income
...........................................
0.80
%
0.91
%
0.93
%
0.51
%
0.12
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
2,498,286
$
1,910,932
$
1,399,472
$
1,087,281
$
1,519,880
Portfolio
turnover
rate
(g)
...........................................
35
%
34
%
43
%
43
%
90
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
55
Financial
Highlights
iShares
Morningstar
Small-Cap
Growth
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.................................
$
43.56
$
38.31
$
39.27
$
51.60
$
31.92
Net
investment
income
(b)
........................................
0
.34
0
.32
0
.35
0
.31
0
.05
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
1.25
5.25
(0.94
)
(12.30
)
19.68
Net
increase
(decrease)
from
investment
operations
.......................
1.59
5.57
(0.59
)
(11.99
)
19.73
Distributions
from
net
investment
income
(d)
...........................
(0.42
)
(0.32
)
(0.37
)
(0.34
)
(0.05
)
Net
asset
value,
end
of
year
......................................
$
44.73
$
43.56
$
38.31
$
39.27
$
51.60
Total
Return
(e)
Based
on
net
asset
value
.........................................
3.57
%
14.57
%
(1.45
)%
(23.36
)%
61.86
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.06
%
0.06
%
0.06
%
0.06
%
0.26
%
Net
investment
income
...........................................
0.71
%
0.76
%
0.94
%
0.65
%
0.11
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
603,813
$
529,244
$
402,287
$
318,118
$
766,315
Portfolio
turnover
rate
(g)
...........................................
42
%
44
%
52
%
58
%
156
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
56
iShares
Morningstar
Small-Cap
Value
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Net
asset
value,
beginning
of
year
.................................
$
57.12
$
51.33
$
54.82
$
58.31
$
32.95
Net
investment
income
(b)
........................................
1
.28
1
.24
1
.24
1
.03
0
.89
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
(0.46
)
5.82
(3.55
)
(3.43
)
25.39
Net
increase
(decrease)
from
investment
operations
.......................
0.82
7.06
(2.31
)
(2.40
)
26.28
Distributions
from
net
investment
income
(d)
...........................
(1.27
)
(1.27
)
(1.18
)
(1.09
)
(0.92
)
Net
asset
value,
end
of
year
......................................
$
56.67
$
57.12
$
51.33
$
54.82
$
58.31
Total
Return
(e)
Based
on
net
asset
value
.........................................
1.28
%
13.85
%
(4.20
)%
(4.19
)%
80.90
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.06
%
0.06
%
0.06
%
0.06
%
0.26
%
Net
investment
income
...........................................
2.08
%
2.26
%
2.33
%
1.76
%
2.07
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
419,325
$
396,951
$
387,526
$
367,323
$
446,078
Portfolio
turnover
rate
(g)
...........................................
38
%
45
%
41
%
47
%
145
%
(a)
Per
share
amounts
reflect
a
three-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
57
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
April
30,
2025
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
iShares
ETF
Diversification
Classification
Morningstar
Growth
...................................................................................................
Non-diversified
Morningstar
Mid-Cap
..................................................................................................
Diversified
Morningstar
Mid-Cap
Growth
.............................................................................................
Diversified
Morningstar
Small-Cap
Growth
...........................................................................................
Diversified
Morningstar
Small-Cap
Value
.............................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
58
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07")
during
the
period.
The
Funds'
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since each
Fund
has
a
single
investment
strategy
as
disclosed
in its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds'
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
occurs
after
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
that each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
–
Inputs
that
are
unobservable
and
significant
to
entire
fair
value
measurement
for
the
asset
or
liability
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
Notes
to
Financial
Statements
(continued)
59
Notes
to
Financial
Statements
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Growth
Barclays
Bank
plc
......................................
$
12,800,072
$
(12,800,072)
$
–
$
–
Barclays
Capital,
Inc.
...................................
892
(892)
–
–
BNP
Paribas
SA
.......................................
1,695,360
(1,695,360)
–
–
BofA
Securities,
Inc.
....................................
149,272
(149,272)
–
–
Citigroup
Global
Markets,
Inc.
..............................
506,938
(504,484)
–
2,454
(b)
Goldman
Sachs
&
Co.
LLC
...............................
2,554,350
(2,554,350)
–
–
HSBC
Bank
plc
.......................................
9,922,428
(9,903,593)
–
18,835
(b)
J.P.
Morgan
Securities
LLC
...............................
1,806,227
(1,806,227)
–
–
National
Financial
Services
LLC
............................
50,869
(50,869)
–
–
SG
Americas
Securities
LLC
..............................
3,197,960
(3,197,960)
–
–
Wells
Fargo
Bank
N.A.
..................................
9,243
(9,243)
–
–
$
32,693,611
$
(32,672,322)
$
–
$
21,289
Morningstar
Mid-Cap
Barclays
Bank
plc
......................................
$
188,786
$
(188,786)
$
–
$
–
Barclays
Capital,
Inc.
...................................
1,495
(1,495)
–
–
BNP
Paribas
SA
.......................................
958,918
(958,918)
–
–
BofA
Securities,
Inc.
....................................
5,865,779
(5,865,779)
–
–
Citigroup
Global
Markets,
Inc.
..............................
2,563,129
(2,563,129)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
1,144,556
(1,073,295)
–
71,261
(b)
J.P.
Morgan
Securities
LLC
...............................
6,063,877
(6,063,877)
–
–
National
Financial
Services
LLC
............................
329,946
(329,946)
–
–
UBS
AG
............................................
6,691
(6,691)
–
–
UBS
Securities
LLC
....................................
610,038
(610,038)
–
–
Wells
Fargo
Bank
N.A.
..................................
4,704,486
(4,704,486)
–
–
Wells
Fargo
Securities
LLC
...............................
172,032
(170,466)
–
1,566
(b)
$
22,609,733
$
(22,536,906)
$
–
$
72,827
Morningstar
Mid-Cap
Growth
Barclays
Bank
plc
......................................
$
772,260
$
(772,260)
$
–
$
–
Barclays
Capital,
Inc.
...................................
6,346,128
(6,346,128)
–
–
BNP
Paribas
SA
.......................................
2,903,600
(2,873,340)
–
30,260
(b)
BofA
Securities,
Inc.
....................................
22,038,568
(22,038,568)
–
–
Citigroup
Global
Markets,
Inc.
..............................
235,605
(235,605)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
2,176,264
(2,176,264)
–
–
J.P.
Morgan
Securities
LLC
...............................
30,818,482
(30,818,482)
–
–
Morgan
Stanley
.......................................
3,065,435
(3,065,435)
–
–
State
Street
Bank
&
Trust
Co.
..............................
21,364
(21,364)
–
–
Toronto-Dominion
Bank
..................................
5,518,248
(5,518,248)
–
–
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
60
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Mid-Cap
Growth
(continued)
UBS
AG
............................................
4,105,462
(4,105,462)
–
–
Wells
Fargo
Bank
N.A.
..................................
2,875,390
(2,875,390)
–
–
$
80,876,806
$
(80,846,546)
$
–
$
30,260
Morningstar
Small-Cap
Growth
Barclays
Bank
plc
......................................
$
4,362,409
$
(4,362,409)
$
–
$
–
Barclays
Capital,
Inc.
...................................
346,057
(346,057)
–
–
BMO
Capital
Markets
Corp.
...............................
580
(570)
–
10
(b)
BNP
Paribas
SA
.......................................
12,422,347
(12,422,347)
–
–
BofA
Securities,
Inc.
....................................
2,725,281
(2,725,281)
–
–
Citadel
Clearing
LLC
....................................
500,680
(500,680)
–
–
Citigroup
Global
Markets,
Inc.
..............................
6,710,930
(6,710,930)
–
–
Deutsche
Bank
Securities,
Inc.
.............................
951
(951)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
14,252,869
(14,252,869)
–
–
HSBC
Bank
plc
.......................................
4,797,035
(4,797,035)
–
–
J.P.
Morgan
Securities
LLC
...............................
5,667,098
(5,667,098)
–
–
Jefferies
LLC
.........................................
915,656
(915,656)
–
–
Morgan
Stanley
.......................................
12,652,806
(12,652,806)
–
–
National
Financial
Services
LLC
............................
2,529,353
(2,529,353)
–
–
Scotia
Capital
(USA)
Inc
.................................
789,820
(789,820)
–
–
SG
Americas
Securities
LLC
..............................
1,427,200
(1,427,200)
–
–
State
Street
Bank
&
Trust
Co.
..............................
1,471,399
(1,471,399)
–
–
Toronto-Dominion
Bank
..................................
310,179
(310,179)
–
–
UBS
AG
............................................
5,779,479
(5,779,479)
–
–
UBS
Securities
LLC
....................................
517,928
(517,928)
–
–
Wells
Fargo
Bank
N.A.
..................................
2,550,251
(2,550,251)
–
–
Wells
Fargo
Securities
LLC
...............................
295,430
(295,430)
–
–
$
81,025,738
$
(81,025,728)
$
–
$
10
Morningstar
Small-Cap
Value
Barclays
Bank
plc
......................................
$
901,011
$
(901,011)
$
–
$
–
Barclays
Capital,
Inc.
...................................
40,515
(40,515)
–
–
BNP
Paribas
SA
.......................................
1,377,549
(1,377,549)
–
–
BofA
Securities,
Inc.
....................................
2,115,509
(2,115,509)
–
–
Citadel
Clearing
LLC
....................................
290
(290)
–
–
Citigroup
Global
Markets,
Inc.
..............................
5,244,163
(5,244,163)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
6,980,339
(6,980,339)
–
–
HSBC
Bank
plc
.......................................
146,266
(146,266)
–
–
J.P.
Morgan
Securities
LLC
...............................
2,560,849
(2,560,849)
–
–
Jefferies
LLC
.........................................
179,623
(179,623)
–
–
Morgan
Stanley
.......................................
2,333,898
(2,333,898)
–
–
National
Financial
Services
LLC
............................
740,996
(740,996)
–
–
Nomura
Securities
International,
Inc.
.........................
7,290
(7,290)
–
–
Scotia
Capital
(USA)
Inc
.................................
945
(945)
–
–
SG
Americas
Securities
LLC
..............................
1,123
(1,123)
–
–
State
Street
Bank
&
Trust
Co.
..............................
310,349
(310,349)
–
–
Toronto-Dominion
Bank
..................................
91,430
(91,430)
–
–
UBS
AG
............................................
707,646
(707,646)
–
–
UBS
Securities
LLC
....................................
437,562
(437,562)
–
–
Virtu
Americas
LLC
.....................................
223,934
(223,289)
–
645
(b)
Wells
Fargo
Bank
N.A.
..................................
1,355,020
(1,355,020)
–
–
Wells
Fargo
Securities
LLC
...............................
142,516
(142,516)
–
–
$
25,898,823
$
(25,898,178)
$
–
$
645
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
April
30,
2025.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(continued)
61
Notes
to
Financial
Statements
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock,
Inc.
(“BlackRock”). Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
iShares
ETF
Investment
Advisory
Fees
Morningstar
Growth
................................................................................................
0.04
%
Morningstar
Mid-Cap
...............................................................................................
0.04
Morningstar
Mid-Cap
Growth
..........................................................................................
0.06
Morningstar
Small-Cap
Growth
........................................................................................
0.06
Morningstar
Small-Cap
Value
..........................................................................................
0.06
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
62
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the year ended
April
30,
2025,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Trustees and
Officers:
Certain
trustees
and/or
officers of
the
Trust
are directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the year ended April
30,
2025,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year ended
April
30,
2025,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
2025,
in-kind
transactions
were
as
follows:
iShares
ETF
Amounts
Morningstar
Growth
.......................................................................................................
$
17,184
Morningstar
Mid-Cap
......................................................................................................
31,133
Morningstar
Mid-Cap
Growth
.................................................................................................
78,672
Morningstar
Small-Cap
Growth
...............................................................................................
131,935
Morningstar
Small-Cap
Value
.................................................................................................
46,172
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Morningstar
Growth
....................................................................
$
300,763,772
$
208,529,279
$
(617,023)
Morningstar
Mid-Cap
...................................................................
86,278,493
81,837,719
13,825,426
Morningstar
Mid-Cap
Growth
..............................................................
406,478,505
401,279,784
43,634,562
Morningstar
Small-Cap
Growth
............................................................
122,828,477
132,314,491
11,405,543
Morningstar
Small-Cap
Value
..............................................................
101,724,994
70,422,457
5,482,567
iShares
ETF
Purchases
Sales
Morningstar
Growth
....................................................................................
$
497,465,458
$
494,954,400
Morningstar
Mid-Cap
...................................................................................
174,305,714
172,043,866
Morningstar
Mid-Cap
Growth
..............................................................................
802,669,142
799,976,317
Morningstar
Small-Cap
Growth
............................................................................
253,861,971
253,975,877
Morningstar
Small-Cap
Value
..............................................................................
167,510,912
162,803,233
iShares
ETF
In-kind
Purchases
In-kind
Sales
Morningstar
Growth
....................................................................................
$
347,070,707
$
355,496,946
Morningstar
Mid-Cap
...................................................................................
172,878,253
52,875,381
Morningstar
Mid-Cap
Growth
..............................................................................
595,741,447
141,564,805
Morningstar
Small-Cap
Growth
............................................................................
121,129,417
53,125,077
Morningstar
Small-Cap
Value
..............................................................................
83,591,791
62,932,042
Notes
to
Financial
Statements
(continued)
63
Notes
to
Financial
Statements
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
April
30,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
April
30,
2025,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
April
30,
2025,
the
tax
components
of
accumulated
earnings
(losses)
were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies
and
undistributed
capital
gains
from
underlying
REIT
investments.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
For
the
year
ended
April
30,
2025,
the
Funds
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Morningstar
Growth
.........................................................................
$
193,812,078
$
(193,812,078)
Morningstar
Mid-Cap
........................................................................
15,927,999
(15,927,999)
Morningstar
Mid-Cap
Growth
...................................................................
38,179,234
(38,179,234)
Morningstar
Small-Cap
Growth
.................................................................
13,579,036
(13,579,036)
Morningstar
Small-Cap
Value
...................................................................
21,239,734
(21,239,734)
—
iShares
ETF
Year
Ended
04/30/25
Year
Ended
04/30/24
Morningstar
Growth
Ordinary
income
......................................................................................
$
12,417,242
$
12,592,478
Morningstar
Mid-Cap
Ordinary
income
......................................................................................
$
14,506,025
$
12,485,761
Morningstar
Mid-Cap
Growth
Ordinary
income
......................................................................................
$
18,048,748
$
15,129,939
Morningstar
Small-Cap
Growth
Ordinary
income
......................................................................................
$
5,423,949
$
3,341,553
Morningstar
Small-Cap
Value
Ordinary
income
......................................................................................
$
8,751,487
$
8,935,666
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Capital
Losses
(c)
Total
Morningstar
Growth
........................................
$
566,702
$
(202,822,845)
$
707,541,325
$
—
$
505,285,182
Morningstar
Mid-Cap
.......................................
1,893,602
(67,484,674)
142,483,906
—
76,892,834
Morningstar
Mid-Cap
Growth
..................................
712,186
(209,234,315)
264,910,349
—
56,388,220
Morningstar
Small-Cap
Growth
................................
—
(140,559,410)
18,523,590
(273,704)
(122,309,524)
Morningstar
Small-Cap
Value
..................................
343,645
(44,038,135)
(16,117,318)
—
(59,811,808)
iShares
ETF
Utilized
Morningstar
Growth
...................................................................................................
$
33,541,531
Morningstar
Mid-Cap
..................................................................................................
24,587,954
Morningstar
Mid-Cap
Growth
.............................................................................................
89,128,946
Morningstar
Small-Cap
Growth
...........................................................................................
7,630,198
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
64
As
of
April
30,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Funds
are not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With exchange-traded
futures,
there
is
less
counterparty
credit
risk
to the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law,
a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Morningstar
Growth
................................................
$
1,621,743,827
$
772,237,772
$
(64,696,447)
$
707,541,325
Morningstar
Mid-Cap
...............................................
872,597,546
219,674,326
(77,184,225)
142,490,101
Morningstar
Mid-Cap
Growth
.........................................
2,316,670,197
414,142,330
(149,231,981)
264,910,349
Morningstar
Small-Cap
Growth
........................................
668,869,356
89,160,588
(70,636,998)
18,523,590
Morningstar
Small-Cap
Value
.........................................
460,505,651
53,152,249
(69,269,567)
(16,117,318)
Notes
to
Financial
Statements
(continued)
65
Notes
to
Financial
Statements
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
Year
Ended
04/30/25
Year
Ended
04/30/24
iShares
ETF
Shares
Amount
Shares
Amount
Morningstar
Growth
Shares
sold
4,250,000
$
348,093,418
2,100,000
$
132,898,359
Shares
redeemed
(4,300,000)
(356,587,967)
(3,100,000)
(193,856,890)
(50,000)
$
(8,494,549)
(1,000,000)
$
(60,958,531)
Morningstar
Mid-Cap
Shares
sold
2,350,000
$
174,086,501
350,000
$
21,981,799
Shares
redeemed
(700,000)
(53,218,291)
(450,000)
(28,114,708)
1,650,000
$
120,868,210
(100,000)
$
(6,132,909)
Morningstar
Mid-Cap
Growth
Shares
sold
8,050,000
$
597,631,174
7,850,000
$
488,966,208
Shares
redeemed
(2,050,000)
(142,001,118)
(3,900,000)
(255,286,055)
6,000,000
$
455,630,056
3,950,000
$
233,680,153
Morningstar
Small-Cap
Growth
Shares
sold
2,600,000
$
122,830,048
3,050,000
$
122,437,537
Shares
redeemed
(1,250,000)
(53,761,329)
(1,400,000)
(54,479,127)
1,350,000
$
69,068,719
1,650,000
$
67,958,410
Morningstar
Small-Cap
Value
Shares
sold
1,550,000
$
89,507,934
100,000
$
5,637,319
Shares
redeemed
(1,100,000)
(64,129,011)
(700,000)
(36,426,258)
450,000
$
25,378,923
(600,000)
$
(30,788,939)
Notes
to
Financial
Statements
(continued)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
66
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Report
of
Independent
Registered
Public
Accounting
Firm
67
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the five
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed in
the
table
below
(five
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the “Funds”)
as
of
April
30,
2025,
the
related
statements
of
operations
for
the
year
ended
April
30,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2025 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds listed
in
the
table
below
as
of
April
30,
2025,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2025
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2025 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
April
30,
2025
by
correspondence
with
the custodian,
transfer
agent
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
June
24,
2025
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Value
ETF
Important
Tax
Information
(unaudited)
2025
iShares
Annual
Financial
Statements
and
Additional
Information
68
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2025:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2025:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended April
30,
2025
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Morningstar
Growth
.................................................................................................
$
12,080,457
Morningstar
Mid-Cap
................................................................................................
13,560,034
Morningstar
Mid-Cap
Growth
...........................................................................................
15,491,693
Morningstar
Small-Cap
Growth
.........................................................................................
3,047,132
Morningstar
Small-Cap
Value
...........................................................................................
7,041,655
iShares
ETF
Qualified
Business
Income
Morningstar
Growth
.................................................................................................
$
890,846
Morningstar
Mid-Cap
................................................................................................
1,987,217
Morningstar
Mid-Cap
Growth
...........................................................................................
2,863,908
Morningstar
Small-Cap
Growth
.........................................................................................
1,004,686
Morningstar
Small-Cap
Value
...........................................................................................
1,753,229
iShares
ETF
Dividends-Received
Deduction
Morningstar
Growth
.................................................................................................
93.03
%
Morningstar
Mid-Cap
................................................................................................
82.0
6
Morningstar
Mid-Cap
Growth
...........................................................................................
80.
78
Morningstar
Small-Cap
Growth
.........................................................................................
65.
84
Morningstar
Small-Cap
Value
...........................................................................................
77.
56
Additional
Information
69
Additional
Information
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
2024
iShares
Annual
Financial
Statements
and
Additional
Information
70
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
MSCI
Morgan
Stanley
Capital
International
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Fund’s
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by Morningstar,
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2025
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item
8 – Changes in and Disagreements with Accountants for Open-End Management
Investment Companies – See Item 7
Item 9 – Proxy Disclosures
for Open-End Management Investment Companies – See Item 7
Item 10
– Remuneration Paid to Directors, Officers, and Others of Open-End Management
Investment Companies – See Item 7
Item
11 – Statement Regarding Basis for Approval of Investment Advisory Contract
– See Item 7
Item
12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies – Not
Applicable
Item
13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item
14 – Purchases of Equity Securities by Closed-End Management Investment Company
and Affiliated Purchasers – Not
Applicable
Item
15 – Submission of Matters to a Vote of Security Holders – There have been no
material changes to these procedures.
Item
16 – Controls and Procedures
(a)
The registrant’s principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant’s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as
of a date within 90 days of the filing date of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the
1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended.
(b)
There were no changes in the registrant’s internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant’s internal control over
financial reporting.
Item
17 – Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies – Not Applicable
Item
18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item
19 – Exhibits attached hereto
(a)(1) Code of
Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted
pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the
registered national securities exchange or registered national securities
association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section
302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1
– Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not
Applicable
(b) Section
906 Certifications are attached
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of
1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto
duly authorized.
iShares
Trust
By: /s/ Jessica Tan
Jessica
Tan
President
(principal executive officer) of
iShares
Trust
Date:
June 24, 2025
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By: /s/ Jessica Tan
Jessica
Tan
President
(principal executive officer) of
iShares
Trust
Date:
June 24, 2025
By: /s/ Trent Walker
Trent
Walker
Treasurer and Chief Financial Officer (principal
financial officer) of
iShares Trust
Date:
June 24, 2025
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